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1
The
financial
fIrtinirie
Mtr,
VOL. 132.
SATURDAY JANUARY, 17 1931.
financial Chronicle
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Change of Address of Publication.
The Commercial & Financial Chronicle,
having long suffered from inadequate
facilities for handling its growing size
and growing subscription list, has moved
into new and larger quarters, and is now
located at
William Street, Corner Spruce,
New York City.
P. 0. Box 9.58, City Hall Station.
Proposing to Issue $8,000,000,000 United States
Bonds Free from Surtaxes.
The Secretary of the Treasury, Andrew W. Mellon, contemplates the early refunding of a considerable portion of the long-term indebtedness of the
United States and for that purpose is seeking authority from Congress for the issuance of the bonds
needed to carry out the plan. Bills have been introduced in both houses of Congress giving him the
authority requested. It is proposed to amend the
Second Liberty Loan Act by increasing in the sum
of $8,000,000,000 the maximum amount of bonds
permitted to be issued thereunder and the Treasury
Department is urging speedy action on the measure
by Congress.
It is pointed out that a total of $1,933,545,750 of
First Liberty Loan bonds,$536,290,450 of which bear
4y
4% interest, *5,004,950 4% interest, and $1,392,250,350 3 % interest, are callable in June 1932. In
/
1
2
addition,$6,268,241,150 of4%% Fourth Liberty Loan
bonds are callable in October 1933. Mr. Mellon well
NO. 3421.
says that 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 have complete freedom in determining the character of securities to
be issued and should not be confronted with any
arbitrary limitation. With much force it is also
urged that it is highly desirable that the. authority
requested be provided well in advance of actual
needs.
Congress plainly should give heed to what the Sec,
retary says and should without delay grant the authority requested for the additional bonds needed
to carry through the refunding operations which the
Treasury Department has in mind. This is certainly one of the pieces of legislation which should
be pushed through at the preseut session of Congress before its adjournment the coming 4th of
March. We do not think, however, that Congress
should go a step further and also grant the request
of Mr. Mellon that the new bonds to be issued, by
amendment of the Second Liberty Bond Act, shall
be exempt, not only from the normal Federal income
taxes, which is the full extent of the exemption now
enjoyed by the old bonds, but exempt also from the
surtaxes. These surtaxes, as is known, are levied on.
a graded basis, reaching a maximum of 20% on
amounts of income in excess of $100,000.
The proposal is in line with the recommendations
made by the Secretary of the Treasury in his annual
report to Congress last month, and also in line with
the recommendations to that effect repeatedly made
by Mr. Mellon in the past. It does not seem to us
that there is any need or justification for the wider
degree of tax exemption to be conferred upon the new
bonds, and it would most certainly, according to
our way of thinking, mean the throwing away of a
considerable amount of revenue by the Government
because of the added degree of exemption—at a time,
too, when by reason of the existing depression in
business the Government will be ill prepared to
stand the loss.
Under Secretary Afellon's administration of the
Treasury the whole policy of the Government with
reference to the application of the surtaxes is being
changed. This is being done step by step and degree
by degree, until now the final step is to be taken
in making all future bond issues of the 'United States
free from the surtax rates. During the war only the
350
FINANCIAL CHRONICLE
/
First Liberty Loan issue of bonds enjoyed exemption from the surtaxes.lIt was quickly recognized
after this issue of bonds had been put out that a
mistake had been made in granting freedom to longterm bond issues from the graded surtaxes. Many
of our readers will doubtless recall what a cry was
raised at the time against the issuing of any further
long-term obligations of the United States which
would enable the "idle rich" to escape their full share
of the burdens involved in the conduct of a great
war.
nt beSo strongly pronounced did public sentime
of
come on the subject that no subsequent issue
these
Liberty Loan bonds carried exemption from
Second Liberty Loan bonds,
surtaxes. Neither the
or the Third Liberty Loan, or the Fourth Liberty
Loan were made exempt from any except the normal
taxes. The final, or Victory Liberty Loan, did contain an alternate provision allowing the issuance
of either fully tax exempt obligations or those merely
exempt from the normal taxes, and under this authority the Secretary issued two series of notes, the
one bearing 434% interest and exempt only from
/
34
the normal taxes, and the other carrying only 3 %
interest but exempt as well from the surtaxes. But
special pains were taken to get rid of the privileged
3%% notes. They were offered for subscription
April 21 1919, and on Feb. 9 1922 they were called
for payment on June 15 1922.
But Secretary Mellon has succeeded in changing
the whole policy of the Government in that respect,
and this, as already stated, has been done by degrees, one step following another until now if authority be given to free future bond issues from the
graded surtaxes referred to, every class of United
States obligations issued hereafter will carry the
full tax-exempt feature. And the final step in relieving $8,000,000,000 of new bonds of the surtaxes
will mean the needless throwing away of a considerable amount of Government income year after year
during the life of the bonds. The graded surtaxes,
because of their discriminatory character, are an
anomaly in a democratic form of government and
should be expunged from our Federal system of taxation as speedily as circumstances will permit, but
so long as they remain on the statute books they
should be fairly and equably applied and no means
provided which will enable those so inclined to
escape therefrom. To permit the issuance of billions of United States Government bonds expressly
made exempt from the surtaxes will provide precisely such means of escape.
The first step in that direction was taken in the
insertion in the Revenue Act of 1928 of a special
provision freeing bankers' acceptances held by a
foreign central bank of issue from all forms of
income taxes, including the surtaxes. The next step
in the same direction came when by Act of Congress,
approved June 17 1929, authority was given for the
issuance of short-term Treasury bills on a discount
basis. Congress not only granted full tax-exemption
to these short-term Treasury bills, but also granted
[VOL. 132.
full tax exemption to future issues of certificates
of indebtedness. By full tax exemption we mean,
of course, not only exemption from the normal income taxes of the Federal Government, but also exemption from the surtaxes, which, as noted above,
run to a maximum of 20%. In offering $500,000,000
certificates of indebtedness on Sept. 25 1929, the
Secretary of the Treasury took particular pains to
point out that the new privilege of exemption made
these certificates "more attractive to the individual
investor."
Another step in the same direction was taken
when in June 1930, in the case of Treasury bills,
already exempt from both the normal and the surtaxes, any profit that may accrue from the sale of
the bills was likewise made exempt from both the
surtaxes and the normal taxes. Parenthetically it
may be said here (inasmuch as constant reference is
made to the fact that municipal bonds carry exemption from the surtaxes as well as the normal taxes)
that the United States Supreme Court has just decided that profits from the sale of municipal bonds
are not exempt either from the surtaxes nor the
normal taxes. We notice that Mr. Mellon in his
annual report last month stated that special legislation relating to surtax exemption was not required
in the case of Treasury notes, since the Secretary
of the Treasury is authorized by existing laws to
make this exemption applicable to notes. If, therefore, issues of long-term United States bonds are
now also endowed with full tax exemption, then
every form of United States obligations will, as
already stated, carry this feature.
What are the arguments in favor of exemption
from the surtaxes? One argument is that the surtax
rates are no longer so high that they would lead to
tax evasion. But the maximum surtax rate is still
20%. This amount applies to incomes in excess of
$100,000 per individual. If we add to this the normal tax of 5%, the total is raised to 25%. But by
Congressional act these United States obligations
will be exempt also from all other income taxes. In
New York State the highest income tax is 3%, which
applies on amounts of income in excess of $50,000.
This makes, therefore,28% of taxation that the individual will escape on amounts of income in excess
of $100,000. In other words, the individual holding
these obligations and who would have to pay $28,000
on every excess of $100,000, would escape the payment of every dollar of this $28,000.
That the surtax exemption is an exceedingly valuable privilege is evident from the fact that to-day
2
1
/
$1,392,250,350 of First Liberty 3 % bonds are still
outstanding and the holders of these bonds had the
privilege first of converting the bonds into bonds
4
bearing 4% interest, then into bonds bearing 41 %
the higher rate
interest, and refused to convert into
bonds because these did riot carry exemption from
the surtax levies. At the present moment these First
2
1
/
Liberty 3 s still sell in the market at 102, or at
only a trifling fraction below that figure, though
the bonds may be called next year (June 15 1932).
JAN. 17 1931.]
FINANCIAL CHRONICLE
In view of all this, can there be the slightest reason
for doubting that if $8,000,000,000 of new United
States bonds were now issued they would quickly
drop into the hands of persons enjoying incomes in
excess of $100,000, thereby escaping the payment of
$28,000 out of every 1400,000 of such excess; the Government, on its part, would lose the $28,000 out of
every $100,000 of such excess, $3,000 belonging to
the State.
What, then, would be the position of the Government in that event? Supposing the whole $8,000,000,000 of bonds for the issuance of which authority
is sought were all outstanding; assume that the new
bonds would bear only 3% interest, the interest on
the whole $8,000,000,000 would then be $240,000,000
a year. Apply now 25% to this and the Government would stand to lose no less than $60,000,000 a
year. The most of this would be virtually thrown
away,since alongside of this large loss of prospective
income, the saving to the Government which would
result from the slightly lower rate of interest at
which the new 48,000,000,000 of wholly tax exempt
bonds could be negotiated would cut only a very
small figure.
With reference to the claim always put forth by
those who argue in favor of surtax exemption for
United States obligations that the income from
municipal obligations is exempt from these surtaxes
and that this gives the municipalities an advantage
over the United States, this claim may well be
dismissed. The credit of the United States is superior to that of even the highest ranking municipalities, and this is a factor that offsets any advantage to be derived from the surtax feature. Nothing
more is needed in substantiation of that statement
than the present market price of the First Liberty
3 s. These bonds carry surtax exemption, and
/
1
2
hence stand on an equality in that respect with
municipal bonds. They have less than 15 months to
run before they can be called, and the assumption
is that they will be called, and yet they,sell at 102.00
in the open market, on which basis they yield only
a little over 2% per annum. Where is there a
municipality the bonds of which sell on such a low
basis of income yield? The answer, of course, is
that there is no such municipality.
With a credit as high as that, we find Mr. Mellon
in his last annual report saying:
"It is idle to argue that the issuance of United
States tax-exempt securities would furnish convenient means of income tax avoidance. As long as
.
the States and their political subdivisions continue
to issue securities which are wholly tax-exempt at
the rate of $1,000,000,000 a year,there is at all times
an ample supply of gilt-edge securities available to
those desiring to escape income tax payment through
investment in tax-exempt securities. Limiting the
Federal Government to the issuance of securities
exempt only from the normal income tax does not
result in increased income tax collections, but simply
in a higher interest cost to the Government."
On its face, the foregoing is apparently conclusive
as to the point under discussion. In reality it is
entitled to no weight whatever. It is true that about
351
one billion dollars of new municipal issues are put
out every year, but mighty few of them are available for the man of large income who is bent on
avoiding the payment of income taxes. The greater
part of these new issues consists of small issues.
Barring the larger municipalities, like New York,
Philadelphia, Chicago, Los Angeles, and a few other
cities of the same class, the new municipal emissions
consist of relatively small issues, say $500,000,
$300,000, $200,000, and from that down to amounts
as small as $10,000; many of these smaller municipalities are not in high favor, and their obligations
therefore are not in ready demand. In the case of
many others, it would be no easy task to gather
together any ,considerable amounts of bonds at any
given time, because the municipalities are so widely
scattered from one end of the country to the other.
With the United States obligations the case is
different. It is possible almost any time to buy,
say, $10,000,000 or $25,000,000, or even $50,000,000
of United States bonds by going to the banks holding such large amounts of Government securities, or
they could be readily acquired from dealers in United
States securities. And that is where fully taxexempt United States securities stand on a wholly
different footing from municipal obligations endowed with the same advantage. Virtually the
whole of the $8,000,000,000 of United States bonds,
to be presently issued as wholly exempt obligations,
would be available for tax evasion and would be
quickly availed of for that purpose, we may be sure,
while the $1,000,000,000 of new municipal issues that
come upon the market, year after year, could be used
in that way only to an exceedingly limited extent.
Altogether, therefore, no valid reason of a substantial character can be found for rendering the contemplated $8,000,000,000 of new United States bonds
free from the surtaxes.
The Financial Situation.
Rather undue prominence has been given to a
single one out of a quite large number of recommendations and suggestions made this week by Albert H. Wiggin, the Chairman of the Governing
Board of the Chase National Bank, to the shareholders of that institution. We refer to his expression of a belief that a reduction in the inter-allied
debts should be initiated, this being in his estimation one of the constructive measures that would be
very helpful in the present juncture of world affairs.
Mr. Wiggin's remarks and discussions are really
very comprehensive and constitute a broad-minded
and keen analysis of prevailing conditions throughout the world, and his expression of views embodies
a large number of other things besides hie allusion
to the interallied debts.
On this latter point, with which we find ourselves
out of accord with Mr. Wiggin, his allusion to the
subject is really very brief, the whole of his remarks
being contained in the following paragraph:
"Cancellation or reduction of the inter-allied debts
has been increasingly discussed throughout the
world. This question has an importance far beyond
the dollar magnitude of the debts involved. Without commenting on the many arguments on both
sides of the controversy and aside from the ques-
352
FINANCIAL CHRONICLE
lion of the justice of cancellation, I am firmly convinced it would be good business for our Government to initiate a reduction in these debts at this
time."
In our view the inter-allied debt question ought
to be regarded as definitely settled. As far as the
payments to the United States are concerned, these
were all arranged on the basis of the ability of the
debtor countries to pay, and the United States made
really important concessions. France, which protested most, is now seen to be in a very prosperous
state, especially in its relations to the rest of the
world—so much so that it is able to attract immense
hordes of gold. She certainly needs no modification of the terms. Another important consideration
bearing on the matter is that the United States is
not in a position to forego payment, as Government
revenues the coming year are certain to show a tremendous falling off, owing to the bad times, and the
United States Treasury is facing a deficit. Moreover, all the different countries are still engaged
in spending enormous sums on their military establishments and probably would spend still more if
they did not have to make payments to the United
States on the indebtedness which they incurred here.
As far as the reparation payments required of
Germany are concerned, it would doubtless be a
merciful act if these could be pared further down
than they have already been; and most assuredly
France, at least, which is getting the greater part of
the payments made by Germany, could accept a good
deal less without impairing her ability to continue
payments to the United States. But these are matters beyond our control, and it is not in our province
to deal with them. They must be arranged among
the allies themselves. They are things in which the
United States cannot and never has taken any part.
Former President Calvin Coolidge, in one of his
daily talks in the New York "Herald Tribune," the
latter part of last October, stated the situation accurately and in words that, in our estimation, should
be taken to heart by every thoughtful citizen. We
quoted what he said in full at the time, and reproduce here a portion of his statement, as follows:
"We should regard these questions as settled. Let
Europe adjust its own difficulties. The present
rates of payment can be met by all countries concerned.
"Those saying that if Germany defaults reparations other countries cannot pay the United States
debts are overreaching themselves. That means that
if reparations are not collected from Germany they
must be collected from the taxpayers of the United
States.
"We must all suffer from the consequences of a
world war. It is now costing our taxpayers about
$2,000,000,000 each year. To claim that cancellation would be profitable to international trade only
means that a subsidy of so much tax money would
be profitable. But that would not meet the situation. Paying the cost of the war is a moral obligation. It cannot be evaded by trade profits. It is
best to meet it and stop discussing it. The world
wants certainty, not agitation."
However, as already stated, inter-allied debt reduction was only one of the points touched upon by
Mr. Wiggin in his admirable summary of the situation. We agree entirely with Mr. Wiggin when he
refers to our high tariff as a serious obstruction to
the conduct of trade with the outside world. Mr.
Wiggin expresses the conviction that there must be
"either a reduction of our tariff or readjustment to
[VOL. 132.
our greatly reduced volume of exports." He wellsays
that "the burden of this readjustment, now under
way, falls with particular weight upon agriculture.
Farms are being abandoned. All our export interests are affected, including automobiles, copper,
oil, and many manufacturing lines." "In time, he
thinks, "we can work through it, producing less for
export and more for the domestic market." But a
reduction in tariff, "made in the interest, not of
change, but of stability, would still leave us our
general protective tariff system."
Mr. Wiggin also expresses himself courageously
on other topics—often going counter to public sentiment, but always expressing his convictions with
great candor, even when they are not likely to command popular favor. He contrasts our present
policy with that pursued in 1921 when the sudden
great collapse in commodity values occurred, and
shows why recovery was quick on the former occasion and why it has been delayed on the present
occasion, saying:
"In 1921 money was tight, and merchants and
manufacturers heavily in debt. They had no option
but to scale down costs, reduce wages, and abandon
unprofitable activities. Past costs of production
were forgotten, and goods were sold for what the
markets would pay. The way was quickly cleared
for improving business, which began in the third
quarter of 1921.
'We attempted, as a matter of collective policy,
4
to hold the lines firm following the crash of 1929.
Wages were not to be reduced, buying by railroads
and construction by public utilities were to be increased, prices were to be maintained, and cheap
money was to be the foundation. The policy has
had a 13-month test. It has failed. Each industry
and each enterprise must study its own problems
and adjust itself to the markets.
"It is bad policy for a government, or for an industry, by concerted 'action, to try to keep prices permanently above the level which the supply and demand
situation justifies. We have recently seen this in
copper, wheat, coffee, and other commodities. We
must keep the markets open and prices free."
Upon the subject Of wages, he speaks without reserve, and it were well that what he says could be
pressed home upon labor leaders who are working
along opposite lines in the mistaken view that they
are thereby helping the working classes. Here are
his observations on that subject:
"It is not true that high wages make prosperity.
Instead, prosperity makes high wages. When wages
are kept higher than the market situation justifies,
employment and the buying power of labor fall off.
American business has proved its good will in dealing with labor on this point in the past year, and in
many industries may reasonably ask labor to accept
a moderate reduction of wages designed to reduce
costs and to increase both employment and the buying power of labor. Our restricted immigration,
coupled with our relative abundance of capital and
natural resources, is sufficient safeguard for American wages."
The abnormal ease in the money market, with
the inordinately low interest rates, also attract his
attention, and he does not hesitate to point out some
of the ill consequences that have followed. The easy
money policy of the Federal Reserve System is
mainly responsible for the artificial state of things
in that particular, but Mr. Wiggin does not mention
the Federal Reserve System in his remarks. There
is more than a modicum of truth in his observations
on that point, and they are deserving of great con-
JAN. 17 1931.]
FINANCIAL CHRONICLE
Eiideration as coming from a very high authority and
from one in intimate touch with the situation. He
declares himself as follows, on that point:
"Short-term funds have been a drug on the market.
Misled by the low rates for money, underwriters have
issued securities in large volume during the year,
particularly bonds, which have not met the anticipated cordial reception. If money rates had remained firmer during 1930, we should have witnessed liquidation of bank credit behind securities,
including both customers' loans and bank holdings
of bonds, instead of the rise in stock market prices
in the first quarter of the year. This would have
reduced the violent breaks in the stock market in
the autumn and would have strengthened the liquidity of the general banking position to-day."
Altogether, Mr. Wiggin's report, which contains a
number of other suggestions and recommendations,
constitutes a notable contribution to the discussion
and analysis of the problems that are to-day confronting the entire industrial and financial world."
353
180,000. With a big demand for acceptances in the
open market, so much so that rates for acceptances
1
2
%
were again reduced / for the second time during
the month, the open market was able to take back
from the Federal Reserve institutions a considerable
amount which these institutions previously had been
obliged to take over from the dealers. Holdings of
United States Government securities have also fallen
off somewhat, though only very slightly, the total
remaining extremely large, but having decreased
during the week from $658,901,000 to $644,317,000.
Altogether, the volume of Reserve credit outstanding, as represented by the total of the bill and
security holdings outstanding, underwent a contraction during the week of almost *134,000,000, the
total of these holdings having fallen from $1,223,300,000 Jan. 7 to $1,089,387,000 Jan. 14. Concurrently, the amount of Federal Reserve notes in circulation has likewise decreased, the amount this
week being only $1,552,702,000 against $1,624,898,000 last week. Gold reserves have increased
Brokers' loans are still undergoing contraction, from $2,993,516,000 to $3,058,577,000.
and in no small measure, either. This week's return
The stock market has suffered another setback the
for the seven-day period ending Wednesday, shows
a further decrease, and in the large sum of $59,- present week. Last Saturday and on Monday and
000,000, bringing the grand total of these loans on Tuesday the market displayed reactionary tendensecurities to brokers and dealers by the reporting cies and yet declined only in a moderate kind of a
member banks in New York City down to $1,820,- way,though even then some of the high-priced stocks
000,000. When these loans were at their maximum, developed considerable weakness and suffered sharp
on Oct. 2 1929, the aggregate was no less than $6,- losses. On Wednesday and Thursday, and especially
804,000,000. In the short space of 15 months, there- the last-mentioned day, depression became very profore, there has been the huge contraction of, roughly, nounced and prices broke badly all around. On
$5,000,000,000 as a result of the liquidation of specu- Thursday there was aggressive bear selling, which
lative accounts in the security markets. And this previously had been largely absent, weak spots being
enormous reduction in borrowing attests the extent evidently ferreted out and the market yielded easily
and magnitude of the liquidation, with the concomi- to the selling pressure. Several special unsettling
tant great collapse in the market prices of securities, influences served to accelerate the downward course
bonds no less than stocks. It also shows what enor- of values. The rubber stocks were adversely affected
mous sums of borrowed money have been returned by the reduction in the prices of rubber tires, and
to the money market, and reveals the underlying the oil stocks suffered by reason of the marking
cause for the superabundance of loanable funds at down of oil prices in the mid-continent and other
inordinately low interest rates that now glut the areas, and by the appointment of a receiver for the
Richfield Oil Co. of California. A big falling off
market.
Plainly there was no occasion for the Federal Re- in an estimate of the profits of the Texas Corp. for
serve System stepping in and further accentuating the calendar year 1930 operated to the same end.
the ease by adding to the volume of Reserve credit
Cuts in the prices of chemicals in the alkali group,
outstanding as it has so repeatedly done since the which have been acting to the detriment of the chemstock market crash in the autumn of 1929.
ical stocks for some time, appeared to have been
There is nothing additional to be said with refer- halted, but the chemical stocks nevertheless suffered
ence to the further contraction in the amount of further sharp breaks, Allied Chemical & Dye being
these brokers' loans the present week beyond noting especially conspicuous in that respect, the stock
that the decrease was in great part in the loans made touching 15634 ex-div. of 1 % on Thursday as
/
1
2
by the reporting banks for their own account, the against 179 on Jan. 7. Accounts regarding the
/
1
2
amount of these having dropped from $1,206,000,000 steel trade showed further slight improvement, steel
Jan.7 to $1,132,000,000 Jan. 14. On the other hand, ingot capacity having risen to 44%, but there was
however, the loans for account of out-of-town banks nothing to boast of in a figure so small as that.
are somewhat higher, having risen from $315,- The United States Steel Corp. on Saturday last
000,000 to $343,000,000, though as offset to this the reported unfilled orders on the books of its subsidiloans "for account of others" decreased from $358,- ary corporations as having increased over 300,000
000,000 to $344,000,000.
tons during December. In the grain markets a feaWith Stock Exchange requirements for funds so ture was the rise in the July option, which touched
steadily declining and with a return flow of money 70c. on Thursday as against 62%c. on Jan. 2, but
from circulation and for holiday purposes, the that still left this option away below the March
amount of Federal Reserve credit outstanding has option and the May option, though these latter also
/
been substantially reduced the past week. The dis- moved higher, the May option selling up to 861 8c.
c.
/
1
count holdings of the 12 Reserve Banks, represent- on Jan. 15, against 812 Jan. 2, and the March
/
1
2
ing direct borrowing by the member banks, decreased option selling up to 83 c. on Jan. 15 as against
/
the week from $292,385,000 to $243,340,000. 7934c. Jan. 2, the close for the May option being
during
/
1
2
Holdings of acceptances were also heavily reduced, 83 c, for the March option 80%c., and for the July
falling during the week from $265,456,000 to $196,- option 66%c. The March and the May options are
354
FINANCIAL CHRONICLE
the two futures which are being supported by the
Farm Board. This rise in grain prices had some
effect in strengthening the stock market at one time,
but the influence was not permanent. Call loans on
the Stock Exchange remained unaltered all the
week at 1 %.
/
1
2
Trading on the Stock Exchange has been relatively quite light. At the half-day session on Saturday the sales were 778,650 shares; on Monday they
were 1,501,220 shares; on Tuesday, 1,712,890 shares;
on Wednesday, 1,276,345 shares; on Thursday,
1,932,990 shares, and on Friday, 1,321,240 shares.
On the New York Curb Exchange the sales last Saturday were 224,400 shares; on Monday, 380,900
shares; on Tuesday, 303,400 shares; on Wednesday,
262,600 shares;• on Thursday, 349,400 shares, and
on Friday, 297,000 shares.
As compared with Friday of last week, prices
show quite general declines, and the declines are
heavy in the case of a few high-priced stocks. General Electric closed yesterday at 4334 against 45
/
/
1
2
on Friday of last week; Warner Bros. Pictures at
/
1534 against 1614; Elec. Power & Light at 423
/
/
4
against 43%; United Corp. at 1834 against 1858;
/
/
Brooklyn Union Gas at 106 bid against 110; American Water Works at 5534 against 5834; North
/
/
/
1
2
American at 66 against 68; Pacific Gas & Elec.
/
at 4614 against 48½; Standard Gas & Elec. at 60
against 64; Consolidated Gas of N.Y.at 841 against
,4
/
1
4
8534; Columbia Gas & Elec. at 34 against 35/
/
8;
/
1
2
International Harvester at 48 against 51; J. I.
/
/
1
4
Case Threshing Machine at 8434 against 88 ; Sears,
/
4
Roebuck & Co. at 473 against 47½; Montgomery
/
1
2
Ward & Co. at 17 against 18; Woolworth at 56
against 58; Safeway Stores at 40% against 41½;
4
/
Western Union Telegraph at 1393 against 1451 8;
/
/
American Tel. & TeL at 18278 against 18638; Int.
/
Tel. & Tel. at 2278 against 23; American Can at
4;
/
1
4
109 against 1123 United States Industrial Alco4
hol at 61 against 63½; Commercial Solvents at 153
/
1
2
/
against 1534; Shattuck & Co. at 22 against 23%;
/
1
2
Corn Products at 77 against 80, and Columbia
/
1
2
Graphophone at 8 against 8 .
Allied Chemical & Dye closed yesterday at 160
against 164 on Friday of last week; E.I. du Pont de
/
1
Nemours at 8/62against 88%; National Cash Regis/
ter at 3178 against 31%; International Nickel at
/
151 8 against 15%; Timken Roller Bearing at 4414
/
/
against 47%; Mack Trucks at 371 8 against 39; Yel/
/
1
2
low Truck & Coach at 9 against 1038; Johns-Man/
1
ville at 602 against 62; Gillette Safety Razor at
/
/
4
273 against 2478; National Dairy Products at 4078
/
against 4078; National Bellas Hess at 4 against 4%;
/
Associated Dry Goods at 24 bid against 2418; Texas
Gulf Sulphur at 47 against 47%; American & For/
1
4
eign Power at 29 against 33%; General American
/
/
1
2
Tank Car at 59 against 60; Air Reduction at 9578
United Gas Improvement at 28
/
against 9838;
/
1
4
against 29 , and Columbian Carbon at 79 against
80%.
The steel shares have declined with the rest of the
/
7
list. United States Steel closed yesterday at 140' 8
/
7
against 142' 8 on Friday of last week; Bethlehem
/
/
4
Steel at 483 against 5258; Vanadium at 4778
/
1
2
Steel at 17
against 52' 8 and Republic Iron &
/
7,
s
against ny. The motor stocks have also moved
4
downward. General Motors closed yesterday at 361
week; Chrysler at
against 3612 on Friday of last
/
/
16% against 17; Nash Motors at 32 against 3034;
107½; Packard MoAuburn Auto at 105 against
/
1
4
(Vox. 132.
tor Car at 9 against 938; Hudson Motor Car at
/
1
4
/
22% against 24, and Hupp Motors at 8 against 9.
The rubber stocks have been rather weak on the
reduction in tire prices. Goodyear Tire & Rubber
closed yesterday at 42 ex-div. against 44% on Friday
of last week; United States Rubber at 12 against
/
1
4
13, and the preferred at 233 against 25.
/
4
The railroad list no longer displayed special
strength the present week. Pennsylvania RR. closed
/
4
yesterday at 601 8 against 603 on Friday of last
'at
/
week;Erie HR. 30 against 3238; New.York Central
4
at 1191 against 122; Baltimore & Ohio at 76 ex-div.
against 79; New Haven at 84 against 88; Union
/
1
2
Pacific at 188 against 187; Southern Pacific at 100
against 102; Missouri-Kansas-Texas at 25 against
4
22%; St. Louis-San Francisco at 463 against 51½;
/
Southern Railway at 5814 against 58½; Rock Island
/
/
1
4
at 54 bid against 57 ; Chesapeake & Ohio at 401 2
/
1
2
/
,
against 42%; Northern Pacific at 51 against 5712
/.
and Great Northern at 63 against 6412
The oil shares have been distinctly weak as a result
of the unfavorable developments noted above.
/
1
2
Standard Oil of N. J. closed yesterday at 47
on Friday of last week; Standard Oil
against 5014
/
of Calif. at 4678 against 49; Simms Petroleum at 8
/
/
1
2
against 9 ;Skelly Oil at 8 against 11%; Atlantic
/
1
2
/
1
2
1
Refining at 2018 against 224; Texas Corp. at 31
/
/
/
1
2
against 35%;Pan American B at 3418 against 36 ;
/
Richfield Oil at 3% against 518; Phillips Petroleum
/
1
2
at 1418 against 15; Standard Oil of N. Y. at 23
/
against 2478 and Pure Oil at 1018 against 11.
/
/,
The copper stocks held up well early in the week,
but later yielded under the influence of the general
depression. Anaconda Copper closed yesterday at
3278 against 32 on Friday of last week; Kennecott
/
Copper at 243 against 24; Calumet & Heda at 9%
4
against 8%; Calumet & Arizona at 371 2 against
/
371%; Granby Consolidated Copper at 153 ex-div.
4
against 16; American Smelting & Refining at 433
4
ex-div. against 43%, and U. S. Smelting & Refining
at 21 bid against 22.
Stock exchanges in the important European financial centers were heavy in most sessions of this week,
as there was again an almost complete absence of
favorable developments. The markets at London,
Paris and Berlin all moved downward in the early
days of the week,and the decline was continued later
on in Paris and Berlin while London showed some
tendency toward improvement. A number of statistical reviews of 1930 appeared during the week, and
they emphasized the poor business conditions that
prevailed throughout the period. Board of Trade
figures on British imports and exports, published in
London Monday, showed that exports in 1930 declined $793,981,000 compared with 1929, while imports declined $879,625,000; an aggregate drop in
foreign trade of close to $1,670,000,000. The French
trade position was discussed in Paris last Saturday
by Louis Loucheur, Minister of National Economy.
Although France is less affected than other countries
by the current depression, the position is far worse
than it was one year ago, M.Loucheur said. Official
German reports indicate that export orders are received in satisfactory quantity, but it is complained
that the home market does not improve. A commentary on the present world situation was furnished
this week by a leading firm of British shipowners,
according to a dispatch of Wednesday to the New
York "Times." A survey of shipping conditions by
JAN. 17 1931.]
FINANCIAL CHRONICLE
this firm revealed that 1,122 cargo vessels of
4,895,000 tons gross, or 8% of the world's shipping,
are now idle throughout the world. Monetary conditions remain extremely easy in all the larger markets, and there is some conjecture regarding the possibility of lowered discount rates in other centers
following the action taken by the Federal Reserve
Bank of New York and the Bank of France.
The London Stock Exchange was irregular at the
opening Monday, with business on a small scale.
There were a few good features, chiefly in foreign
bonds, and British funds also were firm at the start.
The market softened late in the day and most of the
gains were erased. International issues were lower
on reports of dullness in New York. Weakness developed in the entire list in Tuesday's session, with
tobacco shares the center of attention owing to a
gloomy forecast by Sir Hugo Cunliffe-Owen, Chairman of the British-American Tobacco Co. Foreign
bonds reacted after their substantial earlier gains,
and British funds also sold off fractionally. The
market was uncertain Wednesday, with a weak tendency still apparent in many British industrial
issues. International stocks also were soft, owing
partly to an entire lack of interest. British funds
gave the best account, these Government issues moving upward on substantial improvement in the
Sterling-franc exchange rate. A more cheerful tone
prevailed on the London market Thursday, although
trading remained subdued. British industrials and
international issues alike tended upward. British
funds again improved, as it appeared possible that
the outward flow of gold from London might be
checked. Prices dropped slightly in a quiet session
at London yesterday. British funds receded on further exports of gold to France.
Trading on the Paris Bourse was very limited
Monday, while the trend was mainly downward.
Almost all groups of issues participated in the decline, reports said, although one or two stocks in
the mining and banking listi stood out against the
trend. International issues were especially soft, and
some stocks fell to new low records for the current
movement. Prices dropped more precipitately Tuesday, as a wave of selling developed on the Bourse.
Organized bear pressure was said to have been a factor in this movement, while poor reports from New
York also contributed to the weakness. Issues in the
coal mining, steel and chemical groups showed the
greatest losses. Drastic recessions were again the
rule Wednesday at Paris and the session was described as one of the weakest in some time. Offerings
were especially prominent in such issues as Bank of
France, Nord Railway, Suez, Rio Tinto and Central
Mining. No particular reason for the pronounced
weakness was discernible, dispatches said. Prices
fluctuated in see-saw fashion in Thursday's dealings,
but the net result of the erratic movements was a
slight gain in most issues. The fortnightly settlement was the easiest on record, with funds available
4
at 1 of 1%. This low rate induced some short covering and an irregular upward movement developed.
Toward the end, however, prices again receded. The
downward trend was continued yesterday, with
trading on a small scale.
A weak trend prevailed on the Berlin Boerse Monday, with most issues declining from one to three
points. Shipping stocks and potash shares were
among the softest issues, but improvement set in
toward the close and good parts of the losses were
355
recovered. The downward movement was resumed
at an accelerated pace Tuesday, with Svenska
(Swedish Match) shares one of the weakest issues.
There were few supporting orders in the market, reports said, and even small sales caused heavy declines.
Gloomy dispatches from New York were a factor.
Wednesday's session at Berlin was much like the preceding one, with declines pronounced in all groups.
Pessimistic statements in official quarters regarding
German Government finances contributed to the
weakness, while the pending international conferences at Geneva also had a depressing influence.
Reichsbank shares were among the softest issues, a
loss of 12 points being recorded. After a slightly
firmer opening on the Boerse Thursday, prices resumed their weak tone. Operations by professional
bears were important, according to Berlin reports,
and they were aided by the spread of a number of
unfounded rumors. The early gains not only were
lost, in consequence, but in most instances closing
prices were below the levels of the previous day. The
session at Berlin yesterday was again marked by
wide declines.
Widespread legislative as well as monetary reforms are suggested in a report on the distribution
of gold, prepared for the League of Nations Gold
Delegation by the financial division of the League
Secretariat. The report is subject to modifications
by the Gold Delegation in a discussion now under
way, according to a Geneva report of Tuesday to the
New York "Times." One of the most important items
in the draft report, the dispatch states, is an insistence upon the need for legislation giving central
banks greater power and freedom of action. Liberty
of such banks to co-operate in the formulation of a
gold policy is considered an essential, while importance is also attached to the Bank for International Settlements as a factor in the carrying out of
any policy. Monetary reforms also are suggested,
but these are held insufficient to assure the best distribution of gold and the proper functioning of the
gold standard. The fundamental need is considered
to be that of a smooth free flow of 'capital, accompanied by a smooth free flow of goods and services.
Impediments such as tariffs and other artificial
trade barriers are accordingly attacked, while some
criticism is also made of the high wage policies of
some countries. The first part of the report, which
is devoted to an examination of the existing distribution of gold, ends with the statement that no
undue importance should be attached to the actual
distribution of gold to-day or to recent gold movements. Difficulties produced by movements in
recent years will gradually disappear as the disturbances caused by the war and the subsequent period
of currency inflation and stabilization work themselves out, the report holds.
Specific recommendations in the report are listed
in the dispatch as follows:
(1) Since the "fixed reserve ratio system allows
the minimum discretion and is designed to produce
the maximum disturbance whenever the actual reserve approaches the legal minimum" and since the
existing minimum of gold reserve percentages "could
be reduced without in any way weakening the general credit structure," these legal minima should be
reduced "to a figure well below that which the countries are likely to desire to maintain in practice or
by more radically altering the existing legislative
356
FINANCIAL CHRONICLE
provisions." The report adds: "Now that gold is
no longer used for internal circulation, the criterion
which should determine the amount of gold required
by any country is rather the probable amount of
any deficit in its balance of payments than the volume of the note circulation and sight liabilities of
its central bank." Hence, the "prerequisite" of this
reduction of gold reserves is that "gold coin should
not be put back into circulation," for then the reserve
would be required to meet"not only the external but
also the internal drain."
(2) A country on the gold exchange basis should
keep the gold it holds in a foreign country in that
country's central bank, or when this is inexpedient
gthe central bank of a country in whose money market the reserves are held should at least be kept
regularly informed of their magnitude."
(3) The central banks must be able to exercise
effective control over interest rates and lending must
not be impeded by artificial restrictions such as discriminatory rates of taxation or exchange control.
We believe that any measures designed to improve
the mechanism for the issue of foreign loans or international transactions in existing securities would
contribute to the smooth working of the gold standard, granted that the powers of the central banks to
control temporary disequilibria are adequate. Thus
the establishment of agencies for foreign investments,the quotation of foreign securities on national
bourses and the reduction of.taxes on foreign transactions are all likely to prove of value. We attach
particular importance in this connection to the discussions now taking place with a view to regulation
of the problem of double taxation. But measures
designed to permit this free flow of capital may
prove harmful rather than beneficial if they are
accompanied by restrictions on the exchange of
goods and services which constitute items of current
account in the international balance of payments.
Capital can only move in the form of goods or gold
or claims to existing wealth. If the flow of capital
is accelerated and that of goods restricted by tariffs
or prohibitions, a constant strain on the gold reserves and in consequence on the structure of the
credit maintaining national values may be created.
A similar strain will be caused if a country persistently endeavors to maintain its level of wages
or any other costs above the level whereat it can
successfully place its goods on foreign markets. Adherence to an international monetary standard at
once implies and necessitates adherence to an international economic system." Moreover, since the
capital market is more sensitive than the commodity
market, "perfection of its international organization may involve additional dangers if it is not
accompanied by the development of international
co-operation between the controlling authorities.
These central authorities have two primary functions to perform—the prevention of avoidable disequilibria and the restoration of equilibrium when
the balance has been lost." The need of aiding them
in these functions brings the report to its next
recommendation.
(4) The central banks should be empowered to
conduct both "forward exchange operations" and
"open-market operations" when conditions permit.
This is necessary because "effective collaboration
between the central banks must depend to a large
extent on the possession by each one of them of
powers to control its own market as nearly equal
as the relative economic strengths of the various
countries adhering to the gold standard will permit."
The draft report also recommends that gold movements should normally be allowed to make their
effects felt, that artificial movements should be
avoided, that imports and exports of gold should normally be unrestricted and not rendered difficult
by the operation of the gold exchange system, and
[VoL. 132.
that countries employing that system should avoid
creating a fictitious demand for gold by converting
foreign assets into gold.
Gold of the British standard of fineness of 916.66
per thousand will be accepted hereafter by the Bank
of France, according to an announcement made in
Paris Tuesday. In its purchases of gold heretofore
the French central bank has required the delivery
of metal measuring up to the French standard of
995 per thousand. This question is of some moment
in view of the steady takings of British gold by the
Paris market. The Bank of England paid out bars
of the French standard of fineness until last summer, when the stock of this highly refined metal WUS
understood to have become exhausted. Bars of the
British standard of fineness were freely available,
but the Bank of France declined to accept them, and
it thus became necessary to refine the gold in London before transfer. This, in turn, caused a variation of the established gold export point, which now
goes back to its old level. The disparity was a point
of friction between the British and French central
banks, a Paris dispatch to the New York "Times"
states. Public attention was drawn to a situation
which was not really serious, and the withdrawal
of French balances in London may have been accentuated. It is now hoped that an opposite effect
will be produced, it is added, and that narrowing
of the limits of depreciation of sterling exchange
in terms of the French franc will result in a cessation of French withdrawals.
A step in the far-reaching plans for the "liquid&
tion of the World War" was announced Monday in
Paris, where decision was reached at a conference of
Ambassadors of the former Allied powers to abolish
the International Military Commission. The Commission thus terminated was formed 12 years ago
as a means for observation of German disarmament
in accordance with the terms of the Versailles
treaty. Marshal Ferdinand Foch presided over this
body, which made many important decisions in international relations during the years immediately following the war. "Its sessions," a dispatch to the
New York "Herald Tribune" remarks, "were the
scene of numerous struggles between the French
and British delegates, when the post-war policies
of the former Allies diverged more and more under
the stress of economic conditions, which forced
Britain especially to demand the earliest possible
liquidation of war measures as a step toward bringing the economic life of Europe back to normal."
The request for disbandment of the Commission was
made by Lord Tyrrell, British Ambassador to Paris.
Representatives of France, Italy, Belgium, and
Japan agreed, it is said, that disbandment would
have a good effect on international relations. It is
pointed out that the action will be a relief to Germany, which saw in the Commission, after evacuation of the Rhineland, a body which infringed upon
her rights as an independent nation among her
equals.
Geneva resumed its place as a center of international affairs yesterday when diplomatists gathered for the customary meeting of the League of
Nations Council and for the special session of the
commission for the study of the European federation plan. The activities of both bodies will run
JAN. 17 1931.]
FINANCIAL CHRONICLE
concurrently, in part, as several leading members
of the Council are also the representatives of their
countries on the federation commission. At least
one matter of extreme delicacy will be injected into
the Council discussions, according to reports from
many points in Europe. This question concerns the
reported violation of German minority rights in
Upper Silesia by Poland during the recent national
elections. A protest against the alleged terrorism
was promptly sent by the German Foreign Office
to the League Secretariat, with the request that the
matter be placed upon the agenda of the present
Council session. Foreign Minister Curtius of Germany, who was scheduled in the usual order of rotation to preside over the Council, requested Foreign
Minister Henderson of Britain to act in that capacity so that he might be free to plead in this case.
The Polish side will be presented by Foreign Minister Zaleski, who has indicated in a report to the
League and in public statements that his country
desires to remove the causes of misunderstanding between the Poles and the German minority. Preliminary conversations on the dispute are understood
to have taken place in Paris between representatives
of the French, British, German, and Polish foreign
offices. "No secret is made of the opinion," a Paris
dispatch to the New York "Times" said,"that in the
present excited state of opinion in Germany and in
Poland this question is one of the most delicate with
which the Council has ever had to deal."
A further question of importance which the Council is to consider is the fixation of a date for the
World Disarmament Conference. A preliminary
accord which is to be the subject of debateeat the
general conference was fashioned at meetings over
a five-year period by the Preparatory Disarmament
Commission. The task of the Preparatory Commission was completed late last year, but no date for
the World Conference was named, although the original instructions of the League Council called for
the determination of this point. The League Council, to which the question was again shifted, is now
likely to appoint a president for the conference and
then direct him to fix a date at some time next year,
Geneva reports state. Of interest at this juncture
is a communication of the Soviet Government to
the foreign offices in London, Berlin, Rome, Italy,
Tokio,and other capitals, wherein objection is voiced
to the method of choosing a president for the disarmament gathering and to Geneva as a meeting
place. The note, published in Moscow Wednesday,
complained that a hostile press in Geneva had made
it almost impossible for the Soviet Government to
participate in a conference there. It accused Dr.
J. J. Loudon of the Netherlands, who was Chairman
of the Preparatory Conference, of "tactlessness and
rudeness," and demanded that the president of the
general conference be chosen from a country not
interested in the munitions industry and not "openly
opposing disarmament."
Discussion of the Briand project for a European
federation, which began yesterday, is considered unlikely to develop many new viewpoints. Foreign
Minister Briand of France was the first to give
official support to this idea, which had long been
current in philosophical circles. He placed the
project before representatives of the European member States of the League of Nations at a special
luncheon in Geneva in September 1929. M. Briand
was asked to enlarge on his proposals, and this he
357
did in a communication to European governments
early last year. The comments of those governments
were requested at the same time, and the replies
received revealed grave differences in the viewpoints
of all Stats. In further discussions of the proposal
at a special meeting in Geneva last September, the
matter was placed definitely under the auspices of
the League of Nations at the insistence of Great
Britain. The League Secretariat called the present
meeting and asked the European governments for
suggestions regarding matters to be placed on the
agenda. In consequence, more than 30 League questions in the fields of finance and economics, transit
and health, were listed as of special interest and are
to be debated. M. Briand, meanwhile, is believed
to have ceased his endeavors and very little is therefore expected of the gathering. "It is assumed," a
Geneva dispatch to the New York "Herald Tribune"
said, "that the French Foreign Minister feels that
the utmost advance possible just now will be, under
cover of several displomatic pleasantries, a mere
reaffirmation in principle of the desirability of the
ideal underlying the project."
Speeches by the most eminent diplomatists in
Europe at the opening session of the European Federation commission meeting yesterday were much
in accordance with expectations. Foreign Minister
Briand, who presided, told the delegates from 26
countries that Europe has come to the belief that the
nations of that continent must unite if they are to
live. "We have a long road to travel, and we must
map it out," he declared. "We have never swerved
from our purpose and in our task we will reject
the co-operation of none." A general report on
the work of the League of Nations for European
organization had been prepared by the League Secretariat, he added, and this, together with a report
by the International Labor Union, would form the
basis of th ecommission's discussion. Foreign Minister Curtius of Germany spoke in favor of the federation project and promised the support of his
country for a program of economic co-operation and
peace. He put forward again the German suggestion that Russia and Turkey be invited to the federation conferences, and in this he was seconded by
Foreign Minister Dino Grandi of Italy. Arthur
Henderson, Foreign Secretary of Great Britain, proposed that this question be submitted to a sub-committee, and this suggestion was adopted.
Reconstruction of the British system of unemployment insurance is suggested in a long memorandum
submitted by the British Ministry of Labor to a
royal commission charged with the investigation of
the plan under the present abnormal conditions.
The statement, submitted Jan. 9, remarks that the
existing law is not adequate to meet the strain now
placed upon it. Of the present total of close
to 2,600,000 British unemployed, approximately
2,275,000 are receiving benefits from the State insurance fund, it is pointed out. A dole, pure and
simple, is received by about 400,000 of the workless
who have not paid any insurance premiums. Such
unemployed are not legally entitled to benefits, but
payments are made nevertheless in order to prevent
them from becoming public charges in other ways.
Payments in greater or lesser amounts were made
by all the other beneficiaries, but in hundreds of
thousands of cases their premium contributions were
so moderate before they became jobless and quail-
358
FINANCIAL CHRONICLE
[VoL. 132.
reached beforehand. There are about 250,000 weavers employed, and it is indicated that an additional
250,000 spinners will be thrown out of work if the
lock-out takes place. Arthur Henderson, Foreign
Secretary in the Labor Ministry, is using his good
offices in the attempt to find a common ground for
settlement of the textile dispute.
fled beneficiaries, that the whole system was dislocated by the unforeseen strain. Payments from the
fund, accordingly, are about twice the receipts, and
the insurance fund is already indebted to the
national exchequer in the amount of $300,000,000.
In order to keep the fund solvent a further $200,000,000 will have to be advanced soon by the exchequer. Normal receipts of the fund this year,
according to an account in a London dispatch to the
New York "Times," will be $70,000,000 in premiums
from workers, $80,000,000 from employers, and $75,000,000 from the national exchequer. These contributions may be increased somewhat, and together
with the advance from the exchequer they will give
the fund resources of $440,000,000. Based on an
average number of 1,800,000 workless, however, the
fund will require $550,000,000, it is said, and it thus
becomes apparent that further advances will probably be required of the national exchequer.
It is the task of the royal commission to devise
a scheme by which the insurance fund may remain
solvent under conditions of hard times of unusual
intensity or unusual duration, the "Times" dispatch
remarks. The present system was built on a theory
that good times and hard times would alternate in
a balancing period of from seven to 15 years, in
accordance with the swings of the trade cycle. The
surpluses of good years, it was supposed, would
make up the deficits of lean years, and the fund
would thus be self-sustaining. In the last two years,
however, conditions have been much worse than was
anticipated, and the balance has been completely
upset. "It is dangerous to continue this theory,"
the Labor Ministry memorandum to the royal commission states. "We cannot hold to the faith that
bad years are going to be offset by good ones. If
the scheme is to be made self-supporting, it must
be financed on some empirical basis, with an adjustment between income and expenditure made often
enough to prevent the debt accumulating."
Appeals for the restraint of oratory and the performance of sound work marked the sessions of the
French Parliament, which were resumed Tuesday
after a short recess for the holidays. Although such
counsel was given the Chamber both by Maurice
Sibille, dean of the Deputies, and Ferdinand Bouisson, President of the Chamber of Deputies, the intense antagonism of the party groups was no whit
abated, dispatches said. Even the selection of a
President was disputed on this occasion, although
such an occurrence has not been witnessed in the
Chamber in years. The re-election of M. Bouisson,
Socialist, who has presided for the past three years,
was challenged by the Right, but he was again
chosen. In the Senate Paul Doumer was re-elected
President without opposition. These formalities
of organization over, the Parliament settled down
to business Thursday. Consideration of the budget
is the most important matter facing the legislative
body, and this will be reached Monday. The position
of the Cabinet formed in mid-December by Premier
Theodore Steeg remains highly uncertain and conjecture is rife in France regarding its possible duration. The Left Ministry formed by M. Steeg secured
a vote of confidence Dec. 18 by the narrow margin
of seven votes, with 33 Deputies of the Center group
abstaining. "The situation is such," a Paris dispatch to the New York "Herald Tribune" said,"that
M. Steeg's Ministry may last two weeks or two
months. His continuation in power is largely dependent on how long the Right bloc, headed by M.
Tardieu, withholds its fire."
Every effort is being made in Great Britain to
achieve settlements of the industrial disputes in the
South Wales coal mining and Lancashire textile
trade, and conferences are proceeding night and day.
The difficulty in Wales, which involves 140,000
miners, is now reported yielding, and a provisional
settlement is anticipated which will make possible
the resumption of work next Monday. This strike,
which began Jan. 1, was due to differences between
owners and miners in the application of the new
Mines Act of the Labor Government, and great pains
have accordingly been taken by the Ministers to end
the strike. Hopeful reports were issued every day,
but in the meantime conditions became serious, and
during the present week the miners' wives and families were assisted out of public funds in several
places. The authorities, however, have declined to
grant financial assistance to the strikers themselves.
William Graham, President of the Board of Trade,
and the Government's Secretary for Mines, is
especially active in seeking a reconcilement of the
opposing parties in this dispute. In the Lancashire
textile conflict some 20,000 weavers have been locked
out as a result of their refusal to countenance the
eight-looms-per-weaver system, as against the four
looms formerly tended with old machinery. The mill
owners announced on Jan. 9 that a lock-out will be
made effective in the entire weaving section of the
Lancashire industry to-day, unless a settlement is
Prospective financial operations of the Soviet
Government for the year 1931 will enable the Moscow regime to establish a reserve of 1,500,000 rubles
(nominally $750,000), according to a report by
Gregory Grinko, Commissar of Finance, submitted
late last week to the Central Executive Committee
of the Communist party. Income for the year is
estimated at 31,750,000,000 rubles, while expenditures are expected to amount to 30,200,000,000 rubles
(nominally $15,875,000,000 and $15,100,000,000, respectively). The diminutive role that private initiative is expected to play is indicated by the further
estimate that the total income of the entire Russian
people will amount in 1931 to 33,000,000,000 rubles.
Commissar Grinko's statements, as reported in a
Moscow dispatch of Jan. 9 to the Associated Press,
disclose that about 42% of the State income is
counted upon from such Socialist organizations as
the Soviet industries and the State farms. A further 35% is to be derived from direct taxation, 12%
from voluntary contributions by the people and
through bond purchases, and 8% from insurance
organizations. Bond issues contemplated this year
total 1,400,000,000 rubles, as against 770,000,000 in
1930. The total indebtedness of the Government to
the people on Jan. 1 last was placed at 1,500,000,000
rubles, and if the 1931 program is carried out the
debt will be advanced to approximately 2,800,000,000
rubles by the end of this year. Of the expenditures,
JAN. 17 1931.]
FINANCIAL CHRONICLE
21,000,000,000 rubles will be applied to the financing of "national economy," while 6,500,000,000 rubles
will be devoted to education and "cultural requirements." The Russian financial official denied that
any further issuance of paper money is contemplated.
Although the Round Table Conference on India
is now nearing its end, differences persist between
the Hindus and Moslems on the question of representation in any legislature to be set up under the
proposed Constitution. The dispute relates to the
manner of representation for religious minorities.
In the event that agreement is not reached within
the next few days, it is considered probable that
the gathering will be adjourned by Prime Minister
MacDonald and provisions made for further discussion of this and other matters in India. The conference began in London on Nov. 12, with an unexpected display of unanimity on the part of the Indian delegates, but the religious differences soon
reasserted themselves. It is now understood that
Mr. MacDonald desires to terminate the meeting
before the Parliament reconvenes next week. Recommendations regarding the proposed new Constitution for India were outlined Monday by Lord
Sankey, who is Chairman of the Federal Structure
Committee. Some far-reaching concessions to the
ideal of self-government were contained in the proposals, dispatches from London said, but it was
admitted that they would not prove satisfactory to
the Indian Nationalists, who are not represented in
London. The theory of responsible self-government
for India is admitted in the report, but the important reservations previously foreshadowed in matters of defence, foreign relations, and certain financial questions are also included.
"In the sphere of finance," the report said, "regarded as the fundamental condition of success of
the new Constitution, no room should be left for
doubt as to the ability of India to maintain her
financial stability and credit at home and abroad.
It would, therefore, be necessary to reserve to the
Governor-General,with regard to budgetary arrangements and borrowing, such essential powers as
would enable him to intervene if matters were being
pursued which would influence opinion and seriously
threaten the credit of India in the money markets
of the world. It is recommended, with a view to
insuring confidence in the management of Indian
credit and currency, that efforts should be made to
establish on a sure foundation and free of political
influences, as early as posible, a reserve bank which
will be entrusted with the management of currency
and exchange. They are further agreed that loans
with adequate provision for redemption by sinking
fund or otherwise, and salaries and pensions guaranteed by the Secretary of State, should be secured."
The recommendations were considered Thursday by
the full conference. It was indicated, however, in
statements by the Aga Khan, leading Moslem of
the gathering, and Sir Tej Bahadur Sapru, of the
Hindu faction, that the Indians in London do not
regard the recommendations with enthusiasm.
Grave charges of the existence in Liberia of a
commercialized traffic in human beings are contained in a report of a League of Nations commission
of inquiry, made public both in Geneva and Washington last Sunday. The report has been in the
359
hands of the State Department for several months
and is understood to have occasioned the sharp note
of Nov. 17 to the Liberian Government, wherein
Washington called in distinct terms for the abolition
of slavery and forced labor in the West African
republic. Secretary of State Stimson demanded in
his communication that immediate steps be taken
by the Liberian Government to correct the evils and
carry out the recommendations of the League Commission. These recommendations call for wide,
sweeping, and thorough reforms, to be effected with
the aid of European or American commissioners in
important positions. The commission of inquiry
was appointed by former President C. D. B. King of
Liberia at the insistence of the United States after
reports had been received of the existence of virtual
slavery in Liberia. The members were Cuthbert
Christy of Great Britain, representing the League
of Nations; Charles Spurgeon Johnson of the United
States, and former President Arthur Barclay of
Liberia. In the course of its investigation, which
began April 7 1930 and ended Sept. 8 1930, the commission went into almost all sections of the country
and heard hundreds of witnesses.
Although traditional slavery, with slave markets
and slave dealers, no longer exists as such in Liberia,
slavery does exist in the general sense outlined in
a League of Nations anti-slavery convention of 1926,
the commission found. It is remarked that the
social-economy of the republic recognizes pawning,
an arrangement by which, in return for money, a
human being may be given in servitude for an indefinite period and without compensation. Domestic slavery is discouraged by the Government in that
any slave who appeals to the courts may receive freedom. No evidence was found that leading citizens
were involved in domestic slavery, but there was
evidence that some American Liberians took natives
as pawns, and in some instances abused the system
for personal ends by taking women as pawns and
using them to attract male laborers to their lands.
Forced labor was utilized in the construction of
motor roads, civil compounds, military barracks,
and other purposes, and labor recruited for public
purposes in many instances was diverted by high
Government officials to private use on their farms
and plantations without pay. A large proportion
of contract labor shipped to the Spanish island of
Fernando Po and French Gabun was found recruited by criminal compulsion scarcely distinguishable from slave raiding and trading. There was no
evidence that the Firestone Plantations Co., which
is developing a million-acre rubber plantation in
Liberia, consciously employed any but voluntary
labor, the report said. Finally, it was found that
Vice-President Yancey and other high Government
officials gave their sanction for the compulsory recruitment of labor for road construction and other
work, for shipment abroad, for the intimidation of
villagers, for the humiliation and degradation of
chiefs, and for the imprisonment of inhabitants.
To effect the far-reaching reforms necessary in
these circumstances, the commission urged the inauguration of a policy of the open door in an economic and commercial sense, so that Liberia may
be open to business interests from the outside world.
At present the Firestone Co. is said to be practically
the only foreign concern operating in the country.
The introduction of a general system of education
and reconStruction of the Government's policy
360
toWard the natives is called for. Under the latter
head it is suggested that the policy of suppression
be abandoned, that the humiliation and degradation
of chiefs be terminated and their tribal authority
re-established. The administration of the interior
needs complete reorganization, it is held, since the
Government appears to represent only the peoples
along the coast. Present district. commissioners
should be removed, the commission maintains, and
European or American commissioners substituted,
while a reform of the civil service should be instituted.• Political divisions should be rearranged, so
that there wil be no line of cleavage between coastal
and hinterland districts. Pawning and domestic
slavery should be made illegal, preliminary to the
total abolition of all slavery conditions. It is suggested that the shipment of laborers to Fernando
Po be brought to an end, and the road program
curtailed. A stricter control of frontier force soldiers and the rearrangement of their duties is called
for, while the immigration of American negroes
should be encouraged.
Threats were made by Secretary Stimson in his
note of Nov. 17 that the friendly feelings of the
American Government and people for Liberia will
be alienated unless slavery and forced labor are
abolished. Receipt of the protest from Washington
was quickly followed by the resignations of President Bing and Vice-President Yancey, Secretary of
State Edwin Barclay taking over the reins of government. It was disclosed in Washington late last
week that the Liberian Government has accepted "in
principle" the recommendations of the international
commission, but adequate assurances that the reforms will be carried out were said to be lacking.
That the Liberian Government will carry out the
proposed reforms "to the full extent of her resources" was also promised in a note from Monrovia
to the League Secretariat, dated Jan. 9 and published last Monday. This note was transmitted by
Antoine Sottile, Liberian delegate to the League of
Nations. "You will observe," it said, "that my Government, again acting in the frank and loyal spirit
in which it set up the International Commission of
Inquiry, is firmly resolved, so far as its resources
will permit, to adopt the suggestions submitted for
its guidance, which no government could legally or
politically be compelled to accept, more particularly
dince the convention for the abolition of forced or
compulsory labor concluded in 1930 has not yet
come into force." This entire question, in which the
League of Nations is of course intimately concerned,
was placed on the agenda of the League Council at
the instance of Great Britain. It was considered in
Geneva, however, that no drastic action will be
taken by the League, particularly in view of public
statements by Mr. Sottile to the effect that slavery
exists elsewhere than in Liberia. Such intimations
produced no effect in Washington, reports from that
center said, and it was remarked that action by the
Liberian Government to comply with the positive
stand taken by Secretary Stimson is expected.
Much of Southern Mexico was shocked by a severe
earthquake Wednesday night, the tremor taking a
toll of at least 14 lives and causing enormous property damage. The greatest destruction occurred in
the city of Oaxaca, capital of the State of that name,
but many other cities and towns reported injuries
to inhabitants and ruined buildings. In Mexico City
[VOL. 132.
FINANCIAL CHRONICLE
one person was killed, while 15 to 20 were hurt.
About 40 buildings in the capital were badly damaged and numerous slighter wreckages were reported. In Oaxaca, a city of about 60,000 inhabitants, more than half of the buildings were said to
have been destroyed, and a large part of the
remainder damaged to a greater or lesser degree.
General Evaristo Perez, military Governor of
the State, reported to President Ortiz Rubio that
his own house, one of strong construction, had been
destroyed and that he was living in his automobile.
"The city has the appearance of having been shelled
by big guns," an Oaxaca dispatch to Mexico City
said. Suffering was intensified by an unusual spell
of cold weather. The important coastal cities of
Vera Cruz and Tampico reported only minor damage. Seismologists placed the epicenter of the earthquake a few miles northeast of Oaxaca City.
The Imperial Bank of India on Thursday advanced its rate of discount from 6% to 7%. There
have been no changes the present week in the discount rates of any of the European central banks.
/
1
2
Rates remain at 6% in Spain; at 5 % in Austria,
Hungary, and Italy; at 5% in Germany; at 4% in
/
1
2
Norway and Ireland; at 3 % in Sweden and Denmark; at 3% in England and Holland, at 2 % in
/
1
2
Belgium and Switzerland, and at 2% in France. In
the London open market discounts for short bills
/
/
yesterday were 21 8@2 3/16% against 218% on Friday of last week, and three months bills were also
21 8@2 3/16% against 2 3/16% on Friday of last
/
/
1
2
week. Money on call in London yesterday was 1 %.
At Paris the open market rate remains at 2%, but
in Switzerland the rate has been reduced from 138%
/
to 114%.
/
The Bank of England statement for the week ended
Jan. 14 shows a further reduction in the Bank's gold
holdings of £1,407,902 but as this was attended by
a contraction of £13,562,000 in note circulation, reserves increased £12,154,000. Gold holdings now
aggregate £145,150,012 in comparison with £146,557,914 a week ago and £150,654,341 last year.
The reserve ratio now at 45.81% compares with
37.31% a week ago and 46.74% a year ago. Public
deposits increased £9,171,000 and other deposits decreased £4,044,182. The latter consists of bankers
accounts which fell off £4,163,598 and other accounts
which rose £119,416. Loans on Government securities and those on other securities decreased £1,055,000
and £5,959,669 respectively. Other securities include "discounts and advances" and "securities."
The former fell off £6,011,999 while the latter increased £42,330. The discount rate is unchanged at
3%. Below we show a comparison of the different
items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931.
1930.
1929.
1927.
1928.
Jan. 14.
Jon, 15,
Jan, 16.
Jan. 19.
Jan. 19,
Circulation
a349,942,000
Public deposits
22,378,000
Other deposits
98,123,709
Bankers' accounts 64.710,968
Other accounts_ _ 33.412,741
Governin't securities 52,026.000
Other securities__ 31,310,487
Disct. dr advances 8,355,676
Securities
22,954,811
Reserve notes & coin 55,207,000
Coln and bullion___145,150,012
Proportion of reserve
to liabilities
45.81%
Bank rate
3%
351,942,000
24,811,000
100,777,150
84,358,135
36.419.015
61,250,855
23,705,740
9.671.904
14.033.836
58,710,000
150,654,341
360,682,000
15,148,000
104,214,000
67,549.000
36,665.000
55,121,000
28,598,000
13,058.000
15,540,000
53,723,000
154,406,085
46.74%
5%
45.01%
435%
137,748,840 137,100,716
19,201,078 12,052,368
100,131,883 118,748.704
36,483,992 31,882,634
60,386,247 75,878,921
40,541,252 34,140,441
155,540,092 151,491,156
33.97%
05%
27.57%
5%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues. adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
JAN. 17 1931.1
FINANCIAL CHRONICLE
The Bank of France in its statement for the week
ended Jan. 10, shows a gain in gold holdings of 372,428,311 francs. Gold now aggregates 54,109,386,737
francs, as compared with 42,458,382,323 francs the
corresponding week last year and 33,709,295,194
francs two years ago. A loss appears in credit
balances abroad of 102,000,000 francs and in bills
bought abroad of 56,000,000 francs. Note circulation reveals a large decline, namely 1,203,000,000
francs. Total circulation now stands at 77,734,153,765 francs, which compares with 69,346,806,215
francs last year and 63,153,518,415 francs the year
before. French commercial bills discounted and
creditor current accounts show increases of 395,000,000 francs and 624,000,000 francs while advances
against securities fell off 133,000,000 francs. A comparison of the different items for the past three years
is furnished below:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings__ _Inc. 372,428,311
Credit bale. abed_Deo. 102,000,000
French commercial
bills discounted_ Inc. 395,000,000
Bills bought abed_ Deo. 58,000,000
Adv.Mat.secure_ _Dec. 133.000,000
Note circulation__Dec.1203000,000
Cred. ourr. accts_-Ino. 624,000,000
COMPARATIVE STATEMENT.
Status as of
Jan. 10 1931. Jan. 11 1930. Jan. 12 1929.
Francs.
Francs.
Francs.
54,109.386,737 42,458,382,323 33,709,295,194
7,124,571.485 7,212,142,687 12,543,191,211
7,758,259,993 8,686,492,954 1,148,533,198
19,299.083,702 18,737.486.094 18.458,512,128
2.982.070,961 2,585,380.291 2,295,056,578
77,734,153.765 69,346,808.215 83,153,518,415
23,696,182,800 18,022,779,399 18,526,360,240
The Bank of Germany in its statement for the first
'week of January showed an increase in gold and
bullion of 164,000 marks, raising the total of the item
to 2,215,945,000 marks. Bullion a year ago stood
at 2,283,832,000 marks and the year before at 2,729,341,000 marks. Reserve in foreign currency and
bills of exchange and checks declined 68,824,000
marks and 474,597,000 marks while the item of
deposits abroad remains unchanged. Increases appear in silver and other coin of 24,268,000 marks, in
notes on other German banks of 8,947,000 marks
and in investments of 95,000 marks. Notes in circulation decreased 452,473,000 marks, reducing the total
of notes outstanding to 4,325,786,000 marks. Circulation on the same time last year aggregated 4,604,000 marks and two years ago 4,484,184,000 marks.
Decreases also appear in advances of 189,383,000
marks, in other assets of 1,386,000 marks, in other
daily maturing obligations of 229,292,000 marks and
in other liabilities of 18,951,000 marks. Below is
furnished a comparison of the various items for the
past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Jan. 7 1931. Jan. 7 1930. Jan, 7 1929.
Assets—
Reichstnarks.
Reichsmark,. Reichsmarks, Rekhsmarks
Inc.
Gold and bullion
184,000 2,215,945,000 2,283,832,000 2,729,341,000
Of which depos.abr'd_ Unchanged
222,017,000 149,788.000
85,628,000
Reserve in for'n curs_ _Dec. 68,824,000 400.419.000 403,464,000 157,377,000
Bills of exch.& checks.Deo. 474,597,000 2,098.969,000 2,771,981,000 2,101,183,000
Silver and other oohs_ _1no. 24,288,000 161,138,000 107,016 000
93,618,000
Notes on oth.Ger.bks_ Inc. 8,947,000
12,937.000
13,063,000
19,604,000
Dec. 189,383,000
Advances
88,830,000
5,242,000
54,211,000
Inveetments
Inc.
95,000 102,549,000
92,608,000
92,278,000
Dec. 1,386,000 495,272,000 581,883.000 562,480,000
Other assets
Liabilities—
Dec.452,473,000 4,325,786,000 4,604,679,000 4,484,184,000
Notes in eirculation
Oth.dally matur.oblig.Deo. 229,292,000 422,547,000 584,513,000 619,300.000
Dec. 18,951,000 309,617,000 195.593,000 299,619,000
Other liabilities
Extremely easy conditions prevailed in the New
York money market this week, and rates in some
departments dropped to levels that have not been
witnessed in a half century. Call loans on the Stock
Exchange remained unchanged from earlier quota/
1
2
tions at 1 % for all transactions. Funds overflowed into the unofficial "Street" market on every
occasion, however, and transactions were reported
regularly at 1% on the outside. The monetary ease
361
• was emphasized by a lowering of yield rates on
bankers' acceptances to the smallest figures in the
history of the dollar acceptance market. Time
money rates were also reduced, and records of many
years' standing were broken by the quotations.
Brokers' loans again dropped sharply in the report
of the Federal Reserve Bank of New York for the
week ended Wednesday night, a reduction of $59,000,000 being reported. Gold movements for the
same period reported by the Federal Reserve Bank
consisted of imports of $13,005,000, of which $12,960,000 was from Canada and the rest from Latin
American countries. There were no exports during
the week covered. The stock of gold held ear-marked
for foreign account decreased $8,000,000 for the
week ending Wednesday, and decreased $4,000,000
more on Thursday, which is tantamount to an augmentation of the American stock of the metal.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, the rate has again been
12 on each and every day of the week, this includ/
1
%
ing renewals as well as new loans. The demand for
time money showed no improvement, and on Thursday rates were again adjusted downward, and now
are 1 @2% for 30-day money, and also for 60 days,
/
1
2
and 2% for 90-day accommodation, and for four
months, and 2/ / for five and six months.
1
2
14@2 %
The demand for prime commercial paper in the open
market has greatly improved, and business is now
fairly good, but not up to last year. Rates are unchanged, choice names for four to six months' maturity being quoted at 2 @3%, while names less
/
3
4
/
1
2
well known are offered at 3%@3 %. In one very
exceptional case a small amount of sixshrdlu1shrd
/
1
2
was negotiated at 2 %.
Prime bank acceptances in the open market were
in good demand this week, though business was
again greatly curtailed by the shortage of satisfactory paper. Rates were again reduced downward on
Tuesday by / of 1% in both the bid and the asked
1
2
columns, and for all maturities to the lowest figures
on record. The Reserve Banks reduced their holdings of acceptances this week from $265,456,000 to
$196,180,000. Their holdings of acceptances for foreign correspondents increased from $440,326,000 to
$448,809,000. The posted rates of the American Acceptance Council now are 134% bid and 1%% asked
/
for bills running 30 days, and also for 60 and 90
days; 178% bid and 1 % asked for 120 days, and
/
/
3
4
2% bid and 178% asked for 150 days and 180 days.
/
The Acceptance Counicl no longer gives the rates for
call loans secured by acceptances. Open market
rates for acceptances were also marked down, as
follows:
SPOT DELIVERY.
—120 Days
—150 Days—
—180 Days-BM. Asked.
Bid. &Med.
8W. asked.
Prime eligible bills
1X
1X
13(
2
2
17
—80 Days—
—60Davy-—90 Daps—
Bid. Asked.
Ma. Asked.
Bid. Asked.
Prime eligible bille
isi
isi
l'i
1si
lx
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
1 blil
Eligible non-member banks
2 bid
The rediscount rate of the Atlanta Federal Reserve Bank was reduced on Jan. 9, effective Jan. 10,
from 3 % to 3% on all classes of paper of all ma/
1
2
turities. There have been no other ehanges 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:
FINANCIAL CHRONICLE
362
Federal Reserv e Bank.
Boston_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
EC Louis
Minneapolis
Kansas City
Dallas
Ran Frandsen
Rate In Ernes
on Jan. 10.
Date
Established.
Previous
Rase.
C4C40.1c903140b60020ibOtO
X X X
XXX
DISCOUNT RATES OF FEDERAL RESERVE BANES ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Jan. 2 1931
Dec. 24 1930
July 3 1930
Dec. 29 1930
July 18 1930
Jan. 10 1931
Jan. 10 1931
Jan. 8 1931
Sept. 12 1930
Aug. 15 1930
Sept. 9 1930
Jan. 9 1931
3
211
4
331
4
311
311
311
a
4
4
311
Sterling exchange continues dull and irregular
ruling this week on average fractionally lower than a
week ago. The range this week has been from
4.85 3-16 to 4.85 7-16 for bankers' sight bills, comA
pared with 4.85 7-32 to 4.851 last week. The range
2
for cable transfers has been from 4.85 13-16 to 4.853/,
week ago.
compared with 4.85 13-16 to 4.85% a
Sterling at this time should as a seasonal matter be
firmer than it is with respect to the dollar. The
underlying factors depressing sterling are unchanged
from the past several weeks and current quotations
would have been lower than they are but for official
support of exchange through the purchase of sterling
bills by the Bank of France and the Federal Reserve
Banks. Renewal of labor troubles in the coal mining districts of England and in the cotton manufacturing districts is doubtless an adverse factor
affecting the seasonal recovery but the most important adverse influence is, of course, the slow
recovery of business in all countries. Sterling is
firmer with respect to French francs, but this is due
to the outcome of the gold conferences held in recent
weeks by French and English banking authorities
and to the deliberate policy of the Bank of France in
arresting the pressure against sterling. On Tuesday
the Bank of France decided to accept standard gold
bars from England of 11-12ths fineness. Previously
the Bank would not accept gold of less than .990
fineness. The decision caused a recovery in the sterling exchange rate at Paris. Against francs sterling
improved from 123.725 francs to the pound at
Monday's close to 123.79 for a time on Tuesday, but
went back again to 123.75 at the close of Tuesday's
business, and on Wednesday and Thursday was
quoted RS high as 123.81 to 123.87 francs to the
pound.
Although the action of the French institution will
not prevent gold losses by the Bank of England, it
will reduce the high premium payable for francs in
London, since the Bank of England decided not to
offer any more fine bars for sale. According to some
bankers, the only influence on the gold situation will
be to lift the gold point along with the exchange rate.
The standard bars offered by the Bank of England are
.91667 fine, while the Bank of France has required
.990 fineness up to this time. Banks shipping metal
from London have been compelled to refine the gold
before selling it to the Bank of France. The substantial improvement during the week in the sterling-franc rate in favor of London compelled French
interests to cancel arrangements for further gold
withdrawals for Wednesday and for Thursday. Only
£69,941 were sold by the Bank of England on Wednesday and £17,481 in gold bars on Thursday, in contrast to amounts of £250,000 to £750,000 withdrawn
of
daily during the recent movement. The Bank
understood, will not accept standard
France, it is
gold until Feb. 1. It is thought that the present
of
London check rate on Paris might allow shipment
[VOL. 132.
standardjbars.q It7prohibits-profitable purchases of
gold which has to be refined to the extent required
by the Bank of France. Present rates obviate the
possibility of gold shipments other than those already
arranged. This week the Bank of England shows a
loss in gold holdings of £1,407,902, the total standing at £145,150,012 on Jan. 15, as compared with
£150,654,341 on Jan. 16 last year. On Saturday
the Bank of England sold £234,367 in gold bars,
received £78,000 in sovereigns from abroad, and exported £11,000 in sovereigns. On Monday the Bank
sold £307,780 in gold bars. On Tuesday the Bank
sold $350,639 in gold bars, exported £8,000 in
sovereigns, and set aside £250,000 in sovereigns.
With the exception of a few bars, the bulk of £873,000 of gold received in London from South Africa
on Tuesday was taken for forward delivery on French
account. On Wednesday the Bank of England sold
£69,941 in gold bars and exported £60,000 in sovereigns. On Thursday the Bank of England released
£250,000 in sovereigns, sold £17,481 in gold bars,
and exported £15,000 in sovereigns. Yesterday the
Bank sold £729,320 gold bars, exported £6,000 sovereigns and set aside £20,833 sovereigns.
At the Port of New York the gold movement for
the week Jan. 8-Jan. 14, inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $13,005,000, of which $12,960,000 came
from Canada and $45,000 chiefly from Latin America.
There were no gold exports. The Reserve Bank reported a decrease of $8,000,000 in gold earmarked
for foreign account, and on Thursday there was a
further decrease of $4,000,000 in gold earmarked for
foreign account. In tabular form the gold movement
at the Port of New York for the week ended Jan. 14,
as reported by the Federal Reserve Bank of New
York, was as follows:
-JAN. 14, INCLUSIVE.
GOLD MOVEMENT AT NEW YORK, JAN.8
Exports.
Imports.
812,960,000 from Canada.
None.
Latin Amen45,000 chiefly from
can countries.
$13,005,000 total.
Net Change in Gold Earmarked for Foreign Account.
Decrease: 88,000,000
The Reserve bank reported that $212,000 of gold
was received at San Francisco from China on Jan. 12.
Canadian dollars continue to be quoted below the
theoretical gold point, 5-32 of 1% discount. On
Saturday Montreal funds were quoted at 7-32 of 1%
discount, on Monday and Tuesday at 13-64 of 1%,
i
on Wednesday at 3 of 1%, on Thursday at y of
and on Friday at 5-16 of 1% discount.
1%,
Referring to day-to-day rates, sterling exchange on
Saturday last was steady. Bankers' sight was 4.8531,
@4.85%; cable transfers, 4.85 15-32@4.85. On
Monday sterling showed fractional firmness in an
irregular market. The range was 4.853@ 4.85 7-16
for bankers' sight bills and 4.853/2@4.853/2 for cable
transfers. On Tuesday sterling was dull but steady.
The range was 4.853i@4.853 for bankers' sight bills
/
and 4.85 for cable transfers. On Wednesday the
market was dull and irregular with sterling steady.
The range was 4.8531@4.85% for bankers' sight and
4.85 for cable transfers. On Thursday sterling was
steady. The range was 4.85 3-16@4.85 5-16 for
for cable
bankers' sight and 4.85 13-32@4.85
transfers. On Friday sterling was a trifle easier; the
range was 4.85 3-16@4.85 5-16 for bankers' sight and
4.85 13-32@4.85 7-16 for cable transfers. Closing
quotations on Friday were 4.85 7-32 for demand and
JAN. 17 1931.]
FINANCIAL CHRONICLE
363
4.85 13-32 for cable transfers. Commercial sight French centre finished at 3.913, against 3.92 3-16 a
bills finished at 4.851 8; 60-day bills at 4.831s; 90-day
/
/
bills at 4.82 3-16; documents for payment (60-days)
at 4.831 s, and seven day grain bills at 4.84 13-16.
/
Cotton and grain for payment closed at 4.853'.
Exchange on the Continental countries is dull and
decidedly easier. French francs dropped early in
the week. The decline was attributed to the decision of the Bank of France to accept standard gold
bars from England, as noted above. The strength
in sterling exchange with respect to francs is also
attributed to the same cause, although much of the
comparative strength in sterling with respect to the
French unit is due, as stated, to support extended by
the Bank of France in buying sterling bills. All
evidence points to the continuous and strenuous
endeavor of the Bank to stem the gold flow from
London. According to Paris dispatches, French
bankers recognize that the Bank of France could have
had no other purpose in reducing its official rate of
rediscount. This week the Bank of France shows
an increase in gold holdings of 372,428,311 francs, the
total standing at a new record level of 54,109,000,000
francs as of Jan. 10, compared with 42,458,000,000
francs on Jan. 10 1930 and with 29,935,000,000
francs reported in the first statement of the Bank of
France following stabilization of the franc on June
30 1928. Its ratio of reserves is at record high of
53.54%, compared with 48.60% a year ago and with
legal requirement of 35%.
German marks have been ruling exceptionally easy
from 23.75 to 23.789 for cable transfers, which
compares with dollar parity of 23.82. Current rates
are the lowest since the Reichstag elections in October.
Export of funds from Germany before and since the
end of the year has been on a large scale. According to Berlin dispatches 67,000,000 Rm. were exported in the last week of the year and 69,000,000 Rm.
more in the first week of January. The Reichsbank
statement reflects the movement by a decrease of
almost 300,000,000 marks in foreign exchange and
check holdings. These exports have been due, it is
understood, to window dressing requirements of foreign banks, maturing of external short-term credits,
and the more attractive aspect of the New York and
London security markets. It is thought in some
quarters, however, that these exports, which were to
a great extent American, have come to an end. The
mark is also adversely affected because of the fact
that less favorable conditions have been announced
by Finance Minister Hermann Dietrich in his speech
on Wednesday before the budget committee of the
Reichstag. He said that the estimates for December
must be revised, receipts having dropped 100,000,000
marks more than expected to Rm. 700,000,000,
whereas expenditures for unemployment relief have
increased 300,000,000 marks, so that the deficit in
the 1930 budget may be expected to reach about
2,000,000,000 marks. He announced, however, that
no further increase in taxation was contemplated.
According to Berlin dispatches the Reichsbank hesitates to make further reduction in its rediscount rate,
since it does not wish to take a step which would
encourage further outflow of funds and which might
threaten a shortage of capital when industrial activity is resumed.
The London check rate on Paris closed at 123.87
on Friday of this week, compared with 123.74 on
Friday of last week. In New York sight bills on the
week ago; cable transfers at 3.91%, against 3.92 5-16,
and commercial sight bills at 3.913', against 3.92.
Antwerp belgas finished at 13.93 for checks and at
13.94 for cable transfers, against 13.94 and 13.94%.
Final quotations for Berlin marks were 23.743 for
bankers' sight bills and 23.75% for cable transfers,
in comparison with 23.773' and 23.783/ Italian lire
2
.
closed at 5.23% for bankers' sight bills and at
5.23 9-16 for cable transfers, against 5.239/i and
5.23 9-16. Austrian schillings closed at 14.053/,
2
against 14.07; exchange on Czechoslovakia at 2.95 8,
against 2.961 8; on Bucharest at 0.593/, against
/
s
0.593; on Poland at 11.20, against 11.20, and on
%
Finland at 2.515 , against 2.515 . Greek exchange
%
closed at 1.29 5-16 for bankers' sight bills and at
1.29 7-16 for cable transfers, against 1.293' and
1.29M.
Exchange on the countries neutral during the war
is reflecting the ease apparent in sterling, francs
and marks. Swiss francs are steady on the whole
and the firmness in this unit is attributable largely
to transactions of the Bank for International Settlements. The ease in the neutral exchanges is, aside
from seasonal factors, largely a consequence of extreme dullness in foreign exchange, the uncertainties
surrounding international money rates, and the retarded business recovery in all markets. Some of the
ease in Holland guilders, however, is attributed to a
flow of Dutch funds to London and New York
attracted by the low level of security prices in these
markets. Spanish pesetas have fluctuated widely
during the week. Peseta cable transfers closed at
10.59 on Friday of last week. In Monday's trading
the peseta slumped to 10.38 and went off still further
on Friday. There is nothing unusual about the
wide fluctuation in this unit, which is due to the
hesitant attitude of the Spanish. authorities on the
question of stabilization.
Bankers' sight on Amsterdam finished on Friday
at 40.213, against 40.24 on Friday of last week;
cable transfers at 40.223, against 40.253z, and commercial sight bills at 40.173.', against 40.21. Swiss
francs closed at 19.35% for bankers' sight bills and
at 19.36
for cable transfers, against 19.37 and
19.37%. Copenhagen checks finished at 26.71 and
cable transfers at 26.72, against 26.713/ and 26.723/
2
2
.
Checks on Sweden closed at 26.753 and cable transfers at 26.763, against 26.74% and 26.759; while
checks on Norway finished at 26.71 and cable transfers at 26.72, against 26.723 and 26.733. Spanish
pesetas finished at 10.24 for bankers' sight bills and
at 10.25 for cable transfers, compared with 10.58
and 10.59.
Exchange on the South American countries is essentially unchanged from recent weeks. Quotations
on Buenos Aires and Rio de Janeiro have fluctuated
widely during the week. On Tuesday Argentine
paper pesos collapsed to the lowest level since 1921.
Peso cable transfers were quoted at 29.35, compared
with par of 42.45 and with Monday's quotation of
30.77. The unit recovered to about 30.75 on Wednesday but slid off again to 30.50 on Thursday. The
Argentine finance minister announced that Conversion Office gold would be available for export to support the exchange against further violent fluctuation.
Foreign credits may be utilized for this purpose if
gold exports become so heavy that "currency suffers
364
inconvenient restriction." The decline of the past
few days has been attributed to both "psychology"
and to heavy buying of sterling in Buenos Aires for
British account. According to Buenos Aires dispatches on Monday the S. S. Western Prince was
000 gold
leaving that port with more than $5,000j
consigneriTNew York. Brazilian milreist.although
nominally quoted, have fluctuated rather widely during the week, but toward the close have taken on a
firmer tone. This change is ascribed to the fact that
the Brazilian Government has taken the constructive step of inviting Sir Otto Niemeyer, of the Bank
of England, to visit Brazil and advise concerning
the reconstruction of the country's finances.
Argentine paper pesos closed at 30 7-16 for checks,
as against 31 5-16 on Friday of last-week, and at
303/i forIcable transfers, agains1731%.V,Brazilian
milreis are nominallyalquoted 9 5-16 for bankers' sight
A
bills and 98 lforEcable transfers, against 9.35 and
9.40. Chilean exchange closed at 12 1-16 for checks
1
and 1241foiTable transfers, against 12_1-16 and
12%; Peru at 293, against 29.
Exchange on the Far Eastern countries is unchanged in all important respects from the past few
weeks and is largely under the influence of the
deplorable conditions in China and of the appalling
drop in silver prices. There was a slight improvement
in silver prices this week, but later dropped to another
new low record, and the improvement in the Chinese
rates was hardly reflected in the changed metal
quotations. Occasional upswings in the price of the
metal are attributed only to short covering and technical market conditions. China was reported as a
heavy seller of silver in London on Wednesday, while
Indian buying, which had caused a rise early in the
week, was insufficient to absorb offerings. Dispatches from abroad continue to confirm the opinion
current in New York with regard to a proposed silver
loan to China. Finance Minister Soong of China is
reported, however, as saying that China in accepting
such a loan would only be paying for the losses of
American silver interests, while Shanghai bankers
are in agreement with American experts in asserting
that China's trade difficulties are due not to a lack
of metal but to its deflated value. Certainly, more
silver could not assist the price of the individual
purchasing unit, it is argued, whereas a gold credit
in New York and perhaps in other trade centers, on
which China could draw to pay for imports and thus
discontinue selling silver, might be of more actual
aid to the silver price. Chinese selling has been
largely responsible for the almost continuous supply
in recent weeks. A great deal of the selling has
been prompted by the necessity of acquiring gold
exchange for settlement of the trade balance. Added
to this there has been undoubtedly a considerable
amount of short selling. The slissp break in silver
on Thursday and Friday of last week bought about
some doubt in the minds of the short interests
regarding the technical position of the market and
short covering is believed to have played an important
part in the advance this week. The local market,
however, believes that short covering may cause a
substantial reaction at any time now, but any
improvement from this cause cannot be taken to
mean that the silver problem has been solved.
Japanese yen are steady, helped doubtless by the
fractional recovery in silver the early part of the
week, but more by the determined efforts taken some
[VOL. 132.
FINANCIAL CHRONICLE
time ago by the Japanese financial authorities to
steady yen quotations. On Thursday London dispatches stated that the Bank of India had advanced
its discount rate to 7% from 6%.
Closing quotations for yen checks yesterday were
49.43(0)49%, against 49.45@49%. Hong Kong closed
at 24@.24 9-16, against 23%@23 13-16; Shanghai at
1
31@314, against 313'@31%; Manila at 493',
against 49%; Singapore at 56g@56 7-16 against
563@56 7-16; Bombay at 363, against 363, and
1
Calcutta at 364, against 36g.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JAN. 10 1931 TO JAN. 16 1931, INCLUSIVE.
County and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in UnUed Stales Money.
Jan. 10. Jan. 12. Jan. 13. Jan. 14. Jan.t15. Jan. 16.
$
EUROPE.140775
Austria,schilling
.139434
Belgium, belga
.007161
Bulgaria, lev
Czechoslovakia, krone .029632
.267209
Denmark, krone
England, pound
4.854559
sterling
.025163
Finland, markka
.039231
France. franc
Germany, reiebsmark .237813
.012942
Greece, drachma
.402508
Holland, guilder
.174769
Hungary. pengo
.052350
Italy, lira
.267259
Norway. krone
.112111
Poland.zloty
.044837
Portugal, escudo
.005942
Rumania,leu
.105052
Spain, peseta
.267572
Sweden,krona
Switzerland, franc__ _ .193746
.017683
Yugoslavia, dinar
ASIAChina.325416
Chefoo Lae!
.323437
Hankow tael
Shanghai tadl
.315178
.330416
Tientsin tael
Hong Kong dollar
.236607
Mexican dollar_ _ _ _ .228437
Tientsin or Pelyan
.230416
dollar
.227083
Yuan dollar
.359403
India, rupee •
.494548
Japan, yen
.559375
Singapore(8.8.) dol
NORTH AMER..997683
Canada. dollar
.999281
Cuba, peso
.466566
Mexico, peso
.995250
Newloundalnd, dol
SOUTH AMER.Argentina, peso (gold) .702030
.092625
Brazil, milreis
Chile, peso
.120635
.697950
Uruguay, peso
.965700
Colombia. peso
$
$
.140769 .140793
.139425 .139401
.007161 .007193
.029630 .029627
.267222 .267223
$
$
$
.140771 .140765 .140721
.139378 .139334 .139340
.007194 .007183 .007163
.029619 .029614 .029614
.267215 .267187 .267184
4.853928 4.854107
.025170 .025166
.039189 .039184
.237567 .237548
.012943 .012941
.402251 .402214
.174758 .174714
.052347 .052349
.267223 .267202
.112183 .112095
.044887 .044835
.005943 .005945
.101454 .102207
.267605 .267569
.193591. .193581
.017685 .017674
4.854583
.025166
.039236
.237801
.012943
.402471
.174754
.052350
.267265
.112211
.044833
.004941
.103602
.267595
.193670
.017681
4.854627
.025175
.039216
.237744
.012942
.402420
.174782
.052346
.267261
.112170
.044916
.005944
.103873
.257599
.193672
.017684
4.854502
.025171
.039217
.237618
.012943
.402319
.174777
.052348
.267238
.112168
.044933
.005943
.103483
.267622
.193638
.017682
.333750
.330312
.321607
.338750
.241428
.230625
.337916
.333750
.325178
.342916
.248571
.234375
.334166
.329687
.319642
.339166
.242321
.230312
.324583
.322187
.313928
.331250
.237142
.225312
.321250
.317187
.308750
.326250
.237321
.222500
.234583
.231250
.359375
.494382
.559375
.237916 .233750
.234583 .230416
.359303 .359332
.494387 .494412
.559375 .559375
.228750
.225416
.359346
.494428
.559375
.227083
.223750
.359332
.494350
.559375
.997845
.999280
.465200
.995530
.997876
.999218
.463333
.995406
.997524
.999218
.461700
.995062
.997697
.999218
.461600
.995281
.997490
.999156
.460766
.994937
.700553
.093812
.120635
.696700
.9657C0
.681438
.094359
.120737
.679143
.965700
.693991 .692392
.093203 .092944
.120736 .120764
.667000 .666875
.965700 .965700
.691772
.092416
.120766
.664291
.965700
The following table indicates the amount of bullion in the principal European banks:
Jan. 16 1930.
Jan. 15 1931.
Banks of
Gold.
1 Gold.
I 1
1
145,150,012 150,654,341
Total.
Silver.
Total.
z
150,654,341
England__ 145,150,012
8
339,667,05
d
d
France a__ 432,875,093
432,875.093 339,667.053
Germany b 99,696,400 094,60 100.691.000106,699,4501994,600 107,694.050
Spain __
97,587,000 27,958,000125,545,000 102,635,000 28,101,000 130,736,000
56,120,000
Italy
57.265,000
57,265,000 56,120,00
37,289,000
Netherl'ds 35,513,00
2,014.000 37,527,000 37,289,000
Nat. Belg_ 38,292.000
38,292,000 32,750,0001 1,289,000 34,039,000
'
Switzerl d 25,765,000
25,765,000 23,800,0001
928,000 24,728,000
13,692,000
Sweden_ _ 13,377.000
13.377.0
13,592,000
Denmark _ 9,558,00
9,558,1 : 9,578,000
340,000 9,918,000
8,147,000
Norway __ 8,135.000
8,135,000 8,147,000
I
Total week 963,213,595 30,966,60 994.180,105880,931,849 31,652,600,912,584,449
Prey. week 961,460,581 31.049.600992,510,181 879,303,072 31,788,800911.091,872
a These are the gold holdings of the Bank of Franco as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £11,100,850. C AS of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
Mr. Hoover and the Senate-The Federal
Power Commission Controversy.
The controversy with the President over the Federal Power Commission which a group of Senators
has precipitated merits the careful attention of the
public not only because of the method which has been
adopted in challenging the President's authority, but
JAN. 17 1931.]
FINANCIAL CHRONICLE
also because of the fundamental importance of the
issues involved. At the bottom of the controversy is
the question of government versus private control
of the production and distribution of electrical power
—a question regarding which there is a sharp difference of opinion in Congress, and which has attained such proportions of late as a matter of general
public interest as to lead to predictions that it will
be one of the leading party issues in the 1932 campaign. The Senators who have supported the attack
upon the President are, in the main at least, convinced champions of government control, while Mr.
Hoover is generally thought to favor private control,
or, as his opponents put it, the "power interests."
The program of heckling the President which the
Senatorial group has adopted, however, rests upon
two contentions, one a technicality of Senate procedure in acting upon nominations,.the other an
alleged constitutional right. Needless to say, both
of these contentions have been vigorously resisted by
Mr. Hoover.
The essential facts in the controversy are as follows: the nominations of two of the five members of
the Commission provided for by the Water Power
Act, Claude L. Draper of Wyoming and Ralph B.
Williamson of Washington, were confirmed by the
Senate on Dec. 19, and those of the remaining three
members, George Otis Smith, former head of the
Geological Survey, who had been designated as
Chairman, Frank R. McNinch of North Carolina,
and Marcel Garsaud of Louisiana, on Dec. 20. A
vigorous opposition which developed in the InterState Commerce Commission to some of the nominees, particularly to Mr.McNinch, was carried to the
floor of the Senate, with the result that while the
nominations of Mr. Draper and Mr. Williamson were
confirmed unanimously, those of the other members
were confirmed only by votes of 38 to 22 for Mr.
Smith, 47 to 11 for Mr. McNinch, and 47 to 14 for
Mr. Garsaud.
On Dec. 22 three of the commissioners met at
Washington and, assuming to act as the Commission, summarily dismissed from office C. A. Russell,
Solicitor, and W.V. Bing, Chief Accountant, both of
them employee's of the former power body which the
Commission displaced, and the resignation of Frank
E. Bonner, Executive Secretary of the old Commission, was also announced. Mr. Bonner, who had
long been under fire for alleged favoritism to the
power companies, had previously announced his intention to resign. It was at once charged that the
dismissal of Mr. Russell and Mr. Bing was due to
the hostile attitude which they were reported to have
assumed toward the power companies, and that their
dismissal was an indication that the Commission intended to favor private rather than government control in the production and distribution of power.
The Commission presently explained that, in their
opinion, the appointment of the new Commission
automatically vacated the offices held under the
former body, but that the officials who had retired
were at liberty to apply for reappointment if they
so chose.
On Dec. 23 Senators Borah and Norris were reported as saying that they would support a motion
to reconsider the nominations of the three Commissioners, although, under the Senate rules, such a
motion could not be made by an opponent of the
nominations. The motion was offered by Senator
Walsh of Montana, Democrat, on Jan. 5, when the
365
Senate reconvened after the holiday recess, the motion not only calling for reconsideration but also
asking the President to return to the Senate the notifications of confirmation. Vice-President Curtis,
who held that the motion to reconsider was debatable
but that the request for a return of the papers was
not, was overruled by the Senate on this latter point
by a vote of 55 to 4. The propriety of reconsideration was upheld by Senator Walsh under the rule
of the Senate which allows such action within two
legislative days. After several days in which the
resolution and the general subject were debated, the
Senate on Jan. 9 adopted three resolutions, each
providing for the reconsideration of the nomination
of the Commissioner named therein and asking for
the return of the notifications of approval. An
identical vote of 44 to 37 was recorded in each case.
The next day Mr. Hoover, in a formal communication, refused to accede to the request, and. in a
public statement vigorously traversed the whole
ground of the Senate's position. "I am advised by
the Attorney-General," Mr. Hoover said in his public
statement, "that these appointments were constitutionally made, are not subject to recall, and that the
request cannot be complied with by me. In any event
the objective of the Senate constitutes an attempt to
dictate to an administrative agency upon the appointment of subordinates, and an attempted invasion of the authority of the Executive. These, as
President, I am bound to resist. I cannot, however,
allow a false issue to be placed before the country.
There is no issue for or against power companies.
. . . The resolutions of the Senate may have the
attractive political merit of giving rise to a legend
that those who voted for it are 'enemies of the power
interests' and, inferentially, those who voted against
it are 'friends of power interests,' and it may contain
a hope of symbolizing me as the defender of power
interests if I refuse to sacrifice three outstanding
public servants, or to allow the Senate to dictate to
an administrative board the appointment of its subordinates, and if I refuse to allow fundamental encroachment by the Senate upon the constitutional
independence of the Executive. Upon these things
the people will pass unerring judgment."
"The resolution raises the question," Mr. Hoover
continued,"of the independence of the Executive arm
of the government in respect of the appointment and
removal of Executive officials. Many Presidents
have had to meet this particular encroachment upon
the Executive power in some form. Every one of
them has repelled it, and every President has handed
on this authority unimpaired. It reaches to the very
fundamentals of independence and vigor of the
Executive, whose power comes from the people alone
and the maintenance of which is vital to the protection of public interest and the integrity of the Constitution. The President is responsible to the people
to see that honest and capable officials are employed
by or appointed to the various administrative agencies of the government. I do not appoint nor recommend any subordinate of the Power Commission.
Under the law the Commission appoints these officers untrammelled. If the Power Commission shall
fail to employ honest and capable officials, it is
within my power to remove such officials as well as
the members of the Commission. I have not and shall
not hesitate to exert that authority. The House of
Representatives have, the right to impeach any official, and if the Power Commission shall be derelict
366
FINANCIAL CHRONICLE
in the performance of its duties, the orderly and constitutional manner of procedure by the legislative
branch would be by impeachment, and not through
an attempt by the Senate to remove them under the
guise of reconsidering their nominations, or any attempt to force administrative agencies to a particular action."
It is difficult to see how even the most partisan
opponent of Mr. Hoover can fail to recognize the
soundness of his position, or the propriety of his
action in stating it clearly and emphatically. There
can be, we think, no legal doubt whatever that the
nominations of the three Commissioners in question
were constitutionally made and acted upon, and that
the President was without authority to return them
for reconsideration even if he had been willing to do
so. The action of the Senate in attempting to reopen the case after its confirmation of the nominations had been notified to the President was obviously inspired by dissatisfaction with the course of
the Commission, or of a majority of its members, in
summarily dismissing certain employees of its predecessor. Whatever criticism is to be passed upon
the Commission in that matter, the situation was
clearly one in which the Senate was without authority to interfere unless the House of Representatives chose to prefer impeachment charges, in which
case the Senate would have no option save to sit as
a court as the Constitution prescribes. What was
done, in short, was to attempt to censure the President by striking at the Commission, and to censure
him, too, for an assumed support of a policy which
it was not then known the Commission proposed to
follow.
It is unfortunate that the question of power control has been dragged as it has been into this unhappy controversy. The question of government
versus private control of power is an important one.
It involves large and serious issues of public policy
regarding which there is much difference of opinion,
and which should be examined and discussed calmly
from the point of view of the general public welfare.
Nothing but confused or biased notions regarding it
are to be looked for if it is to be debated in an atmosphere of partisan or personal recrimination, or used
to cover an industrious search for some new element
of partisan advantage. Least of all should it be
made an excuse, as it has been in this case,for trying
to invade the constitutional sphere of the President,
wrest from him some part of his rightful constitutional control over nominations to office and impose
the ideas of the Senate upon an administrative board.
No public question can ever be seen in a clear light
if it is used for such purposes, nor can any administrative body be expected to function properly if its
constitutional position, along with that of the President who appointed it, is thus put in jeopardy.
If the Power Commission, with or without the
support of Mr. Hoover, follows a course which a
majority of Congress disapprove, it is within the
power of Congress to interpose a check before much
mischief has been done. It already possesses a very
important check, as Mr. Hoover by inference points
out in his public statement, in the fact that legislation giving the Commission authority to regulate
rates for the use of power has not yet been enacted.
What the Senate has done, in surrendering for the
moment to the excited and irritating demand of an
opposition group, is to "widen :the breach between
Congress and the President which has already im-
[VOL. 132.
peded the progress of much needed legislation, and
to distort and embitter the power issue by using it
to further a partisan quarrel. It is to be hoped that
its action on Monday in confirming the members of
the Tariff Board may safely be taken as evidence of
a change of attitude, and that interference with the
normal processes of constitutional procedure will
not again call for Presidential rebuke.
Reflections by the Way.
Time waits for no man. A pause is realization of
life itself. Borne onward by the current of events,
we lack the power of appraisal. When a new year
comes, though only a turn in the calendar, a point in
time, we have come to regard it as a vantage ground
from which to look backward and forward. Our
views expand with our inventions. Inevitably, as
we reflect upon the past, we project ourselves into
the future. For, though we are a people, each of us
is an individual, and to-day with our modern appliances we gather about us a vast and incongruous
world. Such is human nature, however, that self is
the center of all things. Though we may live for
others, though love motivate our actions, though our
thought wings its way into society, government,
politics, economics, science, letters, art, we measure
our own.small stature against the accomplishments
of mankind. What part have we played in the magic
march of industry and culture? Whom have we
benefited by our personal mode of living? What
impress have we left upon the institutions about
us, what progress have we made in our own accumulations, material and spiritual? We are bound to
look out of our own eyes. We are bound to estimate
all values by our own standards. We cannot escape
our imprisonment in self, though we are part in the
moving world.
A mark, therefore, in the calendar of the year;
an inner sense that the dead year will never return;
a feeling that only the flying moment is eternal;
teaches us to look upon life and progress with questioning eyes. Of what and for what is all this flashing endeavor of mortals to capture time, to conquer
environs, to recreate a universe to our own taste
and desire. We know that past civilizations have
perished "like bubbles on the ocean." We know
that generations pass and repass across the face of
earth leaving in material form scarce a wreck behind them. We turn the kaleidoscope of history and
behold vast migrations of men, the rise and fall of
imperious States, the innumerable inventions that
shed light on the way, the fearful wars that have
decimated races and devastated huge valleys and
plains, the societies and the cultures that remain
only in books, theories, philosophies, systems of politics and economics—and everywhere in the end we
are met with the door of a tomb. Only man, with
his hopes and fears, his loves and labors, in the ruling present, remains. Why is there lack of harmony
in the social and commercial endeavor? Why are
we who live to-day the victims of our own
ascendancy?
The new year comes, and by common custom in
our business lives we close the books and count up
our gains and losses. Really, the year is measured
for us by the seasons. Yet, in truth, time is measured for us by thought and toil. In the inner man,
in the consciousness of apprehension and understanding, is the center and confluence of all things
temporal and spiritual. Our institutions are our
JAN. 17 1931.]
FINANCIAL CHRONICLE
367
tools. We carve with them character, commerce,and ing the highly significant name of "tariff" from the
finance, the famous trio of production, exchange, home of pirate robbers of the sea. And not satisfied
and use. All pour upon us a plenitude of facility with original organic freedom, social reformers for
for joy. We are "captains of our souls," "masters 50 years hammer away upon the intolerant idea of
of our fate," only as we rise above the ambitions "prohibition" until in an unguarded moment in the
of the world. We are taught the meaning of pros- midst of a World War the States ratify an "Amendperity by adversity, and now in a period of sloth ment" that has brought woe into the world, the rewe can see that there are higher things than per- percussion of which was heard in the last election.
sonal success. "Business" is only a means to an Ideas that confuse ideals,ideals that confound ideas,
end. We must have it, wage it according to its own a seething stream of effort, a roiling river of energy,
rules, pursue it with energy and assiduity, but we shows this year a fit sequel to the one before.
What makes the wheels of the world go round as
cannot, in the mighty sweep of all human effort,
always shape it to our own advantage. So with life the earth revolves and the sun swings onward in
and living. We, each of us, cast our little contribu- space? Man! Mankind, made up of innumerable
tion into the general advance and there, for good or men, each in his own life and person striving to
evil, as the case may be, it indelibly remains. Rest- build for himself a better way! All comes back to
ing on this, eschewing the allurements of fads and this individual who thinks, toils, and has his being
fashions, pursuing the normal, sober, and frugal in mind—in his deeper soul which, though unknown
to him, is the center of the universe. Is he intelway, we inevitably conquer.
backward over the year the perceiving lectual? Yes. Is he happy? No. Always he is
Looking
mind sees the continuing increase of man's mastery seeking, though not always finding. He scans the
over elements and environs. The telegraph ticks out fading year for light on the one ahead. A creature
news of the Antipodes. Telephones convey the hu- of intense ambition, of ruling passion, of emotional
man voice round and round the earth. The radio excitements, of toil, trade, and thrift, he follows
recounts a flight across the pole. Astro-physics dis- many a will-o'-the-wisp of redundant fancy, tries
covers a new planet in the solar system. Explorers anything once, builds in the material the gross prodlay bare the evidences of ancient civilizations. In- ucts of his changing conceptions, unaware often that
ventors flood the world with new and perfected in- they contain and conceal the quintessence of a spirstruments that minister to comfort and pleasure. itual nature derived from the Infinite. Thus it is
A veritable torrent of ideas pours from the hidden that his years are filled with sound and tumult, consources of research and experiment. Science and tention and contradiction, though they are shot
religion seem to contend, but are coming closer to- through with the effulgence of creative genius and
gether, as master minds admit that beyond space made sacred with the divine attributes of love, kindand time, beyond the farthest star in the farthest liness, helpfulness, friendship, liberty and labor.
galaxy of stars the telescope and spectroscope reveal The years are much alike. The flowing stream
or prevision there is a Something not in matter or moves onward over shoals and rapids carrying its
material force which has been named "The Will of precious freight of progress!
The year that is gone will never return. It has
God"!
A vast Order and Purpose unfold beyond man's been, on the plane of common lives and realities,
highest conception. Confined to our own planet fly- a year of doubt, distrust, danger. Its lessons are
ing machines span oceans east and west. Steel not yet well learned. The man, who is all in all,
dredges are deepening waterways that have been must apply the events and issues to himself. If,
subject to overflow for thousands of years. Water- then, he be true to self, he cannot fail. Let him know
falls light wondrous cities. Towers arise in mid- that spectacular speculation is not solid investment.
Manhattan that seem to touch the clouds. Im- Let him perceive that riches quickly earned soon fly
pounded waters rush through miles of tunnels to away. Let him realize that the years flow onward
quench the thirst of man and beast where once was as well as backward, and that experience is the best
only the town pump. Lakes are drained, rivers are teacher. To live in advance of one's generation, to
dammed, canals are dug, and crisscrossed like a enjoy and employ through credits the work of the
spider's web railroads run from ocean to ocean car- unborn, to spend paper profits before they are
rying the commerce of 120 millions of aspiring men cashed, and to enjoy pleasures that are the playand women.
things of custom and carelessness, is to prepare for
There is still more—and ever more! Ideas, seem- a downfall, a "depression" such as we are now exingly new though sometimes very old,flash upon the periencing. To live in the year that is passing,
scene with a brilliancy that charms while it fasci- soberly, industriously, thoughtfully, earnestly and
nates and dazzles. Man, in his egotism, builds gov- sanely, is to build in the permanency of an indeernments to preserve and protect liberty in the use structible "progress." If one year must go, another
and possession of unalienable rights, and then, as surely comes—wherein there is renewed opporthrough laws and legislatures, defeats his own noble tunity to pay our debts to errors and follies, and
purpose by fastening chains upon individualism and to earn a competence in ways of wisdom!
denying to men the exercise of these rights. A
divisional occupation, agriculture, comes upon hard
times, and straightway a representative Congress Transportation: River, Rairand7Road—The
Proper Place of Each.
enacts a Relief Board that enters the grain markets
The rivers are older than the railroads. They
and muddies the stream, buying and selling phantom
wheat, destroying the natural trade machinery that were our first natural highways. The railroads are
older than our paved roadways. They are now the
grew out of service and need.
Commerce that flows over the earth like a healing backbone of the business of the country. The paved
wind when following its own inherent destiny is roadways are, largely, a response to the advent and
confined and proscribed by restrictive tax laws bear- use of motor cars, a development of the last 25 years,
I
368
FINANCIAL CHRONICLE
[voL. 132.
or thereabouts. The rivers require no upkeep, as extended they cannot supplant the railroad service,
far as what may be termed the roadbed is concerned. though subsidized by prepared roadways and exempThe rail roads are made of steel that possesses com- tion from taxation, for it is a physical impossibility
paratively long life. The roadways, or highways, for free public, congested, paved highways to perare made of concrete, which must be repaired or re- form an equal service.
newed constantly.
All they are now doing is to sap the legitimate
There are modifications to all these statements. earnings of the railways, where they parallel them,
There were toll roads, turnpikes of rock or macadam, without compensating the people for the subsidies
before there were railroads. While the rivers were mentioned. OUr railways, therefore, under any cirthe first great natural highways, they required, on cumstances that may arise, are indispensable. But
the advent of steamboats, the improvement of land- they must earn enough to keep them going, and
ing places. And there were countless dirt roads be- furnish a fair return to capital invested. We printed
fore they were paved. Development is rarely or- on pages 65 and 66 of our issues of Jan. 3 some very
derly, depends often on invention of ways and interesting information and news that it is well to
means, changes the customs of life, causes improve- recur to, and repeat in part. The magnitude of the
ment of the terrain, and affects the migration and problem is indicated by the following figures: "Ophabitations of the people. The rivers follow the val- erating nearly 260,000 miles of line, with an investleys,flow (when they do not overflow) between fixed ment of $26,000,000,000, the railroads spent in 1929
banks, along winding courses, and can serve for $872,193,290 for maintenance of plant and $1,217,transport only a limited portion of the people living 131,843 for maintenance of equipment and paid in
upon their ways.
taxes in the same year $405,878,257. Yet their
The railroads proceed along straight or curved revenues from passengers have decreased from $1,lines, can cross rivers and climb mountains, and can 297,782,645 in 1920 to $872,305,740 in 1929." All of
reach all the important cities and towns with a this decrease, of course,is not due to the competition
direct service, anywhere. They possess speed, per- of bus lines, but such part as is due to this cause,
manence, adaptability, and are susceptible of in- in so far as exemption from taxes and State-operated
crease sufficient to meet all the greater needs of an barge lines is concerned, works an injustice to the
advancing, increasing population. They have railroads. That they are willing and can meet this
spanned the continent, gridironed the States into competition is evidenced by the petition of certain
closer union, joined two oceans in commerce, deliv- roads to the Inter-State Commerce Commission for
ered the people to all points of the compass, carried permission to reduce passenger charges from 3 6/10
products and raw materials wherever desired, and to 2c. a mile.
have been the chief factor in the material developWe have contended for years, though we do not
ment of our civilization. The dirt roads, and their profess to be adept in railroad lore, that the steam
successors the paved roads, run closer to fields and roads could more than meet the competition of these
homes, but until recently (urged on by motor car bus lines by lowering the passenger rates. But here
agitation and sustained by national and State ap- we are confronted by the Inter-State Commerce Compropriations from taxes) they have been used by mission. Since the railroads, through it, are in the
horse-drawn vehicles and confined to short routes toils of the Government, and since the railroads are
under the care and supervision of elected super- the largest and most important possession of the
visors. They supplement the railroads, as also they collective people, is it too much to ask that they be
preceded them, but were never sufficient for the given freedom to protect and preserve themselves?
transport of heavy freights over long distances— As to freights, the independent trucks are grinding
and, in fact, are not now sufficient of themselves. out the paved roads without paying anything, or
The railroads, by their greater convenience, swift- scarcely anything, toward their upkeep.
ness, certainty, superseded the use of the rivers for
Big shippers, looking on these matters from a
transport, and feed, as they are fed by the motor- thrift standpoint, from a standpoint of the general
borne traffic on the paved roadways.
and permanent good, can do much to sustain the
If, therefore, a people were compelled to discard railroads and are doing it from inclination or necesone of these three modes of transportation, it would sity. But the people, passengers, are ever seeking a
be compelled to keep the railroads. The great cities new sensation. They are quick to patronize a new
would all perish without them. Farm products kind of service. In this case the only appeal is to
could never reach the seaboard. Waterways can the Government for equal rights. Freight is hauled
never supplant them. Running on pre-empted rights but once, passengers can repeat their travel and will
of way under skilled management, over transconti- do so according to charges. To permit the railroads
nental and interconnecting lines, by perfected ma- to flounder along, ridden by ordered improvements
chinery of tremendous power, hauling trains of as and sapped in revenues by subsidized competition,
high as a hundred cars, they must forever serve the is not sound public policy.
Progress is uneven, erratic, though guided in the
people more advantageously than rivers crowded
or than paved public highways con- main by the economy of effort. To it the present is
with barges
gested with motor cars privately owned and oper- often more important than the future. To "live
ated and company owned fleets of specially while we live" is a universal desire. It goads us to
made motor' cars for carrying freight and pas- endeavor, prods us into action, leads us toward
accomplishment. But man is walled in by his ensengers.
The transportation situation, then, reduces to virons. He cannot escape the earth, though he may
this: The waterways, when improved, albeit paral- subdue it. A sudden shooting idea, a glaming ideal,
leled in part by railroads can supplant their service a mechanical invention, may change the course and
by carrying a part of the freight and passengers on conduct of life. Steam and steel have changed even
long-distance hauls and possibly cheaper—but no the face of nature. The waterways, coming first,
matter how much the bus lines Inv be improved and builded great cities by the river's brim. The sea-
JAN. 17 1931.]
FINANCIAL CHRONICLE
coast thrived because the ocean was the first highway to a new country.
These river and coastal cities swerved the railroads from more direct routes. Population, seeking
fertile soils, moved from coastal plains to interior
prairies. Trunk lines ran east and west, did not
always pierce the center of valleys, sent feeders out
irregularly. Wasted effort, sometimes in parallel
lines, sought out raw materials under the earth as
well as on it. Thus came the gridiron of steel. Thus
competition forced regulation. Thus, in large part,
arose the railroad problem. And after a century
now comes the necessity of "consolidations" to eliminate waste, to reduce weak lines to their proper place
and service, to perfect a growth that could not originally be other than uncertain. At such a time
appeal to the Government must conform to the economic laws that lie behind.
A World War came, governmental seizure mismanaged the vast private property, inordinately increased wages, and the return to private ownership
forced a new and more intensive development and
organization. Profits destroyed proved hard to
regain. In the midst of this revolutionary change
came the internal explosive engine and the motor
car, followed by the motor bus. Finance, eager to
exploit the new invention,sought to haul freight and
passengers, and, as stated before, monopolized the
paved roads for which they paid nothing. A crisis
came in railroad management and operation. "Regulation" that forced.the Inter-State Commerce Commission into existence, a governmental regulation
that attempted the impossible of fixing "reasonable
rates," must still be appealed to for help and direction. It is asked to "regulate" the bus lines. It is a
fair request.
But through all and in all runs the eternal law of
the economy of effort. Given full and free force, the
law of economy of effort equalizes and preserves the
greatest good to the greatest number. Inevitably,
the river ways must come again into service on long
distance hauls without reloading. Inevitably, the
railroads, by their very indispensable service, must
persist and grow stronger. And just as certainly
the bus lines must be relegated to their place of
doing the work that cannot be done by the railroads.
This is the problem. To foster the growth of bus
lines where they are not needed, simply for profits,
is in violation of the law of economy of effort, is
opposed to orderly progress, is a thoughtless
endeavor
Cotton Outlook for 1931.
If Chairman Legge of the Federal Farm Board and
Carl Williams, the cotton member of that body, who
last week made addresses to the Co-operatives in New
Orleans, are to be believed, the cotton outlook for
1931 is a gloomy one, indeed. With prospects of a
huge carry-over at the end of the season and with
consumption running on a much smaller basis than
for several seasons past, the producer of cotton,
according to the Farm Board chiefs, faces a very
serious situation. The only way out of the difficulty, they assert, is to cut the acreage and to cut it
drastically. The Farm Board itself, with millions
of dollars tied up in the 4,300,000 bales of cotton
they are said to be carrying through the Co-operatives and the Stabilization Corporation, is greatly
interested in bringing about a big reduction in
acreage this year, and it is possible that Chairman
369
Legge and Mr. Williams have over-emphasized the
unfavorable features in the cotton situation.
In his address to the Co-operatives Convention in
New Orleans last week, Chairman Legge referred to
the over-supply of cotton and urged the co-operative
directors to take a prominent part in the readjustment program that the Farm Board is promoting in
the South.
1'The picture, as we see it," he is quoted as saying,
"is that the growers of the country more or less
drifted into this unhappy position unconsciously—
perhaps without full knowledge of what the outlook
was, as to what the statistical situation ahead of
them led to. We are trying to supply that—
earnestly trying to see that everybody interested
gets the facts as a guide for them to make up their
minds as to which way to go. What will they do
about it?
"If we go on," Mr. Legge continues, "at the end
of this year we will not have a four, five or six million-bale carry-over, but an eight-million bale carryover out of the present stocks. Based on the best
calculations which can be made as to how much
cotton will be worth, if we have another year of full
production, we may see still lower prices on cotton
a year from now. If that is what the cotton growers
want we are powerless to stop them. People in other
lines of business do not do it that way. When merchants have too many of any particular item they
dispose of that stock before purchasing more. That
is a fundamental in all successful business."
All this presents the situation in a very dark hue.
But it is entirely in accord with experience. To find
a parallel to the present cotton situation, we must
go back to the year of 1921. The situation was even
worse in that year, as the supply was larger than it
is now and the demand was smaller. On July 31
1921, the carry-over of American cotton was nearly
9,700,000 bales as compared with a prospective
carry-over this year of about 8,500,000 bales. Consumption for the season of 1920-21 was about
10,250,000 bales as against a prospective consumption of 12,500,000 bales this season.
It is interesting to observe that the final Government report on acreage for 1921 showed a reduction
of slightly less than 15%, while the final ginnings
of the 1921 crop were only 7,954,000 bales against
13,440,000 bales the previous year. The lowest spot
price in New York during 1920-21 was 10.85c on
June 20. A year later, New York spots were quoted
at 23.75c, while Dec.1 1923, middling spots in New
York were quoted at 37.65c.
We have mentioned the statistical facts in the preceding paragraph simply for the purpose of showing that the outlook for cotton is never as hopeless
as it seems. The situation as regards the Southern
staple can change very quickly, and spinners will
be well advised if they take the statements put out
by Chairman Legge and Mr. Williams with the customary grain of salt.
Mr. Carl Williams is quoted as having said at the
recent convention of Co-operative directors in New
Orleans that none of the cotton growing States had
convinced him that they would slash acreage. This
statement is not in accord with the information
being received through private sources from Texas,
Oklahoma and other States in the Belt, where the
early estimates range from 15 to 25 per cent as to
the probable reduction in acreage. Southern bankers,
it is reported, have taken a united stand in favor
of a
370
FINANCIAL CHRONICLE
drastic reduction in cotton acreage, and the marginal
producers of cotton find it almost impossible to
obtain money with which to plant a crop this year.
Even the larger planters find it hard to finance
their operations this season, and, consequently, the
acreage reduction will take place on the plantations
as well as the small farms. Most important of all,
there seems a strong likelihood that a greatly reduced quantity of fertilizers will be used and that
would mean a diminished yield per acre. Horace
Bowker of The American Agricultural Chemical Co.
is so concerned over this possibility of a reduced consumption of fertilizers on Southern plantations that
on Tuesday of this week he mailed an open letter to
the President of every bank in the United States
East of the Rocky Mountains, requesting the banks
not to lay down a general rule saying "no loans for
fertilizer."
The statistics of past seasons show that in years
where there has been a sharp reduction in the cotton
acreage that there is also a corresponding decrease
in the yield per acre. Whether this is due to lack
of fertilizer, which cannot be purchased in any quantity during a season of hard times, or to the poor
morale of the planters and farmers themselves, is
something that cannot be determined, but it is probably a combination of the two influences that affect
the yield per acre. This obviously does not bear out
the forecast contained in a recent Farm Board statement to the effect that an increase of 5% in the yield
per acre over 1930 could be expected with an estimated acreage decrease of from 8 to 10 per cent.
Suppose now that cotton history should repeat
itself. In that event spinners who neglect too long
to secure supplies of the raw material might have
cause for regret that they did not take full advantage
of present low prices, which are admittedly below
the cost of production in the South. Buyers of goods
are now flocking to New York from all parts of the
country, and report that the hand-to-mouth buying
that has been going on has left the shelves of the
retail stores bare. Accordingly there may also ere
long be an expanding demand for cotton goods.
"Gold Distribution."
[Editorial in "New York Times," Jan. 15 1931.1
It cannot be said that the report on "distribution of gold,"
made to the League of Nations by its financial delegation,
advances the discussion very far. Perhaps it will attract
more notice for what it does not say than for what it does.
Its statement of the existing situation is along lines already
recognized by financiers and economists; notably in emphasizing the increase of the effective gold basis, through withdrawal of gold coin from hand-to-hand circulation. Even
in regard to movement of gold between the different markets,
the report expressly discountenances the "attaching of
[vol.. 132.
undue importance . . . either to the actual distribution
of gold to-day or to recent gold movements." These difficulties, the committee believes, "will gradually disappear."
The report rather vaguely intimates that the problem of
"redistribution" may conceivably require "a radical policy,"
but doubts the advisability of suggesting any general rules at
this time. It does lay stress, however, on the importance of
the function of central banks in promoting free flow both of
capital and gold, and in exercising "effective control" over
the international money market. This refusal to propose
startling expedients for correcting circumstances which may
turn out to be both temporary and unavoidable is a decided
merit. Much of the discussion regarding "gold distribution"
has been altogether futile.
A seemingly prevalent idea has been that if, through the
International Bank or some other agency, a "gold settlement
fund" were to be set up for the world at large, similar to that
of our Federal Reserve, awkward loss of gold by a given
central bank would cease.
Undoubtedly, by merely crediting or debiting each bank of
issue with that part of the central gold fund to which current
transactions should entitle it, the costs of gold shipment,
insurance and loss of interest might in large measure be
eliminated. But that would in no respect improve the position of a central bank whose credit in the "gold settlement
fund" was progressively drawn down. The scheme has no
such result in the case of our Federal Reserve. In February
1920, although the system as a whole held more than the
statutory minimum of reserve against its deposits and note
issues, the New York Reserve Bank's share in the "settlement fund" was so far reduced as to bring its "reserve ratio"
below 36%,and to necessitate rediscount of its own collateral
holdings with other Reserve Banks.
Similar failure to recognize realities has pervaded discussion of the recent "drain of gold" from the Bank of England
to the Bank of France. To the practical financier the
movement is not mysterious. England is losing gold because
the world-wide trade depression has greatly increased the
balance of merchandise trade against her, at a moment when
remittance of American capital to London has not been
resumed in quantity. France is gaining gold, notwithstanding a large "adverse trade balance" of her own, because her
bankers have been recalling part of the large French foreign
balances. They lately exceeded a billion and a quarter of
dollars in our currency; they were accumulated during the
"flight of capital" from France, half a dozen years ago.
Much was reinvested abroad, even after the currency
reform; but last year's great decline in foreign money rates
has removed inducement for such use of it, and its homeward
movement has turned exchange in favor of the Paris market.
It is not easy to see in such a process anything but the
working of economic forces; nor is it easy to see how such a
movement is to be reversed unless by revival of trade in
England or further trade reaction in France, or by the placing
of British securities with French investors, or outright
British borrowing on the foreign markets. Causes of this
sort often operate automatically; sometimes (as in our own
similar dilemma of 1895) they are promoted by special banking operations. They have never yet been called into action
by vague projects for "gold redistribution." Our own overaccumulation of gold in the four years after 1920 was at least
checked by reduction in our bank-rate and by heavy investment of our capital abroad. One expedient has already been
adopted by the Bank of France; probably the other will
follow in due.
itime.
Gross and Net Earnings of United States Railroads for the
Month of November
Returns of railroad earnings for the month of
November show no improvement in the comparisons
with the previous year over the poor returns of all
previous months of the year 1930. We have now
reached the period where comparison is with diminaccordished earnings in the preceding year, and,
natural to expect the comparisons
ingly, it would be
favorable, at
with 1929 to become, if not actually
unfavorable than in the preceding months.
least less
Such, however,is not the case. For November losses
remain conspicuously large, the same as before. In
explanation, however, but only in partial explana-
tion,it is to be said that. the roads in their operations
during November 1930 labored under the disadvantage that the month contained five Sundays, whereas
November of the previous year contained only fora
.
Sundays. This left only 25 working days (disregarding the Election Day and the Thanksgiving Day
holidays) in November 1930, as against 26 ordinary
days in November 1929.
Even allowing for this, however, the November
results must be regarded as distinctly disappointing,
perhaps as much so as those for any of the months
immediately preceding. Stated in brief, our tabula-
JAN. 17 1931.]
FINANCIAL CHRONICLE
371
tions for November 1930 show a falling off of $100,- vehicles turned out in November 1930 having been
671,064 in gross, or 20.18%, and of $27,596,760, or only 129,437 against 217,573 in November 1929 and
22.35%, in the net earnings, before the deduction 257,140 in November 1928.
Building construction was also at low levels, as
of the taxes, and this follows $32,806,074 loss in
is
gross, or 6.18%, and $30,028,982 loss in net, or . evident from the fact that according to figures
19.11%, in November 1929 as compared with 1928. prepared by S. W. Straus & Co. building permits
In analyzing the falling off in 1929, we stated that granted in 587leading cities and towns in the United
the generally unsatisfactory results then disclosed States during November 1930 involved contemplated
might be taken as reflecting the first and immediate expenditures of only $131,871,594 as compared with
effects of the stock market panic upon industrial $194,289,502 in November 1929. Still more concluactivity, while the failure to reduce expenses, which sive on this point are the figures of the F. W. Dodge
ordinarily accompanies a shrinkage in traffic and Corp., showing that November contracts for new
gross revenues, but which in this case was almost construction of all types awarded in the 37 States
entirely lacking, was doubtless attributable to the east of the Rocky Mountains covered a total outlay
desire of railroad managers to comply with the in- of only $253,573,700 in November 1930 as compared
junction of President Hoover to maintain employ- with $391,012,500 in November 1929. The Western
ment at as nearly full levels as circumstances would grain movement, as it happened, after the great
permit. We also added, however, that it was not shrinkage in November of the previous year, showed
to be supposed that this policy could be maintained some increase in 1930, but not enough to count for
indefinitely, since if railroad tonnage continued to much. We deal with the details further along in
fall off, and less men were required to handle it, this article and will only say here that the receipts
the force would necessarily have to be reduced, it of wheat, corn, oats, barley, and rye at the Western
being an ever-present duty of railroad managers to primary markets for the five weeks ending Nov. 29
prevent the loss in net income from proceeding so aggregated 64,597,000 bushels in 1930 as against
far as to impair the credit and financial standing 60,215,000 bushels in the corresponding five weeks
of the companies of which they were the custodians. of 1929, but comparing with no less than 105,800,000
In November 1930 this obligation to reduce expenses bushels in the same five weeks of 1928. As a further
in proportion to the contraction in traffic and in summary of the loss in traffic resulting from the
gross receipts was evidently met, as the further fall- widespread and intense depression in business, we
ing off of $100,671,064 in the gross earnings was ac- may note that the loading of railroad revenue freight
companied by a cutting down of operating expenses on the railroads of the United States for the five
in amount of $73,074,304. However, this loss of weeks of November 1930 comprised only 4,127,134
$100,671,064 in November 1930, added to the $32,- cars, as against 4,890,154 cars in the corresponding
806,074 loss in gross in November of the previous five weeks of 1929 and 5,144,208 cars in the same
year, brings the total of the gross earnings for No- period. of 1928. It should not escape notice that as
vember 1930 down to $398,211,453, which is smaller compared with two years previously, when trade was
than the November total of gross in any year back extremely active, the falling off in the loading of
to 1917, the time when the United States was en- cars with freight runs in excess of a million cars.
gaged in war with Germany. The net earnings at
In such circumstances heavy losses in earnings by
$99,528,934 are the smallest of any November since the railroads was inevitable, and as the depression
1921.
overspread the entire United States the losses in?"'Montli of November-Inc. (+) or Dec. (—). volved all classes of roads and came from all sec1930.
1929.
Miles of road (170 roads)____
—9 0.08%
242,616
242,625
Gross earnings
$398.211,453 $498,882,517 —$100,671,064 20.18% tions of the country. As far as the separate roads
Operating expenses
298,682,519 371,756,823 —73,074,304 19.63%
Ratio of expenses to earnings_
+0.87%
65.81%
66.65%
and systems are concerned, the Pennsylvania RR.
$99.528,934 $127,125,694 —$27,596,760 22.35% and
L Net estilines
New York Central stand at the head of the list
Of course, all the leading conditions during No- for extent of contraction in revenues. The Pennsylvember 1930 were highly unfavorable, making any vania reports $11,523,395 shrinkage in gross and
other result -than that now disclosed out of the ques- $2,236,900 shrinkage in net, and this follows $3,tion. In November 1929 trade depression was just 244,961 decrease in gross and $3,537,386 decrease
in its initial stage, and had not yet reached large in net in November of the previous year. The New
proportions. In November 1930 the depression was York Central, if we include with it the Pittsburgh &
at its height and was approaching a really acute Lake Erie and the Indiana Harbor Belt, suffered
stage. All current statistics bear out the statement. a loss of $11,228,527 in gross and of $3,585,107 in
The production of bituminous coal in the United net, and this comes after $2,220,299 loss in gross and
States in November 1930 was only 38,122,000 tons $1,661,183 loss in net in 1929. The showing is the
as against 46,514,000 tons in November 1929 and same for virtually all other roads and systems in
46,788,000 tons in November 1928. The product of the different sections of the country—decreases in
Pennsylvania anthracite was only 5,207,000 tons as 1930 in nearly all cases coming after decreases in
against 5,820,000 tons in November 1929 and the preceding year. In the Southwest, the Atchison
7,322,000 tons in November 1928. Of soft coal and reports for the month under review $5,632,731 loss
hard coal combined, the output, hence, was but 43,- in gross and $2,742,846 loss in net, and the Southern
329,000 tons in the month in 1930 as against 52,- Pacific $5,212,961 loss in gross and $1,353,827 loss
334,000 tons in 1929 and 54,110,000 tons in 1928. in net. In the South, the Southern Railway has
The make of iron in the United States was no more fallen $2,652,640 behind in gross and $545,207 behind
than 1,867,107 tons in the month in 1930 as compared in net, following heavy decreases in both gross and
wall 3,181,411 tons in 1929 and 3,302,523 tons in net in the previous year, while the Louisville & Nash1928. The output of steel ingots was only 2,234,482 ville reports for 1930 $1,817,688 decrease in gross,
tons against 3,521,111 tons in 1929, and 4,266,835 but has converted this into a gain of $76,186 in net
tons in November 1928. Automobile production by reductions in expenses. The Atlantic Coast Line
dropped to very low levels, the number of motor is another road which has succeeded in converting a
372
decrease in gross into a gain in net through the
cutting down of expenses; its further loss in gross,
however, was very light, following several successive
years of large losses. The further decrease in 1930
was only $97,112, and this has been turned into an
increase of $255,988 in net. The Seaboard Air Line
shows $436,132 reduction in gross and $335,343 reduction in net, after successive decreases in gross
and net alike for most of the years preceding.
In the West the Rock Island shows for November
1930 $2,611,013 decrease in gross and $255,009 decrease in net, and the Union Pacific $1,693,455 decrease in gross and $600,986 decrease in net. In the
Northwest the Milwaukee St. Paul & Pacific falls
$2,624,206 behind in gross and $827,737 in net; the
Northern Pacific, $1,438,136 in gross and $563,411
in net; the Great Northern, $1,592,101 in gross and
$532,851 in net; the Chicago & North Western,
$2,583,005 in gross and $782,349 in net, and the
"Soo" Road, $825,524 in gross and $334,920 in net.
In the table below we show all changes for the separate roads or systems, for amounts in excess of
$100,000, whether increases or decreases, and in both
gross and net. It will be observed there are no
increases running as high as $100,000, but that there
are a few increases for that amount or over, all
brought about, it should be added, by reductions in
expenses.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF NOVEMBER 1930.
Decrease.
Decrease.
Pennsylvania
$11,523,395 Missouri-Kansas-Texas__ $484,131
i
swicCentral
al0,255,271 Chicago & East Illinois_ 483,425
Atch Top & Santa we (3) „ Elgin Joliet & Eastern_ _
.
471,422
Southern Pacific (2)_ _ -- 5,212,961 Bessemer & Lake Erie_ _ _
457,229
4,506,043 Seaboard
Baltimore & Ohio
436,132
NY N
& Hartford_
Illinois Central
Omaha
2,652,640 Kansas City Southern.. _ _
Southern By
387,733
Chic Milw St P & Pacific 2,624,206 Nash Chatt & St Louis_ _
384,102
ChIcago
Chic Rock Isl Lines (2)- G ea tllelrirn •
l La V tee _
Chicago & North Western i:213:8()g
Ohio
Missouri Pacific
2,379.622 Cin N Sr Tex Pacific..
orfolk & Western
307'853
Chic Burl & Quincy_ _ _ _ 2,100,754 Maine Central
303,893
Louisville & Nashville__ _ 1,817,688 Chicago & Alton
302,560
St Louis-San Fran (3) - 1,804,950 Chicago Ind & Louisville
288,001
Erie (3)
1,733,697 Union RR (Penn)
287,298
Union Pacific (4)
1,693,455 Western Maryland
275,511
1,592,101 Delaware & Hudson_ _ _ _
Great Northern
256,352
1,438,136 Internal-Great Northern
Northern Pacific
250,345
1,395,504 N 0Texas & Mexico (3)Chesapeake 6c Ohio
212,254
1,316.835 Buff Roch & PittsburghDel Lack & Western_
198,422
1,301,249 Alabama Great Southern
Reading Co
190,647
1,200,745 Terminal RR Assn of StL
Wabash
181,435
973,686 Indiana Harbor Belt_ _ _ _
Boston & Maine
177,497
900.679 Minneapolis & St Louis
Pere Marquette
176.202
842,770 Monongahela
Central RR of NJ
175,966
835,413 Detroit Toledo & Ironton
Texas & Pacific
173,138
825,524 Belt ity of Chicago
Minn St P & S S Marie....
167,123
795,759 Louisiana & Arkansas...
Pittsburgh& Lake Erie_
162.354
775,839 N Y Ontario & WesternN Y Chicago & St Louis..
161,888
723,213 Spokane Portl & Seattle..
Lehigh Valley
150,072
666.850 Florida East Coast
Valley_ _
Yazoo &
137,439
636,521 Long Island
Colorado & Southern..
129,829
Gulf Mobile & Northern..
Western_
631,126
Denver & R G
128,530
587,682 Northwestern Pacific...
St Louis Southwestern_ _
127,916
537.542 Dul South Sh & Atlantic
Duluth Missabe & Nor.._
121,684
532,167 Chicago River & Indiana
Los Angeles & Salt Lake_
112,894
519,124 Norfolk Southern
Grand Trunk Western
101.632
495,395
Central of Georgia
Total (90 roads)
$97,525,360
operations of the New York Central and the
a These figures cover the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt. the
result is a decrease of $11,228,527.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF' NOVEMBER 1930.
Increase.
Decrease.
8343,157 Bessemer & Lake Erie__ $337.359
Boston & Maine
267,344 Seaboard Air Line
Long Island
257,111 Minn St Paul & S SMarie
334,920
-Texas
Missouri
-Kansas
255,988 Erie (3)
312,379
Atlantic Coast Line
284,211
114,594 Los Angeles & Salt Lake..
N Y Ontario & Western..
104.468 Chic Rock Isl Lines (2)....
255,009
Western Pacific
253,122
$1,342,662 Virginian By
Total(6 roads)
245,634
Decrease. Nash Chatt & St Louis
226,712
43.480,133 Delaware & Hudson...
New York Central
Central
224,222
Atch Top & Santa Fe (3) 2,742,846 Chicago RR of N J & East Illinois
211,308
2.236,900 Chic StP Minn & Omaha
Pennsylvania
210,626
1,715,905
Norfolk & Western
Maine Central
200,495
N Y N H & Hartford.... 1,425,284 NY Chicago & St Louis..
193,840
1.353,827 Chicago& Alton
Southern Pacific (2)
190,744
975,289
Baltimore & Ohio
182,822
827,737 Denver & R G Western....
Milw St P & Pac
Chic
181,160
782,349 Indiana Harbor Belt.._ _ _
Chicago & North-Western
165,019
694,870 Kansas City Southern....
Del Lack & Western......
157,689
658.132 N 0 Tex & Mexico (3)..
Missouri Pacific
155,888
649,950 Western Maryland
Reading Co
155,081
600.986 Chesapeake & Ohio
Pacific (4)
Union
Mobile & Ohio
148,869
563,411
Northern Pacific
146,203
545,207 Lehigh Valley
Southern By
131,238
532,851 St Louis Southwestern
Great Northern
131,181
508,919 Illinois Central
Union RR (Penn)
113.483
412,526 Spokane Portl & Seattle.
Duluth Missabe & Nor..
110,644
Yazoo & Miss Valley-380,819
St Louis-San Fran (3).....
102,058
345,465 Grand Trunk Western
Colorado & Southern (2).
$27,468,441
Total (63 roads)
337,776
Texas & Pacific
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis. Michigan Central,
Cincinnati Northern, and Evasnville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Be t. the result
is a decrease of $3,585,107.
[VOL. 132.
FINANCIAL CHRONICLE
UH:Sti nrklitIlminn&
aril
2.443,154 Mobile
R1,8:117
It is almost superfluous to say that when the roads
are arranged in groups, or geographical divisions,
according to their location, all the leading districts
-Eastern, Southern, and Western-as also all the
different regions grouped under these districts, record losses in gross and net alike. Our summary by
groups appears below. As previously explained, we
group the roads to conform to the classification of
the Inter-State Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table:
District and Region.
Gross Earnings
Month of November.
1929.
Inc.(-I-) or Dec.
1930.
(-)
Eastern District
$
$
New England region (10 roads).- 18,141,658 23,004,928 -4,863,270 21.13
Great Lakes region (31 roads)
76,029,289 95.650,619 -19,621,330 20..2
Central Eastern region(23 roads)... 81,571,062 103,160,214 -21,589,152 30.45
Total(64 roads)
Southern District
Southern region(3p roads)
Pocahontas region(4 roads)
175,742,009 221,815.761 --46,073,752 20.82
47,905,856
20,829,139
59,251,722 -11,345,866 19.17
25,126,776 -4,297,637. 17.14
Total(34 roads)
88,734,995
Western District
Northwestern region(17roads)- -- 45,696,175
Central Western region (25 roads). 71,138,092
Southwestern region (30 roads).-- 36,900,182
84,378,498 -15,643,503 18.65
Total(72 roads)
57,260,327 -11,584,152 20.22
87,585,153 16,427,061 18.77
47,862,778 10,962,598 22.91
153,734,449 192,688,258 -38.953,809 20.22
398,211,453 498,882,517 -100,671,064 20.18
Total all districts (170 roads)
District and Region.
Net Earnings
Month of Nov. -Mileage-1929. Inc.(+) or Dec.(-)
1930.
Eastern District1930. 1929.
$
$
$
%
New England region-- 7,270 7,286 5,292,490 6,714,294 -1,421,804 21.19
Great Lakes region- 27,940 27,911 14,195,633 19,515,494 -5,319,861 27.27
Central Eastern region 24,237 24,206 18,309,831 23,575,939 -5,266,308 22.37
Total
59,447 59,403 37,797,754 49,805,727-12,007,973 24.12
Southern DistrictSouthern region
40,048 40,111 10,414,343 11,836,669 -1,422,326 12.05
Pocahontas region
8,034 6,009 8,127,763 10,274,712 -2,146,949 29.76
Total
Western District
Northwestern region
Central 11 estern reg'n
,,
Southwestern region
Total
46,082 46,120 18,542.106 22,111,381 -3,569,275 16.15
48,953 48,953 10,832,731 15,098,148 -4,265,417 28.25
52,751 52,836 21,589,434 28,103,117 -4,513,883 17.31
35,383 35,313 10,766.909 14,007,321 -3,240,412 23.14
137,087 137,102 43.189,07-1 55,208,586-12,019,512 21.77
Total all districts _ ...242,616 242,625 99,528,934 127,125,694-27,596,760 22.35
-We have changed our grouping of the roads to conform to the classifiNOTE.
cation of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region.
-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Regton.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg. W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and Hie southern boundary of Virginia
to the Atlantic.
Pocahontas Rcgion.-Thls region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
• Northwestern Region.
-This region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.
-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
The Western grain movement, as we have already
pointed out, was somewhat heavier in November
1930 than in November 1929, in which latter month,
however, it had suffered a big reduction. The increase was due entirely to the larger volume of wheat
and barley moved to the Western primary markets,
the movement of all the other cereals having been
on a reduced scale as compared with the same period
of the previous year. For the five weeks ending
Nov. 29 1930 the receipts of wheat at the Western
primary markets were 30,312,000 bushels as against
25,574,000 bushels in the corresponding five weeks
of 1929; the receipts of corn, 20,400,000 bushels as
against 20,519,000 bushels; of oats, 7,685,000 bushels
as against 8,180,000 bushels; of barley, 4,405,000
bushels as compared with 3,861,000, and of rye,
1,795,000 against 2,081,000 bushels. Receipts of the
five cereals combined for the five weeks of November
1930 aggregated 64,597,000 bushels as against do,-
JAN. 17 1931.]
FINANCIAL CHRONICLE
215,000 bushels in the corresponding period of the
previous year, but comparing with no less than 105,800,000 bushels in the same five weeks of 1928. The
details of the Western grain movement in our usual
form are set out in the table we now introduce:
WESTERN FLOUR AND GRAIN RECEIPTS.
5 Weeks
Ending
Barley
Flour
Wheat
Corn
Oats
Nov. 29.
(bush.)
(bush.)
(bush.)
(bbls.)
(bush.)
Chicago
1930
647,000
1,222,900 1,383,000 6,639,000 1,951,000
1929
600,000
408.000 6,494,000 1,434,000
1,100,000
Minneapolis
1930
8,512,000 1,403,000 1,026,000 1,599,000
1929
6,753,000 1.263.000 1,585.000 1,482,000
Duluth
1930
8,463,000
507,000 1,707,000
669,000
1929
8,306,000
166,000
607,000
701,000
Milwaukee
1930
64,000
782,000
825,000
245,000
887.000
1929
283,000
37,000 1,129,000
701,000
827.000
Toledo
1930
840,000
158,000
105,000
1929
719,000
97.000
154,000
4,000
Detroit
1930
168,000
43,000
80,000
39,000
1929
87,000
39,000
78,000
4,000
Omaha & Indianapolis
1930
1,587,000 4,543,000
689,000
1929
1,167,000 4,325,000 1,254,000
St. Louis
1930
660,000 2.277,000 2,052,000
911,000
331,000
1929
670,000 2,227,000 1,591,000 1,102,000
93,000
Peoria
1930
103,000 1,083,000
327,000
186,000
277,000
425,000
1929
139,000
201,000
172,000 2,215,000
Kansas City
318.000
1930
4,339,000 2,076,000
1929
471,000
3,678,000 1,139,000
Bt. Joseph
1930
588,000
158,000
762.000
1929
661,000
60,000
699.000
Wichita
1930
65,000
10,000
936,000
26,000
1929
42.000
26.000
1,053,000
Sioux City
1930
418,000
158,000
160,000
21,000
1929
283,000
11,000
168,000 1,358,000
Total All_ _ -1930
2,223,000 30,312,000 20,400.000 7,685,000 4,405,000
1929
2,254,000 25,574,000 20,519,000 8,180,000 3,861,000
Jan. 1 to
Flour
Corn
Oats
Wheat
Barley
Nov. 30.
(Ibis.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
1930
10,857,000 26,080,000 71,158,000 28,697,000 6,907,000
1929
11,200,000 33,964,000 73,032,000 36,405,000 7,898,000
Minneapolis
1930
86,724,000 10,646,000 16,246,000 18,102.000
1929
8,000,000 88,579.000 9,423,000 21,425,000 18,848,000
Duluth
1930
71,310,000 1.749,000 7,655,000 6,029.000
1929
70,468,000 1,746,000 4,495,000 14,461,000
Milwaukee
1930
919,000 4,268,000 11,278,000 8,580,000 11,430,000
1929
2,077,000 7,416,000 11.702,000 12,968,000 11,482,000
Toledo
1930
12.238,000 1,192,000 5,071,000
23,000
1929
13,326,000 1,353,000 5,323,000
494,000
Detroit
1930
1,664,000
402,000
96,000
729,000
1929
1,536,000 5,391.000
112.000
927,000
Omaha & IndianapolLs
1930
10,000
42,811,000 46,505,000 17,420,000
1929
46,000
3,000,000 38,058,000 37.376,000 18,932 000
St. Louis
1930
6,693,000 44,045,000 25,169,000 16,359,000 1.573,000
1929
6,014,000 39,452,000 30,429,000 19,137,000 1,612,000
Peoria
1930
2,317,000 2,170,000 20,247,000 6,095,000 3,662.000
1929
2,406,000 2,063,000 23,557,000 7,501,000 3,185,000
Kansas City
1930
81,456,000 27,024,000 5,517,000
1929
16,000 89,871,900 29,415,000 4,980,000
54,000
St. Joseph
1930
12,303,000 9,657,000 2,204,000
4,000
1929
11,027,000 9,419,000 1,119,000
27,000
Wichita
1930
21,734,000 3,360,000
227,000
114,000
1929
26,807,000 3,169,000
454,000
Sioux City
1930
2,200,000 5,610,000 2,896,000
235,000
1929
2,318,000 6,794,000 3,803,000
274,000
Total All... _ _
1930
20,786,000 409033,000 233997,000 117696,000 48,186,000
1929
32,713,000 428757,000 237838,000 132365,000 58,593,000
18,000
108,000
1.000
6,000
16,000
18,000
29,000
4,000
2,000
6,000
338.000
2,000
1.000
1,795.000
2,081,000
Rye
(bush.)
3,968,000
4.505,000
8,886,000
6,612.000
4,315,000
7,144,000
553.000
742,000
35,000
317.000
202,000
207,000
186,000
91,000
275,000
308,000
955.000
105.000
8,000
34,000
7,000
19,409,000
20,056,000
The Western livestock movement was very much
smaller than in the same month of the previous year.
At Chicago the receipts comprised only 16,599 carloads, as against 19,105 carloads in November 1929;
at Kansas City but 6,363 carloads, against 8,034 carloads, and at Omaha only 4,263 against 6,168 cars.
As to the Southern cotton traffic, this was slightly
heavier than in November 1929, both in the case of
the gross shipments overland and the receipts at the
Southern outports. The shipments overland were
93,125 bales in November 1930 as against only 67,874
bales in 1929, but comparing with 189,385 bales in
November 1928, 168,242 bales in November 1927, and
262,506 bales in November 1926. Receipts of the
staple at the Southern outports during November
1930 were 1,459,571 bales against 1,389,118 bales in
November 1929 and 1,593,144 bales in November
1928, as is shown in the following table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
FROM JAN. 1 TO NOV. 30 1930. 1929 AND 1928.
November.
Since Jan. 1.
Ports.
1930.
Galveston
Texas City, &c
Corpus Christi
Beaumont
New Orleans
Mobile
Rye
Pensacola
(bush.)
Savannah
Brunswick
625,000 Charleston
865,000 Lake Charles
Wilmington
508,000 Norfolk
539,000 Jacksonville
258,000
522,000
373
Total
1929.
1928.
1930.
1929.
1928.
323,578 318,670 501,301 1.257,201 1,775,371 2,466,587
549,600 546.013 526,220 2,662,980 2,611,676 2,539.818
19,320
13,449
16,086 585,678 410,584 252,122
5,787
5,754
15,223
14,971
253,891 285,269 294,653 1,237,964 1,530,760 1.284,526
109,275
63.630
57,447 407.662 347,164 227,920
2,251
5,846
73
50,660
4,430
1,835
80,070
47,682
58,618 618.527 454,163 430.969
2,140
48,900
39,584
27,899 321,938 184,171 210.648
49,645
15,712
500
1,800
5,784
36,953
6,103
21,008
32,753
54,147 81,941 132,760
13,787
76,294 153,962 125,113 208,031
45,214
30,823
94
97
393
775
1,459,571 1,389,118 1,593,144 7,452,188 7,547.222 7.761,000
RESULTS FOR EARLIER YEARS.
As already indicated, the poor showing for 1930 derives
additional significance from the fact that it follows poor
results for 1929 and poor or indifferent results in the years
immediately preceding. While now, for November 1930,
our tabulations show $100,671,064 falling off in gross and
$27,596,760 falling off in net, November 1929 was also distinguished for decreases, our tables then showing $32,806,074 decrease in gross and $30,028,982 decrease in net.
This came, it is true, after $26,968,447 gain in gross and
$29,896,691 gain in net in 1928, but these latter gains represented a recovery of only a portion of the large falling off
which the roads suffered in November 1927, when general
trade was on the decline and other adverse conditions
affected results unfavorably, and when our tabulations
registered a shrinkage of $58,159,905 in gross and of $32,
in net. Extending the comparisons further back,
it is found that the heavy loss in 1927 came after only
moderate increases in November 1926, our compilations for
this last mentioned year having shown only $28,736,430
increase in gross and $10,065,218 increase in net. In November of the preceding year (1925) the gains likewise were
moderate, our tabulation at that time registering $26,990,296 gain in gross, or 5.34%, and $16,775,769 gain in net,
or 12.77%. Moreover, this 1925 gain in gross came after a
decrease of virtually the same amount in November 1924
as compared with 1923. It amounted, therefore, to merely
a recovery of what had been lost the previous year. November 1924. it will be recalled, was the time of the Presidential
election, when industrial activity was greatly stimulated
by the result of that election. But trade, nevertheless, was
of much smaller volume than in November 1923, which accounts for the $26,135,505 decrease then shown. However,
while the 1924 gross was diminished in the sum named,
there was at that time no loss in the net, inasmuch as
operating expenses were curtailed in amount of no less
than $32,485,896, leaving the net at that time larger by
$6,350,391.
As a matter of fact, up to 1927 the improvement in the
net was continuous year by year ever since 1919, often in
the face of a heavy falling off in the gross earnings. In
November 1923 the change from the previous year was
small, there being $7,648,500 increase in gross and $7,307,781
increase in net. In November 1922 our statement showed
$57,618,155 gain in the gross and $15,846,050 gain in the net.
In November 1921 there was improvement in the net even
in face of the great falling off in gross revenues. By
drastic cuts in every direction, a saving in expenses was
then effected in the extraordinary amount of $144,962,518,
leaving, therefore, $18,934,852 increase in the net, notwithstanding a loss of $126,927,666 in the gross. November of
the previous year was one of the few months of the year
1920 that netted fairly satisfactory net results, our compilations for November 1920 having registered $154,239,572
increase in gross (mainly because of the higher schedules
of transportation charges put into effect a few months before), and $37,533,530 of this having been carried forward
as a gain in the net.
In the years immediately preceding 1920, however, the
November showing was bad, large losses in the net having
piled up in 1919, 1918 and 1917. In 1919, particularly, the
showing was extremely poor, this having been the period
of the strike at the bituminous coal mines. This strike had
the effect of very materially contracting the coal traffic over
the railroads and proved a highly disturbing influence in
other respects. The result was that our tabulations recorded
a loss in gross and net earnings alike for the month-only
374
FINANCIAL CHRONICLE
$2,593,438 in the former, but $26,848,880 in the net earnings, or over 35%. Added emphasis attached at the time
to this large loss in the net because it came on top of a
considerable shrinkage in the net in November of the previous year. In November 1918 a tremendous augmentation
In expenses had occurred, owing to the prodigious advances
In wages made that year. These wage advances, with the
great rise in operating costs in other directions, so augmented railroad expenses that the increase in the latter
far outdistanced the gain in gross revenues, even though
these were swollen by the higher rates put in force some
months before. The gain in the gross then reached $82,163,408, or 23.06%, the augmentation in expenses amounted
to no less than $102,091,182, or 39.16%, leaving the net reduced by $19,927,774, or 20.80%. The year before (1917)
a closely similar situation existed and our tabulation for
November 1917 recorded $23,304,905 increase in gross earnings, but $20,830,409 decrease in the net. It was in the
prodigious expansion of the expenses in these early years
that there existed the basis for the retrenchment and economies effected in subsequent years. In the following we
furnish the November summaries back to 1906. For 1910,
1909 and 1908 in the table we use the Inter-State Commerce
totals, which then were on a very comprehensive basis, but
for preceding years (before the Commerce Commission
required monthly returns) we give the results just as regis-a portion of the railroad
tered by our own tables each year
mileage of the country being always unrepresented in the
totals in these earlier years, owing to the refusal of some
of the roads at that time to give out monthly figures for
publication.
Net Earnings.
Gross Earnings.
Year.
Year
Given(
Year
Preceding.
Inc. (-I-) or
Dec.(-).
Year
Given.
Year
Preceding.
Inc.(+) or
Dec.(-).
$
$
$
$
$
$
Nov.
1906_ 140,697,123 131,123,621 +9.573,502 48,065,287 46,506,160 +1,569.127
138,079.281 133.284,422 +4,794.859 39,171.387 46,113,471 -6,942,084
19C7.
-8,847,673 74,511,332 66,294,996 +8,216.336
1908 _ 211,597,792 220,445,47
1909 _ 218,087,561 11,784,357 +36.303.21 04,531.1274,556,970 +19,974,158
1994,6 I 83,922,437 94,383.397 -10,460,960
1910 _ 248,i159.126247.564.470
-1.767.62 79,050,29 82,069,166 -3.018.867
241,343.763243.11l.
1911.
1912 _ 276,430,016244.44i1.84 +31,968,171 93,011,84 80,316,771 +12,701,071
.
1913 269,220,882278,364,475 -9.143,593 78,212,966 93,282,860 -15,069,894
1914 _ 240,235,841 272,882,181 -32,646,340 67,989,51 77,567,898 -9.578,383
1915 _ 306,733,317240,422.69 +66,310,622 118,002,02 67,999,131 +50,002,894
+323,000
330,258,745306,606,471 +23,652.274118.373,536118.050.446
1916.
360,062,052326,757,147 +33,304,90 96,272,216 117,102,625 -20,830,409
1917.
1918 _ 433.602,283356,438.875 +82,163.408 75,882,18 95.809,962 -19,927,774
1919 _ 436,436,551 439,029,989-2.593,483 48,130.487 74.979,347 -26.848,880
1920 _ 92,277,620 438,033,048 +154,239,572 85,778,171 48,244,641 +37.533.530
464,440,498590,468,164-126,027.666 97,366,264 78.431,412 +18,934,852
1921.
.
1922 523,748,483466,130,328 +57.618.151113.662.987 97,816.937 +15.846,050
1923. 530,106,708 522 458.208 +7.048.500124.931.318117.623.537 +7,307.781
504.589.062530,724.567 -26.135,505435,105.12. 125,084,714+6,350,391
1924.
531,742.071 504,781,775 +26.960.296148,157.616131,381,847 +16.775,768
1925.
1926.559.935,895831.199.46 +28.736.430158.197.446148,132,228 +10,065,218
1927.502,994.051 561.153.956 -58.159,905125,957,014 158.501.561 -32.544.547
1928 _ 530.909,223503,940,776 +26.968,447 157.140.516 127.243,825 +29,896.691
1929 _ 498,316,925531.122,999 -32.806,074127.163.307157.102.289 -30,028,982
1930 _ 98.211.453498,882,517-100,671,064 99,528,934127,125,694 -27,596.760
-In 1906 the number of roads Included for the month of November was 97;
Note.
In 1907,87;in 1908 the returns were based on 232,577 miles of road; 111 1909, 239,038;
In 1910, 241,272; in 1911, 234,209; In 1912, 237,376; in 1913, 243,745; In 1914,
[vol.. 132.
246,497; in 1915, 246,910; in 1916, 248,863; In 1917, 242,407; In 1918, 232,274; in
1919, 233,032; in 1920, 235,213; in 1921, 236,043; In 1922, 235.748: In 1923, 253,589;
In 1924, 236,309; in 1925, 236,726: In 1926, 237,335; in 1927, 238.711; In 1928, 241,138; in 1929. 241,695; in 1930, 242,616.
Death of Joseph S. McCoy, Actuary of Treasury
Department.
Joseph S. McCoy, actuary of the Treasury Department,
whose mathematical calculations had provided the government through many administrations with expert statistics of
all kinds on income and expenditure, died'suddenly at noon
on Jan.9 while driving his automobile. He was 67 years old.
Mr. McCoy went to work on the day of his death in apparently good health and in good spirits, said the account
from Washington in the New York "Times," which added:
He had parked his car, and about an hour later went out to get it to drive
to a parking place near the Treasury reserved for him by the department.
At Fourteenth Street and Ohio Avenue the machine rolled slowly into a
parked machine near the intersection and came to a halt.
Mr. McCoy, who was born in Pennsylvania, was a graduate engineer and
a lawyer. He entered the government service in 1887 as a clerk at a. salary
of $1,000 and rose through the ranks until he occupied a position of great
responsibility, in which he received a salary of $10,000, which is exceeded
In the department only by that of the Secretary of the Treasury. He was
a graduate of Stevens Institute of Technology at Hoboken, N. J., and a
graduate of law at Georgetown University.
Death of W. G. Fitzwilson, Secretary of American
Bankers Association.
William Gordon Fitzwilson, Secretary and Assistant
Treasurer of the American Bankers Association, died in
New York on Jan. 14 of pneumonia at the age of 58. Mr.
Fitzwilson became connected with the Association in January
1896 and had been continuously associated with it ever
since, so that the present month represented the completion
of 35 years continuous service. He held the position of
Secretary since 1920, and of Assistant Treasurer since 1919,
having previously served as Assistant Secretary from 1900
to 1920. He had the unique distinction of having attended
the last 34 consecutive annual conventions of the association,
.
a
which had brought hinaL personal acquaintanceship with
bariKers from all parts of the country. Mr. Fitzwilson was
born in Richmond, Virginia, June 11 1872. He entered the'
banking business there, being connected with the Merchants
National-Bank, but left it to come to New York in the employ
of the American Bankers Association at the invitation of the
C
X- Fetary, James R. Branch. He became active also in the
New York Southern Society, having served_as member of
its Executive Committee, and as Secretary.
Vincenzo Azzolini Elected Governor of Bank of Italy.
Associated Press advices from Rome report that Vincenzo Azzolini, who served as temporary Governor of the
Bank of Italy in 1928, was on Jan. 10 elected Governor,
succeeding the late Donaldo Stringher, who died last December.
The New Capital Flotations During December and the Twelve Months
of the Calendar Year 1930
In the diminutive size of the totals, our record of the new
capital flotations for the month of December is typical of
the results for the whole of the year 1930. It was not a
year favorable for new financing, notwithstanding that
loanable funds were overabundant, that credit was cheap,
and money rates extremely low, and that the Federal Reserve Banks by their easy money policy served to accentuate
the monetary congestion. It was the purpose primarily of
this easy money policy to help the security markets by inducing purchases of securities because of their higher yield
in preference to loaning at the inordinately I-w rates prevailing in the money market. In the carrying out of this
policy, Federal Reserve rediscount rates were reduced again
and again, until here in the New York Federal Reserve
District the rate on June 20 was reduced to the unprecedentedly low figure (since the establishment of the Federal
Reserve System) of 23%, and on Dec. 24 1930 was cut
still lower to 2%.
Nor did the Federal Reserve authorities confine themselves merely to reducing rates. The money market being
in a highly plethoric state, with rates abnormally low, there
was no inducement for the member banks to borrow or
obtain rediscounts at the Federal Reserve Banks, so the
Reserve authorities proceeded, as on so many previous occasions, to keep Reserve credit afloat by their own voluntary
action, through their open market operations in the purchase
of United ,States Government securities and of bankers' acceptances. On Dec. 31 1930 they held United States Government securities in the huge sum of $729,467,000, and also
held $363,844,000 of bankers' acceptances, making together
far in excess of a billion dollars, the combined total, in fact,
being $1,093,311,000. A good portion of the increase, too,
occurred in the last five weeks of the year, the total of
acceptances and United States securities on Nov. 26 having
been only $771,740,000.
But this easy money policy of the Federal Reserve signally failed to achieve the end sought. In the last quarter
of the year, bond prices collapsed as never before during
any similar period in Stock Exchange history. The stock
market had been going down almost continuously since the
JAN. 17 1931.]
FINANCIAL CHRONICLE
previous April, but during October, November, and the first
half of December the decline in bonds was hardly less violent than the collapse in stocks. Many good bonds, the
fluctuations in which ordinarily are limited to mere fractions, on very limited transactions dropped 2 to 3 points in a
single day, and the process continued day after day. It
was impossible in these circumstances to undertake floating
of new issues to any great extent, and the falling off in
the volume of new securities put out furnishes a striking
testimony to the fact. The result goes to prove that in a
period of trade prostration and loss of general confidence,
neitlier cheap money nor unlimited supplies of banking
credit suffice to bring about recovery. We discuss the
matter more at length further below in analyzing the figures
for the full calendar year.
For December the total of the new financing was a little
larger than for November, but this was chiefly because
the municipal total was heavily swollen by an item of
unusual size. The municipal bond market during the closing months of the year was hardly less disturbed than the
general bond market, though previously municipal obligations had been finding ready sale at steadily improving
prices. The exceptional item referred to consists in the
fact that in December New York City sold various issues
of corporate stock and serial bonds, totaling $94,140,000, to
two of its sinking funds, namely, the Rapid Transit fund
and the Water Supply fund.
Our compilations for the month, as usual, include the
stock, bond and note issues by corporations, by holding,
investment, and trading companies, and by States and
municipalities, foreign and domestic, and also farm loan
emissions The grand total of the offerings of securities
in this country under these various heads during December
aggregated $394,889,991. This compares with $267,743,332
in November, $449,357,451 in October, $496,256,737 in September, $290,999,219 in August, with $585,629,585 in July,
with $778,180,103 in June, with $1,181,271,214 in May, when
the total was swollen by two pieces of•financing of exceptional size, namely, the offering of $235,000,000 stock by the
American Tel. & Tel. and the offering of $120,000,000 Cities
Service Co. cony. deb 55 of 1950, to stockholders of the company at par; it compares with $958,427,091 in April, with
$821,123,968 in March. with $625,732,518 in February, which
was a short month, and with $826,696,368 in January.
At $394,889,991, the grand aggregate of the new financing
of all kinds for the month of December 1930 compares with
$650,524,414 in December 1929, and with $1,173,156,904 in
'December 1928. We have stated above that the municipal
bond sales the past December had been swollen by the sale
of $94,140,000 New York City bonds to the city's sinking
funds, but in December of the previous year (1929) the
exceptional items included in the month's sales were oi even
larger extent, some municipal financing of large exten- pre,
viously delayed by unfavorable conditions, having been
crowded into that month;.
New York City then, as one illustration, disposing of $130,000,000 bonds ($65,100,000 to the
city's sinking fund and $65,000,000 to the public), and another large sale then having been $41,000,000 bonds of the
City and County of San Francisco. As a result, the total
of the municipal bond sales in December of that year ran
up to $290,827,938, which thus was over $102,000,000 in
excess of the December 1930 municipal sales at $188,096,218.
Adverting now to the corporate issues, the diminutive
character of the December 1930 financing stands revealed
in striking fashion, and, of course, it is mainly in the floating of corporate issues that the shrinkage in new financing
has been most strongly in evidence during 1930. The new
corporate issues, foreign and domestic, during December
1030, reached no more than $187,643,773 against $344,946,476
in December 1929, and $1,002,728,082 in December 1928.
375
The contrast between the small total of December 1930
($187,643,773) and that of two years before (December
1928) at $1,002,728,082, illustrates strikingly the great
change in conditions in two years. In the composition of
the financing, the change has been no less striking. Bond
issues have now very largely replaced stock issues, though
the change in that particular during December was not so
striking as it was in all the other months of the year. Confining ourselves to the domestic issues, in December 1928,
out of a total of $946,517,082 corporate stock and bonds
offered, the common stock portion amounted to no less than
$495,548,954, and the preferred stock issues to $196,927,028,
while the bond and note issues contributed only $254,041,100.
In December 1929 the common stock portion of the domestic
corporate total of $314,946,476 was $185,104,526, the preferred stock issues were only $18,490,000, and the bond and
note issues $111,351,950. In December 1930 the common
stock contribution to the $171,246,223 corporate total was
only $70,361,723, the preferred stock contribution no more
than $1,000,000, but the bond and note issues $99,884,500.
Continuing with our analysis of the corporate offerings
made during December 1930, we find that public utilities
led in volume with $116,777,810, which compares with
$89,737,500 in November. Industrial and miscellaneous
issues in December totaled $56,615,963 as against $44,517,000
during November, while railroad financing was $14,250.000
In December as compared with only $7,600,000 in November.
Total corporate offerings of all kinds, foreign and domestic, during December, as already stated, aggregated
$187,643,773, and of this amount long-term bonds and notes,
including $14,250,000 Canadian, accounted for $70,386,000;
stock issues, including $2,147,550 Canadian, aggregated $73,509,273, while short-term issues, all domestic, accounted for
$43,748,500. The portion of the month's financing raised
for refunding purposes was only $6,772,000, or less than 4%.
In 'November the refunding portion was likewise small,
being only $4,233,000, or less than 3% of the total; in October it was $62,646,877, or over 29% of the total; in September it was $62,317,000, or nearly 18%; in August it was
$68,350,000, or about 36%; in July it was only $26,481,000,
or slightly over 6%; in June it was $67,315,250, or not quite
12%; in May it was $63,334,000, or less than 7%; in April
It was $51,258,750, or not quite 8%; in 'March it was only
$15,436,500, or less than 3%; in February the refunding
portion was also small, totaling only $27,635,500, or less
than 6% of the total. In January the refunding portion
was $73,096,000, or slightly over 10% of the total. In December of last year the amount for refunding was $83,055,000, or over 24%. There were no large refunding issues
during December 1930.
The total of $6,772,000 raised for refunding in December
(1930) consisted of $772,000 new long-term to refund existing long-term; $1,000,000 new long-term to refund existing
short-term, and $5,000,000 new short-term to refund existing
short-term.
Foreign corporate financing in this country during December totaled $16,397,550, all of which was Canadian. The
issues were as follows: $14,250,000 Canadian Pacific Ry.
equip. trust 4%s C 1931-45, offered at prices to yield from
3.00% to 4.60%, and 71,585 shares Aluminium, Ltd., common
stock, offered at $30 per share, involving $2,147,550. Announcement was made by Dillon, Read & Co. during December that they had arranged a short-term loan to the
Gelsenkirchen Mining Corp. The loan was placed privately
and details have not been publicly announced.
Among the domestic corporate offerings during December
the largest was $35,000,000 Toledo Light & Pr. Co. 5%
secured notes, Dec. 1 1932, priced at 99%, to yield 5.25%.
Other large utility issues were: $20,000,000 Bell Telephone
Co. of Pennsylvania common stock offered at par ($100);
376
FINANCIAL CHRONICLE
$13,723,060 Commonwealth Edison Co. common stock, offered
at par ($100); $11,132,000 Public Service Co. of Northern
Illinois common stock, offered at par ($100), and $8,000,000
The People's Gas Light & Coke Co. (Chicago) serial 414s
/
and 41 1933-36, priced to yield from 4.25% to 4.75%.
hs
Industrial and miscellaneous financing during December
was featured by the following: $27,500,000 1st mortgage
loan to Empire State, Inc. (Empire State Building, New
York), advanced by Metropolitan Life Insurance Co. of
New York, and the sale of 350,000 shares of Diamond Match
Co. (Ill.) common stock to bankers for a consideration of
$13,000,000 in cash, or a price of approximately $37.14 per
share.
There were no domestic railroad offerings during December.
No foreign government loans came on this market
during December. However, it was reported during the
month that the City of Berlin had negotiated a loan for
50,000,000 marks, and of this amount 25,000,000 marks had
been supplied by a foreign consortium. Dillon, Read & Co.
was mentioned as the source of the foreign half of this new
credit. It was also reported during December that the
National City Bank of New York had arranged a bank loan
of $15,000,000 in behalf of the Mexican Government. These
loans are not included in our totals.
Included in the financing of December was an issue of
$15,000,000 Federal Intermediate Credit Bank 3% debentures, dated Dec. 15 1930 and maturing in 6, 9, 10, 11 and 12
months, priced to yield from 2.75% to 3.00%.
There was only one issue floated in December bearing a
convertible feature, this being:
$2.500,000 Peoples Utility Servize Corp. 1st lien coll. cony. 6s 1940,
convertible on or before Dec. I 1933 into class A stock on bases
ranging from 70 to 40 shares per $1,000 bond.
The Retrults for the Full Year—A Big Reduotion from the
Extraordinary Total of 1929.
The foremost feature in any study of the new financing
for the calendar year 1930 is of course the big shrinkage in
the grand total of the new issues brought out. During 1929
the new capital issues reached, as stated at the time, extraordinary proportions, far exceeding those of any previous
year of 12 months. This occurred, too, notwithstanding
that the crash in the stock market seriously curtailed new
financing during the two closing months of the year. Our
compilation then showed that the new issues brought out
during 1929 aggregated no less than $11,592,164,029. This
was almost 1% billion dollars in excess of the new offerings in each of the two preceding years, which had both
closely approached $10,000,000,000 (the 1928 total having
been $9,991,843,818 and the 1927 total $9,933,719,033), and
were then of unexampled proportions and deemed unlikely
to be greatly exceeded in the near future, on the theory that
the absorbing capacity of the market must have been about
reached for the time being.
As compared with this total of $11,02,164,029 for the 12
months of 1929 the new financing for 1930 reached a total
of only $7,676,307,577, thus showing a contraction of $3,915,856,452. A considerable portion of the new financing each
year represents refunding operations—that is, the taking
up of obligations already outstanding and replacing them
with new obligations, stock or bonds or notes—and this
refunding portion during 1930 was exceptionally small,
reaching only $637,692,758 against $1,409,397,511 in 1929 and
$1,877,550,137 in 1928 and $2,142,589,485 in 1927. But even
after eliminating the refunding issues and confining ourselves to the issues representing strictly new capital, a big
Shrinkage appears as compared with 1929 and not a little
shrinkage also as compared with 1928 and 1927. In brief,
the strictly new capital issues in 1930 were only $7,038,614,819 as against $10,182,766,518 in 1629 (showing a contraction of over $3,144,000,000), and against $8,114,395,681
in 1928.
The influences responsible for the falling off, of course,
lie on the surface. In the first place, the 1929 total, as
already stated, was of extraordinary proportions, and in
the second place the conditions responsible for this total
of unexampled magnitude had themselves changed, making
smaller totals inevitable if there was to be a return to a
normal state of things. In the first six months of 1930
the totals of new financing still kept running pretty large,
[VoL. 132.
and it was not until the second half of the year that the
new financing began to dwindle with great rapidity and
to reach really diminutive figures. In the first three or
four months of the year there were still hopes of a speedy
revival in the financial markets as well as in the industrial
world. The last half of the year, as trade depression became steadily more pronounced, and as new adverse developments appeared, confidence began rapidly to wane, and
even more in financial circles than in trade and industry.
Reference has already been made in our remarks above concerning the financing for December, the closing month of
the year considered by itself, to the efforts of the Federal
Reserve authorities to stimulate revival in the security market by repeated reductions in their rediscount rates, the
process being carried to such lengths that in December
the rediscount rate of the Federal Reserve Bank of New
York, after repeated reductions earlier in the year, was
lowered to only 2%. Reference has also been made to the
further steps taken to promote easy credit and easy money
market conditions by the purchase of large masses of United
States Government obligations and bankers' acceptances, and
to the failure of the attempt to thus stimulate either the
stock market or the bond market.
In the last analysis the dwindling in the totals of financing was significant of the conditions existing in the monetary and financial world. Both short-term and long-term
funds were available in superabundance and at extremely
low interest rates, but the stock market and, still worse,
the latter part of the year the bond market continued persistently to decline, and, indeed, fell into a state of collapse,
where bonds depreciated in much the same startling fashion
as the public had become accustomed to witness in the stock
market. A situation of that kind, it is almost needless to
say, was not favorable to the marketing of new issues, a
point as to which no one was more keenly cognizant than
the banking and investment houses which make it a practice
to bring out new issues. In addition to all this, the absorbing capacity of the investment markets had unquestionably
been greatly reduced and weakened as the result of the
events of the antecedent long period, extending back to the
time of the stock market crash in the autumn of 1929, during which stock and bond values suffered reductions running into billions of dollars and during which time also
(owing to the extreme prostration of business) there was
little accumulation of new profits, upon Which latter the
country must always mainly rely for support in abs .bing
new security issues.
In the closing quarter of the year there came a new unsettling and highly disturbing development in an epidemic
of bank failures, especially numerous in the South, the
Southwest, and the Middle West, but also extending to other
parts of the country, and finally involved some very large
banking concerns in New York City and Philadelphia. It
is betraying no secret to say that the latter part of the year
leading bond and investment houses all the time had large
new issues in readiness to bring out When conditions should
be more propitious for the marketing of new securities, and,
as a matter of fact, were waiting patiently for a favorable
opportunity to place these prospective new offerings.
If the new financing during 1930 was greatly reduced in
volume, on the other hand it was also greatly improved in
character. Investment trusts and trading and holding companies which played such a prominent part in swelling the
new issues during 1929 were all but eliminated during 1930.
In the 12 months of 1930 these contributed only $232,737,079
to the total of the new capital issues. In 1929 they contributed no less than $2,223,730,898 to that year's grand
aggregate. It is worth pointing out that even after the
elimination of these investment trusts, &c., which belong in
a class by themselves since they serve merely to absorb
capital issues already outstanding, instead of creating really
new capital issues, a very substantial falling off in the
year's new financing during 1930 nevertheless appears. If
we deduct $232,737,679 from the $7,767,307,577 new capital
flotations of 1930, there remains $7,443,570,498, and if we
deduct $2,223,730,898 from the $11,592,164,029 of new issues
brought out in 1929 there remains for the latter year
$9,368,433,131, showing even on that basis a reduction of
$1,924,862,633. But it has also been pointed out above that
during 1930 the portion of the new issues representing
refunding was much smaller than was the case in 1929. If
•
FINANCI;L CHRONICLE
JAN. 17 1931.]
now we eliminate also the refunding issues and confine ourselves to the strictly new capital issues, and likewise eliminate the investment trusts, even on that basis a considerable
reduction appears from the very exceptional total of the
previous year. In that event, the amount for 1930 is reduced
to $6,805,877,740, and the amount for 1929 to $7,960,535,620,
snaking the contraction on that basis $1,154,657,880.
The Part Played By Investment Trusts, Trading and
Holding Companies.
As stated in the fofegoing, investment trusts and trading
and holding corporations, of the type so common in 1929,
did not cut much of a figure in the new capital flotation of
1930. Their contribution to our totals for the twelve months
of 1930 was only $232,737,079 against $2,223,730,898 for the
twelve months of 1929. The following shows the amounts
for each month of 1930 and also compares the total for the
whole of 1930 with preceding calendar years back to 1925.
FINANCING 13Y INVESTMENT TRUSTS, TRADING AND -HOLDING
COMPANIES DURING THE TWELVE MONTHS OF 1930.
Long-Term
Short-Term
Grand
Year 1930Bonds & Notes. Bonds & Notes.
Stocks.
Total.
January
$60,000,000
$3,250,000 $63,250,000
February
1,000,000
15,390,000
16,390,000
March
1,595,000
1,595,000
April
15,000,000
46,752,344
61,752,344
May
2,110,000
2,110,000
June
3,889,735
250,000
4,139,735
July
10,000,000
10,000,000
August
September
40,000,000
30,000,000
70,000,000
October
3.500,000
3,500.000
November
December
Total 1930
Calendar year 1929
1928
1927
1926
1925
$78,750,000
$41,000,000 $112,987,079 $232,737,079
$116,250,000
99.400,000
81,000,000
11,500,000
3,000,000
$1,000,000$2,106,480,898$2,223,730,898
1,600.000 689,670,670 790,670,670
4,500,000
89,40,978 174,906,978
4,000,000
55,600,000
71,100,000
12,070,000
15,070,000
Notwithstanding the big falling off shown in the foregoing,
It is not to be inferred that the investment trust has disappeared. As a matter of fact, the advertising columns of
the daily newspapers are filled with new offerings by investment trusts. These trusts, however, are not of the type
that was so prominent in 1928 and 1929. They do not
consist of large new capital issues offered for public subscription in the way common last year and in the way
always done by public utility, railroad, industrial and
other corporations. The practice now is to gather blocks
of securities of one kind or another and to issue participating interest in the same, split up into small units. These
units are then disposed of over the counter by distributing
groups or syndicates. Judging from the liberal way in
which display advertising placed by trusts of this type, or
their distributing groups and syndicates, have been appearing, a large measure of success is attending the offers of
at least a number of these investment units. Excepting
four or five instances, however, no information of the extent
of these sales is forthcoming, and being sales over the counter
It is impossible to make estimates regarding their amount.
Of course, in magnitude the disposals of this character
over the counter do not anywhere near approach those in
the old form, and yet they can hardly be treated as entirely
Insignificant. Only occasional statements appear as to
the extent of the sales in most cases. Foremost among
these trusts is the North American Trust shares, termed by
Its promoters as "the largest fixed investment trust." This
trust in January 1930 reported sales for the year 1929 of
$40,117,516, while in July 1930 it was announced by the
promoters that the $100,000,000 mark had been reached,
and on Oct. 14 it was further announced that sales had
passed the $125,000,000 mark. Advertisements at the
beginning of 1931 stated that investors had purchased $150,000,000 of the shares from which it would appear that
$110,000,000 must have been sold in 1930.
The second instance of the kind is that of the Bullock
group of trusts. It was announced recently that through
approximately 750 dealers in this country, Canada and
Europe, aggregate sales of shares of the four investment
trust companies sponsored by Calvin Bullock, had exceeded
$150,000,000. The trusts sponsored by the Bullock firm
are Nation-Wide Securities Co., formed in 1924, and United
States Electric Light & Power Shares, Inc., formed in 1927,
both of which are flexible trusts of the unit type; International Superpower Corp., a management trust specializing
in public utilities, and International Carriers, Ltd., which
latter, it is claimed, is the first and largest investment trust
specializing in railroad securities. The last-named company
was formed in August 1929. Nation-Wide Securities Co.
trust certificates, series B, organized in May 1930, reported
377
sales of 1,110,000 shares as of Dec. 31 1930. Another instance of the kind is that of the Corporate Trust Shares.
At the beginning of November John Y. Robbins, President
of Administrative eResearch Corp., sponsors of this investment trust, reported the total of Corporate Trust Shares
"outstanding in the hands of investors in the United States
and several foreign countries well over the 10,000,000
mark." On April 1 1930 it is stated there were only 2,152,000 shares outstanding, while in January 1931 the managers
reported that the total shares outstanding as at Dec. 31
1930 amounted to 12,892,000. Another trust reported to
be placing its share in large volume is Diversified Trustee
Shares, series C.. The American Trustee Share Corp.,
depositor and distributor of the shares in announcing this
week that Brown Brothers, Harriman & Co., are sponsoring
the sale of its shares, states that Diversified Trustee Shares
series C, is the "largest of the cumulative type of fixed investment trusts." Other fixed trusts, which are reported
to have success in placing their shares in large volume,
although the managers are not making public the extent
of the sales, are Cumulative Trust Shares, Independence
Trust Shares, Leaders of Industry Shares and Trustee
Standard Oil Shares. Another trust that obviously has
success in placing its shares with investors is Super-Corporations of America. This trust, organized in May 1930, and
sponsored by S. W. Straus & Co., Inc., reports sales of
3,186,000 shares for series A and series B as of Dec.31 1930.
In order to get some indications of the extent of the
movement we have addressed a letter of inquiry to all the
leading investment trusts of the fixed type and in the table
which follows undertake to summarize the results.
-Selling PriceSales
-Shares OutstandingDec 31 Dec 31
During
Dec 31
Dec 31
1930
1929
1930
Name of Trust
1930
1929
A B C Trust She
All American Investors Corp
Trust She cum ser A org
814
a126
Sept 1930
American Bank Stocks Trust
47,315
75
47,315
She org May 1 1930
American Composite Trust She
ail%
79
org May 1930
Am Industries Particip'n She
Am Investment Trust Sits
Am Railway Trust Sits
Am Securities She
Associated National She org
10,000
10,000
May 1930
Associated Union Tr She ser A
Automotive Participation She
Bank Stock Trust She ser A
(Equitable Invest Trust Inc)
Bank Stock Trust She (Participating Investors She CorP)Bank Stock Trust She ser
Bank Trust She
96,000
83
535,000
631,000
6%
Basic Industry She
Basic Insurance Sits
Bond Trust She ser B
54
a7%
60,000
60,000
Buckeye Trust She org Sept'30
Canadian Bankstocks Inc_
Chain Store Shareowners InC_
Chicago Dank ParticipationSlis
Chicago Bank She
Cincinnati Combined Securities Trustee She
Collateral Trust She
8%
113
25,000
290,000
265,000
Collateral Trustee Sits
19
500 22
1,750
Colonlan Investors She
1,250
Combined Trust She(of Standard Oil Group)
Common Stk Trust She ser Al
Consolidated Trust She org
64
36,000 a8%
36,000
July 1930
9
884,000 12,892,000 12,008,000
Corporate Trust She
Cumulative Trust She
Not active
Deposited Bank Sits ser CDSP
12%
7%
275,000
50,000
325,000
Deposited Bank She ser N Y
Deposited Insurance Sits ser A
16,000
org July 1930
16,000
Detroit Bank Participat'n Sits
Diversified Trustee Site
Diversified Trustee Sits ser B
Diversified Trustee Shs ser Cb Equity Trust Sits in America
First Custodian Sits
c57
32,000 010%
Fixed Trust 011 Shs orgMay'30
32,000
Foreign Govt Bond Trust CUB
Foremost Indust's Trustee She
Foundation Trusteed Shs_
Fundamental Trust Sits
a7.50 c7.25
Series A org Dec 1930
a8.25 c7.75
Series B org Dec 1930
c5%
a7
58,000
58,000
Income Trust Sits org Oct 1930
Independence Trust She
Integrity Trust She
InvestmentTrustShs(serA&B)
(Prudential Co, Chicago).
Investment Trust She (Investment Sits Corp, Calif)
Investors Trustee Site ser A_
Leaders of Industry Sits ser A.
d Leaders of Industry Sits ser
B and C
Major Corporation She org
a9%
54
66,000
66,000
April 1930
Michigan Sits set. A
Nation-Wide Securities Co
Trust Certificates ser B org
6%
1,110,000 an)
1.110,000
May 1930
National Industries She org
afiSi
636
August 1930
National Units of Am Sits...
NewYork Bank Trust She.
9%
c6
American Trust She_ -$40,117,516$150,000,000$110,000,000
Oil At Natural Gas She ser A
1,000
1,000
c5)4
org Nov 1930
Pioneer Trust She
Power & Rail Trustee She
Premier Shares Inc
Provident Trustee Site
Public Service Trust Sits
Railroad Investment Sits
378
FINANCIAL CHRONICLE
-Selling Price-Shares Outstanding-Sales
During
Dec 31 Dec 31
Dec 31
Dec 31
1930
1929
1929
1930
1930
51,665 12.25
79
51,666
Name of TrustRepublic Trust Shs orgMay'30
b Seasoned Securities Trust Shs
Second Custodian Sits
Selected American Shs
Selected Income Shs
Selected Managements Inc_
Selected Trust Shs
Short Term Trust Shs (Affiliated Dealers Inc)
Short Term Trust She ser U
S Shs Corp)
Standard American Trust Sits
org May 1930
Standard Collateral Trusteed
Common Stock Shs
Standard Oil Trust Shs
Standard Shs Inc
Super-Corporations of Am org
May 1930Series A
Series D
Trust Fund Shs
Trust Shs of America
Trustee Food She org Sept 1930
Trustee Standard Oil Shs
Trusteed American Bank Shs
org Nov 1930
20th Century Fixed Trust
org April 1930
Two Year Trust Shs
b Unified Service Trust Shs_
e Union Investment Trust_ _
United Common Tr Shs ser A2
United Fixed Shs ser Y
United Insurance Tr Shs ser F
United NY Bank Tr Sits ser C3
United Oil Tr She ser II
Universal Tr Shs org July 1930
B Elec Lt & Pow Shs mnc_
Utilities Public Service She_ -
None sold at all
three-quarters of the entire amount. In 1928, and particularly in 1929, a craze developed for stock issues because of
the supposed equity attaching to the same and on the theory
(as already stated) that they were destined to have a neverending rise, an illusion which the panic in the autumn of
1929 rudely destroyed.
The Convertible Feature.
Not given
36,301
60,120
13,186,000
Not given
In one particular the characteristics of the financing of
Not given a1034
734
1929 was largely maintained in 1930. We allude to the ten13,821
10%
1434
dency to make bond issues and preferred stocks more attractiv by according to the purchaser rights to acquire common
stock. In the following we group the more conspicuous
731
3,186,000 12103
6%
1210%
issues floated during the year 1930 containing convertible
one kind or another, or carrying subscription
Not given al1.50 9.1214 features of
rights or warrants to subscribe for or acquire new stock.
62,600
62,500
Not given
Not given
a9.75
714
a10
7
138 units 5,662 units 5,524 units *$800
116,720
116,720
a83I
*3800
67
a Original offering price; b Shares offered for sale only recently; no figures
available; c Ex-Dec 31 coupon; d First offered Nov 18 1930; e Each unit
comprises two documents, a "certificate" and a "participating share," $96 purchasing the "participating share" and $704 purchasing the "trust certificate."
*Per unit.
While the information contained in the above is manifestly imperfect, we figure that the investment trusts as a
whole must have made sales during 1930 aggregating 300,000,000. It is to be noted that sales of this type of fixed
trusts have been growing in magnitude notwithstanding
the steady decline in the price of the underlying securities,
and, as a consequence, in the participating units representing
the underlying securities. In trusts of this type the managers
confine themselves to the acquisition of the underlying
securities only as fast as they succeed in making sales of the
participating units. One would have thought that this
lowering of price with declines in prices of the underlying
securities would have deterred further purchases of the
participating units. But it seems to have worked in precisely the other way
Another particular in which the 1930 financing differed
sharply from that of the previous year was in the substitution of bond issues to a very great extent for stock issues,
and more particularly for common stock issues. This followed directly, of course, as the result of the destroying of
the illusion that the so-called equity in stocks was of such
value that the stocks could keep rising forever. This notion
was found to be a fiction when the stock market suffered
such a serious blow in the autumn of 1929, and, accordingly,
stocks began to lose caste. In addition, stock speculation
itself fell in disfavor, the public appetite for stocks having
In great measure disappeared when the bottom so completely dropped out of the market in the crash of 1929,
and when, after some recovery in the early months of 1930,
stocks took a further plunge downward during the remainder of 1930. What a change in the composition of the new
Issues this change in sentiment and in public favor worked
appears from a glance at the elaborate tables we give on
subsequent pages. Taking for comparison simply the domestic corporate issues and disregarding the foreign corporate
Issues, since they were in much lesser degree affected by
the speculative fever, it is found that in 1929 out of total
corporate issues of $9,376,552,843 no less than $5,061,849,892
consisted of common stock and $1,694,749,201 more consisted
of preferred shares, while the bond and note issues, shortterm and long-term, footed up no more than $2,619,953,750.
On the other band, in 1930, out of a grand total of domestic
corporate issues of $4,957,129,653 the amount contributed
by common stock was no more than $1,105,018,763, and with
preferred stock issues of only $421,538,230, while the bond
and note issues made up a total of $3,430,572,660. It was
only during 1928 and 1929 that common stocks cut such a
conspicuous feature in the totals. Prior to 1928 corporations obtained the bulk of their new capital through bond
and note issues. In 1927, out of a total of domestic corporate
issues of $6,506,892,679, but $683,505,277 consisted of common stocks, being only a little over 10`io of the whole, $1,054,665,202 more consisted of preferred stocks, while the bond
and note issues aggregated $4,768,722,200, or not far from
[vol.. 132.
CONSPICUOUS ISSUEST7LOATED IN THE YEAR 1930 WITH
CONVERTIBLE FEATURES OR CARRYING SUBSCRIPTION
RIGHTS OR WARRANTS.
January
860,000,000 Insull Utility Investments, Inc., 10
-year deb. 6s B, 1940,
with non-detachable warrants whereby each $1,000 debenture may be surrendered at its principal amount in exchange
for common stock during the calendar years 1930 to 1934 at
prices ranging from $65 to $125 per share. Each warrant
also provides for purchase of ten additional shares of common
stock during the same period at prices ranging from 36234 to
$115 per share.
30,000,000 Associated Gas & Electric Co. cony. deb. 5s, 1950, convertible after March 15 1931 and on or before March 15 1933
into class A stock at rate 0(18 shares for each $1,000 debenture.
10,000,000 Northwestern Power Co., Ltd. (Canada), 1st mtge. cony.
6s A, 1960, convertible into Winnipeg Electric Co. common
stock up to Jan. 2 1945 at prices ranging from $65 to $100
per share.
6,000,000 Associated Telephone Utilities Co. cony. debs. 534s 0,
1944, each $1,000 debenture convertible up to May 1 1932
into 33 shares of common stock and thereafter to and including May 1 1935 into 30 shares of common stock. Each $500
debenture carries proportionate privilege.
Fehruary$63,0310,00 Baltimore & Ohio RR. cony. 4345 1960, convertible into
common stock at any time from Feb. 1 1931 to Feb. 1 1946
at prices ranging from $120 to $130 per share.
16,000,000 Pacific Northwest Public Service Co. cony. deb. 6s 1950,
each $1,000 principal amount of debentures convertible into
25 shares of class A stock of Central Public Service Corp.,
at any time on or after Sept. 1 1930 and before Sept. 11933.
12,900,000 The European Electric Corp. Ltd. (of Canada), deb. 654s
1965, carrying warrants to purchase class A common stock
at any time on or after April 1 1930 at rate of 30 shares for
each $1,000 debenture.
10,000,000 Crown Zellerbach Corp. deb. 6s 1945, each $1,000 debenture
carrying a warrant to purchase 20 shares of common stock
up to March 1 1935 at prices ranging from $20 to $25 per share.
Debentures of $500 denomination carry proportionate warrant.
March
$40.000.000 Royal Dutch Co. for the Working of Petroleum Wells
in the Netherlands-Indies deb. 4s A 1945, each debenture
to carry a non-detachable warrant to purchase on or before
April 1 1936 (or in event of redemption prior thereto, on or
before the redemption date), 15 New York shares representing
common stock at $66 2-3 per share on or before April 1 1933,
and thereafter, on or before April 1 1936, at $70 per New York
share.
32,228,000 Chicago Rock Island & Pacific Ry. cony. 434s 1960, convertible into common stock at any time on and after May 1
1931 and before May 1 1940 at $125 per share.
25,000,000 Allegheny Corp. coll, trust cony. 5s 1950, each $1,000 bond
convertible at any time on or prior to April 1 1945. or earlier
redemption date, into six shares of cumulative 534% pref.
stock series A without warrants, and 10 shares of common
stock.
12,500,000 Allegheny Corp. cum. 534% pref. stock, series A, carrying
warrants (detachable on or after July 1 1930, but not prior
thereto except when exercised or on redemption) to purchase
at $40 per share 134 shares of common stock for each share
of preferred stock, such right to expire April 11940.
20,000,000 Rhine-Westphalia Electric Power Corp.cons. mtge.6s 1955,
carrying non-detachable warrants to purchase up to April 1
1931, four "American Shares" for each $1,000 of bonds, at the
price of $45 per share.
15,000,000 Union Oil Co. of California deb. 5s 1945, each $1,000 debenture carrying a warrant, detachable on or after Oct. 1 1930,
to subscribe, on or before April 1 1938, for 10 shares of capital
stock at prices ranging from $60 to $75 per share.
10,000,000 American Commonwealth Power Corp. cony. deb. 613
1940, convertible at their principal amount after Aug. 15 1930
and before Feb. 20 1940 into class A common stock at prices
ranging front $27.50 to $35 per share.
10,000,000 Associated Gas & Electric Co. cony. deb. 5s 1950 each
$1,000 debenture convertible at any time after March 15 1931
and on or before March 15 1933 into 18 shares of class A stock,
with adjustment of interest and dividends on conversion.
April
$60.000,000 Republic Steel Corp. 6% cum, cony. pref. stock, convertible
into common stock on basis ranging from 1 share to 1,A shares
of preferred stock for 1 share of common stock.
30,000,000 General Theatres Equipment, Inc., cony. deb. 6s 1940.
convertible at any time after Jan. 1 1931 and prior to maturity
into common stock on basis of 21 shares of stock for each $1,000
of debentures.
30,000,000 Van Sweringen Corp. 5-yr. 8% notes, May 1 1935 with
warrants (detachable on or after May 1 1932, but not prior
thereto except when exercised or in event of redemption)
entitling holders to purchase 20 shares of common stock, for
each $1,000 of notes, at $25 Per
share.
22,000,000 McKesson & Robbins, Inc. cony. deb. 534s 1950, convertible
into common stock on and after July 1 193Q, and prior to
maturity or earlier redemption at following rates: On or after
July 1 1930, and on or before April 30 1932 at rate of 1 share
for each $40 principal amount of bonds, the conversion price
increasing $2.50 per share on May 1 1932 and on May 1 in
each succeeding year up to and including May 1 1935 and on
May 1 1936 and on May 1 in each succeeding year thereafter
to and including May 1 1949 increasing $5 per share.
15,000,000 Niagara Share Corp. of Md.cony. deb. 534s 1950, convertible
at any time on or before May 1 1932 into 44 shares of common
stock and at any time thereafter on or before May 1 1936
into 40 shares per $1,000 debenture.
JAN. 17 1931.]
FINANCIAL CHRONICLE
379
250.000shs. Midland United Co. cony. prof. stock series A, convertible issues for the 12 months of 1929 reached only $88,250,000
to June 30 1933 on basis ranging from one and four-tenths
shares to one share of common stock for each share of preferred. against $051,120,000 for the 12 months of 1928 and $777,Each certificate for convertible preferred stock series A accompanied by a warrant to purchase an equal number of shares 125,300 for the 12 months of 1927. In 1930, however, the
of common stock up to and including Dec. 31 1930 at $28X
foreign Government offerings outside of those for Canada
per share.
12,000,000 South American Railways Co. cony. 6s April 15 1933 con- again increased, reaching $481,886,000. The foreign corvertible into common stock, with warrants attached, of the
Public Utility Holding Corp. of America on basis ranging porate offerings other than those for Canada remained small,
from 35 shares to 25 shares for each $1,000 of notes.
being only $219,052,000 for 1930 and $335,694,386 for 1929
12.000,000 Skelly Oil Co.6% cum. pref. stock, each certificate bearing a
non-detachable warrant to purchase 2 shares of common against $605,501,700 in 1928.
stock for each share of preferred up to May 1 1933 at prices
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES.
ranging from $42 to $50 per share.
(Including Canada, Its Provinces and Municipalities.)
May—
New Capital.
Calendar Year 1930—
RefUnding,
Total.
$120,000,000 Cities Service Co. cony. deb. as 1950, exchangeable between Canada,its provinces& municipalities_ 2130,586,000
$7,158,000 $137,744,000
Dec. 1 1930 and June 1 1931 for COMMOD stock at $27.50 per
417,306,000
64,580,000
481,886,000
share. Conversion price will increase $1.25 a share every six Other foreign government
months until June 2 1935,when it will reach $38.75 per share.
$547,892,000 $71,738,000 $619,630,000
Total foreign government
Conversion privilege expires Dec. 1 1935.
Canadian corporate issues
251,246,390
45,851,000
297,097,390
210,075,000
8,977,000
30,000,000 B. F. Goodrich Co. cony. deb. 6s 1945, convertible at prin- Other foreign corporate issues
219,052,000
cipal amount into common stock up to maturity at prices
$1,009,213,390 $126,566.000 $1,135,779,390
ranging from $65 to $80 a share.
Grand total
20,000,000 New England Gas & Electric Assn. cony. deb. 5s 1950, Calendar year 1929
$757,837,569 $22,032,717 $779,870,286
Issuec
an aggregate
eretiglael
one-half of the amountera
-ohrage
bonds acon cg
co
itua l
1,319,167,987 257,652,913 1,576,820,900
1928
in
order
for
1,561,119,925 163,564,500 1,724,684,425
1927
the first
any month through May 1 1933 into $5.50 divi1,145,099,740 204,693,300 1,349,793,040
1926
dend series pref. stock at rate of 10 shares for each $1,000
1,086,160,500 221,147,000 1,307,307,500
1925
bond.
996,570,320 248,225,445 1,244,795,765
1924
360,216,279
79,941,679
280,274,600
1923
11.500,000 Southern Natural Gas Corp. cony. deb. 68 1944, convert759,776,034
634,511,034 125,265.000
1922
ible into common stock up to Jan. 1 1940 on basis ranging
577,517,000
50,000,000
1921
527,517,000
from 45 shares to 20 shares for each $1,000 of debentures.
522,448,887
1920
383,450,887 138,998,000
605,559,300
342,130,300 263,429,000
1919
June—
$50.000,000 Middle West Utilities Co. convertible 6% notes 1931-35.
It is always interesting to analyze the foreign issues, and,
each $1,000 note convertible into 20 shares of common stock
on or before Dec. 31 1932 and thereafter prior to Dec.31 1935 therefore, we bring them together below. In the case of
Into 173 shares.
14,931,000 Armstrong Cork Co. cony. deb. 55 1940, convertible at any government loans it will be observed that South American
time on or before maturity into common stock at prices rang- issues accounted for $227,556,000, Europe for $141,830,000,
ing from $65 to $80 per share.
5,000,000 Hudson Bay Mining & Smelting Co., Ltd. cony. deb. 13s Japan for $50,000,000, Cuba for $40,000,000 and Australia for
July 15 1935, convertible into stock as follows; 1 share for $22,500,000. The South American loans comprised $100,each $10 of debentures from July 15 1930 to and including
July 15 1933; 1 share for each $12% of debentures thereafter 000,000 for the Argentine Nation; $47,275,000 for various
to and including July 15 1934 and 1 share for each $15 of deprovinces and cities of Argentina; $25,000,000 for the Repubbentures thereafter to and including July 15 1935.
5,000,000 The Sazet Co. cony. let lien coll. 65 A 1945, convertible at lic of Chile; $2,200,000 for the City of Santiago, Chile;
principal amount into common stock from Dec. 15 1930, up
$35,000,000 for the State of San Paulo, Brazil; $17,581,000
to maturity at prices ranging from $16 to $40 per share.
July—
for the Republic of Uruguay, and $500,000 for the City of
$15,000,000 California Packing Corp. cony. deb. 55 1940, convertible
from Oct. 1 1930 and prior to maturity into common stock at Barranquilla, Colombia. Canadian Government, provincial
prices ranging from $70 to $90 per share.
and municipal issues accounted for $137,744,000 during the
4,000,000 Continental Roll & Steel Foundry Co. 1st mtge. cony. 6s
A 1940, convertible at face value to and including June 1 1935 year. European Government financing comprised $98,250,000
into common stock at prices ranging from $40 to $60 per share.
for the German Government; $1,000,000 for the Free State
August—
$2,500.000 Twin States Natural Gas Co.cony.deb. Os Feb. 1 1933,con- of Bremen; $25,000,000 for the Austrian Government;
vertible any time after Feb. 1 1931 and up to but not after the
10th day prior to maturity, or if called for redemption, at any $8,000,000 for the City of Helsingfors, Finland; $5,000,000
time up to but not after 10th day prior to redemption date
Into class A stock at prices ranging from $15 to $18 per share. for the Hungarian Government and $4,580,000 for the City
of Bergen, Norway.
-year cony. 6s, July 1 1932,
1,500,000 Federal Public Service Corp.2
convertible prior to maturity into class A participating comIn respect to foreign corporate issues, Canada heads all
mon stock of Union Power Corp. on basis of four shares for
each $100 of notes.
countries with $297,09'7,390, comprising 29 separate offerSeptember
100,0000s. Appalachian Gas Corp. $7 cony. pref. stock, series A, ings. Germany ranked next with $86,655,000, while the
convertible on or before Dec. 31 1943, into corn. stock on Netherlands was third with $40,000,000.
Italy ranked fourth
bases ranging from 10 shares to six shares for each share of
preferred.
with $20,060,000. Taking into consideration both govern100,000shs. Seaboard Public Service Co. $3.25 cony. pref. stock, each
share carrying a non-detachable warrant to purchase one ment loans and corporate issues, Canada raised $434,841,390
share of cora, stock up to June 1 1935 at prices ranging from in our money market during the year, leading all countries.
350 to $75 per share; each share also convertible up to June 1
1935 into 19-30ths of one share of common stock.
Germany ranked second with $185,905,000, while Argentina
$2.500,000 Illinois Paicifc Coast Co. cony. 6s, 1945, each bond cony. was third with $147,275,000 and Japan fourth with
Into corn, stock up to maturity at prices ranging from $16 to
$30 per share.
$50,000,000.
October—
In the following we furnish full details of the foreign
$20.000,000 Gillette Safety Razor Co. cony. deb. 5s 1940, each $1.000
debenture convertible at any time into 10 shares of corn.stock. government and foreign corporate issues brought out in
3,500,000 Seaboard Continental Corp. guaranteed cony. 6s A 1940, the United States during the year ended Dec. 31 1930:
each bond convertible at prin. amount into units of one share
each of pref. and corn, stock at price of $100 per unit up
to Dec. 11933; price increases $5 per unit on Dec. 2 1933 to CANADIAN GOVERNMENT, PROVINCIAL AND MUNICIPAL ISSUES
PLACED IN UNITED STATES IN THE YEAR ENDED DEC. 31 1930.
Dec. 1 1936 and an additional $5 per unit to Dec. 1 1939.
January—
Price.
Yield•
2,000,000 The Davison Realty Co. 10-yr. 6s 1940, bearing warrants to
$3,000,000 Saskatchewan (Province of) 5s, 1958
99.27
5.04%
purchase 10 shares of common stock of Davison Chemical Co.
2,800,000 New Brunswick (Province of) 5s, $2,158,000 ref. and
for each $1,000 note, or 5 shares for each $500 note, at $30
$642,000 new capital, 1960
98,93
5.07%
per share on or before Sept.30 1931, with successive increases
1,750,000 Winnipeg, Man., 58. 1940-60
99.02
5.07%
of $5 per share in price during each 12 months up to and in1,500,000 Vancouver, B. C., 5s, 1944 and 1969
5.09%
98.58
cluding Sept. 30 1940.
250,000 Hamilton, Ont., 58, 1948
5.20%
95.68
November
February—.
35,000,000 Straus Manhattan Co., Inc. let cony, coll. trust 65 Dec. 1
5,000,000 Toronto, Ont.,4s and 5s, 10 to 30 years
5.08%
97.597
1933, convertible into deposited collateral on any date on 3
1,000,000 Greater Winnipeg W.D., Man., 5s, ref.. 1970
5.09%
98.52
days notice up to Dec. 1 1932, on basis of 100% for bonds and
March—
100 for collateral.
$2,000,000 Saskatchewan (Province of), Ois, 1960
5.03%
91.77
3,000,000 Western Utilities Corp. 1-yr. coll, trust cony.53 Dec. 11931,
2,000,000 Vancouver, B. C., 5s, 10 to 40 years
5.02%
99.737
convertible at any time prior to Nov. 1 1931, into 1st lien coll.
April—
trust 6s Dec. 1 1949. on a par for par basis.
S3,000,000 New Brunswick (Province of), 45,1s, 1940-1960
97.351
4.94%
1,000,000 Manitoba (Province of). 430, 1960
4.89%
93.937
1,250,000 Municipal Telephone & Utilities Co. 1st coll. lien & ref.
1,000,000 Montreal Protestant School Board, Que., 5s, 1931 to
cony. 6s A April 1 1933, convertible at principal amount into
5.12%
98.58
1960
class A common stock up to Oct. 1 1932 at prices ranging from
May
-$14Si to 515X per share.
$18,000,000 Ontario (Province of), 4348, $14,000,000 new capital
December—
and $4,000,000 refunding. 1931 to 1970
94.41
4.91%
The one conspicuous issue with convertible features or carrying sub9,000,000 Toronto, Ont., 5s, 1931 to 1950
100.2149 4.96%
scription rights or warrants has already been mentioned above in our
June—
analysis of the financing done during December.
None
July—
The Extent of the Foreign Issues.
$1,250,000 Alberta (Province or), 4345, 1960
93.79
4.92%
1,350,000 Newfoundland (Government of), 5s, 1955
99.31
5.09%
August—
financing on behalf of foreign countries during
New
$500,000 Saskatchewan(Province of), Ois, 1955
4.65%
97.96
1930 again increased. In 1929, it will be recalled, it fell
September—
98.27
4.61%
proportions. This followed from the two-fold $1,750,000 Winnipeg, Man., 434s, 1937 to 1960
to small
Oaober—
due 1960,
cause that the gigantic speculation on the Stock Exchange $70,000.000 Canada (Dominion of), 4s,bankers optional on or
after Oct. 1 1950. The
purchased $100,95.25
000,000 bonds which were reoftered at
at that time absorbed all available funds and that the high
4.28%
3,094,000 Nova Scotia (Province of), 4,lis, 1960
97.63
4.64%
rates ruling here for money for most of the year, by reason
2,500,000 Vancouver, B. C., 48, 104010 1970
101.63
4.89%
November
removed all inducements for borrowing
of this speculation,
32,500,000 Saskatchewan (Province on, 4s,1935
97.15
4.65%
December—
here even if banking houses had been willing to take the risk
99.50
4.26%
here, which they were not, except $3,500,000 British Columbia (Province ot), 48, 1932
of floating foreign issues
$137,744,000 Grand total (comprising 2130,586,000 new capital
in special cases. Excepting Canada the foreign government
and $7,158,000 refunding).
380
FINANCIAL CHRONICLE
OTHER FOREIGN GOVERNMENT SECURITIES SOLD IN THE UNITED
-GOVERNMENT AND MUNICIPAL.
STATES DURING 1930
Yield.
Price.
January-$4,000,000 Province of Buenos Aires (Argentina), 8 months (is,
Placed privately.
June 30 1930
February
5.70%
98
$40,000,000 Republic of Cuba public works 535s, 1945
March
$8,000,000 Province of Buenos Aires (Argentina) 8355, 1961
8,000,000 City of Helsingfors (Finland) 6355. 1960
10,000,000 City of Sydney (Australia) 5358, 1955
9535
95
90
April
$50,000,000 Argentine Nation 5% Treasury notes, Oct. 1 1930_ _100
99
500,000 City of Barranquilla (Colombia) 85 "E," 1949
9534
3,675,000 Province of Buenos Aires tArgentina) 6355, 1961
9135
25,000,000 Republic of Chile 65. 1963
35,000,000 State of San Paulo (Brazil) 7% coffee realization loan,
96
1940
9235
7,500,000 City of Sydney (Australia) 5358, 1950
MaP86,000,000 Province of Cordoba (Argentina) 535% notes, Nov.
100
10 1930
90
50,000,000 Japanese Government 535s, 1965
4,000,000 Province of Santa Fe (Argentina) 6% notes, March
100
2 1931
9631
2,200,000 City of Santiago (Chile) 75. 1961
98
17,581,000 Republic of Uruguay 65, 1964
8.85%
6.90%
6.30%
5.00%
8.10
6.85%
6.63%
7.50%
8.15%
5.50%
8.20%
6.00
7.30%
6.15%
June
6.30%
9635
$5,000,000 City of Brisbane (Australia) 65, 1950
90
620%
98,250,000 German Govt. International 534% Loan, 1965
July
7.40%
$25,000,000 Austrian Government International 7% Loan, 1957._ 95
16,100,000 City of Buenos Aires (Argentina) 6 months, 55. Jan.
100
5.00%
1 1931
1,000,000 Province of Tucuman (Argentina) 1-year notes, July
Placed privately.
1 1931
August
5.23%
9635
$2,680,000 City of Bergen (Norway) 55, 1960
September
100.38
4.62%
S50,000,000 Argentine Nation 1-year 58, Oct. 1 1931
97
5.25%
1,900,000 City of Bergen (Norway) 58 1949
1,000,000 Free State of Bremen(Germany)3 mos.treas. notes.- Placed privately.
October
None
November
$4,500,000 Province of Cordoba (Argentina) 6 months 58, May
9935
8.00%
1 1931
5.75%
5,000,000 Hungarian Govt. 1-year treasury bills, Nov. 21 1931_ ____
December
None
$481,886,000 Grand total (of which $417,308,000 new capital and
$64,580,000 for refunding.)
CANADIAN CORPORATE ISSUES.
Price.
Yield.
January9935
5.03%
$18,000,000 Canadian National Ry. Co. 55. 1970
5.63%
3,000,000 Montreal Tramways Co. gen. & ref. mtge. SD,1955 9135
8.14%
10,000,000 Northwestern Pr. Co., Ltd., lirt M.cony.65 A. 1960 98
February
5.00%
$5,000,000 Bell Telephone Co. of Canada 1st M.58 B. 1957_....100
9,400,000 Canadian National (West Indies) Steamships, Ltd.,
5.00%
100
5s, 1955
12,900,000 European Electric Corp.,Ltd.(of Canada),deb.6358,
100
6.50%
1965
15,000,000 Shawinigan Water St Power Co. let & coll. trust 58,
98
5.10%
C. 1970
- March
$5,000,000 Montreal Light, Heat & Power Consolidated 1st ref.
99
5.05%
& coll. 5s B, 1970
Apr1194
5.40%
18,000,000 Calgary Power Co., Ltd., 1st mtge. 5s, 1960
---- 4.00-5.00%
4,238,000 Grand Trunk Western RR. equip. tr. 55, 1930-44
1,000,000 West Canadian Hydro-Electric Corp., Ltd., 1st mtge.
9935
6.05%
6s A, 1950
350,000 West Canadian Hydro-Electric Corp., Ltd., cony.
100
6.50%
deb. 635s, 1945
May
osyi
6.04%
$13,000,000 Aluminium, Ltd., 6% cum. pref. stock
June
4.90%
$7,500,000 Bell Telephone Co. of Canada let mtge. 5s C, 1960_10135
99
4.82%
50,000,000 Canadian National Ry. Co. 434s, 1955
15,750,000 Canadian National Rys. equip. trust 4358 L, 1931-45 ...... 4-15-4.85%
NO
5,000,000 Hudson Bay Mining & Smelting Co.. Ltd.,cony.deb.
100
6s, July 15 1935
8.00%
July
98
4.62%
$25,000,000 Canadian Pacific Ry. Co. coll. trust 4355, 1960
August
6.00%
Dominion Tar & Chemical Co.. Ltd., deb.6s,B 1949 100
$1.500,000
16,516,340 International Nickel Co. of Canada, Ltd., common
20
stock (82.5,817 shares)
8.22%
20,000,000 Ontario Pow.Serv. Corp.. Ltd.. 1st(c) M.535s, 1950 94.22
September
cony.
$700,000 Canadian American Public Service Corp. 1-year
9935
6.52%
secured 6s, July 15 1931
October
5.25%
$2,000,000 Montreal Tramways Co. gen.& ref. mtge. 5s D. 195.5 9635
845,500 Nova Scotia Light & Power Co., Ltd., 1st mtge. 5s
96
5.25%
A, 1958
5.80%
9,000,000 Ottawa Valley Power Co. let (a) mtge. 535s, 1970.- 9534
20,000,000 The Shawinigan Water & Power Co. let mtge.& coll.
9735
4.83%
4358 D, 1970
November
97
5.20%
12,000,000 Calgary Power Co., Ltd.. let mtge. 58, 1960
December
Shares).._ 30
$2,147,550 Aluminium, Ltd., common stock (71,585
3.00-4.60%
14,250,000 Canadian Paciflo Ry. equip. trust 4355 C, 1931-45_ _
$297,097,390 Grand total (of which $251,248,390 new capital and
$45,851,000 for refunding.
OTHER FOREIGN CORPORATE ISSUES.
Price.
January$5,000,000 United Industrial Corp. (Germany) 7% notes, July
9935
15 1930
February
16,160,000 General Italian Edison Electric Corp. American sh5. 44
(140,000 shares)
32,655,000 Siemens & Halske A. G. partic. deb& (35,000 deb.) _933 flat
March
$50,000,000 American dr Foreign Power Co., Inc., deb. 56, 2030- 90
20,000,000 Rhine-Westphalia Electric Power Corp. cone. mtge. 93
8935
40,000,000 Royal Dutch Co. deb. 48 A, 1945
AYr11$15,000.000 Berlin City Electric Co., Inc., deb. 6s, 1955 mtge. & 9035
10,000,000 Piedmont Hydro-Electric Co. (Italy) let
9135
ref. 6355 A, 1960
1933.100
12,000,000 So. American Rys. Co.cony.6% notes, Apr. 15
May
83.900,000 !tab:I-Argentine Electric Co. Amer. She.(50,000)- 78
June
-year 68,
$4,000,000 Central German Power Co. of Magdeburg 4
9834
June 1 1934
Bank 58, 1970.- 97
5,360,000 Kingdom of Norway Municipalities
July
9735
$10,000,000 Saxon Public Works 5% notes, July 15 1932
August
None
Yield.
5.55%
6.57%
5.00%
6.80%
7.20%
6.00%
6.50%
5.17%
8.35%
[VOL. 132.
Yield.
Price.
September$4,977,000 Midi RR. Co.(France) 4% bonds, 1960 (140,000,0001E35.55 per 1,000
1 franc bond.
francs)
October
None
November
None
December
None
$219,052,000 Grand total (of which 1210,075,000 new capital and
$8.977,000 for refunding.)
Large Domestic Corporate Issues During the Year.
Domestic corporate offerings of exceptional size during
the year 1930,in addition to those for December already mentioned were as follows:
-$150,000,000 American Telephone & Telegraph
January.
Co. deb. 5s 1965, offered at 99%, to yield 5.03%; $87,500,000
Pacific Telephone & Telegraph Co. common stock, offered
at par ($100); $60,000,000 Instill Utility Investments, Inc.,
deb. 6s B 1940, issued at 99%, to yield 6.07%; $50,000,000
International Telephone & Telegraph Corp. deb. 5s 1955,
offered at 96%, to yield 5.25%; $35,088,000 Chesapeake &
Ohio Ry. Co. ref. & imp. mtge. 4%s B 1995, offered at 94,
to yield 4.80%; $30,000,000 Associated Gas & Electric Co.
cony. deb. 5s 1950, issued at 90, to yield 5.85%; $30,000,000
Edison Electric Illuminating Co. of Boston 3-yr. 5% notes,
Jan. 15 1933, sold at 98%, to yield 5.45%; $25,000,000 New
England Power Assn. deb. 5%s 1954, priced at 95, to yield
5.88%, and $25,000,000 North American Edison Co. deb. 5s C
1969, offered at 95%,to yield 5.25%.
-$63,031,000 Baltimore & Ohio RR. cons'. 4%s
February.
1960, offered to the road's stockholders at 95, yielding
4.82%; $35,000,000 Western Union Telegraph Co. 5s 1960,
brought out at par; 750,000 shares Western Electric Co.,
Inc., common stock, offered at $40 per share, involving
$30,000,000; 540,000 Shares Marshall Field & Co., Inc., common stock, offered at $50 per share, accounting for $27,000,000, and $25,000,000 Morris and Essex RR. Co. construction mortgage bonds, comprising $15,000,000 series B 4%s
1955, priced at 96%, to yield 4.73%, and $10,000,000 series A
5s 1955, priced at 103%, to yield 4.76%.
March.
-$60,000,000 Pennsylvania RR. Co. deb. 4Y2s 1970,
priced at 94%, to yield 4.81%; 732,373 shares International
Telephone & Telegraph Corp. common stock, offered at $50
per share, involving $36,618,650; $32,228,000 Chicago Rock
/
Island & Pacific Ry. cons'. 4128 1960, offered at 95, yielding
4.80%; $25,000,000 Missouri Pacific RR. Co. 1st & ref. mtge.
5s H 1980, offered at 100%, and $25,000,000 Alleghany Corp.
coll, trust cony. 5s 1950, offered at 97, to yield 5.24%.
-$60,000,000 Republic Steel Corp. 6% cum. cony.
April.
pref. stock, offered at $95 per share, to yield over 6.30%;
$50,000,000 Erie RR. Co. ref. & imp. 5s 1975, issued at 95%,
-Oregon
to yield 5.25%; $41,294,000 Southern Pacific Co.
Lines 1st mtge. 4s A 1977, offered at 97%, to yield 4.63%;
1,250,000 shares Corporation Securities Co. of Chicago common stock, priced at $27% per share, involving $34,375,000'
1,938,155 shares Indian Territory Illuminating Oil Co. class
A stock, offered at $17 per share, involving $32,948,635;
$30,000,000 General Theatres Equipment, Inc., cony. deb. 6s
1940, offered at 99%, yielding over 6%, and $30,000,000 Van
Sweringen Corp. 6% notes, May 1 1935, issued at par.
May.
-$235,000,000 capital stock of American Telephone &
Telegraph Co., offered at par ($100); $120,000,000 Cities
Service Co. cony. deb. 5s 1950, issued at par; $55,000,000
Fox Film Corp. 6% notes, April 15 1931, offered at par;
$30,000,000 B. F. Goodrich Co. cony. deb. 6s 1945, priced at
98, yielding 6.20%, and $25,000,000 Massachusetts Gas Conipanies deb. 5s 1955, offered at 98, to yield 5.14%.
June.
-$60,000,000 Union Gulf Corp. coll. tr. 5s 1950, priced
at 99, to yield 5.08%; $50,000,000 Middle West Utilities Co.
cony. 4%s and 5s 1931-35, offered to yield from 4.50% to
5.62%; $38,305,600 Chesapeake & Ohio Ry, common stock,
offered at par ($100); 357,071 shares (E. I.) du Pont de
Nemours & Co. common stock, offered at $80 per share,
involving $28,565,680; 250,000 shares American & Foreign
Pr. Co., Inc. (Me) $6 cum. pref. stock, offered at $98% per
share, to yield 6.09% and $24,000,000 Cleveland, Cincinnati,
Chicago & St. Louis Ry. Co. ref. & imp. mtge. 4%s E 1977,
sold at 98, to yield 4.60%.
Ju/y.-$50,000,000 General Gas & Electric Corp. 41A% and
5% notes Aug. 15 1931-35, issued at prices to yield from
5.02% to 6.00%; 2,000,000 shares Hearst Consolidated Publications, Inc. class A 7% cum. partic. stock, offered at $25
per share, involving $50,000,000; $33,730,000 Texas Electric
JAN. 17 1931.]
FINANCIAL CHRONICLE
Service Co. 1st mtge. 58 1960, priced at 97%, to yield 5.14%
and $25,000,000 Pacific Gas & Electric Co. 1st & ref. mtge.
43s F 1960, offered at 96%, to yield 4.72%.
Augu8t.-$36,000,000 New York, Chicago & St. Louis RR.
Co. ref. mtge. 4%s C 1978, offered at 97%, to yield 4.60%;
$30,000,000 Swift & Co. 5% notes 1940, offered at par;
755,000 shares Warner Bros. Pictures, Inc. common stock,
offered at $20 per share, involving $15,100,000 and $15,000,000 Paramount Publix Corp. 5 s 1950, sold at 94%, to
/
1
2
yield 5.97%.
-$40,000,000 Portland General Electric Co. let
September.
& ref. mtge. 4%s 1960, offered at 93%, to yield 4.90%;
$40,000,000 Corporation Securities Co. of Chicago serial 4%s
and 5s Sept. 1 1931-35, priced to yield from 4.50% to 5.75%;
600,000 shares Insull Utility Investments, Inc. common stock,
offered to stockholders at $50 per share, involving $30,000,000; $23,735,000 The Pittsburgh, Cincinnati, Chicago &
St. Louis RR. Co. gen. mtge. 4%s C 1977, priced at 1001 a,
/
to yield 4.47% and $20,000,000 Consumers Pr. Co. 1st lien &
unif. mtge. 4%s 1958, priced at 101%, to yield 4.40%.
October.
-$30,000,000 short term notes of Edison Electric
Illuminating Co. of Boston, consisting of $10,000,000 1-yr.
3%s Nov. 1 1931, offered at 99.87 to yield 3.87% and $20,000,000 2-yr. 4s Nov. 1 1932, issued at 90.62, to yield 4.20%;
$20,000,000 Gillette Safety Razor Co. cony. deb. 5s 1940,
offered at 96, to yield 5.50%; $20,000,000 Panhandle Eastern
Pipe Line Co. gen. mtge. 6s A 1950, placed privately and
$15,000,000 The American Rolling Mill Co. 3-yr. 4 % notes
/
1
2
Nov. 1 1933, sold at 99%, to yield 4.60%.
November.
-$20,000,000 New England Power Assn. 5%
notes, Dec. 1 1932, issued at 99% to yield 5.25%; $14,000,000
Northern Indiana Public Service Co. 1st & ref. mtge. 42 E
/
18
1970, offered at 92, to yield 4.96%; $10,000,000 Northern
States Pr. Co. (Minn.) 1-yr. 4% notes, Dec. 1 1931, offered
at 99%, to yield 4.25% and $8,500,000 Illinois Pr. & Light
Corp. let & ref. mtge. 5s C 1956, issued at 95%, to yield
5.32%.
December.
-The large domestic corporate issues for this
month have already been enumerated in our remarks further above in analyzing the financing done during December.
The Chief Refunding Issues.
The most conspicuous issues brought out during 1930
which were to be used wholly or partly for refunding comprised the following: $35,088,000 Chesapeake & Ohio By. Co.
ref. & impt. mtge. 4%s B 1995, and $18,000,000 Canadian
National Ry. Co. 5s 1970, both offered in January to be
used entirely for refunding; $25,928,750 out of $50,000,000
Erie RR. ref. & impt. mtge. 5s 1975, issued in April; $20,000,000 out of $50,000,000 Canadian National Ry. Co. 4%s
1955, offered in June, $19,402,000 out of $20,000,000 Colorado
& Southern Ry. Co. gen. mtge. 4%s A 1980, sold in June;
$36,600,000 New York, Chicago & St. Louis RR. Co. ref.
mtge. 4 s C 1978, offered in August, to be used entirely
/
1
2
for refunding; $26,500,000 out of $30,000,000 Swift & Co.5%
notes 1940, also offered in August; $40,000,000 Portland
General Electric Co. 1st & ref. mtge. 4 s 1960, offered in
/
1
2
September and providing $29,000,000 for refunding and
$30,000,000 Edison Electric Illuminating Co. of Boston 1- and
2-yr. notes, offered in October, to be used entirely for
refunding.
Issues Not Representing New Financing.
In answer to questions that come to us from time to time
as to why our aggregate of corporate issues sometimes varies
from those shown in other compilations, it seems desirable
to point out that we rigidly exclude offerings of securities
which do not represent new financing by the companies
themselves. If a banking or investment house buys a block
of stock or bonds long outstanding and then offers the same
publicly, the operation is the same as a sale on the Stock
Exchange and in no wise represents an application for capital by the company itself. Accordingly, these transactions
cannot be treated as representing new financing. In the
course of a year such transactions are bound to be numerous
and involve a considerable sum in the aggregate.
During the year 1930 offerings of securities not representing new financing by the companies themselves amounted
to $81,180,658 as compared with $252,365,769 in 1929 and
$341,684,959 in 1928. These figures, as already stated, are
not included in our totals of new financing. A comparison
by months for the past three years follows:
381
January
February
March
April
May
June
July
August
September
October
November
December
1930.
1929.
1928.
$25.349,155 560,534.961 524,910.000
10.236,100 19.118.479
13.885,000
14.884,000 29,142,117 21,289,200
3,674.500
4,488,592 28,783,680
7,300.000 39.238.735 43,666,500
8,454.086 43.686,850
765,000
14,634.200 27,470,274
5,853.060
2,000,000 11,638,625
15,661,503 31,170,474 16.305,440
1,310,400
2.445,500 27.696,500
31,500,000 59.697.900
28,440,555
TotaL
581,180,658 5252.365,769 $341,684,959
Form Loan Issues.
Farm loan offerings during the year 1930 aggregated
$86,500,000. There were no offerings of this kind in 1929,
but in 1928 a total of $63,850,000 was offered. In 1927
farm loan financing totaled $179,625,000; in 1926 the total
was $131,325,000; in 1925 it was $188,225,000; in 1924 it
was $179,106,000; in 1923 no less than $392,505,000; in 1922
It was $386,415,000; in 1921 it was $121,940,000; in 1920
there were no offerings but in 1919 a total of $110,000,000
was offered.
January
February
March
April
May
Arne
July
REVISED GRAND TOTALS BY MONTHS.
$826,696,368 August
625,732.518 September
821,123,968 October
958,427.091 November
1,181,271,214 December
778,180,103
585,629,585
Total
6290,999,219
496,256,737
449,357,451
267,743,332
394,889,991
$7,676,307,577
Final Summary.
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
farm loan issues-for December and for the twelve months
of the calendar year. It should be noted that in the ease
of the corporate offerings we subdivide the figures so
as to show the long-term and the short-term issues separately, and we also separate common stock from preferred
stock, and likewise show by themselves the eanadian corporate issues, as well as the other foreign corporate flotations:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
New Capital. Refunding.
MONTH OF DECEMBER 1930Corporate:
Domestic
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreignLong term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Foreign Government, except Canada_
Farm loan issues
Municipal, States, cities, dro
Canadian
United States POSSe891008
Grand total
12 MONTHS ENDED DEC. 31
Corporate:
Domestic
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Foreign Government, except Canada
Farm loan issues
Municipal, States, cities. &O
Canadian
United States Possessions
Grand total
$
54.364,000
38,748.500
1,000,000
70,361,723
Total.
$
$
1,772,000
5,000,000
56,136,000
43,748,500
1,000,000
70,361,723
14,250,000
14,250,000
2,147,550
2,147,550
•
180,871,773
15.000,000
185,455,218
3,500.000
650,000
385,476,991
6,772,000
2,641,000
9,413,000
187,643,773
15,000.000
188,096,218
3,500,000
650,000
394,889,991
2,459,670,355 350.648,155 2,810,318,510
520,034,150 100,220,000 620,254,150
412,188,230
9,350,000 421,538,230
1,091,189,041
13,829,722 1,105,018,763
213,882,500
5,700,000
13,000,000
18,663,890
45,851,000
259,733,500
5,700,000
13,000,000
18,663.890
169,015,000
31,000,000
8,977,000
177,992,000
31,000,000
10,060,000
10,060,000
4,944,403,166 528,875,877 5,473,279,043
64,580,000 481.886,000
417.306,000
86,500,000
86,500,000
37,078,881 1,486,573,534
1,449,494,653
7,158,000 137,744,000
130,586,000
10,325,000
10,325.000
7 038.614.819
687.692.758 7,676,307.577
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1930 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give 'complete details
of the new capital flotations during December, including
every issue of any kind brought out in that month. Full
details as to the separate issues for each of the preceding
months of the year can be found in the monthly articles for
those months, these articles appearing usually on the second
or the third Saturday of the month.
SUMMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF DECEMBER FOR FIVE YEARS.
MONTH OF DECEMBER.
1930.
1928.
1927.
1926.
1929.
New Capital. Refunding.
Corporate-Total.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
Domestic—
$
$
s
s
s
s
$
$
$
s
$
$
$
$
$
Long term bonds and notes_
54,364,000
1,772,000
314,117,600 216,641,900 530.759.500 212,284,000
18,378,100 223,491,100
24,236.000 236.520,000
91,864,000
205,113,000
56,136,000
6,492,000
85.372,000
Short term
38,748,500
29,213,000
9,185,000
20,028,000
13,015.000
5,000,000
43,748.500
6,300,000
26,150.000
4.400,000
19,487,950
30,550.000
19.315.000
19,149.950
338,000
Preferred stocks
1,000,000
22,940,500 212,635,127
189,694.627
46,863,300
10,540.000
1,888,000 196,927,028
1,000,000
195.039,028
18,165,000
18,490,000
57,403,300
325,000
Common stocks
70.361,723
48,456,065
32,565.305
14.705,000
70.361,723
462,600.304
33,751.065
32,948,650 495.548,954
32,565,305
109,204,526
75,900.000 185,104,526
Canadian—
Long term bonds and notes14,250,000
850.000
47,006,000
4.040,000
14.250.000
42.966.000
850,000
30.000,000
30.000,000
Short term
Preferred stocks
12,500.000
1,605,000
12.500,000
1,605,000
Common stocks
2,147,550
2,147,550
Other foreign
Long term bonds and notes
33.500.000
17,650.000
35.000.000
68.500 000
7,600,000
17.650.000
7,600,000
Short term
10.000.000
10.000,000
Preferred stocks
Common stocks
5.000.000
5.000,000
Total corporate
180,871.773
76,076,000 429,303,605
61,654,750 1,002,728.082
941,073,332
588,591,292 263,472.400 852.063,692 353.227.605
83,055.000 344,946.476
6,772,000 187.643,773
261.891,476
Foreign Govt.(except Canada).
47,492,000
67,547.000
47,492,000
13.000,000
13.000,000
67,547,000
Farm Loan issues
15,000.000
8,000,000
15.000.000
8,000.000
Municipal, States, cities, &c...,._ 185 455
2,594.403 144,878,224
1,096,000 149,428,822
148,332.822
2.236,700 111,025,235 142,283.821
108,788.535
. .
1.523.893 290,827,938
218
2 641 000 188.
. .
096,218
289.304.045
Canadian
3,500,000
7.500,000
14,000.000
3.500.000
14,000,000
7,500.000
United States Possessions
650.000
2.216.000
750.000
1.516,000
650.000
750.000
700.000
Grand total
385,476,991
78,670.403 621.673.829
9.413.000 394.889.991
62.750,750 1.173.156,904
773.126.827 267,225.100 1,040,351,927 543.003.426
565.945,521
84.578,893 650,524.414 1,110.406,154
7ND
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF DECEMBER FOR FIVE YEARS.
Total.
New Capital.
1928.
Refunding.
35.895.000
69,584.000
1.500.000
79.479.000
95.703,000
11,750,000
if:caKioo
2,725.000
500,000
8.100.000
6,095,000
500,000
37,952.000
3.560,000
121,864,000
750.000
16,000,000
7.950.000
255,679.000
Total.
New Capital.
1927.
Refunding.
Total,
30.790,500
179,083.600
750,000
1,960.000
42,895.500
125,351,400
73.686.000
304,435.000
750,000
1,960.000
6,595.000
37.952.000
22,418,100
79,479.000
117.621,100
11,750,000
26,422.500
2,522.000
51,311.500
5.784.500
39,478,000
1,860.000
750,000
16.000,000
7.950.000
278.097.100
14,500,000
25,277,500
332,617,600
New Capital.
1926.
Refunding.
Total.
2,500,000
18,177,000
35,000,000
32.207,000
42.000,000
53.171.500
12,565,000
78,708.000
1,350.000
3,580.000
1,750.000
12,750.000
50.000.000
57,215,000
15.065,000
96,885.000
36,350,000
3,580.000
1,750,000
12.750,000
50.000.000
57,215,000
1,272.500
216.641,900
14,500.000
26,550.000
549,259,500
27.866.000
245,784,000
3.559.000
59.236,000
31,425.000
305.020,000
4,185,000
17.962,000
1.500,000
6.330.000
6,000.000
300,000
7.500.000
6,630,000
7,650,000
20,050,000
100.000
4,000,000
24,050,000
100.000
13.777,000
100,000
150,000
1,000,000
4,690,000
400.000
5,200,000
400,000
2.987.950
500,000
150.000
1,000.000
4.690,000
500,000
275,000
500.000
275.000
3,750,000
3.750.000
2,226,000
2,226,000
1,435,000
1,435.000
9,185,000
6.000,000
500,000
1.750,000
29,213,000
10.000,000
23,015,000
60.000
26,150,000
4,400,000
60.000
30.550.000
1.000.000
500,000
1.750.000
20,028,000
44,936,427
20.615.214
5,500,000
13.773.750
50,436.427
34,388,964
174,565,000
560,000
20.450,000
6,000,000
195,015,000
6.560,000
20.605.000
22,600,702
5.000.000
540,000
10.932,280
4,000,000
1.595,000
25,899,275
103.166,583
52,668.575
850.000
25,494.420
488,000
12.395,900
500,000
26,387,275
115,562,483
53.168,575
850.000
25,494.420
625,000
11.528,727
532,000
625,000
12,060,727
527,974
14,916,500
527,974
14,916.500
2,827,500
7.342.500
7,342.500
8.639,110
7,055,000
203,594.526
262.090,070
123.523,768
659.244,332
2.179,000
34,836,650
262.090,070
125,702,768
694,080,982
5,727,500
40,111.965
235,945,692
5,727,500
50,775.465
273,591,192
10.000.000
3.435.929
84.428,605
10,000,000
3.435.929
94.968,605
133,183.365
150,778.771
1.500.000
79.479.000
160,689.427
32,465.214
31.418,100
13.773,750
79,479,000
192,107,527
46,238.964
540.000
18,857,280
4.900,000
12,682,950
25,999,275
109.411.583
53,668.575
43.492.000
25:494,420
750,000
278,090,070
131.533,768
941,073.332
30.790,500
367,425,600
1,310.000
1,960,000
1,125,000
38,226,227
2.522,000
56.365,000
73,686,000
517,412,000
7.310,000
1,960,000
1,125,000
44,542,727
42,000,000
58.225,000
34.670,000
107.638.702
6.350,000
3,580.000
2.277.974
31,416.500
50,000,000
65,992,500
6,000,000
20,727,500
79,075,465
852.063,692
10,000,000
41,301.929
353.227,605
3.250.000
19,487,950
97.288,365
73,544,771
8,639.110
13.865.000
344,946.476
888,000
12,895,900
500.000
26,887.275
122,307,483
54,168,575
43,492,000
25,494,420
750.000
278.090,070
2.179,000 133,712,768
61.654.7501.002.728,082
5,000.000
2,827.500
1,000,000
20,727,500
67.139.465
588.591.292
10.663,500
37,645,500
42,895,500
149,986,400
6,000.000
6,316,500
39.478,000
1,860,000
5.000.000
11,936.000
263,472.400
6.300.000
10,540,000
10,540.000
8.500.000
29,017.000
35,000,000
3.559.000
76.076.000
10.000.000
29,315,000
20,605,000
33.140,702
5,000,000
43,170.000
136.655,702
41.350.000
3,580,000
2,277.974
31,416.500
50.000,000
65,992.500
10,000,000
44,860,929
429,303,605
arIDIKOUHO
1930.
1929.
MONTH OF DECEMBER.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds and Notes—
Railroads
14.250.000
14.250.000
35.895.000
Public utilities
23,834,000
1.000,000
24,834,000
63,092.000
6.492,000
Iron, steel, coal, copper, &c
1.500.000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
225,000
225.000
2,725.000
Oil
500,000
Land. buildings, Sm
29,877,000
29,877.000
8.100,000
Rubber
Shipping
Inv. trusts, trading, holding, dm__
Miscellaneous
428.000
772160
1.200.000
3.560.000
Total
68,614,000
1.772.000
70.386,000
115,372.000
6,492,000
Short Term Bonds and Notes—
Railroads
Public utilities
38,098.500
38.098,500
7,650.000
Iron, steel, coal, copper, Sm
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
5.000,000
5,000,000
5,200,000
Oil
400,000
Land, buildings, dm
125,000
125,000
2,987,950
Rubber
Shipping
Inv. trusts, trading, holding, dm-Miscellaneous
525.000
525,000
2.912.000
338.000
Total
38.748,500
5,000.000
43,748,500
19,149.950
338,000
Stocks—
Railroads
21,388,365
75,900,000
Public utilities
53,845.310
53.845,310
73,544.771
Iron, steel, coal, copper, dm
122,855
122.855
Equipment manufacturers
Motors and accessories
1.393,558
1,393.558
540,000
Other industrial and manufacturing
15.147,550
15,147,550
10,932,280
Oil
3,675.000
325.000
Land, buildings, dm
1.595,000
Rubber
Shipping
Inv. trusts, trading, holding, &c..
8,639,110
Miscellaneous
3,000,000
a.
3.000.000
7.055.000
Total
73,509.273
73,509,273
127.369,526
76,225,000
Total—
Railroads
14,250.000
14,250.000
57.283,365
75.900,000
Public utilities
115.777,810
1,000,000 116,777,810
144.286,771
6.492,000
Iron. steel, coal, copper, &c
122.855
122,855
1,500,000
Equipment manufacturers
Motors and accessories
1,393,558
540,000
1,393.558
Other industrial and manufacturing
15.372,550
5.000,000
18,857.280
20.372,550
Oil
4.575,000
325,000
Land, buildings. dm
30,002,000
30.002.000
12,682,950
Rubber
Shipping
Inv. trusts, trading, holding. &c.._
8.639,110
Miscellaneous
3.953.000
772.000
4.725.000
13,527.000
338.000
Total corporate securities
180,871.773
6.772.000 187.643.773
261.891.476
83.055,000
TWELVE MONTHS ENDED DEC. 31 FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE
1927.
1928.
1929.
1930.
New Capital.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
12 MONTHS ENDED DEC. 31 New Capital. Refunding.
•
$
$
$
$
$
$
$
$
Long Term Bonds and Note 395,057,490 372,453,010 767,510.500 297,146,000
505,689,000
298.997,500 206,691.500
391.742,240 189,413.760 581.156.00
719.318.250 226.662,750 945,981,000
Railroads
939,933.100 568,728,800 1,508.661.900 1,209,502,510 786,515,990 1,996,018,500 1,040.716,330
654.296.500 263,776.000 918,072.50
1.326,115.100 134,771.5001.460.886,600
Public utilities
80.582,500 172.175,000 141,147,000
91,592,500
70,695,600 186,452,000
115.756,400
3,186,500 128,200.00
125,013,500
27.700.000
4,075,000
23,625.000
12,159,000
Iron, steel, coal. copper, &c
22,615,000
22,615,000
7,215,000
7,215.000
1,850.00
1.850,000
14.217.000
14,217.000
67,750,000
Equipment manufacturers
52,350,000
130,000
52,220,000
5,800.000
780,000
5.020,000
150.00
150.000
Motors and accessories
92,855,300 546.970,700 275.027,000
454,115,400
112,249,600 381,236,000
268.986,400
2.075.000 265,741,33
263.666,339
27.355.000 256.031.910
Other industrial and manufacturm ; 228,676.910
94.018,600 354,400,000 119.362.200
260,381.400
75,000.000
31.747,000
43.253.000
15.416.000 186.900.000
171.484,000
6.950,000 173.000.000
• 166,050.000
011
36.540,000 573.304,500 621,536,000
536,764.500
90,270,000 683,664.050
593.394.050
5.129,000 333.874.100
328.745,100
70.000 171.072.500
• 171,002,500
6.750,000
70,000,000
Land, buildings, &c
60.000.000
10,000.000
1.300,000
1,300.000
1.000.000
1.000.000
30.000.000
30,000.000
20,950.000
25.585,000
Rubber
419,000
25,166,000
750,000
750.000
14.100.000
8.100.000
6.000,000
10.000,000
•
10.000.000
11,500,000
Shipping
81.000.000
81,000,000
99.400,000
1.012,000
98.388,000
116.250.000
116.250,000
78.750,000
78.750,000
Inv. trusts, trading, holding, &c
56,1566 528,480,500 279,855,000
81:2--474,223,540 45,242,000 461,425,000
416.183,000
12,905.000 295.020,000
282.115.000
80.405.000
5,591.905
74.813,095
Miscellaneous
1.127,416,500 3.916,592,950 3,612,638,340 1,577,771.360 5.190,409,700 2.893.898,530
2,842,567,855 405.476,1553,248.044.010 2,344,412,679 497,901.260 2.842,313.939 2,789,176,450
Total
8,000.000
20,150,000
Short Term Bonds and Note
650,000
19,500,000
29.500.000
17,000,000
12.500.000
26.860,000
5,360.000
21.500.000
14,500.000
2,500.000
12,000,000
92.283,100
57,194.200 139,622,000
Railroads
82,427.800
21,600,000 135.682,000
114,082,000
90.240.000
48,526.283
41,713.717
52.878,000 330.448.500
277,570,500
6,175,000
2,300,000
Public utilities
2,300,000
500,000
500,000
6.500,000
5,780.000
720,000
48.750,000
5.000.000
43,750.000
1.200.000
Iron, steel, coal, copper. &c
1,200,000
12.750.000
12,750,000
16.110,000
4,900,000
Equipment manufacturers
4.900,000
5,450,000
1.150.000
4,300,000
500.000
500,000
10.100,000
10300.000
49,101,000
21,800,000
Motors and accessories
4,950,000
7,792,000
16,850.000
2.488.100
5,303,900
21,950,000
21.950,000
96.705.000
22,350.000
74,355.000
16.023.500
50,200,000
Other industrial and manufacturing
12,350,000
37.850,000
18,200.000
10.694,200
7.505,800
2,400,000
2.400,000
7,500.000
657,000
6.843,000
26,832.000
Oil
40,304,500
1.666,000
38.638,500
38.969,600
1,441.500
37.528,100
74.318.150
1.200,000
73.118,150
57.530.650
835.000
56.695,650
32,250,000
Land, buildings, &c
18.900.000
15.000.000
3,900,000
500.000
8,625,000
Rubber
1,125,000
7,500.000
4,000.000
4,500,000
Shipping
4,500,000
1.600,000
1,600.000
1.000.000
1.000.000
41.000.000
41,000,000
31,144.195
61,897.000
Inv. trusts, trading, holding.
2.000,000
59,897,000
36.425.000
36.425,000
38,870.000
2,254,500
36.615.500
18.770,000
1.000.000
17,770.000
Miscellaneous
86,310,200 355.498.500 282,418,795
269,188,300
54,373,800 274,118,600
219,744,800
56,308,217 262,638,150
206,329,933
556,734,150 100,220.000 656.954.150
Total
40,845,000
-84,036,700 175,145,187
Stocks
91,108,487
52.597.650 139,954,700 192.552,350
75,900.000 209.179,885
133,279.885
66,055.600
66,055.600
68.319,500 841,737,928 464.885,946
773.418,428
Railroads
757,465,834 160,478,598 917.944.432
13,426,222 774.881,474 1,229.149.445 205,306.590 1,434.456,035
761.455.252
45,925,000
6.000,000 12.579,250
Public utilities
6.579,250
126.623.859
34.690,650
91.933,209
148,689,880 351,020,200 499,710.080
133,474,530
5.628,500
133.474,530
Iron. steel, coal. copper. &c
1.920.000
1.920,000
568.947
568.947
47.513.624
37.538,790
Equipment manufacturers
37.538,790
95,903,468
38,935,267
56,968,201
86,993.407
5.511,852
81.481,555
6.117.520
6.117.520
Motors and accessories
66,631.650 301,102.717 202.798,724
234.471,067
578.179,119 114,799,960 692,979.079
90,923.220 982.505.718
891,582.498
1.371,500 218.066,365
21,012,500 127.301,990
Other industrial and manufacturing 216.694,865
1,964,300
19,048,200
4,500.000 147,410.305
142,910,305
97.051,612
63,529.330 160.580,942
98.573,463
8.000,000
61,098,980
90,573.463
55,081.200
Oil
100,000
54,981.200
86.729.283
1,346,000
85,383.283
408,500 118,967,530
118,559,030
16,805,000
4,214,537
16.805,000
2,701.675
Land, buildings, &c
2.701.675
63,124.795
8,542.400
54,582,395
88.963,534
25,270.001 114.233.534
Rubber
20,400,855
20,400.855
23.178,000
23.178.000
55,600.000
89,406,978
Shipping
89,406,978
689,670,670
2.964,500
686,706,170
1,500,000 2.108,480.898
112.987.079 2,104.980,898
112,987,079
37,053.550 236.981,379 124.873,124
Inv. trusts, trading, holding, &c
199,927,829
50.272,240 591.906,385
541,634.145
13.342.40( 1.184,554.064
382,000 141.319.852 1.171.211.664
140.937.852
Miscellaneous
1.773.287.604 1,180.685,425
6.088,696.948 832,712,092 3,921.409,040 3.070,681,166 556,484,315 3.627,165,481 1,509,181,904 264,105,700
23,179.722 1,568,280.883
1.5457101.161
Total
Total—
505,665,977 457,139,710 962,805.687 345,991.000
364,095,150 363.646,200 727.741,350
546.522.125 270,673.760 817,195.885
797,373,850 229,162.750 1,026,536.600
Railroads
750,807,398 2,562,288,332 2.065.348,738 912,029,690 2,977,378,428 1,597.885.376
2,365,140.852 201,075.722 2,566,216.574 1,931,972,228 510,796,307 2,442.768.535 1,811,480.934 105.386,250 313,575,859
193,247,000
86,582,500 187,054,250
100,471,750
Public utilities
208,189.609
274,423.380 359,986,70( 634,410,080
9,075,001. 209,924.530
200,849,530
17,787,500
23,815,000
steel, coal, copper, &c
23.815,000
Iron,
9.135,000
9,135.000
2,418,947
2,418,947
26.967.000
26.967,000
130,000
94,788,790 131,373,624
Equipment manufacturers
94.658.781.
40.865,267 107,153.468
66,288,201
87,643,407
5.511,851
82,131,555
16,217.520
16.217,520
705,436,467 164,436,9.50 869,873,417 526,926,724
Motors and accessories
229.537.660 1.082,007,079
852,469,419
92.998,221 1.270.197.057
51,076,501 570,803.275 1,177,198,837
317,279,600 108,332.900 425,612,500 262,687.690
Other industrial and manufacturing 519,726.775
46,941.200 240,610,305
193,669,105
270.935,612
78.945.33( 349.880,942
15,607.001. 279.073.463
263.466,463
38.306,000 668.690,200 709.466.980
630,384,200
Oil
93,057,500 809,362.933
716,305,433
520.422.280
6,737,500 527,159,780
905.000 245,408.150
244,503,150
43,214,537
60,000,000
12,701.675
72,701,675
Land, buildings, &c
64.424,795
8,542,400
55,882,395
89.963.534
25.270.001 115.233.534
48.900.000
15.000,000
33,900,000
21,450,000
7,919,000
26.291,000
34.210,000
Rubber
21,150,855
21.150,855
37.278,000
6,000,000
31.278.000
10.000.000
10,000,000
71,100,000
174,906,978
174,906,978
Shipping
3,976,500 790,670,670
786,694.170
1,500,001 2.223,730,898
232.737.079 2,222,230,898
232,737,079
93,310,510 827,358.879 435,872.319
734.048.369
Inv. trusts, trading, holding, &c
95,514,240 1.089,756.385
994,242,145
28,501,901 1,518.444.064
6,973,905 240.494,852 1,489.942,164
233,520,947
Miscellaneous
1.928,187,260 7,319.195,804 4.357.002.750
. . ,
. .
A2A R7A R77 5 47:1 97A (14:1 8.639.439,560 .386,921,569 10026361 129 6,079,602.416 1.738.274,61
A QAA AM IAA
Total corporate securities
1926.
Refunding.
Total.
54.592,000 351.738.000
333.101,170 1,373,817,500
78,518,000 219,665,000
13,000,000
25.159,000
67,750.000
77.8-6:01515 352.833,000
-6
140.587,800 259.950,000
25.823,000 647.359,000
6.750.000
5.050.000
26.000,000
11.50(1.000
25,595,000 305,450,000
754,072.970 3,647,971,500
22,000.000
13.696,900
30.000,000
105.980,000
6,175,000
200,000
6,650,000
7.408,000
875,000
16,310,000
55.751.000
23,431,500
27.707,000
32,250,000
500,000
4.000.000
31.706.195
333,810,695
562.000
51.391,900
iSie7;666
8,617,200
TS:1- I88
2
89,032,925
40.845,000
488,153.846
54.542.200
5,628,500
47.513,624
215.921,299
216.334,915
61,098,980
4,214,537
4
55.600,000
3,045,500 127.918,624
137,086,100 1.317.771.525
76,592,000 422.583,000
370,065.970 1,967.951,346
87,135.200 280.382,200
13,000.000
30.787,500
200,000 131,573,624
97,578,575 624,505,299
237.028.725 499,716.415
26.698,000 736,164.980
43,214,537
5,050,000
26.500,000
71.100,000
29,202,500 465,074.819
942.550,970 5.299,553.720
11861 LI 'NIT
arlomiouno rIVI3NVNI3
TWELVE MONTHS ENDED DEC.31 FOR FIVE YEARS.
SUMMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM LOANS AND MUNICIPAL FINANCING FOR THE
1926.
1927.
1928.
1929.
1930.
Total.
New Capital. Refunding.
Total.
12 MONTHS ENDED DEC. 31.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate—
$
$
Domestic—
3.174.144,950 2,962,047,840 1,504,175,860 4.466,223,700 2.417,694.530 641.357,970 3,059,052,500
45,313.900 294.482,695
Long term bonds and notes- 2,459,670.355 350,648,155 2,810,318,510 1.873,464,340 495,901,260 2.369.365,600 2,174,842,950 999,302.000 264.868.600
81,810,200 302,498,500 249,168.795
220,688,300
54.373.800
210,494,800
45.875.500 250,588.150
204.712.650
520.034,150 100,220.000 620.254,150
34.256.000 543.579,500
Short term
874,210,602 180.454,600 1,054.665.202 509,323,500
1.694.749,201 1.149.139,062 248.002.300 1,397.141,362
9.350.000 421,538,230 1,516.742,661 178,006.540
412.188,230
98.802,800 676,561,985
Preferred stocks
83.651,100 683.505,277 577,759.185
599,854,177
13,829.722 1,105.018.763 4,407,144,340 654,705,552 5,061.849.892 1,811,591,954 282,482.015 2,094,073,969
1,091.189,041
Common stocks
62,508,000 197.130,000
Canadian—
49.808,500 244,661,000 134,622,000
194.852,500
72,832,000 221,178.000
148,346,000
285,550,000
285.550.000
1.328,000
45,851,000 259.733,500
78,000
1,250.000
2,000.000
Long term bonds and notes_ 213.882,500
2.000,000
250,000
250,000
5.700.000
4.000.000
5,700.000
4,000,000
Short term
16.770.000
16,770,000
52,105.000
26,000.000
26,105.000
10.400.000
10,400.000
13,000.000
13,000,000
990.000
990.000
Preferred stocks
1,980.000
1.980.000
8,613,400
8.613,400
18,163,900
18.163.900
18.663,890
18,663,890
Common stocks
50,815.000 394.789,000
Other foreign—
23.787,000 479,525.000 343.974,000
455.738,000
55.282.500 521,270.000
465.987.500
2.000.000 187.398.339
185.398,339
35,000.000
8.977.000 177,992.000
6,000.000
29,000,000
Long term bonds and notes- 169.015.000
51,000.000
4,500,000
46.500,000
10.000.000
10.000.000
12.050,000
10,432.717
1.617.283
31.000.000
47,740.000
31,000.000
47,740,000
Short term
14.030.000
14.030.000
103.837.200
103.837.200
i,119:566 44,900.040
Preferred stocks
41,480,740
16,367,125
16,367.125
60,201,750
60.201.750
32.408.847
32.408,847
10.060.000
10,060.000
Common stocks
5,391,008,544 1,928,187,260 7,319.195,804 4,357,002.750 942,550,970 5.299,553,720
4,944,403.166 528,875.877 5,473.279.043 8,639.439.560 1,386,921,569 10026 361.129 6,079,602,416 1,738,274.615 7,817.877,031
32,873,000 514.124.000
Total corporate
39,500,000 777.125,300 481,251.000
737,625,300
550.581,587 100,538.413 651.120.000
68,250,000
68.250.000
64.580.000 481.886,000
40,200,000 131.325.000
417,306,000
91,125.000
Foreign Govt.(except Canada)
92.800,000 179,625,000
86,825,000
63.850,000
63.850,000
86.500.000
86,500.000
21,516.785 1,365,057.464
Farm Loan issues
34,617,225 1,509.582,929 1,343,540,679
35,637.109 1,414.784.537 1.474,965.704
1,430,650.900 1,379,147,428
12.875.942
37.078,881 1.486.573,534 1,417,774.958
1,449,494.653
49,000,000 109.792,000
60,792,000
Municipal, States, cities, &c
45,969,000 135,256,000
89,287,000
38,052,750
3,000,000
35.052,750
61.812.000
9.600,000
52.212.000
7,158.000 137.744.000
130.586,000
10,422.500
10.422,500
Canadian
12,934.000
1,516.000
11,418.000
6.161,500
6,161.500
5.090.000
5.090.000
10.325.000
10,325,000
United States Possessions
9.991.845.818 7.791.129.548 2.142.589,485 9.933.719,033 6,344.133,929 .086.140.755 7,430.274.684
637.692,758 7.676.307.577 10182766.518 1.409,397.511 11592 164.029 8.114,395,681 1.877.450,137
7,038,614.819
Grand total
384
[VOL. 132.
FINANCIAL CHRONICLE
DETAILS OF NEW CAPITAL FLOTATIONS DURING DECEMBER 1930.
• LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Railroads
14,250,000 New Equipment
Company and Issue and by Whom Offered.
-4.60 Canadian Pacific Railway Equip. Trust 415s C, 1931-45. Offered by The Union Trust Co. of
3.00
Pittsburgh; Bankers Co. of New York; Brown Brothers & Co., and Bank of Montreal.
Public Utilities
300,000 Acquisitions; add'ns; extensions,&c
92
1,000,000 Additions, betterments, &c
1,000,000 Additions, improvements
94
9435
8,000,000 Additions; extensions
2,500,000 Acquisitions; construction, &c
9815
1,784,000 Refunding; additions, improvem'ts
500,000 Acquisitions; add•ns; extensions
To Yield
About.
Price.
9015
94
6,000,000 Additions, betterments, &c
90
3,7.50,000 Extensions, additions
89S$
6.10 Central West Public Service Co. 1st Lien Coll. 51i8 B, 1956. Offered by A.B. Leach & Co., Inc.
and Halsey, Stuart & Co., Inc.
5.44 Eastern Shore Public Service Co. let M.and lot Lien SOB, 1955. Offered by E. H. Rollins & Sons.
5.50 Kansas Power Co. 1st M. 5s A, 1947. Offered by E. H. Rollins & Sons; Spencer Trask & Co.:
Central-Illinois Co., Inc.; Stroud & Co., Inc.; Hill, Joiner & Co., Inc. and Pearson-Taft Co.
4.25-4.75 The Peoples Gas Light & Coke Co. 43-js and 4 Lis, 1933-36. Offered by Halsey, Stuart & Co., Ins.
6.20 Peoples Utility Service Corp. lot Lien Coll. Cony. 6s. 1940. (Convertible into class A stock on or
before Dec. 1 1933 on basis ranging from 70 shares to 40 shares for each $1,000 bond.) Offered by
First Guardian Co., Inc. and L. S. Saphier & Co., Inc.
5.61 Scranton-Spring Brook Water Service Co. 1st NI. Ref. 53. A, 1967. Offered by G. L. Ohrstrom
& Co., Inc.; Field, Clore & Co.; Janney & Co.; Graham,Parsons & Co., and Coffin AL Burr, Inc.
0.50 Southwestern States Telephone Co. 1st M. 68 13, 1949. Offered by Smith, Camp & Co.; H. M.
Byllesby 8, Co.; Central-Illinois Co. and Kimball, Riley & Salterbach, Ltd.
5.85 Virginia Public Service Co. lot M. Ref. 58 B, 1950. Offered by E. H. Rollins & Sons; Halsey,
Stuart & Co., Inc.; Hill, Joiner & Co., Inc.; H. M. 13yllesby & Co., Inc.; Blyth & CO., Inc.;
A. 13. Leach & Co., Inc., and Eastman, Dillon & Co.
5.75 West Texas Utilities Co. 1st M. 55 A, 1957. Offered by Halsey, Stuart & Co., Inc.; A. B. Leach
& Co., Inc.; E. II. Rollins & Sons, and Hill, Joiner & Co., Inc.
24,834,000
Other Industrial & Mfg.
225,000 Additional capital
6.50 Domestic Industries, Inc. 10-Yr. Coll. Trust 6345, 1940. Offered by E.G.Tillotson & Co., Int
100
Land, Buildings. &c.
850,000 Acquisitions; working caputal
Price on application Allied Properties Corp. (Detroit) 7% Deb. Notes, 1940. Offered by Federal Bond & Mortgage
Co., Detroit.
100
6.00 (J. Arch) Butts Packard Bldg. (Wichita, Kan.) let M.68, 1932-40. Offered by Wheeler Kelley,
Ilagny Trust Co., Wichita, Kan.
Real estate mortgage
100
5.00 Convent of Our Lady of Perpetual Help (St. Louis) let M. 5s, 1932-41. Offered by Festus J.
Wade Jr. & Co., St. Louis.
Finance construction of hotel
100
6.00 Edmond Meany Hotel (University Community Hotel Corp.) lot NI. 6s, 1933-40. Offered by the
Seattle Co.; Wm P. Harper & Son; University National Co.; Geo. EL Burr; Conrad & Broome.
Inc.; Dean Witter & Co.; Peoples Securities Co.. and Ferris & Hardgrove.
Real estate mortgage
Empire State, Inc. (Empire State Building. N. Y.) 1st M. Loan. Placed with Metropolitan
Life Insurance Co., Now York.
Real estate mortgage
100
5.25 First Methodist Episcopal Church (Evanston. III.) 1st M. 5X8, 1933-40. Offered by B. C.
Ziegler & Co., West Bend, Wis.
Finance construction of building_ _ 100
6.00 Michigan State Normal College Alumni Assn. 65, 1947. Offered by First Detroit Co., Inc.
Provide funds for loan purposes._ - 100
6.00 Nolting First Mortgage Corp. lot Coll. Ti'. 68, 1931-40. Series BY. Offered by Frederick E.
Notting & Co., Inc.
Provide funds for loan purposes...._ 100
6.00 Potomac Mortgage Co. 1st M. Coll. Tr. 6s, 1940. Offered by the Baltimore Co.; Baker, Watts &
Co.: Colonial Bond & Share Corp.; Robert Garrett & Sons; Mercantile Ti', Co. of Baltimore;
Strother, Brogden & Co.; Townsend Scott & Son, and Union Trust Co. of Maryland.
Miscellaneous
Refunding; other corporate Pure- 9834
6.10 Salt River Valley Water Users' Assn. Ref. 6s, 1956. Offered by Security-First National Co. and
Pacific Co., Los Angeles.
70,000 Real estate mortgage
76,000
340,000
27,500,000
300,000
190,000
152,000
400,000
29,877.000
1,200,000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities
873,500 General corporate purposes
500,000 Addit'iss, impts., other corn. pure
1,500,000 Exten., addit'ns, retire curr. debt_
225,000 Retire debt, other corn. purposes
35,000,000 Acquire securities, retire debt,
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
5.50 Androscoggin Electric Co. 1st & Ref. M. 55, Oct. 1 1934. Offered by Harris, Forbes & Co., and
Coffin & Burr, Inc.
5.60 Montana-Dakota Power Co. let M. 534s, Jan. 1 1934. Offered by BancNorthwest CO.; Continental Illinois Co., and First Wisconsin Co.
4.55 San Diego Consolidated Gas & Electric Co. 4% Notes, Dec. 11931. Offered by Harris, Forbes
& Co.; H. M. Byllesby & Co., Inc.; W.C. Langley & Co.; A. C. Allyn & Co., Ins., and J. Henry
Schroder Banking Corp.
6.00 Texas Power Corp. 1-Year 43s, Dec. 1 1931. Offered by Emery, Peck & Rockwood Co., Chicago.
5.25 Toledo Light & Power Co.5% Sec. Notes, Dec. 1 1932. Offered by Harris, Forbes & Co.; National
City Co.; Halsey, Stuart & Co., Inc.. and Chase Securities Corp.
9834
100
9915
100
9915
38,098,500
Other Industrial & Mfg.
5,000,000 Refunding
6.00 United Merchants & Manufacturers, Inc. 1-Year Coll. Trust 68, Dec. 15 1931. Offered by
Kidder, Peabody & Co.
100
Land, Buildings, &c.100
50,000 Provide funds for loan purposes
75,000 Provide funds for loan purposes_ _ _ 100
125,000
Miscellaneous200,000 Additional capital
325,000 Working capital
6.00 Investors Mortgage Corp. Coll. Ti'. 65, "5," Jan. 11934. Offered by Richmond Trust Co.
6.00 Investors Mortgage Corp. Coll. Ti'. 6s, "B," Nov. 11933. Offered by Richmond Trust Co.
125b
Personal Banking Service, Inc. Deb. 78,"A," Aug. 11935. Offered by Bank Securities Corp., Balt;
5.17-6.38 Union Investment Co.(Detroit) Coll. Trust Notes, Feb. 24
-Sept. 1 1931. Offered by company.
525,000
STOCKS.
parer No.
of Shares.
Purpose of Issue.
(a) Amount Price
To Yield
Involved. per Share. About.
$
$
Public Utilities
20,000,000 New construction
13,723,060 Capital expenditures
236,250 Repay promissory notes
6,254,000 Capital expenditures
11,132,000 Capital expenaitures
•75,000 sits. Acquisitions, construction, &c
•10,0005hs. Construction; Other corp. purposes
Company and Issue, and by Whom Offered.
%
20,000,000 100
13,723,060 100
236,250 25
6,254,000 100
11,132,000 100
1,500,000 20
1,000,000 100
___ Bell Telephone Co. of Penna. Capital Stock. Offered by company to stockholders.
___ Commonwealth Edison Co. Common Stock. Offered by company to stockholders.
___ Electric Light & Power Co. of Abington and Rockland, Mass. Capital Stock.
Offered by company to stockholders.
__ Peoples Gas Light & Coke Co. Capital Stock. Offered by company to stockholders.
_ __ Public Service Co.of No. Illinois Common Stock. Offered by company to stockholders.
___ United Eastern Gas Co. Class "A" $1.50 Cum. Div., Series A. Pref. Stock. Offered
by Gas Power Corp., New York.
6.00 Virginia Electric & Power Co. $6 Cum. Div. Pref. Stock. Offered by company.
53,845,310
Iron, Steel, Coal, Copper, &c.
0122,855sbs Additional capital
122,855
Motors & Accessories
581.9745155 Work, capital; other corp. purposes
1,393,558
Other Industrial & sm.*71,585 ohs. General corporate purposes
•350,000shs Expansion
1
___ Mesabi Iron Co. Common Stock. Offered by company to stockholders; underwritten.
17 (aPproxankt.) Stutz Motor Car Co. of America, Inc., Common Stock. Offered by L. L. Harr &
Co., Inc., New York.
2,147,550 30
13,000,000 37.14
___ Aluminium, Ltd.(Canada) Common Stock. Offered by company to stockholders.
___ Diamond Match Co. (III.) Common Stock. Sold to bankers.
15,147,550
Miscellaneous
1.000.000 Additional capital
3,000,000
75
--- Fidelity & Casualty Co.(N. Y.) Capital Stock
Offered by company to stockholders
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
15,000,000 Federal Intermediate Credit Bank 3% Debs.
Dated Dec. 15 1930 and mature in 6,9, 10,11
and 12 mos.(provide funds for loan purposes.)
Price.
To Yield
About.
Offered by
2.75-3.00 Chas. R. Dunn, Fiscal Agent.
• Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices.
h 5 Shares of class A stock accompanies each $100 of bonds.
JAN. 17 1931.]
FINANCIAL CHRONICLE
385
Listings on the New York Stock Exchange for the Year 1930
for refunding and like purposes.
$199,021,287 were issued
The aggregate of new and additional domestic and
Public utility bonds listed in 1930 foot up $585,098,300
on the New York against 471 millions in 1929, 407 millions in 1928 and 386
foreign corporate securities listed
Stock Exchange during the calendar year 1930 millions in 1927. Of the 585 millions listed in 1930, $542,(apart from government and municipal issues) was 117,100 were issued for new capital and $42,981,200 were for
$7,632,633,397, and compares with $9,151,523,107 in refunding purposes.
Industrial and miscellaneous bonds listed in 1930 reached
1929, which was the biggest on record for any twelve
In $518,805,300; this compares with 612 millions in 1929, 704
months' period in the history of the Exchange.
millions in 1928, and 874 millions in 1927. Of.the518 millions
this the comparison is in accord with the actual listed in 1930 435 millions represented new capital, &c., and
corporate financing for the twelve months as rep- 73 millions were for refunding purposes.
The volume of stock listings in 1930, as stated above,
resented by stock and bond issues offered on the
ions, where there has reached $5,588,327,960, and was exceeded only in 1929, when
investment market by corporat
$7,500,355,347 was listed. Of the 1930
also been a large decrease below the offerings of the the enormous total of comprised $745,974,094, of which the
stock
total, railroad
year preceding, themselves of unexampled propor- sum of $121,034,050 was for new capital and $624,912,044
regarding the latter appear elsetions. Full details
for refunding, &c. The 745 millions for 1930 compares with
where in this issue in our article on "New Capital 265 millions in 1929 and 533 millions in 1928.
Flotations for the Calendar Year." The latter comPublic utility stocks listed in 1930 aggregated $1,441,pilations constitute an accurate index of new financ- 236,493, a new high record, against 1,439 millions in 1929
millions listed in
ing done and cover the entire country. The Stock and 1,396 millions in 1928. Of the 1,441 and $78,674,764
different 1930, $1,362,561,729 represented new capital
Exchange listings relate to an entirely
was for refunding purposes, &c.
thing. They embrace not only new but also old
Industrial and miscellaneous stocks listed during 1930
securities which have just found their way to the foot up $3,401,117,373, and the amount compares with $5,Exchange, and they relate only to the New York 795,419,886 in 1929 and $2,421,617,350 in 1928. Of the 3,401
Stock Exchange, by which we mean that they do millions listed in 1930, $1,640,210,617 was for new capital,
$1,614,not include listings on any of the other stock ex- $146,171,903 represented old stock just listed, and
734,853 was for refunding purposes, &c.
changes of the country. They also include securities
As in recent years, it must be taken into account that in
replacing old securities, which process occurs chiefly the majority of cases the shares listed were of no par value
in cases of recapitalization and of reorganizations. and are represented by more or less nominal figures.
The latter have been few, whereas recapitalizations Although this practice has to a certain extent changed the
comparisons of the total stocks listed as expressed in dolhave been on the increase in recent years.
for the twelve months lars, still the value of comparisons is in no way impaired,
The total corporate listings
given represent the stated or declared value
of 1930, as stated above, aggregated $7,632,633,397 as the figures as reported in the companies' latest balance
of the shares
and the amount compares with 9,151 millions in sheets.
1929, 6,190 millions in 1928, 5,261 millions in 1927,
The total of note issues put out in 1930 but not listed on
and 4,802 millions in 1926. As in previous years our the Exchange, as compiled at the end of this article, shows
totals, while excluding government and municipal a large increase over 1929. The amount in 1930 reached
216
financing, both foreign and domestic, include securi- $649,695,000 as compared with 164 millions in 1929,
govern- millions in 1928, 273 millions in 1927, 427 millions in 1926,
ties of foreign corporations. The listing of
and 424 millions in 1925. This table of note issues includes
ment and municipal issues, while not included in our principally notes issued for extensions or renewal of maturgeneral totals are shown in separate tables below. ing bonds or notes, or represents short-term financings.
Among the principal features in connection with Our object in referring to this table here is because companies in taking care of their immediate wants through this
the year's listings we observe the following:
(1) A large increase in the total amount of corporate class of financing act to that extent to diminish the volume
bonds listed, the total reaching $2,044,305,437, a new record of stocks and bonds that would normally be presented for
for any single year in the history of the Exchange. This listing on the Exchange.
compares with $1,651,167,760 in 1929, a gain of $393,137,677.
The following table embraces the record of aggregate
(2) A notable decrease in the aggregate total of stocks corporate listings for each of the last 10 years:
listed, as distinguished from bonds, the total reaching
CORPORATE LISTINGS ON NEW YORE STOCK EXCHANGE.
$5,588,327,960 and comparing with $7,500,355,347 in 1929,
Replacing
Old Issues
Issued for New
a falling off of $1,912,027,387.
TOW.
Old Securities.
Now Listed.
Capital. &c.
Bonds.*
(3) A large increase over 1929 in the amount of foreign
$
$
$
$
315,600.287 2,044,305,437
3,410,000
government securities listed, the total of $401,338,000 com- 1930
1,725,295,150
445,208.205 1,651,167.760
15,000,000
1929
1,190.959,555
953,305 766 1 838 189 366
paring with $153,295,000 the year preceding, when, however, 1928
884.883,600
746,613,210 1.851,961.700
12,428,000
1927
1,092,920,490
the listings of this class of securities was very small.
238,906,200 1,091.669,000
852.762,800
1926
520,514.391 1.576,242.107
25,107,500
6
l invest- 1925
1,030,620,21
(4) The listing of securities of eleven additiona
406,587,832 1,040,453,421
36,623,489
1924
597,242,100
619.351,290 1.268.854.246
11,962,400
637,040.656
companies. During the year common stocks with 1923
ment trust
698,808,139 1,582,422.450
15,979,350
1922
867.634,961
795.910,078
226,202,119
44,055,900
525,652,059
an aggregate stated value of $194,084,070 of the following 1921
investment trust companies, of the general managenine
Stocks.
546.199,903 2.318,321.661 5.588.327.960
2,723,806,896
7 7.500.355.347
ment type were listed, viz: Fourth National Investors Corp., 1930
1929
2,660,789,377 1,032,197.383 3.807,368.588 4,352,044.791
443,339.549 1,719,529.45
2,189,175.784
General American Investors Co., Inc., Insuranshares Certifi- 1928
217.562446 1,885.332,325 3,409.373,296
1927
1.306.478,525
687.584.274 1.601,981,439 3.711.450,408
1,421,884,695
cates, Inc., International Carriers, Ltd., Lehman Corp., 1926
344,713.098 1,295.985.711 2,701,007,800
1925
1,060.308.991
286.501,896 1,020,605.601 1,932,313,689
American Aviation Corp., Petroleum Corp. of America, 1924
625.200,192
North
346.922.069 1,346.405,054 2,611.083,707
1923
917.756,584
835,061,654 1,467,062,739 2,784,025,370
Third National Investors Corp., and Tr -Continental Corp. 1922
981,900,977
481.037.553 1.099.723.686
249.931.033
368.755.100
1921
Other listings of this class include $15,000,000 debentures of
Movernment issues foreign and domestic not here Included shown separately.
s and $10,000,000 •
and of securities
Niagara Share Corp., $7,500,000 debenture
Note.—Applicat OM for the listing of trust company receipts
marked "assented' (If preparatory to reorganization), or of securities stamped
preferred stock of General American Investors Co., Inc., and "assumed" or "assessment paid"—the securities themselves having previously
been listed—are not included in this table.
$43,287,700 preferred stock of Tr -Continental Corp.
In the following we classify the figures so as to indicate
bonds listed as already stated, aggregated
Corporate
over 1929, the amounts under each leading head, namely, railroad,
$2,044,305,437, showing an increase of $393,137,677
industrial and miscellaneous companies.
and compares with $1,838,189,366 in 1928. Of the 1930 total public utility and
a glance the volume of bonds and stocks
railroad bonds comprised $940,401,837 against 567 millions This table shows at
millions in 1928 and 591 millions in 1927. Of listed during the last 10 years by each of the different
in 1929, 726
and groups mentioned:
the 1930 total $737,970,550 were issued for new capital
386
FINANCIAL CHRONICLE
[Vol.. 132.
• Of the 518 millions of industrial bonds issued, the following are the principal issues: $48,300,000 Shell Union
Railroad.
Railroad.
Oil Corp. 5s, issued for additions and other corporate pur$
poses; $40,000,000 Royal Dutch Co. 4s, issued for corporate
1930._ 940,401,837 585,098,300 518,805,300 745,974,094 1441236493 3,401,117,373
1929-- 67,890,460 471,134,300 612,143,000 265,148,356 1439787 105 5,795,419,886 purposes; $32,608,000 Warner Bros.
Pictures, Inc., 6s, issued
1928.. 726,503,066 407,186,300 704,500,000 533,603,989 1396823452 2,421,617,350
1927_ 591.746,000 386,131.500 874,084.200 320,436,200 722,494,135 2,366,442,961 for expansion, acquisitions, &c. Other large-size
issues in1926_ 246,643,000 345,551,500 499.474,500 93,955,290 594,557.424 3,022,937,694
1925_ 634,183,468 448,344,172 493,714,467 211,528,440 432,310,099 2,057,169,261 clude $27,795,500 United Steel Works Corp. (Germany)
1924._ 451,866,855 343,819,900 244,766,666 203,465.920 504,253,169 1,224,594,600
1923._ 329,100,746 382,953.500 556,300,000 171,500.230 579,445,089 1,860.138,388 6%s; $22,000,000 McKesson & Robbins, Inc., 5Y2s; $30,1922._ 669,344,650 398,447,700 514,630,100 519,467.400 289,079,132 1,975,478,838
1921._ 314,912,600 145,187,900 335,809,578 76,743,500 219,228,895 803.751.291 000,000 General Theatres Equipment, Inc., 6s; $20,000,000
/
1
%
In the following tabulations we undertake to show how American Metal Co., Ltd., 52 notes, and $20,000,000 Pure
1
/
much of the listings in the above were for foreign purposes. Oil Co. 5 2% notes.
Among the stocks of railroads listed we note $77,207,000
We give first the amounts of securities of foreign corporaPennsylvania RR. capital stock, issued for refunding and
tions per se, and secondly the amounts of securities of Amerother corporate purposes; $12,500,000 Allegheny Corp. 51A%
ican corporations issued for acquiring or financing and depreferred stock, issued to acquire Missouri Pacific stock;
veloping properties outside the United States. Both
$28,541,400 New York Central RR. capital stock, issued for
amounts, as already stated, are included in the totals of
Improvements, &c., and $25,155,000 Chesapeake & Ohio comcorporate listings in the above.
mon stock, issued principally to acquire stock of the Hocking
CORPORATIONS PLACED IN THE UNITED
SECURITIES OF FOREIGN
STATES AND LISTED ON THE NEW YORK STOCK EXCHANGE.
Valley Ry.
The principal stock issues of public utility companies
Bonds.
Stocks.
listed were: $473,311,000 American Telephone & Telegraph
Public
Indus. db
Public
Indus. db
Co. capital stock, issued for conversion of debentures,
Miscell.
Railroad.
Railroad.
Utilities.
Utilities.
Miscell.
acquisitions, and corporate purposes; 5,097,657 shares com$
$
8
$
$
8
1930 _-- 179,313.000 74,726,500 112,795,500 332,270,900 3,640,000 18,535,185 mon
stock (no par), and 708,246 shares $3 preferred stock
1929 ___ 125,000.000 130,890,000 267,161,000 41,790,900
322,896 78,051,068
1928 ___ 16,750,000 98,102.500 203,352,000 46,572,339 2,988,720 82,970.060
(no par) of United Corp., issued principally to acquire
1927 — - 106,376,000 51,909,500 174,352,500
400,000
1926 _-_ 23,293,000 136,726,000 143,226,000 39,934,300
securities of its constituent companies; 3,199,033 shares
1925 _-- 119,007,000 17,266,000 35,500,000
843,700
1924 _-- 11,962,000 18,000,000 28,500,000
8,407,918 common stock (no par) of Columbia Gas & Electric Corp.,
1923 _-- 13.352,500
63,900,000
15.931,000
1922 _-- 104,500,000 4,750.000 41,145,000
87,287,400 Issued as a stock dividend and for corporate purposes; $58,1921 —_ 75,000,000
2,500,000
128,000 572,825 common
stock of Pacific Gas & Electric Co., issued
SECURITIES OF AMERICAN COMPANIES ISSUED FOR FINANCING
for improvements, acquisitions, &c. Other issues of note
OPERATIONS OUTSIDE UNITED STATES.
were 2,375,249 shares common stock (no par) of United Gas
Bonds.
Stocks.
Improvement Co.; 2,085,933 shares common stock (no par),
Public
Indus. &
Public
Indus. &
and 1,530,487 shares $6 preferred stock (no par) of ComRailroad.
Utilities.
Miscall.
Railroad.
Utilities.
Missal.
monwealth & Southern Corp., and $77,500,000 capital stock
$
$
8
' $
i
$
50,000.000 36,551,800
1930
63,199,372 12,136,144 of Pacific Telephone & Telegraph Co.
1929
57,000,000 1,360,000
124,335,974 9.685,340
The industrial and miscellaneous stocks listed include
1928
25,000,000 31.500,000 144,339,323 86,755.025
33,000,000
1927 - — 7,500,000
51,236,176 33,428,240 $621,187,110
capital stock of Transamerica Corp., represent5,500.000 15.000,000
1926
38,569,973 68.135,413
25,479,000 86,250,000
1925 _
68,149,667 40,642,000 ing old stock just listed
and stock dividend; $55,492,890
500.000
1924 _
30,000,000 25,775,934 5,792,760
1923 _-_ 2,247,000 2,618.500 10,000,000 10,000,000 19,118,300 43.589.885 Marine Midland Corp. capital stock, issued
to acquire con3,848,000 24,820,700
1922 __
5,250,000
38,528,300
1921 ___
5,000,000 1,280,600 trol of constituent companies; 289,033 shares $5 preferred
Government issues, foreign and domestic, as already stock (no par) of Gillette Safety Razor Co., issued in constated, are not included in the above tables. The follow- nection with the acquisition of Auto Strop Safety Razor;
ing is the aggregate amount of such issues listed or author- $53,882,600 common stock of United States Steel Corp.,
issued in connection with the acquisition of constituent comized to be listed for the past 10 years:
GOVERNMENT BONDS LISTED ON THE NEW YORK STOCK EXCHANGE panies. Other industrial issues include
1,600,000 shares
class A stock (no par) Fox Film Corp.; 1,998,703 shares
Portion Issues, U. S. Government
common stock (no par) and $17,243,600 6% preferred stock
(Incl. Canadian).
Securities.
Total.
of Colgate-Palmolive Peet Co.; 1,549;960 shares common
1 30
$401,338,000
8401,338,000
153,295,000
1 29
153,295,000
stock (no par) and 300,000 shares $6 preferred stock (no
1 28
888,639,000
250,000,000
1,138,639,200
602,831,500
1 27
494,898,100
1,097,729.600
par) of General Realty & Utilities Corp.; 4,666,485 shares
613.186.000
1 28
494,898,100
1.108,084,100
697.700,000
1 25
common stock (no par) of General Theatres Equipment Co.,
607.700,000
1924
588,720,750
200,000.000
788,720,750
Inc.; 1,047,308 shares common stock (no par) of National
235,929,500
1 23
al00,000,000
335,929,500
502,500.000
1922
502,500,000
Dairy Products Corp.; 1,075,000 shares common stock (no
452,500,000
1921
a55,000.000
507,500,000
a New York City obligations.
par) of Pittston Co.; $76,438,100 5% preferred stock of
Railroad bonds 1 sted during 1930, as noted above, footed Standard Oil Export Corp.; 1,997,010
shares common stock
up 940 millions. Chief among the issues are $63,031,000 (no par) and $60,000,000 preferred
stock of Republic Steel
Baltimore & Ohio 4%s, issued for additions, betterments, Corp., and 1,400,000 shares
common stock (no par) of Mar&c.; $61,294,000 Southern Pacific Co. Oregon Line 4%s shall Field & Co.
Issued for capital expenditures; $60,000,000 Pennsylvania
The following table shows at a glance the foreign
governRR. 4%s, issued for additions, betterments, &c.; $60,000,000 ment bonds listed on the Exchange
during 1930. It must
Canadian National Ry. guaranteed 5s, issued for corporate be borne in mind that our figures
cover only the foreign
purposes, and three issues of Canadian Pacific, viz.: $25,- government loans actually listed or
authorized to be listed
000,000 4%s, $50,000,000 4%s, and $26,313,000 5s, issued for and which have been offered in the American
markets. The
refunding purposes, improvements, &c. Other large-size totals do not show the full amount of
foreign government
issues are $36,600,000 New York Chicago & St. Louis 4%s; issues floated in this country, since some others
are at times
$35,088,000 Chesapeake & Ohio 4%s; $32,228,000 Chicago brought out which do not find their way
to the Stock
Rock Island & Pacific 4%s; $25,000,000 Missouri Pacific 5s; Exchange.
$25,000,000 Allegheny 5s, and $24,000,000 Cleveland CinGOVERNMENT AND MUNICIPAL
BOND ISSUES LISTED AND
/
1s.
cinnati Chicago & St. Louis 42
AUTHORIZED TO BE LISTED
DURING 1930.
Of the 585 millions of public utility bonds listed the fol- Austrian Government 7s 1957
325.000,000
Bergen, City of, 58
notice: $150,000,000 American Tele- Brisbane, City of, 1960
lowing are worthy of
2,680,000
as 1950
5.000,000
phone & Telegraph Co. 5s, issued for the purpose of acquir- Buenos Aires, Province of, 63s 1961
11,610,500
Chile, Republic of, 68 1963
25,000,000
securities of allied companies, and for Chilean Consolidated Municipal Loan,78 1960
ing properties and
15,000,000
Cuba, Republic of, 530 1945
40,000,000
other corporate purposes; $50,000,000 American & Foreign Frankfort-on-Maine, City of, Prussia,
635s 1953
6,062,500
Helsingfors, City of, 634s 1960
working capital, reduction of Japanese Government, 5s
Pwr. Co., Inc., 5s, issued for
8,000,000
1965
71,000,000
Metropolitan Water, Sewerage &
Drainage Board, New South
debts, &c.; $50,000,000 International Tel. & Tel. Corp.
Wales,53is 1950
7,500,000
Norway municipalities Bank,
5s, issued to pay indebtedness and for corporate purposes; Prussia, Free State
Kingdom of, be 1970
5,360,000
of,6%81951
20,000,000
68 1952
$36,000,000 Utilities Power & Light Corp. 5s, issues for
28,259,000
Roumania, Kingdom of, Monopolies Institute
gtd. 75 1959
68,285,000
refunding, acquisitions, and other corporate purposes, and San Paulo, State of, 7s 1940
35,000,000
Sydney, City of, 5%s 1955
10,000,000
$35,000,000 Western Union Telegraph Co. 5s, issued for im- 'Uruguay, Republic of, 65 1964
17,581,000
provements, extensions, &c.
Total
Bonds.
Public
Utilities.
Stocks;
Indus. db
Miscell.
Public
Utilities.
Indus. db
Miscell.
8401,338.000
JAN. 17 1931.]
FINANCIAL CHRONICLE
RAILROAD BONDS LISTED FIRST SIX MONTHS OF 1930.
Company and Class ofBonds.
Amount.
Purpose of Issue.
Allegheny Corp.coil tr.58, 1950-.325,000,000 Purch.stock of constit. cos.
Baltimore ,k Ohio cony.4Yis, 1960_ 63,031,000 Additions, betterments, &c.
Canadian National By. ed.58,'69 60,000.000 Corporate purposes.
Canadian Pacific By,coll.tr. 513.'54 26,313,000 Corporate purposes
Chesapeake & Ohio ref &'rapt 4348 35,088,000
Chic Mil & St Paul By Gen 4Xs'89 15,000,000 Refunding, &c
Additions,&c
Chic Mil St Paul& Pacific 5s,"75.45,1001Issued under Reorganize.
Cony adj 5s,2000
3,2001 tion Plan
Chic & North Western By cony
448,1949
412.000 Refunding
Gen mtge 4%s,1987
5,031,000 Improvements,&c
Chic Rock Isld & Pac cony 434s,'60 32,228,000 Additions, betterments,&c
Chic & West Ind 1st & ref5Ms,_'52
186,000 Corporate purposes
Cleve Cin Chic & St L4hs,ser E- _ 24,000,000 Refunding, betterments
Cleve Union Terms Co 1st 4348,
series C
18,000,000 Construction,&c
Delaware & Hudson 1st & ref4s,'43 10.000,000 Refunding
Erie RR ref & improv 58, 197550,000,000 Refunding,additions
Louisiana & Arkansas By 1st 58269 13,000,000 Acquis.,refunding,&c
Louisville & Nashville 4
2003 15,000,000l Refunding,betterments and
Unified 50-year 4s,1940
5,000,0001 improvements
Missouri-Ill RR 1st 58,ser A,1959- 3.438,500 Acquis,stock ofconstit cos
Morris & Essex constr mtge 58,'55.. 10,000,0001Reimburse D L & W for
Construction mtge4%s,1955..
15,000,0001 expenditures
New Orleans Tex & Mexico 1st 58,
series B,1954
163,000 Conversion ofincome bonds
N Y Chic & St Louis 69' notes,'32 20,000,000 Purchase Wheel& L.E.stk
Ref4%sseries C,1978
12,000,000 Additions & betterments
New York N H &114% debs,'57
231,000 Each for Prov Co debs
Pere Marquette 1st 4345,1980.-- 14,000,000 Expenditures, &c
Pitts & W Va By let 4345, 1960
6,000,000 Constr branch line
S P Co Oregon Lines 1st 434s,'77
61,294,000 Capital expenditures
Tennessee Central 1st 68, 1947.... 3,410.000 Old bonds just listed
Western Pacific RR 5s, 1946
2,200.000 Construction,&c
Wheeling Lake Erie ref 5s,ser B,'66
409,000 Refunding
Total
$545,482,800
Company and Class of stock
Amount.
Richfield 011 Co of Calif
1st coil trust 68, 1944
436,000
Royal Dutch Co 4% debs, 1945.... 40,000,000
ShellUnion Oil Corp 5% debs, 1949 48,300,000
Union Oil Co of Calif5% debs,'45. 15,000,000
United Steel Wks Corp(Germany).
634% debs
27,795,500
Warner Bros Pictures, Inc
6% optional debs
32.608,000
387
Purpose of Issue.
Refunding, ex &c
Corporate purposes
Additions, corp purposes
Expansion, &c
Liquidate bank debts
Expansion, sego's. &e
Total
$347,847.900
INDUSTRIAL BONDS LISTED SECOND SIX MONTHS OF
1930.
Company and Class ofBondAmount.
Purpose of Issue.
California Packing Corp
Convertible 597 debs, 1940
$15,000,000 Refunding,corp purposes
Childs Co 59' debs, 1943
5,760,000 Refunding, corp
Crown Zellerbach Corp 6% debs'40 10,000,000 Working capital,purp
&c
Cuban Dominican Sugar Co stpd 7s
93.000 Stamped with waiver of s.
Cuban Cane Prod, Inc 534% debs. 1,076,900 Issued under reorg plan f.
General Baking Co 5345, 1940
7,000,000 Expenditures
Gelsen Kirchen Mining Corpnotes 1934
15,000.000 Corporate purposes
Goodrich Co 6% cony deb'45 30,000,000 Acquisitions, &c
Hoe & Co,Inc 1st 6348. 1934..
500,000 Additions & betterments
Houston Oil Co of Tex 5348 ser A'40 12,000,000 Refunding, extensions
McKesson & Robbins, Inc
Convertible 5348, 1950
22.000,000 Pay indeb incur'd in acq Szc
Mead Corp 1st 68 ser A,1945
9,500,000 Refunding
(J .1) Newberry Co
Convertible 534% notes, 1940
5,000,000 Expansion, &c
Niagara Share Corp of MdConvertible 534s, 1950
15,000,000 Gen corporate purposes
Paramount Publix Corp 5348, 1950 15,000.000 Expansion
Warner Bros Pictures, Inc
Optional 68, 1939
8,027,500 Acquls of properties
6;
Total
$170,957,400
RAILROAD STOCK LISTED FIRST SIX MONTHS OF 1930.
Company and Class of StockAmount.
Purpose of Issue.
Allegheny Corp 534% preferred-312,500.000 Acquis Missouri Pac stk
Bangor & Aroostook common
268.450 Reimburse treasury
Chesapeake & Ohio common
25.155,100 Acq of Hock Val cony of pf
Chic MU St Paul & PacificCommon (16,449 she)
*1,924,533Ilssued under reorganization
5% preferred
283,3001 plan
Gulf Mobile & Northern common- 2,523,600 Each N 0 Gt North stock
Illinois Central common __ _ _
374,300 Conversion of preferred
Missouri-Kansas-Texas preferred
1,617,800 Conversion of
Nashville Chattanooga & St L com. 9.600,000 Stock dividendbonds
New York Central RR common-- 28,541,400 Improvements, &c
Pennsylvania RR capital stock__ _ 72,835,050 Refunding corporate PurP
Seaboard Air Line
Common (2,668,657 she)
*61,379,1111Issued in each for $100 par
she & per refinancing plan
Western Maryland common
364,500 Conversion of 2d pref
Total
$217.367,144
RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1930.
Company and Class of StockAmount.
Purpose of Issue.
Atchison Top & Santa Fe com
$528,600 Cony,of bonds.
Canadian Pacific ordinary
332.270,900 Exch.for 3100 par she.
Chesapeake & Ohio com
191,376,200 Capital expenditures each
for $100 parshares
Denver & Rio Grande West pref..
28,000 Old stock just listed
Gulf Mobile & Northern com
15,900 Acquisition N 0 G N
Missouri-Kan-Tex pref
15,400 Conversion of bonds
Pennsylvania RR capital stock_
4,371,950 Corporate purposes
Total
$528.606,950
PUBLIC UTILITY STOCKS LISTED FIRST SIX MONTHS OF 1930.
Company and Class of StockAmount.
Purpose of Issue.
American & Foreign Pow Co Inc
Common (31,534 shares)
*3725.283}Expansion in foreign coun.
$7 cum prof(1,131 shares)
*113.100
tries
$7 2d prefser A (356,529 shares)-*35.652.900J
American Power & Light Co
(50,633 shares)
*679.570 Stock dividend.
PUBLIC UTILITY BONDS LISTED FIRST SIX MONTHS OF 1930.
$5(stp'd pref)(10,100shares)--- *1,010.000 Acquisition
Company and Class of Bonds.
Amount.
Purpose of Issue.
Amer.Tel & Tel Co cap stock_ - 227,547.600 Conversion of debentures.
Am & Foreign Pow Co Inc 5% debs$50.000,000 Red debts, working capital
&c.
Amer Tel & Tel Co 5% debs. 1965-150,000,000 Acquis &c corp purposes
Amer Water Works & Elec Co
Br'klyn Union Gas Co 5% debs,'56 18,000.000 Additions,&c
Common (43,495 shares)
*434,950 Stock dividend
Columbia Gas & El Corp 5s, 1952-101,200 Acquis of constit cos
Brooklyn Union Gas Co
Detroit Edison Co gen & ref 5s,'49.. 13,516.000 Improv to plants &c
Common (2,178shares)
*108,900 Cony of debenture;
Electric Power Corp (Germany)
Columbia Gas & Elec Corp
1st 634s„ 1953
5,000,000 Development,&c
Common (3,192,880 shares)_ --*56,921,405 Stock div corp purposes
International Hydro-El System
5% preferred
300,000 Acquis Cozistit Co
cony 68, 1944
30.000.000 Acquis stock of constit cos
Commonwealth & Southern Corp
lot Tel & Tel Corp 5% debs. 1955- 50,000,000 Pay indebtozorp purposes
Common (2,022,444 shares).. _ _ -*13.861,7231Acquisition of stock of
Laclede Gas Light Co 5%s, 1960.... 5,500,000 Additions, betterments &c
$6 preferred (1,354,924 shares).*135,492,4001 constit cos
Metropolitan Edison CoConsolidated Gas Co N
les mtge 434s,ser D,1968
22,594,000 Refunding,addtions &c
Common (3,474 shares)
*114.6421Acquistion minority stock
Milwaukee El By & Lt Co
$5 preferred (3.474 shares)
*312,6601 of affiliated co.
Ref & 1st mtge 5s. 1961
10.114.000 Refunding,additions. dsc
Detroit Edison Co capital stock... _ 6,839,000 Improvements
T'wy8 gen & ref 5s. ser D,'55- 3,000.000 Refunding extensions
Mtl
Electric Power & Light Corp
North Amer Edison ser C 55, 1969- 25,000,000 Additional Inv in co's subs
Common (63,557 shares)
*1,334,6971Acquisition of stock of
Postal Tel & Cable Corp 5s, 1953... 7,380,000 Huh sec of constit cos
$7 preferred (4,559 shares)
*455.9005 constituent cos
Public Service El & Gas Co
Engineers Public Service Co
1st & ref 434s. 1970
20,000,000 Additions, betterments &c
Common (36,430 shares)
*364,300 Stock dividend
Rhine-Ruhr Water Service Union
Federal Light & Tr Co common
139,425 Stock dividend
68, 1953
9,726.500 Finance extensions
Federal Water Service Go
Utah Pow & Lt Co 1st 58(Am ser)- 4.000,000 Extensions,additions,&c
CIA com (21,046 shares)
*315.690 Corporate purposes
Utilities Power & Light Corp
General Gas & Elec Corp
5% debs, 1959
36,000,000 Refunding, acquisitions
CIA (4.199,093 shares)
*20,995,465 Exch.for old she 5for 1
Western Union Tel Co 58,1960
35,000,000 Extensions,improv.,&c
CI 11 (2,000,000 shares)- -- *10,000,000 Each for old she 5 for 1
$6 preferred (337,114 shares)_ -*33,711,400 Acq of sec of subs &c
Total
$494,931,700
General Italian Edison El Corp PUBLIC UTILITY BONDS LISTED SECOND SIX MONTHS OF 1930.
Common (140.000 shares)
a3,640,000 Corporate purposes.
Internet'Hydro Electric System
Company and Class of Bonds.
Amount.
Purpose of Issue.
Class A (30,211 shares)
*766,600 Stock dividend
Berlin City Elm Co Inc 6% debs'55 15,000,000 Red current borrowings
lot Tel&TelCorp com(724,056 she)*24,135,200 Acquisition corp purposes
Columbia Gas & El Corp deb 58,'52
82.600 Acquis of securities
North Amer Co com (283.793 she).. *2.837,930 Stock dividends
Fed Lt & Trac Co 1st In stPd 5s-400,000 Improvements,&c
Pacific Gas & Electric Co corn
58,476,725 Acquisitions,improve &c
Kansas City Power & Light Co
Pac Light Corp com (146,189 she). *7,309,450 Corporate purposes
1st 4345,series B,1957
3,000,000 Additions,&c
Pacific Tel & Tel Co common
75,922.500 Corporate purposes
Kansas Gas & El Co 1st 4348. 1980- 16,000,000 Refunding
People Gas Lt & Coke Co cap stk- 4.566,300 Corporate purposes.
Mtl T'ways gen & ref 5s,ser D,'55- 2,000.000 Extensions
Pub Fiery Corp NJ com(31,011 shs) *713.253 Conversion oig:17
.
New York Steam Corp 1st 5s. 1951 13,684,000 Additions,&c
$5 preferred (164,956 shares)---*16,495.600 Corporate purposes
Corp Ltd
Ontario Power Sec
Radio Corp of America
20.000,000 Construction
1st 534s, 1950
-*26,769.087IExch. for patents, licenses,
Common (6,580,376 shares)
Rhine-Westphalia El Power Corp1 Szc
20,000,000 Additions,&c
Consol 65, 1955
Southern Calif Edison Co Ltd corn. 7.709,100 Additions, improve &c
Standard Gas & Elec Co
390,166,600
Total
Common (600.000 shares)
*67,800,000 Increase investments in
INDUSTRIAL BONDS LISTED FIRST SIX MONTHS OF 1930.
cum pref stock (29.292 shares) *1,757,520
sub and affiliated cos,
cum pr pref stk (100.000 she)- *9,400.000
corporate purposes
Amount.
Class ofBondsCompany and
Purpose of Issue.
7 cum pr prefstk 430,000 she)
..'43.000,000
20,000,000 Pay bank obligations
Amer Metal Co, Ltd 53% notes
United Corp corn (1,150,799 dia)
*8,753,995 Acq sec of constit cos
Cuban Cane Products Co, Inc
United Gas Improvement Co
23,282,900 Issued under reorg. plan.
534% debs
Common (1,672.133 shares)
-*43.442,660lAcquis, additional securCuban Dominican Sugar Co
$5 pref(21,089 shares)
*2,018,9001 ities ofsubs,&c
12,099,000 Stamped with waiver ofa.f.
stamped 7345
Utilities Pow & Light Corp
Ernesto Breda Co let 78, 1954---- 5,000,000 Pay bank indebt
Class A (34,000 shares)
*129,200 Stock dividend
American Investors Co,Inc
Gen
Virginia Elec & Pow Co 6% pref._ - 2,418,800 Construction &c
7,600,000 Working capital
57 debs, 1952
°
West Penn Power Co6% pref
1,000,000 Additions &c
Gen Theatres Equip, Inc 6s, 1944.. 5,921,000 Acquis of constit cos
30,000,000 Acquis Fox Cos'stirs
6% cony debs, 1940
Total
$956,493,826
2,000,000 Improvements
Gulf State Steel Co 5348. 1942
a Each American share issued by City Bank Farmers Trust Co.
Steamship Line 6s, 1939- 5,000,000 New construction, &c
"Hansa"
20,000,000 Refunding, provide loans
depositor represents one ordinary share at depositor's option (lira 500 as
Mortgage Bank of Chile 6s, 1962
debs. 32,905,500 Acquis constit cos
share) of the capital stock of General Italian Edison Electric Corp., per
Nat'l Dairy Prod Corp 4
deposited under deposit agreement, dated Oct. 10 1929.
Pure 011 Co 534% notes, 1940.... 20,000,000 Construction pipe line
RAILROAD BONDS LISTED SECOND SIX MONTHS OF 1930.
Company and Class of BondsAmount.
Purpose of Issue.
Atch., Top.& S. Fe.,cony.4348'48 8,892,000 Capital purposes
Boston & Maine, 58 1955
15,000,000 Refunding, impts.. &c
Canadian National gtd. 513 1970
18,000,000 Refunding
Canadian Pac coil tr 4345 1960..-- - 25,000,000 Reimburse treasury
Guaranteed 4%s 1955
50,000.000 Construction,refunding,&c
Chicago Ind & Louisville
1st & gen. 5s ser A 1966
1,000,000 Expenditures
Chic Mil St P & Pac 58 ser A 1975
7,300 Issued under reorganixaCony.adj. 5s ser A 2000
1,9001 Hon plan
Chic & North Western
1st & ref. 454s ser 02037
12,000.000 Expenditures
Cin Un Term Let 4345 ser A 2020
12,000,000 Construction terminal
Cleveland & Pittsburgh
Gen & ref4%81977
7,182.000 Repay advances
Denver & Rio Grande West 581955 1.714.037 Issued under reorg. plan
Great Northern gen 4%s ser E 1977 20,000,000 Capital expenditures
GulfMobile & Northern
1st 5s ser 0 1950
3,000.000 Capitl expenditures
Louisiana & Ark 1st 5s ser A 1969-- 3,000,000 Refunding,additions
Mich Cent ref& imp 44s ser 0'79- 7,634.000 Refunding
Minn St P & SS Marie
1st 5%s B 1978
12,106,000 Reimburse treasurY
Mo Pacific 1st & ref 58 ser H 1980._ 25,000,000 Capital expenditures
NY Chic & St L ref 4348 ser 0'78- 36,600,000 Refunding.
NYNH& Hartford deb 4s 1957- 158,000 Exch.for Proc. Co.debt;
Pennsylvania RR 434% dabs 1970- 60,000,000 Additions, betterments, &c
Pitts Cin Chic & St L
Gen 434s ser01977
23.735,000 Repay advances
Reading Co gen & ref 434s ser B'97 15,000.000 Capital expenditures
St Louis-San FranciscoConsol 434s ser A 1978
10,000.000 Capital expenditures
Southern By 1st consol 581994- - 3,106.000 Refunding
Term RR Assn of St L gen ref 48'53 4,210,000 Refunding, &c
Virginian By 1st 4345 ser B 1962
5,000,000 Additions,refunding
Wabash By ref & gen 58 ser D 1980 15,000.000 Capital expenditures, &c
Western Pacific RR 1st 581946.-572.800 Reimburse treasury
Total
$394,919.037
la
g%
388
FINANCIAL CHRONICLE
(VOL. 182.
Purpose ofIssue.
Company and Class of StockAmount.
Ps
Curtiss-Wright Co
Common (192,883 shares)
*1,284,6001Acquis of stocks of con*717,6281 stituenticos
Class A (107.902 shares)
Cutler Hammer Inc
*549,820 Stock dividend
Common (54,982 shares)
Drug Inc cap stock (816,129 Was)-- *6,725,810 Acquis constit cos
Dunhill International Inc
*42,015 Stock dividend
Capital stock (2,801 shares)--(E I) du Pont de Nemours & Co
7,420,900 Acquis,corporate purposes
Common
1,702.800 Exch voting deb stock
6% non-voting pref
Eaton Axle-Spring Co*1,124,804 Acquis constit cos
Conunon (281,201 shares)
23,970 Stock dividend
Evans!.Auto Loading Co.Inc corn...
Federated Department Stores Inc
1,789,840 Exch sec ofconstit cos
Common (178.984shares)
Fourth National Investors Corp
*20,000.000 Investments
Common (500,000shares)
Fox Film Corp CIA (1,600,000 shs)*56,175,000 Acquisition of constit cos
*990,000 Exch for Gab. Snubber stk
Gabriel Co corn (198,0005115)
General American Investors Co Inc
Common (1,300,000shares)---- *6,500.000 Exch for old co investm'ts
•
10,000.000 Investments
6% preferred,.
Gen Amer Tk Car Corp (36,439ohs) *1,821,950 Stock dividend 8‘c
Gen Elec Co corn (21,437,335 shs)
'133.983,344 Stock split up
General Printing Ink Corp
*185,071101d stocks just listed
Common (185.071 shares)
*4,402,700J
$6 prof (44,027 shares)
Gen Pub fiery Corp com(33,670shs) *336,700 Stock dividends
General Realty & Utilities Corp
*7,733,1801Acquisition of real estate
- Common (1,546,636 shares)
*30,000,0001 corporate purposes
$6 pref (300.000 shares)
General Steel Castings Corp*6.666,667 Acquis of constit cos
$6 preferred (100,000 shares)General Theatres Equipment Inc
'61,406.637 Old stock just listed,acq &c
4
-.
Corny t c(2,773,877 shares)
*68,520 Stock dividends
Glidden Co corn (13,704 shs)
Gold Dust Corp corn (14,253 shs)-. *142,5301Acquisition of constituent
*126,700f companies
$6 pref(1,267shares)
(BF)Goodrich Co com(113.549 shs) *5,448,192 Acquis Miller Rubber
(F & W)Grand Silver Stores Inc
*1,210,204 Exch for secofconstit cos &C
Common (157,801 alas)
Grand Union Co $3 pref(3,460 skis) *173,000 Acquis properties
250,000 Stock
(W F)Hall Printing Co corn
divencor(M
A)Hanna Co
*14,040,700 Exch for 7% prof
prof(140,407shs)
8,400 Corporate purposes
Hawaiian Pineapple Co Ltd corn -*62,550 Stock dividend
Holland Furnace Co com(6,255shs)
Houdaille-Hershey Corp
Acquisition
Class B (17.000 shed
369,080 Stock dividend
Hupp Motor Car Co corn
Indian Motocycle Go
*750,000 Working capital red of pref
Common (150,000 shs)
of patents
Industrial Rayon Corp
$484.742.667
Total
*571,200 Stock dividend
Cap stock (9,520 shs)
Insuranshares Certificates Inc
*8,930,000 Invest,in securities
INDUSTRIAL STOCKS LISTED FIRST SIX MONTHS OF 1930.
Common(893.000shs)
Interlake Iron Corp
Purpose ofIssue.
Amount.
Company and Class of Stock*63,237,655 Acquis ofconstit cos
Common (1,239,955shs)
Abitibi Power & Paper Co Ltd
Internatl Business Machines Carp*3'7,421,580 Acquls,constit cos
Common (123.693 shs.)
*978,682 Stock dividend
Common (30,378 shs)
Adams Express Co
International Carriers Ltd*6.421,910 Acquis,constit cos
Common (632,191 shares)
*12.000,000 Investments
Common (800,000 she)
Addressograph International Corp
Internatl Salt Co corn (180,000 shs) *6.000,000 Each for $100 par she
*4.694.000 Old stock just listed
Common (520,000 shares)
(Rudolph) Karstadt lnoAir Reduction Co corn (21,379 shs.) *513,096 Acquis.constit cos
d76,010 Old stock just listed
American shares (7.601)
Allegheny Steel Corp
Kraft-Phenix Cheese Corp*3,812,663 Old stock Just listed
Common (610.541 shares)
*109,517 Acquisitions
',Common (5,952shed
Allied Chemical & Dye Co
(l3 II) Kress ,St Co corn (203,004shs) *2.740,554 Acquisitions
*544,525 Stock dividend
Common (108,905 shares)
Kreuger & Toll Co
Allis-Chalmers Mfg Co
American certificates (634,591)- c7.683,653 Working capital
*6.685.500 Working capital
Common (111,425 shares)
Kroger Grocery & Baking 0o
American Bank Note Co
*1,924,821 Acquis ofconstit cos
Common (105.239 shs)
593,300 Stock dividend
Common
*450,000 Acquis of constit cos
Lambert Co corn (50,000 Os)
American Chain Co Inc
Lehigh Valley Coal Corpstock just listed
*1,001,980 Old
Common (250,033 shares)
*842,7601Acquisition ofconstit cos
Common (105,346 shs)
Amer Comml Alcohol Corp
167,550J
6% pref
*47,200 Working capital
Common v to (1,180 shares)_--Lehman Corp cap stk(1,000,000shs)"50,000,000 Inv in securities
Amer Encaustic Tiling Co Ltd
Liggett & Myers Fob Co corn B..-- 13,066,425 Working capital
*113,835 Stock splitup
Common (113,835 shares)
Liquid Carbonic Corp
.American International Corp
*1.504,032 Acquis constit cos
Common (31,334 shs)
*304,425 Stock dividend
Common (20.295 shares)
Louisiana Oh Ref CorpNews Co Inc
American
*12.890,066 Corporate purposes
Old stock just listed
(119,006 she)
Common
Capital stock (216,000 shares)-*10,800,000
purposes
Ludlum Steel Co corn (34,000 shs).. *1.386.0001Corporate
Am. Radiator & Std Sanitary Corp
*490,000J
*26,635 Acquis of constit cos
$6,50pref (5,000 shs)
Common (2.986 shares)
for old cos stocks
16,200 Each
(R H)Macy tic Co Inc
7% pref
*2,591,560 Stock dividend
Common (64,789shs)
American Rolling Mill Co common 5,005,625 Acquis of constit cos
Marmon Motor Oar Co
American Ship Building Co
*78,000 Stock dividend
shares
*14,714,400 Exch for $100 par
Common (5,200shs)
Common (147,144 shares)
Marshall Field & Co
Amer Solvents & Chemical Corp
*14,000,000 Recapitalization, corporate
d under recapit plan,
*458,2821Issue
Common (1400,000 shs)
Common (458,282 shares)
purposes
*7.565.5201 acquis, constit cos
$3 pref(189,128 shares)
Mathieson Alkali WorksAmerican Stores Co
just listed
*81.000 Expansion
*586,250 Old stock
Common
Common (46,900 shares)
810,850 Expenditures
927,150 Acquis stocks of constit cos May Department Stores Co coin'
Anaconda Copper Mining Co corn..
McKesson & Robbins Inc
Anaconda Wire & Cable Co
*2.042,7751Acquisition of constituent
*866.606 Acquis of constit cos
Common (81,711 shares)
Common (18,092 shares)
381.0601 companies
5,820,620101d stocks just listed
yr 7% preferred
Armour & Co (111) class A
*17,718 Stock dividend
344.7501
McLellan Store Co corn (5,572 she)
Class B
211,875 Corporate purposes
Melville Shoe Corp
Atlantic Refinery Co common_
*21,356 Acquis Traveller Shoe
Common (17,08 shares)
Atlas Stores Corp
*1,577,040 Acquis constit cos stk div
Midland Steel Products Co
Common (315,408 shares)
*242,325 Exch for old common i
Common (242,325 shares)
Auburn Auto Co corn (7,026 shs)..- *351.300 Stock dividend
Minneap-is-Honeywell Reg Co
Austin, Nichols & Co Inc
*120,6811Readjustment of capital
*160,480 Cony of preferred
Common (10,030 shares)
Common (120.681 shares)
*1,143,3601
Monsanto Chemical Works
Prior A (38.112 shares)
*190,783 Stock dividend
Common (11,447 shares)
Aviation Corp (Del)
*194,076 Acquis constit cos
Moon Motor Car Co
Common (38,112 shares)
*2,110,000 Acquis, corporate purposes
_
578.900 Acquisitions
Common (250,000 shares)
Beatrice Creamery Co common_
111,000 Corporate purposes
Murray Corpof America
7% pref
544,160 Stock dividend
'11,013,326 Old stock just listed
Common 14805shares)
Blaw-Knox Co COM (1,322,384 shs) 8,328.525 Acquis constit cos
62,061.800 Exch for $25 par shs, acquis
National Biscuit Co common
Borden Co capital stock
800.000 Expansion of business
National Dairy Products Corp
Co common
Bucyrus-Erie
*6,950,344 Acquis stk of constit cos, &c
- *3,186,450 Corporate purposes
Common (868,793 shs)
Budd Wheel Co corn (63.732slip)
*53.850 Stock dividend
National Distillers Products Corp
Bush Terminal Co corn (3,590 ahs)52,900 Working capital
*3,399,322 Acquit;constit cos
Common (107,915 shares)
(J I) Case Co common
*770.100 Corporate purposes
National Steel Corp
Celotex Co common (16,014 shares) *1,583,920 Stock diva,acquisition
Capital stock (2,149,687 shares)."53,560,750 Acquis of constit cos
City Ice & Fuel Co corn (39,598 alas) 6.865.500 Acquis of constit cos
New York Investors Inc
6% preferred
"32.012 Acquis Lit Bros
Common (1,004.424 shares).-- "1.004,424 Old stock just listed
City Stores Cocom (2,833shs)_North American Aviation Inc
Colgate-Palmolive-Peet Co
1d stocks justlisted
Common (2,100,000 shares).---*26,250,000 Acquis ofsec in attil COS
Common (1,998,703 shares)._ _ _ _*24,999,31010
14.702,7001
Oliver Farm Equip Co
6% preferred
*279,5601Acquisition of constituent
Common (27,956 shares)
Commercial Invest Tr Corp
'11.900, companies
*516,376 Stock dividends
$3cum pref(38shares)
Common (64,647 shares)
-*40,000.000 Corporate purposes
Otis Elev Co corn (2,000,000 ohs).-*25.000,000 Each for $50 par shares]:
Optional pref (400.000 shares).
6,500,000 Exch for non-cum prof
6% cum pref
Commercial Solvents Corn
*111,029 Stock dividend
Owens-Illinois Glass Co common..- 1,034,025 Stock dividend
Common (46908 shares)
Publix Corp
Consolidated Film Industries Inc *2,000,000 AOQUIA, corporate purposes Paramount (443,476 shares)
"16,410,612 Acquisitions, &c
Common
$2 pref(100,000 shares) com
2,350,280 Acquis Sefton Mfg
Park & Tilford Inc
Container Corp of Amer cl A
*33,320 Stock dividends
--Capital stock (4,165 shares).
Continental Can Co Inc
*273,750 Acquisition
Parmelee Transportation Co
Common (7,500 shares)
*160,000 Corporate purposes
(16,000 shares)
Common
-Diamond Fibre Co
$50 par,&c
Continental
*1.265.000 Acquis constit cos
Peerless Motor Oar Corp common- 3.137.390 Exch for class. corn, &c
Stock (55,000 shares)
Cony of
(I C)Penney Co corn (67.247 skis).. *2,689,880 Cony of classified common
Continental 011 Co (Dell
Acquis ofconstit cos
203,400
*3,522,967
6% preferred
Common (108,399shares)
Peoples Drug Stores Inc
Continental Shares Inc
*128,556 ACCIMS predecessor co
*713.282 Acquis of constit cos
Common (128.556 shares)
Common (285,313 shares)
2,600,000 Working capital
6).i% preferred
Crosley Radio Corp
*104.000 Stock dividend
Petroleum Corp of America
Common (20.80(1 shares)
Acquis of securities
Common (3,238,194 shares)..._4.56,080,208
Cuban Cane Products Co Inc
*959,901 Issued per reorg plan
Common (959.901 shares)
PUBLIC UTILITY STOCK LISTED SECOND SIX MONTHS OF 1930.
Purpose of Issue.
Company and Class of StockAmount.
American & Foreign Power Co
,.}
Common (41,543 shares)
*$955489 Expansion in foreign coun.
*505700 tries
37 pref (5,057 shares)
shares)_ _ _ *246.900
$7 2d profser A (2,469sh
*25,000,000 General corp purposes
i $6 prof P50,000shares)
American Power & Light Co
'3754235 Stock dividend
Common (309.826 shares)
$5 (stamped) pref (12,100 shs) *1,210.000 Acquisitions
Tel & Tel Co cap stk_ _ _245.763,400 Corporate purposes acquis
American
American Water Wks& Elec Co
*523.310 Stock dividends
Common (52,331 shares)
Bklyn Un Gas Co corn (1,290 shs)- "64,500 Conversion of bonds
Columbia Gas & Electric Corp*95,702 Corporate purposes
le.Common (6,153 shares)
Commonwealth & Southern Corp
*435,299 Acquisition of constit cos
Common (63,489 shares)
6 f 7
*17.556,300 Acquisition corp Purposes
Consolidated bas Co N11*250,8661Acquis. minority stock of
sis Common (7.602 shares)
*342 360J. affiliated cos
, $5 prof(3,804 shares)
36,184 Corporate purposes
Detroit Edison Co common
*38.139 Acquisition constit cos
El Pow & Lt Corp corn (3.959she)*25.471,000 Working capital &c
$6 prof(254,710 shares)
,
Federal Light & Tract Co corn..--500,000 Gen corporate purposes
$6 prof
Federal Water Service Corp
*145,000 Corporate purposes
ass A (10.000 shares)
*91.275 Corporate purposes
Gen G & E Corp cl A (3.651 shs)..,.Hackensack Water Co common_ - - 2,562,500 Pay floating debt &c
System
Internatl Hydro-Electric
*791,950 Stock dividends
Common (31,678shares)
Int Tel &Tel Corp corn (74,631 shs) *2,487.700 Corporate requirements
shares)_ *2.977,520 Stock dividends
No Amer Co corn (297,752
North American Edison Co
*3,735,000 Conversion of bonds
$6 prof(37,350 shares)
96,100 Acquisition improve &c
Pacific Gas & Elec Co corn
1,577,500 Acquisition &c
Pacific Tel & Tel Co stock
Gas Lt & Coke Co cap stk- 1,333,700 Corporate purposes
Peoples
1,442,450 Each for $50 par shares
Philadelphia Co 5% pref
*10.000,000 Acquis stk of constit cos
$6 pref(100.000 shares)
NJ
Public Service Corp
*3,196.196 Acq.ofsec ofconstit cos
Common (116.934 shares)
$5 preferred ($32,619 shares)_ _ - *3,261,900 Corporate purposes
349,075 Construction Jac
Southern CalifEdison co Ltd corn..
United Corp corn (3,346,858 shs)--*16,734,2901Acquisition of sec of constit
*35.412,3001 cos
shares)
$3 prof(108,246
Utilities Power & Light Corn
*1,400,000 Corporate purposes
Class A (70,000 shares)
United Gas Improvement Co
*54.374.3021Acquis ofsec of affil cos
Common (703.116 shares)
*397,7001
$5 preferred (3,977 shares)
Virginia El & Power Co
*19,486,000 Exch sec of constit cos
$6 prof.(194.860 shares)
JAN. 17 1931.]
Company and Class of StockPhillips Petroleum Co
Capital stock
FINANCIAL CHRONICLE
Amount.
Purpose ofIssue.
*34,982.604 Acquis, stock div, corporate purposes
Pittston Co com (1,075,100 shs)---*16,126,500 Acquis ofconstit cos
Procter & Gamble Co 5% pref
12,500,000 Working capital, &c
Pullman Inc cap stock(500,000 shs)
'25,000,000 Acquis constit cos
Radio-Keith-Orpheum Corp
Class A (528.744 shares)
*8,882,599 Additional capital
Republic Iron & Steel Co
Common (40.000 shares)
*2,400,000 Acquis Union Drawn Steel
Republic Steel Corp
Common (1,993,753 shares)
*166.505,8101Acquisition of constituent
o% preferred
60,000,0001 companies
Reynolds Metals Co
Common (766,253 shares)
*6,312,100 Old stock just listed
Reynolds Spring Co
Common (243,600 shares)
*1,096,200 Acquis working capital
Richfield Oil Co of California com538,400 Acquis of constit cos
Safeway Stores Inc
Common (32,807 shares)
*3,280.700 Stock dividend, &c
Scott Paper Co corn (3,060 shs)*6,120 Stock dividend
Sears Roebuck & Co
Capital stock (91.236 shares)
*2,280,900 Stock dividend
Shell Union Oil Corp preferred 40,000,000 Reimburse treasury
Simmons Co com (1.7,507 shares).. *350,140 Stock dividend
Sinclair Consol Oil Corp
*28,060,497 Acquis constit cos
Common (660,247 shares)
Skelly Oil Co 6% preferred
12,000,000 Corporate purposes
Standard Brands Inc
Common (39,257 shares)
*78,5141Acquisition of constituent
$7 prefseries A (4,277 shares)_ -- *427,7001 companies
Standard Investing Corp
Common (214,475 shares)
*214,475 Acquis constit cos
Standard Oil Co(Kan)Capital stk_ 8,000,000 Old stock just listed
.
Standard 0110o(N
capital stk_ 12,065,900 Acquis of properties, &c
Standard 011Export Corp 5% pref_ 76,438,100 Acquis constit cos
Stewart-Warner Corp common---259.390 011stock just listed
Stone & Webster Inc
Common (841,086 shares).*37.848,870 Acq Engineers Pub Ser stk
Sun 011 Co 6% preferred
5,000,000 Pay bank loans, &c
Superheater Co corn (985,205 shs)- *5.137,379 Old stock just listed
Texas Corp common
24,400 Corporate purposes
Thermoid Co com (256,026 skis)..-- *1,172,444 011 stock just listed
Third National Investors Corp
Common (220.000 shs)
*10,340,000 Investments
Thompson Products Inc
Common (263,160 shs)
*2.631,600 Exch ford A and cl B
Thompson Starrett Co Inc
Common (600,000shs)
*600,000101(1 stocks just listed
$3.50 pref(160,000 shs)
*3,500,000J
Tide Water Associated Oil Co
Common (309,918 shs)
*4,803.729 Acq stk of assoc cos
Transcontinental Oil Co
Common (3,339,150 shs)
*40,337.900 Exch for old coon
Transue & Williams Steel Forg CorPCap stk (100.000 shs)
*2.000,000 Exch for ctfs of N Y Co
Tri-Continental Corp-Common (1,996,595shs)
*4,991.4871Exch.for securities of assoc
6% pref
43,135.0001 cos
Trim Products Corp
Common (37,491 shs)
*97,476 Exch for restricted shs
Truax-Traer Coal Co
Common (30,625 shs)
*459,375 Capital expenditures
Truscon Steel Co com
414,860 Stock div &c
Union Bag & Paper Corp
Common (150,000 shs)
*4,500,000 Exch for $100 par shs
Union Oil Co of Calif cap stk
2,286,526 Stock dividends
Union Tank Car Co
Cap stock(1,254,048she)
*31.351,200 Each for $100 par shs
United Aircraft& Transport Corp
Common (184,839shs)
*3,946,373 Acquits constit cos
United Carbon Co com (4,812shs)- *149,172 Old shares just listed
United Cigar Stores Co of Amer
Common(5,422,805 ails)
*5,422.805 Capital readjustment
United Fruit Co
Cap stock(298,730shs)
*13,499,671 Acq of Cuyamel Fruit
United States Steel Corp com
42,803,600 Acquis of constit cos
United Sirs Corp ci A (133,999shs) *133,9991Exch for stock of constit
$6cum pref(413,977 shs)
*4,097,70ot cos
Universal Pipe & Radiator Co
Common (30,000 shs)
•185,000 Pay bank loans &c
Walworth Co com (13,595 slits) _ _ -- *407,850 Corporate purposes
Warner Bros Pictures Inc
Common (223,122shs)
*4,908,684 Pay int on debs acquired
Warner Quinlan Co
Common (136,573shs)
*2.458,494 Working capital
Warren Bros Co corn (314,216 shs)- *4,966,6701Readjustment of capital
1st pref(120.000shs)
*2,000,000; structure
Convertible pref(33.722 she).
*1,686,100 Exch for 1st & 2d pref
Western Dairy Products Corp
Common (9,649shs)
*9,649 Acq stock in assoc cos
White Rock'Mineral Springs Co
Common (43,670 shs)
*873,400 Exch for prefstocks
Zenith Radio Corp-Common(100,(00shs)
*1.000.000 Working capital
$1,874,186,939
INDUSTRIAL STOOKS LISTED SECOND SIX MONTHS OF 1930.
Company and Class of StockAmount.
Purpose of Issue.
Addressograph International Corp
Common (224,780 shs)
*2,023,020 Acquis,stock dividend
Air Reduction Co com(38,654 shs). *966,350 Acquis of constit cos
American Colortype Co
Common (182,000 shs)
*3;782,400 Old stk just listed, acquit;
Am Internat Corp com (20,803 shs) *312,045 Stock dividend
American Machine & Fdy Co
Common (1,000,000 shs)
*7.000,000 Stock split-up
American Machine & Metals,Inc
Capital stock (195,000 shs)
*3,532,721 Rich for Manh El Suppl ctfs
American Rolling Mill Co corn..-.. 2.030,050 Acquis constit co
Amer Solvents & Chemical Corp
Common (50,000 shs)
*350,000 Cancellation of cony bonds
American Smelting & Refining 0°20. ,000 Expansion
6% 2d preferred
40.242,400 Stock split-up
American Tobacco Co corn
Class B
70,943,650 Stock split-up
Am Zinc Lead & Smelting Co
Common (200,000 shs)
*5,000,000 Exchange for $25 par she
592,900 Acquis stk of constit cos
Anaconda Copper Mining Co stk.116,120 Corporate purposes
Atlantic Refining Co stock
631,800 Acquis sec of affil co
Atlas Powder Co 6% Prof
*73.242 Stock dividends
Atlas Stores Corti corn (8,138 shs).
Auburn Automobile Co
*348,816 Stock dividends
Austin Nichol; & Co, Inc
*4,236 Readjustment of capital
Common (4,236 shs)
*106,110
Prior preferred (3,537 shs)
4,513,400 Acquisition of constituent
Beatrice Creamery Co coon
2,967.600 companies
7 7 preferred
,
4,802,775 Acquis constit cos
Borden Co Capital stock
12,525 Consol of constit cos
Calumet & Hada Cons Cop Co corn
Celanese Corp of America
*758,253 Old stock just listed
Common (1,000.000 shs)
Celotex Co corn v t c (155.302 shs). *1,629,530 Capital purposes
Checker Cab Mfg Corp
*818,258 Acquis constituent co
Common (58.447 shs)
City Ice & Fuel Co com(16,600 shs) *664,0001Acquisition of constituent
76,1001 companies
6%% preferred
Columbian Carbon Co
*1,852,245 Expansion
shs)
Common (41,161
f
Colgate-Palmollve-Peet Co 6% P- 2,540.900 Acquisition, &c
Commercial Investment Tr Corp
•760,672 Stock dividend, &c
Common (95,084 sirs)
389
Company and Class of Stock
Amount.
Purpose ofIssue.
Commercial Solvents Corp
Common (48,456 shs)
*108,480 Stock dividend
Consol Film Industries, Inc
Common (125,000 shs)
*900,000 Acquis constituent co
Continental Oil Co (Del)
Common (*20,962 shs)
*681,205 Acquis of constituent cos
Continental Shares, Inc
Common (453,385 sits)
*1,133,462 Acquisition of securities
Corn Exchange Bank cap stk
2,900,000 Capital purpose
Coty,Inc corn (43,183 shs)
*177.050 Stock dividend
Crown Cork & Seal Co, Inc
Common (27,500 shs)
*137,500 Stock dividend
$2.70 .preferred (145.421 shs)--- *6,180,325 Acquis constituent cos
Cuban Cane Products Co,Inc
Common (20,987 shs)
*20,987 Issued under reorg Plan
Curtiss-Wright Corp
Common (22,477 shs)
*149,6971Acquis of securities of conClass A (2,614 shs)
*17,4091 stituent cos
*64,183 Acquis of constituent Co.
Drug, Inc com (7,815 shs)
Dunhill International, Inc
Common (1,397 shs)
*16,093 Stock dividend
(E I) du Pont de Nemours & Co
Common
7.141,420 Capital outlays
Eaton Axle & Spring Co
Common (11,403 shs)
*45,612 Acquis constituent COS
Electric Storage Battery Co
*151,250 Corporate purposes
Common (6,050 skis)
Fed'I Screw Wks com (159.000 shs) *795,000 Old stock just listed
Federated Department Stores,Inc
*235,940 Acquis constit cos, Pay exP
Common (23,594 shs)
Foster Wheeler Corp com(9,404s1 *245,100 cony of pref
General Asphalt Co coin (2,475shs
*123.750 Reimburse treasury
General Foods Corp corn(2,299shs
*20,691 Acquisition
General Motors Corp
$5 preferred (1,874.862 shs)---*187.486,200 Exch for 6% & 7% stks
General Realty & Utilities Corp
Common (3,324 shs)
*16.620 Stock dividend
Gillette Safety Razor (Jo
Common (12,500 shs)
*200,0001Acquisition of AutoStrop
*28,903,300J
$5 preferred (289,033 shs)
Gen Theatres & Equipment, Inc
Common v t c (1.892.608 shs) *42,347,541 Reclassification of stock
Gold Dust Corp corn (12,522 shs)- *125,220 Acquis constituent cos
(F & W)Grand-Silver Stores, Inc
Common (3,856 shs)
*83,988 Stock dividend
Grand Union Co corn (8,774 shs)
*8,774 Acquis of constituent cos
(W T) Grant Co com (117.780 Om) *3,533.400 Expansion
Hamilton Watch Co
Common (400,000 shs)
*5,000,000 Exchange for $25 par shs
Houston Oil Co of Tex corn v t c
-up,stk Sly
16,099,875 Stk spilt
Indian Motocycle Co
Common (40,000 shares)
*373,200 Pay promissory notes
Interlake Iron Corp
Common (2,038 shares)
*103,938 Acquis constit cos
International Cement Corp
Common (7,933 shares)
*269,722 Old stock just listed
Intl Harvester Co 7% pref
2,366,200 Corporate purposes
International Nickel Co of Can
Common (806,248 shares)
*3,353,992 Working capital
International Paper & Power Co
Class A (996 shares)
r65,6561Exch stock of constituent
I. companies
Class B (3,528 shares)
7% preferred
893.200)
Int'l Salt Co corn (240.000 shares).. *2,160,000 Acquisition
Interstate Dept Stores Inc
Common (20,700 shares)
*103,500 Acquis ofconstit cos
Kelsey-Hayes Wheel Corp
*2,136.023 Acquis of constit cos
Common (126,329 shares)
Kroger Grocer/ & Bakery(JoCommonconstitcos
*331,562 Acquis cotit
Lane Bryant Inc coin (134,953 shs) *1,482,818 Old stock just listed
Loose Wiles Biscuit Co common,. 1,197,575 Acquisitions
Mack Trucks Inc com (8,500 shs)-*42,500 Working capital
Marine Midland Corp
Capital stock
55.492,890 Control ofconstit cos
Mathieson Alkali Works
Common (11,327 shares)
*453,080 Expansion
May Department Stores Co coin833.775 Improvements,&c
Michigan Steel Corp
Common (26.864 shares)
*1,025,120 Stocks divs,expansion
Monsanto Chemical Works
Common (12,371 shares)
*206.190 Stock dividends
National Dairy Products Corp
Common (178.515 shares)
*1,428,120 Acquis ofconstit cos
National Supply Co (Del)
Common (91,183shares)
*4.559,1501 Acquis of Spang. Chalfant
13,653,6001 & Co Inc
7% preferred
Newport Co com (521,200 shares)- *4,383.292 Old stock just listed,&c
Ohio Oil Co corn (6,648,052 shs)-*100,000.000 Old stock just listed, acquis
Owens-Illinois Glass Co corn
1,341.850 Acquis constit cos
Pan-Amer Pete & Transport Co
Class B
2.506,500 Acquis constit cos
Paramount Publix Corn
Common (76,318 shares)
*2.823,766 Acquis of properties
Park & Till'ord Inccom (2.083shs)*46,867 Stock dividend
Parmelee Transportation Co
Common (422,787 shares)
*4,227.870 Each sec of affil cos
Peerless Motor Car Co common-- 1.000,020 Working capital
Phelps Dodge Corp capital stock-- 20,572,800 Acquis constit cos
Phillips Petroleum Co
Common (969.996 shares)
*25,704,894 Acquis constit cos
Pittsburgh United Corp common- 9,890,6251Exch for ctfs of Oil Well
7% preferred
6,332,5001 Supply Co
Porto Rican-American Tobacco Co
Class A (203.854 shares)
*10,187,500 Exch for $103 par shares
Republic Steel Co
Common (3,266=s)
*244,950 Acquisstock ofconstit cos
Reynolds Metals Co
Common (1,778 shares)
*14.668 Bich old stock
Richfield Oil Co of California
Common (2.126,250 shares)*53,156.250 Exch for $25 roar shares
Scott Paper Co com (3.120 shares)*6,240 Stock dividend
Sears, Roebuck & Co
Common (118,857 shares)
*2,971,425 Stock dive. acquisitions
Sinclair Consol Oil Corp
Common (32,386 shares)
*1,424.984 Acquis of constit co
Snider Packing Cocom (1.466shs)*7.330 Corporate purposes
Sparks-Withington Co
*1,176.345 Acquis constit cos
Common (228,861 shares)
Standard Brands Inc
*11,7041Acquisition of constiuent
Common (5,852 shares)
$7 prof 2,163 shares)
*216,3001 companies
Standard Investing Corp
Common (23,902 shares)
*23,902 Acquis constit cos
Standard Oil Co of California
Capital stock (86,466 shares).... *2.161.656 Stock dividend
Sterling Securities C
*1,000.000 Exch for $20 par shares
$1.20 prof(500,000c res)
cs
Stone & Webster Inc
*213,705 Acquis constit cos
Common (4,749 shares),
Sun Oil Co corn (127,557shares)_
*4,202,527 Stock dividend
Tide Water Associated 011 Co
*680.768 Acquis constit cos
Common (42,548 shares)
Tobacco Products Corp
'
Common (3,296,653 shares)_ 11 16,483 265 Exch for shares of $20 par
*11,202,695J value
Class A (2.240.539 shares)
Transamerica Corp capital stock-621,187.100 Old stock justrlisted, stock
diva,acquisitions
Tr -Continental Corp
*22,2851Exchange for securities of
Common (8.914 shares)
6% preferred
152,7001 associated cos
*9,975 Corporate purposes
Truax-Traer Coal Co com (700 shs)
Ulen & Co corn (271,522shs)
*1,503,651 Old stock just listed
Union Oil Co of Calif capital stock- 2.162,375 Stock dividend
Purpose ofIssue.
Amount.
Company and Class of StockUnited Aircraft & Transport Corp
*1,304.336 Acquis.corporate purposes
Common (61,093 shares)
United American Bosch Corp
*2,580.000 Exch for Amer Bosch MagCapital stock (278,399 shares)
neto Corp stock, acquis
11,079,000 AcquLs 011 Well Supply
US Steel Corp common
United Stores Corp
*50,2901Exch for stock of constitClass A (17,462 shares)
*702.2001 uent companies
$6 pref(7,022 shares)
Bros Pictures mcWarner
*18,230,144 Acquis, working capital, &c
Common (897,174 shares)
*27.176 Read]capitalstructure
Warren Bros Co coin (1,720shs)*185,250 Each for 1st & 2d prof
Cony prof(3,705 shares)
Webster-Eisenlohr Inc
*395.853 Each for $25 par shares
Common (395,853 shares)
White Rock Mineral Springs Co
*86,900 Exch for 2d preferred
Common (4,345 shares)
Total
[Vol.. 132.
FINANCIAL CHRONICLE
390
$1.526,930,434
* Includes shares of no-par value. The amounts given represent the
declared or stated value.
c American certificates represent 20 Kroner par value participating
debentures of Kreuger St Toll Co.
d Each American share represents RM 40 par value of the capital stock
of the company deposited under agreement dated Nov. 1 1928.
PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MONTHS 1930.
Amount.
.
Maturity
Date.
Rate.
Railroads-.
Mar 1 1930 Mar 1 1932 $2,500,000
Chicago & Eastern Illinois Ry --_5%
Apr 15 1930 Apr 15 1933 12,000,000
6%
South American Railways
$14,500,000
Total railroad companies notes first six months
Amount.
Maturity.
Date.
Rate.
Apr 15 1930 Apr 15 '32-'346%
8400.000
'36-'38
534% Feb 1 1930 Feb 1 1933 10,000,000
Central Gas& Electric Corp
1 1931
2,500,000
Feb 1 1930 Jan
Chicago North Shore & Milw RR.6%
1,000,000
634% Mar 15 1930 Mar 15 1935
Duquesne Gas Corp
Jan. 15 1930 Jan. 15 1933 30,000,000
Edison Elec Ilium. Co.of Boston-5%
4,000,000
Dec. 1 1929 Dec. 1 1931
6‘y
General Public Utilities Co
3,000,000
May 31 1930 May 31 1932
5%
Hackensack Water Co
1434% June 1 1930 June 1 1931 10,000,000
Middle West Utilities Co
June 1 1930 June 1 '32-35 40,000,000
5%
7,500,000
Jan. 1 1930 Jan. 1 1932
6%
Minneapolis Gas Light Co
3,000,000
Puget Sound Power dr Light Co--514% Feb 1 1930 Feb 1 1940
10,500,000
Apr 1 1930 Apr 1 1931
Cities Pub Service Co--.5%
Southern
1,250,000
Apr 1 1930 Apr 1 1931
Standard Public Service Corn---6%
5,000,000
June 15 1930 June 15 1931
5%
Tr -Utilities Corp
2,000,000
Mar 1 1930 Sept 1 1931
6%
Western Utilities Corn
Public UtilitiesBasic Utilities Corp
Total public utility companies notes first six months
Date.
May 1 1930
Mar 1 1930
Mar 1 1930
Apr 15 1930
Apr 1 1930
Jan 2 1930
Apr 1 1930
Industrial d: Other Companies- Rate.
7%
American Austin Car Co Inc
Atlas Imperial Diesel Engine Co--8%
534%
Baldwin Locomotive Works
634%
Baxter Laundries Inc
534%
Caddo River Lumber Co
Cadillac Square Improve Co Ltd--7%
5%
Caterpillar Tractor Co
Congregation of the Immaculate
Heart and Marywood College 534%
Consolidated Hotels Inc
6%
Consolidated Steel Corp Ltd
(F. R.) Cruikshank & Co.. N Daughters of Charity of St. Yin-
6%
Dow Chemical Co
6%
Fox Film Corp
534%
Company
Glidden
634%
(Adolph)Gobel,Inc_
6%
(The) Greyhound Corp
{6%
Hibernia Mortgage Co., Inc6%
534%
Indian Refining Co
London Terrace Apart., N.Y.
6%
Middle States Corp
7%
Montgomery Bldg., Inc
6%
National Service Companies
5%
National Tea Co
6%
Newton Steel Co
6%
Ohmer Fare Register Co
6%
Phillips Co., Chicago, HI
8%
Ray Burner Co
534%
Remington Arms Co.. Inc
6%
Rosemary. Inc
8%
Seay-Linz
Jan
May
Dec
Nov
2 1930
1 1930
1 1929
1 1929
Oct 25 1929
Feb 1 1930
Apr 15 1930
June 1 1930
May 1 1930
Mar 1 1930
Jan. 1 1930
Apr 1 1930
June 2 1930
Apr 15 1930
Mar 1 1930
Feb 1 1930
Dee 2 1929
May 1 1930
Jan 1 1930
Mar 1 1930
Jan. 1 1930
June 1 1930
Mar 1 1930
Apr 1 1930
May 10 1930
$130,150,000
Maturity.
May 1 1933
Mar 1 1935
Mar 1 1933
Apr 15 1935
1933-1936
Jan. 2'32-'37
Apr 1 1935
Jan.
May
Dec
Nov
Amount,
81,000,000
1,000,000
12,000,000
1,100,000
700,000
350,000
10,000,000
300,000
1 '32-'40
800,000
1 1935
1,500,000
1 1944
420,000
1 '32-'37
800,000
Nov. 1939
3,500,000
Feb 1 1940
55,000,000
Apr 15 1931
6.000,000
June 1 1935
2,250,000
May 1 1935
4,000,000
Mar 1 1933
100,000
Jan 1 '33-'36
100,000
Apr 1 '33-'36
3.500.000
Dec 1 1932
5.000,000
Apr 15 1940
1,000,000
Mar 1 1931
375,000
Aug 1 1934
1,500.000
Dec 1 1932
4,000,000
May 1 1935
3,000,000
Dec 31 1931
1,500,000
Mar 1 1933
400,000
Jan '31-'35
400.000
June 1 1935
3,000,000
Mar I 1933
950,000
1930-1934
May 10 1935
1.000,000
Industrial et Other Companies- Rate.
St Peters Catholic Church of New
534%
Brunswick, N. J
6%
Securities Holding Co
6%
Southern Depart.Stores, Inc
Southland Greyhound Lines. Inc-634%
7%
United Industrial Corp
6%
United States Rubber Co
6%
Van Sicklen Corp
6%
Van Swerigan Corp
Data,
Feb 1 1930
Jan 1 1930
Jan 1 1930
Oct 1 1928
Jan 15 1930
June 1 1930
Dec 15 1929
May 1 1930
Maturity.
Amount.
Feb 1 '32-'40
700,000
Jan. 1 1931
1,000,000
Jan. 1 1933
1,000,000
Oct 1 '30-34
500,000
July 15 1930
5,000,000
June 1 1933 15,000,000
Dec 15 1934
600,000
May 1 1935 30,000,000
Total industrial and miscellaneous companies notes first six months_$180.345,000
Total railroad, public utility and miscellaneous companies notes
$324,995,000.
first six months
PRINCIPAL NOTE ISSUES NOT LISTED SECOND SIX MONTHS 1930.
Amount.
Maturity.
Date.
Rate.
RailroadsSept 1 1930 Sept 1 1938 85,000.000
5%
Mobile & Ohio RR
Total railroad companies notes second six months
Dale.
Rate.
Public UtilitiesAmerican Community Power Co-555% Nov 1 1930
Nov 1 1930
6%
Consumers Natural Gas Co
July 1 1930
8%
East Coast Utilities Co
Edison Elec.Ilium. Co.of Boston134i% Nov 1 1930
Nov 1 1930
14%
July 1 1930
6%
Federal Public Service Corp
104% }Aug 15 1930
General Gas & Electric Co
Aug 15 1930
15%
Green Mountain PowerCo
434% Dec 1 1930
June 1 1930
Ind.Southwestern G.& Util. Corp6%
Sept 15 1930
Keystone Telephone Co. of Phila_5%
Oct 1 1930
Municipal Telephone & UHL Co_ _6%
Dec 1 1930
New England Power Association 5%
New York Water Service Corp__ _4;4% Dec 1 1930
Boo 1 1930
Northern States Power Co(Minn)4%
Peoples Gas Light & Coke Co-_ f4X% Dee 1 1930
(434% Dee I 1930
5% Dec 1 1930
Peoples Light & Power Corp
July 15 1930
5%
Saxon Public Works,Inc
Dec 1 1930
5%
Toledo Light & Power Co
434% Dec 1 1930
Washington Gas Light Co
West.Power Light & Tel. Co
534% Mar 1 1930
Maturity.
Nov 1 1931
Nov 1 1931
July 1 1932
Nov 1 1931
Nov 1 1932
July 1 1932
Aug 15 1931
Aug 15 '32-'35
Dec 1 1931
June 11040
Sept 15 1931
Apr 1 1933
Dec 1 1932
Dec 1 1931
Dec 1 1931
Feb 1 1933
Feb 1 '34-'36
1931
July 15 1932
Dec 1 1932
Apr 1 1933
Mar 1 1931
$5,000,000
Amount.
$1,800,000
500.000
900,000
10,000,000
20,000.000
1.500,000
15,000,000
35,000,000
1,500,000
2,500,000
1,250,000
1,250,000
20,000,000
2,000,000
10,000,000
2,000,000
6,000,000
3,000,000
10,000,000
35,000,000
3,000,000
4,000,000
$186,200,000
Total public utility companies notes second six months
Amount.
Maturity.
Date.
Industrial AC Other Companies- Rate
850,000
Oct 30 1930 Oct 30 1940
Allied Properties Corp.. Detroit-7%
4)4% Nov 1 1930 Nov 1 1933 15,000.000
Rolling Mill Co
American
150,000
Aug 15 1930 Aug 15 1932
Capital Dairies, Inc., IndianaPolls6%
450,000
1940
Mar 15 1930
Central Union Bank Building_ _6%
8,000,000
Corporation Sec. Co.of Chicago...1434% Sept 1 1930 Sept 1 1931
Sept 1 1930 Sept 1 '32-'35 32,000,000
15%
Aug 1 1930 Aug 1 1940 12,000,000
Crane Company,Chicago
5%
2,000,000
Oct. 1 1930 Oct. 1 1940
Davison Realty Co
6%
800,000
July 15 1930 July 15 1933
6%
De Forest Radio Co
Eastern Greyhound Lines, Inc..
600,000
Mar 1 1930 Mar 1 1933
8%
of Michigan
7,500,000
434% Aug 1 1930 Aug I 1931
Kelsey-Hayes Wheel Cern
450,000
1935
July 1 1930
(E. H.) Kluge-Univ. Weav.Co_ _.8%
750.000
434% Nov 1 1930 Nov 1 1933
Laclede Steel Co
0
°
Oct 1 1930 Oct 1 '31-'35 1,000,00
Masonite Corp
6%
750,000
Sept 1 1930 Sept 1 1933
6%
Olympic Forest Products Co
June 1 1930 June 1 '31-'34 1,200,000
Pacific Greyhound Lines, Inc
6%
1,500,000
Nov 1 1930 Nov 1 1935
Paraffine Companies,Inc
5%
Pennsylvania Greyhound Lines,
Inc
.534% Oct. 1 1930 Oct 1 '31-'35 1,250,000
6,000,000
Oct 1 1930 Oct 1.1940
6%
Philadelphia Inquirer Co
Sabine Touring Co., Inc., Port
1934
6.50,000
June 1 1930
6%
Arthur,Tex
400.000
Securities Corp., Denver. Colo_ _ _6%
May 1 1930 May 1 1931
Simmons National Co., Pine
1940
200,000
Bluff, Ark
534% June 1 1930
5,000,000
Sloss Sheffield Steel dr Iron Co_ _4 34% Aug 1 1930 Aug 1 1931
Sept 1 1930 Sept 1 1940 30,000,000
Swift Sc Co
5%
5.000,000
Dec 15 1930 Dec 15 1931
United Merchants & Mfrs.,Inc_ _ _6%
Total industrial and miscellaneous company notes second six mos. $133,500.000
324,700,000
Total railroad, public utility and mlscell. co. notes second six mos_ _
19,500,000
Total railroad companies for 1930
316,350,000
Total public utility companies for 1930
313,845,000
Total Industrial and miscellaneous companies for 1930
649,695,000
Total railroad, public utility and miscell. companies for 1930
164,292,500
Total as reported for 1929
216,162,000
Total as reported for 1928
273.755,000
Total as reported for 1927
427,124,500
Total as reported for 1926
424,784,050
Total as reported for 1925
335,100,000
Total as reported for 1924
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Jan. 16 1931.
There has been some increase in the jobbing trade and also
here and there in the industries. In other words a fair business has been done in some directions, if things remain quiet
in others. Salesmen have again been sent out on the road
after some delay and appear to be doing fairly well. The
wearing
cold weather has stimulated retail trade in heavy
been
apparel and also in the coal business. Industries have
work after the year-end shutdowns, notably in the
resuming
automobile industry
steel and automobile lines. In the
on at least part
many thousands of men are back at work
some large orders are reported for pipe and
time. In steel
automobile material
also some for rails. Specifications on
somewhat,as some 100,000 men have returned
have improved
three days a week in most
to work in the Detroit district for
basic has had a
Pig iron has been quiet as a rule but
cases.
The glass trade in Pittsburgh is relittle more attention.
for the finer grades
ported somewhat better. The demand" these grades comincreased slightly. Certainly
of wool has
none too steady.
mand the readiest sale but prices appear
demand and
leather have been in rather better
Hides and
steadiness. Jewelry sells rather
hides have shown greater
woolens have also
more readily in the East. Men's wear
better demand. Coarse yarn gray, cotton
been in rather
business
,1
goods, have been dull a -, in the competition for
some constructions of print cloths have declined 1-16 to Ho.,
leading to a moderate sale. In other quarters these goods
have been held at the old prices but with small sales. Buyers
are loath to buy cotton goods for delivery far ahead. They
are simply replenishing stocks for the time being, and are
really pursuing a waiting policy so far as is possible; 384.inch
64x60 print cloths sold down it seems, to 5%c. Sheetings
have been dull and lower. Fine and fancy cloths have been
in better demand, notably combed broadcloths and rayon
fabrics. In finished goods washed fabrics have been in most
demand. Several converters have lowered prices on printed
cotton. While there has been a fair business in mons' wear
worsted for the spring trade, dress goods have also commended more attention and sold more freely. Broad silks
in spring lines have been in larger demand, and a number of
mills significantly enough have resumed work. Raw silk
was firmer for a time, but met with only a moderate demand.
Non-ferrous metals have been dull more or less depressed.
At the same time steel shapes, plates and bars have been held
at the advances announced some time ago of $1, to $2 per
ton. In the hard wood industry of the Central Valley the
inquiries are more numerous but the soft wood industry has
continued slow.
Wheat shows no great net change for the week, new July
closing higher, but old May ends unchanged at 823c. after
being as high as 843'c. during the week. The interesting
JAN. 17 19311
FINANCIAL CHRONICLE
thing in wheat to-day was that the Farm Board was supposed to be selling old May delivery at 823/c. as against
2
853/80, the high on Thursday. July to-day was 4c. under
the high of Thursday. Foreign markets have been declining.
Larger offerings from the Southern Hemisphere are to be
reckoned with and of course American stocks are.large,
while export business is barred by relatively high prices,
though they are 40 to 46 cents lower than a year ago. Corn
has declined in the fear of larger receipts, with the weather
more favorable and Argentine corn offered at 60c. duty
paid at New York. A distinct downward tendency in prices
for Canadian barley has been against corn. As regards
grain trading an interesting fact is that the speculation in
corn has broadened to such an extent that corn traders on
the Chicago Board of Trade have been allowed the use of
the wheat pit while wheat traders have found the corn pit
large enough, for the daily trading. Some have been buying
corn and selling wheat. No. 3 yellow corn in Chicago is
bringing about the same price, or a little more, as July
wheat. Some think that the Farm Board selling of old
May wheat was to prevent the price going very much higher
at this time, contrary to its plans. Oats are in small
supply, with receipts also light and the situation is strong
enough to brace prices regardless of other grain. Rye has
followed wheat downward. Lard has declined 20 to 35
points.
Cotton has been steady with offerings small, the cooperatives buying steadily and not only New York but
Liverpool and the foreign markets generally acting as
though bearish factors had been discounted at least for the
time being. There will be it seems no lockout in Lancashire
to-morrow,as the workers are to take a ballot on the question
of operatives working 8 looms instead of 4 as formerly.
Coffee has advanced 10 to 20 points, with Brazil buying
from time to time and local shorts covering and with no
pressure to sell, though Europe has sold to some extent as
well as the local trade. The technical position seemed to be
better. Negotiations are supposed to be making progress
between representatives of Brazilian interests and bankers
for the purpose of consolidating all outstanding obligations,
and enabling the Brazilian Government to buy stocks of
coffee now in warehouse. But segregating stocks is not consuming them. Sooner or later the law of supply and demand
will have to be met, and a Government quite as certainly
as a private individual must sooner or later be rued by it.
Sugar has declined 3 to 4 points, although it looks as though
the Chadbourne plan will go through now that Germany has
assented to it. The weak point, however, is said to be that
the Russian production will have to be reckoned with.
Rubber has declined about Mc.in a dull market with statistics
of supply and consumption bearish. Rubber at around 83.
to 83/c. is in its way a kin of economic tragedy, like coffee
2
at 6 to 9 cents. The only remedy seems to be to make the
output fit the market, or take the consequences. The consumption in 1930 was only 372,628 tons against 466,475 in
1929. Hides have declined 15 to 20 points. Cocoa has
fallen 62 to 70 points. Silk is up 15 points.
Stocks have not given quite so good account of themselves
as they did last week but there has been no really significant
decline and to-day there was a rally from the low prices of
the morning. The Farm Board was said to be selling wheat.
The trading has been as low as 1,300,000 shares. It is on
the conservative scale that is to be welcomed for the time
being. Bethlehem Steel has dropped to the lowest price in
about four years, and there were early declines in General
Railway Signal, Sears, Roebuck, California Packing and
Shell Union Oil. But on the other hand United States
Steel closed at about 2 points net higher, New York Central
rallied and Santa Fe showed strength. Money outside was
1% and the regular rate still only 1 y2%. Bar silver was
down to the low record of a week ago. But one of the outstanding events of the week was the rising prices for bonds.
Stocks might hesitate, but bonds did not. They are wanted.
That is significant. And as to stocks, it was a fact not
without significance that "seats" on the Stock Exchange
had recently been advancing. The conviction is deepseated and widespread that while no remarkable increase
in general business is to be expected in the United States in
the near future, the tendency will be toward a gradual improvement during the present year.
Fall River, Mass., wired that the narrow and wide cloths
in print cloth styles, particularly the extreme widths, have
continued in the best demand out of the print cloths in the
local market throughout the week, standard constructions
391
having been decidedly quiet. Some interest, however,
has been shown in marquisettes with a fair volume of business having resulted in both plain and fancy weaves.
Greenville, S. C., wired that little benefit will result to
American mills from the English mill strike unless it should
become general and prolonged. Local mill men point out
that the English mills use large quantities of Egyptian and
Indian cotton and therefore there will be little slackening
of demand for the American staple. On the other hand they
say Great Britain is not a heavy purchaser of American
cotton goods. South America, next to this country, is the
best customer for American cotton goods it is pointed out.
Charlotte, N. C., reports state that a few manufacturers
have found encouragement in the receipt of shipping orders
for goods which were bought on contract on dates ranging
back to the first quarter of last year and on which deliveries
have been held up at the buyers requests. The greater
part of these goods were bought at prices higher than those
prevailing at present. Danville, Va., wired that the Riverside and Dan Cotton Mills are working with a curtailed force.
Some 3,100 persons are employed, this being 600 more than
were working 10 days ago. It was also stated that 7,000
looms are now operating and that the weekly payroll, including officials and operatives, is $60,000. While the mill
management continues a policy of silence and refuses to
issue statements or answer questions, the information comes
from an almost unquestionable source.
Manchester cabled Jan. 14 that the Government conciliators in the cotton dispute could do no more yesterday
than to hold both sides together in consultation. The
workers' council was expected to decide to-day to give their
executives full negotiating powers for a renewed joint conference with the employers, though all concerned are now
confronted with the time factor. Lancashire cabled later
that a general council of weavers' union decided to yield
to the employers latest modified proposals on the more looms
per weaver system only so far as to ballot their whole membership. This decision, the report says, thus puts an end to
hopes of a speedy passing of the British cotton trade's crisis.
The slow procedure of obtaining a ballot vote of more than
160,000 members of the weavers' amalgamation dispels
any hope of an early settlement and will also throw upon the
employers the grave responsibility of enforcing the lookout,
notwithstanding the knowledge that the workers have not
yet come to a final decision. In Bombay, India activity in
cotton mills has increased and at the end of 1930 most of
them were operating full time and nine were reported to be
running double shifts according to advices to the Department
of Commerce from Trade Commissioner Donald W. Page at
Calcutta. Stocks of cotton piece goods at Bombay on Dec.
31 were approximately 142,000 bales, of which 90,000 were
unsold.
Production of rayon yarns in the United States during
1930 reached 110,208,000 lbs. as against 121,586,000 for the
previous year, it is estimated by statistics compiled by the
Daily News Record of New York. Consumption showed a
marked decline being placed at approximately 100,000,000
lb.. for the year as against 130,000,000 for 1929. Imports
felt the effects of the tariff and lower market prices being
reduced from 15,903,000 lbs. in 1929 to about 5,500,000 last
year. Washington wired that allowing for the difference in
the number of trading days department store sales showed an
increase of 50% in December as compared with the preceding
month, but a decrease of 8% compared with December 1922
the Federal Reserve Board announced.
Detroit's trade shows some signs of betterment. The
automobile industry is returning to a normal production
basis with announcements that between 50,000 and 70,000
men will return to work in the plants of the Ford Moror Co.
and that the Cadillac Motor Co. has resumed operations with
a normal payroll of 6,000 workers. St. Louis reported that
while conditions continue far from satisfactory, the general
tone was steady as applied to most of the economic signposts.
It is estimated that approximately 50,000 men are out of
work in the city. Manufacturers are engaging as much
extra help as possible to cut down unemployment figures and
new building contracts are expected to have a decided effect
before long. Chicago wired that noticeable improvement
was noted in trade conditions throughout the Central West.
The stores reduced their forces after the holiday rush, but
this was offset by railroads and manufacturing plants taking
on many additional men. Railroads alone have called in
25,000 men in various parts of the country, chiefly in the
west. Cleveland reports that according to predictions made
FINANCIAL CHRONICLE
The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
According to the Department of Commerce weekly business indicators available to the Department of Commerce
for the week ended Jan. 10 1931 show that increases occurred over the preceding week in the volume of bank debits
outside NewlYork City.rthe average-plices paid for representative stocks and bonds, and the Federal Reserve ratio.
Declines from the previous period were noted in cotton receipts at principal markets, loans and discounts of Federal
Reserve Member Banks, and interest rates on call money.
Time money rates registered no change. The number of
business failures rose during the week.
Wholesale prices in general, as measured by the weekly
index of 120 principal commodities were fractionally off from
a week ago. The price of cotton middling at New York,
and iron and steel prices remained the same as for the week
previous. As contrasted with wholesale prices of a year
ago, declines occurred without exception.
For the week ended Jan. 3 1931, increases over the preceding week occurred in steel ingot production, freight car
loadings, production of bituminous coal, lumber production
cattle receipts and hog receipts at important markets.
Declines from the previous period occurred in wheat receipts,
money in circulation, and in the production of petroleum.
The price of electrolytic copper remained the same as for
the week previous.
Bank loans and discounts of Member Banks were smaller
and the Federal Reserve ratio higher for the period ended
Jan. 10 1931, when compared with the corresponding week
in 1930.
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-100.)
1931.
1929.
1930.
31.6 44.7 86.8
70.7 *96.0 114.6
102.1 105.7 129.1
56.2 74.5 90.0
33.3 57.6 86.6
mooto....H
Eoioeuteml
109.2 110.5
119.7 101.1
124.5 124.4
95.3 83.3
100.9 78.2
57.0 61.2 86.3
69.7 87.4 57.8
108.5 133.8 96.5
47.5 76.9 80.1
67.3 84.1 112.8
93.4 64.4
56.7 56.5
97.7 118.8
77.2 65.8
120.6 106.9
79.0 79.4 93.1
74.8 74.9 98.2
79.3 80.0 91.7
54.3 55.0 93.8
36.0 36.0 64.0
76.5 76.5 86.3
73.9 71.7 129.0
109.6 119.3 162.8
129.6 130.1 136.5
48.5 58.7 112.1
68.6 68.6 111.4
112.0 148.4 179.9
146.4 148.4 212.3
105.2 104.2 105.2
94.2 97.8 94.1
102.5 100.3 97.2
.W
......
47.4
Steel ingot production
85.9
Bituminous coal production
Petroleum production (daily aver) ._ __ 100.0
64.2
Freight car loadings
38.1
x Lumber production
Building contracts. 37 states
(dally average)
69.6
Wheat receipts
55.0 61.5
Cotton receipts
60.1
Cattle receipts
86.3
Hog receipts
Wholesale prices:
Fisher's index (1926=100)
78.3 78.5
Total (120)
Agricultural products (30).
- 73.8
Non-agrlcul. products (90)- -. -- 79.5
.
_ . 53.5
Wheat No.2 Red,Kans. City
37.5 37.5
Cotton middling New York
76.5 76.5
Iron and steel composite
73.9
Copper, electrolytic
Bank debits, outside N.Y.City 131.8 116.2
128.5 130.1
Bank loans and discounts
Interest rates-Call money
36.4 80.0
Time money
68.6 68.6
227.8 133.2
Business failures
157.2 150.2
Stock prices
107.6 106.3
Bond Prices
98.4 95.1
Federal Reserve ratio
Mnnav In ninnnInttnn
101.1
motocom
cow.om
Jan. Jan. Dec. Dec. Jan. Jan. Jan. Jan.
27. 20. 11.
4.
12.
5.
3.
10.
i4Cobo6;-.4266O,OO,ZobiAbt6
by the Union Trust Co. of that city, busy days are ahead
for the tire industry as millions of motorists are running their
cars on casings worn to the cord. In a survey by the company just completed, it is shown that motorists.will probably
be in the market in 1931 for 61,000,000 casings, or 14%
more than they bought last year.
Shanghai cabled that the fall of the value of the Mexican
silver dollar in China to the lowest on record has almost
paralyzed foreign business and commercial houses face a
crisis. Some Chinese, however, profess to see in the situation the possibility of quick industrial independence for
their country. Interest in banking circles here is directed
to reports from Washington and Ottawa of discussions of
plans to extend an international silver loan to China. London
wirelessed Jan. 14 that coal owners, miners and Government
officials were still in conference at midnight last night. This
was taken as a hopeful sign that a settlement of the South
Wales dispute affecting 140,000 men would soon be forthcoming. A later cable said that provisional settlement of
the South Wales coal dispute was reached in London on the
15th inst. The terms will be submitted to a conference of
South Wales miners' federation on Saturday and if they
are ratified work will be resumed to the fullest possible
extent on Monday.
As to the weather, on Monday it rained or sleeted here all
day. Tuesday was colder and clear and bracing. The
weather here has since then been cold, fair and bracing with
the temperature as low as 11 degrees. On the 14th Chicago
reported that a snow-laden cold wave moved along the
Canadian border reaching here and there in the States.
Temperatures were as low as 26 below in Canada. The mercury remained well above zero in most parts of the United
States. It dropped below in the Dakotas. Along the Atlantic Coast there were frequent snow flurries, but temperatures remained moderate. The Mid-West received a touch
from the northern blizzard, and at Chicago on the 13th inst.
it was 22 degrees. It was cloudy and warmer in California.
Los Angeles had a minimum temperature of 63. The Rocky
Mountain section was cold. Buffalo wired that Erie county
south of Buffalo was digging itself out from under more than
two feet of snow, a blizzard which struck it on the 13th inst.
but it was local. At Atlanta, on Jan. 14th a light snow fell
and the mercury sank to 28 degrees. There was snow for
several hours in Arkansas. Mexico City on Jan. 14th had
one of the coldest spells of years and many natives handled
the first snow they ever saw nearer than mountain peaks 55
miles away. There was suffering with temperatures just
below freezing. Few of the buildings have any facilities for
heating. Spain on the 14th inst. and for some days previously
had an unusually cold wave, temperatures dropping to 9
degrees below zero. In Southern Spain people suffered because of the lack of heavy clothing and of heating apparatus.
Unemployment aggravated the situation. In Tripoli and
the North African Coast on Jan. 14th they had one of the
worst storms in 20 years. A wind of 66Imiles felled palm
trees and freezing temperatures occurred in the Gebel region.
Atlanta, Ga. wired Jan. 14 that freezing weather was predicted as far south as the Gulf Coast last night while a
mantle of snow covered Tennessee, Virginia and North
Carolina while the temperature at Atlanta dropped to 22 and
with prospects of a further drop. On the 15th inst. rains
occurred on the Pacific Coast and also set in over Southern
Texas while elsewhere fair weather prevailed. Temperatures
continued to fall in the Middle and North Atlantic States
and the weather remained cold throughout the eastern and
southern States, with a reaction to higher temperatures in
the Plains States and the Upper Mississippi Valley. Freezing
temperatures occurred Thursday morning as far south as
Tampa, Fla.
To-day the temperatures were 16 to 31 degrees after being
11 degrees above zero early in the week. Yesterday they
were 16 to 26. Boston had 12 to 20 degrees, Philadelphia
18 to 28, Chicago 26 to 30, Cincinnati 24 to 32, Cleveland
22 to 30, Milwaukee 24 to 34, New Orleans 38 to 42, Kansas
City 36 to 42, St. Paul 22 to 28, St. Louis 28 to 34, Winnipeg 22 to 28, San Francisco 50 to 56, Seattle 42 to 48, The
forecast to-night is fair and warmer to-night and tomorrow.
[VOL. 132.
sop2.—tot.o.o.wwoocototototo
to .—o34.ow.wtochwo.00w
,
392
97.1 97.0
96.1 96.2
98.3 97.9
83.7 83.7
74.6 73.5
87.5 87.6
119.6 119.6
154.8
164.2
130.9 137.7
154.5 200.0
174.3 182.9
156.0 116.2
238.7 240.5
107.4 107.4
85.5 79.9
98.7 101.6
* Revised. x Relative to week y average 1027-1929 per week shown.
Colonel Ayres of Cleveland Trust Company Looks For
Durable Improvement in New Year Upon Which
We Have Entered.
According to Col. Leonard P. Ayres, Vice-President of
the Cleveland Trust Company, of Cleveland, Ohio, "the
liquidation of the unexpected in this depression has apparently been about complete, and this circumstance constitutes
the soundest reason for believing that general business recovery will get under way in this new year." Col. Ayres
thus expresses his views on the business situation in the
Company's Business Bulletin, dated January 15, which
gives his further observations as follows, omitting the
diagrams referred to.
The year 1930 was full of unwelcome surprises. The world-wide drop
in commodity prices was the most serious. The collapse in the value of
silver was important. The astonishingly drastic decline in the market
values of our stocks and bonds, and of foreign bonds, brought unexpectedly
great losses to large numbers of individuals and corporations, and for the
most part such losses are irretrievable.
The severe clrouth was a surprise; the world-wide political unrest was unforeseen; the erratic dumping of products by Russia was not predictable.
The failure of many banks in this country which has fundamentally the
soundest of all banking systems, and the strongest individual banking
units, was an unexpected development. Finally, the greatest surpriselof
all was the discovery, that business was not fundamentally sound, coming
after the almost universal acceptance of the numerous declarations that it
was. The past year was one long series of surprises to business, most of
them important, and nearly all unfavorable.
Business has to go on because the life of the nation goes on, and so business always adjusts itself to new conditions, no matter how unfavorable
they may be. In all our long business history the second year after a
panic decline has never been as bad as the first year. Before the end of
the second year business has always had its readjustments far enough
along to get under way at an increasing pace.
It may even prove that the worst of the depression has not yet been
reached, but nevertheless the weight of probability is distinctly in favor
of durable improvement beginning in 1931. American business has spent
an entire year in adjusting itself to new, unfavorable, and unexpected
conditions. This Is the best reason for believing that it will do better in
1931 than it did in the year just closed.
JAN. 17 1931.]
FINANCIAL CHRONICLE
Retail Prices.
Retail prices appear to have declined a good deal less promptly, and considerably less rapidly, during this depression than wholesale prices. The
accompanying diagram shows the results of an attempt to inquire into the
matter. The dotted line shows the monthly changes over the past 16 years
of the wholesale price index of the Bureau of Labor Statistics. The level
of prices prevailing in 1915, at the beginning of the war, is taken as being
equal to 100, and the changes since then are represented on that basis.
Changes in retail prices are less easy to represent,for there is no good and
inclusive index of them. The solid line In the diagram shows the changes
in retail prices if the average for 1915 is taken as equal to 100, and it has
been constructed from the indexes of changes in the cost of living, minus
the items for rent. During the rapid war-time advances in price levels the
retail line moved much more slowly than the wholesale one, and did not
mount so high. In the great period of deflation 10 years ago it again
moved more slowly, and it did not drop so low.
In general the tendency of the retail prices has been to follow the course
of the wholesale ones in major changes, and in most minor ones, but to do
so rather slowly, and incompletely. At the bottom of the price deflation
10 years ago wholesale prices reached a low point of 132, but the greatest
decline of the retail prices was to a level 20 points above that at 152. Both
indexes reached their highest post-war levels at the end of 1925, when
wholesale prices were 151, and retail almost 20 points above at 170.
In the summer of 1929 wholesale prices were at a level of 141, and retail
prices 23 points above that at 164. The subsequent decline has carried
wholesale prices down to an average for last November of 116, while retail
prices have declined only to 150, or to a level 34 points above that. The
decline of wholesale prices in this depression has been about 18%,and that
of retail prices only about 9%•
After making allowance for the fact that the statistical indexes available
for comparing these price changes are not fully satisfactory, it seems safe
to conclude that further declines in retail prices are probable. A major
decline in wholesale prices is under way, and so far there has been hardly
more than a minor decline in retail prices. It is not likely that the reductions in retail prices will go as far as those for commodities at wholesale, or
terminate so soon, but it is probable that the downward movements will
be more nearly equal than they have been as yet.
r
Automobiles.
The 31st national automobile show has lust come to a close in New York,
and others will be held this month and next in cities throughout the country.
Two facts are conspicuously evident. One is that interest on the part of
the public, and attendance at the expositions are undiminished. The
other is that the greatest of our industries has succeeded in reducing the
prices of its products so far as to make its offerings compelling bargains.
Never before have such great values in automobiles been made available
for so few dollars.
If other industries could follow this example, and demonstrate their
courage and initiative by making real and prompt reductions in the retail
prices of their products, the beginnings of sustained business improvement
would be hastened. Goods are being worn out, and savings are aCCUMUlating, but buying is hesitant because people fail to find in many lines of
retail goods the price reductions they expect when they read about the
declines in wholesale commodities. The automobile industry has shown
that real reductions can be made,and it is to be hoped that their experiment
will succeed, and that their bold lead will be followed by other industries.
Iron and Steel.
The iron and steel industry has three leading customers which consume
together about half of its entire production. They are the railroads, the
construction industry, and the automobile industry. The columns in the
diagram show the number of hundred thousands of tons of finished steel
that these and other leading industrial groups have taken and used in each
of the past nine years, according to the compilations of the trade magazine
Steel.
The figures of the Iron Age do not agree closely with those of Steel, but
both are in accord in finding that the building industry took more steel last
year than any other group. In 1928 the automotive industries were the
largest consumers, and in most other years the railroads have been in first
place. Total output declined last year by 27% from the high figures of
1929. The shrinkages were unevenly distributed. The takings of the
building industries declined 11%, those of the automobile makers 41%.
and those of the railroads 33%.
Declines In the output of pig iron paralleled those in steel. At the close
of 1929 almost 50% of all the blast furnaces in the country were active and
producing. This percentage rose to 59 at the end of March, and has fallen
ever since until at the close of 1930 it was down to 31%. This is one of
the lowest percentages ever recorded except in the depression of 1921.
The monthly figures showing the activity of blast furnaces, and those
giving output of steel ingots, are now becoming of special importance, for
the first increases in these records in a depression are fairly trustworthy
indicators that the bottom has been reached. Sometimes in the past the
furnace figures have turned up first, and sometimes the steel data. The
furnabe figures are more reliable, and have made fewer false starts, so
that when any real increase is reported in them that news will be a business
fact of real importance.
Depression Abroad.
The accompanying diagram shows monthly changes in industrial activity
in seven countries during the past seven years. The Indexes have all been
constructed in the same way by combining the figures showing the changes
in pig iron output, steel production, coal production, and ton-miles of
freight moved on the railroads. The series have been given equal weights,
they have been seasonally corrected, and in each case the average for 1924
has been taken as being equal to 100. All the horizontal percentage lines
in the diagram are 20 points apart.
In the case of the United States a dotted line has been added. This
dotted line represents the index of industrial production compiled by the
Federal Reserve Board, and its close conformity to the index just described,
which is represented by the solid line, furnishes some evidence that the
indexes for the other countries may represent with reasonable reliability the
changes in general industrial activity during this past seven year period.
The dashed line spanning 1926 in the index for the United Kingdom at the
foot of the diagram represents the period of the general coal strike.
A conclusion that one may well draw from the diagram Is that the declines
of 1929 and 1930 are showing marked individuality of timing and of severity
in the several countries. The depression is truly International, but the
declines began at different times in the several countries, and they have
Continued with widely varying degrees of severity. The recovery shown in
this country in the first half of 1930 did not appear in the other countries.
No clearly discernible symptoms of recovery have as yet appeared anywhere. Conditions in the United Kingdom seem to be more serious than
elsewhere, and the decline in France is not as yet far under way, and
appears to be gathering momentum.
It would not be safe to infer from the evidence presented here either that
recovery in the United States is likely to precede imporvements abroad, or
393
on the other hand, that it must await them. Probably an improvement of
conditions in the United Kingdom would have a more powerful and widespread influence making for the betterment of world conditions than any
other single change that might develop. England still dominates the world's
carrying trade, and still wields the greatest influence in international
finance. British business recovery would greatly aid and hasten world
recovery.
Stock Prices and Yields.
Common stocks appear to be selling at bargain prices. The evidence ofthis
is presented in the diagram,which shows over the past 31 years the relationships between the yields of all the dividend-paying common stocks regularly
traded on the New York Exchange, and the yields of 10 regularly traded
railroad bonds. In the upper section of the diagram the monthly average
prices of both the stocks and the bonds are shown as multiples of their
dollar dividends, but the bond yields have been multiplied by six-fifths
in computing the bond line.
The index of stock prices is represented by the solid line, and that of the
bond prices by the dotted line. The reason for multiplying the bond yeilds
by six-fifths before computing the bond price line is that over the period of
28 years prior to 1928 the yields of the stocks averaged about six-fifths as
much as did the yields of the bonds. This makes it possible to note how
the stock and bond prices would have compared if their dollar returns had
been equalized. The average values of the two lines are equal up to 1928.
Both decline irregularly during the first 21 years, and both have risen since
then.
During the entire period of 31 years the solid stock line has regularly
risen above the dotted bond line in times of bull markets, and has fallen
below it in periods of bear markets. It has done this so consistently that
it is possible to consider the bond line as a normal level for the stocks, and
to compute the percentages by which the stock prices rose above normal
during the bull markets, and fell below normal in the bear moves. The
result ofsuch a series of computations is shown in the silhouette in the lower
section of the diagram, in which the normal, or bond level is represented by
100%.
During all the long period prior to 1928 stock prices never rose as much
as 20% above the normal at the peaks of bull markets, and never fell as
much as 20% below in the bear markets. Then in the recent great bull
market stock prices advanced while bond prices fell until in September of
1929 the stock prices were almost 70% above the old normal level as indicated by the bonds. Since that time bond prices have risen, and stock
prices have fallen, until in December of 1930 the stock price level was
21% below normal, and at the lowest relative point that these comparisons
have ever recorded-
Loading of Railroad Revenue Freight a Little Higher.
Loading of revenue freight for the week ended on Jan. 3
which includes New Year's holiday, totaled 615,382 ears,
the Car Service Division of the American Railway Association
announced to-day. This was an increase of 76,963 cars over
the preceding week which included Christmas, but a decrease
of 160,373 cars below the same week last year. It also was
a reduction of 183,300 cars below the corresponding week in
1929. Details are outlined as follows:
Miscellaneous freight loading for the week of Jan. 3 totaled 212,638 cars,
68,853 cars under the same week in 1930 and 79,842 cars under the corresponding week in 1929.
Loading of merchandise less than carload lot freight amounted to 168,286
cars, a decrease of 29,137 cars below the corresponding 'reek last year and
32,869 cars below the same week two years ago.
Coal loading amounted to 143,334 cars, a decrease of 29,743 cars below
the same week in 1930 and 28,289 cars under the same week two years ago.
Forest products loading amounted to 23.977 cars, 16,841 cars under the
corresponding week in 1930 and 20,888 cars under the same week two years
ago.
Ore loading amounted to 4,889 cars, a reduction of 3,958 cars below the
same week in 1930 and 4,105 cars below the same week in 1929.
Coke loading amounted to 8,448 cars, a decrease of 2,087 cars below the
corresponding week last year and 2,396 cars under the same week in 1929.
Grain and grain products loading for the week totaled 32,857 cars, 8,276
cars below the corresponding week in 1390 and 8,998 cars below the same
week in 1929. In the Western districts alone, grain and grain products
loading amounted to 22,481 cars, a decrease of 6,605 cars below the same
week in 1930.
Live stock loading totaled 20,953 cars, 1,478 cars under the same week in,
1930 and 5,913 cars under the corresponding week in 1929. In the Western
districts alone, live stock loading amounted to 16,182 cars, a decrease of
853 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared not only with the same week in 1930 but also with the same week
in 1929.
Loading of revenue freight in 1931 compared with the two previous years
follows:
1929.
1930.
1931.
798,682
775,755
Week ended Jan.3
615,382
Trend of Business in Hotels During December
Details for Year.
While reporting in their survey of business in hotels that
December sales showed no improvement, Horwath & Horwath state that "at least they made no poorer comparison
with last year than did those of November." Further
indicating the trend of business in hotels during December
they state:
Total sales decreased 17%, room sales 14%, and restaurant sales 20%.
The average occupancy was 60%,and the sales per room dropped 5%.
As usual, transient room business suffered the most, but the demand
for cheaper permanent quarters continued. Restaurant sales were affected
by smaller New Year parties and lower menu prices. Most of the hotels
recording better than average results benefited by conventiones and other
special business, but the total of this business was way below last year's.
Let the year 1930 be forgotten. But let its lesson be always remembered
by the hotel industry, as a guide and a warning. The effect of the deflation
upon an industry keyed up for "boom" years-but even then not especially profitable because of its violation of the fundamental principles
of construction and operation-is generally known to hotel men.
394
FINANCIAL CHRONICLE
The future has problems aplenty for the industry, but it is already
evident that hotel men are preparing to meet the times. We believe that
the hotel's salvation will be worked out to a great extent on the following
lines:
1. Through education and publicity, people in larger numbers must be
sold the idea of using hotels.
2. A recurrence of overbuilding should be forestalled, and steps taken
to compete with the growing number of wayside places.
3. The habits of the public are changing and there will develop new ideas
in hotel building and service that will hasten obsolescence, already rapid.
The new year will not be a boom year, according to all indications.
There is no shortage of hotel facilities, just as there is no dearth of products
of any other important industries. With reduced spending power on the
part of the public and generally lower rates, we look for no sharp increases
In the sales in 1931, but we do expect a gradual return to normalcy.
TREND OF BUSINESS IN HOTELS—DECEMBER 1930.
(Transient and Residential.)
The trend of the total hotel business is not shown, but rather the increase or
decrease in the business of hotels already established at least two years.
Total
Total.
1e-
New York City
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All other cities reporting
P. C. of Inc.
or Dec. in
Aver. Sale
per Occ.Room
in Compari'n
Rooms. Restauet. Dec. '30. Dec. '29. with Dec.'29
Sales—Percentage of
Increase or Decrease
in Comparison
with December 1929.
•
-
Analysis by Cities
in which
Horwath & Horwath
Offices Are
Located.
—17
—17
—19
--16
—16
--12
--25
—14
Average
Percentage
of Room
Occupancy.
—23
—26
--23
—17
--29
--22
—17
58
71
47
50
63
48
55
66
83
51
55
70
59
62
--5
--5
—8
—7
—2
—8
—2
—9
— 14
53
57
—3
—14
—20
60
67
—5
YEARLY SUMMARY OF INCREASES AND DECREASES IN TOTAL SALES
COMPARED WITH 1929.
New
CM- Philo- Wash- Cleve- De- Cali- Other
Total. York, cage. delphia ington, land. troll. fornia. Cities.
January
February
March
April
May
June
July
August
September
October
November
December
--2
--4
--5
--6
--7
--9
--11
--14
--15
--16
--17
--17
1930 compared
with 1929_ --10
1929 compared
with 1928.-- +2
--3
--4
--6
--9
--7
--9
--12
--19
--20
--22
--21
--21
--2
--5
--4
--7
--5
--5
--11
--13
--12
--18
--16
--22
--5
--14
--9
--15
--13
--15
--17
--10
--17
--8
--17
--20
--12
--10
--13
-1-1
--2
--28
--6
--4
--8
--I4
--14
--18
--21
--16
--17
--7
--1
--7
--5
+2
--7
--3
--6
--2
--9
--8 --II
--12 --15
--25 --22
--24 --26
--16 --26
--12 --30
--20 --24
--12 --11
No
—6 change +2
i-1
--2
--2
--2
--3
--4
--2
--6
+2 --10
--8 --12
--10
--9
--14
--9
--16 --10
--19
--8
--18 --13
--15 --11
[VOL. 132.
Rome C. Stephenson, President of American Bankers'
Association Finds Effort to Stabilize Business
Making Progress—Says Increased Savings Deposits
Furnish Bulwark Against More Extensive Depression.
In an address before the Chicago Association of Commerce,
at Chicago on Jan. 8, Rome C. Stephenson, President of the
American Bankers' Association, and Vice-President of the
St. Joseph County Savings Bank, South Bend, Ind., delivered an address under the title "What of 1931?" in which
he said:
The effort to stabilize industry is making progress. Already large employers oflabor are arranging production so that employees can look forward
to regular work and eventually, when their stint is done, to a pension for
their sunset years. Does any honest skilled worker deserve less? Should
not that be a goal toward which united industry will strive?
A message of hope for the current year is that concerning agreement
among Eastern railroads, embracing the territory East of the Mississippi
River and West of New England and including the Virginia Railway on
the southern boundary and the New York Central on the North, for a consolidation into four great independent systems, in order to meet the policies
expressed by Congress in legislation enacted 10 years ago. Formal approval
of the matured plans will increase the financial stability of the roads, as well
as their ability to meet competition. It will afford a basis for the completion of plans relative to additional terminals, electrification and other
necessary projects, thereby increasing opportunity for employment.
Despite the low condition of business, the waning of confidence and the
most intense discouragement, our country has suffered little diminution in
real wealth. Savings deposits in banks are greater than a year ago. These
deposits constitute a reserve and in such times as the present furnish a bulwark against a more extensive depression.
Vital statistics, as well as life insurance companies' figures, bear witness
to the good health of our people during the past year. Never before in
the history of the country have leaders in business given so much conscious
thought and attention to providing employment for wage earners. Many
millions of dollars are being expended for modernizing and re-equipping
plants.
More significant than all this is the research constantly prosecuted in
transportation,in chemistry, in physics and in applied science of every kind,
with the object of discovering formulas which will still further diversify
industry, increase employment, make higher the annual realized national
income, furnish more creature comforts and create a higher standard of
living.
As month succeeds month, inventories in America will be reduced, thus
hastening the day when unemployment will give way to employment and
In consequence dismay and pessimism will retire before hope and buoyancy
of spirit. Nothing so develops versatility and resourcefulness as hope;
nothing so inhibits them as fear and its close companion, despair.
Mr. Stephenson also said in the course of his speech:
--14
--8
--8
At present, there is questioning of banking because banks have failed.
+1
+2
In many cases these failures arise not because of mismanagement or negli+1
+4
+3
gence on the part of the bank officers or of speculation by them, but from
causes entirely beyond their control. Although credit has reached its highest
1930 ANNUAL RESULTS.
development in the United States, we have not yet learned how to control
The effect of the business depression on the hotel industry is shown It. Attempts by banks to control credit or to ration credit have not been
very forcibly in the large decreases in every group. Total sales (rooms conspicuously successful. Scarcely more than a year ago, when such
and food) in 1930 were 10% less than in 1929. Sales in the first half of attempts were made, "bootleg" money,—that is, money from sources
the year held up fairly well but, since June, the decline has been getting outside of banks—poured into the New York Stock Exchange to the amount
more pronounced, and the closing months of the year show the poorest of over four billion dollars, greater by one billion dollars than that supplied
comparisons.
by banks.
Banks are indissolubly connected with manufacturing and distribution.
They supply in part the funds which make the operations possible. We
must prevent a return of a situation when the abundance of money outside of
Depression "Stupid," Says Frank A. Vanderlip—Shows banking channels puts the extension of credit beyond their
control. Its
Need for Adult Instruction, He Declares at Town abuse reacts on banks and,through disturbance of price levels, breaks down
orderly channels of distribution and imposes hardships on banks' customers
Hall Dinner.
which tend to break down buying power. This in turn robs corporation
Characterizing the present economic situation as "one of stockholders of prospective income.
It is impossible for banks to meet conditions prejudicial to them and
the most stupid depressions we have ever been in," Frank
which are
by lack
co-operation within an industry or between
A. Vanderlip, former head of the National City Bank, industries.created is to-dayof call that
There
a
productive industry shall seek legispleaded in an address on Jan. 12 at the tenth anniversary lation which will establish checks and standards in production, and in condinner of Town Hall, for a better-informed public opinion. sequence insure a more regular trend in American economic progress. The
present method leads to
suffering, to political
As to what he had to say we quote the following from the upheavals and to unwise dissatisfaction, to human discredit the wisdom,
legislation. It tends to
New York "Times."
judgment and ability of leaders in industry and banking. Unless as business
"One thing more important in this depression than unemployment," he men we can eventually solve the unemployment issue, solutions will be
said, "is the lack of adult education, or intellectual unemployment. Edu- attempted by a government in which business men will have but a small
cators do not know what to teach or how to teach it. One field for better' part.
thinking is in business. We have millions of idle men. We have generous
contributions. We have billions of unsatisfied wants and yet too much
of everything.
Allard Smith of Union Trust Company of Cleveland
"The question has been raised as to what caused the stock market break.
Looks for Business Recovery in Present Year.
What really happened to us, in my opinion, is that we became victims of
virtue. With marvelous improvements men could turn out twice what they
Nineteen thirty-one promises to be a period of unmistakdid before,so we had to consume more. For a time we concealed our greater
able recovery with returning prosperity for business, Allard
output by the invention of the instalment buying. Then we made loans
Smith, Executive Vice-President of the Union Trust Co.,
abroad. But eventually lacked customers for our products.
"I don't want you to think I am socialistic, because I am very capitalistic. Cleveland, told the Economic Club
of Chicago in an address
But what I think really happened was that capital kept too much and labor
on Jan. 6. The most important problem facing the country
did not have enough to buy its share of things. The stock break was merely
is to restore and maintain purchasing power of the great mass
an accident.
"A popular theory for the cure is higher wages to give labor more pur- of people, enabling them to
consume a large volume of goods,
as we are paying from five
chasing power. That is, perhaps, sound, but
the banker declared. This, he said, is being accomplished
to ten times as much in wages as in other countries. I don't believe that is
the remedy. Another theory is reducing the retail cost of things. But the to some extent by the decline of commodity prices at wholelowest wholesale prices in years are not reflected in retail prices. Something sale and retail, thus
increasing the buying power of the dollar
is wrong with these retail prices, and you will find arguments from the
He further said:
retailers as to why they don't come down because of delivery costs.
"America is committed to the principle of large public purchasing power
"I think we also should have adult education of bankers. In the past
year there have been 1.000 bank failures and we have frozen $700,000,000 as the foundation for business prosperity. "Industry is geared up to mass
production and even greater mass consumption is essential to sustained
of assets.
"Technological improvements in industry are causing all the troubles. profits.
division of the results of technological improve"Perhaps the most notable single development of the current depression
But when we get the proper
ments, I believe we will have employment for everybody and a higher is the determination on the part of the industrial leaders to preserve present
standard of living. One of our greatest problems is to find a better under- wage levels insofar as this is possible.
standing of leisure time. It will take millions of agencies to do these things,
"America has had many previous periods of depression, but notwithand I know Town Hall is one of them."
standing these fluctuations the material well being of the people has steadily
JAN. 17 1931.]
.
FINANCIAL CHRONICLE
advanced. After each depression the living standards of the mass of the
people have usually risen to a higher plane than prevailing before."
The banker declared that, notwithstanding a few weak
spots, the position of the banks throughout the country is
very strong, many banks being in the most liquid position
in their history.
395
since
last Summer. The firming of finished steel is the first since last
November; scrap iron prices are higher, and there has been an advance in
building materials. Rubber prices also are firmer in spite of important
price cuts in tires and tubes announced durint ehw eek.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
Jan. 13 1931. Jan. 6 1931.
Jan. 14 1930.
Farm products
109.3
108.3
136.7
Construction Contracts in December Smaller.
Food products
119.3
120.9
141.3
105.8
0105.8
139.6
Total construction contracts awarded during December Textile products
Fuels
141.9
142.1
160.1
1930 in the 37 Eastern States amounted to $249,435,500, Metals
105.8
106.1
123.8
Building materials
128.7
*127.1
150.6
according to statistics compiled by the F. W. Dodge Corp. Chemicals
123.0
•124.2
133.5
Miscellaneous
89.4
89.1
120.6
In December 1929 these construction contracts aggregated All commodities
115.5
115.6
IAA A
$316,368,100. For the 12 months of 1930 the aggregate of
.
*Revised.
contracts awarded is $4,523,114,600, as compared with
$5,754,290,500 in the corresponding period of 1929.
Dun's Commodity Price Index.
We give below table showing the details of projects conMonthly comparisons of Dun's Index Number of wholesale
templated in December and for the 12 months of this year,
as compared with the corresponding periods a year ago. commodity prices, proportioned to consumption, follow:
Jan. 1
Dec. 1
Jan. 1
Jan. 1
Jan, 1
The table also shows the details of the contracts awarded
Groups1931.
1930.
1929.
1928.
1927.
Breadstuffs
325.368 327.026 333.801
332.390 329.455
for the same periods. These figures, it is stated, cover 91% Meat
19.841
19.057
22.622
23.480
19.418
Dairy and garden
18.071
18.978
21.618
22.542
24.593
of the construction in the United States.
Other food
20.160
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Annalist Weekly Index of Wholesale Commodity Prices.
The Annalist weekly index of wholesale commodity prices
stands at 115.5, a drop of 0.1 point from last week. For
five weeks now the index has fluctuated within the narrow
range of 115.4 and 115.8, the narrowest fluctuation of the
year. The Annalist continues:
Though the index remains at the very lowest point since 1915, encouragement may be drawn from the fact that the persistent declines have been
checked at last, and that the index has been moving L shaped. There
was a time, late in September and early in October, when the index also
moved narrolwy up and down in a sidewise direction only to be followed
by new and sharp declines. But the fluctuations now are narrower and,
moreover, many weaknesses have been removed that aritficially supported
the September price level. All in all, it is reasonable to assert that the index
Is closer to stabilization than at any time during the last 18 months.
For the second week now, prices of grains and live stock have advanced.
Raw silk continues firm in face of sharp declines o frayon prices. Raw silk
consumption during the last four months of 1930 has been at record highs
probably because of the drastic cuts in prices during the year. Silk has
successfully competed with rayon, whose pirces have remained unchanged
17.378
27.019
19.351
32.691
Clothing
Metals
Miscellaneous
VVIVEP
17.688
27.703
19.571
32.997
18.238
33.297
20.943
35.994
19.451
36.039
21.897
37.050
32.471
23.647
38.014
3159.719 3163.020 3186.513 3192.849 5187.758
Dun's Report of Failures for the Year 1930.
An accentuation of the unusually high commercial mortality in the United States during December was not unexpected,
for even in settled times the closing month of a year invariably is marked by an upturn in the insolvency totals. The
26,355 defaults in 1930, exclusive of banks, and their liabilities of $668,283,842 were unparalleled, and in no preceding
December has the number of failures equalled the 2,525
reported to R. G. Dun dr Co. Moreover, last month's indebtedness of $83,683,361 also was the largest on record for
the period, and only once before-in March, 1924, has the
amount been exceeded. A distinguishing feature of the past
year's returns was the fact that in each month excepting
August and September the number of insolvencies was above
the 2,000-level, with the maximum reached in January, at
2,759. The December figure, which represented the second
highest point of the year was fully 24% above the number
for November, although a part of this increase was accounted
for by the longer month. About the same percentage difference appeared in comparison with the 2,037 failures of
December 1929, and the rise over the 1,943 defaults of the
corresponding month of 1928 approximated 30%. In December of 1927, 1926 and 1924, the number of commercial
insolvencies exceeded 2,000 in each instance.
The exceptionally high indebtedness reported to R. G.
Dun Az Co. last month was largely due to numerous failures
of unusual size. Such defaults, involving heavy amounts
in different cases, naturally swelled the aggregate liabilities,
and not a few of these insolvencies occurred in the classification embracing agents, brokers, dm During most months
of the past year the indebtedness was much above the average, and the December total was fully 50% above that for
the shorter month of November. The previous maximum
for 1930 was established in June, at something over $63,000,000, while January's amount FM above $61,000,000.
The liabilities in December 1929 also were high, at $67,465,114, but were more than 23% below last month's figures.
MONTHLY,QUARTERLY AND YEARLY FAILURES.SHOWING NUMBER
AND LIABILITIES. ARE CONTRASTED BELOW FOR THE
PERIODS MENTIONED
LtabIlUtes.
Number.
1930.
1929.
1928,
2.525
2,031
2,124
2,037
1,796
1,822
1,943
1,838
2.023
4th quarter__ - 6,680
December
November
October
September
August
July
3d quarter
1930.
1929.
1928.
$83,683,361 567,465,114 340.774,160
55,260,730 52.045.863 40.601.435
56,296,577 31,313,581 34,990,474
5,655
5,804 $195,240,668 3150.824,558 $116,866,069
1,963
1,913
2,028
1,568
1,762
1,752
1,635
1,852
1,723
46,947,021
49,180,653
39,826,417
34,124,731
33,748,452
32,425.519
33,956.686
68.201,830
29.586,633
5,904
5,082
5,210 $135,954,091 $100,296,702 $121,745,149
2,026
2,179
2,198
1,767
1,897
2,021
1,947
2,008
1,818
2d (ruiner.
- 6,403
5.685
5,773 8167,731,532 5107,860,328 $103,929.208
1,987
1,965
2,535
2,236
2,176
2,643
June
May
April
March
February
January
lot quarter-Full year
2,347
2,262
2,759
$63,130,762 331,374.761 $29,827,073
55,541,462 41,215,865 36,118,990
49,059,308 35,269,702 37,985,145
556,846,015 $36,355,691 $54,814,145
51,326,365 34,035,772 45,070,642
61,185.171 53.877,145 47,634,411
7,368 6,487 7,055 5169,357,551 5124,268,608 3147,519,198
26,355 22,909 23,842 $688,283,842 5483,250,196
5489,559,624
-DECEMBER 1930.
FAILURES BY BRANCHES OF BUSINESS
Liabilities.
Number.
1930. 1929. 1928.
Manufacturers
Iron, foundries and nails-Machinery and tools
Woolens,carpets dt knit gds
Cottons, lace and hosiery
Lumber,building lines, etc_
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving_
Milling and bakers
Leather, shoes & harness
Tobacco, &o
Glass, earthenware & brick
All other
Total manufacturingTraders
General stores
Groceries, meat and fish
Hotels and restaurants
Tobacco, &o
Clothing and furnishings
Dry goods and carpets
Shoes, rubbers and trunks
Furniture and crockeryHardware, stoves & tools
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
Total trading
Other commercial
Total United States
[Vol.. 132.
FINANCIAL CHRONICLE
396
1930.
1929.
$971.417
$406,865
3,171,400 3,954,842
189,890
612,374
1,597,796
1.545,200 6,810,438
2,086,745 1,406,495
473,965
836.500
71,723
1,460,100
24,200
3,600
176,840
2,277,300
340,507
271,949
271,300 1,668,246
386,723
28.256
438,100 1,073,255
4,937,688 16,317,733
1928.
$255,010
871,173
58,000
6
28
6
4
77
45
30
8
1
15
34
14
6
12
251
112
39
25
8
3
11
28
18
6
8
246
9
21
1
__
107
51
17
10
3
11
46
8
6
6
202
537
559
498 619,948,173 $33,266,079 $17,782,672
14
36
.5
9,761,830
833,148
286,700
172,946
68,900
247,800
611,103
238,600
85,800
217,500
4,076,112
138 102 104 $2,190,511 $1,184,209 $1,531,522
327 276 332 3,857,174 3,216.620 2,771,791
83 1,349,391 6,186,523 1,778,379
93
111
134,305
152,977
255,200
21
17
23
339 184 182 4,795,548 2,783.906 2.727,938
85 1,509,929 1,180.316 1,418,400
76
109
523,150
320,684
715,249
46
41
82
53 1,817,500 2,843,335 1,458,700
65
85
.592,535
793,040
930,900
41
44
55
548,400
873,722
60 1,023,184
82
109
33,800
89,360
30,400
5
8
5
612.227 1,340,100
397,175
40
24
41
79,600
85,800
106,900
5
6
15
358,800
23 2,279,826 1,224,278
19
23
372 307 240 7,094,141 7,082,756 3,635,514
1,834 1,344 1,324 $28,353,028 $28,549,762 $18,932,934
154 134 121 35,382,160 5,649,273 4,058,554
2.525 2.037 1.943 $83,683,361 $67,485,114 $40,774,160
/111•1111.1•••
Output and Shipments of Pneumatic Casings Lower in
November-Inventories Also Declined.
Inventories of pneumatic casings on hand Nov. 30 1930
show a reduction of 2.1% as compared with Oct. 311930,
according to statistics issued by the Rubber Manufacturers
Association. This organization reports 9,594,732 casings
on hand Nov. 30, as against 9,802,687 casings on hand
Oct. 30.
Shipments of pneumatic casings for the first 11 months
of this year exceeded production by 4.2%, whereas during
the same period of 1929 the excess was less than 1 %.
Shipments of pneumatic casings for the month of November
amounted to 2,834,331, as compared with 3,499,300 casings
in October 1930 and 3,338,671 a year ago.
Production of pneumatic casings for the month of November is placed at 2,653,861, a decrease of 25.9% under the
October figure of 3,582,416. Production for Nobember
a year ago amounted to 3,378,221 casings.
of the cities reporting are just where they were a year ago, and more cities
report rising than report falling rates.
However, cleavage between large and smaller cities is hero again visible.
Falling rates are reported by twice as many cities as report rising rates in
all groups of cities above the 200,000 population line.
Normal Supply in Residential Properly.
Seventy-four per cent of the cities report a normal supply of single-family
dwellings, and of the remaining cities a larger number report undersupply
than report oversupply. In the rental situation, however, apartment
rents appear to have reached a more stabilized condition than have rents
for single-family dwellings.
Demand for business property, as might be expected, is indicated as most
seriously affected by the adverse conditions prevailing in general business
during the past year. Outlying business property, it is indicated, has been
more affected than has central business property.
The Market Situation.
same
While the total figures for the United States and Canada report the
less
activity as a year ago in 28% of the cities, more activity in 14% and
United States and Canada show
activity in 58%, the various sections of the
marked variations from these percentages.
Thus the market was reported more active in 49% of the cities in the
South Atlantic section and 30% of the cities in the Mountain section,
whereas less activity was reported by 75% of the cities in the East North
Central section, 68% reported less activity in the West South Central
section, 73% reported less activity in the East South Central section, and
83% reported less activity in Canada. (See Table I.)
Selling Prices.
In the United States and Canada taken as a whole, 23% of the cities
reported that selling prices were the same as they were a year ago, 1%
reported higher prices and 76% reported lower prices. It should be noted
that the figures report selling prices, a large percentage of which, under
present market conditions, represent forced sales. Had the questionnaire called for a report on changes in real estate values rather than prices,
the percentage of cities reporting values the same as a year ago would undoubtedly have been much greater. (See Table II.)
TABLE I. Percentage of Cities Reporting More, the Same or Less Activity in the
Real Estate Market, Classified by Sections and Size of Cities, Compared with
November, 1929.
Section and Size of City.
More Active.
Same.
Less Active.
Total for United States and Canada____
14
28
68
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific)
Canada
17
6
1
12
49
9
4
30
19
--
26
33
24
28
24
18
28
35
32
17
57
61
75
80
27
73
68
35
49
83
Over 500,000
200,000 to 500,000
100,000 to 200,000
25,000 to 100,000
Under 25,000
District and county boards
8
24
5
4
27
24
38
32
36
25
29
18
54
44
59
71
44
58
-Percentage of Cities Repor ing Higher. Same or Lower Selling Prices
TABLE II.
Classtfed by Section and Size of Cities, Compared with November, 1929.
Section and Size of City.
-Annual Survey of Real Estate Market-Money
Semi
Supply More Favorable in Larger Cities -Some
Downward Trend in Rents Seen.
The sixteenth semi-annual survey of the real estate market
made by the National Association of Real Estate Boards'
and made public Jan. 6, presents from 349 cities data as to
price movements, rent movements, building supply, money
supply for real estate development, interest rate trends,
subdivision activity and general real estate activity. Statement for each city is made by the Association's member real
estate board in that city, in confidence. The findings of
the survey, while confirming, it is noted, the observations
made from time to time during the year by the Association
to the National Business Survey Conference, and to President Hoover's Conference on Home Building and Home
Ownership, bring to light further trends of pronounced
general interest in relation to the general outlook for the
year ahead. The Association further reports:
registering on the one hand the degree
It may be said that the reports,
affected by the general indisposition
to which real estate activity has been
venture into any major extensions,show
of business during the past year to
cities prices for real estate have realso that in almost one-fourth of the
decline which the year brought in
mained stable, notwithstanding the
thus gives some measure of the
general commodity prices. The survey
outride a period of depressed
normal disposition of values in real estate to
Higher.
Same.
Lower.
Total for United States and Canada----
1
23
76
-_
23
13
13
24
45
9
36
47
20
40
77
87
87
76
53
91
64
53
78
60
17
28
24
16
31
26
83
72
76
84
67
74
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Canada
2
--
Over 500,000
200,000 to 500,000
100,000 to 200,000
25,000 to 100,000
Under 25,000
District and county boards
--2
___
Building Situation.
A normal supply of single-family dwellings was reported in 74% of all
cities reporting, whereas 14% reported a shortage and 12% reported an
over-supply. In apartments, 67% of the cities reported a normal supply
while 18% reported a shortage and 15% reported an over-supply. When
analyzed by sections, these figures show a more eratic distribution of overand under-supply in areas which reflect a rather spotted situation, but on
the whole the residential building situation appears healthier than it was
a year ago. (Table HI.)
-Percentage of Cities Reporting Overbuilding Normal Supply or Shortage
TABLE III.
In Single-Family Dwellings, Apartments and Business Property.
Single-Family
Dwellings.
Section and Size of City.
demand.
Cities.
Money Supply More Favorable in Larger
survey to exist as between large
A rather sharp division is seen from the
supply for real estate developcities and smaller cities in regard to money
population show in the mortment. In general, the cities of over 500.000
seeking investment. In
gage money market a predominance of capital
this predominance decreases,
cities of a smaller size the proportion showing
more than half report a
and in cities of under 25,000 population slightly
predominance of loans seeking capital.
the degree to which inSuch a showing, it may be said, is a measure of
and points to the exist.vestment funds are piling up in the larger centres,
loans in smaller
ence of a large field of investment opportunity in mortgage
cities.
Interest Rates Not Yet Adjusted.
survey in
An apparent anomaly presents itself in the showing of the
general disposition of
regard to financing costs for real estate. While the
investment in 76%
interest rates is downward, interest rates for mortgage
-_
2
__
__
Apartments.
Business
Property.
No?
N
Norover mat Short Over mat Short Over mat Short
74
14
15
67
18
33
64
3
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Canada
17 65
9 81
10 89
4 78
26 51
27 73
25 63
5 85
2 71
100
18
10
1
20
23
__
12
30
27
__
18
17
18
8
19
38
12
11
9
__
64
62
72
84
80
54
72
79
64
60
18
21
10
8
21
10
16
10
27
40
32 64
46 51
34 66
12 67
39 61
45 65
39 61
10 79
23 75
-- 100
4
3
-21
--_11
2
--
Over 500,000
200,000 to 500,000
100,000 to 200,000
25.000 to 100,000
Under 25,000
District and county boards
15
8
10
17
9
3
85
92
82
77
82
74
__
__
8
6
29
23
46
48
11
23
1
3
54
54
83
64
72
63
-_6
13
27
34
54
67
38
31
27
25
46
43
82
64
70
69
_
...
-5
3
6
Totals for United States and Canada 12
In business property 64% of the cities reported a normal supply, where
33% reported an over-supply and only 3% reported a shortage. In this
classification, there is still evidence of a considerable over-supply of bustness property in most sections of the United States, except the West North
Central and the Mountain sections.
Residential Rents.
The outstanding feature in residential rents as shown by the survey is
the marked downward movement of rents in single-family and two-family
dwellings, stationary rents being reported in 39% of the cities, whereas
56% reported lower rents and 5% reported higher rents. In two-family
dwellings 38% reported stationary rents, 3% reported higher rents, and
59% reported lower rents.
Apartment rents were reported stationary in 60% of the cities, higher in
7% and lower in 33%. (See Table IV.)
TABLE TV.
-Percentage of Cities Reporting Upward, Stationary or Downward Movements of Residential Rents as Compared with November 1929.
Section and Size
of City.
Single-Family
Dwellings.
Up
Total for U. S.& Canada
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Canada
Over 500,000
200,000 to 500,000
100,000 to 200,000
25,000 to 100,000
Under 25,000
District & county boards_
Stat. Down
Two-Family
Dwellings.
Stat. Down
Up
Apartments.
Up
Stat. Down
39
56
3
38
59
7
60
33
59
63
76
40
40
70
50
40
41
27
__
2
-5
7
23
41
33
24
48
44
30
50
55
52
50
40
23
23
46
51
20
48
58
55
50
60
75
77
50
37
80
52
37
41
33
4
4
1
12
24
___
5
9
64
60
46
64
64
36
64
84
68
100
32
36
53
24
12
64
36
11
23
8
5
4
7
8
62
44
54
27
50
24
38
48
41
69
43
68
31
24
53
23
57
29
69
72
47
75
37
68
62
44
76
56
62
64
38
48
19
40
26
31
5
4
12
16
4
12
-_
__
5
4
17
4
2
6
3
8
5
4
12
5
TABLE V.
-Percentage of Cities Repor ing H gher, Same or Lower Rentals of Central
and Outlying Business Property as Compared with November 1929.
Outlying.
Central.
Section and Size
of City.
Total for U.S.& Canada
Over 500,000
200,000 to 500,000
100,000 to 200,000
25,000 to 100,000
Under 25,000
District & county boards
Higher
4
1
3
4
9
15
10
4
8
5
3
5
5
Same
Lower
so
46
Higher
2
Same
Lower
41
57
ONMCCON .
TP.4
mt. ,
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Canada
10
33
55
__
34
40
27
-50
5
50
67
5
53
58
36
36
2048
io
50
70
2
54
49
33
50
-31
42
61
52
53
45
61
58
34
45
42
50
4
3
2
3
__
57
66
73
45
42
64
52
40
44
67
33
32
38
36
46
67
64
59
62
51
50
50
Business Property Rents.
Rentals in business property indicate a greater percentage of decline in
outlying business properties than in centrally-located properties. Rentals
of central business properties were reported stationary in 50% of the cities
and lower in 46%, whereas in outlying business properties rentals were
reported the same in 41% and lower in 57% of the cities reporting. Higher
rents for central business property are reported by 4% of the cities. Higher
rents for outlying business properties were reported by 2% of the cities.
(See Table V.)
Office Rentals.
Office rentals on centrally located buildings were reported the same in
68% of the cities and lower in 31%, whereas in outlying office buildings
rentals were reported the same by 58% of the cities and lower in 42%.
(See Table VI.)
The Subdivision Market.
The survey shows that in the subdivision market 31% of the cites report
the same activity as compared with a year ago, whereas 67% report less
activity, and 2% report more activity. This is not surprising when we
consider the fact that the subdivision market is by nature more speculative
than the market for fully developed properties. The fact that as many as
30% of the cities reported subdivision market activity the same as a year
ago is probably explained by the fact that the subdivision market in many
cities had become inactive a year ago. (See Table VII.)
The Money Market.
Of the cities covered by the survey 26% reported that in the mortgage
money market capital is seeking loans, 34% reported an equilibrium between the supply of capital and the demand for loans, and 40% reported
desirable loans available in excess of the supply of capital. When all
figures are analyzed, however, the large supply of funds available for
investment in the larger cities represents a marked contrast to the relative
scarcity of funds for first mortgage loans in the smaller cities. (See Table
VIII.)
-Percentage of Cities Reporting Higher, Same or Lower Rents in Central
TABLE VI.
and Outlying Office 13uildings as Compared with November 1929.
Central.
Lower
Higher
Same
1
68
31
__
58
42
-i
__
-2
--__
43
44
43
20
45
24
10
22
17
__
__
_
6
----_
__
--
40
44
84
72
61
50
67
76
72
60
60
56
46
22
39
50
33
24
28
40
62
-Over 500,000
71
-200,000 to 500,000
100,000 to 200,00069
68
-i
25,000 to 100,000
Under25,00068
68
v...A.... 2- ,.,,,,n*,,heifirliq
i)'
5
7
12
40
33
10
_
-_1
__
__
69
58
57
52
55
78
21
42
43
47
45
22
Total for U.S.& Canada
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
East South Central
West South Central
Mountain
Pacific
Canada
Higher
Outlying.
Same
WM0.2.4
Section and Size
of City.
397
FINANCIAL CHRONICLE
17 1931.]
--
s
Lower
TABLE VIT.-Percentage of Cities Reporting More, Same or Less Activity in the
Subdivision Market as Compared with November, 1929.
Less Active
More Active
Same
Section and Size of City
Total for United States and Canada_ __ _
2
31
67
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Canada
5
3
1
4
20
27
11
25
57
9
28
68
44
40
75
70
88
71
43
91
72
21
54
60
42
20
34
21
42
34
58
76
66
77
55
63
11
Over 500,000
200,000 to 500,000
100,000 to 200,000
25,000 to 100,000
Under 25,000
District and county boards
2
3
3
Interest Rates.
Interest rates on first mortgage investments indicate a high degree of
stability, with 76% of the cities reporting steady interest rates, 14% rising
rates and 10% falling rates. (See Table IX.)
TABLE VIM-Percentage of Cities Reporting an Excess. Equilibrium or Shortage
of Money for Real Estate Mortgage Loans.
Loans
Capital
Seeking
Equilibrium
Seeking
Section and Size of City
Capital
Investment
Total for United States and Canada_ ___
26
34
40
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
Canada
30
25
18
32
22
22
24
30
42
17
26
39
28
44
24
33
44
35
35
so
44
36
54
24
54
45
32
35
23
33
Over 500,000
200,000 to 500,000
100,000 to 200,000
25,000 to 100,000
Under 25,000
District and county boards
69
54
46
22
13
19
23
17
30
35
36
42
8
29
24
43
51
39
TABLE IX.
-Percentage of Cities Reporting Rising, Steady or Falling Interest Rates
on Mortgage Loan Money.
Falling
Steady
Rising
Section and Size of City
10
Total for United States and Canada__
14
76
New England
Middle Atlantic
East North Central
West North Central
South Atlantio
East South Central
West South Central
Mountain
Pacific
Canada
19
16
20
4
14
27
8
-9
71
72
76
92
77
46
84
85
69
83
..4N010...100.11,.N0
JAN.
8
4
8
17
16
210
77
83
87
72
73
74
15
13
5
11
11
16
Over 500,000
200,000 to 500,000
100,000 to 200,000
25,000 to 100,000
Under 25,000
District and county boards
Automobile Production, Registration, &c., in 1930.
The following preliminary figures respecting the automobile
industry in 1930 are furnished by Alfred Reeves, General
Manager of the National Automobile Chamber of Commerce:
Production.
3,505,000
2,943,200
Cars
561,800
Trucks
2,688 000
Production of closed cars
dui
Per cent closed cars
$1,771,200,000
Wholesale value of cars
$388,400,000
Wholesale value of trucks
$2,159,600,000
Wholesale value of cars and trucks combined
$800
Average retail price of cars
$922
Average retail price of trucks
Wholesale value of parts and accessories for replacements,
$527,800,000
and service equipment
52,700,000
Tire shipments
$429,000,000
for replacement
Wholesale value of rubber tires
Motor vehicles, accessories, service equipment and replace$3,116,400,000
ments of parts and tires
Cars and trucks produced in U. S. and Canada
Registration.
26,718,000
Motor vehicles registered in U. S.(from State reports)
23,200,000
Motor cars
3,518,000
Motor trucks
.8%
Gain in registration over 1929
35,518,0011
World registration of motor vehicles
75%
Per cent of world's automobiles in U. El
5,700,0W
Motor vehicle registration on farms
700,000
Miles of surfaced highway
3.024,233
Total miles of highways inU 9
U.
$2,200,000,000
Highway and street expenditures
4,700,000
Persons employed in motor vehicle and allied lines
$515,000,000
Gasoline taxes
$1,010,000,000
Total taxes on motor vehicles
Automobile's Relation to Other Business.
Number of carloads of automotive freight shipped over rail3,080,000
roads in 1930
82%
Rubber used by automobile industry
55%
Plate glass used by automobile industry
157
Iron and steel used by automobile industry
14%
Copper used by automobile industry
154
Lumber, hardwood, used by automobile industry
24
Lead used by automobile industry
80 ,
Gasoline consumption by motor industry
310,000,000
motor vehicles, 1930 (bbis.)
Gasoline used by
686,000,000
Crude rubber used by motor industry, 1930 (lbs.)
195,770,000
Cotton fabric used in tires, 1930 (lbs.)
Foreign Sales.
Number of American motor vehicles sold outside U. S.(U.S.
-owned Canadian plants)
561,000
exports and output in U. S.
44%
Per cent decrease in foreign sales under 1929
Per cent of production sold outside U. S
16%
Value of motor vehicles, parts and tires exported from U. S.
and Canada
$344,700,000
Number of motor vehicles imported, 1930
625
•
398
Evou 132.
FINANCIAL CHRONICLE
Motor Trucks and Motor Bus Use.
Motor trucks in use
Motor truck owners
Motor buses in use
Consolidated schools using motor transportation
Buses used by cons Aidated schools
Buses used by street railways
Buses used by steam railroads
Street railways using motor buses
Steam railroads using motor buses
Railroads using trucks as part of shipping service
Motor trucks used by steam railroads
Motor trucks used by Railway Express Agency
Motor Vehicle Retail Business in U. S.
Total car and truck dealers
Public garages
Service stations and repair shops
Supply stores
Gasoline filling stations
Unfilled Orders.
3,518,000
2,550,000
95,000
17.000
47,500
13 300
3:087
385
67
, 75
7 000
9,940
51,514
50,200
100,300
80,000
350,000
Tire Prices Fall to All-Time Low-General Rubber,
Goodrich, Seiberling, Etc., Announce Wide Reductions.
The following (Associated Press) from Akron, Ohio, Jan.
12 is from the New York "Evening Post":
Reports from 519 softwood mills give unfilled orders of 773,348,000 feet,
on Jan. 10 1931, or the equivalent of 15 days' production. This is based
-day year-and may be cora-upon production of latest calendar year-300
pared with unfilled orders of 480 softwood mills on Jan. 3 1931, of 724.727,000 feet, the equivalent of 15 days' production.
The 452 identical softwood mills report unfilled orders as 753,052,000
feet,on Jan. 10 1931, as compared with 1,009,795,000 feet for the same week
a year ago. Last week's production of 487 identical softwood mills was
146,094,000 feet, and a year ago it was 239.016,000 feet; shipments were
respectively 167,946,000 feet and 220,285.000; and orders received 181,275,000 feet and 241,273,000. In the case of hardwoods, 181 identical
mills reported production last week and a year ago 13,330,000 feet and
33,068.000; shipments 14.965.000 feet and 22,355,000; and orders 15,802,000 feet and 22,493.000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 224 reporting mills for
the week ended Jan. 10.
SHIPMENTS.
UNSHIPPED ORDERS.
Fed.
Feet.
Coastwise and
Domestic cargo
45,845.000 delivery._ _ _203,927,000 intercoastal _ 41,144,000
11,741,000
93,281,000 Export
17,600,000 Foreign
30,601,000
_109,153,000 Rall
34,365,000 Rail trade
6,966,000
Local
6,966,000
NEW BUSINESS.
Fee:.
Domestic cargo
delivery__
Export
By rail
Other
Announcements ofsweeping cuts in retail tire prices were made to-day by
three of the largest Akron rubber companies.
406,361,000 Total
90,453,000
Total
104,777.000 Total
The General Tire & Rubber Co. announced a reduction of 73 to 12%
on all passenger tires, but said no cut in truck tire prices had been made
Weekly capacity of these 224 mills is 248,427,000 feet. Their actual
contemplated.
or was
for the week was 86,354,000.
The B. F. Goodrich Co. issued a statement that it "has revised its tire production
price schedule to meet the reductions announced last week by competitive
Southern Pine Reports.
companies."
The Southern Pine Association reported from New Orleans that for 134
Official confirmation was obtained of the 654 to 12% credited to the
mills reporting, shipments were 1% below production, and orders 9%
Firestone Tire & Rubber Co. last week.
The Selberling Rubber Co. announced slashes on all tires of the mail- above production and 9% above shipments. New business taken during the
brder grade, but stated higher-priced lines would be practically undisturbed. week amounted to 39,333,000 feet, (previous week 30,051,000 at 135 mills);
The Goodyear and Mohawk tire manufacturers were expected to issue shipments 35,952,000 feet, (previous week 35,994,000); and production
36,223,000 feet, (previous week 35,345,000). The three-year average prostatements later.
duction of these 134 mills is 61,210,000 feet. Orders on hand at the end of
Further &dykes from Akron Jan. 13 said:
the week at 117 mills were 96,264,000 feet. The 121 identical mills reported
The India Tire & Rubber Co. and the Mohawk Rubber Co. to-day a decrease in production of 38%, and in new business a decrease of 40%,
joined the list of Akron tire corporations slashing retail prices 6% to 12%. as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland. Oregon,
On Jan. 14 Associated Press advices were reported as
reported production from 87 mills as 14,798.000 feet, shipments 23,363,000
follows from Akron:
and new business 19,281,000 feet. Sixty-one identical mills reported a
The Goodyear Tire & Rubber Co. announced to-day that it has made decrease in production of 33%, and a decrease in new business of 26%,
adjustments in tire prices to its dealers to enable them to meet tire price when compared with 1930.
reductions by other companies. Some of the tire manufacturers have reThe California White & Sugar Pine Manufacturers Association, of San
duced prices from 6% to 12%.
Francisco, reported production from 25 mills as 3,557,000 feet, shipments
11,663,000 and orders 11,466.000 feet. The same number of mills reported
an increase of 35% in production, and an increase of57% in orders, in comConsumption of Crude Rubber in the United States De- parison with last year.Manufacturers Association, of Minneapolis, Minn..
The Northern Pine
clined in December-Imports Increased-Inventories reported production from 7 mills as 414,000 feet, shipments 2,477,000 and
new business 2,964,000. The same number of mills reported a decrease of
at Record High Figure.
in production, and an increase of60% in new business, when compared
According to statistics released by the Rubber Manu- 76% a year ago.
with
facturers Association, Inc., consumption of crude rubber
The Northern Hemlock and Hardwood Manufacturers Association, of
as 1,147.000 feet. shipin the United States for December amounted to 21,493 Oshkosh. Wis., reported production from 18 millsidentical mills reported
ments 461,000 and orders 570,000. Seventeen
long tons as compared with 23,479 tons in the preceding production 39% less, and orders 76% less, than that reported for the
month. Consumption for 12 months ended Dec. 31, 1930, corresponding week of last year.
Norfolk. Va., reported proCarolina Pine Association
The
amounted to 372,628 long tons. Imports of crude rubber ductionNorth 96 mills as 5.782.000 feet,of
shipments 7,155,000 and new
from
during December were estimated at 34,895 long tons as business 5,692,000. Forty-six identical mills reported a decrease in proagainst 31,765 tons in November. Imports for 12 months duction of 28%,and new business the same, in comparison with 1930. proThe California Redwood Association, of San Francisco, reported
ended Dec. 31, 1930, amounted to 488,343 long tons.
duction from 12 mills as 6,092,000 feet, shipments 4,576,000 and orders
Stocks on hand Dec. 31, 1930, amounted to 203,221 long 5,945,000. The same number of mills reported a decrease in production of
highest on record, and compared with 189,925 32%,and a decrease in orders of 31%, when compared with a year ago.
tons, the
tons at Nov. 30 last. Crude rubber afloat for United
States Ports on Dec. 31, 1930, is estimated at 56,035 long
tons, as against 52,538 tons at Nov. 30, 1930.
Lumber Orders Well Above Low Production.
Lumber orders received at 805 leading hardwood and softwood mills during the week ended Jan. 10 were 23% above a
total production at these mills of 168,907,000 feet, according
to telegraphic reports to the National Lumber Manufacturers
Association, indicating greater than the customary seasonal
retrenchment in the cut. During the same week a year ago
787 mills reported a cut of 288,880,000 feet with orders 96%
thereof. Identical mill reports for the two years showed
softwoods, 487 mills, production 39% less, shipments 24%
less and orders 25% less;for hardwoods, 181 mills, production
60% less, shipments 33% less and orders 30% less than for
the week in 1930. For current comparison, shipments for
the latest week were given by the 805 mills as 14% above
production; a week earlier (a holiday week), 852 mills
reported production of 133,370,000 feet and shipments 37%
above and orders 22% above this figure.
Lumber orders reported for the week ended Jan. 10 1931,
by 603 softwood mills totaled 190,028,000 feet, or 23%
above the production of the same mills. Shipments as
reported for the same week were 176,100,000 feet, or 14%
above production. Production was 154,367,000 feet.
Reports from 220 hardwood mills given new business as
17,425,000 feet, or 20% above production. Shipments as
reported for the same week were 17,030,000 feet, or 17%
above production. Production was 14,540,000 feet. The
Association's statement further goes on to say:
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 202 mills as 12,157,000 feet,shipments 15,504,000 and new
business 16.446,000. Reports from 164 identical mills showed production
59% less, and new business 14% less, than that reported for the same
period of last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 18 mills as 2,383,000 feet. shipments 1,526,000 and orders 979,000. Seventeen identical mills reported
a decrease in production of 61%, and a decrease In orders of 82%, when
compare'. with 1930.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED JAN. 10 1931.
Association.
Southern Pine:
Week-134 mill reports
West Coast Lumbermen's:
Week-224 mill reports
Western Pine Mfrs.:
Week-87 mill reports
California White & Sugar Pine:
Week-25 mill reports
Northern Pine Manufacturers:
-7 mill reports
Week
Northern Hemlock Se Hardwood:
Week-18 mill reports
North Carolina Pine:
Week-96 mill reports
California Redwood:
Week-12 mill reports
Softwood total:
Week-603 mill reports
Hardwood Manufacturers Inst.:
Week-202 mill reports
Northern Hemlook & Hardwood:
Week-18 mills reports
Hardwood total:
Week-220 mill reports
Grand total:
Week-805 mill reports
•
Produodon,
M Ft.
Shipmerits,
M Ft.
P. C.
P. C.
of
of
Orders,
Prod. M Ft. Prod.
36,223
35,952
99
39,333
86,354
90,453 105
14,798
23,303 158
19,281
3,557
11,663 327
414
2,447 598
109
104,777
461
121
Pikal
130
tIA*
11,466 322
10
; -1
2,964 716
40
570
50
5,782
7,155 124
5,692
98
6,092
4,576
75
5,945
98
154,367
176,100 114
190,028
123
12,157
15,504 128
16,446
135
64
979
I
I
14,540
17,030 117
17,425
120
188.907
193.130 114
207.453
123
1,147
2,383
1,526
JAN. 17 1931.]
399
FINANCIAL CHRONICLE
as against 1,651,884,000 bushels in the same month in 1929.
West Coast Lumbermen's Association Week Report.
Below we give details for December, the figures representing
According to the West Coast Lumbermen's Association,
reports from 228 mills show that for the week ended Jan. 3 sales only, there being an equal volume of purchases.
VOLUME OF TRADING.
1931, there were produced 60,995,344 feet of lumber, 78,Expressed in Thousands of Bushels, i.e. (000) Omitted.
815,260 feet ordered, and 90,005,247 feet shipped. This
December 1930.
Wheat. Corn. Oats.
Rye. Barley. Flax. Total.
compares with 54,744,671 feet produced, 69,497,338 feet
1
21,216 10,675 3,058 2,220 --------37,169
ordered, and 81,219,681 feet shipped in the week ended 2
30,213 23,973 5,626 2,971 --------62,783
Dec. 27 1930. The Association's statement follows:
3
17,559 17,735 2,808 1.685 --------40,787
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (352 IDENTICAL MILLS).
(All mills reporting Production for 1929 and 1930 to date.)
69,566,328 feet
Actual production week ended Jan. 3 1931
156,806,695 feet
Average weekly production 53 weeks ended Jan. 3 1931
209,555,683 feet
Average weekly Production during 1929
216,502,776 feet
Average weekly Production last three years
304,643,119 feet
x Weekly operating capacity
x Weekly operating capacity is based on average hourly production for the 12
last months preceding mill cheek and the normal number of operating hours per week.
WEEKLY COMPARISON (IN FEET)FOR 228 IDENTICAL MILLS
-1930-31.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Week EndedJan. 3.
Dec. 27.
Dec. 13.
Dee. 20.
Production
60,995,344 54,744,671 103,485,695 115,393,197
Orders(100%)
78,815,260 69,497,338 102,175,902 138.587,355
Rail(33%)
26,112,746 26.734.621
34,006,816 38,751,876
Domestic cargo(38%)---- 29.596.360 24,024,901
46,675,829 74,296,689
Export (18%)
17,534,824
13.911,409
13,170,099 13,513,711
Local (11%)
5,567,717
8,003,966
9.194,745
7,979,546
90,005,247 81,219,681 112,062.807 106,481,303
Shipments(100%)
Rail (26%)
23,748,900 22,085,145 29,828,949 29,390,644
Domestic cargo(48%)
42,966,348 38,041,428 52,558,880 52,605,123
Export (16%)
15,525,391 21,695,432 16,481,570
14,095,254
8,003,966
Local (10%)
5,567,717
9,194,745
7,979,546
Unfilled orders (100%)
401,679,340 416,365,045 429,469,225 440,810,378
Rail(27%)
107,128,308 106,015,198 101,965,158 100,097,164
Domestic cargo(50%)
201,666,081 215,728,659 230,295,617 234,245,263
Export (23%)
94,621,188 97,208,450 106,467,951
92,884,951
183 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1929
and 1930 to date.)
Average 53
Average 52
Week Ended
Weeks Ended
Weeks Ended
Jan.31931. Jan. 3. 1931. Dec. 28 1929.
Production (feet)
54,176,222
166.364.983
124.824,232
Orders (feet)
161,102.119
120,713,376
74,548,743
Shipments (feet)
163,413,112
124,962,223
83,124,870
4
5
6
7 Sunday
8
9
10
11
12
13
14 Sunday
15
16
17
18
19
20
21 Sunday
22
23
24
25 Holiday
26
27
28 Sunday
29
30
31
16,903 16.634
17,741 22,139
17,767 16,768
1,711
1,741
1,814
--------39,531
--------44,624
--------38,655
13,820
8,876
17,168
10,996
9,889
15,167
22,247
19,499
29,425
22,947
18,348
19,629
2,519
903
2,685
2,403
2,273
5,216
921
1,205
1,521
736
546
1,381
--------39507
--------30,483
--------50,799
--------37,082
--------31,056
--------41,393
15,259
17,634
20,126
10,517
18,451
13,279
22,703
28,524
30,402
29,834
21,272
22,785
2,431
4,253
4,305
2,587
2,194
1,908
901
1,277
1,217
843
1,032
1,262
--------41,294
--------51,688
--------56,050
--------43,781
--------42,949
--------39,234
24,212 29,829
15,765 25,096
8,394 11,032
3,477
2,203
857
1,400
1,954
736
--------58,918
--------45,018
--------21,019
14,097 30,186
15,995 20,222
2,368
3,593
1.371
773
--------48,022
--------40,583
15,829 29,141
12,832 27,727
17,955 18,357
Chicago Board of Tr_
.
Chicago Open Board
Minneapolis C. of C_
Kansas City Bd. of Tr_
Duluth Board of Trade_
St. Louis Merch. Exch_
Milwaukee C. of C.__ _
Omaha Grain Exchange
Seattle Grain Exchange
Portland Grain Exch
Los Angeles Or. Exch
San Francisco C.of C
3,283
3,003
2,306
3,354
2,997
3,742
909
1,273
1,362
--------49,233
--------44,829
--------41,416
418,660 588,129 76,352 34,762 --------1.117,903
8,484 26,396
497
69 --------35,446
45,044
____ 9,038 7.752 5,439 1,302
68,575
38,613 30,736
30
------------69,279
•15,385
--------2,475
21 1,575
19,459
754
918 3,787
677
402 --------5,784
246
802
---------------- ---1,169
1,169
--- ------ __
4
4
Tot.all markets Dec.'30 529,274 649,552 88,594 45,460 5,464 2,877 1,319.221
Tot.all markets Dec.'29 1,608,330 199.407 65,415 45,020 4,042 1,865 1.924,079
Tot. Chic, Bd. Dec.'29 1.375.978 178.469 59.436 38.001 ____ __ _ _ 1 551 firl4
• Durum wheat with the exception of 200 wheat.
Unfilled
Orders
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
Week Ended
•
FOR DECEMBER 1930 (BUSHELS).
Dec. 27 '30.
("Short"side of contracts only, there being an equal amount open on the"long"side.)
DOMESTIC CARGO DISTRIBUTION WEEK ENDED DEC.27'30(114 mills).
Orders on
Orders
Hand Begin's Week Received.
Dec. 27 '30.
Cancellotions.
Washington & Oregon
(92 MGMFeet.
Feet
California
54,167,759 6,602,213
Atlantic Coast
143,314,658 14.082,614
Miscellaneous
939,928
3,527,130
Shipments.
Feet.
Feet.
Feet.
491,652 9,625,907 50,652,413
505,189 21,615,161 135.276,920
None 1,041,748 3,425,312
Total Wash. di Oregon 201,009,545 21,624,755
Reporting domesticcargo
only (6 mills)
351,146
6,036,354
996,841 32,282,814 189,354,645
Totals
207,045,899 21,975,901
Brit. Col. (13 APtlls)California
4,000
262,000
Atlantic Coast
12,154,986 1,181,000
Miscellaneous
9,497,306
839,000
996,841 33,369,852 194,655,107
Total Brit. Columbia_ 21,914,292 2,024,000
Reporting domestic cargo
only (3 mills)
None
1,335,426
83,000 4,046,000 19,809,292
Totals
Mtnl dinmantirt nun'''.
None 1,087,038
None
266,000
None
83,000 1,615,000 11,637,986
None 2,165,000 8,171,306
None
23,249,718 2,024,000
gml 205 017 22 000 001
5,300,462
None
1,335,426
83,000 4,046,000 21,144,718
1
070041 87415.852 215_799_825
Argentine Producers Urge Sugar Restriction-Want
Output Limited to Nation's Needs
-Commission
Named to Investigate Sugar Situation.
From Buenos Aires, Jan. 9 a cablegram to the New York
"Times" stated:
Restriction.of production is being seriously considered, as a measure to
protect Argentina's sugar industry, which is suffering from overproduction.
The sugar industry,like most Argentine industries, has been developed artificially under the protection of high duties whicn free itfrom the competition
of the imported article.
Argentina is not a factor in international sugar trade and was not included in the recent international restriction agreement, but prohibitive
duties here have permitted the industry to flourish to the point where it is
now producing more than the country requires, and the producers are not in
a position to dispose of their surplus in world markets in competition with
larger producing nations. The producers therefore are urging the provisional
Government to regulate production by restricting it to the country's requirements.
The Government has appointed a commission to investigate the sugar
situation. The commission is composed of representatives of the Bank
of the Nation, the National Mortgage Bank, the Ministry of Agriculture,
the mills and the planters.
Transactions in Grain Futures During December on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of December, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public Jan. 9 by the Grain Exchange
Supervisor at Chicago. For the month of December 1930
the total transactions at all markets reached 1,319,221,000
bushels, compared with 1,924,079,000 bushels in the same
month in 1929. On the Chicago Board of Trade the transactions in December 1930 totaled 1,117,903,000 bushels,
Dec. 1930,
1
2
3
4
5
6
7 Sunday
8
9
10
11
12
13
14 Sunday
15
16
17
18
19
20
21 Sunday
22
23
24
25 Holiday
26
27
28 Sunday
29
30 _
31
Wheat.
Corn.
Oats.
Rye.
Total,
•
0157,670,000 54,038,000 44,035,000 021,139.000 0276,882.000
156,830,000 52,848,000 44,169,000 20,689,000 274,536,000
155,771,000 *52.338,000 044,172,000 20,535,000 272,816,000
155,539,000 52,967,000 43,743,000 20,223.000 272,472,000
155,754,000 53,586,000 43,491,000 19,470,000 272,301,000
155,524,000 54,175,000 43,215,000 18,694,000 271,608,000
157,053,000 53,969,000
156,660,000 54,194,000
156,270,000 055,841.000
155,319,000 55,418,000
153,747,000 55,276,000
154,319,000 55,214.000
43,139,000
43,111.000
42,969,000
42.730,000
42,738.000
42.611,000
17,995,000
17.958,000
17,934,000
17,849,000
17.798.000
17,792,000
272.156,000
271,923,000
273,014,000
271,318,000
269.559,000
269,936,000
155,225,000
155,620,000
156,548,000
156,165,000
157,011,000
156,421,000
55,027,000
55,312,000
54,246,000
54,936,000
54.879,000
53,970,000
42,375,000
42,199,000
41,763.000
41,848,000
41.791,000
41.641,000
17,808,000
17.598,000
17,634,000
17.706,000
17.717,000
17,615,000
270,435,000
270,727,000
270,191,000
270,655,000
271,398,000
269,647,000
154,892,000
152.952,000
152,665,000
54,039,000
53,610,000
.53,688.000
41,382.000
40,977.000
40,885,000
17,481,000 267.794.000
17,589.000 265.128,000
17,376.000 264,614,000
151,800,000
150,182,000
53,358,000
53,031,900
40,611.000
40,149,000
17,276,000 263,045,000
17,106,000 260,468,000
149,428.000
146,942,000
*144,692,000
Average
Dec. 1930
154,269,000
Dec. 1929
185,959,000
Nov. 1930
175,688,000
Oct. 1930
175,217,000
Sept. 1930_ _ _ 160,498.000
Aug.1930
141,543,000
July 1930
115,037.000
June 1930
122,622,000
May 1930
130,654,000
April 1930_ _ _ 161,151,000
March l930_. 172,168,000
Feb. 1930
194,850,000
Jan. 1930
196.559.000
a High. •Low.
54.485,000 40,093,000 16,986,000 260.992,000
54,510,000 40,205,000 17.198.000 258,855,000
53.780,000 •37,127,000 *16.633,000 *254.232,000
54,182,000
34,283,000
56,354,000
51,812,000
49,948,000
46,228,000
38,939,000
44,246,000
48,494,000
49,926,000
49,827,000
43,440,000
34.348.000
42,122,000
40,762,000
48,368,000
51,004,001)
47,969,000
36,624,000
16,150.000
15,529,000
18,460,000
25,410,000
30,327,000
35.322.000
38 795.1100
18,146.000
22,298,000
21,574,000
20,342.000
19,766,000
18,542,000
16,555,000
19,657,000
19.359,000
21,150,000
15,512,000
18.996,000
IR 894.000
268.719,000
283,302,000
301,983,000
298,374,000
278,180,000
242,938,000
186.682.000
202,055,000
216,967,000
256,672,000
267,834,000
292,608,000
288.596.000
Thomas L. Chadbourne Announces Details of World
Sugar Plan.
Thomas L. Chadbourne officially announced on Jan. 9 that
final settlement with Germany to enter the international
sugar agreement was made on the basis of a 1,750,000 tons
export quota for the period of five years in which the Chadbourne plan will be in effect. We quote from a Berlin cablegram Jan. 9 to the New York "Journal of Commerce"
which went on to say:
The original figure offeredto Germany was 1,000.000 tons. The difference
of 750,000 tons will be taken care of to the extent of 575,000 tons by Cuba,
while the remaining 175,000 tons will be forced upon the European
beet
producers. Final settlement of the agreement will be made at a meeting
on Monday.
In an official communication to Senator Virlato Gutierrez of Cuba.
Mr.
Chadbourne said that he expect no difficulty in making final settlement
with
Germany. He also stated that he intends to meet Peruvian,
French and
English delegates in the early part of next week.
400
FINANCIAL CHRONICLE
Czechoslovakia Not Represented.
The (Zentralverband Der Tschechoslowakischen Ruebenbauer Genossenschaften Der Zuckerfabriken) Central Association of Czechoslovakian Beet
Farmers and Sugar Refinery Co-operatives were not represented in the
Czechoslovakian delegation in Berlin. Heretofore these groups have reserved decision as to their attitude with regard to any reduction in the
Czechoslovakian quotas until they have official reports in hand.
The text of Mr. Charbourne's cable to Senator Gutierrez follows:
"Subject to approval by the German producers which will be obtained at
Monday's meeting I have verbally agreed on the export quota of 500,000
tons for the first year, 350.000 tons the second year and 300,000 tons for the
third, fourth and fifth years, totaling 1,750.000 tons, which is an increase of
750,000 tons over the original proposal to Germany.
"The split-up of the 750,000 tons provides that Cuba restricts further
575,000 tons, the rest out of Brussels quota to other beet producing countries. Cuba's total exportation for the first year of new and old crop sugars
will be 3,455,000 tons, second year 3,605,000 and the third to fifth years
3,755,000 tons.
Cuba's Exports.
"Cuba's exports in 1932 and 1933 will be increased by the total consumption increase in the United States. During the years 1934 and 1935, it will
be increased by half the increase in consumption in the United States, plus
Cuban consumption of 150,000 tons annually and taking into consideration
the liquidation of the segregated stocks of 300.000 tons yearly. This will
represent a crop of 3,305,000 tons in the first year,3,455,000 tons the second
year and 3,505,000 tons in the third, fourth and fifth years.
"In addition the first year we may be able to manufacture the difference
between the sugar received this year by the National Sugar Export CorporaBesides
tion (last reported 1,325,000 tons) and the total of 1,500.000 tons.
the crop will be increased to provide Cuba's share of consumption increase
in the United States.
"This afternoon and to-morrow I will continue arranging other details
on the agreement. On Monday I will discuss the Peruvian situation with
their delegates in Paris. Tuesday I will discuss the French situation. On
Thursday, Friday and Saturday I will confer with English delegates in
London."
An item regarding the agreement reached with Germany
on the sugar restriction program appeared in our issue of
Jan. 10, page 199.
Brazilian Interests Would Buy Rest of Coffee Stock—
Plan to Consolidate All Obligations—Free Market
Aim.
It was stated in the "Wall Street Journal" of Jan. 9 that
negotiations now are in progress between Brazilian interests
and bankers to consolidate all outstanding coffee obligations
and enable the Brazilian Government to purchase the stocks
now in San Paulo warehouses. If all goes well, it is stated,
it is likely that the plan will be submitted at the Brazilian
national growers' conference March 31 to which all foreign
commercial attaches, as well as many important foreign
banking representatives, have been invited. The paper
quoted also had the following to say:
With interior coffee stocks wholly segregated as of July 1 1931, the policy
of the present governing party, headed by President Getulio Vargas, to
allow a free market would go into effect. The plan of coffee stock segregation calls for the sale only of what is necessary to fill any gap between production and consumption.
The Brazilian coffee surplus now totals more than two years' normal
world's consumptive requirements.
Valorization Ineffective.
Valorization, a successful Brazilian remedy for coffee overproduction
maladiesfor as far back as the 1906-07 crop year, was ineffectual in coping
with an unprecendented 1927-28 world crop of 33,948.000 bags, of which
more than 24,000.000 were produced in Brazil. Only 24,408,000 bags were
shipped out during that year for the entire world, with the carryover forced
on Brazil, owing to the preference of consumers for outside countries'
"milds."
World crop was only 18,154,000 bags in 1928-29, against world shipments
of 22,085,000 bags, which partially reduced the carryover. The Santos
crop totaled only 5,986.000 bags, against 18,619,000 in the previous year.
However, new trees which were planted in 1924 when Rio coffee, under
the active sponsorship of the San Paulo Coffee Institute, was selling at well
over 23 cents a pound, against present levels of less than 6 cents, produced
large fields for the first time in the 1929-30 crop year. The Santos crop was
a record one of 22,081,000 bags, of which only 9,646,000 could be marketed.
The world crop was 37.677,200 bags, of which only 23,767,200 bags were
shipped out.
Production Strides Since 1900.
the
The accelerated pace at which coffee growers have been producing
the following table. In the
commodity over the past 30 years is shown in
amount of
tabulation for the past three years, both the total crop and the
shipments, as indicated by receipts, are shown:
World Crop
Santos.
Rio.
AR Kinds.
22,081.000
4,498,000
37,677,200
9.646,000
3,013,000
23,767,200
5,986,000
1,950,000
18,154.000
1928-29
8,873,000
2,994,000
22,085,000
18,619.000
5,019,000
33,948,000
1927-28
10.259.000
3,839,000
24,408,000
9,474.000
3,638,000
21,339,000
1928-27
9,082,000
3,734,000
21,061,000
1925-28
8,902,000
3,071,000
19,991,000
1924-25
10,325,000
3,620,000
21,702,000
1923-24
. 6,808,000
2,669,000
15,961,000
1922-23
- 8,188,000
3,695.000
19,820,000
1921-22
10,511,000
3.305,000
20,283,000
1920-21
12,357,333
3,651,667
25,361,700
Average last 6 years
11,097.600
3,519,900
22,993,620
years
Average last 10
9,230,100
2,695,100
16,990,100
Average 1910-20
9,079,800
3,568,500
17,141,300
Average 1900-10
breakdown in the elaborate system of coffee defense
First indications of a
evidenced in October 1929,
instituted in the South American country were
Rio coffee futures declined
Just prior to the drastic stock market decline.
with Santos values similarly
Precipitately to 7 cents from 14 cents a pound,
£2,000,000 to the
reduced. Following that break, a short-term credit for
from the
State of San Paulo was negotiated. With the aid of $18,000,000
Banco do Brazil, the situation temporarily was cleared up.
Crop Fear
-30
1929
[VoL. 132.
On April 29 1930, a world banking syndicate advanced $97,330,000 to the
State of San Paulo In a program designed definitely to abolish the policy of
valorization. That "realization" loan, whcih was secured by the State's
pledge of 16,500.000 bags of unsold coffee stocks in interior warehouses as
of July 1 1930, was the largest credit ever obtained through the pledging
of a commodity.
"Realization" Plan Viewed.
Stocks in San Paulo interior warehouses and railways, Including Minas
Geraes, were the largest on record in the history of Brazil, totaling 22,367,000 bags on April 30 1930. However, officials assured the bankers that San
Paulo stocks would approximate only 16,500,000 bags at the opening of the
new crop year.
On that date, however, stocks had been reduced only 157,000 bags to
21,210,000 bags, or 4.710,000 more than official expectations, although this
was somewhat minimized by the fact that about 2,000,000 bags were Minas
varieties, which were not eligible for the San Paulo advances, although
subject to a general transportation tax.
The official plan was as follows: $21,899,250 of the money obtained
through the loan was to be used in the purchasing by the government
prior to June 1 1931, of 3,000,000 bags of coffee, and $53,531,000 was to
be used in refunding existing advances of £1 per bag on 11,000.000 bags.
Remainder of the unsold coffee on July 1 1930 was to be financed by
advances of £1 per bag with proceeds of the $13,665,000 bonds of the loan
purchased by the Banco de Estado de Sao Paulo. Purchase of 3,000,000
bags was necessary because the government had not advanced £1 on all
the requisite 16,500,000 bags.
Provisions of the loan have made for a contradictory situation. San
Paulo continues to purchase the balance of the 3,000.000 bags needed to
make up the requisite total—about 1,000,000 still are reported lacking—
while, at the same time, they have started to realize the 1,650,000 bags
of pledged coffee to be sold during the present season, according to the
loan terms. Thus, buying and selling of this coffee for the same account.
apparently is going on simultaneously.
San Paulo Stocks Undiminished.
Last official statement as of Nov. 30 1930, showed stocks at 22,306,000
bags, second largest on record, and 1,096,000 bags larger than when the
loan went into effect on June 30 1930.
The following table shows the trend toward increasing stocks in Sao
Paulo warehouses over the past four years, as reported by the Institute
de Cafe do Sao Paulo.
1927.
1928.
1929.
1930.
5,344,000
13,354,000
12,279,000
19,377,000
Jan. 31
4,624,000
13,211,000
11,522,000
19,686,000
Feb. 28
3,888,000
12,653,000
10,403,000
20,503.000
Mar. 31
3,133,000
12,115,000
9,772,000
22.367,000
Apr. 30
2,810,000
11,714,000
9,084,000
21,833,000
May 31
3,312,000
11,872,000
8,785,000
21,210,000
June 80
5,239,000
11,986,000
10,448,000
20,520,000
July 31
7,750,000
13,018,000
12,531,000
21,200,000
Aug. 31
9,570,000
14,892,000
13,469,000
22,010,000
Sept.30
11,049,000
17,158.000
13,669,000
22,188,000
Oct. 31
12,271,000
13,205,000
17,251,000
22,306,000
Nov.30
13,120,000
12,966,000
18,357,000
Dec. 31
Proposals for Using Surplus.
The proposal of the Brazilian Agricultural Association to trade coffee
for Argentine hides and Russian wheat has received some consideration,
although the latter country is primarily a tea drinking nation and consumes only a nominal amount of coffee. Another idea proposed was to
distribute several million bags under a world-wide advertising and propaganda policy.
French Minister Asks Higher Sugar Tariff—Says Position of Industry Is Precarious.
A Paris cablegram Jan. 10 to the New York "Times" said
The French Government will ask Parliament at its next:session to increase
duties on sugar, Victor Boret, Minister of Agriculture,announced yesterday.
He told representatives of a consumers' federation who came to protest
against increased rates that the higher duties were made necessary by the
precarious situation of the French sugar-beet industry. He admitted that
the higher tariff probably would affect sugar prices, but assured the delegation that the Ministry of Agriculture was taking steps which in other
ways would help to diminish living costs.
Horace Bowker of American Agricultural Chemical
Co. Says Banker Can Render Real Service to
Agriculture by Extending Loans for Fertilizer on
Broader Basis Than Heretofore.
In an open letter mailed on Jan. 13 to the President of
every bank in the United States east of the Rocky Mountains, Horace Bowker, President of the American Agricultural Chemical Co., requests bankers "not• to lay down a
general rule saying 'no loans for fertilizer.'" Mr. Bowker
presents the results of a survey of the cost of producing the
principal money crops, which show that only by the adequate
use of fertilizer to produce maximum yields from every
acre which is farmed, is it possible to grow crops at a sufficiently low cost per bushel to enable the farmer to show a
profit at present farm prices. The open letter reads, in part,
as follows:
Reports from 16 district managers of this Company, located in the heart
of the principal agricultural areas, disclose a situation the possible outcome
of which is so serious that I deem it important to place the facts before
the bankers of this country.
These managers have just completed surveys of economic and credit conditions, and they report a probable reduction in fertilizer consumption
ranging sectionally from 10 to 30%. One of the principal reasons for this
forecasted reduction is the inability of many farmers to obtain credit.
While I realize the necessity for the utmost caution in safeguarding the
banking resources of the country by a sound credit policy, I feel impelled
to direct attention to this situation, because I am convinced that widespread restriction of credit for the purchase of fertilizer will react against
the best interests of the banks themselves as well as the farmer and industries which supply the lams market.
I shall present first-hand facts developed by The American Agricultural
Chemical Co. which show that drastic curtailment of fertilizer consumption
JAN. 17 1931.]
FINANCIAL CHRONICLE
on next season's crops will result in a material decrease in farming efficiency, due to decreased per-acre yields, with correspondingly increased
production costs and reduced net income. This can only mean a further
delay in the liquidation of farm loans already outstanding and a further
curtailment of farm purchasing power.
Survey of Crop Costs.
In order to place before bankers, farmers and others directly interested,
the essential facts as to the part fertilizer plays in the economics of sounder
farming, the American Agricultural Chemical Co. recently completed a
series of surveys to ascertain the cost of growing the principal money crops.
These surveys which were conducted under the general supervision of Ernst
Jr Ernst, certified public accountants, are summarized below:
Government figures show the average yield of lint cotton to be 155 pounds
per acre, grown at an average cost of 16 cents a pound.
Our survey showed that the yield of cotton increased in proportion to
the amount of fertilizer applied, and the cost decreased in proportion to
the increase in yield.
Oosts ran as low as 5 cents a pound. The many variables make it
impossible to generally', but production costs where adequate quantities of
fertilizer were used, averaged 101 cents per pound on an average yield of
/
2
805 pounds of lint per acre, as against the government average of 16 cents
per pound on an average yield of 155 pounds of lint per acre.
Government statistics show that the average yield of corn is 31 bushels
per acre, grown at an average cost of 73 cents a bushel.
Our cost-of-production survey showed that where adequate quantities
of fertilizer were used, the average yield per acre was 59 bushels and the
average cost per bushel was 40 cents, or 33 cents less per bushel than the
country-wide average.
Government statistics show that the average cost of growing a bushel
of potatoes is 64 cents a bushel. Our survey showed that where adequate
quantities of fertilizers were applied, costs averaged 51.4 cents a bushel,
a reduction of 9.6 cents a bushel.
All of these figures include the added cost of fertilizer and the increased
cost of harvesting the larger yield.
Tobacco and wheat analyses showed just as striking reductions in unit
production costs where crops were adequately fertilized.
Low Unit Costs Vital.
Higher yields per acre and resulting lower costs per unit of crops are
the very essence of sound farming. The farmer cannot increase crop prices
but he can decrease his costs by efficient farm management and the adequate
use of fertilizer; and only by lowering his unit production costs can the
farmer improve his profit position under existing conditions.
It takes a given number of bushels or pounds to cover the cost of growing each acre; every bushel or pound over and above the "break-even" point
Is profit. By increasing the yield per acre fertilizer pays for itself at a
ratio of from $3 to $15 for every dollar the farmer spends for plant food.
What About Acreage Reduction?
These facts are doubly important at this time when farmers are being
urged to bring production more closely in line with consumption by means of
acreage reduction. Such a course of action is sound in principle, but in
practice it is apt to be abortive. Indeed, accumulating evidence indicates
that not infrequently the farmer reacts to the advice to reduce his acreage
by farming the same acreage less intensively. The very "defeatism" which
characterizes so much of the present-day discussion of his problems has a
natural effect. The farmer decides to "cut down expenses" ; he uses less
fertilizer, or none at all—frequently because of inability to obtain credit;
he defers until another year the purchase of needed farm machinery and
other productive improvements; he buys cheaper seed; in fact, he skimps
all along the line. What is the result? His next crop must inevitably cost
him more per pound or bushel, and his recovery is retarded just that much.
Yet, there is an opportunity to apply the principle of acreage reduction in a way that will benefit the farmer, his bank, and business conditions generally: That is, by farming intensively the least number of acres
necessary to produce the desired output at the lowest possible unit cost.
A brief explanation will show how the adequate use of fertilizer works in
practice.
The cotton data previously presented show a national average yield of
155 pounds of lint per acre, grown at a net cost of 10 cents per pound.
Our cost survey shows that where fertilizer is used adequately the average
yield is increased to 305 pounds per acre and the cost reduced to 101
/
2
cents a pound.
Now, assume that a grower wants to produce 5,000 pounds of lint cotton.
On the basis of Government average yields, he must farm 32 acres. On the
basis of the yields disclosed by our survey he can obtain 5,000 pounds by
farming 16 acres—or just half the acreage. The saving in seed, in labor
cost, etc., is at once manifest; the effect upon net income is salutary.
Similarly, it requires 32 acres to produce 1,000 bushels of corn at 31
bushels an acre, while a yield of 69 bushels per acre requires the operation of only 17 acres. The same principle holds true for every other crop.
Here is the key to a sounder agriculture. There is a distinct danger
In generalizing about acreage reduction, primarily because in so doing the
attention of the farmer is focussed on the price side of the profit-equation,
when his attention should be riveted upon his production costs.
The Answer to a Paradox.
But, we are told, increased use of fertilizer would mean further overproduction. The answer to th s seeming paradox is found in the infallible
rule of economics that the low-cost product invariably replaces the higher.
cost product, quality being equal. The ultimate remedy for crop overproduction must of necessity be found by relieving the farmer who employs
maximum efficency to produce his crops at the lowest attainable unit cost,
from the deadening competition of crops produced at high cost on margin
and sub-marginal lands.
Surveys of farmlands disclose that as much as 40% of the land may be
so characterized. Taking this land out of money-crop production Is the
real solution of the problem ; it is the key to sound acreage reduction.
It is imperative, therefore, that a sound plan of land utilization should
be developed, as part of a badly-needed, long-road farm relief program.
How the Banker Can Help.
The facts which I have presented prove that the adequate use of fertilizer is of paramount importance at all times, and especially so at the
present time ; because fertilizer increases the yield per acre, decreases the
unit cost of production, and thereby widens the spread between cost and
selling price.
The banker can render a real and lasting service to agriculture by emphasizing these facts to the farmer, and by co-operating with him in
extending credit on a broader basis than heretofore.
401
It is our experience that many banks continue to regard a financial
statement as the chief test in extending agricultural credits. May I leave
the thought in respect of loans to farmers that banks should subordinate
the balance sheet to the tests of honesty, efficiency and low-cost production.
If these tests can be met, extend a reasonable line of credit to make possible
the use of a sufficient amount of fertilizer to reduce the unit cost of
production.
Don't lay down a general rule of "no loans for fertilizer." Fertilizer is
too important in enabling the farmer to work out his own salvation.
Production in Cotton Textile Industry in 1930 Below
That for Previous Year—Gains in Yarns Reported
by Association of Cotton Textile Merchants.
Under date of Jan. 9 the Association of Cotton Textile
Merchants of New York had the following to say regarding
production in the industry:
Decreased Output.
Production in the cotton textile industry for the calendar year 1930, will
be held far below the figure of 8,207,887,000 square yards reported by the
Census Bureau for 1929, when the cotton spinning industry operated at
104.7% of its single shift capacity, according to an estimate based on figures
now available.
Spindle hour reports released by the Bureau of Census of the Department
of Commerce show that during November 1929 the industry operated at
100.7% of capacity. It is interesting to note how this figure compares with
operations during the latter part of 1930. Spindle hour reports during that
period show that the cotton textile industry operated at 80.1% of capacity
during November,77.1% of capacity during October, 73.4% in September,
65.2% in August, 67.2% in July and 76.2% of capacity in June 1930.
Up until Dec. 1 1930, the number of acitive spindle hours aggregated
70,786,000,000, a monthly average of 6,435,000,000 compared with a
monthly average of 8,300.000,000 spindle hours for 1929. Therefore, if
spindle hours activity for December does not rise above the average
monthly figure, the total number of spindle hours for the year will not
exceed 77.222.000,000. This would indicate a reduction in running time
of at least 22.382,000,000 spindle hours over 1929, equivalent to 22 %.
An Impressive Reduction.
There is no reason to suppose that the spindle hour acitivity for December will show a sudden rise over the preceding month since no reports of
unusual operations have been current. In 1927. 1928 and 1929 the spindle
hour acitivity for December was substantially less than November. The
reductions ranged from 731.000,000 to 1,000.000,000 spindle hours. If the
December 1930 activity should be in the neighborhood of five billion spindle
hours, the total reduction for the year 1930 over 1929 will be approximately 24%.representing a reduction of about 1.970.000.000 square yeards
of cloth over the year 1929 based on the 1929 production as reported by the
Census Bureau.
According to Census Bureau reports, the total square yardage of woven
goods (over 12 inches in width) based on figures compiled for alternate
years, amounted to the following since 1919:
Square Yards.
Square Yards.1 Year
Year—
7,741,568.000
1919
6,232.842.000 1925
1921
8,800,673,000
6,703,835,000 1927
8,207,887,000
8,264,219,000 1929
1923
Assuming that the above estimate of the total production for 1930 is
substantially correct, it will be seen that last year's production will be
lower than any year since 1919.
Surely this represents a clean cut victory for those who have wisely and
insistently been outspoken for a materially reduced output of cotton cloth
during the year just closed. It is not unreasonable to suppose that the
benefits from this impressive reduction will be felt in increasing measure
during the present year.
Gains in Tire Yarns.
A casual survey of the preliminary figures released by the Bureau of
Census of the Department of Commerce in connection with the 1929
output of cotton goods shows, as was expected, that the sheetings and print
cloth classifications held the lead in volume. These two constructions alone
account for 3,317,000,000 square yards or 40.4% of the total production
of 8,208,000,000 square yards.
Narrow print cloths, broadcloths and sheetings and pillow cases were
among constructions which registered notable gains in yardage. However,
one of the most significant gains was made in the production of tire yarns.
The following resume shows the striking advance registered since 1923:
Year—
Value.
Poundage.
Year—
Poundage.
Value.
1923
60,269,377 $39,631,780 1927
160,612,114
66,97-!,970
1925
140,492,454
80,478,625 1929
99,267,577
225,253,874
The Annual Meeting.
The annual meeting will be held in the rooms of the Association at
2 o'clock Tuesday afternoon, Jan. 20.
Consumption of Cotton by Spinners Declined in December—According to New York Cotton Exchange
Service—Estimated Consumption in January.
Consumption of cotton by spinners in this country, after
rising steadily from August to November, turned downward
during December, according to the New York Cotton Exchange Service. During December the mills consumed only
18,000 bales per day compared with 18,900 in November,
and 21,500 in December a year ago. Under date of Jan. 13
the Exchange Service said:
"It is not improbable that the daily rate in January will be higher than in
December, since much of the curtailment last month was in the form of
extensions of the normal shutdowns around the year-end holidays instead
of being spread over the month. There is no indication at this time,
however, of any increase from the present rate in the near future.
"If the daily rate in January should be equal to that in November, 18,900,
the total sonsumption for January would be 454,000 bales, and this would
make the total consumption in the first half of this season ending with
January, 2.475,000 bales, against 3,314,000 in the first half of last season,
a decrease of 839,000 bales. In the second half of last season, this country
consumed 2,792,000, or 13% more than the approximate consumption in
the first half of this season. Accordingly, unless consumption in the next
six months is more than 13% larger than it has been in the past six months,
total consumption by this country in this full season will be 800,000 or
850.000 less than last season."
Dec.
(bales)
1 1930 406,207 2,012,244 1,659,432 8,377,720 25,525,820
1 1929 452,685 2.738,185 1,841,079 5,898,596 29,047,030
1930 322,136 1,606,464 1,254,204 7,996,042 16,869,856
1929 353,072 2,118.129 1,417,257 5,685,086 17.944,586
1930 71,262 334,185 338,667 127,096 7,784,158
95,119 9,840,310
1929 83,075 517,698 360,524
871,806
66,561 254,582
71,595
1030 12.809
63,298 118,391 1,262,134
1929 16,538 102,358
Cotton-growing States
New England States
All other States
Included Above
Egyptian cotton
1930 10,104
1929 17,976
1930 5,074
1929 6,303
898
1930
1929 1,024
44,642
94,115
31,158
40,537
3,369
6,311
70,216
72,250
28,316
27,078
5,477
3,841
29,477
32,324
13,927
17.197
10,776
11,741
1 1930 43,989
1 1020 52 152
281,750
383 R1S
243,310
1RR QRS
80.473
A4 MR
Other foreign cotton
Amer.-Egyptlan cotton_ _ _
December.
1930.
Egypt
Peru
China
Mexico
British India
All other
Total
1929.
5 Mos. End. Dec. 31.
1930.
1929.
842
1
2,745
23
796
54
18,727
2,021
3,976
9,570
1,820
76
1,041
20
6,138
868
10,497
348
75,650
11,744
6,032
26,556
19,541
751
4,461
36,190
18,912
140,274
Exports of Domestic Cotton Exclud no Linters
-See Note for Linters).
(Running Bales
Country to Which Exported.
December.
5 Mos. End. Dec. 31.
1930.
1929.
1930.
United Kingdom
France
Italy
Germany
Other Europe
Japan
AU other
Total
1929.
150,926
129.424
77,921
143.998
78,344
112,360
72,862
742,719
799,599
161.525
535,859
640,837
118.667
276,482
399,601
98,459
244,273 1,064,863 1,115,016
490,696
392,237
85,140
477,798
609,168
149,933
52,324
212,336
351,630
765.835
910,321 3.946,596 4,162,275
December
Note.-L1nters exported, not included above, were 13,088 bales during 31
In 1930
for the 5 mos. ended Dec.
In 1930 and 11,067 bales in 1929; 51.062 bales for December 1930 follows: United
and 52,557 bales in 1929. The distribution
Netherlands, 394; Belgium, 1.306; France, 3,712; Germany, 4.523:
Kingdom, 809;
British
Italy, 533: Spain, 190; Canada. 605: Honduras, 4; Panama, 2: Japan, 1,008;
West Indies, 2.
WORLD STATISTICS.
cotton, exclusive of linters,
The estimated world's production of commercial 26,673.000 bales, counting
Is
grown in 1929. as compiled from various sources.
lint, while the conAmerican in running bales and foreign in bales of 478 pounds for the year ended
sumption of cotton (exclusive of linters in the United States) number of spinning
The total
July 31 1930 was approximately 24,946.000 bales.
cotton spindles, both active and idle, Is about 164,000,000.
World Cotton Crop this Year Slightly Larger than Last
Season According to U. S. Department of Agriculture-Cotton Crop of Russia Largest on Record.
1
The world cotton crop for the season beginning Aug.
net,
1930, is estimated at 26,400,000,000 bales of 478 pounds
U. S. Departby the Bureau of Agricultural Economics,
as compared with 26,300,000 bales proment of Agriculture,
1929.
duced in the season beginning Aug. 1
year, the Bureau points out under date of
The crop this
than in 1826 when the
Jan. 8 is only 2,000,000 bales less
The
on record, 28,400,000 bales, was grown.
largest crop
computed on the basis of statistics for the
total world crop is
countries which indicate a
United States and 12 foreign
of 22,434,000 bales this year as comcombined production
season.
pared with 22,885,000 bales last
is the
reports that the cotton crop in Russia
The Bureau
bales this season compared
largest on record, being 1,950,000
Production in practically
with 1,351,000 bales last season.
United States and Egypt shows
all countries other than the
figures are available for
an increase this year over last. No
agrito cables to the Bureau from its
China, but according
the prospects are for a
cultural commissioner in Shanghai,
although in some
larger crop on the whole in that country
1929.
344,702 237,129
52,037
52,348
237,321 363,987
95,475
98,152
528,651 310,104
191,196 200,225
518,137 640,202
235,346 174,082
232,845 320,048
204,898 131,478
240,295 269,027
1,135,964 1,129,978
60,202
61,272
1930.
264,745
38,756
183,890
59,086
433,525
152,716
371.282
185,744
167,333
175,315
170,226
887,088
45,496
1929.
N
1930.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
On Hand at Mills
Dec. 31.
1929.
1930.
4 081,127 3,983,974 3,135,202 2,917,123 991,341 1,108,457
United States
* Includes seed destroyed at mills but not 45,434 tons and 41,606 tons on hand
Aug. 1 nor 43,226 tons and 46,128 tons reshipped for 1930 and 1929, respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND
ON HAND.
Item.
Imports of Foreign Colton (500-1b. Bales).
Country of Production.
Crushed
Received at Milts*
Aug. 110 Dec. 31. Aug. 110 Dec. 31.
States.
N
N
cns.wwk.coa.00to-4.mboo
0w.Nbo00-4000.4N.
No=00-4Nco.-4,.c.o.
Cotton
Spindles
Active
In Con- In Public
Fire
During
Storage
Months suming
Dec.
Ended Establish- et at Coinpresses. (Number)
ments.
Dec. 31
(bales)
(bales)
(bales)
Year
Not Included Above
Linters
Cotton on Hand
Dec. 31.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
N
ocallo,N000,000
-4,
10-400w.o000N
004.-4.m000.0.0w
Cotton Consumed
During-
Cottonseed Oil Production During December.
On Jan. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exports during the month of December 1930 and 1929:
o
- coop141
-4.-44..c.Nomowoo
DECEMBER REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED. AND ACTIVE COTTON SPINDLES.
(Cotton in running bales, counting round as hail bales, except foreign, which Is in
500-pou-Al bales.)
132.
sections the crop is lower than production last year. The
total cotton acreage planted this season is estimated at
82,300,000 ucos for all countries, excluding China, an increase of 400,000 acres over last season's area.
to
00 0000
CC CC
.4O.0
.1.
7=CAACoo
Census Report on Cotton Consumed in December.
Under the date of Jan. 14 1931 the Census Bureau issued its
report showing cotton consumed in the United States, cotton
on hand, active cotton spindles, and imports and exports of
cotton for the month of December, 1930 and 1929. Cotton
consumed amounted to 406,207 bales of lint and 43,989 bales
of linters, compared with 414,887 bales of lint and 54,777
bales of linters in November 1930 and 452,685 bales of lint and
52,152 bales of linters in December 1929. It will be seen
that there is a decrease under December 1929 in the total
lint and linters combined of 54,641 bales, or 10.83%. The
following is the official statement:
United States
{vol..
FINANCIAL CHRONICLE
402
Season.
On Hand
Aug. 1.
Producea
Aug. 110
Dec. 31.
Stappea Out
Aug. 1 to
Dec. 31,
On Hand
Dec. 31.
*7,893,957 944,242,206 870,979,992 *114,248,422
1930-31
Crude oil
19,181,886 900,752,046 837,314,257 115,884,530
1929-30
Pounds
a428,609,270
1930-31 a301,609.092 b765,392,230
Refined oil
425,459,221
1929-30 338,619,933 721,454,637
Pounds
298,139
1,414,813
1,172,026
55,352
1930-31
e and meal
Ca
202,983
1,296,131
1,169,815
76,667
1929-30
Tons
173,720
869,722
724,497
28,495
1930-31
Hulls
154,373
798,527
708,071
63,917
1929-30
Tons
325,276
542,846
352.790
135,220
1930-31
Linters
232,518
601,339
439,675
70,854
Running bales 1929-30
6,118
26,487
23,028
2,659
1930-31
Hull fiber
2,761
32,624
33,537
1,848
-lb. bales 1929-30
500
21,365
11,881
20,470
12,776
GrablAmotes,&e. 1930-31
111 450
15.773
23.770
8453
929-30
-lb. bales
500
* Includes 1,932,090 and 12,915,676 pounds held by refining and manufacturing
establishments and 3,558,420 and 25,667,085 pounds in transit to refiners and consumers Aug. 1 1930 and Dec. 31 1930. respectively.
"includes 6,088,528 and 2,424,418 pounds held by refiners, brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments and 5,919,817 and 10,141,275 pounds in transit to manufacturers of lard
substitute, oleomargarine, soap, &c., Aug. 1 1930 and Dee. 31 1930, respectively.
b Produced from 830,958,817 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR FOUR MONTHS ENDED
NOVEMBER 30.
1929.
1930.
Item7,504,008
1,450,555
pounds
011-Crude,
1,912,202
5,826,436
Refined, pounds
91,595
8,203
Cake and meal, tons of 2,000 pounds
41,490
37,974
Linters, running bales
Textile Economist" Changes Name-Tubize Chatillon,
Corporation's Monthly Bulletin Reviewing Trade
Conditions Now Named "Textile Organon."
The "Textile Economist," monthly bulletin of the Tubize
Chatillon Corp., reviewing the textile trade conditions, has
announced a change in name to "Textile Organon" in order
to avoid its confusion with other publications of similar
name in allied trades. The word "Organon" is a Latin
word, meaning an organ or medium of thought and knowledge
along a philosophical or scientific line, which, preliminary
search has showed, has never been used before as the name of
a periodic publication.
The first issue of the "Textile Economist" appeared in
July 1930. Originally a bulletin for officers of the company
to give them a condensed summary of the textile industry
and general business conditions it now has a gratis circulation
of over 2,500 among manufacturers, weavers, selling agents,
jobbers and retailers as well as the customers of the Tubize
Chatillon Corp. Stanley B. Hunt is the editor. In addition to reviewing the various divisions of the textile trade
cotton, wool, silk, rayon, textile fiber consumption-and the
hosiery and underwear trade, the "Textile Organon" also
analyses general business coditions, taking up production and
price fluctuation, speculation, money and banking and wholesale and retail trade.
Per Capita Candy Consumption in United States Gains
Nearly One Pound in Year.
Residents of the United States increased their candy consumption approximately one pound per capita in 1929 by
comparison with 1928, according to the newest annual report
of confectionery distribution made public Jan. 15 by the
Bureau of Foreign and Domestic Commerce, Department of
Commerce. Estimated per capita candy consumption for
the country as a whole averaged 12.98 pounds during the
JAN. 17 1931.]
FINANCIAL CHRONICLE
403
year, the study reveals. In 1928 the estimated average was
National Wool Marketing Association to,Seek Advances
12.06 pounds per person.
from Federal Farm Board for Marketing of 1931
The report "Confectionery Distribution in the United
Crop.
States in 1927-1929," presents a comprehensive picture of
Washington press advices, Jan. 6, stated:
sales trends in the candy industry for different items, sales
National Wool Marketing Corporation directors will return to Washingterritories and distribution outlets of the trade. The report
later to
forms part of a general campaign of the department to supply ton some timethe 1931 negotiate advances from the Farm Board for the
marketing of
wool crop, according to James C. Stone, ViceAmerican industry with the facts as to marketing practices Chairman of the board.
and possibilities, cost determinations and the like, which will
enable it to wage effective war on distribution losses and Rayon Price Cuts Unsettle Knitters-Some May Change
wastes. Such wastes, it has been estimated, place a drain
Production Plans-Silk No Longer Cheap.
upon manufacturer, distributor and consumer aggregating
From Charlotte, N. C., Jan. 14, the New York "Journal
,000,000,000 to $10,000,000,000 annually.
of Commerce" reported the following:
"The importance to modern business of compilations of
Many units of the knitting industry which swung back into operation
fact and analyses of trends in distribution is strikingly il- last week after a two weeks' holiday for Christmas. are reconsidering their
production plans as a result of the recent revision of rayon prices.
lustrated by the confectionery industry," according to
In most cases, manufacturers continue
William L. Cooper, Director of the Bureau of Foreign and revision is to be expected but developmentsto contend that no wide price
in the competitive field are being closely observed and in some groups there is a measure of interest in
Domestic Commerce. He adds:
"Up to 1927 no comprehensive data were available as to market conditions in this field. Manufacturers and distributors were forced to rely
largely upon incomplete and often inaccurate trade gossip in determining
their own expansion policies. A nation-wide survey of confectionery sales
made by the Commerce Department at the request of all branches of the
industry resulted in such substantial benefits to the trade that it requested
a continuation of the work on an annual basis. The accompanying report
is the third of the series.
01.."In addition, the Bureau of Foreign and Domestic Commerce has completed several experimental installations of distribution cost systems in
confectionery manufacturing plants. These tests have set up standards for
detailed cost comparisons and provided definite clues for identifying leakages in profits arising from incorrect distribution methods and policies.
"The results developed in these practical tests in an industry with retail
sales unofficially valued at more than $750,000.000 annually, and whose
operations touch in some way nearly every resident of the country, should
be of assistance in solving similar distribution problems now confronting
other industries."
Total candy consumption in the United States in 1929'as
estimated in the report amounted to 1,574,074,293 pounds.
This figure represents an increase of 8.8% over the total of
1,447,322,504 pounds marketed in 1928, and is 7.2% more
than the 1927 consumption of 1,468,357,740 pounds.
It is added that sales of manufacturers direct to retail
chains showed a gain for the year, the study reveals, but
without material reduction in the quantity of confectionery
sold through jobbers. Manufacturers' sales on a value basis
increased 2.96% over the previous year, which was somewhat
less than the poundage,increase due to the fact that average
prices received by manufacturers in 1929 were 6.03% less
than in 1928. The latter trend,it is pointed out, was roughly
in line with the decline of the gneral wholesale price index,
and also with declines in the prices of the more important
confectioners' raw materials. Copies of "Confectionery
Distribution in the United States 1927-1929" may be obtained
for 10 cents from the Government Printing Office, Washington, D.C.or from branch offices of the Bureau of Foreign
and Domestic Commerce located in principal cities of the
country.
"Pegged" Price for Shellac Dropped-Open Quotation
Restored at Calcutta-Pigments Get a Better Call.
The experiment of the Calcutta interests in pegging the
market for shellac has once more encountered failure, members of the local trade learned on Jan. 12 in cable advices
from the Indian center. The New York "Journal of Commerce" of Jan. 13 in making this known, added:
The quotation for TN there was maintained at 14c, nominal, but no
longer as an "official" price, and shellac again was a free market. In the
meanwhile, reflecting probably the dropping of the official price, London
went to a new low record price of 6286d per cwt at the close there yesterday,
after having opened at 64s for this position. May delivery closed at 64s
after opening at 655.
Sellers quoted unchanged prices for TN and other grades, and reported a
very slow demand for bleachers and the paint trade. Supplies of orange
shellac in hands of bleachers, and to some extent seedlac, are sufficient for
the present reduced operations at bleaching plants.
Lead pigments were steady, reflecting the unchanged market for the
metal and a slight increase in forward shipment business for white lead, both
dry and in the oil. There was also some interest shown in red lead from
the retail trade, but lltharge and orange mineral were quiet. The lacquer
trade was reported displaying a wider interest in solvents, especially butyl
alcohol, which producers recently lowered lc a pound. All other divisions
of the paint trade were quiet, with quotation lists in the position they occupied at the close of last week.
Virginia Tobacco Prices at New Low Mark
Associated Press accounts from Richmond, Va., Jan. 10,
stated:
Lowest average prices for Virginia leaf tobacco since the Federal-State
crop-reporting service began keeping such records are shown in seasonal
and December figures made public to-day by the service statistician,
John A. Hicks. For the season through Dec. 31, when Mr. Hicks estimated 70% of the crop had been sold, the average price was $9.48 per
100 pounds, as compared with $18.03 for the corresponding period of 1929.
December's average was 59.18, con6aared with $18.45 in the same month
of 1929.
the possibility that more second quality and possibly lower twist yarns
may come into the market from some yet unknown source, a possibility
which, it is said, might affect manufacturers of the lower priced half hose,
fancies and novelties.
The quotation of delustered yarns at the same price as those of the bright
classification is regarded as of interest in conjunction with a parallel movement in the silk hose field since it has been observed in several quarters that
high twist tram yarns have been gaining in comparison with the ordinary
low twist trams,two,three and four turns per inch, which have been popular
heretofore.
Many manufacturers running silk trams in the popular priced hosiery
group have been reported turning to trains with 10, 15 and 20 turns per
inch in the past few weeks and some of these were being used in the silk
circular knit hose which were reported in better sale to retail at 50c.
in the early days of December. The higher twist yarns
were said both to
work better in the machines and to appeal to buyers, since the increased
twist, though not radically greater, was thought to have a better style
appeal, since its lustre is less than hose made from lower twist
yarn.
Whether or not the new rayon prices will have any effect on a movement
of this sort is a problem of major concern with manufacturers
who now are
looking for spring bookings.
Sir Sidney Skinner Blames Rayon Industry for Not
Stabilizing Price.
Sir Sidney Skinner, Chairman of the Rayon Manufacturing Co. (1927), Ltd., of Leatherhead, put the responsibility
for bad trade in rayon on the industry itself, says Manchester
(Eng.) advices Jan. 3 to the New York "Journal of Commerce," which also had the following to say:
Speaking at the annual meeting of the company he said that price stabilization would have been a comparatively simple matter and should have been
carried out. It would certainly have been welcomed by every spinner,
merchant and distributor In the country.
The Chairman also drew the attention of shareholders to the excise duty
of Is. a pound on yarn. Practically the whole of the company's gross
profits for the year were paid over to the revenue authorities. The company's gross profits amounted to £50,600. compared with £69.368 in the
previous year. After charging £50,876 to excise duty, £18,963 to general
administration and selling expense and E7,100 for bank interest. the result
was a net loss of £28,341. The reduction in trading profit was due chiefly
to the fall in market prices.
Du Pont Rayon Co. Issues New Quotations on Rayon
-Reductions Range from 15 to 45 Cents.
Yarns
New price levels for its rayon yarns, bringing them in line
with those established earlier in the week by the Viscose
Co., were announced Jan. 10 by the du Pont Rayon Co.,
second largest American producer of synthetic yarns. It
also announced the adoption of the 90-day-from-date-ofinvoice and the rebate system inaugurated by Viscoes. The
New York "Journal of Commerce" of Jan. 12, making this
known,indicated as follows the changes in prices:
Reductions ranged from 15c. to 45c., the latter being on its 50 denier 20
filament coned super extra yarn,which is now $1.75 and was formerly quoted
at $2.20. Second quality coned super extra yarns are eliminated in the
new list. Prices on low and high lustre yarns are the same:
New Prices.
The company's official statement follows: "The du Pont Rayon Co. announces the following prices effective Jan. 9 1931 for its viscose process
yarn.
WEAVING TRADE.
Standard Yarns (Bright or Dull). Super Extra Yarn (Bright or Dull).
let
lit
2d
2d
Skeins. Skeins.
Skeins. Skeins.
en
()
5
150-40
5.78 50-20
$.72
5.75
$1.75
200-35
.78 75-30
$1.35
51.25
1.40
300-50
.63
.66 100-40
.60
1.10
1.00
1.15
450-72
.63
.60
.66 125.50
1.00
.90
1.05
600-96
.63
.66 150-60
.60
.85
.82
.88
900x144
.63
.60
.66 170-60
85
.82
.88
• First bleached and unbleached cones. spools and tubes.
Knitting Trade.
"Standard unbleached oiled coned yarn supplied to the knitting industry
will be 150 denier, 40 filament at 75c. per pound. In the event that the
knitting trade is supplied with oiled cones of other deniers the price of
these
oiled cones will bear the same differential between cones and skeins
as
shown above for the weaving trade yarns, namely 3c. or Sc. above firs
,
grade skein prices.
"The stocks of oiled cones in obsolete and discontinued filament
counts
of 150 denier suitable to the knitting trade only will be
offered without
price or quality guarantee at 65c. per pound.
"Prices on all Lolustra yarns will be the same as bright
yarns.
404
FINANCIAL CHRONICLE
period
"Until further notice, prices of standard yarns are guaranteed for a
of 90 days from claire of invoice.
the end of the calendar year will be in force,
"A quality rebate payable at
one-half of 1%
beginning at one-half of 1% for $100,000 net, and increasing
reached.
for each additional $100,000 until a maximum of 3% at $600,000 is
Anything above 8600,000 carries 3%•
Former Prices.
"The price list which it replaces follows:
Bright Super Extra Years.
-Skeins--Skeins2d Or.
Denier. Filam't. Twist. 1st Or.
$1.50 Denier.FiWWI. Twist. lot Cr. 2d Or.
3 ____$1.60
18
75
$1.55
7 _ _ _51.65
30
.05.90 80
3
24
150
1.20
4-7 ____ 1.30
40
.95 100
3 ___ 1.00
40
150
1.10
4.7 ____ 1.20
50
.90 125
3 _-__ .95
39
170
1.10
4.7 ____ 1.15
60
.8.5 150
.90
3 ____
35
200
1.15
4-7 ____ 1.20
75-90
.75 150
3 ____ .78
50-60
300
1.10
4 ____ 1.15
60
.73 170
3 ____ .78
72
450
1.05
4 ____ 1.10
80
.75 200
3 ____ .78
96
600
Bright Super Extra Cones.
.75
3 ____ .78
144
900
$2.00
7 __ _ _$2.20
20
50
1.90
7 ....._ 2.00
26
85
All Lolustra 3c. above bright cone or skein prices.
prices. All cones under
All cones 150 denier and over 3c. above skein
150 denier Sc. above skein prices.
denier 18 filament.
Counts completely dropped from the price list are 75
30 filament, 300 denier 60 filament,
150 denier 24 filament, 170 denier
extra coned. 80 denier 30 filament super extra,
65 denier 26 filament, super
extra and 200 denier 80 super extra.
150 denier 75-90 filament super
added to the list.
Seventy-five denier 30 filament super extra has been
in which it had become the duty of all classes of people to
make such contributions as lie within their power toward
the needs and the demands of the occasion, William Green,
President of the American Federation of Labor, in a radio
address over the Columbia Broadcasting System on Jan. 10,
under the auspices of the President's Emergency Employment Commission, advocated the adoption of the five-day
week by the government and private industries as one
effective measure of relief. In the "Times" dispatch from
Washington,from which we quote he is reported as follows:
The Viscose Co.'s reductions were reported in our issue
of a week ago, page 198. Reductions by the American
Glanzstoff Corp. on rayon yarns, to correspond with those
of the Viscose Co., were announced on Jan. 10, according
the
to the "Journal of Commerce," which also reports that
Industrial Rayon Corp. is meeting the new prices established
by the Viscose Co. last week, Arthur A. Murphy, VicePresident and General Sales Manager, said on Jan. 12.
Other rayon producers which, according to the same paper,
have announced new low levels for their yarns, bringing prices
for their products in line with those established by the Viscose Co., are the Tubize Chatillon Corp., which made new
quotations on its nitrocellulose products, and the Delaware
and New Bedford Rayon companies, manufacturers of
viscose process yarns.
-Company Reports
10% Wage Cut for Childs Employees
Customers, but 6% Drop in Gross Sales
More
4,500 in New York Affected.
The Childs Company,operators of restaurants, announced
in 115 estab. on Jan. 2 that the wages of its 9,000 employees
throughout the country have been cut 10%,
lishments
effective immediately, in order to enable the company to
time.
avoid discharging workers or putting them on part
the New York "Times" of Dec. 3 said:
Noting this
the restaurants, was as follows:
The announcement, posted in
throughout the country have
"Although present business conditions
we have not reduced either the number
Caused widespread unemployment,
number of working days. It is our hope to avoid
of our employees or the
future. In furtherance of this hope it
either of such reductions in the
wages or salaries of all officers and employees
has been decided to reduce the
first full pay roll period in January 1931."
10%, beginning with the
board of directors, said that the
William A. Barber, Chairman of the
upon "in order to protect the amployees in their
move had been decided
We want to avoid all dislivelihood during this period of depression.
one."
charges and take care of every
company said that while more persons were eating
A spokesman for the
the past, the checks were smaller and that 1930
at the restaurants than in
than those of 1929.
gross sales were about 6% lower
there are about 4,500 in 60 restaurants
Most of the employees, of whom
waitresses, he said; and added that the greater
In the New York area, are
tips, which would not be affected by the
earned in
part of their income was
flour, meat, sugar, it was said, wree slightly
cut. Raw materials such as
the increased
rent and taxes remained the same and, with
cheaper; but
expenses had not dropped.
number of customers, operating
Journal" of Jan. 5:
The following is from the "Wall Street
salaries of its officers and employees
Following reduction of 10% in
a suspension for six months of payments
Childs Company is permitting subscription plan announced last year.
employees'
for stock under the
were offered common stock at $56 a share, to be
Under that plan employees
31.50 a share monthly, thus requiring about three
paid for at the rate of Employees have been receiving all dividends from
years to pay in full.
stock.
date of purchase of the
on the basis of the company's annual payroll
The 10% wage reduction,
inn reduction of expenses
and $10,000.000, will result
of between $9.000,000
pay cut, the company announced, has
$1,000,000 a year. The
of close to
or putting them on part
avoid discharging workers
been effected in order to
feel, the Childs salary
reduction. Childs officials
time. Even after the
of other concerns in the
very favorably with that
schedule will compare
present shows
employee list of around 9.000 at
Industry. The Childs
from a year ago.
any general reduclittle change
does not necessarily indicate
The wage cut, it is stated, made. Childs officials point out that several
be
tion in prices of meals is to
public have been in process
advantageous to the
menu and price changes
restaurants of the full course
the serving in many
In recent months,such as
$1 dinner.
Federation of Labor Urges
William Green of American
Work-Says Adoption
Five-Day Week on National
y
Also Would Aid in Emergenc
by Private Concerns
be Cut to Correspond
-Hours of Work Should
With Production, He Says.
situation "has now
Asserting that the unemployment national emergency
presenting a
reached an acute stage,"
[VOL. 132.
"Working men and women have suffered very greatly from the effects
of continued unemployment," said Mr. Green. "They and their families
have been forced to undergo hardships and deprivations, foregoing, in many
instances, the bare necessities of life. The blighting effects of unemployment have been felt in social and educational planning, and today many
thousands of children of school age are the innocent victims of this fallacious economic situation."
"Nation Now Is Aroused."
Contending that definite steps should be taken to prevent recurrence of
such conditions, Mr. Green said that it was unfortunate that the people of
the United States seem to accept these distressed economic situations as
an inevitable development in our industrial life and for that reason fail to
become interested or aroused "until the cry of human distress, coming
from the home, the village and the communities, attracts public attention
to the seriousness of the situation."
"Now, after more than a year of continuous economic distress," he continued, "the nation is aroused. Congress is responding, community and
civic groups are in action, and it seems that all the forces of society are
co-operating in a concerted effort to overcome and master the forces which
have operated so disastrously in our economic, social and industrial life.
"Labor is firmly convinced that the problem of unemployment must be
dealt with in a constructive, scientific and practical way. It firmly believes that industry can be regulated so as to furnish reasonable steady
employment to all working men and women.
"Working people demand an opportunity to work so that they may earn
a decent living. They abhor paternalism and they bitterly protest against
being reduced to the point where they are forced to become objects of
charity.
Asks Security for Worker.
"They offer, as a partial remedy for unemployment, the establishment
of work security. They believe that working people should be made
secure in the field of employment. so much so that, instead of discharging
workers, industry will regulate employment so that all may enjoy an
equal distribution of the work available. This would serve to keep every
worker a purchasing unit and would encourage him, because of the consciousness that he was secure in his work, to exhaust his available credit
facilities.
"The five-day work week should be immediately established and the
hours of labor should be reduced to the point where they would correspond
with our increasing power of production.
"These economic reforms should be applied to government workers as
well as those employed in private industry. Under such a plan more
workers could be employed. In fact, practically all the slack of presentday employment could be taken up very quickly and expeditiously if the
five-day work week were inaugurated in private and governmental employment.
"The income of working men and women should be maintained at a level
where they could buy and use the commodities which industry manufactures
and produces. All classes of people should be encouraged to buy and buy
as freely as possible. Practical means and methods, through which employment relief could be extended promptly and adequately to those who
are displaced through the introduction of mechanical processes or who may
be rendered idle because of local conditions and circumstances which unexpectedly arise, should be formulated and carried into effect.
"Industry should plan to regulate production with market requirements
so that peaks and dips in production could be overcome and avoided so
far as possible."
"Added to these economic remedies should be the development of an
industrial relationship which makes for intelligent study and analysis of
economic conditions and the highest type of co-operation between all forces
of industry."
Says Unions Have Co-operated.
Mr. Green said that organized labor, although millions of its members
were out of work, has done its best to to-operate.
"In response to the request of the President of the United States," he
said, "organized labor, through a representative group of its officers, made
Its contribution to the establishment and maintenance of industrial peace
In this crisis. In spite of most exasperating and trying circumstances, it
has kept the promise it made to the Chief Executive of the nation and has
faced and accepted its responsibilities in a most constructive way.
"The representatives of labor accepted membership upon unemployment
committees in the different cities and States. They have given the benefit
of their service, training and influence to this organized movement created
for the purpose of dealing directly with the serious problem of unemployment.
"These representatives of labor have responded In every instance where
they have been Invited to serve on unemployment committees created in
the communities, cities, States and National Government."
Trade union workers with jobs, Mr. Green said, had shared employment
with less fortunate members, sacrificing part of their employment to help
others, and trade unions have used,their funds to relieve distress, to supply
food, clothing and the necessities of life to unemployed persons.
Newspaper Publishers Urged to Reject Proposal for
Five-Day Week-Karl Theising Tells Convention
of New York State Publishers That It Would Mean
9% Labor Shortage.
The New York State publishers, opening their convention
at Lake Placid, New York, on Jan. 11, were advised by
Karl Theising of Indianapolis to decline to consider any
contract providing for a work week of less than six shifts for
work in individual newspaper offices, unless the American
Newspaper Publishers' Association and the International
Printing Trades Union agreed upon a national policy. A
JAN. 17 1931.]
FINANCIAL CHRONICLE
405
dispatch to the New York "Times" reporting
this, contained foreign competition,the independen
tfactorsin the oilindustry
the following further advices:
will be wiped out. Although the Administra
"If the time should come when extraor
tion issued a
dinary unemployment among state
ment saying that it had taken no position on
newspaper employes becomes a reason
and not an excuse for some plan
the tariff
other than the present six-day
week basis, your representatives in labor question, leaving the matter entirely up to Congress,
opinion
matters will endeavor to work out
with representatives of the national at the meeting was that
influential administration figures
unions a uniform agreement which
will meet with popular approval," he
would strenuously oppose any serious attempts
said.
in Congress
"Until that time any arbitrary attemp
t by local unions to enforce a to pass any tariff on crude oil imports.
five-day week at six days' pay should
be defeated by whatever means may
One factor that has not received its proper
become necessary.
attention is
the probable attitude of President Hoove
"Unemployment in the printing trades, accordi
ng to the September
r toward an oil
figures of the American Federation
tariff. When Mr. Hoover first became Secre
of Labor,show that the entire printing
tary of Comtrades have fallen off only 8%, as compar
ed with 38% in building trades. merce in 1921, he was
a leading factor in encourgaing
"If the five-day week was granted in a contrac
t fur newspapers. it would
American producers to actively enter into
necessitate the employment of nearly 17%
more workers, and the union
foreign fields.
statistics above quoted show this would involve
a shortage of nearly 9% He, therefore, could hardly turn around at
this date and
even during the present abnormally low busines
s levels as a result of so- put a tariff on oil,
which would penalize the move
called depression.
once sponsored. According to well-informed circle that he
"A demand for a five-day week at six days' pay
for newspaper workers,
s in WashIf required in a contract as a working conditi
on, means a 20% increase ington, Mr.Hoover,is a strong proponent
of the movement to
in labor costs."
conserve domestic supplies, an aim with which
Lester L. Jones, manager of the New York
the tariff
City Publishers' Association.
In a talk on production costs, said that while
other lines had been able to proposition would interfere.
reduce forces and the unit costs of product
ion, the newspaper business was
Seven of the major companies operating in the
still faced with ever increasing demands
Oklahoma
for more pay and a shorter work- City
field applied for a modification of the State
weekCorporation
He declared that the mechanical department
Commission's proration order. The heari
employes of newspapers
ng on the plea
received about the highest year-around average
wage scale of all workers was set for Jan. 23 when the
companies will be heard by the
In the country.
commission. The allowable production
of the field at the
present time is 1%% and the petition
Job Printers Grant Pay Rise of Si a Week-Employe
asks that the field
rs
Meet Union Demand After Rejecting Compromise be placed on an allowable of 10% of its potent
ial output.
Price changes follow:
on Reduction in Hours.
Jan. 14.
The Employing Printers' Association, at a meeting of its for crude -Humble Refining posted reduction offrom 2c. to 28c. a barrel
oil purchased in the
organization on Dec. 23, voted to put into effect on Jan. 1 fields. New price establishes North Texas. Panhandle and Gulf Coast
400 crude
a $1 weekly wage increase affecting 15,000 union employes places Humble at the same posted level asat 67c. a barrel. This reduction
Gulf Refining, which was posted
Oct. 30.
in the job printing industry, when the unions refused to
Jan. 16.-Magnolla Petroleum,
Sinclair, Simms Petroleum and Conforego the increase as provided in their present agreements tinental Oil met
.
the crude oil price reductions
posted by Humble.
It was reported in the New York "Times," that follow
ing
Prices of Typical Crudes per Barrel
the meeting, it was said that Leon H. Rouse, Presi
at Wells.
dent of
(All gravities where A.P.I. degrees are
Typographical Union 6, spokesman for the union
not shown.)
s, and Bradford, Pa
12.15 Snindletop. Texas. below 25
several other union officials had declared that
11.69
, Ohio
1.15 Winkler, Texas, below 25
they were CorningW.Va
Cabell,
.55
1.05 Smackover. Ark., 24 and over
authorized to trade the wage increase for a
Illinois
.70
graduated re- Western Kentucky
1.30 Smackover. Ark., below 2
.70
duction in day working hours from the present forty1.15 Eldorado. Ark., 40
Midcont
1.07
four Corsica inent, Okla., 37
.98 Urania, La
.73
na. Texas, heavy
hours to a forty-hour week. This compromise was
.75 Salt Creek, Wyo.. 87
.98
rejected Hutehinson, Texas,40
.67 Sunburst. Mont
by the employers. The account in the "Tim
1.55
Kettleman Hills, 55
1.65 Anemia, N. Max
es" went on Kettleman Hills, 35-39.9
.75
1.10 Banta Fe Springs
to say:
Officials of the association said that the
increase would total $750,0
00
for the next year. Th contract calls for a similar
increase Jan. 1 1932.
The employers' association recently sugges
ted to the seven unions a
moratorium on the $1 wage increase becaus
e of depressed business. Typographical Union 6 and other unions voted
against the moratorium. Some
unions voted in favor of the employers'
request, it was declared.
The unions affected by the wage increas
e include, besides Typographical
Union 6, Pressmen's Union 51, Press
Assistants' Union 23, Paper Cutters
19, Paper Handlers and Sheet Straighteners
1 and Mailers' Union 6.
Kettleman Hills, 40-49.9
Kettleman
50-54.9
Luling. Texas
ElnIndletoP. Texas.grade A
1.35
1.50
.75
.80
, CAUL 33
Midway-Sunset. Calif.. 22
Huntington, Calif.. 26
Ventura. Calif., 26
Petrone. Canada
1.48
.94
1.22
1.15
1.50
REFINED PRODUCTS
-MARKET OUTLOOK IMPROVES
-BULK
GASOLINE STRONGER-KEROSENE FIRM.
Although the week was featured by several unfavorabl
e
developments in the crude nil situation, the refined produ
cts
market was firm. Signs of stability in the principal marke
A previous item in the matter appeared in
tour issue o ing outlets for bulk gasoli
Dec. 20, page 3952.
ne with the Gulf Coast export
market firming up all had their effect on the Easte
rn market
Petroleum and Its Products
-Crude Price Cuts in and the price list was stronger. The tank wagon market for
gasoline was advanced one cent throughout
Southwest Weaken Market
-Washington Meeting
the New York
and New England territory. Cold weath
of Producers Favors Tariff-President's Attit
er has had a favorude able
effect on kerosene and fuel oil demand and movem
Debated-Attack Proration Allowance
in Okla- have
ents
homa City Field.
increased.
Bulk gasoline again was the outstandin
The outlook of the petroleum industry was
g feature of the
further com- market
with the middle of the week seeing the
plicated by crude oil price cuts in the South
tank wagon
west fields by price
advanced one cent a gallon by Texas Corp.
Humble Refining during the past week.
The meeting of close
At the
of the week, Atlantic Refining met
the representatives of the 15 important oil produ
the raise. Rumors
cing States of increased
held in Washington the latter part of the
activity in the export market in the Gulf Coast
week had no ap- market,
parent results although the tariff question
combined with increasing firmness in the Mid-C
has been force- tinent and
onChicago tank car markets were reflected
ably brought to the attention of Congress. Furth
in a
er protests steadier tone
in the local tank car market. Prices of U.
by several large operators in the Oklahoma
S.
City fields Motor in tank
against the proration allowances for that
car offerings are firm at from 7 to 73ic. a galarea have been lon, refine
ry. Some dealers are hinting at a further increa
postponed until Jan. 23 when a vigorous
plea to change the of %o.
se
a gallon but no action of this sort may
allowable output will be made before
be expected
the State corporation before
commission.
the spring increase in consumption.
Optimism of the trade is explained by the fact
While the weakness of the price schedule
that many
in the Southwest market,eers
feel that the curtailment of crude production
area has been apparent for some time, the
will
action of the place the marke
Humble Refining is expected to have an
t in excellent technical position. With
unfavorable effect stooks at a
reasonable level at the start of the summer
the mid-continent and California areas.
on
era
Several com- of heavy consu
mption, dealers feel that the price level may
petitors of Humble have been buying crude
oil at levels easily be stabilized
considerably below those posted by the
at a favorable level. Although further
company and the court attacks
on the conservation movement are
cut was prompted by the necessity of Humble
pending in
competing the Oklahoma courts,
small fear that the proration opponents
with these independent operators on a fair basis.
The will be successful is felt.
reduction was met by Magnolia Petroleum,
Sinclair, Simms
The kerosene price list, with the exception
Petroleum and Continental. No reaction to
of scattered
this price re- reductions in the tank
wagon field in upper New York
duction has been felt in the remaining produ
State,
ction centers was firm and consumptio
n has shown a moderate increa
but it is probable that reductions in all fields will be
se
posted with the cold-weather stimulating
shortly.
movements
channels. Gallonage is still considerably into consuming
Meeting of the oil representatives in Washi
below last year's
ngton resulted total, however. The export
market has shown firmer
in a strong demand for a tariff on oil with the threat of an
tendencies and although no large movem
extra session to pass this action made. Independent
ents have been reopera- ported, the price list is stronger than
it has been for some time
tors declare that,if they are not afforded immediate relief
from past.
Fuel oils have benefitted from the recent frigid spell and
tone
dealers report increasing demand for furnace oils. In
Other
with the rest of the refined products, prices are firm.
grades of refined oils are unchanged with prices remaining
slightly irregular.
Price changes follow:
advance in the tank wagon
Jan. 14-Texas Corp. announces a one cent
New England area.
price of U. S. Motor Gasoline in the New York and
of Texas Corp.
c Refining met the one cent advance
Jan. 16-Atlanti
throughout New England marketing points.
Refinery.
Gasoline, U. S. Motor. Tank Car Lots. F.O.B.
California____$.06
-Carson Pet.5.07
N. Y.
15. Y.
(Bayonne)Los Angeles,ex..04M-.07
Colonial-Beacon__ 07
Stand.011, N.J...$.07
Gulf Coast, ox..05)4-.053j
07
Sinclair Ref
Wand.011, N. Y__ .07
046-.0434 NorthLouialana.0434-.05)1
Chicago
Tide Water011Co. .07
Orleans_ -ex..05% North Texas-----O4-.04
Richfield 011 Co__ .07)4 New
.0454-.05
Oklahoma
04)5-.05
Arkansas
Warner-0011)113C.° .07
Pennsylvania -06)5-.0634
Pan-Am. Pet. Co. .07
TPlus freight.
Shell Eastern Pet.. .07
Included.
Gasoline. Service Station, Tax
$ 182
5.17 Minneapolis
$.153 Cincinnati
.185
New York
.17 New Orleans
22 Cleveland
.19
Atlanta
.15 Philadelphia
162 Denver
.21
Baltimore
.178 San Francisco
155 Detroit
.22
Boston
19 Spokane
158 Houston
.159
Buffalo
19 St. Louis
17 Jacksonville
15
Chicago
169 Toledo
Kansas City
Lots F.O.B. Refinery.
Kerosene. 41-43 Water White Tank Cat
$.03-.03( New Orleans. ex____$.05):
N.Y.(Bayonne)$.0614-.0651 Chicago
.03-.03(
Tulsa
03-.0314 Los Angeles, ex.045-.06
North Texas
Fuel Oil, F.O.B. Refinery or Terminal.
[Gulf Coast "C"._ 8.65-.70
Angeles 27D plus
New York(Bayonne)-LosI
5.80-1.051Chicago 18-22D .57)i-.621
$1.05
Bunker "C"
1.85 New Orrns 18-20 D .75-.801
DIfeel 28-30D
Gas Oil, F.O.B. Refinery or Terminal.
'Tulsa
'ChicagoN. Y.(Bayonne)32-36D Ind _ _$.02-.0214
28D plus.-5.005-.05 M 1 32-36D Ind 5.023-.023il
an increase of 2,800 barrels. Compared with the output
for the week ended Jan. 11 1930 of 2,689,250 barrels per
day, the current figure represents a decrease of 604,350
barrels daily. The daily average production east of California for the week ended Jan. 10 1931 was 1,546,400 barrels, as compared with 1,544,600 barrels for the preceding
week, an increase of 1,800 barrels. The following are estimates of daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS.)
Jan. 10'31. Jan. 3'31. Dec. 27 '30. Jan. 11 '30.
Weeks Ended707,550
458.100
448,900
457,300
Oklahoma
108,800
112,500
108,300
105,750
Kansas
94,250
57,250
54,000
54,150
Panhandle Texas
87,850
58,150
58,300
59,700
North Texas
28,900
52,950
28,000
27,200
West Central Texas
338,650
239,150
235,850
238.150
West Texas
20,900
40,550
40,850
40,400
East Central Texas
88,600
82.100
77,300
79,800
Southwest Texas
38,850
42,000
41,750
41,150
Louisiana
North
60,800
50,950
49,750
51,050
Arkansas
148,450
159,900
158,400
156.850
Coastal Texas
20,100
26,150
27,850
28.900
Coastal Louisiana
130,900
100,000
103,750
101,500
Eastern (not incl. Michigan)._
14,950
8,800
9,550
9,950
Michigan
48,550
47,150
48.550
42,350
Wyoming
9,750
6,600
7,600
7,100
Montana
5,000
4,100
4,150
4,100
Colorado
8,950
42,300
41,750
41,000
New Mexico
699,700
565,800
537,500
538,500
California
Export Copper Reduced, Then Raised.
The following is from the New York "Times" of Jan. 11:
in fair volume,
With buying of copper for export continuing
the metal for March and
Exporters, Inc., to-day marked up the price of
smelters to hold their sales to
April shipment, apparently to enable custom
the nearer months.
cents a pound and April
March shipments were increased 5 points to 10.35
and February quotations
10 points to 10.40 cents a pound. January
maintained for domestic
-cent level was
remained at 10.30 cents,while the 10
shipments, delivered to the end of May.
to-day and
ed 2,000,000 pounds in the forenoon
Foreign sales approximat
pounds yesterday.
5,000,000
Weekly Refinery Statistics for the United States.
s
According to the American Petroleum Institute, companie
aggregating 3,571,200 barrels, or 95.7% of the 3,730,100
of the
barrel estimated daily potential refining capacity
States during the week ended
plants operating in the United
for the week
Jan. 10 1931, report that the crude runs to stills
these companies operated to 60.1% of their total
show that
s
capacity. Figures published last week show that companie
aggregating 3,571,200 barrels, or 95.7% of the 3,730,100
plants
barrel estimated daily potential refining capacity of all
operating in the United States during that week, but which
to that
operated to 58.7% of their capacity, contributed
report. The report for the week ended Jan. 10 1931,follows:
AND GAS AND FUEL OIL
CRUDE RUNS TO STILLS. GASOLINE,
STOCKS. WEEK ENDED JAN. 10 1931.
(Figures in Barrels of 42 Gallons)
100.0
East coast
93.8
AnDalachlan
Ind., Illinois, Kentucky 97.5
Kans.. Missouri_ 89.4
Okla.,
91.9
Texas
98.3
Loulsiana-Arkansas
93.1
Rocky Mountain
98.8
California
Crude
Runs to
Stills.
3,299.000
499,000
1,642,000
1,473,000
3.693.000
977,000
268,000
3,166,000
Per Cent
Oper.
of Total
Capacity
Report.
Gasoline
Stocks.
76.9
53.8
61.6
51.0
71.0
53.2
27.4
51.0
5,790,000
1,091,000
4,573,000
2,758,000
6,814,000
1,704,000
1.659,000
15,194,000
2,082,100
2,126,750
2.689,250
The estimated daily average gross production for the Mid-Continent
West Central.
field, including Oklahoma, Kansas, Panhandle, North,
and Arkansas.
West, East Central and Southwest Texas, North Louisiana
as compared with 1,143.for the week ended Jan. 10 was 1.154.650 barrels,
increase of 11,650 barrels. The
000 barrels for the preceding week, an
(Arkansas) heavy oil,
Mid-Continent production, excluding Smackover
barrels, an increase of
was 1,120,550 barrels, as compared with 1.108.850
11,700 barrels.
in the various districts for the
The production figures of certain pools
week, in barrels of 42 gallons,
current week, compared with the previous
From last night's issue (Jan. 16) of the New York "Evening Post" we take the following:
Copper
Per Cent
Potential
capacity
Reportinit.
2.084.900
Total
price of copper
Copper Exporters, Inc., reduced yesterday the export
ports. Following the
Cent to 10.30 cents a pound, c.i.f. European base
pounds.
reduction, sales of copper to foreign consumers totaled 2,750,000
The domestic price remained at 10 cents a pound.
District.
(VoL. 132.
FINANCIAL CHRONICLE
406
Gas and
Fuel Oil
Stocks.
8.771.000
1.038,000
3,309,000
4,002,000
10,596,000
2,353,000
971,000
103,468,000
follow:
OklahomaBowlegs
Bristow-Slick
Burbank
Carr City
Earlsboro
East Earlsboro
South Earlsboro
Konawa
Little River
East Little River
Maud
Mission
Oklahoma City
St. Louis
Searight
Seminole
East Seminole
KansasfledgwIck County
Voehell
-Week EndedJan. 10. Jan. 3.
12,450
10,900 10,500
13,700 13,700
12,250 12,850
17,250 15,400
16,600 17,000
7,500 6.600
16,300. 15,500
21,250
10.300 10,250
2,500 2,600
5,100 4,650
94.800 86,550
19,350 20,550
5,500 5,350
13,500 12,800
1,700 2,250
19,100
11,550
Panhandle Texas
41,450
Gray County
Hutchinson County.... 8,100
North Texas
12,000
Archer County
North Young County... 8,000
13,350
Wilbarger County
West Central Texas
South Young Count,... 2.150
West Texas
Crane & Upton Counties 28,350
7,400
Ector County
21,700
Howard County
23,500
Reagan County
52,550
Winkler County
89,400
Yates
Balance Pesos County.. 3,700
East Central Texas
Van Zandt County
27,300
Southwest TexasChapmann-Abbott
Burst Creek
Luling
Salt Flat
-Week Ended
Jan. 10. Jan. 3.
5,300 5,400
31,700 28,650
9,750 9,800
15,250 16,200
North LouisianaSarepta-Carterville
Zwolle
Arkansas
Smackover. light
Smackover. heavy
Coastal Texas
Barber's Hill
Raccoon Bend
Refugio County
Sugarland
Coastal Louisiana
East Haekberry
20,800 Old Hack berry
Wyoming
12,100
Salt Creek
Montana
41,950 Kevin-Sunburst
New Mexico
7,800
Hobbs High
Balance Lea County
California
12,000
6,500 Elwood-Goleta
13,400 Huntington Beach
Inglewood
Kettleman Hills
2,300 Long Beach
Midway-Sunset
Playa Del Ray
30,150 Santa Fe Springs
6,900 Seal Beach
16,000 Ventura Avenue
21,550 Pennsylvania Grade
54,900 Allegany
91,200 Bradford
3,750 Kane to Butler
Southeastern Ohio
Southwestern Fenno_ _
27,550 West Virginia
1,900
7,650
1,800
8,400
4,250
4,550
34,100 34,150
19,500 21,500
8,600 8,350
29,900 28,950
12,000 12,100
4,650
850
4,500
900
23,100 28,100
4,450
4,450
30,300 31,700
8,150 7,700
31,500
22,000
15,000
22,500
92,300
56,000
37,700
72,800
16,500
44,400
27,800
22,000
15.500
22,600
93,300
56,000
38,000
74,500
15,000
45,000
6,200 6,650
21,500 22,450
6,600 6,800
6,650 6,450
3,400 2,850
13,150 13,450
Output of Refined Copper Fell Off During December
Shipments Higher-Inventories Decline.
Stocks of refined copper in North and South America
on Jan. 1 1931 were 367,175 short tons, a decline of 2,657
tons from stocks of 369,832 tons on Dec. 1 1930 and compares
with 364,930 tons on Nov. 1 1930, according to figures
released by the American Bureau of Metal Statistics,
and published in the "Wall Street Journal" of Jan. 13.
The "Journal" further shows:
Stocks of blister copper, including copper in process, were 218,799
tons, a drop of 5,732 tons from stocks of 224,531 tons on Dec 1 1930.
copper
and compares with 240,145 tons on Nov. 1 1930. Stocks of blister
39,583,000 134,508,000 on Jan. 1 1931 were at the lowest point for several years.
60.1
15,017,000
95.7
Total week Jan. 10._
Total stocks of copper, refined and blister, in North and South America
2,145,300
Daily average
39,780,000 136,224,000
stocks
58.7
14,667,000
on Jan. 1 1931 were 585,974 tons, a decline of 8,389 tons from total
Total week Jan. 3._ 95.7
2,095,300
605,075
Daily average
43,741,000 144,051,000 of 594,363 tons on Dec. 1 1930 and compares with total stocks of
71.8
17,519,000
Tot. week Jan. 11 '30 95.5
4.
tons on Nov. 11930.
2,502,800
Daily average
8,020,000
5,507,000
77.6
Production of refined copper in December was 106.366 short tons.
2,878,000
:Texas Gulf Coast__,, 100.0
1.402,000
1,459.000
63.5
655,000
:Louisiana Gulf Coast_ 100.0
or a daily rate of 3,431 tons, against 112,646 tons, or daily average rate
districts.
their respective
of 3,755 tons in November, and compares with 138,203 tons, or a daily
Included above in table for week ended Jan 10 1931 of
the present Bureau
-All crude runs to stills and stocks figures follow exactly all grades of fuel average rate of 4.458 tons in December 1929.
Note.
and
of Mines definitions. In California, stocks of heavy crude
Mine production of copper in the United States in December amounted
Stocks." Crude oil runs to
in
oil are included under the heading "Gas and Fuel Oil
to 48.518 tons, against 53,141 tons in November and 55,954 tons
stills include both foreign and domestic crude.
October 1930.
tons, of which 39,169
Shipments of copper in December were 109,023
Crude Oil Production Shoss Slight Increase.
were for export and 69,854 tons were for domestic account. In November
the shipments were 107.744 tons, of which 45,051 were for export and 62,693
The American Petroleum Institute estimates that
the United
daily average gross crude oil production in
barrels,
States for the week ended Jan. 10 1931 was 2,084,900
with 2,082,100 barrels for the preceding week,
as compared
tons were for domestic use
States
The following table gives, in short tons, the output of United
America,
mines, blister and refined copper production of North and South
Great Britain. 8m.:
JAN. 17 1931.]
FINANCIAL CHRONICLE
407
The pending list also includes a California gas line and a foreign project.
requiring 40,000 to 50.000 tons each.
Rails bought include 200,000 tons placed by the Pennsylvania, 36,500
tons by the Burlington and 65,000 tons by the Southern Pacific. The lastnamed road ordered 25,000 tons from the Colorado Fuel & Iron Co. and
20,000 tons each from the Tennessee Coal, Iron & RR. Co. and the Bethle236,464 240,145 224,531 218,799
hem Steel Co.,still having 15,000 tons to purchase for its Texas lines. The
360,650 363,930 369,832 307,175
Ensley rail mill resumed operations Jan. 12, after having been idle since
Total
585,974
Sept 24. It has bookings for about four months ahead.
581,823 597,114 605,075 594,363
Great Britain:
Public works are conspicuous in fabricated structural steel projects.
Refined
6,443
2.742
2,575
5,042
8,311
Lettings are large, totaling 59,000 tons. The award of four large ocean
Other forms
2,628
2,153
3,893
3,217
4,999
vessels by the Grace Line has added 25,000 tons of steel to the backlogs of
Total
8,259
8.939
8,596
Steel Corporation mills. Other ship contracts, under the terms of the Jones7,741
6,468
Havre
3,896
4,711
6,614
6,392
6,572
White Act, are pending.
Japan
6.534
5.236
4.350
1
1
With 1.65c. a lb., Pittsburgh, on bars, shapes and plates, now quite
x Includes direct copper. y Not yet available.
generally effective, the "Iron Age" composite price for finished steel is advanced to 2.142c. a lb. from 2.121c., where it had held for five weeks.
The following table shows production in short tons by United States
This is the first advance in the "Iron Age" finished steel composite since
mines, according to types of mines:
September. The pig iron composite remains at $15.90 a ton and that for
heavy melting scrap is at last week's level of $11.33. A comparative table
August. September. October. November. December.
follows:
Finished Steel.
Prophyry mines
19,000
20,956
20,531
20,816
19,887
Jan. 13 1931. 2.142o. a Lb.
Based on steel bars, beams, tank plates;
Lake mines
6,545
4,876
7,628
5,695
6,209
One week ago
2.1210. wire, rails, black pipe and sheets.
Vein mines
25,278
21,142
24,327
25,293
23,945
One month ago
2.121e. These products make 87% of the
Custom ores
4,357
x3,500
4,100
4,114
x3,100
One year ago
2.319c. United States output.
Total crude produced_ 58,136
48,518
56,584
55,954
53,141
Low.
High.
2.1210. Dec. 9
1930
2 362c, Jan. 7
x Partly estimated
2.362e. Oct. 29
1929
2.412c. Apr. 2
2.3140. Jan. 3
2 3910. Dec. 11
The following table shows in short tons shipments and production of 1928
1927
2.2930. Oct. 25
2 453c, Jan, 4
refined copper by North and South American producers and refineries:
1926
2.4030. May 18
2 453c. Jan. 5
1925
2.3980. Aug. 18
2 5600. Jan. 6
Produdion.
Shipments.
Pig Iron.
Jan. 13 1931. $15.90 a Grose Ton.
Daily
Based on average of basic iron at Valley
Total.
One week ago
Total.
Rate.
Export.: Domestic.
$15.90 furnace and foundry irons at Chicago.
One month ago
15.90
Philadelphia, Buffalo. Valley and Bir69,854
109,023 OOP years so
1930
-December
106,366 3,431
39,169
18.21
mingham.
107.744
45,051
62,693
112,646 3,755
November
LOW.
High.
113,949
38,246
75,703
October
118.229 3,814
1930
$15.90 Dec. 18
$18.21 Jan. 7
103,042
65,169
37.873
September
116,004 3,887
18.21 Dec. 17
18.71 May 14
95,129 1929
56,810
38,319
August
120,778 3,898
17.04 July 24
18.59 Nov.27
75,436
117,902 1928
July
42,466
123,179 3,974
17.54 Nov. 1
19.71 Jan, 4
June
44,818
71,887
118,705 1927
124,821 4,161
19.46 July 13
21.54 Jan. 6
May
49.115
75,760
124,875 1926
132,183 4,264
1925
18.96 July 7
22.50 Jan. 13
79.213
April
29,196
50.017
y124,531 4,151
73,644
March
30,523
104,167
127.084 4,099
Steel Scrap.
81,879
29,597
91,476
February
121,195 4.328
69,932
Jan. 13 1931. $11.33 a Gross Ton. (Based on heavy melting steel QUO.
January
30,358
100,290
132,374 4.270
One week ago
$11,331 tenons at Pittsburgh, Philadelphia
1929-December
35.652
58,150
93,802 One month ago
138,203 4.458
11,251 and Chicago.
November
37,879
88,979
106,858 One year ago
145,376 4.848
14.50
October
Low.
53,461
105,729
159,190
Maio.
152,840 4,930
45,921
$11.42 Dee. 9
September
134,343 4,478
98,043
143,984 1930
$15.00 Feb. 18
August
14.08 Dec. 3
45,035 • 96,970
142,005 1929
17.58 Jan. 29
148,648 4,795
July
13.08 July 2
40,204
98,720
138,924 1928
16.50 Dec. 31
153,513 4.952
June
48.461
18.08 Nov.22
156,447 5,215
95,258
143,719 1927
15.25 Jan. 11
May
14.00 June 1
55,123
161.784 5.219
93,743
148,888 1926
17.25 Jan. 5
April
15.08 May 5
99,051
20.83 Jan. 13
161,285 5,376
57,708
156,759 1925
March
59,946
105.860
163,561 5,276
165,806
Steel production has expanded this week to about 45%
February
141,385 5,049
50,160
98.771
148,921
January
154,472 4,983
57,054
100,135
157,189
Buffalo reporting increased or unchanged
Production.
August.
Mines, United States
58,136
x Blister, No. America
84,560
x Blister, So. America
26,937
Stocks (End of Month)
North and South America:
Blister (incl.'in process")._ 234,135
Refined
347,888
Total 1929
1928-January
February
March
April
May
June
July
August
September
October
November
December
Total 1928
1927
1926
1925
1924
Sept.
October.
58,584
85.580
26,374
Nov.
Dec.
55,954
84,395
27,838
53,141
76,449
22,580
48,518
74,186
20,752
1,811,857
4,964
586,594
1,119,409
1,708,003
122.733
124,848
128,972
122,824
129,238
131.024
135,092
143,560
137,018
149,199
155.448
147.905
3,959
4,305
4,160
4,094
4,169
4,367
4,358
4,831
4,567
4.813
5,182
4,771
58.721
80,603
55,970
84,989
58,738
57,067
56,785
60,240
51,292
54,992
49,121
49,703
64,824
73,789
72,642
72,234
79.103
81.438
82,245
83,398
88,707
100,371
99.822
84.889
121,545
134,392
128,612
137.223
135.841
138.503
139.030
143,638
139,999
155.363
148,943
134,592
1,827,849
4,448
874,221
983,460
1,657.881
1,476,506
1,440,454
1,352,309
1.300,332
4,045
3,948
3,705
3,553
641,865
525,861
584,553
566.395
824,844
902,174
831,171
753,389
1,466.709
1,428,035
1,415.724
1,319.783
x Beginning 1928. Includes shipments from Trail refinery in British Columbia.
7 Includes Imports of cathodes.
Raw Steel Output Shows Improvement
-Prices of
Finished Steel Advanced.
Pipe lines, public works, rail contracts and tin plate business have added materially to mill backlogs and steel production has made another gain, but no broad upturn in demand
has yet developed, reports the "Iron Age" of Jan. 15. Inventory replenishment, which was counted on to stimulate the
market generally, has thus far failed to bring out a notable
increase in specifications, releases from the rank and file of
manufacturing consumers and distributers being in disappointing volume. The "Age" adds:
The industry is not alarmed because of the slow pickup in general demand, believing that acceleration win follow the accumulation of large
tonnage business. In this connection particular encouragement is afforded
by the placing during the week of 301,500 tons of rails, 130,000 tons of line
pipe, 50,000 tons for ships and barges and 200,000 base boxes of tin plate.
Raw steel output for the country at large, 41% a week ago, is now close
to 44% of capacity, and the rate of the Steel Corporation is estimated at two
or three points above the general average. Two banked steel works blast
furnaces have resumed production in Alabama and several have gone into
blast in the Valleys.
Improvement in demand and production has given a better tone to steel
prices. On new business in plates, shapes and bars there is now rather
general insistence on 1.65c. a lb., Pittsburgh, an advance of$1 a ton over the
price ruling on contracts placed for the first quarter. Similarly, makers
of cold-finished bars are adhering to 2.10c. a lb., Pittsburgh, or $2 a ton
higher than the price at which contract customers covered for the quarter.
Among the primary materials, scrap shows growing strength, although
actual price advances during the week have been few.
Line pipe buying for the year has opened up in a big way, with the placing
-Chicago
of 80,000 tons with the National Tube Co. for a part of the Texas
gas line and the award of upward of 50,000 tons to the Youngstown Sheet &
project sponsored by the Columbia Gas & Electric
-mile
Tube Co. for a 200
-in, pipe for the latter line are still to be placed.
Co. About 150 miles of 20
all districts save
rates, says "Steel" of Jan. 15. ,This is a gain of 3 points
over last week and recoups all of the loss in operations since
mid-November. "Steel" further states:
Improvement in production thus far in 1931 is traceable to the rebound
from the extreme low of the holiday period, the release of material held
up in December partially for inventory reasons, and the automatic passing
of considerable rail tonnage to the mills for prompt rolling.
To a moderate extent, further support may be expected from up.:nding
rail output, but it is increasingly apparent that in the main the mil a must
look to actual consuming requirements for any further appreciable advance
in production.
There is no diminution of confidence that the trend in consumption of
steel is up, and neither producers nor consumers have any stocks, but it is
more clearly recognized that progress will be made slowly. Recent sales
meetings of the two largest producers were characterized by the conviction
the depression is over and slow but sustained improvement is ahead.
Building continues the most active outlet for finished steel, this weeks'
awards totaling 27,383 tons comparing with 41,131 tons last week and 27,593
tons a year ago. Automotive requirements still lack the vigor usually
imparted by Ford and Chrysler, and probably will the remainder of this
month, although on the whole slightly more steel is moving to Detroit.
Railroads are rapidly concluding their rail purchases. The Pennsyl
vania has distributed 200,000 tons and the Burlington 36.500 tons. Chicago mills for the season have booked 375,000 tons and expect 212,500
tons more, the average being about 60'f•,, of a year ago. New York Central,
Pennsylvania, Erie, Baltimore & Ohio, Central of New Jersey, Maine
Central and New Haven are closing on track fastenings.
Car orders of the week include 1,000 by the Canadian National and 30
by Carnegie Steel Co., and a total of 1,550 underframes. December
freight car awards of 2,729 made the 1930 total 45.146 cars, compared with
106,105 in 1929, 44.763 in 1928 and 63,295 in 1927.
From raw material to finished products, the iron and steel markets lack
the impulse of large business, except perhaps the Standard Oil Co. of New
Jersey commitment for 200,000 boxes of tin plate, an export inquiry for
40,000 to 50,000 tons of steel pipe, and the award of 40 barges requiring
25,000 tons of steel by the Inland Waterways Corp. Most consumers
have covered at least part of their first quarter needs, and producers are
more interested in eliciting specifications than in entering new contracts.
Prices are colorless because untested. The few adjustments in scrap
balance. Basic pig iron is easier in eastern Pennsylvania, where sales
continue large. Galvanized sheets are softer in the East. Reinforcing
bars are being advanced $1. Bars and plates approach a single asking
price of 1.660., Pittsburgh, or equivalent, to average buyers. Shapes are
underlain, due to increasing resort to the fabrication-in-transit privilege
and the new Weirton base. This week "Steel's" market composite is up
7 cents to $31.73, the first rise since June.
'Lake Superior iron ore interests look for a late opening of the 1931 season.
South African manganese ore has appeared in the East at 2 cents a unit
under Caucasian ore.
By districts, steelworks operating rates this week are: Youngstown,44%;
Birmingham, 58; Buffalo, 42; Chicago, 40; Pittsburgh, 45; Cleveland, 50,
and eastern Pennsylvania, 44. The increase of 303,960 tons in unfilled
orders of the Steel Corporation for Dec. 31 was the largest for 1930. but
is ascribable largely to rail orders. The Corporation's orders Dec. 31
totaled 3,943,596 tons, against 4.417.193 tons a year ago.
Especially in the Youngstown district, economies in the production of
Bessemer steel in a period of light schedules have prompted a relatively
greater output of this grade of steel.
408
FINANCIAL CHRONICLE
Unfilled Steel Orders Increase During December.
Unfilled tonnage on the books of subsidiary companies
of the United States Steel Corp. increased during December
303,960 tons and at the end of the month amounted to
3,943,596 tons. At Nov.30 the backlog was 3,639,636 tons,
while at Dec. 31 1929 it was 4,417,193 tons. Below we
show the figures by months back to 1925. For earlier
dates, see "Chronicle" of April 17 1926, page 2126.
[voL. 132.
minous coal, 1,304,000 tons of Pennsylvania anthracite and
77,300 tons of beehive coke produced in the week ended
Jan. 4 1930, and 6,892,000 tons of bituminous coal, 971,000
tons of Pennsylvania anthracite and 31,600 tons of beehive
coke produced in the week ended Dec. 27 1930.
During the coal year to Jan. 3 1931, there were produced
339,813,000 net tons of bituminous coal, as against 398,916,000 tons in the coal year to Jan.4 1930.
In the calendar year 1930, the estimated output of Pennsylvania anthracite amounted to 69,802,000 net tons as
compared with 73,828,000 tons in the preceding year and
75,348,000 tons in the year 1928. The Bureau's statement
follows:
Bituminous Coal.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
1926.
1925.
End of Month. 1930.
1927.
1928.
1929.
January
4,468,710 4,109,487 4,275,947 3,800.117 4,882,739 5,037.323
February
4 479 748 4.144,341 4,398.189 3,597,119 4,616,822 5,284,771
March
4,570.653 4,410.718 4,335.208 3,553,140 4,379,935 4,863.504
April
4,354,220 4,427,763 3.872,133 3,416.132 3,867.976 4.446,568
May
4.059,227 4,304.167 3,4/6.822 3.010.941 3,649,250 4,049,800
June
3,968,064 4,256,910 3.637,009 3,053.246 3,478,642 3,710,458
July
4,022,055 4,088.177 3,570,927 3,142,014 3,602,522 3.539.467
The total production of soft coal during the week ended Jan. 3 1931,
August
3 540,204 3,658,211 3,624.043 3,196,037 3,542,335 3,512.803
September__ 3.424,838 3,902,581 3,698,368 3,144,113 3,593,509 3,717,297 including lignite and coal coked at the mines, is estimated at 8,367,000 net
October
3,481.763 4.086,562 3,751,030 3,341,040 3,653.661 4,109.183 tons, in comparison with 6,892,000 tons during Christmas week. New
November _3,639,636 4.125,345 3,643,000 3,454,444 3,807,447 4,581,780 Year's Day Is observed as
a holiday in most bituminous fields, and detailed
December -.3,943.596 4,417,193 3,976.712 3.972.874 3,960,269 6,033,364
loadings indicate that Jan. 1 was equivalent to approximately 0.3 of a
normal working day.
Production of Bituminous Coal and Pennsylvania
Anthracite in December 1930 Below That for the
Same Month in 1929.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the month
of December, 1930, a total of 39,716,000 net tons of bituminous coal and 6,086,000 tons of Pennsylvania anthracite,
as against 47,046,000 tons of bituminous coal and 7,377,000
tons of Pennsylvania anthracite in the corresponding month
in 1929 and 38,122,000 tons of bituminous coal and 5,207,000
tons of Pennsylvania anthracite in November 1930. The
Bureau's statement follows:
Estimated United States Production of Bituminous Coal (Net Tons).
1930-31
1929-30
Coal Year
Coal Year
Week EndedWeek.
to Date.
Week.
to Date.a
Dec. 20 1930
9,355,000 324,554,000 11,360,000 380,910,000
Daily average
1,559,000
1,457,000
1,893,000
1,707,000
Dec. 27 1930
6,892,000 331,446,000
7,816,000 388,726,000
Daily average
1.378,000
1,455,000
1,563,000
1,704.000
Jan. 3 1931_b
8.367,000 339,813,000 10,190,000 398,916,000
Daily average
1,579 000
1,458,000
1,887,000
1,611,000
a Minus one day's production first week in April to equalize number of
days in the two years. b Subject to revision. Jan. 1 weighted as 0.3 of a
normal working day.
The total production of soft coal during the coal year 1930-31 to Jan. 3
(approximately 234 working days)amounts to 339,813,000 net tons. Figures
for corresponding periods in other recent coal years are given below:
1929-30
' 398,916,000 net tons11927-28
354,749,000 net tons
1928-29
376,159,000 net tons11926-27
432,224,000 net tons
316,859,000 net tons
1921-22
Total for
No. of Average per Cal. Year to
Month
Working Working Day End. of Dec.
(Na Tons). Days. (Na Tons. (Net Tons).
Estimated Weekly Production of Coal by Slates (Net Tons).
Week Ended
Dec. 1923
StateDec. 27'30. Dec. 2030. Dec. 28'29. Dec. 29'28. Average.a
Alabama
355,000
224,000
198,000
349,000
204,000
December 1930(preliminary)la
41,000
39,000
23,000
31,000
25,000
Bituminous coal
39,716,000
26
1,528,000 461,630,000 Arkansas
203,000
226,000
174.000
210,000
253,000
i Anthracite
68,300,000 Colorado
6,086,600
26
234,700
1,096,000 1,260,000 1,309,000 1,192,000 1,535,000
Beehive coke
6,419
2,791,600 Illinois
166,900
26
Indiana
387.000
366,000
342.000
283.000
514,000
November 1930 (revised):
Iowa ______
92,000
_
100,000
82,000
79,000
121,000
Bituminous coal
38,122,000
23.3
1,636,000
Kansas
56,000'
73,000
49,000
60,000
90,000
Anthracite
5,207,000
23
226,400
Kentucky
Beehive coke
167,500
25
6,700
Eastern
550.000
743,000
498,000
421,000
584,000
December, 1929:c
Western
238,000
230.000
255,000
169,000
204,000
1,882,000 534,989,000
Bituminous coal
47,046,000
25
75,000
37,000
39.000
32,000
37,000
73,828,000 Maryland
25
295,100
Anthracite
7,377,000
12,000
15,000
16,000
14,000
21,000
14,844
6,472,000 Michigan_
Beehive coke
371,100
25
Missouri
80,000
87.000
68,000
79.000
69,000
estimates will be issued in the weekly cos report about Montana
a Slight revisions of these
52,000
64,000
53,000
59,000
64,000
the middle of the month. b The sum of the 12 monthly estimates for 1930 as cur- New Mexico
43,000
33,000
41,000
42,000
56,000
rently published is 69,866,000 net tons. Data from other sources s nce available North Dakota__ 37,000
48.000
42,000
42,000
27,000
indicate that this is slightly too high, and the final total for the year Is likely to be Ohio
490,000
416,000
344,000
262,000
599,000
nearer 68,300,000 net tons. c Final figures.
Oklahoma
72,000
45,000
63.000
69,000
58,000
Penna. (bitum.)_ 1,812.000 2,270,000 2,070,000 1,932,000 2,818,000
Tennessee
84,000
121,000
66.000
62,000
103,000
14,000
39.000
10,000
15,000
21,000
Bituminous Trading Quiet in December, Says "Coal Texas
Utah
105,000
112,000
94,000
135,000
100,000
Virginia
150,000
237,000
135,000
119,000
193,000
Age"
-Anthracite Demand Light.
Washington
29,000
43,000
39.000
40,000
57,000
Quietness marked the demand for domestic lump in the West Virginia
Southern_b_
918,000 1,579,000
950.000
856,000 1,132,000
in December, the "Coal
bituminous markets of the country
Northern_c _
437,000
568,000
454,000
349,000
692,000
Wyoming
121,000
114,000
131,000
113,000
173,000
Age" reports. This condition resulted in numerous cur- Other States_d
2,000
3,000
3,000
5,000
5.000
tailments in production, with the result that intermediate
-moved into a much
sizes-egg and nut in particular
stronger position than they have occupied in recent months.
Reduction in output also decreased the available supply of
slack and screenings to a point where it failed to come up to
the demand. Consequently, price increases on these sizes
were reported in a large majority of the consuming centers.
The "Age" continues:
Total bituna's_ 6,892,000 9,355,000 7,816,000 7,002,000 9.900,000
Penn. anthracite. 971,000 1,393,000 1,212,000
890,000 1,806,000
Total all coal 7,863.000 10,748,000 9,028,000 7,892,000 11,706,000
a Average weekly rate for the entire month. b Includes operations on
the N.& W., C. & 0., Virginian, and K.& M. c Rest of State, including
Panhandle. d Figures are not strictly comparable in the several years.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
Jan. 3 1931 is estimated at 1,117,000 net tons. No anthracite was mined
December production of bituminous coal is estimated at 39,716,000 on Thursday, Jan. 1. Production during the corresponding week in 1929
net tons, an increase of 1,054,000 tons over the November output, and a amounted to 1,304,000 tons.
decrease of 7,330,000 tons from the total in December 1929. Anthracite
Estimated Production of Pennsylvania Anthracite (Net Tons).
production is estimated at 6.150.000 net tons for December, which com1930-31
1929-30------pares with 5,207,000 tons in November and 7,377.000 tons in December
Daily
Daily
Week EndedWeek.
Aerie.
Week.
Artie.
1929.
Dec. 20 1930
1,393,000
232,200
299,000
1,795,000
Shippers of the country, through estimates submitted to regional advisory Dec. 27 1930
971,000
194,200
242,000
1,212,000
boards, anticipate a decrease of 3.8% in the shipments of coal and coke in Jan. 3 1931
1,117,000
223,400
1,304,000
261,000
the first quarter of 1931. as compared with the total in the same period
Total Production in 1930.
last year. Total carloadings of coal and coke for the first quarter are
The total of the Bureau of Mines' current estimates of production of
expected to be 2.379,632 against the 1930 figure of 2,473,227.
Pennsylvania anthracite for the 52 weeks of 1930 amounts to 69,802,000
The "Coal Age" index of spot bituminous prices (preliminary) for De- net tons. In comparison with the operators' final reports for 1929, the
cember settled at 146M, as compared with 147 in November. Correspond- current estimate shows a decrease of 4,026,000 net tons, or 5.5%•
Past experience indicates that the preliminary
ing weighted average prices were $1.77X in December, against $1.78 in 1% or 2% too high, and it is expected that when estimates are likely to be
the final reports for 1930
•
November.
are received from the operators, the preliminary figure of 69,802,000 tons
In spite of cold weather, the country's anthracite markets went through will be slightly reduced. The estimate is based on weekly reports of cars of
anthracite
the
a quiet month in December. Demand for stove and egg was light. Chest- for collieryloaded bylocalnine originating carriers and includes an allowance
fuel and
sales within
anthracite region and for
nut, on the other hand, had a good month. Pea coal moved into position and washery coal. The total putput therecent years (as reported dredge
in
by the
as the ranking size and the supply was never sufficient to cover the demand. operators) has been as follows, the figures being net tons:
Buckwheat led the steam coal list, though it was not as tight as in past 1929
73,828,000 net tons 11927
net tons
80,096,000
1928 ,
75,348,000 net tons11926
84.437,000 net tons
months.
Beehive Coke.
The total production of beehive coke during the week ended Jan. 3 1931.
35,600 net tons. This is a decrease of 41.700 tons from the
Output of Bituminous Coal and Pennsylvania Ankh- Is estimated atcorresponding
output in the
week in 1930. Production during the week
recite During Week Ended Jan. 3 1931, Shows ended Dec. 27 1930. totaled 31.600 tons.
a Decrease as Compared with Same Period a
Estimated Weekly Production of Beehive Coke (Net Tons).
Week Ended
Year Ago.
RegionJan. 3 '31.aDec. 27 '30.bDec. 20'30. Jan. 4 '30.
33,800
67,300
27.900
30,300
According to the United States Bureau of Mines, Depart- Penn., Ohio & W. Va__
Ga.,Tenn.& Va
4,500
6,900
4,100
2,700
1,000
3.100
ment of Commerce, the estimated output of bituminous coal Cob.. Utah & Wash
1,000
1,200
amounted to 8,367,000 net tons, while production of Pennsylvania anthracite totaled 1,117,000 tons and beehive coke
35,600 tons. This compared with 10,190,000 tons of bitu-
United States total
39.300
31,600
35,600
Daily average
6,550
6.320
5,933
a Subject to revision. b Revisod since last report.
77,300
12,883
JAN.
17 1931.]
FINANCIAL CHRONICLE
409
Current Events and Discussions
The Week with the Federal Reserve Banks.
is the lowest point these figures have reached since Dec. 6
The average daily volume of Federal Reserve bank credit 1924, when the amount stood at $1,779,903,000.
outstanding the week ended Jan. 14 as reported by the CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN CENTRAL
12 Federal Reserve banks was $1,175,000,000, a decrease
RESERVE CITIES.
of $180,000,000 compared with the preceding week and of
New York.
Jan 14 1931. Jan. 7 1931. Jan. 15 1930.
$188,000,000 compared with the corresponding week in 1930.
After noting these facts, the Federal Reserve Board pro- LOSIL9 and investments—total
7 890,000.000 7.968.000,000 7,675.000,000
ceeds as follows:
On Jan. 14 total Reserve bank credit amounted to $1,111,000,000, a
decrease of $137,000,000 for the week. This decrease corresponds with
decreases of $133.000,000 in money in circulation and $5,000,000 in unexpended capital funds, &c., and an increase of 523,000,000 in monetary
gold stock, offset in part by an increase of $20,000.000 in member bank
reserve balances and a decrease of $3,000,000 in Treasury currency.
Holdings of bills discounted decreased 549,000,000 during the week, the
principal declines being $18,000,000 at the Federal Reserve Bank of New
York,$14,000.000 at San Francisco, $5,000,000 at Cleveland and $4,000,000
at Chicago. The system's holdings of bills bought in open market declined
$69,000,000, of U. S. bonds $10,000,000 and of Treasury notes $12,000,000.
while holdings of Treasury certificates and bills increased $6,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1030 issue of the
"Chronicle," on page 3797.
The statement in full for the week ended Jan. 14, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely,
pages 453 and 454.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Jan. 14 1931 were as follows:
Increase (+) or Decrease (—)
Since
Jan. 14 1931. Jan. 7 1931.
Jan. 15 1930.
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
243,000,000
196,000.000
644,000,000
27,000,000
—49,000,000
—69,000.000
—15,000,000
—4,000,000
—199,000,000
—127,000.000
+165.000,000
—29,000,000
TOTAL RES'VE BANK CREDIT1.111.000,000 —137,000,000
Monetary gold stock
4,625,000,000 +23.000,000
Treasury Currency adjusted
1,781,000,000
—3,000,000
—190.000.000
+343,000,000
—12,000,000
Money in circulation
4,649,000,000 —133,000.000
Member bank reserve balances
2,464,000,000 +20.000,000
Unexpended capital funds, non-seemher deposits. &.e
—5,000.000
401,000,000
+53,000,000
+106,000.000
5,577.000,000 5,658,000.000 5,705,000,000
Loans—total
3,121,000,000 3.233,000,000 2.970,000,000
2,454,000,000 2,425.000,000 2.735,000.000
On securities
All other
2,312,000,000 2,310,000,000 1,971,000,000
Investments—total
1,243,000,000 1,225,000,000 1,110,000,000
1,070,000,000 1,085,000,000 860,000,000
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash In vault
883,000.000
62,000,000
821,000,000
79,000,000
764.000,000
51,000,000
Net demand deposits
Time deposits
Government deposits
5,921,000,000 5,911,000,000 5,454,000.000
1,172.000,000 1,180,000,000 1,275,000.000
20,000,000
25.000,000
8,000,000
Due from banks
Due to banks
88,000,000
92,000,000
1,305,000,000 1.288,000,000
Borrowings from Federal Reserve Bank_
4,000,000
17,000,000
84,000,000
987,000,000
15,000,000
Loans on seeur. to brokers & dealers.
For own account
1,132,000,000 1,206,000,000 853,000,000
For account of out-of-town banks
343,000,000 315,000,000 877.000,000
For account of others
344,000,000 358.000,000 1.636.000,000
Total
1 820,000,000 1,879,000,000 3,365,000.000
On demand
On time
Loans and investments—total
1,374.000.000 1,422,000,000 2,949,000,000
445,000,000 457,000,000 416,000,000
Chicago.
2 009,000,000 1,997,000,000 1,829,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve 13atik__ _ _
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1,452,000,000 1.443,000,000 1,462,000.000
855,009,000
597,000.000
838,000.000
605,000,000
851.000.000
610.000,000
557,000.000
554,000,000
367,000,000
259,000,000
298,000.000
257,009,060
297,000,000
153.000,000
214,000,000
181.009,000
15,000,000
184,000,000
17,000,000
169,000,000
16,000,000
1,235,000,000 1,293,000,000 1,210,000,000
607.000,000 593.000.000 505,000,000
14.000,000
18,000,000
4,000.000
180.000,000
366.000,000
174,090.000
368,000,000
115,000,000
306,000,000
1,000,000
1,000,000
11,000.000
*Revised.
—19,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
• In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Jan. 7:
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday,before which time the statistics covering the entire body of reporting member banks in the different
cities included cannot be got ready.
Below is the statement for the New York member banks
The Federal Reserve Board's condition statement of weekly reporting
and that for the Chicago member banks for the current member banks In leading cities on Jan. 7 shows decreases for the week of
week as thus issued in advance of the full statement of the 5180.000,000 in loans and investments, $178,000,000 In net demand deposits. $27,000,000 in time deposits and $56,000,000 in Government demember banks, which latter will not be available until the posits, and
an increase of $37,000.000 in borrowings from Federal Reserve
coming Monday. The Now York statement, of course, also banks.
Loans on securities declined $205.000,000 at reporting member banks in
includes the brokers' loans of reporting member banks.
the Chicago district
The present week's totals are exclusive of figures for the the New York district, and increased $53,000,000 In banks showing a net
and $9,000,000 in the Atlanta district, all reporting
Bank of United States in this city, which closed its doors on reduction of $161.000,000. "All other" loans increased $14,003,000 in the
Dec. 11 1930. The last report of this bank showed loans Philadelphia district and $11,000,000 in the Boston district, and declined
$27,000,000 in the Chicago district and
in the
and investments of about $190,000,000. The grand aggre- trict. 58,000,000 in the Atlanta district,$10.000,000 in the Cleveland disDallas district
$7,000.000
gate of brokers' loans the present week records a decrease of and $38.000,000 at all reporting banks.
Holdings of U. S. Government securities increased 543,000.000 in the
$59,000,000, the total on Jan. 14 1931 standing at $1,820,New York district, $18,000.000 in the Chicago district, 812,000.000 in the
000,000. The present week's decrease of $59,000,000 Philadelphia district. $10,000,000 in the Cleveland district and 597,000.000
decrease of $47,000,000 last week but an increase of at all reporting banks. Holdings of other securities declined 532,000.000
follows a
$6,000,000 two weeks ago and a contraction of no less than in the New York district, $18,000,000 in the Chicago district. $8,000.000
In the Cleveland district, $7,000.000 in the Philadelphia district and
$1,302,000,000 in the preceding 13 weeks. Loans "for own 878,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
account" dropped during the week from $1,206,003,J,0 to
aggregated $126,000.000 on
the principal changes for the
$1,132,000,000, and loans "for account of others" de- Banksbeing increases of $15,000.000Jah. 7. Federal
week
at the
Reserve Bank
$358,000,000 to $344,000,000, while "loans for Francisco, $10.000,000 at New York and $5,000,000 at Chicago. of San
creased from
A summary of the principal assets and liabilities of weekly repo:
t:ng memaccount of out-of-town banks" increased from $315,000,000 ber banks, together with changes
during the week and the year
ended
to $343,000,000. The present week's total of $1,820,000,000 Jan. 7 1931, follows:
FINANCIAL CHRONICLE
410
Increase (+) or Decrease(—)
Since
Jan. 8 1930.
Jan. 7 1931. Dec. 31 1930.
—180,000,000
+176,000,000
16,064.000,000 —199,000,000
—977,000.000
—161,000,000
—38,000.000
—253,000,000
—723,000,000
Loans and investments—total—_22,776.000,000
Loans—total
On securities
All other
7,633,000,000
8,411,000,000
6,712,000,000
+19,000,000 +1,153,000,000
3,089,000,000
3,623,000,000
+97,000,000
—78,000,000
+397,000,000
+756,000,000
Reserve with Federal Res've banks 1,827,000,000
Cash in vault
282,000,000
—51,000,000
—5,000,000
+100,000,000
+25,000,000
13,821,000,000
7,043,000,000
148,000,000
—178,000,000
—27,000,000
—56,000,000
+403,000,000
+236,000,000
+102,000,000
1,596,000,000
3,597,000,000
—21,000,000
+58,000,000
+466.000,000
+660,000,000
126,000,000
+37,000,000
—218,000,000
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Jan. 17 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
Immediate business for the week ended Jan. 10 continued dull, but In
past and future outlook of business, the year-end financial
summing up the
and economic reviews were slightly more optimistic, their optimism being
based on the very favorable weather conditions existing in the agricultural
and live-stock industries of the country which in previous depressions have
afforded a rapid recovery. The improvement in the peso change, although
temporary, was beneficial and the promptness with which the Government
has handled the financial situation of the country and its decision to reduce
radically the administrative expenses were favorably received by the public.
The liabilities of commercial bankruptcies amounted to 229,000,000 paper
pesos in 1930, as against 167,000,000 paper pesos in 1929. (Paper peso
about $0.42.)
AUSTRALIA.
Australian business opened 1931 with an uncertain tone. The Stock
Exchange opened easier, particularly with Commonwealth bonds. An
advance in telegraphic exchange on London from Australia to £115 per
£100. effective Jan. 5, is reacting adversely upon the business community.
The wheat market continues disorganized pending clarification of the wheat
advances Act. Wool market opened at about December levels with good
clearances and a marked preference for fine wools. Buying on Japanese
account was strongest. The Loan Council will meet Jan. 13, to consider
the country's financial position and arrange for converting £43,000,000
in loans falling due this year (E about $4.86).
BRAZIL.
As a result of the withdrawal of Governmental support, the exchange has
weakened from 10.350 milreis to 11.180 mikeis to the dollar, but firmed
slightly on Jan. 9. Santos coffee shipments for the week ended Jan. 9
amounted to 125,000 bags only, and from Rio de Janeiro to 90,000 bags, but
prices remained unchanged. Inquiries regarding foreign merchandise were
more numerous and this would seem to indicate that business improved
slightly. Stocks of most commodities are low. The Bank of Brazil has
not resumed rediscounting operations. The Banco do Espirito Santo
(Victoria, E. S.) has been petitioned into bankruptcy. The Banco Pelotense (Pelotas, Rio Grande do Sul) which failed on Jan.5owned 3,000 contos
of the capital stock of the Banco do Espirito Santo, while the Government
of the State of Espirito Santo owns the remaining 2,000 contos of capital
stock.
CANADA.
The general tone of trade is more optimistic, but the chief change in conditions is the resumption of operations in some manufacturing plants after
inventory shut downs. Railways are placing orders for 1931 requirements
and an Ontario manufacturer of low-priced automobiles resumed operations
on Jan. 5, recalling approximately 5.000 workers. The plant had been
closed for inventory since Dec. 19. Shoe manufacturers are fairly busy on
spring and summer business. A further decline in wholesale prices is indicated in the Government's index for December which fell two points to the
lowest recorded since December 1915.
Winter hardware is about normal in both Quebec and the Maritime
A
Provinces. A similar reaction is heard from specialties distributors.
chain food store company reports December sales 3% higher than in 1929.
sugar refiner has reduced quotations by 10 cents per cwt.
A large Ontario
In the Prairie Provinces electrical business Is fair and sales of automotive
parts and accessories good. Car sales, however, are very poor and radio
demand has declined. Iron and steel is at a low ebb and machinery business
is dull Hardware is quiet, especially builders' lines. A fair volume is
passing in rubber products lead by automobile tires. Textiles are quiet
lines. Wholesale
but an increased demand is noted in a few United States
as well ahead of the
grocers in British Columbia report their 1930 tonnage
on account of price declines the value was
volume in the previous year but
is good in the Province
just about the same. Demand for women's shoes
equals last year's turnover at this
and sales of men's haberdashery about
meeting with a favorable
period. Australian canned peaches and pears are
reception.
the first part ofthe
Wheat prices at Winnipeg gained about 2 cents during
no net change in the cash
week (ended Jan. 9) but later receded and recorded
;j: cent and % cent,
quotation,although the May and July futures advanced
price for No. 1 Northern
respectively. At the close of trading the cash
cents; July, 5734 cents;
wheat was 5331, cents and futures were May, 5634
and October,59 cents.
25% below the 1929
December construction totaling $24,542,000 were
figure for the last month of the year.
less than October and 22% less
November coal production is about 19%
Imports were down
than the November average for the past 5 years.
during the month
nearly 8% in this last comparison. Coke production
less than in Novempractically maintained the October level but was 17%
ago. Leather footwear prober 1929; imports were 30% lower than a year
decline from
duction during the month totaled 1,125,000 pairs: a 27%
for October
October and a 24% decline from November 1929. Production
of the past
and November was the lowest reported for these months in any
also lower during
5 years. Production of concentrated milk products was
in the
November, the output of 6,270,000 pounds being 22% less than
[VOL. 132.
previous month although there were advances in consensed skimmed milk
and condensed buttermilk.
Collections are reported as fair to slow in the Maritime Provinces and
slow in other sections of the Dominion. Savings deposits are higher according to the Nov. 30 statement of the chartered banks, a gain of nearly
37,000,000 having been registered in that month.
CHINA.
Rapidly declining silver is proving an increasingly serious obstacle to
import business. Silver fell to the lowest point in China's history on Jan. 6.
when $100 gold was quoted in Shanghai at 416 to 424 silver trade dollars.
Indicative of the Improved credit standing of the Nationalist Government
is the announcement of a new domestic loan of 60.000,000 local dollars
(approximately $15.000.000) secured on the rolled tobacco tax at an interest
rate of 8.4% compared with 9.6% on previous loans. Nine locomotives
and 343 freight cars were recently recovered by the Ministry of Railways
from a total of 74 locomotives and 1,443 freight cars detained by various
military leaders.
Following a further decline in Hong Kong dollars, business in South
China is quiet, with an undertone of pessimism ruling trade in general.
Prospects for improved operating conditions with interior areas continue
to be offset by uncertainty regarding the future trend in silver exchange.
Deliveries from local stocks are reported in fair volume, although current
orders for future deliveries are confined to the barest minimum in necessary
replacements.
Severe exchange fluctuation during the past week,resulting in a new low
record for silver, has effectively stopped import business at Tientsin.
Export shipments of walnuts and hides show a slight increase.
The abolition of likin is apparently effective only in the immediate Tientsin area, as taxes under different names are still reported being collected
in most sections of North China.
Dairen's foreign trade in 1931 is estimated to have totaled 397,000,000
of
hailcwan taels, comprising imports of 181,000.000. and exports 216,000,Haikwan
000 haikwan taels. Dairen's foreign trade in 1929 totaled 400
haikwan
imports totaling 191.000,000 and exports 283.000,000
1929 and $0.46 in
taels. (Haikwan M el equaled approximately $0.64 in
1930.)
DENMARK.
general depresDenmark which during most of 1930 largely escaped the
primarily by
sion is now beginning to feel its effect. This change is caused
in prices of
an adverse development in agriculture as a result of the drop
The counter efforts to
principal exports to an almost unprofitable level.
rrturn and
increase production have not yielded a corrresponding monetary
farmers
as a result the feeling of optimism formerly prevailing among Danish
remained high
has changed to one of apprehension. Industrial production
favorable financial
throughout the last quarter of 1930 although with less
character
returns and with a slignt declining trend of a more than seasonal
adjusting itself
toward the close of the year. Wholesale trade is evidently
and failto the changing conditions and is thus avoiding threatened losses
business
ures. Hand-to-mouth buying, however, still prevails. Retail
purchasing power of the preceding
which benefited from the increased
to show a noticemonths and was bolstered by Christmas buying is expected
able recession in the beginning of the new year.
INDIA.
watched
Proceedings at the Round Table Conference in London are being
will
very closely by Indian business interests who hope that some settlement
be effected. Boycotts and general uncertainties are causing many firms
heavy losses as new business is scarce. Foreign trade continues to decline
sharply and the Government budget deficit is increasing due to loss of
customs revenue. Low prices being received for Indian products are now
The
being clearly reflected in the buying communities purchasing power.
Government has come to the assistance of producers with reduced freight
to support prices, citing
rates but steadfastly refuses to enter the market
November
failures of such schemes in other countries. Imports during
from the
totaled 119.100.000 rupees in value a decline of 105,900.000 rupees
rupees to
corresponding month of last year and exports declined 100.000,000
was also consider168,000.000 rupees. The decline of the preceding month
during
able. Among imports the chief items showing increases in value
kerosene, iron
November were raw cotton and copper while wheat, sugar,
automobiles
sheets and plates, cotton piece goods, rayon piece goods and
lower
declined. Sugar imports Increased in quantity but the value was
exports except
owing to falling price levels. All the principal items among
wheat and coffee declined in value. Jute and jute manufactures were especially affected. In quantity exports of rice, raw cotton and cotton manufactures and tobacco increased but values were lower. (Rupee about $0.36.)
JAPAN.
The first week in 1931 passed with business in Japan quiet and undisturbed by year-end settlements, which were made without difficulty. The
note issue reached a maximum of only 1.436,000,000 yen. Business leaders
agree that the satisfactory progress made in financial and industrial readjustments following the removal of the gold embargo places Japan in a position to take advantage of any improvement that may occur in world economic conditions. It is generally believed that Japan's trade with China
will not be adversely effected by the new Chinese tariff since the increase
in duties on cotton textiles and some other commodities entering into this
trade is small. (Yen about $0.49.)
NETHERLAND EAST INDIES.
The local press is discussing to a considerable extent the further extension
ofoilfield extensions contracts, in order to relieve the unemployment situation. The Government is opposed to extensions, pending trials of existing
contracts. Exports of rubber from Java and Madura during November
totaled 5,334 long tons;from Sumatra East Coast.6,401 tons,and from other
sections of the Netherland East Indies, 8,001. The month's total of 10,736
tons was approximately 500 tons in excess of October exports.
NORWAY.
During the first half of 1930 Norway was only slightly affected by the
business depression, but with the beginning of the second half,
world-wide
and increasingly so during the last three months of the year, it became apparent that Norwegian industry and commerce could not escape the consequences of diminishing demand in various export markets. The change
has been felt particularly by the industries dependent upon foreign trade,
such as paper, pulp and lumber and to a lesser degree also by manufacturers
supplying the domestic market. The new year does not permit a very
optimistic view of the immediate future. The outlook is more unsettled
than at any time during 1930 and the prospects for domestic trade are
unfavorably influenced by falling prices of agricultural products, timber.
paper, in fact almost every article produced in Norway either for consumption at home or for export. Any change in the situation will depend largely
on developments. abroad. A prolonged depression would not be without its
effect on Norwegian economic life, but the years of reconstruction immediately preceding 1930 have left the country in a fundamentally sound position
so that no serious difficulties are expected.
JAN. 17 1931.]
FINANCIAL CHRONICLE
411
SPAIN.
lead to an industrial revolution. That
The year 1930 effecte
is the one difficulty in connection
d considerable alterations in Spanis
h economic with the industrial depression, which is certai
life aside from the compli
nly affecting us very serications of world-wide depression.
Although the ously, and I venture to think we will get
latter factor was evident,
the effect here."
its effects were comparatively mild
and entirely
subordinate to the influence of
unprecedented depreciation of the peseta
.
There was general dullness,
dismissal of personnel, and higher prices
in
the branches of wholesale
Stock of Money in the Country.
and retail commerce depending chiefl upon
y
imported commodities. Busine
The Treasury Department at Washingt
ss was prosperous in several domestic manufacturing and export lines. The
on has issued the
influence of peseta exchange was important customary mont
in practically all cases,
hly statement showing the stock of mone
although the principle of supply and deman
y
d ruled in the country and
concurrently in such cases as
the amount in circulation after deducting
cotton, gasoline, aniline dyes, and cereals
Higher import duties accoun
.
ted for a large part of the automobile decrea
the moneys held in the United States Treas
se,
but the exchange factor was
ury and by Fedalso
tion work and subsidized indust prominent. In all branches of construc- eral Reserve banks and agents. It is impor
tant to note that
ry depending on State aid, the suppression
of the extraordinary budget
beginning with the statement of Dec. 31 1927
was the main cause of depression, and
the trade
several very
In materials for private
construction work was affected by the
release of important changes have been made. They are as
material and machinery for resale
follows:
or rental. Finally, shortage in several (1) The
Important crops, and drouth in
statement is dated for the end of the mont
Andalusia restricted the purchasing power
h instead
of an important sector of the
of for the first of the month;(2) gold held by
rural population.
Federal Reserve
Decreased imports, increased
numerous short crops during 1930 exports, the depreciated peseta, and banks under earmark for foreign account is now exclu
ded,
have started the cost of living index on
an upward course which will
and gold held abroad for Federal Reserve
banks is now inThe indices for January and probably continue throughout the winter. clude
d; (3) minor coin (nickels and cents) has been
October, in order, were; Wholesale for
Spain, foodstuffs, 179 and 182;
added.
industrial materials, 166 and
172 and 175. Retail, foodst
169; general. On this basis the figures this time, which are
for Nov. 30
uffs, Barcelona, 176 and
178; Madrid, 1930, show that
182 and 192. Although wage
the money in circulation at that date (inincreases have been made in some cases,
on the whole they have
lagged well behind the advance
in living costs. eluding, of course, what is held in bank vaults of member
Curtailment in public works
together with short crops and commercial banks of
the Federal Reserve System) was $4,660,315
depression, have greatly increa
sed unemployment. The economic situa,130,
tion ofthe laboring classes was
as against $4,492,603,809 Oct. 31 1930
not regarded asserious until protracted
and $4,929,421,487
dryness
In Andalusia reduced rural
laborers to actual need,so that assist
Nov. 30 1929, and comparing with $5,69
ance was
required from provincial and
8,214,612 on Oct.
municipal governments. There were
253 31 1920. Just before the outbreak
strikes from January to July,
of the World War, that
and in view of the increase since
August. is, on June
the 1922 record of 429 has
30 1914, the total was only $3,458,059,755.
undoubtedly been exceeded.
The
The Department's summary also
includes the following following is the statement:
with regard to the Island possessions
fiti
of the United States.
V'.
454P '
3 0=50 g
rgIM gE r?1 Wig.°LigagFT
,
P,Iggi.2' 1a;8 g8
;
PHILIPPINE ISLANDS.
Most lines of trade are
somewhat more than seasonally dull. New
tariff
and excise regulations and
the depreciation in silver may affect Philip
ET.
7'
• fri
pine "e H! Ug'
cigar trade with China.
000000 0
I T ,
g,
The copra market is a buyers' market, with
p
arrivals 0.0-1000
satisfactory and prices down
C.' 2 8
"
to 6.625 pesos per Neul for warehouse grade
F
resecado, Manila, Cebu,
.
sz
and Legaspi, and 6.375, Hondagua. Two
coconut
oil mills are operating.
ft
.z
oo
.
;ps to Ooo.wA itolai,
o0 og.w
000 -1
. 00.00... . 0-.
J. J. Darling, British Banke
12 12;. 14 b 14 10 V. 1Z 12 t3 ;4, 44
r, Before U. S. Senate Finance
onoce w .
Awo
w .
7 tA-1.wo
3
o w
Committee Studying Silver Situation
b kbOO"Ak I
ct
Warns of World
A 224.w.000 leoln-21'.
wwoo
Revolt-Advocale of Bimetallic Basis of
aaao.
Currency Sees .www
a
A
Danger in Decline of Buying Powe
w
*?2 0 ,
t
r-Fears Repudia. . 0 i.T0 ID
1
0
.1, tion of Debts.
0
woomoo
o o .oao
o 8
o
•0
1.
0-30000 . .00A warning by J. J. Darling,
0 "-so
,
000
member of the Board of 0004..1 50 . 00.40,0
to .I,
to
ololmloo
,
CAkkb
the Midland Bank of
a
8,345,776,283
8.836,658,420
8,479.620,824
5,396.596,677
3,796,456,764
1 007 084.483
0
to
-.1
V
to
0
.
o.
m
'341-.
.
o
o
to
to
.
o
Co
WWW
1.
24 7, .
“
12
"
_.
"
to
12
•2
CO
.4
00
...poo
oov ...
MONEY HELD IN THE TREASURY •
.
V
to
00
to.,
to
W
p000. . 0
. . to
•
o
gs 0000
to.000
to
mommoo
to
„,..„.. .
kir.
=
o
.o&
oo
1
40
000.4
.-.00
Total.
.4..W..
to .
. to .w4.m
v .
w
b ..b.lbI.4 ;.6
.
... .. ...-.
.o
'voio wIDWo.
kkkEbO
0)0.w. 3
,
W00010.
00000
to
to
to
;..*-2 4.kkb
.
&VO
N00
&COW...M
.
Is
to
to
k
CA
All
Other
Money.
&
..
o'a,..141n10.
'co to
.owomow , Coo.o
o. -4O
1 oAw o
ocloo.0,, . o.woe.oa
,. oAwo
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lablo
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014 0 00000.
0 0000*,.& '0'01a - o
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i
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- 4-0- 1..
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to -,
tkk11,..kl
4oe4-4wA . w000.wi, --40's10
.00woo
o
to owow.mo oe4.4o
w.00
A
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to co -4
to
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oo.t.w
ovoo
es, b..k
;2.14k -;
1,-.23o.o
-lowA o
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23.4,2,AA
A
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.
oolg..
b to la. w .-. tO
.o....ob14,
A Ow
o A o.o.o
coovo
m0040wo
00w
o wooAo.. .o.,3oo
kb tk*Alo
Is
oo .wo . kbo*Akkk '.b".1b 41.
w000wwA
mooA.c4
to .Aw..30.0 owow
A-lco
'-3*-3bb.
4..k
. 1 4kkkkkl.% k;
.
,lob
wo..mo
woonoAwo -3...A
w
....oAw,
3,2
o woo-4-4mwo owoo
I
O
i
li
.
MONEY OUTSIDE OF THE TREASURY.
Favors Bimetallic Currency Basis.
"Questioned by Chairman Pittman
and Senator
&
OD
V
to
to
to
Held for
Federal
Reserve
Banks
and
Agents.
Mr. Darling is the author of a
plan
monetary standard for the British Empir for the establishment of a new
e called the "Rex" which would
be exchangeable into either gold or
silver on
Appearing by invitation before the Subcom a fixed ratio of value.
mittee, which is headed by
Senator Key Pittman, Democrat, of
Nevada, whose state is vitally interested in the rehabilitation of silver
value
this metal, the British financier, who spent and the remonetization of
eleven years of his banking
experience in India, strongly advoca
ted such a plan.
The Subcommittee is preparing to make
a report soon to the full
Foreign Relations Committee, suggesting
negotiations with Great Britain
and the Dominions looking to suspension
of the
of India into bullion and its sale on the world melting of silver coins
market, which is held to
have had a depressing effect; advising
international discussions looking
to agreements for the establishment of a
gold and silver, and proposing the format world ratio of value between
ion of a world silver pool to
lend this metal to China, where it still is
the basis of currency, as al
means of restoring its purchasing power
and revising world trade.
.2 to
.8
I Amt. Held in Reeve Against
Trust Against United States
Gold it Silver
Notes
Certificates
(ct (and Treasury
Treas'y Notes
Notes
0/ 1890).
0/ 1890).
London, of a world-wide industrial Ma' 2 `7,'
-2 t ,1 8 4 48
_
8
4
revolution with a general repudiatio
owt0
.b0
N
.
n of public and pri- .. . -.
OVV
to
vate debts, unless action
8. &
. C4
is taken to restore purchasing .V.WW0 .
to
0..0 01..
4.....
.
power, became public in Wash
VNO
to
ington on Jan. 9 in a tran- OVCOW.00 .
N OD I.
script of testimony taken by
Okb1 .
o
a Senate Foreign Relations 00t004 314 .
0030
to
subcommittee investigating conditions
affecting commerce
and trade with China. The
00000
o
New York "Herald-Tribune" 80owom .
o
reports this and adds:
-0
§• - 13 i',8 P., .
8
-
4.
3
0*
1E
o
1,961,522,088
1,962,236,337
1,750,736.448
1,063,216,060
953,321,522
Henrik Shipstead,
Farmer-Labor, of Minnesota, who favor
the establishment of a bimetallic
currency basis, with a fixed gold-silver
ratio, Mr. Darling expressed the
opinion that there was not enough gold
to provide
the world's currency, "especially with Asia awakena safe foundation for
arr
ing."
1 Qo.4
4,AHe had explained the effects of the
recent depreciation in silver value
t. ,62E,T
on the economic situation in the Orient, where silver
ard of purchasing power for uncounted generations, has been the standwith the consequent
decline in trade contributing to the depres
sion
4.
.
With respect to the adequacy of the gold supply throughout the world.
as a base for the credit
a
of the world, he said:
"A good deal could be done, of course, so
1
far as western nations are
•
concerned, by a better distribution of gold,
because there is more gold
g
existing today in central banks than is really
2
necessary, in some cases, ........
anyhow."
-, ....
..., to
.
biakbOk
6 kbb4.Okb kkbk
He cited the large supply held by France, as an
exampl
the metal were better distributed "there probably would e, and said if 4.000now
6
be sufficient for 0000V00
to
Zi
the time being for the western nations, but I do not
P
kb14;p.k*-3
ft , a 'V
,
,
think it would be 00.0W,
°
to
anything like sufficient for Asia, which is going to
V
a -.,,,,,,...give us very intense
is
competition."
bbbbbb
b
000000
.
o
s s
As to the sufficiency of gold to make a safe founda
000000
CD
2 a
tion
of the Western World, emphasized by Senator Shipstead, for the debts
a Include
the banker re- the amount s United States paper currency In circulation in foreign countries and
held by the Cuban agency of the Federal Reserve Bank
of Atlanta.
S Does not Include gold bullion or foreign coin other
"you face a very serious fall in prices, affecting all
than
commodities and ury. Federal Reserve banks. arid Federal Reserve agents. that held by the TreasGold held by
all centers. This fall is going to have a very import
Reserve banks under earmark for foreign accoun
ant effect, firstly, for Federal
t 18 excluded, and gold held Federal
Reserve banks is Included.
upon the industrial situation, and, secondly, upon debts.
abroad
Upon the industrial situation because, owing to the power of the
c
amounts are
trade unions, it goldThesesilver certificnot included In the total since the money held in trust
and
becomes very difficult, if not impossible, to reduce money
ates and Treasury notes of 1890 Is Include
against
d undo. gold win
bullion and
assuming that it is necessary to reduce money wages, wages, so that, and The amoun standard silver dollars. respectively.
a
which I do not
t of money held In trust against gold and
silver certificates and
ury notes of 189(1 should be deducted from
think is the case, we get up against a factor which is probably
Treasthis total
going to money outside of the
Treasury to arrive at the stock of before combining it with total
.... .......- ....
.......__
0
.
money In the United
States.
412
FINANCIAL CHRONICLE
redemption of Federal
d for
e This total includes 535,333,473 gold depositeion), the
$28,806,180 lawful money
reserve notes ($1,326,060 in process of redempt notes (825,065,871 in process of
the redemption of National bank
deposited for
retirement fund), 51,350 lawful
redemption, including notes chargeable to the circulation (Act of May 30 1908),
money deposited for the retirement of additional for postal savings deposits.
deposited as a reserve
and $7,734,959 lawful money
the Federal Reserve Bank of
1 Includes money held by the (Johan agency of
Atlanta.
dollar for dollar by gold held in the Treasury
Note.—Cold certificates are secured
dollar for dollar by standard sliver
for their redemption: silver certificates are secured United States notes are secured by
dollars held In the Treasury for then redemption: y. This reserve fund may also
Treasur
a gold reserve of $156,039,088 held in the of 1890, which are also secured dollar
be used for the redemption of Treasury notes
Treasury Federal Reserve note*
for dollar by standard silver donate held in the hen on all the assets of the issuing
are obligations of the United States and a first are secured by the deposit with
Federal Reserve bank. Federal Reserve notes or
and such discounted or
Federal Reserve agents of a like amount of gold the of gold Reserve Act. Federal
Federal
of
Purchased paper as is eligible under the terms of at least 40%. including the gold
Reserve banks must maintain a gold reserve
the United States Treasurer,
redemption fund, which must be deposited with
ion. Lawful money has been deagainst Federal Reserve notes In actual circulat for retirement or all outstanding
r of the united State:,
posited With the Tretwire
notes are secured by United States
Federal Reserve bank notes. National bank deposited with the Treasurer of the
bonds except where lawful money has been
lawful money
A 5% fund 121 also maintained In
United States for their retirement.
the redemption of National bank notes
with the Treasurer of the United States for
ent bonds.
secured by Governm
ion—British EcoJosiah Stamp Challenges American Isolat
Says No Nation Can Recover from Present Denomist
rnapression Alone—Scores Our High Tariffs—Inte
s
tionalism Dependent on Gold Value, He Holds—Urge
for Europe.
Common Budget
took
Sir Josiah Stamp, British economist and financier,
exception on Jan. 13 to President Hoover's recent declaration that the United States was able "to make in a large
kmeasure an independent recovery, because it is so remar
ably self-contained." No nation, said Sir Josiah, can free
t
itself of world influences and recover from the presen
d
world depression by its own efforts—not even the Unite
ed,
States. A retreat behind an economic wall, he assert
ility which invites disaster. A message
creates an instab
him
to the New York "Times" from London thus quotes
ues:
and contin
or less closed,"
[VOL. 132.
—
Canadian Bank Head Assails High Credit—Sir Herbert Holt
Also Deplores Concentration of Gold Here and in
France.
Abnormal credit conditions during 1928 primarily were
responsible for initiating world-wide depression, Sir Herbert Holt, president of the Royal Bank of Canada, aseal on
serted at the annual meeting of the bank in Montr
ated Press accounts from Montreal to the
Jan. 8. Associ
New York "Times" further state:
more
"Nations can certainly consciously choose to be
e of Philosophical Studies,
said Sir Josiah, speaking before the Institut
of two courses. The first is
"but in so doing they must make a choice
ion with relatively low
the relative stability and diversification of occupatwhich is specialization,
cause,
standards of life, as against the second
times, with a high standard
vulnerability and lack of balance in difficult
living in normal times.
of
international unit, for nation"The world would fail completely as an
mainsprings of progress, but it is
alism like individualism contains the
embarrassing to general progexhibiting certain excesses which are very
the two.
It is necessary to find an equilibrium between
ress.
is interdependent and no
"It is commonplace to say that the world
is struggling so far as possible
nation can be isolated, while each nation
At the same time the whole
to make itself free of outside influences.
trend is to make it more dependent."
paralyzed development, he
High money rates depressed business and
political structures were so
said, and in. many countries economic and
get foreign loans to restore
weakened that it was necessary for them to
purchasing power.
their
gold supply in the United
"The concentration of 60% of the world's
control of the world's price
States and France has placed the potential
country has perfected
level in the hands of these two countries. Neither
control can be
banking machinery to the point where such
its central
country has fully reamade promptly effective, and I fear that neither
citizens and to the rest of the
lized its duty in this respect to its own
world.
or until there has been a
"Until this responsibility is fully understood
es in a less helpless condition,
redistribution of gold to leave other countri
s has every right
world can never attain that stability which busines
the
to expect."
tion of wasteful comSir Herbert advocated co-operation and elimina on of an agricultural
ed formati
petition by railways, approved the suggest e cattle, sheep and hogs, and
purchas
credit corporation to help farmers to
on production of grain and suburged that the West be less dependent
stitute mixed farming.
Josiah Stamp—
Prosperity is Distant, According to Sir
"Material Recovery," Even After
Allows Year for
Upturn Begins.
n, does not believe there is
Sir Josiah Stamp, of Great Britai
the
an immediate trade recovery, although
any hope of
by April or May. A cablegram
depression may be checked
York "Times" reporting
from London, Jan. 4, to the New
this added:
in an
begun, he is quoted as saying
Even after an upward movement has
r," it will be 12 months before there
interview in to-day's "Sunday Observe
protective tariff for Great Britain, he says.
is any "material recovery." A
panacea, whereas sacrifices all around
would merely be another attempted
.
are the true way to a business revival
year by ignoring the realities of our
"It would be foolish to start the new
director of the Bank of England and
position," said Sir Josiah, who is a
London Midland & Scottish fly.
chairman of the board of directors of the
present situation must convince any"Even a superficial analysis of the
n to-day than we were six months
body that we are not in a better positio
months nearer the time of recovery,
ago. All we can say is that we are six
cannot corn° immediately, and even
whenever that may be. It certainly
y for 12 months.
when it does there will be no material recover
depressions, the best we could
"Judging by the past experience of these
nt by April or May. But former
hope for would be an upward moveme
guide, since there have been major ones
depressions are by no means a sure
Cites Raymond B. Fosdick.
than this."
in the psstwhich have lasted longer
States and France has unquestionably
self-sufficiency, Sir Josiah
The massing of gold in the United
To contradict the doctrine of American
.
nt of Raymond B. Fosdick, noted American aggravated the depression, in Sir Josiah's opinion
cited the recent stateme
make a locomotive, airplane or
lawyer, that the United States cannot
that "a country whose
ile without materials from abroad, and
automob
r in Depression—National
in fields and storehouses because Large British Banks Suffe
excess of wheat and cotton is rotting
Report Shows Profits of All "Big 5"
in a position to talk in terms of WashProvincial
its foreign market is gone is not
ington's Farewell Address."
Fell—Lloyd's Cut Dividends.
c unit to its own
political unit to attempt to force an economi
York
"For a
deal is prevented in
on "but a good
From London, Jan. 8, a cablegram to the New
measure is costly," Sir Josiah went
to a lack of identity of budgetary
"Times" said:
the field of internationalism owing
for common action are pluses and
banks have been hit by the world
interest. All relations between States
The extend to which Groat Britain's
in a common overhead budget
of the "big five" jolt stock
minuses. If these are brought together
t- trade depression was shown by the reports
ble and the difficulties surmoun
ial and Union Bank—issued
they tend to become more easily accepta
banks, the last of which—the National Provinc
able.
between the Federal States its balance sheet to-day.
n $1,000,000 and
"It is unnecessary to erect tariff barriers
Without exception their profits have shrunk betwee
despite strong elements of economic
dividends for the first time
of Germany or the United States,
$3.000,090, while Lloyd's Bank reduced its
in a Federal budget.
they
reduction is seldom made by British banks because
difference, because of the strong interest
or empire as an economic since 1920. Such
ative so as to allow for any fluctuations in profits.
"The greatest obstacle to a united Europe
difficulty is seen in its keep distributions conserv maintained their dividends, but their profits.
common budget. This
The other four banks have
unit is the absence of a
handling of the problem of double
accentuated form in the international
like Lloyd's, reflect the impact of the trade slump.
line of action some treasuries had
five, fell $2,551,865
The profits of Barclay's Bank, the biggest of the
taxation, where to achieve a common
second
gain.
39,006,035. The profits of Lloyd's Bank, the
to suffer and others to
depen- during the past year to
City and
of internationalism is the entire
, declined $2,062,840 to $10,647.580. The London Joint
"The most remarkable feature
which it has little biggest d Bank reported its profits fell by 31,731,765. The Westminster
a measure of value over
Midlan
dence of every nation upon
countries have elected to abide by the Bank's profits fell by $1,692,489, wnile the National Provincial Bank, the
individual control. The chief
problems. None of them has control over smallest of the group, showed a decline of $1.294,555. In all cases except
value of gold to settle these d an international means of control or a
smaller than in
invente
one, the National Provincial, the percentage of profit was
it nor have we yet
.
correcting its vagaries for our use.
1923, which was the preceding depressed year in British banking
proper means of
d to that
tional Settlements is the most far-reaching piece
The reasons for the falling off in profits was similar in Englan
"The Bank of Interna
c potentialities that this age has in the United States, the business depression causing decreases in advances
economi
internationalism with deep
bank
of
to go through much tribulation and mis- and overdrafts, which are the most remunerative means of employing
profit
produced, which probably has allowed or even be competent to discharge
At the same time deposits have increased, while there is little
understanding before it will be standard of value throughout the world, funds.
now in the discount business.
secure
difs, tho big British
the functions of keeping a
interests leads us nowhere, except into
Coupled with low money rates, which mean low earning
"Following purely national
China are cases in point. banks have felt more acutely this year than in any other the heavy growth
impoverishment of India and
ficulties; the
ping national bar- of overhead expenses. The mechanization of British banking is expected to
scale production involve overlea
cer- Increase greatly this year ago means ofreducing labor costs.
The benefits of large
permanent agricultural specialization in
riers, and seem to demand
of the world into three
in any case the division
tain parts of the world;
raises internationalism
s,
manufacturing interest obviously
Lack of World Organization Brings Wide Price Range
or four zones of
in its most acute form.
Sir Basil Blackett, Governor of Bank of England
distributing its surplus capital in
engaged in
"The financial world is
is allowing the disfrom the way the world
Asserts—Views on Gold and Wheat Situation.
quite different directions
definite economic link
es
population. There is a
lead into ultimate
tribution of its surplus
The amount of gold in reserve which any country requir
which makes such action
between these two surpluses,
is likely at any time to be
the maximum amount which
is incon- "is
deadlock.
balance of
ional debts and reparations
needed for export in order to meet an adverse
"Our attitude toward internat
of work by international convento an
with attempts to equate hours
ds payments pending such time as the causes leading
sistent
ces in standar
trying to offset differen
appropriate
tion at the same time as we are
adverse balance can be rectified by other
lower
of life by tariffs.
must work longer or have
means."
"If people are to pay debts, they
ically advanced."
ds of life, or be more scientif
standar
JAN. 17 1931.]
FINANCIAL CHRONICL
E
Such was the doctrine
a governor of the Ban expounded by Sir Basil Blackett,
k of England, when speaki
the Ottawa Canadi
an Club, according to Montre ng before
al advices
Jan. 12 to the New Yor
k "Journal of Commerce,"
further stated:
which
During the course of
his address Sir Basil
and dealt with
touched on the wheat situ
the causes which Be
ation
behind the present worl
depression.
dwide economic
In a well organized
world there would be
fluctuations in the prices
ticular goods or
of parservices, but a big rise
or fall in prices generall
not occur if only
y would
mankind were clever
enough to manage the
has created. In othe
machine he
r words, large fluctuat
ions in gold prices must
that something has gone
mean
wrong with the mach
inery of exchange. It
surely to be possible
for human beings to
ought
manage the monetary
which they have created
machine
so as to keep the leve
l of prices reasonably
The speaker complete
stable.
d by saying:
"This is, I know, a nove
l doctrine which is
various quarters, espec
likely to be controverted
ially by those who
in
cling to what I am afra
as antiquated currency
id I regard
theories, neverthe
less I believo;it
doctrine."
to be a true
413
These conversations were
said in responsible quarters
to be preliminary
to a conference scheduled
to take place in London
with a view to organizing closer co-operation betw
een the money markets
of London and Paris.
Accumulation of gold in Pari
s, which some financiers
untary, and toe correspo
describe as involnding drain upon London's
gold have been especially heavy in the past few
weeks. This matter is
reported to be one of
the principal subjects to
be considered at the Lond
on meeting.
One of the Paris accounts sinc
e then—a cablegram Jan. 6
to the New York "Times" said
:
Alth
ough it is said a satisfacto
ry exchange of views has
great progress has been
resulted, no
made toward anything defin
ite during the conversations which have been
going on in the past few days
sentatives of the British
between repreand French treasuries, with
the view of improving
the gold situation of the
two countries.
As has often happened
in the past, which seems alwa
ys inevitable in
their efforts to co-opera
te, these French and English
negotiators seem to
have discovered soon
that they are faced with fundamen
tal'obstacles to
any scheme for co-o
peration. These differences
are too deep for them
to change at present.
The English concepti
of the French. The on of the use of gold differs essentially from that
latter cannot conceive of
Comparative Figures of
it otherwise than as an
Instrument of policy,
Condition of Canadi
while the British think of gold
In the following we com
an Banks. business.
as an instrument of
The Treasury offic
banks for Nov. 29 1930 pare the condition of the Canadian
ials were not empowered
to do more than
gestions
with the figures for Oct
and Nov. 30 1929.
. 31 1930 tion andfor mutual aid. Each country is embarrassed by theoutline suggold situathough for the mom
ent France as a holder of gold
more favored posit
STATEMENT OF CON
seems in a
ion, those whose Interest
DITION OF THE BAN
lies in the reduction of the
cost of living, tho
KS OF THE DOM
INION OF
reduction of the amount
CANADA.
of paper money and an increase
In exports regard
the present gold accu
Assets.
mulation as not wholly a bless
The British offic
Nov. 29 1930. Oct. 31 1930
ing.
ials seem inclined to
. Nov. 30 1929. Committee
await the report of the Fina
urrent gold and subsidiary
of the League of Nati
nce
coin—
ons before they try to solv
In Canada
because it is expected
S '
e the problem
3
this committee, in whic
3
Elsewhere
47,030,128
47,590.840
h the English conception
46,485,051 the use of gold is more largely
of
51,342,295
represented; will be somewhat
22,318,410
51,584,635 the French position.
Total
critical of
The personal fact
98,372,427
69,909,253
or still appears to be
98.069.718 credit
Dominion notes—
the largest obstacle to
operation between the
any big
In Canada
Bank of France and the
such as was prop
Bank of England
Elsewhere
osed two months ago.
155.646,361 130,591,964
While the two concepti
the use of' gold rema
160,474,253
27,469
ons of
in definitely oppo
20,257
sed, it is not expected
23,231 great progress unle
Total
there will be
ss one country is forc
155,673,832 130,612,224
ed to change Its position
.
160.497,488
Notes of other banks
The same paper in a cableg
United States & other
ram from Paris Jan. 8 said
13,759,383
foreign currencies_
12,193.741
15,852,708 part:
Cheques on other banks
in
22,990.429
16,925,517
Loans to other banks In
22,160,008
108,176,987 141,583,293
Instead of being smoo
Cana
130.764,325
Including bills rediscount da,secured
thed out as was hoped
by last week's conversation
ed
between the British and
Deposits made with and
s
balances due
and policy between the French treasury heads the deadlock on doctrine
from other banks
4,477,183
London and Paris fina
5,057,712
Due from banks andin Canada
5,268.550 become accentua
ncial cheifs seems to have
banking correspondted.
ents in the United
10,937,054
For the moment the
5,914,428
Due from banks and Kingdom
6,632,504
point in discussion
banking correspondseems to be the minor one
whether the report on
ents elsewhere than
of
the gold problem whic
in Canada and the
h was drawn up by the
United Kingdom
subcommittee of the fina
126,453,634 127,374,29
gold
nce commission of the
0
Dominion Government
87,396,035 published,
League of Nations should
in reality the question
and Provincial
be
Government secur
is considered here to be
377,877.098 369,882,659
of great importance.
The British, whose suggesti
Canadian municipalities
337,614,674
on that a gold conferen
securities and Britce of all gold standard
countries should be held
ish, foreign and colonial
has been rejected by the
nubile secur
ties other than Canadian
French. are insisting the
report should be made publ
120,320,973 118,737,77
ic next week. To that
6
Railway and other bond
90,703,211 resis
53,277,315
the French, after some
s, deb8. & stocks
tance, have given consent,
55,762,717
Call and short (not
47.052,383
apparently conditional
exceeding 30 days)
the report of their contenti
on the insertion in
loans In Canada on stock
on that it is practicall
y impossible to regu
bonds and other secur s, debentures.
gold movements artificial
late
ities of a sufly.
ficient marketable value
211.805,598 214,123,02
to
Elsewhere than In Cana cover
193,491,067 164,721,83 9 250,158.998
French See Lining Criti
da
Other current loans &
6 281,7
cism.
Some here object stre
disc'ts in Canada. 1,183,723,359 1,229,508,736 1,442 88,471
nuously to publication of
Elsewhere
.075,155
210,396,048 226,192,353
the report, arguing
Loans to the Governme
241.318.901 it will tend to hold France responsible
nt of Canada......
for her inability to reme that
Loansto Provincial
situation. They go so
dy the
28,618.457
Gove
far as to draw a parallel betw
18,970,357
Loans to cities, town rnments
21,848.747 on this ques
een the British attitude
tion and her attitude on disa
and school districts s, municipalities
rmament, which is summed
94,655,854
the phrase, "Securit
94,856,661 104,067,669
up in
Non-current loans
y can only follow limitation
, estimated loss proof arms." France hold
that in both cases she
vided for
s
is being held up to blame
7,384,718
7,606,262
Real estate other than
when there is an honest
7,253,651 difference in conc
5,564,113
bank premises_
eption and policy.
6,509,424
Mortgages on real estate
5.252,145
That would not matt
7,075,832
sold
6.783,804
Bank premises at not more by bank._
er if there was any prospect
7,623,443
than cost
of agreement. But for
the moment matt
less amounts(if any)
ers are at a complete dead
78,620,365
78,713,907
lock.
Liabilities of customerswritten off
75,662,787
under letters o
From Paris Jan. 15 a cableg
credit as per contra
84.161.951
ram to the "Times" report
85,663,488 119,012,957
Deposits with the Minister
that, representing the Ban
of Finance for
the security of note
k of France and the French ed
6,790,678
6,790.678
Deposit in the central circulation
6,365,724 nance Minist
Figold
36,580,860
ry, Jacques Bizot and M. Rueff
35.630,866
Shares of and loans to contrreserves
58,630,866
11,753.604
olled
have gone to
11,965,927
Other assets not Included unde cos_
9.592,821 London to continue the conv
r the foreersations with British Tre
goIng heads
1,728,821
asury
1,844,980
2,291,542 officials which were begun in Paris
by Sir Frederick LeithTotal assets
3.254,667,746 3,242,836.
Ross on the question of
0243,633,955,582
world gold distribution.
This
Liabilities.
cablegram went on to say:
Notes In circulation
159,233,300 160,032,74
Balance due to Dominion
According to Pertinax
8 187,003,716
Govt. after d
in L'Echo de Paris, the
ducting adv, for credits.
been that a Corre
British contention has
65,052,136
pay
lation exists between the
65,009,181
Advances under the Finance -lists. &a
71,228.131
movement of gold reserves
38,700,000
Balances due to Provincial Act
22,700.000 111,400,000 from the Bank of England into the Ban
Gove
k of Prance and the sums
21,364,721
In the Bank of
37.855,109
Deposits by the public, paya rnmen
which
France have been listed
22,684,946
ble on d
to the credit of the Preach Trea
and the National
mend in Canada
sury
autonomous sinking fund
604,828,099 632,566,
Deposits by the public payab
.
667 728,877,158
"It is noted by the
le after n
British that since July,
tice or ou a fixed day In Canada
1,438,611,843 1,431,864,
1930, the credit accounts of
the Treasury and
Deposits elsewhere than In Cana
the sinking fund have
326
409.408,863 374,534,60 ,453,060,773 says Pertinax
da
increased by 8,000,000,000fran
Loans from other banks in Cana
8 453,597,810
. "These sums
cs,"
da.
result from tax collections and
cured, Including bills rediscounted so
the public by the
bonds sold to
_
sinking fund.
Deposits made by and balan
"This represents
ces due
just that much credit with
other banks In Canada
drawn from circulation, in
13.483,660
the opinion of Sir
17,366,213
Due to banks and banking correspond
13,462,859
Frederick. The public buyi
by the amounts
ng power is diminished
ents In the United Kingdom
deposited in the Bank of Fran
7,505,087
6,388,170
Elsewhere than In Canada and
ce, and, since the Bank
34,501,51C of France cannot incr
th
ease the instruments of paym
United Kingdom
ent placed at the public
71,822.483
57,479,688 100.986.426 disposal by commercial discounts,
Bills Payable
as Is done by such Institutio
12,012,896
13.371,763
Letters of credit outstanding
ns as the
13,315,412 United States Federal Reserve, it
84,161,951
is clear that in buying treasury
85,663.488 119.012,951 it can only proc
Liabilities not incl. under foregoing hea
bonds
eed by the rediscount
3,994,770
3,806,939
Dividends declared and unpaid
process. the method whic
4,564,591 Bankers prefer,to
5,306,290
h French
2,148,369
repatiate the funds held at their
Rest or reserve fund
5,282,891
disposal by foreign bank
161,177,418 161,135,99
"This is the Brit
s.
2 158.011,161
ish theory of the Bank of
Capital Paid LIP
144,976,172 144.948,55
England's difficulties,
5 142,783,711 it is not admitted by the Fren
but
ch. They believe the principa
Total liabilities
repatriation of gold
l cause of the
3,241,640,637 3,216.871.
lies in the slight difference
866 3,619,774,129 of Paris and
s between the discount rate
Note.—Owing to the omission of the cents
London. The Bank of Fran
s
in the official reports, the
ce has tried to increase that
n the above do not exactly agree with he totals given
footings ence by lowering its rate
differ, and it is now up to the Ban
action in the oppo
k of England to take
site direction. The Bank
of France has given new
of its good-will
in accepting gold bars
proof
of the English standard
."
Con
versations Between Representatives
of British and Paris Low
ers Ban on Standard
French Treasuries on Gold Situation
.'
at British Standard of Fin Gold to Purchase Gold
On Jan. 2 when representatives of the Ban
eness
k of France
Standard—Move Will Elimin Instead of French
and of the Bank of England met in Paris pre
sumably, it
Metal Withdrawn from Ban ate Need to Refine
was said to discuss methods of preventing contin
k of England.
ued influx
Confirmation was given by the Ban
of gold from England into France. Associated Press acc
k of France on Jan.
ounts to a report that the
13
Bank has decided to accept
rom Paris stated that the meetings were to con
tinue for gold." That is to
"standard
veral days and added:
say, it will purchase gold
at the
standard of fineness of 916.66
per thousand instead British
of the
414
E
FINANCIAL CHRONICL
[VOL. 132.
gold it holds
ange basis should keep the
(2) A country on the gold exch
this is inexry's central bank, or when
in a foreign country in that count
money market the ree
al Bank of a country in whos
pedient "the Centr
of their magbe kept regularly informed
serves are held should at least
tion of the rediscount of France
e."
decision, coming after the reduc
Bank
This
nitud
short time which the
Would Not Impede Lending.
Is the second indication within a very every possible way in arresting the
control over inin
be able to exercise effective
has given of its desire to co-operate
(3) The Central Banks must
,from the public view
what
artificial restrictions such
country. It will remove between the two banks of terest rates and lending must not be impeded by
ve
influx of gold into this
exchange control. We belie that
s offriction
Bank of France as discriminatory rates of taxation or
point, appeared to be one of the point
of foreign
the mechanism for the issue
which the refusal of the
d.
measures designed to improve
emission, for that was the way in
d contribute
prete
any
gold has been inter
ns in existing securities woul
the
summer to pay out loans or international transactio
to accept standard in place of fine
, granted that the powers of
decision taken last
the hope of to the smooth working of the gold standard
In reality the Bank of England
was not taken with
ria are adequate.
the supply Central Banks to control temporary disequilib investments, the quotation
e bars of standard fineness only
in the futur
fact that
ies for foreign
was due solely to the
accept standard
staying the outflow of gold, but
"Thus the establishment of agenc
taxes on foreign
of France refused to fer.
bourses and the reduction of
of fine gold had run out. The Bank
of foreign securities on national
before trans
h particular importon
need transactions are all likely to prove of value. We attac
had to be refined in Lond
consequent
gold and this gold has
with a view to
France's refusal and the
discussions now taking place
It is believed that the Bank of
h was not in reality ance in this connection to the
taxation.
to a situation whic
of refining drew public attention
French balances in regulation of the problem of double
al may prove
of
it this free flow of capit restrictions
tuate the withdrawal
that
"But measures designed to perm
serious and tended to accen
t will be produced and
mpanied by
d that an opposite effec the possible depreciation harmful rather than beneficial if they are acco
items of current
London. Now it is hope
y as to the limit of
services which constitute
move
French funds. There on the exchange of goods and
the elimination of uncertaint
ents. Capital can only
tion of withdrawal of
has been defi- account in the international balance of paym
ing will result in a cessa
of sterl
If the flow of
rt point
d in that the gold expo
claims to existing wealth.
Is at least one advantage gaine
in the form of foods or gold or
s or prohibitions,
of goods restricted by tariff
the structure
capital is accelerated and that
nitely fixed.
ves and in consequence on
a constant strain on the gold reser
be created.
to Save World's Gold of the credit maintaining national values may
tive
Geneva Sees Reform Impera s at Tariffs, Trade BarSees Danger in High Wages.
avors to
Basis—League Group Hit
a country persistently ende
ed
will be
ining High Wages—State "A similar strainof wagescausanyifother costs above the level whereat
or
s and Policy of Mainta
rier
to
maintain its level
Insists that Central it can successfully place its goods on foreign markets Adherence adhean
rsitates
Bank Power Urged—Report
at once implies and neces
national monetary standard
be Free to Co-operate Fully.
inter
Institutions Must
omic system."
y
an international econ
ed to meet the fundamental ence toover, since the capital market is more sensitive than the commodit
addiMore
Radical reforms are recommend
organization may involve
systems have undergone in market, "perfection of its international by the development of internachanges which the gold standard
al
it is not accompanied
on the distribution of gold tional dangers ifon between the controlling authorities. These centrof
the gold delegation's draft report
Secre- tional co-operati
orm—the prevention
the League of Nations
primary functions to perf ibrium when the balauthorities have two
which was prepared for it by
ration of equil
its discussion. From avoid
brings
disequilibria and the resto
tariat's financial section as a basis for Streit), the New York ance able been lost." The need of aiding them in these functions
has
t (Clarence K.
dation.
its Geneva corresponden
report to its next recommen
both "forward
of Jan. 13 his cablegram the The Central Banks should be empowered to conduct conditions per(4)
tions" when
"Times" reports this under date
" and "open-market opera
exchange operations
between the Central
se "effective collaboration
to that paper further stating:
one of them
depends on the mit. This is necessary becau
adopt or modify this draft
extent on the possession by each
large
How far the delegation will
question going on .since Banks must depend to a
as the relative economic
this very controversial
own market as nearly equal
perresults of the debate over
behind closed of powers to control its
ing to the gold standard will
delegation is holding here
ges strengths of the various countries adher
yesterday in meetings which the
to have led to only minor chan
. The discussion so far is understoodrepresenting the delegation's final mit."
doors
.
ugh not
Urges Free Gold Movement
in its text. The document, altho
lines on which it is
d normally
indications of the general
ds that gold movements shoul
views, gives the first definite
The draft report also recommen
t as showing the diagnosis
ments should be
rtan
is regarded as especially impo
the be allowed to make their effects felt, that artificial move be unrestricted
as a result of
working. It
should normally
tariat's financial section.
and the remedies which the Secre
sents a basis of an avoided, that imports and exports of gold
em,
s, evidently believes repre
tion of the gold exchange syst
delegation's previous discussion a whole is also believed to represent the and not rendered difficult by the opera
ing a fictitious
t as
system should avoid creat
agreement. The draft repor
and that countries employing that gn assets into gold.
accept.
, are willing to
forei
views which the British, at least
omic and
demand for gold by converting
tain conditions, both econ
to
It advises debtor States to main
Asks Power for Central Banks.
, and to devote borrowings
n
ts is the need for legislatio
necessary to inspire confidence
political,
draft report insis
all, the
The main thing on which the
freedom of action—above
productive purposes.
maintaining "an
power and
the responsibility of
national Bank
giving Central Banks greater
"proCreditor States, it says, have
an important role to the Inter
they fall to restrict loans to
liberty to co-operate. It gives
y which it recommends in even flow of capital and credit," but if
occasion
of carrying out the gold polic
others to borrow when the
at Basle as a means
purposes and induce or allow
driven
ductive
debtors will be
ver, to assure for profitable investment does not present itself, their
this regard.
reforms are insufficient, howe
price contraction, with
It holds that purely monetary
gold standard. at some later date to undergo the painful process of
the proper functioning of the
the best distribution of gold and
al being accom- all its possible harmful effects on production."
changes it finds
of a smooth free flow of capit
based on the fundamental
Stressing the underlying need
services, it attacks tariffs and
is its loss of
The report's conclusions are
, the main one of which
smooth free flow of goods and
panied by a
as the policy of trying to maintain have occurred in the gold standard
ly by the withas well
omatic character, caused large all monetary
artificial barriers to trade,
to the
-aut
other
ently being
much of its pre-war semi
countries—the reference appar
concentration of
high wage levels in some
e to the gold standard drawal of gold coin from circulation and the
of the
far as to state that adherenc
has been an obligation
*United States. It goes so
an international economic gold in the central banks. The result of this
been changed
sitates adherence to
into gold coin, which has
"at once implies and neces
on or sight
al Banks to convert their notes
bulli
Centr
on of gold, in most countries into an obligation to convert them into
System."
examining the existing distributi
The first part of the report,
therefore, that undue claims on gold in other countries.
potential influences
s; "We do not consider,
says, "increase the
ends with these conclusion
ibution of gold to-day
These other changes, the report
either to the actual distr
those
powers of the Central Banks.
importance should be attached
ve that the difficulties which
l on all of
of any gold movement" and the
t gold movements. We belie
the
words long, goes into detai
or to recen
the effects of
The draft report, which is 12,000
gradually disappear as later
of currency in- the above points and many others.
movements have involved will
and the subsequent period
disturbance caused by the war
themselves out."
Hatton and stabilization work
ure of Last Week.
Silver Again Declines to New Low Fig
Leaves Distribution Aside.
n" of last night
problem of redistribudoes not deal with the
The following is from the New York "Su
The report explains that it
policy" which"may prove beneficial
ring this requires"a radical
al (,Jan. 16):
tion, decla
not consider any gener
its opportuneness we do
y was tile decline of silver to 28%
but on the problem of
The feature of the money market to-da
ago•
rules!can be framed."
rms and banking princinew low for all time reached a week
cents per ounce, again touching the
length "the monetary refo
After explaining at
distribution of gold," the report
secure optimism in the
ples necessary to
Rises to
h;
if the central India, Buying, Lifts Silver—Price in London
ends with this paragrap
principles can only be expected
ord.
dom which will
e application of these
"Th
on—a free
necessary freedom of acti
133/8 Pence an Ounce From Low Rec
banks are allowed the
changes we have suggested.
unts published
ed by the legislative
r
be, we consider, assur
rtance, however, is the powe
Under date of Jan. 10 Associated Press acco
al impo
erawhich we attach speci
ioned imply close co-op
The freedom to
," said:
measures we have ment
op- in the New York "Times
ings were
to co-operate, for the at an early date with a view to preventing devel
market in which offer price of
Buying orders from India, coming into a
at a later stage, if for
of the central banks
ounce in the
tion
cause disrequilibria, and
caused a sharp rise of 11-16 penny an
ately
of a
view small, to-day
ments which may ultim
has not been avoided, with,a
ome rise came at the end
the disturbance
which
s are silver, which went to 13% pence. The welc
one reason or another
ing that necessary corrective
ugh Chinese selling, during
disturbance and secur
ars to be week marked by continued declines thro
nal Settlements appe
to localizing that
low levels.
Bank for Internatio
elaborate policy outlined silver reached new
put into operation. The
same day (Jan. 10)
and well suited to the
instrument ready at hand
Shanghai Associated Press accounts the
an
above."
sted.
stated:
Reforms Sugge
profitto-day as the result of
recommends are:
The price of silver steadied slightly here
even further declines
which the report
s the minimum discretion taking by speculators, but financial circles expected
reforms referred to
allow
The
dollar.
reserve ratio system
actual
cents gold for the Mexican
disturbance whenever the
(1) Since the "fixed
than the quotation yesterday of 22.12
uce the maximum
ing minimum of
and is designed to prod
and since the exist
ening
legal minimum"
lish
without in any way weak
reserve approaches the
eague of Nations to Pub
"could be reduced
should be reduced "to a Book Surveys Gold Laws—L
gold reserve percentages
ntries.
these legal minima
Cou
ture,"
e to maintain in
the general credit struc
are likely to desir
Volume Covering Situation in 70
which the countries
provisions."
ared in the New
existing legislative
figure well below that
circulation,
radically altering the
following from Geneva Jan 9, appe
The
internal
Practice or by more
no longer used for
required by any York "Times:"
,"Now that gold is
of gold
The report adds
determine the amount
g prepared by the
it in its balance of payon on Gold" is now bein
the criterion which should
A thick volume on "Legislati
amount of any defic
its
gives extracts from such
country is rather the probable
and sight liabilities of
ation. It digests and
League of Nations' gold deleg
note circulation
ding some colonies.
ments than the volume of the equisite" of this reduction of gold reserves
n in seventy countries, inclu
ents and
"prer
n," for then the legislatio ins tables showing their legal redemption requirem requirecentral bank." Hence, the
back into circulatio
conta
pus
It
their legal
nal but also the
Is that "gold coin should not be
y. Other tables show
"not only the exter
classifying the countries accordingl
reserve would be required to meet
internal drain."
cablegram Jan 13 to this
French standard of 995. A Paris
" further said:
effect to the New York "Times
rate to 2%,
JAN. 17 1931.]
FINANCIAL CHRONICLE
415
ments on the purchase and mintin
g of gold and on gold reserves as well as
their restrictions on gold exports and
imports.
The 'United States is one of 16 countr
ies where the legal requirement to
redeem only in gold is in force.
The only other great powers in this category are Great Britain, Franc
e and Japan.
H. Parker Willis Reports Rumania Making Prog
ress—
Points to Currency Stabilization and
Agrarian
Reforms.
Pointing to currency stabilization and agrar
ian reforms,
Dr. H. Parker Willis, editor of The Journ
Germany's Foreign Payments
al of Commerce,
Covered by Export
has submitted a report of financial conditions
Surplus.
in Rumania
to Dr. Nicholas Murray Butler, president of
Under date of Jan. 9 a Berlin message to
the Carnegie
the New York 'Endowment for International Peace, whic
h states that de"Times" stated:
spite the difficult economic conditions
prevailing in the
With the quite unanimous expectation
of foreign trade balances in favor country as a result
of the world crisis, good progress is being
of Germany during the coming months
, no difficulties in providing exmade and that American capital can find
change for the transfer of reparations
or other foreign debt liabilities are
profi
anticipated. The balance of payme
that nation. The "Journal of Commerce" of table use in
nts as estimated for 1930 brings
out
Jan. 12, from
the striking fact that during last year
Germany covered her reparations which we quote, obser
ves further:
liabilities entirely out of the
yield of her surplus exports, supple
mented
by net receipts from shipping and
other services.
As against a reparations payment
of 1,800 million marks for the
year
stands an export surplus provisionally
estimated at 1,580 millions, plus
net receipts from services amoun
ting to 280 millions. As regard
s Germany's own resources, it is now
calculated that German savings in
1930,
shown by the savings banks report
s, increased by 1,400 million marks
,
which would compare with an
average annual pre-war increase of
800
millions. As compared with 1029, howeve
r, the pace of increase in such
savings decreased.
Dr. Willis spent considerable time
last summer surveying conditions in
Rumania at the request of the Bucha
rest Government. He states that
while the Government itself is not
seeking foreign loans at the present time,
there is considerable demand
for foreign capital to develop natural resour
ces.
"Rumania has already interested two
strong groups of American capitalists in the matter of re-equip
ping certain of her industries," Dr. Willis
reported. "but there is also great
need and abundant room for more work
of the same kind. The
economic opportunities of Rumania are vast,
and
those who have the vision to
recognize their possibilities and to aid in realizing them will reap a large
return."
Rumania and her neighbors
are hard pressed by the reflex effects of
world crisis," Dr. Willis
the
French Bank Suspends—Regional Bank
continued. "They
of Gard, with prises of reorganization and reform before had undertaken great enterthe present business depression
44 Branches, Affected by Withdrawals.
had made Its appearance:
and the shrinkage of the prices of
mend i products has
nearly all their
Associated Press accounts from Nimes, Fran
put tnem into
ce, yesterday means,already hardly equal to curren a difficult situation because their
(Jan. 16)said:
t requirements ofreconstruction, have
been further reduced,
through no f..ult of their own.
Because of heavy withdrawals by wine produc
Hcwever, they are
de..ling with the situation
ers, the Regional Bank of
Gard temporarily suspended payments to-day
toward the stabilization courageously. Fresh progress, in some States.
.
of currency is being broug
The institution is important in the
ht about despite the
economic difficulties.
south
branches in the Departments of Gard. Laloze ern wine region. having 44 Is making large econo Rumania, which already has a stabilized currency,
mies in order to keep a balanc
re and Bouches-du-Rhone.
ed budge
the maintenance of the
present monetary standard. There t, and insure
mhy Mon to protect the
is a real deterpublic credit, and to meet
the obligation of th
State when due. King
Carol is devoting himself to
Increase in Exchange Rates by Australi
this object, and is
making it his primary
an Banks.
purpose to see that all changes
and threats of change
In the attitude of the
According to Sydney (New South Wales)
press advices frem party shifts andGovernment toward contractual obligations resulting
defeats are ended. The nation
Jan. 13, all Australian banks, including the
means to keep its
pledges."
Commonwealth
Bank, have decided to increase exchange to
rate for £100 in London and to £118 is. 6d. £118 buying Holders of Italian Credit
Consortium for
selling rate for
£100 in London. The press accounts of the
tified of Drawing of Bonds for Public Works No13th added:
Redemption.
The recent increase to £115 did not restri
ct volume of exchange business
J. P. Morgan & Co., as
conducted outside the banks. Durin
fisca
g the past week quotations for this
holders of Credit Consortium for l agents, have notified
class of business were £122 for telegraph
transfers. Therefore, the banks
are now making another attem
external loan sinking fund 7% Public Works, of Italy,
pt to meet outside competition and to
pre-secured gold bonds, series
vent business from going past the banks
.
A, due March 1, 1937 and serie
s B bonds, due March I,
Regarding an increase in exchange rates
earlier in the 1947, that $203,000 principal
month it was stated in Sydney advices to
amount of series A bonds
the daily papers and $113,000 principal amount
of series B bonds have
on Jan. 6:
been drawn by lot for rede
mption at par on March
The Bank of New South Wales has annou
nced large increase in exchange 1931. Bond
1,
s so drawn will be paid
rates for telegraph transfers. The
buying rate has been raised to £115
on and after March
in Australia for £100 in London. Sellin
g rates are y of £1 higher than 2, at the office of J. P. Morgan & Co.
l
buying rates.
Interest on the
drawn bonds will cease after
All other Australian banks followed the action
March 1.
of the Bank of New South
Wales.
We also quote the following Canadian Press advices from
Sydney Jan. 5 to the New York "Times":
Bonds of City of Berlin Purchase
d for Cancellation.
Speyer & Co. as fiscal agents
have purchased for cancellation through the sinking
fund $224,500 bonds of
the
City of Berlin twenty-five year
63i% gold loan of 1925.
This represents the eleventh
sinking fund instalment
.
The Commonwealth Bank of Australia and
the leading trading banks
of the Commonwealth have been forced to
raise their exchange rate to
15% by the action of the Bank of New South
Wales in taking this drastic
step.
Banking circles were surprised greatly when
the decision of the New
South Wales Bank was made known, and after
hurried conferences to-day
representatives of the trading banks and
Kingdom of Norway Bonds
the Commonwealth Bank issued
Drawn.
this statement:
The National City Bank of
"The trading banks and the Commonwealth
New York, as fiscal agen
Bank are anxious to keep has notif
t,
exchange rates at moderate amounts in the
ied holders of Kingdom of
interest of the Federal financ
Norway 20-year 6%
ial sinking
position and the new necessity of finding funds
fund external loan gold
in London to meet cortun
itments there without the necessity of Increasing
bonds, due August 15,
taxation.
1943, that it will redeem
"Owing, however, to the action of the
at par on February 15, 1931
Bank of New South Wales the
,
banks have relunctantly decided to increa
$473,000 principal amount of
se the rates of telegraph transf
these bonds. Redemption
ers will
to £115 for buyers and £115 for sellers."
be effected upon presentati
In effect, the purchaser of foreign money must
on and surrender of the
pay $115 for every 5100. designated bond
The rate has been 8 or 9% on the London money
s with all unmatured interest
market for months.
coupons at
Referring to the action of the Bank of New
the head office of The Nati
South Wales, J. A. Lyons,
onal City Bank of New York,
Acting Treasurer in the Federal Government
, said to-night that the Aus- 55 Wall Street, on
and after February 15, 1931
tralian Cabinet had for some time been consid
ering releasing exchange, which date
interest on the designated bonds will after
This was one of the financial proposals which the
Labor Party had subcease.
mitted to the board of the Commonwealth Bank
when the party caucus
asked for the release of exchange. The whole matter
would be considered Dravring for
Redemption of Bonds of City of Oslo, Norw
by the Australian Cabinet probably to-morrow, he added
.
ay.
Bankers here commented adversely on the new rate.
Kuhn, Loeb & Co., as fiscal agent
One said that while
s, have issued a notice
some banks had found it impossible to adhere to fixed
rates, most of them to holders of City
of Oslo (Norway) Municipal Exte
had been able to supply reasonable requirements at unifo
rm charges. He Loan
rnal
considered increase in the rate would only furthe
of 1926 twenty-year 5%% sinki
r disturb the situation
ng fund gold bonds
and cause outside rates to soar.
due Febr
uary 1, 1946, announcing that $104,
500 principal
amount of these bonds have been
drawn by lot for redemption at par on February 1,
Esthonian Bank Closes—Suspension Attribut
1931. Bonds designated
ed to for redemption, together
with all
Industrial Depression.
and after February 1, next, shoul coupons maturing on
d be presented and surFrom Tallinn (Esthonia), Jan. 14, Associated Press ad- rendered at the
office of Kuhn, Loeb & Co. on or after
vices published in the New York "Evening Post"stated:
that
date. Drawn bonds shall cease to
bear interest from the
The Commercial Bank of Esthonia suspended payments to-day with rede
mption date.
liabilities of 13,000,000 crowns (approximately $3,652
,000)•
The principal creditors were local banks. Foreign banking interests
were said not to have been involved to any appreciable extent.
The suspension was attributed to the present depression in Esthonian
Industry. A merger had been proposed by another bank with foreig
n
backing, but the scheme failed to materialize because there was no guarantee
that a thorough reorganization would be made.
Definitive Bonds of City of Bergen,
Norway,
Ready for Delivery.
A. Iselin & Co. announce that
City of Bergen, Norway, 30-year definitive bonds of the
sinking fund 5%
issue,
416
FINANCIAL CHRONICLE
[VOL. 132.
their office Buenos Aires Decree Bars Chatham Phenix Bank and
due Sept. 1, 1960 are now ready for delivery at
Associates from Future Loan Negotiations-Action
m certificates.
in exchange for interi
an Injustice According to Samuel McRoberts,Chairman of the Bank.
Interest and
Under date of Jan. 14, a cablegram from Buenos Aires
Funds Received from City of Warsaw to
7% to the New York "Times" said:
Sinking Fund Requirements in 1931 for City's
future loan negotiaThe Municipality has issued a decree barring from
Bonds.
banking firms associated with it
Phenix Corp. and
nces tions the Chatham short-term loan to the City of Buenos Aires which the
the
The First National Old Colony Corporation annou al in the $16,000,000
extern
group recently refused to renew.
that the fiscal agent for City of Warsaw 7%
recently barring the
A decree issued by the provisional government
the City of
the National Government
bonds of 1928-1958 has received funds from
Chatham Phenix from further negotiations with
on deposit
Chatham Phenix in the recent
Warsaw which, together with other money full inter- did not bar the firms associated with thefrom city loans.
the
the municipality now bars them
with the fiscal agent, are sufficient to cover entire year loan, but
the
the
United Press advices from Buenos Aires Jan. 14 to
est and sinking fund requirements for
York "Herald Tribune" stated:
New
1931.
e.
of San Juan Provinc
A similar decree was also issued by the Government
in Argentina, but mainThe New York concern does not have branch banks
tains an agent here to handle its financial affairs.
States banks
The decrees are the outgrowth of the action of the United
ality of Buenos Aires.
Jan. 1 in calling a $16,000,000 loan to the municip
the Chatham Phenix
at that time the Argentine Government charged that
loan, due Jan. 1. The
failed to carry out an agreement to renew the
t permitted them to call the loan
bankers pointed out that the loan contrac
favorable for renewal.
on that date if they did not consider conditions
Agricultural Products
China Raises Tariff Rates on
Rate on Raw Cotton Unchanged.
tobacco and cigarettes
Increased import duties on leaf
a cable
ive in China on January 1, according to
became effect
Service of the U. S. Department
to the Foreign Agricultural
the
Commissioner P. 0. Nyhus
From the New York "Times" of Jan. 16 we take
of Agriculture from Agricultural
Higher rates also apply to fresh and canned following:
at Shanghai.
nsed milk. Cereals
ions affiliated with it in
The Chatham Phenix Corp. and the institut
fruit, raisins, and evaporated and conde
City of Buenos Aires, Samuel
with
however, remain on the free list. There was no no way violated any agreementboard thethe Chatham Phenix National
and flour,
of
tment's ad- McRoberts, Chairman of the ay in a statement commenting on the decree
change in the rate on raw cotton. The Depar
Bank & Trust Co.,said yesterd
s from future loan negotiations
issued by Buenos Aires barring these concern
vices Jan. 5 state:
of the value of the various
The new rates on tobacco are levied on the basis
leaf somewhat. In cigarettes
grades of leaf and appear to favor low priced
manufactured abroad, the imports
the new duties further handicap products
result of domestic competition. On
of which have already declined as a
per pound, the duty remains at
leaf tobacco valued at more than 31.5. cents
cents to 31.5 cents per
cents per pound. For leaf valued from 10.5
4.2
at less than 10.5 cents per
pound, the new rate is 2.07 cents. Leaf valued
In the old schedule, leaf
pound will now pay 0.67 of a cent per pound.
rate of 1.57 cents per pound.
a
tobacco of all values up to 31.5 cents paid flat
cents to $6.40 per 1,000, acThe new rates on cigarettes vary from 52
equivalent to ad valorem rates
cording to the value of the product and are
were equivalent to 7.5% ad
of about 47 to 59%. The previous rates
to excise taxes of 20 to 25%. The
valorem but the goods were subject also
excise tax has been eliminated.
as
the old ones in parenthesis, are
On fruit the new rates, together with
(0.52); oranges 0.78 of a cent
follows: Apples 0.78 of a cent per pound
$3.43
cents per pound (1.15); lemons
per pound (0.43); canned fruit 2.31
per 1,000 ($2.38).
is
of a cent per pound. There
The rate on raw cotton remains at 0.63
for cotton piece goods there Is
no change in the rates on cotton yarn, but in all rates.
rd
an almost uniform increase of about one-thi
with the city.
Buenos Aires printed yesterday,
This action, according to dispatches from
these companies to renew the
taken because of the alleged refusal of
was
short-term loan which matured on Jan. 1.
Aires held by investors throughout
"The notes of the City of Buenos
General McRoberts said, "could
the country which matured on Jan. 1,"
to the condition of our security
not be replaced by a new loan solely due
Aires had ample notice of this
market at that time. The City of Buenos
y and the loan was not renewed
situation. The notes were paid at maturit
by any other institution.
is clearly an injustice and we
"The action of the Argentine officials
understand the situation."
have no doubt will be corrected when they fully
of
Previous items in the matter appeared in our issues
10, page 211.
Jan. 3, page 53 and Jan.
Peso
Argentine Exchange Lowest in 10 Years-Paper
Drops to 29.6 Cents as British Company Buys
Sterling Heavily-Later Advance.
From the New York "Times" we take the following from
appeared in these
An item regarding the proposed changes
Buenos Aires Jan. 13:
columns Dec. 27, page 4133.
ge tumbled by leaps and bounds to-day to the lowest
and Sons $7,625,000
Peru Fines Former President Leguia
nts from Lima, Peru, stated that
Associated Press accou
8 sentenced Augusto
the National Sanctions Court on Jan.
President of Peru, and his three sons to
B. Leguia, deposed
soles (approxireimburse the National Treasury 25,000,000
at current exchange) following a threemately $7,625,000
ies during the eleven
month investigation of their activit
r says:
the Leguia regime. The press dispatch furthe connecyears of
describes
The Argentine exchan
pesos for $100, making
level since 1921, closing at 148.52 Argentine gold
compared to ita par value of
the paper peso worth 29.6 American cents,
42.46 cents.
ed all last week and closed
The exchange market was dull and unsettl
cents. A British commercial
Saturday with the paper peso worth 31.2
and dollars closed at 143.50,
firm began heavy buying ofsterling on Monday
which made the paper peso worth 30.6.
and dollare were quoted
The same firm continued heavy buying to-day
cents, and by the
at noon at 145.95, making the paper peso worth 30.1
closing quotation
closing hour dollars had reached 148.52. The sterling
on Saturday.
Was 34)'5 ponce for the gold peso as compared with 35 1-10
estimated to have
The British firm whose buying is blamed for the slump Is
purchased £1,000,000 sterling yesterday and tO-day.
document which
The order of sentence is an extensive
On Jan. 14 Associated Press advices from Buenos Aires
sons, Augusto. Juan and Jose Leguia,
tions of the former President and his
stated:
with various financial transactions.
opening at 148
a national loan, alleged to have
Quotations on the Argentine gold peso improved to-day.
Among the operations mentioned is
the
paid
house, which, the court declares.
per hundred dollars, compared with 148.52 at yesterday's close. Later
been made by a New York banking
tion from other banks. gain was extended to 148.50.
competi
Commission to Juan Leguia to avoid
a high
thirty-one persons, Most of them
Leguia and his sons beaded a list of
who were prosecuted before the
Minister
connected with the Leguia Government,
enrichment." The elder Leguia Argentine Peso to Be Supported-Finance
Sanctions Court on charges of "illegal
Jose Leguia escaped
are in custody, but Augusto Jr and
Says Gold in Conversion Office Will Be Available
and Juan Leguia
es held
after the revolution.
for Export.
documents and other valuabl
Jewels of great value, important
by order of the court.
The following (United Press) from Buenos Aires is from
by the former President were seized
responsibility
nal opinion, estimated the
(approxi- the "Wall Street Journal" of Jan. 14:
Two of the judges, in an additio
amounted to 50.000,000 soles
Immedito the country of the four Legulas
Argentine gold reserves in the Conversion Office will be used
.000).
who was ately to support the falling Argentine peso, Finance Minister Dr. Enrique
mately $15.250
in iluaman de Los Beres,
Authorities announced that Benjam
arrest, at- S. Perez states.
and who has been under
been
Premier under the Leguia regime
"The devalorization of our currency during the laat few days has said.
prevented from doing so.
suicide in his cell, but was
" Dr. Perez
tempted to commit
former Premier was said to have caused principally by factors of a psychological nature,
were made public. The
extent of the
No details
Legu.a.
"Under the circumstances it Is advisable to clarify the true
own since the overthrow of
de is Necion's conbeen suffering a nervous breakd
Jesus M. Salazar. a former member recent decree regarding the mobilization of the Banco
The Cuban Legation said today that
the time of the version fund, sod the method Of applying it.
at
took refuge in the Legation
reconstitute
of the Legit a Cabinet, who
"The Banco de la Nacion was authorized by this decree to
expected to live.
y deposited
revolution. was critically Ill and not
in Argentina the conversion fund as it is used abroad (it is actuall
ated Press advices from in New York and London) in the sale of foreign exchange. To effect this
Under date of Dec. 27, Associ
ion Office
reconstitution the bank will withdraw gold from the Convers
Lima stated:
enrichment" against against paper currency obtained In the safe of exchange.
e the gold withdrawn
on the charges of "illegal
undeniThe prosecutor's report
"The decree also authorized the bank to mobiliz
declared today It had been
operations
contracts from the Conversion Office to ho used in successive exchange
former Pres dent Augusto B. Leguia
and his son participated in
demonstrated that Senor Leguia
ably
and transfers of funds abroad,
nt of the bank. It was
and concmsfons by the State.
"In conference with Dr. Enrique "Uriburu. Preside
President deposited 26,000,000
the decree.
The document asserts that the former rates) to his accounts in local agreed that the moment had arrived to give full application to
exchange
gold necessary to avoid violent
soles (about $7.930,000 at present
said this contrasted with In the future the bank will dispose of all the
may he
prosecutor
-hedging fluctuations In the value of the peso. The application of the decree
banks between 1925 and 1930. The
necessary
lost his fortune in cotton
Senor Leguia's deposition that he had
by the use of foreign credits in a measure deemed
strengthened
y suffers inconOperations.
wals should reach the point where currenc
President appeared if gold withdra ion.
venient restrict
ous items regarding the deposed
Previ
to those already applied ener22, page 3296, and
"All these measures are complementary
es are contemplated
in our issues of Nov. 8, page 2977; Nov.
ng the budget. Other measur
getically toward balanci
Dec. 13, page 3803.
JAN.
17 1931.]
FINANCIAL CHRONICLE
to regulate as far as possible
the importation of superfluou
s articles and
to consolidate the floating debt as
soon as the foreign loan marke
t situation
Improves."
417
lie explained briefly that the
heavy duties of the office had prove
d tee
much for his health. His term
of effice has been characterized by
strict
measures of economy in the budge
t.
Argentina to Ship Us $6,638,3
68 in Gold—Remittance
L. B. Clore to Resign as Vice-Pre
to Meet Federal and Buenos
sident of Louisville
Aires Province Obligations in New York.
Federal Land Bank.
A cablegram as follows from
Having been a director and executive offic
Buen
peared in the New York "Times" of os Aires Jan. 10 ap- Land Bank of Louisville since its organiza er of the Federal
tion fourteen years
Jan. 11:
Gold to the value of $5,638.368
ago, Leonard B. Clore, stock fancier and
has been withdrawn from the
farmer, announced
version Office and will be shipp
Gold Coned to New York on Mond
ay on the steam- on Jan. 9 that his resignation as Vice-President and
ship Western Prince to meet
Secretary
ob'igations of the National
Government and the to the board of directors
Province of Buenos Aires fallin
would be tendered Jan. 10. The
g due Feb. 1.
In accordance with the gold
Louisville "Courier-Journal" of Jan. 10,
conversion law, the provisional
in noting this,
government
has delivered to the conversion
office 12,814,473 paper
added:
pesos (about $4,012,211 at the present exchange rate),
thereby reducing the circulation
rency by that amount. The
of curgold balance is $420,135,5
49, which is a
reserve of 76.5% of the circulating
currency.
Ruling on Pesos—Mexican
Treasury Decrees United
States Dollar Obligations
Payable by Two Silver
Pesos.
From the "Wall Street Journal"
of Jan. 13 we take the
following (United Press) from Mexi
co City:
The Treasury Department
made public a statement decla
ring Mexican
debtors may legally discharge
any obligation in United
States dollars by
payment of two Mexican silver
pesos. The statement was
signed by Rafael
Mancera, Under-Secretary.
MancRra's ruling said the decisi
on was based on the Treasury
May 14 1918. That decree, howev
decree of
er, was ignored from the first
in private
business transactions. Wellinformed sources believed the
courts would
prevent the Treasury ruling
from becoming effective at
present, although
there was some confusion
expected until a definite settl
ement is reached.
Cuban Treasury Issue Approved.
From the "Wall Street Journal"
of Jan. 16 we take the
following from Hayana:
House of Represent'tires
and Senate have approved
the agreement
entered Into between
First National Bank of Boston, and
the Republic of
Cuba, the Warren Bros.
, and the Cuban Contractors
Corp., for the issue
of a series of gold obliga
tions of the Cuban Treasury.
Sir Otto Niemeyer of Engl
and's Bank Will Advise
Brazil.
From the New York "Evening
Post" we take the following
(copyright) from London Jan. 10:
Yesterday's signs that a new
development was taking place
ian situation came to
in the Brazillight to-day when Sir Otto
Niemeyer of the Bank of
England sailed for Brazil
to examine and advise the
Government concerning the financial situat
ion. His task will doubtless
be a difficult one
but at least a stop in the
right direction has been taken.
British Credit Arranged for Braz
il.
London advices, Jan. 16, publ
ished in the Brooklyn
"Daily Eagle" state:
It is understood that a banking
group headed by N. M. Roths
child &
Sons has arranged credit of
£7.000.000 for the Banco Do Brasil
in order
to provide foreign exchange to
meet loan requirements until finan
ces are
reorganized. The bank's foreig
n exchange and gold holdings
have been
severely depleted by recent event
s. Sir Otto Niemeyer is likely
to sail for
Brazil. Jan. 29.
Argentine Government Grants
$7,080,000 Credit to
Railways.
From a Buenos Aires cablegram
(Associated Press) it is
learned that the Argentine Gove
rnment on Jan. 10 issued
a decree granting a credit of 10,000,0
00 pesos (approximately
$7,080,000) to the National railways
as a charge against the
railway operations budget. It
is further said that the
railways had reported that they were
unable to meet immediate obligations of 30,000 pesos
(about $21,000).
Repayment of National City Loa
n to Bogota Postponed
Until July 31.
It was stated in Associated Press advi
ces from Bogota,
Colombia, that the National Loan
approved a contract with the Nati Commission on Jan. 10
onal City Bank of New
York which defers payment of an
88,000,000 loan due the
bank from Jan. 15 to July 31. The
cablegram added:
During Mr. Clore's incumbency
, the Bank, which has been of financial
assistance to approximately 50,00
0 farmers in the States of Kentucky,
Tennessee, Indiana and Ohio, has grown
from the embryo to an institution
with resources of more
than $128,000,000.
Besides being interested in civic
affairs, having served both the Kiwanis
Club and the Farmers' Cornu
copia Club of Louisville as President.
Mr.
Clore owns and operates
a farm in Johnson County, Indiana.
At the present time,
Mr. Clore announced that he will resume his
residence in Franklin, lnd..
and will devote his attention to the improvemen
of his dairy herd.
t
Mr. Clore remains a
director of the financial institution which
he has
served as Treasurer, Vice-Pre
sident and Secretary.
War Debt Revision Urged
by Balfour—British Industrialist Says Shift of Gold
Hoards Also Would Aid
World Business—Recommend
s Wage Cuts.
The New York "Times" in its
advices from London, reports
as follows what he had to
say:
"I feel that if the vast
amounts of told in America and
France could be
distributed more evenly
that would go a long way to
alleviate some of our
difficulties," said Sir Arthu
r, who two years ago headed
a commission of
inquiry Into British
industry. "But perhaps the most
urgent thing is
some reasonable settlement
of war debts and reparations.
"We cannot go on liftin
g these large sums from one count
ry to another
without any value received
without causing a tremendous distu
rbance to
exchanges and trade. The
standards of life in the countries
from which
these payments are taken
are forced down and they are compe
lled to export
at prices which ruin our expor
t trade."
Sir Arthur took the conventional
view that the costs of production
Great Britain were too high and
in
must be reduced by reductions
of wages.
"I believe $1,000,000,000 more
Is being paid in wages in shelte
red industries than we can afford," he
said:
The National expenditure he descr
ibed as a "crushing burden"
and added
that Britain could net go on
finding $4,000.000,000 yearl
y and continue
to exist as a great industrial natio
n.
"The country has reached
the saturation point in taxat
ion, and if it
goes further the unemployment
figure will astonish us. I
believe the
addition of three pence on the pound
to the income tax will increa
number of unemployed by 500,0
se the
00."
The immediate remedy, he decla
red, is a sweeping reduc
tion of Governmental expenditure. After
that he said tariffs would
come "whether we
like it or not."
"There is no use talking rubbish
about trade improving, becau
se if anything it is falling." At the same
time he appealed for renew
ed confidence
and willingness on the part of
the British people to make sacrif
ices.
Presiding at the luncheon was Sir
Hugh Bell who flatly contr
adicted
the recent advice of John Mayn
ard Keynes, economist,
for all to spend
money as a mean of ending
the present depression.
"It is perfectly true it is desira
ble to spend money," said
Sir Hugh, who
is a leader among the free trade
business men of Britain.
"But it is essential
that money should be spent
only when a return is to
be got for it. Any
one who sins against that dictu
m IF sinning against light.
"
Resolution Appropriating $45,000,
000 to Carry Out Legislation for Drouth Relief — Pass
ed by Congress and
Signed by President Hoover—E
fforts of Senator Robinson to Include Appropriation
of $25,000,000 for Food
in Appropriation Bill.
In its final form the resol
ution to carry out the drouth
relief legislation provides for
an appropriation of $45,000,000 for advances to farm
ers in the drouth and storm
stricken areas for the purc
hase of seed, fertilizer, etc.
The resolution was signed by
President Hoover on Jan.
15. As was indicated in our
issue of Jan. 10, page 213,
the resolution passed by the
House on Jan. 5 carried an
appropriation of $45,000,000. On
the same day the Senate amended and adopted the resol
ution to include an
additional $15,000,000 to be used for food
loans. Following previous unsuccessful efforts to obta
in consent to send
the resolution to conference, Chairman Woo
An American banking syndicate headed by
the National City
d of the ApBank and prop
the First National Bank of Boston has agreed
riations Committee, made another attempt
to
additional when Congress passes a proposed lend Colombia $20.000,000
on Jan.
railroad reorganization
10 to obtain the unanimous consent to
approves a balanced budget and limits the
act,
send the House
National debt.
bill with the Senate amendment to conferen
Of this amount, to be a long term loan, $8,00
0,000 would be used
ce, but Repreto de- sent
fray the amount outstanding and the other
ative La Guardia (Republican) of New
$12,000,000 would be
distributed
Government according to National needs
York obby the
.
jected, stating again that he proposed to use ever
y
mentary method at his disposal to prevent acti parliaon until
Chilean Finance Minister Resi
he had been assured that care would be taken of
gns.
the unJulio Philippi, Minister of Finance, unexpect
edly handed employed of the cities. Mr. Wood then announced that
in his resignation on Jan. 8 leaving unfilled one of
he would ask for the rule, said the Washington
the most
dispatch
important posts in the Cabinet. A cablegram
from Santiago, Jan. 10 to the New York "Times" which added:
Chile, Jan. 8 to the New York "Times" from
The Rules Committee, headed by Representative
Snell of New York,
which we been called to meet at 10:30
has
a. m. Monday (Jan. 12),
quote added:
to
consider the
special rule sending the bill and amendment
to conference. The
Committee
418
FINANCIAL CHRONICLE
Monday. Under
is expected to be ready to submit the rule to the House it was predicted
Thus
the rules of the House it must lie over for a day.
to conference on Tuesday.
that the drouth appropriation bill would be sent
amendment immediately
The rule, as forecast today, will send the bill and
amendment or discussion.
to conference without any opportunity for
the attempt to shut off
Democratic leaders said that they would fight
rule itself because they
amendments, but doubted that they would fight the
drouth relief.
do not want to be put in a position of opposing
s made counIn the House on Jan. 12 Republican leader
ion to
against the Senate's $15,000,000 provis the
ter moves
drouth sufferers for food, said
authorize loans to
(Jan 12), which
"Times" Washington advices that day
ted:
further repor
immediately to confer-
to send
The Rules Committee brought in a rule Senate amendment the House
ence under a blanket disagreement, with the
feed, seed and fertilizer loans.
bill which appropriates $45,000,000 for
and, if adopted, as predicted by
The rule will be voted upon tomorrow
House and Senate differences will
Republicans and Democrats alike, the
go to conference.
La Guardia Continues Fight.
whose objections to sending
Representative La Guardia of New York, assured that the unemployed
to conference until he could be
the measure
in the relief program, said that he will
in cities also would be included
the House conferees to concur in
attempt to amend the rule to instruct
for $15,000,000 for food, but to strike
the Senate amendment providing
to farm families.
out the wording which limits the relief
on Jan. 13 we
Regarding the Senate and House action account to the
quote the following from the Washington
"Times":
nce by a 353-to-4 vote, defeating by
The House sent the bill to confere
$15,000,000 proposal.
215 to 134 a motion to concur in the Senate's
• • •
[VOL. 132.
addition to any funds it may collect in its $10,000,000
drive.
In its Washington dispatch Jan. 15 the "Times" said in
part:
of the annual
Fear of Democratic reprisals which would pigeonhole some
the next Congress
supply bills, and perhaps force President Hoover to call
to withdraw obinto extra session, caused the Republican leadership today
s, Democratic floor
jection to the demand of Senator Robinson of Arkansa
on to appropriate $25,000,000
leader, that he be allowed to offer a provisi
for furnishing food to drouth sufferers.
offered as an
The Republican leaders consented to the provision being
iation bill, under
amendment to the pending Interior Department appropr
a motion to susg that
unanimous consent agreement, instead of insistin
pend the rules should be voted on.
can leaders were apprehensive that if they
It was apparent the Republi
desire to bring his
continued to stand in the way of Senator Robinson's
the necessary twoproposal before the Senate he might be able to muster
this apprehension was
thirds majority to suspend the rules for it. With
to prolong debate,
the thought that a contest over the matter would tend
and thus add to the chances of an enforced extra session.
Plan Faces Trouble in House.
the Robinson
With the best grace they could muster they agreed that
Department
proposal should be considered in connection with the Interior
the afternoon.
bill, which was taken up in the Senate during
ent, even if
This outcome does not mean that the Robinson amendm
law. From present apadopted by the Senate, will ultimately become
in accordance with
pearances, it will be unacceptable to the House, acting
the administration's wishes.
Southern States Ask Quick Drouth Relief.
farmers,
An appeal from bankers, business leaders and
ess rush
representing 12 southern States, that Congr
before the
through all pending relief legislation, was laid
President Curtis, to whom it was
Senate Jan. 14 by Vice
15 said:
addressed. The United States Daily of Jan.
Congress Conferees in Deadlock.
to any Federal fund
Confronted by unwavering opposition of the House
by Senator Jones of
for food for persons, the Senate members, headed
conference committee
nce that had assembled at MemWashington, decided after a brief session of the
The message was sponsored by a confere
once a disagreement
on the drouth relief appropriation bill to report at
"everything that is humanly posphis, Tenn., and urged Congress to do
telegram follows in full text:
and ask for new instructions.
an appropriation of sible" for the relief of suffering. The
, representing 12 southern
The original bill, as passed by the House, carried
ry for
Agricultural leaders, bankers and farmers and view with alarm the
for live stock, feed loans and other expenses necessa
$45,000.000
on the in- states, assembled in Memphis, Tenn., deplore
was made,
measures. Inasmuch as all feed
crop production. No provision for human food
of that nature could be congressional deadlock over drouth relief ed and all available resources
sistence of the administration that relief work
and food products are completely exhaust communities throughout the
other welfare organizations.
ds of
better handled by the Red Cross and
fought almost continously in are tied up in failed banks in thousan
ates immediate
This administration viewpoint had been
item, members South, producing a state of abject poverty which necessit
amended the bill by adding the $15,000,000
s to do everything that is huthe Senate, which
Cross to provide relief, we respectfully memorialize Congres
y of the Red
relief measures now pending.
rising daily to recount the alleged inabilit
manly possible to expedite passage of all
for the destitute in the drouth areas. • •
(Signed.) Harry D. Wilson, Chairman.
•
House Acts Under Special Rule.
to conference from the Statement of Loans by Federal Farm Loan Board
The drouth loan appropriation bill was sent
leaders brought in after
Asked by Senator Fletcher.
House by a drastic rule which administration
failure to get action by unanimous consent.
would be requested to
prevented
objections
The Federal Farm Loan Board
Representative La Guardia of New York, whose for some provisions
the
effort
Senate a complete statement of affairs of
action by unanimous consent, made a last-minute
the
but his motion was ruled furnish
tion (S. Res. 393)
in the relief scheme for the unemployed in cities,
Federal Farm Loan System under a resolu
out by Speaker Longworth.
es instructed to agree
Senator Fletcher (Dem.), of
Mr. La Guardia sought to have the House confere the limitation in it introduced in the Senate by
referred to the Committee on
Senate's $15,000,000 amendment, striking out
to the
Florida. The resolution was
in the rural areas.
that the loans would be to destitute persons the "previous question" was
United States Daily, which
when
Banking and Currency says the
The Democrats first made a stand
the bill to conference, but they lost by a vote also said:
ordered on the rule sending
of Texas, the minority floor leader,
as to the number of loans
of 215 to 143. Representative Garner
Senator Fletcher's resolution asks for details loans on which payments
question as to whether action would be
then asked for a roll-call on the
rs did not want to be made by the Federal Land Banks, the number of
iation. His followe
what has been done with
had on the drouth loan appropr
have been maintained, the number of foreclosures,
the bill.
put in a position of blocking action on
and acreage acquired by foreclosures,
by Representative McClintic, Democrat, of foreclosed lands, the number of farms
prices, and inforThe test came on a motion
instructed to concur in the Senate the total of bonds outstanding and their present market
Oklahoma, to have the House conferees
es. Ile also seeks to ascermation concerning the market for such securiti
ent as it stood.
amendm
of facto-loan
Northwest Farm Belt and from tain what the Board has been doing to encourage formation
Fifteen Republicans, chiefly from the
facts relating to the
Summer's drouth, left their reservation associations and the negotiation of loans, as well as
States most acutely affected by last
Farmer-Laborite member for the food Joint-Stock Land Banks and their assets.
to vote with the Democrats and the
loans.
Republican majority against the food
Thirteen Democrats voted with the
t Pool Warns Large
s Drunner, Black, Dickstein and J. I. McFarland of Canadian Whea
loans. These included Representative
delegation, Representatives from other
over of Wheat Likely—Declares World Prices
Carry
Griffin of the New York City
Montague and Tucker of Virginia.
at Ruinous Level Below Production Costs.
city districts and Representatives • •
•
"With world prices for wheat at ruinously low levels far
announced to the Senate, Senators
As soon as the House vote was
be no alarm felt
of Georgia, were named to confer with below the cost of production, there should
Jones, Smoot of Utah and Harris
New
is a large carryover in Canada at the end of July,"
of Indiana, Cramton of Michigan, Wason of
if there
Representatives Wood
Buchanan of Texas. The conferees
Hampshire, Byrns of Tennessee and
it was stated in an interview Jan. 6 by John I. McFarland,
McFarsession about two hours.
remained in
ement in the Senate will pre- general manager of the Canadian Wheat Pool. Mr.
ng of the disagre
It is expected that reporti
h it has not been indicated how long land's statement is as follows:
althoug
cipitate a new flood of debate,
abroad,
its $15,000,000 amendment. Action on the
"During the past few months there bas been, in Canada and
the Senate will hold out for
in the Senate.
of the
have precedence over other business
much discussion, unfavorable comment, and adverse criticism
conference report will
t of the Confer- so-called holding policy of Canadian wheat sellers during the past few
Following the presentation of the repor
of wheat at the.
carryover stocks
inability of the conferees years, resulting in larger than normal
end of the cereal years.
ence Committee indicating the
it
sales policy is based on orderly marketing, as I defined
issues, the Senate on Jan. 14
"The present
to agree on the disputed
include pro- a few days ago. The producers of this Dominion are selling their wheat
its two amendments—one to
It is required by
receded from
to importing countries at world prices, as, and when,
for food loans, and the such countries, and will continue doing so. It is only fair, however, to
vision for $15,000,000 additional
the Secretary of Agri- state that while world prices remain at such ruinously low levels, we should
other which would have restricted
the end of July.
making loans. With this not be alarmed if we have on hand a largo carryoveraat days ago, the
culture to designated areas in
"Wheat was 50 cents in store Fort William only few
Presiwas sent to the
knew our farmers
lowest price at which No. 1 northern has ever sold. We
action by the Senate the resolution
indicated above, cannot produce another crop at anywhere near that price. In other words,
affixed his signature to it, as
much less than we can
dent, who
by the Senate, Sena- our people can buy wheat at the present time at t proposition to carry
on Jan. 15. Before the final action
produce it on our farms. It is a vastly differen
Jan. 14 served notice that over a portion of this high grade crop at these prices than it was during
tor Robinson of Arkansas on
for food loans the past three years when values were well over two and three times the
suffer defeat on the proposal
rather than
(we present prices, and when in two recent years, Canada carried over 127.to suspend the Senate rules
efforts would be made
bushels.
the agricultural appro- 000,000 be surprising if our competitors in Argentina and Australia do
"It will
quote from the "Times") when
up for consid- not hold similar views. We know grain merchants and agriculturists in
, comes
present extremely low prices
priation bill, carrying $214,000,000
ment to appropriate Importing countries do not appreciate the countries."
eration in order to offer an amend
welcome an advance in exporting
food, this to be in and would
$25,000,000 for the Red Cross to buy
. JANA17 19311
FINANCIAL CHRONICLE
when he arose to "be set aright about
419
some things." Mr.Edmondson
Board
Chairman wanted merely to know whether the Farm Board is really responsible for
he was answered
Farmers Union of Texas Urges Resignation of
Board the present low price of cotton. The language in which
Legge and Carl Williams of Federal Farm
was brief and to the point.
Calling
an Legge and the Board do not want
Mr. Simpson declared that Chairm
Unless Policies are Changed—Resolutions vernat present. He quoted from a letter
prices of cotton and wheat to advance
letter
to Quit Dealing in Futures—Go
on Board
Thomas of Oklahoma to this effect. From the
n at 18 Cents a Pound from Senator Elmer from Mr. Legge that the Board sold 3,500,000 bushels
ment Price Fixing of Cotto
he read an admission
e Nov. 22 to keep the price down so it
of wheat on the Chicago Exchang
Proposed.
public "in these depressed days."
•
Dec. 31 members of would be in reach of the buying
According to the Dallas "News" of
Predicts End of Board.
Marketing
the Farmers' Union of Texas and the Farmers'
that history shows the price of wheat has nothing
closing sessions of the joint "He does not realizebread not that of cotton with the price of clothing."
Association of America at the
ions de- to do with the price of . He warned that the Board's dealing in futures
Mr. Simpson declared
meeting on Dec. 31 unanimously passed resolut
Chairman would lead to gambling, and called for a congressional investigation of the
manding the immediate resignation of both
the Federal Board's practices.
because it was not seen by any farmers'
Legge and Carl Williams, cotton members of changed.
Mr. Simpson criticized the act
s, and pointed out that Represents,unless the Board's policies are radically
organization before it went to Congres
Farm Board
who introduced the measure, does not
tive Franklin Fort of New Jersey,
said in part:
an
The paper quoted also
living in his district. He accused the Board Chairm
administration seemed about have a single farmer
The-opposition to the Farm Board and its
away with individual farming in favor of corporate
farmers' groups were in agree- of attempting to do
the only point on which members of voth
were sometimes farming.
will exist only about another
other questions which came before them they
ment. On
Mr. Simpson predicted that the Board
to merge both groups,
ts have
in sympathy, and sometimes at odds. A move
He called it one of the greatest assets the Democra
Farm Labor Union and the Farm year or two.
hed it, are afraid to adand to include in this merger also the
- to-day, and said that the Republicans, who establis
not completed Tuesday, although all organiza
the Government has
Bureau Federation, was
that in the last ten years
the marketing associa- mit their mistake. He said
dear. He asked that the Government
tions were invited by 0. P. Norman, President of
discussions. J. E.Ed- made commodities cheap and money
tion, to name committees to represent them in such Union, said later that print more money to replace nearly $3,000,000,000 that has been taken
Farmers'
wards of Munday, State Secretary of the
having already closed its out of circulation.
"we have too much to eat.
this invitation came too late, his organization
Coining a paradox, Mr. Simpson said that
wants to speed up public
meeting, and invited the others to join the union.
and too many to eat it." He said that the union
the market for farm
works to relieve unemployment and thereby increase
Statutory Acreage Control.
discussed his
State Commissioner of Agriculture-elect, Legislature, products.
J. E. McDonald,
g
will sponsor in the
The following resolutions were adopted by mass meetin
proposal, incorporated in a bill which he
not elicit unanimity of approval
for statutory acreage control. This did
the Farmers Marketing Association
of
of questions and spontaneous discus- of farmers composed
from the assembl ige, and a rapid fire
Mr. McDonald from complet- of America, Farmers Union of Texas and Farm Labor Union
sion and comment from the floor prevented
principle of statuin favor of the
ing his talk. However, the group voted
at Dallas, Dec. 29 and 30:
Law it provided for
tory regui tion of acre Ige.
Whereas, when Congress enacted the Farm Relief
for a Government-fixed price on cotton
Board:
Resolutions were p ssed asking
two major plans for the operation of the Farm
propos 0 read:
of I8c. a pound. This
1. By minimizing speculation.
make provisions whereby the
of distribution.
We suggest that the Federal Farm Boardfarmers two bales out of every
2. By preventing inefficient and wasteful methods
co-operative associations can take from the
following the law and "minimizof atc. per pound, leaving
price
And Whereas, instead of the Farm Board
three produced by each farmer at a fixed held or sold for export at whatns
it has engaged in the most collosal speculative operatio
the farmer with one bale out of three to be
pay; It being understood that the ing speculation"
world and has lost millions of dollars
ever price the markets of the world will
the co-operative marketing ever known in the history of the
, cotton and wheat. And
farmers may sell the extra or surplus through .
possible
speculating and gambling in the future markets
associations and secure the highest price
ting inefficient and wasteful
on the Board and its ad- instead of following the law and "preven
what is
These resolutions also made vigorous attacks
ural methods of distribution" the Farm Board has adopted and fostered
they excepted from this attack the agricult
which during the past nine years
ministration, although
known as the Sardro system of marketing,
ng act itself, under which the Board is set up.
wasteful methods known to comarketi
and
has proven to be the most expensive
about three times as much as
operative marketing and is costing the farmers
Union Dissents on Price Fixing.
tive marketing systems.
co-opera
, President of the Farm Labor Union, de- other proven
fit to ignore and in some cases
W. W. Fitzwater of Bonham
And Whereas, the Farm Board has seen
nt.
Marketing Associations whose
clared himself in favor of this price fixing moveme
according openly hinder the success of Co-operative
price fixing,
The Farmers' Union, however, did not approve
to create fair prices for farm products, but the Board
union did not approve statutory aims and purposes were
to Mr. Edwards. Likewise, he said, the
system of collective selling at prices quoted
meeting in the morning has adopted and fostered a
and its allies have
acreage reduction. He explained that the union's
future markets, and furthermore the Farm Board
afternoon meeting, and that the union's morning on the
ed and gambled in farm products
was apartfrom the general
legislation de- entered the future markets and speculat
lobby for
Marketing."
meeting was executive. At that meeting plans to
on a large scale and called it "Co-operative
"Co-operative Marketsired by the union were made.
And Whereas, if the Farm Board had adopted
the general sessions Tuesday Dec. 30
the door to "Co-operative
With the union thus holding aloof,
W.B. ing" instead of collective selling and opened
Marketing Association, President Norman and
spoke the mind of the
in place of using coercion and tyranny to force
at various times. The Marketing Associations"
group of collective selling agencies, these
Yeary, Secretary of the association, having charge
resolution against short the farmers to join the certain
of a
union, however, did express its approval
could have been sold at much higher prices and saved the
This resolution attacks short sell- farm products
being our belief that the present trouble in Amerselling passed at the general session.
of the fact that it has country from disaster. It
ing as "the curse of both buyer and seller because products which would ica has resulted from a collapse of the buying power of the farmers. The
farmers from receiving a price for their
presented the
farmers has been brought about by the low price of
c needs." A bill to stop short breakdown of the
enable them to buy their reasonable economi which is being sponsored by farm products, especially the two major crops, cotton and wheat. Cotton
exchanges
selling of cotton and grain on the
about half what it sold for one year ago, not because
Representative 0. H. Cross of Texas is selling to-day for
but because cotton has
• Senator Caraway of Arkansas and
cotton is not worth what it brought one year ago,
sent to both men.
d by the group and telegrams to this effect
Cotton has no friend anywhere in the
was approve
Texas Cotton Co-operative been allowed to go down by default.
last Congress is a good law and
Because of previous association with the
Board, W. N. Corry of world. The Farm Relief Law passed by the
Association, which is affiliated with the Farm invitation had come to could be made to serve the people on a gigantic scale to restore agriculture
ed to speak, although an
Denton was not permitt
be made bad and a failure by malmeeting as an impartial observer to its proper place, but any law can
him to do so. Mr. Corry, attending the
with the co-operatives. The administration.
explained that he is no longer connected
farmer is restored then the retail trade
When the buying power of the
affiliated agencies, however,
e trade and thus
intense feeling against the Board and all its
will be restored which will in turn restore the wholesal
to the
was hero inevidence.
Chair- start the manufacturing enterprises which will furnish employment
Board under
Edwardsfor the union attacked the policies of the
Mr.
e will be on a solid foundthe desire that they resign. His unemployed and soon the whole economic structur
man Legge and Mr. Williams, joining in
call a surplus is simply
and other farmers'groups and, ation again. What the Farm Board and others
reason was that the Board ignored the union
of wheat while millions are
tive, "played with the wrong under consumption. We cannot have a surplus
while millions
in choosing to affiliate with the co-opera
starving for bread, enither can we have a surplus of cotton
child."
l of all movements, are freezing for the want of clothes.
Commissioner-Elect McDonald expressed his approva
and their friends
to unite the farmers for a
Therefore be it resolved, That this meeting of farmers
such as Tuesday's meeting, which are seeking
will be helpful, and
approval for the Farm Board undertake to make some suggestions which we hope
common interest. He expressed the same
n.
adopt some plans which we hope can be put into operatio
agencies, maintaining an impartial attitude.
and its Texas
"News" we take
Suggestions.
From the Dec. 30 issue of the Dallas
cure the case, but drastic
1. That no ordinary homeopathic dose will
the following:
ure from prolonged disaster.
measures must be employed to save agricult
Co-ops Associates Attend.
be viewed by some as vis2. That the drastic measures suggested may
l President of the Farmers'
certainly hope that none will
John A. Simpson of Oklahoma City, Nationa
ionary and by others as paternalistic, but we
and thoughtful study.
Farm Board and Chairman
Union, delivered the roughest attack on the
until the measures are given careful
was a continuation of the harshly Judge
country under normal conditions
Legge Monday afternoon, Dec. 29. His attack
3. The best estimates indicate that this
weeks against Mr. Legge and
ten million bales of cotton annually.
fight he has been making for the last several
will, within the near future, consume
have five million bales
ion is fifteen million bales we would
the Board.
AssOciation attended If our product
Several associates of the Texas Cotton Co-operative
to market in foreign countries.
surplus
Mr. Simpson, among them C. 0. Moser,
suggest that the Federal Farm Board
the afternoon session to hear
In view of the above facts we
of organization of the American Cotton Coative Marketing Associations can
Vice-President in charge
make provisions whereby the Co-oper
d by each farmer
agency for cotton. Mr. Moser
farmers two bales out of every three produce
operative Association, the Farm Board
the floor. take from the
leaving the farmer with one bale
the Board and its workers made from
was included in attacks on
at a fixed price of say 18 cents per pound,
at whatever price the markets
Board, the farmers were not
export
Unsparing in their attacks on the Farm
out of three to be held or sold for
on. During Mr. Simpson's talk, J. B. Preston, a
understood that the farmers may sell the
afraid also to talk revoluti
of the world would pay, it being
farmer, arose to attack the Federal Land Bank because of its extra or surplus through the Co-operative Marketing Associations and secure
Dallas County
him because of a delinquency In payments. Mr.
price possible.
threat to foreclose on
y from the floor at one time shouting the highest
Plans of Operation.
spoke frequently and heatedl
Preston
shoulder a gun if farming conditions are not
to
Board be requested to quit dealing in futures,
out that he was ready
1. Resolved that the Farm
Simpson said that there are others who feel that way.
in principle, and besides the speculators
bettered. Mr.
mainly for the reason it is wrong
are millions who do.
futures the Farm Board can buy and
Mr. Preston said there
around the world can sell all the
have plenty left.
Claim Price Advance Not Wanted.
its policy and take into affiliation all
2. That the Farm Board reverse
Anderson County farmer who ran for Lieutenant
Associations properly organized under the law
Joe E. Edmondson, suspected of being in sympathy with the Farm Co-operative Marketing
was
Governor in 1922,
420
FINANCIAL CHRONICLE
and efficiently and economically
managed and operated on sound principl
es,
to the end that all farmer owned and
farmer controlled Associations may
have equal rights as contemplated
by the Farm Relief Law.
3. Be it further resolved that we endorse
and approve the Marketing
Agreement and the plan of operation of the
Farmers Marketing Association
ad' America, Inc. as being simple,
economic, workable and capable of
rendering unsurpassed service to
the farmers in the co-operative marketing
of their crops.
4. Likewise we hereby endorse and approve
the principles of the Farmers
Educational and Co-operative Union,
also the principles of the Farm Labor
Union are endorsed and approve
d.
Dairy Advisory Committee of Federal Farm
Board Urges
Reduction in Retail Prices of Dairy Products
in
View of Lowered Buying Power of Public—Oth
er
Resolutions Adopted.
Reduction in the retail prices of dairy products, especi
ally
city market milk, in harmony with the reduce cost
d
of raw
material; curtailment in the number of milkin cows,
g
and
further increased consumption of dairy products on
the farm
are urged in resolutions adopted by the Dairy Adviso
ry Committee at a meeting in Washington, D.C., Jan.
5 and 6, and
approved Jan. 7 by the Federal Farm Board.
The Committee reiterated the warning sounded a year ago agains
t promotional schemes for construction of physical
facilities to
handle dairy products. The three resolutions
relative to
retail prices, over-production and increased consu
mption on
farms follow:
1. Whereas, by reason of the reduced buying power of the
[Voi. 132.
United States Department of Agricu
lture to Open
Four Crop Loan Offices in Areas
Affected by
Drouth and Storm.
Field offices for handling loans to
farmers in drouth and
storm areas for the purehase of seed,
fertilizer,feed for work
stock, and fuel and oil for tractors used
in crop production,
will be established by the Department
of Agriculture at
St. Louis, Mo., and Memphis, Tenn.
, in addition to the
offices already in operation at Grand Forks,
N. Dak., and
at Washington, D. C., C. W.
Warburton, Directors of
Extension Work and Secretary of the
National Drouth Relief
Committee, announced on Dec. 31.
The office at the
Department of Agriculture in Washi
ngton will make loans
to farmers in Virginia, Maryland, and
West Virginia and in
the counties where drouth damage
was serious in 1030 in
Ohio, Southern Pennsylvania, South
Central Michigan,
Northwestern North Carolina, and
Northwestern Georgia.
This office will be in charge of Georg
e L.
also have general supervision of all the Hoffman, who will
seed loan operations.
The Department's further advices state:
The office at Memphis, Tenn., will make
loans in the States of Arkansa
s,
Tennessee. Louisiana, Mississippi and
Alabama. This office will be
supervised by H J. Lynch, who for two years
has been associated with seed
loan
operations in the Southeastern States, and
who has been in charge of
the
office at Columbia, S. C., for the last
year.
The office at St. Louis. Mo., will be
supervised by T. Weed Harvey,
Assistant Chief of the Office of Co-operative
Extension Work of the Department, who had supervision of the St.
public in the
Louis office a year ago when
present period of business depression the farmers
loans were made there under a similar
are confronted with conauthorization by Congress.
stantly declining prices for their dairy product
The
s until the prices have gone St. Louis office will make loans in Kentucky, Southern Indiana
far below cost of production, and
, Southern
Illinois, and in those areas of Missouri,
Kansas. Oklahoma and Texas
Whereas, the retail price of dairy product
where drouth damage was serious in
s to the consuming pulalic,
1930.
especially of market milk sold by distributors
Walter E. Eliff, who is now in charge
to urban consumers, has not
of the office at Grand Forks,
declined in the same percentage,
N. Dak.. will supervise loans in the States
of Minnesota, North Dakota
Resolved, that the dealers in dairy products and
,
particularly the dealers In South Dakota, Montana, Wyoming and Washington, In
those counties
city market milk be called upon to reduce retail
prices at least in the same where drouth or storm damage occurred last summer.
ratio as the cost ofraw material is reduced to them.
Loans will be available to farmers in drouth
and storm areas who have no
2. Whereas, the number of milking cows on farms
continues to show In- other means of financing their crop production in 1931 and
erease in such numbers that the oversupply of milk
who make
has resulted in excessive application to one of Oise field offices for assistance.
Application blanks
inventories of all dairy products for the past year
and that indications are and other necessary forms are now being prepared by the
Department and
that the prices for all dairy products will average
lower in 1931 and 1932 will be available for distribution promptly after Congress
provides the
unless the dairymen make drastic curtailments and
reduce their herds of necessary appropriation to carry out the provisions of the
authorizing
COWS.
resolution approved Dec. 20.
Be It Therefore Resolved; that all low producing and unprofi
To secure the repayment of his loan,
table cows
each borrower will be require
should be culled from herds and sold for slaughter;
d to
that additional numbers give a first lien on his 1931 crops. The maximum amount
which will be
of calves be waded; and that each farmer reduce the size
of his herd by elim- loaned to an individual farmer and the maximum rates per
care will be
inating at least one cow out of each 10.
specified In regulations to be Issued by the Secreta
ry of Agriculture. The
Be It Also Resolved, that attention of State and Federal agencie
s be called Interest rate on all loans will be 5%. Notes given by borrowers
will be
to the over-expansion of the industry and that all forces
be combined to payable next fall when the 1931 crops mature and are markete
d, the date
bring to the personal attention of farmers, the need and
wisdom of culling of payment varying according to the marketing season in
the different
herds and vealing calves.
sections.
3. Whereas, the Federal Farm Board through a resolution
adopted by the
Dairy Advisory Committee at a meeting on Jan. 9 1930,
called to the attention of farmers that they themselves were partly responsi
ble for the low Representative McClintic Intimates Possibility
of Inprice of butter due to their failure to use sufficie
nt quantity of their own
quiry into Federal Farm Board
butter and dairy products in their homes.
—Asserts Body
"Participated"in Farmers' Downfall.
That, after this condition was called to their attention reports
Indicated
that there was an intelligent response to the appeal o the Farm
The Administration was urged on Jan.6 by
Board encouraging farmers to use more dairy products and that
Representative
their action in In- McClintic
(Dem.), Oklahoma, to make a thorough
creasing the use of dairy products in their own homes also
investigastimulated
greater use of dairy products among consumers not particul
tion of the activities of the Federal Farm Board
arly interested
as the result
in production which materially affected general consumption.
of charges made against Alexander Legge
Therefore Ile It Resolved, that, inasmuch as the price of all daisy
, Chairman of
products Board,by
John A.Simpson,President of the Farme
has now reached new low levels,farmers again set a good example
by further
rs' Union.
increasing the use of dairy products In their own homes,and
This is noted in a Washington dispat
we specifically
ch Jan. 5 to the New
urge the dairy farmers of the nation to consume each week at
least the York "Journal of Comme
rce," from which the following,is
equivalent of one more pound of butter, either in milk, cream,
butter or also
cheese; the net result would be that this will not cost the produce anythin
taken:
r
g
but on the contrary will bring big dividends to the producer.
Addressing the House on the corresp
ondence which has been made public
between
The resolution warning farmers to beware of promoters tion thatmessrs. Simpson and Legge, Mr. McClintic warned the Administraunless an investigation is made
"the
was the same as the one adopted by the Committee last at a later date when it is possible to have subject will not be overlooked
the kind of macninery necessa
to go into every detail of what
ry
January and cautions them:
seems to be a policy that instead
of helping
the farmer has practically
destroyed him."
To scrutinize and examine most closely all plans for promotion of building
Points to Charge of Losses.
facilities, for handling dairy and other farm products, which
are either
Mr. McClIntic quoted from
originated or furthered by those whose chief, if not only interest
the Simpson letter to Mr.
is to make the Farm
Legge, in which
Board Chairman was charged
a profit out of the promotion of the enterprise: also, that co-operative
with having testified before a
secret session of the Senate Agricul
organizations. Individual farmers and local commercial and financia
ture Committee to the
l in- Board has
effect that the
lost $25,000,000 by dealing in
terests everywhere be advised not to enter upon facility building programs
wheat; that 840,000,000 has been
until a most careful survey has been made by disinterested advisers from the lost by dealing In cotton: that the board had
paid $250.000 in brokers'
State governmental agencies and (specially not until the Division of Co- fees; that the Board could have caused the price of
wheat to advance to $I
operative Marketing which is now with the Federal Farm Board has been a bushel had It so desired and also that the Board
did not desire to see
consulted and its recommendations have been most deliberately weighed. the price of cotton rise.
"When it is taken into consider
ation that the production
of cotton and
wheat are the chief agriculture
Another resolution adopted by the Committee, says:
assets of the United States,
" Representative
McClintic said, "it is beyond
my conception to see how
Whereas,there is evidence in many instances when an attempt is made to charged
any public servant
with the responsibility of
aiding our farmers could favor such
bring about more efficient nvarketing organizations by the merger ofcertain policy. Everyon
a
e knows that the coffee
activities of local co-operative associations objections and hindrances by dustry of
growers of Brazil, the diamond inAfrica and the Fruit
Growers' Exchange of the United States
officials and employees ofsaid co-operathres who wish to keep their positions, have successf
ully taken care of
marketing conditions by regulating
Be It Resolved, that this condition be called to the attention of members of supply of a commod
the
ity and causing the
same to be fed to the market in
co-operative dairy associations with toe request that their members give such a way as to
maintain a fair price.
Increased attention to the benefits accruing to individual co-operatives by
large sales agencies; and that we deplore the activities of those individuals
"Sabotage on Farmers."
"Therefore,if the statements
who prevent these changes for selfish reasons.
charged to Chairman Legge were made to the
Senate Committe and the
Informa
The Dairy Advisory Committee is composed of the follow- count of what has taken place tion I am now giving is an accurate acdealing in futures, it must be with respect to the Federal Farm Board
ing members:
construed that those in charge with this responsibility have practiced
Harry Hanka. Chairman, Co-operative Pure Milk Association, Cin- of rendering him assistan sabotage on the American farmer, and Instead
ce have delibera
tely participated in his downfall."
cinnati. Ohio; John ]lrandt, Secretary. Land O'Lakes Creameries, Inc.,
Mr. McClintic said that the
funds alleged to have been lost by the
Minneapolis. Minna C. E. Hough. Connecticut Milk Producers Associa- Board are funds of
Farm
the taxpayers and
"every member of Congress Is charged
tion, Hartford, Conn.;Emerson Ela, National Cheese Producers Federation, with a certain
amount of responsibility,
and, as I view it, it Is my duty to
Madison, Wis..; U. M. Dickey. Consolidated Dairy Products Co.. Seattle, aid in bringing about
a proper investig
ation, having in mind, if the memWash.; P. L. Betts. Chicago Equity Union Exchange, Chicago. Ill., and bers of the Farm
Board have deliberately
George W. Slocum, New York Dairymen's League, Milton, Pa.
wasted public funds and brought
about a chaotic condition in prices
that relates to farm products, then, they
the
JAN. 17 19311
FINANCIAL CHRONICLE
421
standpoint, I de
Mr. Legge. Yes, sir; absolutely. From the export
in competition with the
not see any hope for the American wheat producer
serf labor of Russia, with their
peon labor of Argentina and the practically
lower standards of living.
what is the remedy?
The Chairman. If we have lost hope for it,
grower of America is conMr. Legge. The remedy, so far as the wheat
ge Governing Transprofitably use it for feeding liveRuling of New York Stock Exchan
cerned, except in instances where he can
Subscription War- stock, is to reduce the production to the domestic consumption basis.
actions in Securities Having
if you could induce him
The Chairman. Would it benefit the farmer
rants Attached.
curtail production?
an- to Mr. Legge. I have personally canvassed every wheat-producing State
Secretary Green of the New York Stock Exchange
we are making some headway
in the Union during the last six months, and
nounces the adoption of the following ruling:
area of the country had a reduction
there. For instance, the spring-wheat
NEW YORK STOCK EXCHANGE.
of 5% last year..
acreage have to be reduced in
The Chairman. How much would the
Committee on Securities.
Jan. 8 1931.
order to bring about some beneficial results?
to livestock might offset some of it, we
day a new Rule
Mr. Legge. Except as feeding
At a meeting of the Committee on Securities held this
it on a strictly domestic-conwould have to have a 22% reduction to put
to be known as Rule 265 was adopted, reading as follows:
consideration the wheat which is fed to
s which have subscription warrants attached sumption basis. Taking into
265. Transactions in securitie
the production
for "cash", shall be ex-war- livestock, it will take less than that, perhaps, to balance
except transactions therein made specifically
notice of extension with the consumption.
rants on the day of expiration of the warrants, unless
that, in your effort to get a curThe Chairman. How do you go about
of the privilege is received by the Committee prior thereto.
tailed production?
GREEN, Secretary.
ASHBEL
we try to lay before farmers the
Mr. Legge. It is purely educational,
situation that you have been facing,
facts. We say to them, "Here is the
"These are the
Exchange. and it is one that you can not ignore." We say to them,
Nominating Committee of New York Stock
here, and they have been going
conditions that are depressing the market
The following members of the Now York Stock Exchange on all over the world." The world's acreage of wheat has increased some
years.
were elected members of the Nominating Committee for 42,000.000 acres within 14 that you will reach the point, through educaDo you think
Mr.
n hold Jan. 12: William B. Haffner, tion or Byrns. e, where you will be able to curtail the production of wheat
1931 at the electio
otherwis
Co.); and of other farm products down to a point where it will be only sufficient
(Wilcox & Co.); Louis E. Hatfield, (Henderson &
n to meet domestic consumption?
Kerriga
Bernard E. Hyman (Hyman & Co.); Arthur L.
Mr. Legge. I do.
t,
picture that you draw when
(E. A. Pierce & Co.) and Lewis A. Williams, (Abbot
Mr. Byrns. Of course, it is a rather black
to foreign markets.
you say that they can not look further
Hoppin & Co.). 406 votes were cast.
t only on that particular
Mr. Legge. We are making that statemen
commodity.
Board
the Grain Stabilization Corporation
Mr. layrns. How much wheat does
Testimony of Chairman Legge of Federal Farm
tee on Accomplish- have on hand?
cash
Before Appropriations Commit
Mr. Legge. It has 64,000,000 or 65,000,000 bushels of actualunder
by Board on Various
probably 60,000,000 bushels
ments of Board—Advances
wheat in elevators and storage, and
futures contracts.
Commodities.
Air. Byrne. Has the board come to any conclusion as to what it proposes
on Jan. 6, Representative Burtness pre- to do with that wheat?
In the House
testiis going
Mr.Legge. A portion of that wheatbut not to be required in the domestic
sented to that body the following excerpts from the
all of it. What may happen
the new crop comes in,
mony of Chairman Legge of the Federal Farm Board before trade before or what may have to be carried further ahead, is still a
to the balance,
d who has the.
should be immediately discharged and someone appointe
carry out the
proper viewpoint and is willing to proceed in a sane manner to
wishes of the majority of the members of Congress."
"Conthe Appropriations Committee (we quote from the
gressional Record").
question.
to feed it out in a manner that will
Mr. Byrns. I suppose you propose
not be calculated to break the market?
Mr. Legge. Yes, sir.
Mr. Byrns. As it is needed.
Mr. Legge. Yes, sir.
deal to store it, does it not?
Mr. Byrns. It costs a good
an expensive proposition. We are criticized
Mr. Legge. Yes, sir; it is
of our dealings in futures. Now, futures
by the public somewhat because
been handled for 70 years. If you should
Is the basis on which wheat has
a man, nine times out of ten he has futures
sell a boatload of wheat to
In settlement for the wheat. In dealing with it
contracts that has turns in
the same facilities must be used that everyunder the present set-up,
For instance, in the case of the wheat that
body else uses In the market.
d, futures were bought rather than the cash
has recently been purchase
you would have to pay about 2 cents more
wheat, for this reason, that
than for futures contracts for the same number of
for actual cash wheat
some other month. The cash wheat has been
bushels to be delivered In
were not bought, the private trader would have
at a premium. If futures
of that differential.
an advantage to the extent
happened if the Grain Stabilization
Mr. Byrns. What would have
this Wheat?
Corp. had not purchased
from some of the most conservative millers
Mr. Legge. I have letters
except
and some of the largest buyers of grain in this country saying that, bushel
board, wheat would be 25 cents per
for these purchases by the
throughout the country to-day.
for the wheat you bought?
Mr. Byrns. What did you pay
of the wheat purMr. Legge. At the present time, theisaverage cost77 cents per bushel.
about 76 to
which
chased is around to-day's market,
Accomplishments of Board.
us of any good you have done?
The Chairman. Mr. Legge, can you tell
order, Mr. Chairman.
Mr. Legge. That is a pretty big
but when this matter comes up
The Chairman. I suspect that is true,
questions from those who
on the floor there will be all sorts ofwho are trying to break it are in favor
down. We
of the Board, as well as from those
can answer those questions.
ought to have some information so we
will be we do not know. You
Mr. Legge. As to what the final outcome
operations what your gains or
can not say until the final close of your
true of grain. The grain market tolosses may be. That is particularly
what wheat would bring
day is fully 20 cents above the world parity, or
Saturday Liverpool
if it were exported. At the close of the market on
was 70%, and the transporta wheat was 69%, while the Chicago market
the end the taxpayer will lose.
lion cost is 1554 cents. It may be that in
will be. In the meantime, we
As I say, we do not know what the outcome
per week, with the advantage of this
are consuming 17,000,000 bushels
00 to the wheat grower as comdifference in price, which means $2,500,0
e, at the present time the grower
pared with the export price. Therefor
of that we will lose in the final
is getting that advantage. How much
ns is beyond us. We do not know
.clean-up of the stabilization operatio
libout that.
dependent on world conditions, on
The Chairman. Of course, that is
things. This thing is supposed to
transportation conditions, and other
we will not sustain any considerable losses
be built up on the theory that
the future somewhat and tell us what
In its operation. Can you look into
these loans?
the probability is with reference to
s guess. All the time we are making
Mr. Legge. It will be just anybody'
a moment ago of wheat. and I will say
the Stabilization Corp. perform?
some progress. You were speaking
Mr. Ayres. Just what service does
until last month, there was every month
to maintain, in the case of extreme
that for 62 consecutive months, up
Mr. Legge. The service of trying
world and domestic wheat over the
of
an increase in the visible supply
surplus of the commodity, a stabilized price.
wheat in the corresponding months depression or a
and purchase at times when
visible supply of world and domestic
Mr. Ayres. That is, they go on the market
year. That is, we have pyramided a surplus consecutively,
•of the previous
to the price is deemed to be too low?
what has happened
every month, for 62 months Now, in view of that,
Mr. Legge. That is the theory.
The surplus has been building up,
too high; is that the idea?
the market is easy to understand.
Mr. Ayres. And sell when it is deemed to be
time, until last month, when, for the first time,
bigger and bigger, all the
but we have not had any trouble of that kind yet.
Mr.
the other direction. November showed the first decline I have Legge. Yes;
of Agriculture which
It took a turn in
here a memorandum from the Department
and also in the domestic supply of
derived from the stabilization operain the world's visible supply of wheat
r the will give you some idea of the benefits
Novembe
wheat, and in the North American supply of wheat. In
tions.
.
an average price at Winnipeg
tide turned and began working in the other direction
This Is for the month of October, showing
With reports showing that the visible supply is decreasMinneapolis of 53 cents a
The Chairman.
cents a bushel and an average price at
of 68
the price?
ing, will you not have a corresponding Increase in
bushel-average for the month of October
no increase in bushel, or a difference of 15 cents a
been
as
Mr. Legge. That has not come yet. There has
wheat. Our grading system is not the same
ed. It is true to-day that, on comparable grades of
recognizes No. 3 Manitoba on
the price. The prices are artificially maintain
Canada and here, but the market
grade,
is, it is artificially maintained, not only on wheat but on between
northern spring-wheat
low as tile price
the same sale basis as No. 1 Dakota. or our
36 cents.
other grains.
and the spread for that month was
ed?
The Chairman. llow is the price artificially maintain
difference, the Winnipeg price being 33
On oats there was very little
ion.
Mr. Legge. By the operations of the stabilization corporat
and the Chicago price 36 cents.
to cotton?
The Chairman. What have you to aay with reference n at the moment. cents barley, however, the Winnipeg price was 32 cents and the MinneOn
Cotton is in very much the same conditio
-cent tariff on barley as
Mr. Legge.
cents, reflecting the full 20
in cotton. The spinning business all apolis price was 54
There is very little improvement
and the domestic price.
as it can be. between the Canadian price
. It is just about as dead
was 37 cents, and the Minneapolis price
over the world seems to be prostrate
On rye, the Winnipeg price
bit. There has been a little more activity in the
prim was $1.29. and the MinneIt has improved a little
cents; on flaxseed. the Winnipeg
in some of the previous months, but it is very slow, and was 49
was the average for the month, which
last 60 days than
apolis price was 80 cents. That
of cotton is not increasing as it is on wheat. The wheat situa----that
consumption
We might be taken as evidence
very markedly through the feeding operations.
Have you anything on corn?
tion is being helped
Mr. Dickinson (interposing).
this year, and an enormous quantity of wheat is
not give corn, but I
have a short corn crop
No; the Canadian comparison does
Mr. Legge.
livestock.
using a comparison with the Argentine prices.
being Md to
can give you prices on corn
n. Some of it is burned for fuel, is it not?
r averaged 35 cents a bushel at
The Chairma
corn price for Novembe
the quantity that is burned in that way is rather The Argentinewhile here it averaged 71 cents a bushel in Chicago.
Mr. Legge. I think
who is real cold, and has nothing else to burn, Buenos Aires,
n. That difference represents the amount of the tariff?
negligible. Somebody
The Chairma
not think that affects the visible supply very much.
cents. I am sorry to say there are conmay burn it, but I do
Mr. Legge. The tariff is 25
it that the great inexorable law of supply and
coming in and paying the tariff at the present
The Chairman. I take
due siderable quantities of Corn
the price, and that the low price of wheat Is largely
demand controls
more wheat In existence than there is a demand for. time.
to the fact that there is
422
FINANCIAL CHRONICLE
The Chairman. You say there is a conside
rable amount of corn coming
in from corn-producing countries?
Mr. Legge. Yes; they unloaded 90,000 bushels
from Cape Town, South
Africa, last week, and paid the tariff on
it.
The Chairman. Then we did not put the
tariff high enough.
[VoL. 132.
We also take from the "Congressional Recor
d" of Jan.
6 the following indicating the advances by
the Federal
Farm Board and the amount outstanding:
Statement by commodities showing amounts commitm
of
ents approved, commitment, canceled, not commitments, advances, repayments,
mitments available for advances,
balances outstanding,
on with
Treasurer's office, Federal Farmin connectiof Nov.all loans made by the Federal Farm Board under provisions of the Agricultural Marketing Act, as shown and balance of comBoard, as
by the records of the
30 1930 teffeaiee date)•
Commodity.
Beans
Cotton
Dairy products
Fruits and vegetables:
Citrus fruits
Grapes and raisins
Other deciduous fruits
Miscellaneous fruits and vegetables
Grain
Honey
Livestock
Nuts
Potatoes
Poultry and eggs
Rice
Seeds
Tobacco
Wool and mohair
Total
Grain stabilization
Cotton stabilization
Total Amount
of Commitments
Approved.
Amount of
Commitments
Canceled.
$564,438.41
136,078.037.99
16,280,000.00
5113,000.00
20,652,657.42
1,563,130.25
$451,438.41
115,425.380.57
14,716,869.75
3,800,000.00
21,236,200.00
2,454,500.00
806,000.00
57,141,902.60
135,000.00
17,450,000.00
233,000.00
205.000.00
430,000.00
1,784,000.00
101,800.00
3,250,000.00
12,303,689.00
500,000.00
1,631.875.00
125,322.64
3,300,000.00
19.604,325.00
2,329,177.36
806,000.00
46,966,534.94
135,000.00
8,129,704.26
233,000.00
196,000.00
415,000.00
1,321,000.00
78,925.76
1.945.268.10
12.288,863.00
Net Commitments.
10,175,367.66
9,320,295.74
9,000.00
15,000.00
463,000.00
22,874.24
1,304,731.90
14,826.00
$274,253,568.00
108,000,000.00
40,000,000.00
U5.911.080.85
3,000,000.00
5499 91R Anson
11Q 011
two
QA
5228,342.487.15
105.000.000.00
40,000,000.00
Amount
Advanced.
Balance of
CommUments
Available for
Advances.
Repayments.
Amount
Outstanding.
$284,323.64
99.098.144.48
7,937,048.75
$57,760.34
43,832.277.25
2,924,121.27
$226,563.30
55,265,867.23
5,012,927.48
5167,114.77
16,327,236.09
6,779,821.00
2.658,184.00
17,330.701.53
1,150,534.20
69,550.00
39,089,582.59
45,839.00
3,679,704.26
165,517.48
196,000.00
235,000.00
833,455.24
41,741.62
1,423.438.73
11.792,044.10
417,110.87
3,241,029.54
84,777.70
14,032,324.30
6,008.58
1,227,832.34
2,241,073.13
14,089,671.99
1,065,756.50
69,550.00
25,057,258.29
39,830.42
2,451,871.92
165,517.48
150,000.00
235,000.00
685,896.66
35,000.00
918.259.99
9,678,188.23
641,816.00
2,273,623.47
1,178,643.16
736,450.00
7,876,952.35
89,161.00
4,450,000.00
67,482.52
$186,030,809.62
104.000,000.00
36,138,723.26
46,000.00
147,558.58
6,741.62
505.178.74
2,113,855.87
$68,642,577.00
51,539,212.17
5,001,485.67
$117,388,232.62
52,460,787.83
31,137,237.59
180,000.00
487,544.76
37.184.14
521,829.37
496,818.90
$52,311,677.53
1,000,000.00
3,861,276.74
IXM5/2457 15
Chairman Legge of Federal Farm Board Denie
s Charges
of President Simpson of Farmers Unio
n That
Board Tried to Depress Wheat Price—Lett
er of
Senator Thomas to Mr. Simpson Says Board
Has
Monopoly of Wheat Situation.
Charges of efforts to depress wheat prices made
by John
A. Simpson, President of the Farmer's Educationa
l and Cooperative Fniun of Oklahoma City again Chair
st
man Legge
of the Federal Farm Board, are denied in
a letter addressed
to Mr. Simpson under date of Dec. 31 and publis
hed in the
Congreatdonal Record of Jan. 6. Mr. Simpson's allega
tions
were contained in a letter to Mr. Legge, dated Dec.
24, in
which Mr. Simpson said in part:
I challenge you, if you feel innocent of the charges, to join
with me in
urging passage by the Senate of the Walsh resoluti
on calling for an investigation of the marketing activities of the Farm
Board. . .
The charges that I made against you were two.
First I charged that
you testified at a recent Agriculture Committee
hearing that the Farm
Board, through its marketing agencies, had
bought and sold on the wheat
exchange to the extent of 100,000,000 bushels
of wheat, and that on Nov. 22
your set-ups sold on the Chicago Exchange three
and one-half million bushels
of wheat for the purpose of breaking the
price. You testified that the
Farm Board and its set-ups also bought and
sold on the cotton exchange;
you further testified before this committee
that you wanted wheat to be
kept low so that it could be fed to hogs
instead of
fied that you did not want to see cotton advance corn; you further testiin price; that the textile
mills needed cotton at just about the price that
it is now.
Second, I charged that the Farm Board marketing agencie
s were using
Federal money to force farm organizations to subscri
be to and approve of
Farm Board policies.
These things, sir, I stand ready to prove to any respons
ible investigating
body, as I have pointed out before.
In answer to the above Mr. Legge wrote Mr.
Simpson as
follows on Dec. 31:
8228 169 532.AR
8125 183 274.84
4200 986 258.04
$47.172.954.77
real progress is being made, we invite you to call upon
the farm organisations that are participating in the program laid down
by Congress.
Yours truly,
ALEX LEGGE,
Chairman, Federal Farm Board."
From a Wichita Kansas dispatch, Jan. 3, to the
New York
"Times" we take the following:
Mr. Simpson had said he based his charge on a
report made to him by
Senator Elmer Thomas of Oklahoma of a Senate
hearing at which the
Farm Board Chairman testified.
The letter from Senator Thomas was made public
to-day by Mr. Simpson
at Hutchinson, Han.
As given out by the Farmers Union official, the letter
said;
"Mr. Legge admitted the Board has practically control
of a monopoly of
the American wheat situation and the Board could at
will place the price
of wheat at any figure desired. Legge testifie
d last Saturday, Nov. 22,
that after the Board had entered the buying
side of the market, wheat
started to rise and the board, not desiring to
see wheat go up at this
time, stepped in, sold 8,500,000 bushels on
the Chicago Exchange, causing
a break.
"The Board told the Committee it did
not wish to see a rise at this
time. On the other hand, it wanted to keep
it low so it could be within
reach of the buying public during depressed
times, that it desired to see
wheat kept low, so that it would be economi
cally possible to be fed to live
stock, instead of corn.
"The only reason given by the Board for not
desiring a wheat advanced
at this time is that the Board has under
contract 100,000,000 bushels,
and if wheat advances the owners will begin
making deliveries, and flood
Chicago.
"Instead of the Farm Board buying from
farmers, it is buying on grain
exchanges, taking delivery on future contrac
ts. It expended $250,000 of
public funds on brokerage costs in purchas
es on the Chicago Exchange.
The Board admitted to the Committee
that on cotton owned and controlled
now, it stands a loss of $40,000,000, and
on wheat $25,000,000, a total of
$05,000,000. With this gigantic loss,
the Board does not seem interested
in having wheat go up so that the
loss, or at least part, can be regaine
d.
"air. Legge admitted it would be
an easy matter to force the price
of
wheat to at least a dollar and could
be done any time the Board desired
.
"The Committee has not had a
chance to consider and analyze
evidence
given us, and I am giving you
in brief my reaction to evidenc
e submitted.
Unless the board changes its
attitude and represents the (farmer
s directly,
not other interests, I am sure
it will be only a question of
a very short
time until the law is repeale
d and the Board discharged.
"Legge laid the cause of wheat
distress very largely to the door
Western Kansas farmers, who
of
increased acreage despite appeals
."
Mr. John A. Simpson,
Farmers' Educational 43 Cooperative Union,
Oklahoma City, Oklahoma.
Dear Mr. Simpson:
I am in receipt of your letter of Dec. 24 and
can see no good resulting
to the farmers from a further exchange of personal
According to Associated Press
ities between us. It
would be highly improper for me to enter into
accounts from Washington,
any discussion of what was Chairman Legge
, on Jan.3,repeated his denial
said in an executive session of a Senate Committee,
but I do want to repeat
of the charges
of John A. Simpson that he
most emphatically that the statements you have been
using as having been
was opposed to an increase
made by me at this hearing are absolutely untrue.
in the
price of wheat and cotton
. He termed the sugges
Entirely aside from anything which happened at
this meeting, isn't it "ridiculous."
tion
These advices added:
rather absurd to accuse us of trying to depress the price
of wheat at a time
Regarding charges that the
when the domestic markets are twenty-five to thirty-f
Board contends the price
ive cents a bushel, raised and
of wheat can be
depending on where the wheat might be located, above
maintained at $1, Chairman
Legge said:
what it would bring
"We did say this could be
if exported to-day, the Liverpool price averaging
done if sufficient funds
at present approximately which to buy
were available with
all the wheat offered from
twenty cents a bushel under the Chicago figure for
the same grade of price level could
all
not be maintained unless sources, but that a designated
wheat? Don't you realize that in taking this position
you are aligning took all of the
the stabilization corpora
wheat that was offered."
tion
yourself with the interests which are so bitterly opposin
g all efforts to aid
This would not be advisab
agriculture in an effective way?
le, the Chairman
added, because a large
accumulation of grain would
So far as I know no resolution has been introduced
be a "serious handica
in Congress asking
p in future seasons."
Senator Thomas of Oklahoma
for an investigation of the Farm Board, but
said that the letter
have been informed that the Simpson in
made public by Mr.
Hutchinson, Han., was
private traders in grain and cotton have been trying
to have such a resolu- been requested
authent
to represent the Farmer ic. He explained that he had
tion introduced. Do you wish to place yourself in
s National Union at the
the position of supporting Committee meeting
Senate
and
their activities? So far as the Board is concern
ed we have nothing to con- letter to Mr. Simpson that while he was there as a Senator he wrote
ceal and have always tried to furnish to
.
the
the various committees of Con"That interpretation of
gress such information as they have asked for.
Should they wish to make Senator said. "He said Mr. Legge's attitude is correct in substance," the
a special investigation they will receive
he felt that the
the fullest cooperation from us. , a precipitate rise
now, because It would price of wheat should not take
Of course, we would be sorry to see the adminis
tration of the Agricultural would not be dispose
mean that the surplus probably
Marketing Act drawn into partisan politics
d of. lie also said
any sharp rise might result in
. This act was passed by the much larger acreage
a
. I
friends of agriculture without regard to party
lines. The Board has taken It should fix the price suggested to him that if the Board had the power,
no part in political activiti
of wheat at around
es of any kind. The job assigned us is to
a dollar, but he said he thought
assist it unwise that the price go to a
the farmer in building and operati
dollar at present."
ng his own marketing system so that he
will get the full market value for his
From the Washington
to place the industry of agriculture products and to aid him in other ways
correspondent on Jan. 5 the New
on a permanently sound financial basis. York "Jour
nal of Commerce" report
Our work ie being done
the way we believe to be in the best
ed the following:
interests of the
producer and we are going to continu
The controversy concerning
the operations of the Federal
e straight ahead. If you doubt that
Farm Board
in cotton and wheat, between
Chairman Alexander Legge of the
Board and
JAN. 17 1931.]
FINANCIAL CHRONICLE
Farmers' Union,
President of the National
John A. Simpson of Oklahoma,
officials
by a committee of the Union's
will be investigated in this city
understood
, it was learned to-day. It is
named in St. Paul, Minn., Friday
arrive here Thursday morning.
that the investigating committee will
rs' Union officials from
y was approved at a meeting of Farme
The inquir
is composed of C. A. Ward
estern States. The committee
s
eleven Northw
Callahan, President of the Illinoi
of the Kansas Farmers' Union; J. It.
Union;
ent of the Wisconsin Farmers'
Farmers' Union; A. M. Young, Presid
AssociaFarmers' Union Terminal
M. W. Thatcher, General Manager of the
National
of the Board of Directors of the
tion, and T. E. Howard, Chairman
Union.
ss pertaining to the admini
"The committee will investigate all matter
ed.
members of the committee declar
tration of the Federal Marketing Act,"
Farm
all the facts in connection with the
"We want to settle once and for
any
Senators, Farm Board members and
Board's activities. Congressmen,
interviewed. Our
be
feel might be able to assist us will
others whom we
ed by the task we find there."
stay in Washington shall be govern
d when Mr. Simpson alleged that
The Legge-Simpson controversy starte
on
ents before the Senate Committee
Chairman Legge made certain statem
man denied. The controversy
Agriculture, which the Farm Board Chair
of the
marketing act and the policy
Involved the ,fundamentals of the
it.
Farm Board in operating under
423
by Congress,
that conditions had been known publish the
Senator Smoot commented
y to
been made it was unnecessar
but since appropriations had
made in confacts.
ing progress of expenditures
nald as
Removal of limitations hinder
was advocated by Mr. MacDo under
that
with the Federal aid roads
nection
speed up relief. He said
might
provision that not
one way in which Congress
u was restricted by the
existing regulations the burea
the government on any road.
per mile could be spent by
"at every turn"
more than $15,000
expenditures were tied up
the limitations
Asserting that government
ed: "I favor a removal of
useless restrictions, he declar
assumed that we
by
be
business. Either it must
written around our public
should be appointed."
that an emerare honest or our successors
for road construction, he saidess, which had
Concerning funds available
Congr
0 had been made by
advance fund of $80,000,00 al aid appropriation, bringing the total
gency
Feder
been matched by $88,000,000
match the emergency
up to $168,000,000.
Federal fund not used to
00.Combining the remaining
funds, he said, gave a total of $132.0 and
n with available State
appropriation
appropriatio
added to the emergency
it. le continued, gave
000. The latter figure, when
match
the Government to
be spent during the
the amount advanced by
$300,000,000 possible to
put to use
a grand total of more than
0 would have been
00,00
He estimated that $50,0
total fund, 100,000
coming year.
under the $300,000,000
that
by the first of February and addition to those already engaged in the work.
in
would receive employment,
Philadelphia Stock
gency Relief Frank L. Newburger, President of
ns
Colonel Woods of President Hoover's Emer
oved Business Conditio
es Between
Exchange Expects Impr
Committee Estimates Idle in United Stat
Legislain 1931.
Four and Five Million—Urges Additional
urger, Loeb & Co., and
eve Present Situation.
Frank L. Newburger, of Newb Exchange, in expressing
tion to Reli
e on Jan. 7,
the Philadelphia Stock
Before the Senate Appropriations Committe er's Emer- President of conditions the present year, said:
his views as to
rman of President Hoov
liquidation—liquidation of
Col. Arthur Woods, Chai
number "The last 12 months have been a period ofto a point unanticipated at
ittee for Employment, estimated the
values fell
gency Comm
Quoted
of
een four and five securities and commodities. ss, generally speaking, suffered the effectsthe
s
of unemployed in the United State betw
this time a year ago. Busine
timidity is
ured the opinion that the deflation. A period of retrenchment, fear and industrial
million. At the same time he vent
period of boom.
ut the country this natural result of the excesses that attend a justification for taking a more
is some
various construction programs througho
15 months
"With the turn of the year there
,000, were ade. The country has had prices in
uctive attitude toward the future
year, involving expenditures of $2,500,000
ty
With reference to constr of adjustment to a new economic standard. Securi that might
or more
quate to handle the existing situation.
much of the bad news
the 7th the New recent weeks probably have discounted months. Most, if not all, the soft
few
the testimony before the Committee on
reasonably be expected in the next
ver, industry
in its Washington
been eliminated. Moreo
spots in the financial structure have
York "Times" had the following to say
sensible set of values.
conform to a new and more
, copper
Is realigining itself to
been made by the oil, sugar
dispatch:
oduction.
ically, considerable progress has
Specif
overpr
of Thomas H. MacDonald, Chief of
elves of the burden of
Colonel Woods' testimony and that
agricultural groups to rid thems
now under way, will
Department of Agriculture, who followed and
ad consolidation program,
the Bureau of Public Roads of the
requesting in- Consummation of the railro
field. What is more.
to the Senate resolution
the transportation
le period
him as a witness, were in response
ctly stabilizing factor in
unemployment and what is being done be a distin endeavor have trimmed sail in preparation for a possib
formation concerning the extent of
all lines of
Those are hopeful factors.
or should be done to meet it.
curtailed volume of business.
the old year is
of
ttee that during the calendar year 1931 of
of events with the passing
rs
Mr. MacDonald told the Commi
To expect a sudden turn
ss horizon, however, appea
least $130,000,000 would be spent by the
say the least. The busine
ss,
possibly $300,000,000 and at
al improvements in busine
uction and improvement unwarranted, to
road constr
year should be one of gradu
pointand State Governments for
Federal
er. This
recovery
had been quite generous in its appro- bright
confidence in the eventual
work. He said that while Congress
panied by a restoration of
we have ever ext authorized was as much as could be accom
even greater prosperity than
priations for roads and the amoun
into ing toward a period of
could aid in converting the money
economically expended, Congress
perienced."
ation.
actual employment by favorable legisl
Into State Affairs
iate Improvement.
Sees No Immed
essee House Proposes Inquiry
in
country with that of 1921. Colonel Tenn
Comparing the economic status of the
to Involving of Public Funds
the
—Measure Due
sion is as bad if not worse than
Woods said that the present depres
now dragging
declared, "that we are
Bank Failures.
previous one. "If it can be said," he
up, then it would not be unlike that
Press dispatch from
along the bottom and are about to go
Under date of Jan. 7 an Associated "Times" said:
improve before next spring," be
to
1921. But conditions are not apt
of
yment probably would be at their Nashville, published in the New York
the affairs
said, adding that business and emplo
Assembly moved to-day to investigate
ary.
The Tennessee General
lowest during January and Febru
thing that I can say is that
ism since it was found nearly $6,g unemployment, the principal
subject to widespread critic
"Concernin
sions and of State,
in November.
he continued. "Business depres leaders
were in three banks that closed
investigation
ss
there is far too much of it."
000,000 of public funds
that "a thorough and complete
d upon as inevitable, but busine
A joint resolution declaring
unemployment used to be looke
ial and imperative,"
and are taking steps
essent
ary
,
s of the State of Tennessee is
to realize that they are unnecaa
are now beginning
special order
tendency of all the Department
He said that there was a growing
dissenting vote, and was set for
business passed the House without a
to avoid them in the future."
reconstruction in factories and other
y by the Senate.
five
to speed up construction and
but of business for 10 a. m. Frida
of seven Representatives and
charity on the part of business men
establishments, not because of
Under the resolution, a committee
be authorized to inleads to restoration of purby the respective speakers, would
realize it is good business and
because they
Senators appointed
empowered to compel the attendance
ate and audit each department,
chasing power.
he believed in the relation of crime to vestig
s, "and do all things necessary
Asked by Senator Copeland if
witnesses and the production of record
of
complete."
Woods declared:
said investigation shall be full and
widespread unemployment, Colonel
ment
gh poverty and and proper to the end that
brought on largely throu
Senate, said the following amend
"There certainly is. Crime is
Scott P. Fitzhugh, Speaker of the
de living necessities for their
temptation of men to unlawfully provi
A. D. Broadbent was acceptable:
the
may
by Senator
to get them otherwise."
any and all private citizens who
families when they find it impossible
"Also to investigate the activity of
State
or Copeland, "with Nicholas Murray
connected in transactions of this
"You agree, then," said Senat
have been directly, or indirectly,
the social order is in danger."
its officials."
Butler of Columbia University that
d, "but I would not give it just or with any of
s
from Nashville
"Tent is my belief," Colonel Wood replie
Special advices Jan. 7 to the "Times"
r now, since it has been foreseen."
that flavor. I think there is no dange
that definite signs had appeared of the beginning stated:
Colonel Woods added
ve-elect
d out that in previous depressions
the assistance of Representati is was
of an "industrial evolution." He pointe
Breaking a two-day deadlock with
ugh of Memph
much as possible all
trial leaders fired every one possible and cut as
is political leader, Scott Fitzh
"indus
p, Memph
by a Demodared go to the bank and E. H. Crum
of the Tennessee Senate
construction costs, and would do it before they
nominated yesterday for Speaker
sed of 28
The State Senate is compo is equivaask for credit."
," cratic caucus on the 11th ballot.
on applying for credit
the Democratic nomination
"The first thing they would be asked by the banks
Democrats and five Republicans and
done these things."
he added, "was whether they had
ds for
ad of firing as many lent to election.
intensified as a result of deman
"Things are different to-day," he continued, "inste
State,
is
Interest in the position has been
are keeping on as many as possible." If it
Horton in many parts of the
men as possible, employers
chment of Governor Henry
0.000 of State
he said, it is carried out in the impea
l banks where about $6.08
found necessary to discharge some employees,
those who following the closing of severa
since there is no
gh the careful selection of
State Constitution,
many cases on a scientific basis, throu
was on deposit. Under the
become Governor
such as unmarried men and those already money
er of the Senate would
can best afford to be discharged,
Lieutenant Governor, the Speak
eligible for retirement.
of Mr. Horton's removal.
Governor
of the 82,500,000,000 to be ex- in the event
ed Mr. Horton in his race for
Colonel Woods told the Committee that
Two years ago Mr. Crump oppos
coming year,
ty against the Govg
his) gave a 20,000 majori
through public and private construction durin the
pended
the
and Shelby County (Memp
plan or contract stage.
Mr. Crump was lined up with
p
40% was now in the
In the last primary election
a 20,000 majority. Mr. Crum
can do to relieve the present situation," asked ernor.
and Shelby gave Mr. Horton
"Is there anything we
County's
Horton forces
Governor Horton as Shelby
Senator Copeland.
ess apparently is again at "outs" with to the Speakership of Senator W. K.
replied Colonel Woods, requesting that Congr
on
"You bet there is,"
Senators prevented the electi
two bills now in the Senate to cut the red tape three
administration candidate.
expedite the passage of
ns into Jobs, One of the Abernathy, the
of Federal appropriatio
hindering the conversion
ing
s explained, would increase the number of site select
bills, Colonel Wood
begin
ped from Chicago Stock
must pass on locations before construction can
Banco-Kentucky Stock Drop
committees which
Exchange List,
twelve.
from one to
oned which would allow the government to start
Another bill was menti
on Jan. 7 stated:
proposed construction involving condemnation proAssociated Press advices from Chicago
preliminary work on
ucky Co., an Investment concern which is in
Shares of the Banco-Kent
ceedings.
list.
this point accused Congress of dilatory action with
were dropped to-day from the Chicago Stock Exchange's
Senator Copeland at
"that we have been receivership,
panied the announcement. There were
unemployment relief. "I think," he said,
No explanatory statement accom
respect to
has been widespread unemployment."
there
unwilling to admit that
424
FINANCIAL CHRONICL
E
7,200 shares traded
to-day, the closing low
price being 34. The high price
n the last year was
25. Four million share
s of no par stock were listed.
President Hoover Issu
es Appeal For Contributions to
$10,000,000 Fund For Ame
rican Red Cross to Further Relief Work in Dro
uth Areas.
In a letter addressed to
the American 'Red Cros John Barton Payne, Chairman of
s, President Hoover approves the
recommendation of Mr. Payne
for a public appeal for the
raising of funds of $10,000,
000 for the relief of farmers in the
drouth area. A request
for the appeal was made to the
President by Mr. Payne on
January 10. A Washington
dispatch on that date to the
New York "Herald-Tribune"
said in part:
[Vol,. 132.
I am doing so with
supreme confidence that in
the face of this great.
humanitarian need your
response will be immediat
e.
HERBERT HOOVER
.
In its Washington dispatch
January 10
the "Times" said:
Judge Payne, stating that
the $5,000,000 regular reser
Cross was "melting down
ve fund of the Red
very rapidly," explained
that he recommended to
the President that if he issue
d an appeal for funds a
minimum of$10,000.00
should be asked for
0
While calls for relief were
coming chiefly from Arka
nsas and Kentucky,
Judge Payne said that in
Alabama where it was not
thought the drouth
situation was very serious,
the Red Cross was receiving
numerous requests
for funds and that calls for
help were being made in a
total of 21 States
Judge Payne's appeal was
cited as significant in Cong
it was only a few days ago
ress circles because
that he testified before the
Senate Committee on
Appropriations that the
Red Cross could handle
the drouth relief problem
and put the amount neces
sary to complete its
program at $4,500,000.
The foll
owing from Washingto
n Jan. 11 is also from the
The appeal which Judg
"Times":
e Payne proposed to President
Hoover did not
contemplate extending the
benefits of the fund to the citie
Red Cross Appeal Is
s, In or out of the
drouth States. If the Presi
Attacked.
dent issues the call, as lie is expe
The probable appeal of
cted to do, it is
the Red Cross for $10,
possible that he will not limit
000,090 was criticized by
the People's Legislative
the fund specifically to the rural
Service today in a stat
the drouth States, but leave
sections of John
ement issued by Mercer G.
the Red Cross free to use the mone
ston, its director.
y where the
need Is most pressing.
"Is the Red Cross board
ing relief funds in the
Judge Payne told the Presi
face of human misery
almost impossible to
dent that appeals for aid from
picture?" the statement aske
the drouth
States had increased so rapidly
d.
in the last ten days that
Mr.Johnstone asserted
it was apparent
that the lied Cross enter
that the $5,000,000 fund which the
ed the current fiscal year
July 1, with $44,000,000
Red Cross has on hand woul
in hand,"or substantially
near meet the need.. Distress
d nowhere
assured," $35,000,000 of
is increasing in that area,
which was immediately
particularly in
available, and declared that
Kentucky and Arkansas, whic
h suffered severely from the
if the organization
withheld the use of this
fund in the present emergenc
riots in Arkansas brought
drouth. Food
y "It will risk the loss
the renewed demands in
Congress for a food of public confidence to a degree that will great
appropriation.
ly impair its usefulness."
Charging that the unem
ployment situation had been
"For the first time," Judge
Payne told newspaper
misrepresented,
men, "the Red Cross Mr. Johnston added:
, has had to advance money
to buy feed for livestock
"The Hoover-Payne
as well as food for
humans. In the last ten days
policy of suppression merely
serves to discredit.
our chapters have increased
confidence in its sponsors
national headquarters so rapid
demands on the
."
ly that our funds are
melting. These demands will continue to grow
as the severity of winte
r increases."
The national headquarte
North Carolina Chain Stor
rs of the Red Cross does
sary to provide for the
not believe it is necese Tax Before U. S. Supreme
cities in the forthcoming
Court—Validity of Indiana Cha
nail, it was said. Effic
organizations have been
ient
established in the large
in Store Tax Law
centers of population, it
was pointed out, and there
Also Pending.
is no reason why any
man or woman there should
go hungry or suffer from
cold. In the rural secti
The validity of the North Caro
ons, it was said, no such
organizations can be
lina chain store tax law
maintained, and the Red
Cross chapters are the only was brought
means of ministering to
before the Supreme Court of the
the destitute.
Unit
ed States
President Hoover's letter
Jan. 12 in an appeal from a
decision of the State Suprem
to Mr. Payne approving the
e
appeal for funds follows:
Court, filed by the Great Atla
ntic & Pacific Tea Co. and
18 other chain store operator
s. The case was docketed unde
The White House.
r
the title of Great Atlantic
Washington, Jan. 10 1931.
lion. John Barton Payn
& Pacific Tea Co. vs. Maxwel
e, Chairman. American Red
l,
Cross, Washington, D. C. No. 649. The "Unite
My Dear Mr. Chairman
d States Daily" in making this
:—In accordance with our confe
past week I am glad, as
rences during the in its Jan. 13
known
president of the American
issue, further said:
Red Cross, to approve
an appeal for public assis
The tax
tance
to
which is imposed unde
undertaken In the rural sections. the association in the relief work it has Act
r Sec. 162 of the North Carolina
of 1929 is discriminatory
Revenue
and should be declared void for
Last fall the Red Cross unde
the companies contend.
that reason,
rtook the burden of personal
relief throughout the drouth States. At
The following corporatio
that time, you set aside
ns are joined with the Grea
$5,000,000 of the Tea
association's funds and estab
t Atlantic & PacificCo. in the case: Davi
lished a vigorous and
d Pender Grocery Co., Rose'
active organization Store
throughout the drouth area.
s 5, 10 and 25 Cent
s, F. W. Woolworth
In our discussions then it was
Co., J. C. Penney Co., G. R.
further funds might be
considered that W.
required, and it was contempl
Kinney Co., Inc.,
T. Grant Co., Milner
ated that at an apStores, Inc., Carolina Store
propriate time an appeal
Ward & Co., Merit
should be made to the gener
s, Inc., Montgomery
Shoe Co., National Hella
osity of the American
people to assist the Red Cros
s less Co., McLellan Store
Co.. M. Samuel & Co.,
s in its burden.
s
Inc., L.P. Price Mercantile
It was felt then that it woul
Co.. The Acorn Stores.
Inc., Sears Roebuck &
d not be possible to meas
Co., A. C. Fite and Melvi
ure the volume of
requirements until we had
lle Shoo Corp.
reached the early stages of
The North Carolina law
winter and that, in
imposes a tax of $50 on each
any event, it was desirable
store in excess of one
that the Red Cross postpone
operated In the State under
the same general manageme
any appeal until
such time as the communit
nt and was held to be
valid by the North
y chests and committees on
Carolina Supreme Court
unemployment relief
In the larger cities should have
in an opinion handed down
Sept. 17 (V, U. S. D.,
further advanced the raisi
ng of their funds.
2240)
The problem as now develope
The validity of the Indi .
d, requires more than the
available funds,
ana chain store tax law is now
and is not wholly one of
food, clothing and other
pending in a ease
personal care among before the Supreme Court of the United State
f irmers who have suffered from
s entitled Jackson v. State
Board. In that case the
the drouth. There is alto
Federal District Cour
difficulty in the
smaller rural and industrial town
t for the District of Indiana.
held that the Indiana
s as a double reaction from
law was discriminatory
the drouth and
depression. I understand
and invalid.
that these towns are unable to
organize to effectively meet their problems as are
the municipalities.
The arrangement made by
Hearing on Kentucky
Secretary Hyde and yours
Chain Tax Suit in Federa
elf by which a
representative of local Red
l
Cross chapters will sit upon
Court at Covington
the local committees created by the Depa
Scheduled for To-day.
rtment of Agriculture for admin
istration of the
crop relief will assure that
The Kroger Grocery &
every one truly deserving
Baking Co.'s petition for a tem
will be looked after
with care and without wast
porary restraining orde
e.
am confident you will comm
r preventing enforcement
and the never-failing generous
of Keninstincts tucky's anti-chain tax law
of our people toward those who
are less fortunate.
will come up for a hearing befo
I remain,
a three-judge
re
Federal
(Jan. 17). A dispatch Court in Covington, Ky. to-day
Jan. 13 from Covington to
York "Journal of
the New
Commerce" reporting this
Supplementing the above Presiden
added:
Kroger has asked that
t Hoover on Jan. 13
enforcement of the law
addressed an appeal to the peop
pending
le of the Nation to con- sched a hearing on its petition for a perm be restrained temporarily
anent injunction,
uled for Feb. 7.
tribute promptly in behalf of the
Unles
Red Cross. His appeal the law becomes effective s the temporary restraining order Is which is
granted.
follows:
Feb. 1.
Yours truly,
HERBERT HOOVER.
The White House,
Washington, Jan. 13 1931
.
Kentucky's antichain law
imposes a tax on gross
a rate steeply grad
sales of all retailers
uated from one-twen
at
tieth of I% for the
of sales to 1% of all sales
first $400,000
in excess of $1,00
0.600. For purposes of
all the stores of a chain
the,tax
system are treated
as a unit. Kroger
that because of certain
maintains
credits allowed to
smaller retailers and becau
the way the graduated
rate works out in
se of
practice the law is In effec
only on chain and large
t a tax
department storm.
The suit brought by Krog
represents a joint action by
er
most of the large
tucky.
chain stores operating in
Ken-
To my fellow-countrymen:
There must be a very mater
ial increase in the resources of the
American
Red Cross to enable it to bear
the burden which it has undertak
en in the
drouth area and smaller comm
unities over twenty-ono State
s during this
winter. Within the last
ten days the Red Cross has had to
increase the rate
of expenditures to an amou
nt greater than during the entir
e preceding
four months.
The American Red Cros
s is the nation's sole agency for
Executive Council of
relief In such a
crisis. It is meeting the
American Federation of Lab
demand and must continue to
do so during the reor for
mainder of the winter.
Government 5-Day
Week—A. H. Wiggin Assailed
The disaster reserve of
the Red Cross which was pledged
on
Wage Cut Idea.
to this emergency
last August is not suffi
cient to meet the increased dema
nds.
It is imperative in the
Following the opening of
view of the experienced directors
its annual midwinter sess
of the Red Cross
that a minimum of
ion
at least $10,000,000 be contribute
at Miami, Fla., on Jan. 13,
d to carry the relief
program to completion
the Executive Council of the
.
American Federation of
The familiarity of this
Labor passed a resolution call
situation, due to months
of press reports of its upon the Fede
ing
progress, should not blind
ral Government to
us to the fact that it is an acut
nor dull our activ
adopt without delay a
e sympathies toward our fellow-country: e emergency. five-day week for
its employes. A disp
nen who are In
actual want and in
many cases will lack the bare neces
atch to the New
sities Of life unless York "Times" also repo
they are provided
rted as follows:
for.
President William Green
As President of
said he regarded
the United States and as Presi
the Ave-day week as the
most important issue, with
dent of the American
Red Cross, I,
the severehour work
therefore, appeal to our peopl
ing day next.
e to contribute promptly
and most generously
He also expressed the belie
f that the Council woul
in order that the suffering of thou
d go on record for
sands of our follow "job security" contracts to
countrymen may be
insure the maximurs
prevented.
spread of employment
in times of depression and gave
emphatic reply to tire statement
of Al-
JAN. 17 1931.]
FINANCIAL CHRONICLE
Bank of
bert H. Wiggin, Chairman of the board of the Chase National
New York, in which the financier favored wage reductions.
ts, also
"Mr. Wiggin is illogical and at odds with our leading economis
wages," Mr.
many of our great employers, in his advocacy of lower
because we
Green said. "We are starving in a land of plenty simply
machinery and
have overemphasized the development of production
failed to keep up our ability to purchase this output.
decrease
"If, with our present production, we lower wages and thus
depression
the buying power of consumers throughout the nation, this
production mamay continue indefinitely. Having the materials and the
placing the
chinery, we can only restore normal business conditions by
nation's buying power on a par with production."
employes asThe resolution concerning a five-day week for Federal
private employers
serted it was time the Government kept step with many
to reports that
who have adopted this plan. The resolution also referred
s in the navy yards
the Government had been dispensing with employe
n when, in this
and elsewhere, aggravating the unemployment situatio
Council's opinion, it should increase its forces.
t Green said:
In discussing "job security" contracts, Presiden
to guard against such
"Our thought is that industry can be regulated
experiencing. Econoperiods of unemployment as the one we are now
ons, and most of
mists know that industry has its peaks and depressi
the depressions by
these can be forecast. If employers will prepare for
will be little
distributing the labor load among all their employes there
unemployment."
Those attendThe ses'sion is expected to continue for about ten days.
Martin F. Ryan,
ing, besides Mr. Green, are Frank Morrison, Secretary;
Chicago; James
Treasurer; Frank Duffy, Indianapolis; T. A. Rickert,
Wharton, WashWilson, Cincinnati; John Cofield, Washington; Arthur
et, New York. Matington; Joseph Weber, New York; August Bugniaz
w.
thew \Volt of New York is expected to arrive tomorro
425
Unemployed
Strikes in Great Britain Increase Number of
Textile Disputes Put Total at
to 2,800,000—Coal,
Record as Other Unemployment Declines.
13 were
Associated Press advices from London Jan.
Tribune":
published as follows in the New York "Herald-
January 5 showed
Official unemployment figures for the week ending
week, but actually there was an
a decrease of 25,000 from the previous
in the coal and cotton
increase of 175,000 due to strikes and lockouts yed, since they do not
industries. The latter were not listed as unemplo
jobless is 2,617,770, but with
receive the dole. The official total of the
figures would be .almost 2,800,000,
the addition of the men on strike the
Britain ever had.
the largest number of unemployed Great
efforts toward a settleGovernment negotiators today continued their
has tied up Great Britain's
ment of the South Wales coal dispute, which
idle since New Year's Day.
largest mine field and kept 150,000 workers
miners' executive committee
The full membership of the South \Vales President of the Board of
Graham,
came from Wales to meet William
Mines, for a new discussion
Trade, and Emanuel Shinwell, Minister of
ing committee of the coal
the situation. Meanwhile, the full negotiat
of
later for consultation and for
owners' association was asked to attend
was found desirable.
a joint meeting with the miners if this
, in which 25,000 men
Government intervention in the textile industry
the arrival at
out by the mill owners, began today with Minister of
have been locked
y to the
ter of F. W. Leggett, Assistant Secretar
Manches
weavers' union immediately.
Labor, who called a conference of the
were meeting in anMeantime, executives representing the mill owners compromise might be
some
other part of the city, and it was hoped that
ed for next Saturday in
arranged to avert a general lockout threaten
ot spinners would be
which 250,000 weavers and an equal number
affected.
on, who has been active
A. J. Cook, Secretary of the Miners' Federati
South Wales dispute, was inin trying to negotiate a settlement of the
an amputation of his
formed today by his doctors that he must undergo
accident, and the
his leg was injured many years ago in a mine
assaulted and kicked at a
trouble was aggrevated recently when he was
d disputes in the coal inmeeting at which miners protested prolonge
of the pressure of work
dustry. He delayed going to a hospital because
resulting from the South Wales strike.
"Employed"
Census of Jobs Will Count Apple Sellers as
census of unemployed to be
Officials in charge of the
will be instarted Jan. 15 in twenty representative cities
as employed the street-corner venstructed to enumerate
placards. Acders of apples, despite their "unemployed"
which
g to advices Jan. 2 to the New York "Times"
cordin
Board
likewise said:
Directs Wage Cuts for Miners in Ruhr Arbitration
reached the decision
1—
A conference of experts of the Census Bureau
Decides on 6% Reduction to Be Effective as of Jan.
just reGosnell, who has
today. The ruling was suggested by F. A.
and Philato Accept.
York, Detroit
Owners Refuse
turned from a trip to Chicago, Buffalo, New
10, is
census.
A cablegram follows from Essen, Germany, Jan.
delphia, setting up the machinery for the
learned in his investigation that many
Mr. Gosnell stated that he had
from the New York "Times":
taken
living.
oyed apples" were earning a good
his two assistants,
persons selling "unempl
Britain Says
Prime Minister David Lloyd George of Great
d Prefer However, That
Dole Averts Revolution—Woul
Money Be Used in Providing Employment.
s), Jan.
Associated Press advices from Barmouth (Wale
6 stated:
opinion
d the
David Lloyd George, former Prime Minister, expresse
long ago had it not
here today that there would have been a revolution
restrospect lie bebeen for the British dole. He said, however, that in
in providing work
lieved it would have been better to spend the money
rather than maintaining unemployed in idleness.
sea defense works
Speaking at the laying of the foundation stone for Premier declared
former
which will cost approximately $650,000, the
the world because there
that unemployment seemed to be creeping over
steel and other products.
was too much wealth, too much corn, iron, coal,
was no justice in allowMr. Lloyd George said he believed that there
his own while there was one
ing one man to starve through no fault of
opposed making provision
crust to spare in the nation's cupboard. He
on and unemployment
unemployment, but felt that a time of depressi
for
ed in a time of prosoffered an opportunity to attend to things overlook
perity.
and
A verdict of the official arbitrator, Dr. Braun,
wage cut for all categories
agreed upon this afternoon, provides a 6%
Ruhr district as of Jan. 1.
of employes in the mining industry in the
contended the decision had
It was antedated because the mine owners
of Labor, who had perbeen delayed through the fault of the Minister of the wage scales until
tion
suaded the owners to postpone the cancella
after Christmas for political reasons.
until June 30, 1931, also autoToday's decision, which will be in force
for Jan. 15.
matically revokes discharges scheduled
by Monday morning at 9
The parties to the dispute must declare
rejected
they will accept the finding. While the owners
o'clock whether
leaders are expected
as soon as it was announced and union
the decision
members at tomorrow's meetings,
to recommend similar action by union
on Monday evening, after which
the decision will be declared binding
a possible strike.
the unions will not be able to legalize
thus settled, the iron-producing
With the situation in the Ruhr district
a reduction of domestic
industrialists will meet Wednesday to discuss
than the world market
iron prices, which are said to be 12 a ton higher the iron industry deWhile
prices because of high tariff protection.
producers are willing to grant
mands a reduction of at least $6, the iron
Republican press, which
only a $2 cut. This policy is criticized by the
iron duty and
Reichstag should interfere by lowering the
says that the
dissolving the cartel.
Cut.
Irish Linen Conference Agrees on 10% Wage
Unemployed in Berlin Reported as 440,548.
London, Jan. 14, appeared
A cablegram as follows from
Berlin's unemployment total was placed on Jan. 10 by in the New York "Journal of Commerce":
8, slightly more than 10% of the
of the Northern Ireland
official figures at 440,54
At a conference today between representatives
adrecommend a reduction
population of the city, according to Associated Press
linen industry and operatives it was agreed to recommendations await
in wages of 10% to the spinning section. The
Berlin.
vices from
The employers had proposed
Belgium Plans New Jobs—Labor Minister Asks $6,000,000
for Dike and Road Work.
The following Brussels cablegram Jan. 10 is from the
New York "Times":
ial
The increase of unemployment caused a convocation of the Minister
Council this morning. Hitherto the jobless have been put at unacfailed
customed tasks in labor colonies, but this unsympathetic method
the Cabinet for
to check unemployment. The Labor Minister appealed to
$6,000,000 to provide dike and road work.
cents is being
M. van Caenegem, Minister of Public Works, said 60
to each of 1,200
paid daily to each of 600 unemployed and 40 cents daily
it would be
partly employed men in the building trades. He declared
Minister,
cheaper to put them on public works, Baron Houtart, Finance
g economy was the first consideration.
opposed the proposal, declarin
Failure of three great diamond firms resulted in three-quarters of their
is to be decreased an additional 50 per
staffs being laid off. Production
all diamond works will close for a month
cent this week. On Jan. 19
t followed by a fortnight's rest.
and then resume for a fortnigh
ratification by employers and the union's.
than 20,000 operatives.
a 20% cut. The reduction will affect more
recently proposed
Employers in the weaving section of the industry agreement somean
reduction in wages and it is anticipated that
a 20%
section will be reached
what similar to the one adopted by the spinning
at a conference to be held soon.
Applied to CopyN. Y. Franchise Tax Declared Valid as
in 6 to 3
s—Upheld by U. S. Supreme Court
right
Held Not to Infringe Immunity
Decision—Act
Educational Films
from State Levy—Decision in
of America.
Corporation
not infringe upon the
New York's franchise tax does
taxation granted to Federal instruimmunity from State
Court held on Jan. 12 in
mentalities, the U. S. Supreme
decision of the Federal District Court for Southaffirming the
Educational Films Corp.
ern New York, in the case of the
which we quote
America. The New York "World" from
of
ing to say in its Washington dispatch
also has the follow
Jan. 12:
e
_
Wage Cut for Belgian Engineers.
the ground that the franchis tax, booed
From Brussels Jan. 12 Associated Press accounts to the
The appeal had been taken on
doing business in New York, was a direct
"Times" said:
upon the income of corporations
New York
s from copyrights which should be exempt from State
employers and employes today decided on a 5% levy on royaltie
A joint commission of
s in the metal construction industry. Half taxation.
wage reduction for engineer
The court's ruling, reached by a vote of 6 to 3 and set forth in a broad
effective Thursday and the balance on March 1. The
Stone, also Implied that the recent amendment
of the cut will be
the employers' original suggestion that wages opinion written by Justice
on
from Federal bonds in computing the
action was a compromise
to the franchise tax to include income
be reduced 10%.
426
FINANCIAL CHRONICLE
tax is well within the powers of the State and
not a violation of Federal
tax exemption.
A dissenting opinion by Justice Sutherland, concurr
ed in by Justices
Van Deventer and Butler, took the opposite view,
holding the tax obviously "a levy on income for the privilege of doing
business."
Through Justice Stone the paajority of the Court
held definitely that
the constitutional question presented involved the right
of a State to assess
a franchise tax as well as the exemption of Federal
instrumentalities from
State taxation. As the result an adjustment must be
made.
"This court," said Justice Stone, "in drawing
the line which defines
the limits and powers and immunities of
State and National Governments, is not intent upon a mechanical applicat
ion of the rule that Government instrumentalities are immune from taxation
, regardless of the consequences to the operation of Government."
The Court emphasized a distinction between the
New York franchise tax
and a tax imposed for the avowed or self-evi
dent purpose of reaching indirectly the income from tax exempt National and
municipal bonds, which
it has held to be unconstitutional.
The appellant's contention that amendments
to the taxing act showed
that it was aimed at copyrights was rejected by
the Court, which found
that "the status before these amendments, was sufficie
ntly broad to include income from copyrights within the measure
of the tax; and neither
before nor after the amendments did it make any
mention of copyrights
or their income."
The New York "Sun" in discussing the foregoing decision
editorially in its issue of Jan. 14 had the following to say:
[VOL. 132.
Bills drawn for the purpose of
creating dollar exchange increased
$3,800,000.
The single, and by no means unimpor
tant factor that may affect the
volume of new acceptance credits at this
time, is the remarkably low cost
at which credits may be placed.
Current market rates of 13.I%-1%
% up to 90 days—offer the most
attractive inducement to business to finance
its requirements by this
method. This rate, which is the lowest ever
recorded was put into effect
on Jan. 13 following a previous reductio
n of % %
on Jan. 2 after a six
months period of unbroken rate stability
.
The demand on the bill market for acceptan
ces continued heavy during
December leaving the dealers with low portfoli
os averaging less than onethird the amount carried a year ago.
The current survey shows the volume of
purchased bills in the hands of
accepting banks to be $281,806,462, only a
small amount less than was held
at the end of November.
The noteworthy change in the volume of bills
in the banks control was
in the total of bills accepted and still held
by the accepting banks. On
Nov.29 this total was $180,000,000, but during
the month of December the
volume was reduced by $91,000,000 leaving
the banks on Dec. 31 with
$89,645,812, ready for the market, but
not discounted.
Facing as they are a declining volume of
newly created acceptances, the
dealers could well use the supply now in
the banks' possession and it is
possible that this may come about at an
early date as any improvement
in the demand for bank funds would undoubt
edly mean a release of these
bills.
Mr. Bean's survey follows:
Franchise or Income Tax?
TOTAL OF BANKERS' DOLLAR ACCEPTANCES
Income from copyrights and patents is immune
OUTSTANDING FOR
from State taxation on the ground that they are instrumentalitie
ENTIRE COUNTRY BY FEDERAL RESERVE
s of the Federal GovernDISTRICTS.
ment, but the Supreme Court of the United
States decided this week that
income from copyrights forming a part of the
Federal Reserve Distria.
profits of a corporation is
Dec. 31 1930. Nov. 29 1930. Dec. 31 1929.
subject to the New York State business tax levied
on the privilege of doing
1
business in the State. Three Justices dissente
8144,846,528
8145,141,142
8170,670,463
d. The action was brought
2
1,153,879,416 1.157,656,545 1,276,325,656
by the Educational Films Corp. to set aside a
tax of 4% on the corporate
3
24,588,842
25,417,728
25,652,174
profits, including copyright income, as a
4
franchise tax. In sustaining the
26,385,913
25,649,076
27,183,550
validity of the tax the court distinguished
5
10,366,544
9,479,852
this case from the Macallen
13,411,734
13
case, in which it was held that Massach
20,118,316
20,733,967
19,002,106
usetts could not tax corporate
7
88,793,504
income derived by ownership of Federal
97,715,602
100,642,397
8
bonds. In the Macallen case the
3,518,351
3,730,441
3,220,319
language of the statute was obvious
9
ly intended to reach income from
5,507,103
6,527,752
10,043,903
10
Federal securities. The majority opinion
500,000
said:
1,544,242
11
"It is said that there is no logical
6,573,299
7,230,463
11,732,985
distinction between a tax laid on a 12
71,388,385
71,635,106
proper object of taxation, measured by
73,006.859
a subject matter which is immune,
and a tax of like amount imposed directly
Grand
$1,555,966,201 $1,571,417,674 $1,732,436,388
on the latter; but it may be said 'ncrease Total
with greater force that there is a logical
176,470,187
a tax laid directly upon all of any class and practical distinction between Decrease
15.451.473
of government instrumentalities,
which the Constitution impliedl
CLASSIFIED ACCORDING TO NATURE OF CREDIT
y forbids, and a tax such as the present
,
which can in no case have any incidenc
e, unless the taxpayer enjoys a
privilege which is a proper object of taxation
Dec. 31 1930. Nov. 29 1930. Dec. 31 1929.
, and which would not be open
to question if its amount were arrived
at by any other nondiscriminatory Imports
method."
8220,971,590
5242,684,036
3383,015,399
Exports
415,140,975
421,709,985
The court asserted that the present tax
524,128,815
was not aimed at copyrights, Domestic shipments
34,725,531
33,604,210
22,830,035
Domestic warehouse credits
and added:
271,483,592
273,613,464
284,918,886
Dollar Exchange
"That the royalties play some part in the
62.201,951
56,055,231
76,285,155
measure of the tax is the result Based on goods stored In or shipped
of the application of the general language
between foreign countries
of the statute to particular cir561.442.562
543.750.748
441.258.098
cumstances to which the statute makes no specific
reference."
AVERAGE MARKET QUOTATIONS
Justice Sutherland wrote a dissenting opinion
ON PRIME BANKERS'ACCEPTANCES
in which he was joined
by Justice Van Deventer and Justice Butler.
DEC. 16 TO JAN. 15.
He quoted at length from an
opinion written by Chief Judge Cardozo
of the Court of Appeals "from
Dealers'
the reasoning of which it is hard to escape.
Dealers'
Dealers'
" Judge Cardozo held that the
Dealers'
Days—
Buying Rate. Selling Rate.
New York franchise tax really imposed an income
Days—
Buying Rate. Selling Rate.
tax. It could not embrace property which, by reason of its situs
30
1.928
elsewhere, was immune. He
1.803
120
2.053
1.928
said:
60
1.928
1.803
150
2.178
2.053
90
1.928
"The tax is to be in lieu of all other taxes
1.803
180
2 178
20
on personal property of capital
Stock. It is to be in lieu of all other taxes upon
income. There surely
was no intention that all mercantile and manufacturing
corporations,foreign Redis
count Rate of Atlanta Federal Reserve Bank
and domestic, should in very truth be exempt from
taxes upon property
so fundamental in importance as capital and the fruits
Reduced from 33/i to 3%.
of capital. The
reason for the apparent exemption was tnat, under the
form of a tax upon
On Jan. 9 the Federal Reserve Board at Washington
the franchise, the property ofsuch corporations had already
anbeen subjected
to its share of public burdens.
nounced that the Federal Reserve Bank of
Atlanta had
"I think, therefore, that in substance, though not in form,
in tendency, reduced its rediscount rate from
334% to 3%, on all classes
though not in name, this tax is equivalent to a tax upon
relator's income." of paper
of all maturities, effective Jan. 10. The
Judge Cardozo's opinion prevailed in the Court of Appeals
by a division
31 %
A
of four to three.
rate had been in effect
at the Atlanta Bank since July 12
1930, when it had been lowered from
4%.
Slight Reduction in Acceptance Volume—Total Dec. 31
at $1,555,966,201 Declines $15,451,473 Below Novem- Directors of Federa
l Reserve Bank of New York Desigber Figures.
nate Robert H. Treman as Membe
r of Federal
In its monthly report issued Jan. 16 the American Accept
Advisory Council of Federal Reserv
e Bank.
ance Council shows the volume of bankers' acceptances out..
The following announcement was issued
yesterday(Jan. 16)
standing on Dec. 31 to have been $1,555,966,201. This
is a by J. H.Case, Chairman of the Board of the Federal Reserv
e
reduction of $15,451,473 from the total on Nov. 29 1930,
and Bank of New York:
is $176,470,187 below the record total of $1,732,436,3
To all Member Banks in the
Second Federal Reserve District
88
established on Dec. 31 1929. Robert H. Bean, Executive
At its meeting yesterday the board
of directors of this Bank designat
Robert H. Treman, President of
ed
Secretary, of the American Acceptance Council, New York, Ithaca,
the Tompkins County Nationa
l Bank.
N. Y., to serve as a member of
the Federal Advisory Council
in his survey further reports as follows:
from
the Second Federal Reserve District
for the year
The small reduction reported lacks special significance
except as indicating that the peak of the season's acceptance financing has
been passed
and that a normal decline in bill volume may be looked for
during the next
four or five months.
With but few exceptions. Dec. 31 has been the peak point
for severa
years and while there was a slight drop, less than 1%.
at the end of the
year just closed, it was so unimportant that the record
may be considered
maintained. Between the final reports for 1929 and 1930 there
is a difference of $176,000,000 or a little over 10% in favor
of the extraordinary
previous year. However,throughout the year 1930 the average
volume was
substantially higher than during 1929 and it is by this
mark that the progress of hankers' acceptance financing should be measure
d.
With such a small change in the total volume, the shifting
in classified
totals becomes unimportant. Reduction in the foreign
trade volume of the
United States continues to affect the volume of
credits to finance such
trade. Import bills went off $21,000,000 and exports
went off $6.600,000.
Credits for domestic shipments and for
domestic warehousing combined
Showed a net change of only $1,000,
000.
The volume of business financing goods
shipped between or stored in
foreign countries again increased to
the all-time high of $561,442,562, a
gain for the month of December
of $17,691,814. The total for this class of
business is now $120,000,000 greater than on
Dec. 311929,
1931 to succeed William
C. Potter, Chairman of the Guaranty
Trust Co. of Now York, whose
term
expired on Dec. 311930.
J. H. CASE, Chairman
of the Board.
Profit and Loss Account of
Federal Reserve Bank of
Chicago for Year Ended Decem
ber 31 1930.
In presenting to the stockholders
of the Federal Reserve
Bank of Chicago the sixteenth
annual statement of the
Bank, showing its condition as of
Dec. 31 1930, Governor
James B. McDougal submits the
following profit and loss
account for the year:
Profit and Loss Account.
Net earnings. Jan. 1 1930 to Dec.
31 1930,
depreciation, &c_____________________ loss charges for
________________ $1,054,328.64
Transferred from surplus to meet
dividend requirement
157,089.51
Dividends paid _____________________
_________________$1,211,418.15
Earnings on average paid-in capital
5.22%
Earnings on average paid-in capital
and surplus
1.75%
JAN. 17 1931.]
FINANCIAL CHRONICLE
427
has
The net earnings for 1930 compare with $5,424,665 for a branch of the Senate Banking Committee. Already, the committee and
brokers, stock exchange officials
directed
the period from Jan. 1 1929 to Dec. 31 1929. The earnings leaders inquestionnaires to stock
the banking world.
for that year enabled the transfer to surplus account of
Senator Glass as a member of the House played a leading role in the
enactment of the Federal Reserve act and he has been laying the ground$3,651,464 and the payment of a franchise tax of $602,837
work for the hearings at extensive conferences recently with committee
to the United States Government. It is stated that the experts.
earnings for 1930, which lacked $157,089 of meeting dividend requirements on the stock of the institution, were the Representative McFadden Assails Rule by "Theorists"
smallest since 1924.
—House Banking Committee Head Deplores the
Effect of "Pernicious I,nfluence"—Federal Reserve
Board Attacked.
Re-election of Officers of Federal Reserve Bank of
Representative Louis T. McFadden of Pennsylvania,ReSt. Louis and Branches.
According to announcement of John S. Wood, Chairman publican, Chairman of the House Committee on Banking and
of the Board of the Federal Reserve Bank of St. Louis, at Currency, addressed the Cassia Lodge in the Masonic Temple
a meeting on Jan. 7, the directors re-elected the following in Brooklyn, N. Y., on Jan. 8, on the evil that he perceives
in the growing reliance of executive departments of the
officers for the year 1931:
theorists,"
Parent bank at St. Louis: Wm. McC. Martin, Governor; Olin M. Atte- Government on economists, experts and "other
bery, Deputy Governor; Jas. G. McConkey, Secretary and Counsel; as well as the "pernicious influence of international financial
A.H.Hail, S. F. Gilmore. F. N. Hall, C. A. Schacht and G.0. Hollocher,
of the Federal Reserve System."
Controllers; E. J. Novy, General Auditor, and A. E. Debrecht and L. A. interests on the policies
Observing that Mr. McFadden has already expressed this
Moore, Assistant Auditors.
Louisville Branch: W.P. Kincheloe, Managing Director; John T. Moore. viewpoint and urged it on his colleagues in the Banking and
Cashier, and Earl R. Muir, Assistant Cashier.
New York "Times" of Jan. 9
Memphis Branch: W. H. Glasgow, Managing Director; S. K. Belcher, Currency Committee, the
went on to say:
Cashier, and C. E. Martin. Assistant Cashier,
Little Rock Branch: A. F. Bailey, Managing Director; M. H. Long.
In an interview upon his arrival here from Washington he said that he
Cashier, and Clifford Wood. Assistant Cashier.
intended to continue and expand his criticism of the invasion of the repreWalter W. Smith, St. Louis, has been re-elected to represent the Eighth sentative process of government by "international influences."
Federal Reserve District in the Federal Advisory Council.
He said also it was a matter of satisfaction that the Senate had put over
C. M. Stewart has been reappointed Assistant Federal Reserve Agent, for future consideration the confirmation of Eugene Meyer as Governor of
and Secretary pm tern. L. H. Bailey and . P. Maguire have been re- the Federal Reserve Board after Mr. McFadden's recent public objection
appointed Acting Assistant Federal Reserve Agents.
to Mr. Meyer's nomination on the ground that it would tend to turn over •
The election of directors of the branches was noted in the Federal Reserve System to "the influences which were manipulating
prosperity and now undoubtedly contemplating another large foreign loan."
our issue of Dec. 27, page 4151.
The Representative repeated his objection to "foreign financial entanglements," particularly of the sort urged by "the so-called experts." He
said the Treaty of Versailles was the product of experts, so was the Dawes
Sub-Committee of House Banking and Currency Com- plan, which tried to rescue the Treaty of Versailles, and so was the Young
Right of Latter to plan which tried to rescue the Dawes plan, and so was the International
mittee to Investigate Legal
Settlements, which
Compel C. E. Mitchell of National City Bank of Bank of time we realized," was the child of the Young plan. must rely on
Mr. McFadden said, "that we
"It is
New York to Supply Information on Affiliate.
the immediate common sense of the elected representatives of the people,
rather than on economists with far-sighted plans which lead us into diffiAssociated Press dispatches from Washington, yesterday culties instead of leading us out."
(Jan. 16) stated that a sub-committee was ordered to inIn his address in the Masonic Temple, where he was presented as a
vestigate the legal right of the House Banking Committee brother member by Harry J. Halperin, Master of Cassia Lodge, the Reprein Washington
to force Charles E. Mitchell of the National City Bank and sentative repeated what he had saidheld responsibleon Jan. 1 concerning the
for the depression. He
Federal Reserve System, which he
George W. Davison of the Central Hanover Bank & Trust maintained that the "orgy of speculation" as well as the "mad rush to
Co., both of New York, to furnish information previously complete consolidations" of industrial and banking organizations in 1927
and 1928 followed the Federal Reserve Board's change of policy in reducing
promised. The dispatch continued.
the rediscount rate to 3%%•
A motion by Representative Beedy, Republican, of Maine,to name a subMr. McFadden charged that the reduction of the rediscount rate then
committee of five to determine the legal rights of the Committee in forcing released credit, which started the orgy of speculation. Referring to the
the New York bankers to supply information demanded during the investi- recent "change of policy" when the Federal Reserve Bank reduced the
gation of chain and group banking was unanimously adopted. Mr. Mitchell rediscount rate to 2%, Representative McFadden warned that the credit
had declined to supply a separate financial statement of the National City so released might start another wave of stock speculation if no safeguards
Co., an affiliate of the bank of which he is Chairman. Mr. Davison. were taken to prevent it. He added:
Chairman McFadden said, also refused certain detailed financial data.
"I hope that the Federal Reserve Banks will see to it that this credit so
Mr. Mitchell wrote to the Committee that it was "a settled policy" of released is not used in the stock market for speculation and I believe that
his institution not to publish a separate statement for the National City Co. they will see to that.
•
The issue of requiring Messrs. Mitchell and Davison to furnish informa"It may be along in April before we get the effect of this change in policy.
tion was raised by Representative Steagall of Alabama, ranking Democrat and we are going along calmly and slowly. In my opinion, commodity
on the Committee. "I do not want anything published to hurt anybody," prices must be readjusted downward. I believe that 1932 will be one of the
Mr. Steagall said, "but the Committee should be the dudge of that."
most important years in many years, with a Presidential election in the
Beedy contended that "the only way for the Committee to retain its self- United States and numerous European elections, also with the Russian
respect is to insist on compliance with its request."
experiment coming to a focus, all combining to make it important.
William S. Gray Jr., Vice-President of the Central Han- "I think it is up to every man, woman and child in this country to adjust
over Bank & Trust Co., is reported to have told the Asso- himself or herself to conditions, and we must not permit our standard of
living to be lowered."
ciated Press (yesterday) that the bank "had supplied the
Speaking of the great wave of stock speculation that reached its climax in
House Banking Committee with the financial information it 1927 and 1928, Mr. McFadden said that the Federal Reserve Board had
taken warning and was inclined to take steps to stop it. Mr. McFadden
had requested." He made the statement, it is added,
repeated his criticism that President Coolidge and Secretary Mellon misled
when his attention was called to the appointment of a sub- the Federal Reserve Board by their abundance ofoptimism.
"Coolidge and Andrew Mellon were two of the world's greatest optimists,"
committee to investigate the power of the House to force
George W. Davison and Charles E. Mitchell to furnish said Mr. McFadden, "and their leadership deterred the Federal Reserve
Board from putting on the brakes."
records previously promised.
In the beginning of his address Mr. McFadden said that he "deplored the
studied attempt that is being made to discredit members of Congress these
days, and if you please, the studied attempt to praise administrative deSenate Inquiry into Banking Conditions To Be Brought partments.
"I think sometimes," he continued, "it comes from that class of people
Under Way Jan. 19—Eugene Meyer, Comptroller
international problems and
are in
minority, who
Pole and Governor Harrison of New York Federal who believe the should link ourare dealing inwith other nations. I want
who
we
Government
Reserve Bank to Testify Before Glass Committee. to protest against that international issue, if it is such, that is undermining
our Government."
The start of the Senate's study of banking
conditions was
fixed on Jan. 13 by Chairman Glass of the special committee
for next Monday,Jan. 19.
According to Associated Press accounts from Washington
Eugene Meyer, Governor of the Federal Reserve Board,
and J. W. Pole, Comptroller of the Currency, will be the
first called by the Committee. They are to be followed
by George Harrison, Governor of the Federal Reserve Bank
of New York, and J. H. Case, Chairman of the board of
directors of the New York Bank. The press advices further
said:
Edmund Platt In Address Before Rollins College Says
Small Towns Need Branch Banks—Advises Giving
States Power to Examine Holding Companies.
The United States has tried every remedy for bank failures
except the one that has stood the test in other countries,
namely branch or chain banking, Edmund Platt, Vice
President of the Marine Midland Corporation and former
Vice Governor of the Federal Reserve Board, is reported as
having declared before the Rollins College Institute of
Statesmanship at Winter Park, Fla., on Jan. 9. Advices to
this effect in a dispatch to the New York "Times" likewise
stated:
The inquiry was ordered last session by the Senate and was directed into
the general banking situation with particular reference to the relations of the
stock exchanges.
Senator Glass (D., Va.). who will he'd the committee of inquiry, has inMr. Platt said that the history of the banking chains in the Northwest
troduced legislation to revise both the National Banking act and the Federal
Reserve act. He would place a curb on chain banking and seek also to pre- founded a few months prior to the market break of October 1929 had set a
vent the use of Federal Reserve funds in speculation on the stock exchanges. record through the trying months of 1030 that showed conclusively their
This bill will form the basis for the study to be conducted by his group, usefulness as great stabilizing factors.
428
FINANCIAL CHRONICLE
Linking the closing of banks in two chains in Tennessee, Kentucky and
Arkansas with their being "involved in the highly speculative enterprises
of an investment house which failed," Mr. Platt suggested that such situations could be avoided if the Comptroller of the Currency and the State
Banking Commissioners had "authority to examine holding corporations
as well as banks controlled by them."
Changes in the United States banking System seem imminent, according
to Dr. Bernard Ostrolenk of The Annalist, whose paper prepared for the
Institute was read at an afternoon conference on chain banking.
Dr. Ostrolenk held that the prohibition of branch banking "has forced
rural districts to accept inferior banking services, 90% of the bank failures
In the last eight years being in communities of less than 5,000."
Branch banking has been carried to excessive limits, said Dr. John M.
Chapman of the School of Business, Columbia University.
"Many city banks have increased local branches beyond the beet interests of the community served and the stockholders interested," he added.
Chester D. Pugsley of Peekskill, N. Y., speaking from the independent
banker's point of view, cited as the chief disadvantage of the branch bank
the fact that the local manager has no authority to handle large loans
without referring to the home office.
Use of Reserve Banks' Earnings to Pay Depositors in
Failed Institutions Asked in Bill Introduced in
Congress by Representative Hare.
A bill authorizing the Federal Reserve Board to use so
much of the net earnings derived by the United States from
Federal Reserve banks as may be deemed necessary, for
making payments to depositors in member banks of the
Federal Reserve System who have suffered losses by reason
of the failure of such banks was introduced in the House on
Jan. 10 by Representative Hare, (Dem.), South Carolina.
In no case, however, shall the payments be in excess of 50%
of the amount of his deposits, according to the Washington
correspondent of the New York "Journal of Commerce,'
whose further account states:
The Federal Reserve Board, upon such terms and conditions as it deems
advisable, according to the bill, would provide for the snaking of such payments through insurance or indemnity bonds, or by such other means as
may, in its opinion, be appropriate.
The bill further provides that if, in the opinion of the Federal Reserve
Board, such net earnings are insufficient to so provide for the making of
payments to depositors, such additional amounts as may be necessary are
authorized to be appropriated for such purpose.
"Such net earnings derived by the United States from Federal Reserve
banks as are not deemed by the Federal Reserve Board to be necessary for
use in providing for the making of such payments to depositors shall," the
bill states, "in the discretion of the Secretary of the Treasury, be used to
supplement the gold reserve held against outstanding United States notes,
or shall be applied to the reduction of the outstanding bonded indebtedness
of the United States under regulations to be prescribed by such secretary.
"Should a Federal Reserve Bank be dissolved or go into liquidation any
surplus resulting after the payment of all debts, dividend requirements as
provided in the first paragraph of this section and the par value of the stock
shall be paid to and become the property of the United States and shall, in
the discretion of the Secretary of the Treasury, be used as in the case of net
earnings derived by the United States from Federal Reserve Banks and not
deemed by the Federal Reserve Board to be necessary for use in providing
for the making of payments to depositors."
[Vol,. 132.
presented to shareholders of the bank at their annual meeting on Jan. 13. Mr. Wiggin said:
"The tax on profits on stocks, bonds and real estate is a tax on capital
usually justifiable only when used in reducing public debt. If we had no
public debt, I should advocate its complete abolition. When the higher
rates of the income tax, or even the 12%% rate on capital net gains are
applied, the results are unfortunate. The effect on the stock market is
bad, since fear of taxes prevents selling which would moderate the booms,
and selling to establish losses intensifies the down-swings. The tax causes
violent fluctuation in the revenues of the Government. It may occasion a
net loss in tax receipts in 1931, since losses in 1930 may be used to offset
all forms of income.
"As a solution I suggest a maximum rate not exceeding 7%% (disregarding the time between purchase and sale) to be applied to profits on
stocks, bonds, and real estate, with offsets for capital losses applied only
to capital gains, the entire proceeds from such taxes to be segregated for
the reduction of public debt. I am convinced, as a practical matter, that
the more moderate rate would eliminate the serious menace to market
stability."
Referring to other important steps that would be helpful
In promoting business recovery, Mr. Wiggin makes a propostal concerning the inter-allied debts. On this point he
says:
"Cancellation or reduction of the inter-allied debts has been increasingly
discussed throughout the world. This question has an importance far beyond
the dollar magnitude of the debts involved. Without commenting on the
many arguments on both sides of the controversy and aside from the question of the justice of cancellation, I am firmly convinced it would be good
business for our Government to initiate a reduction in these debts at
this time."
In his observations as to our export trade and the tariff
Mr. Wiggin comments as follows:
From the middle of 1924 to 1929, we delayed the adverse effect of our
high tariffs upon our exports by heavy buying of foreign bonds. The effect
of this was to increase, year by year, the -interest and amortization charges
the foreign countries have to meet, and to bring about a congestion in
our foreign bond market. Our alternative to-day is, therefore, either a
reduction of our tariffs, or readjustment to our greatly reduced volume
of exports. The burden of this readjustment, now under way, falls with
particular weight upon agriculture. Farms are being abandoned. All our
export interests are affected, including automobiles, copper, oil and many
manufacturing lines. In time, we can work through it, producing lees for
export and more for the domestic market. A reduction in tariff, made in
the interest, not of change but stability, would still leave us our general
protective tariff system.
With reference to branch banking, Mr. Wiggin reiterates
his opposition to Federal legislation which would force the
great banks of the United States to engage in a competitive
struggle for the acquisition of branches throughout the
country or throughout important sections of the country.
In expressing his views he adds:
"I believe that every community large enough to support strong, wellmanaged, independent banks should have them. In very small communities,
inexpensive branch offices of banks in neighboring cities are desirable.
But this should came through State legislation, with concurrent Federal
legislation giving National banks the same rights that a given State grants
to its own institutions. The administration of branches involves many
difficulties, especially that of reconciling initiative in the branch with control by the head office. These difficulties, manageable when branch officers
and head office officials can be in frequent personal contact, multiply
rapidly with distance."
Will C. Wood Retires as California State Superintendent of Banks—Succeeded by Edward Rainey.
Will C. Wood, California State Superintendent of Banks,
in indicating that the December State Banking Bulletin
As to the business situation, wages, etc., Mr. Wiggin has
would be the final one he would edit, had the following to say the following to say:
in part in the "Bulletin":
The Business Situation.
This number of the "Bulletin" is the last I shall edit. so It is appropriate
The year 1930 started with a relatively mild business reaction, which
that I say good-bye.
n April there
For almost four years, the "Bulletin" has come to you each month, was progressive but still mild through the first quarter.
bringing news of official acts of the Superintendent of Banks and comments was a slight but definitely noticeable improvement in business sentiment,
and the April figures for industry and trade showed that this improved
en topics of interest to the banking fraternity. We have used the "Bulletin"
to link the State Banking Department and the banks more closely—all in sentiment had a justification in fact. The rally was feeble and shortthe interest of better banking. Our readers are best able to judge how use- lived. May showed a down-turn, June a further recession, while July
exhibited a decisive slump. Figures for the succeeding months have shown
ful and helpful the "Bulletin- has been.
In leaving the Superintendency of Banks, I want to say that I have progressive declines, when allowance is made for seasonal factors.
The year-end level in the volume of production is very low. But conenjoyed my association with the bankers of California. No superintendent
had better co-operation from the bankers, and none could be more appre- sumer buying has not fallen in proportion. Inventories of finished goods
in the hands of producers and distributors appear to have been reduced to
ciative of the help that has been given him. . . .
My successor in office, Mr. Edward Rainey, is a splendid gentleman. extremely low volume. We are justified in the expectation that this alone
public life for many years and has earned the respect of all will lead to a corrective reaction. Its permanency depends upon the
He has been in
men with whom he has come in contact and the affection of many. I am progress we make in correcting the causes which have brought about and
eondident he will make a successful superintendent of banks. For him and prolonged the depression.
his administration. I ask your whole-hearted support and co-operation.
These causes are:
If he is even half as successful as I hope he will be, he will so establish him1. The impediments to International trade through excessive tariffs and othe
confidence of the bankers and the general public, that he will be restrictive policies.
self in the
2. The abnormalities In certain commodity markets due to governmental and
regarded as the best superintendent of banks in the history of California.
Private attempts at valorization.
3. The tardiness with which wholesale prices of finished goods, retail prices, wages
and rentals have adjusted themselves to the sharp fall in raw materials.
A. H. Wiggin of Chase National Bank of New York in of4. Low money rates and excessive credit In the past which led to undue diversion
bank money to slow and speculative uses.
6. Political difficulties, especially in India. China and Russia.
Annual Report to Stockholders Advocates Move by
United States for Cut in War Debts—Opposition
to Federal Legislation Forcing Large Banks to
Compete in Acquisition of Branches—Lowering of
Federal Capital Gains Tax Urged Together With
Abolition of Price Fixing—Improvement Looked
for in 1931.
/
1
%
Reduction of the Federal capital gains tax from 122 to
/
1
2
not more than 7 %, with the proceeds from such taxes
segregated for reduction of the public debt, is recommended
is the annual report of Albert H. Wiggin, Chairman of the
Governing Board of The Chase National Bank of New York,
Business Policy in 1921 and in 1930.
Industry and commerce have limited debts and a large volume of quick
assets, including large cash balances. This, although undoubtedly a source
of great strength, has probably delayed necessary readjustments and helped
to prolong the depression. In 1921, money was tight, and merchants and
manufacturers heavily in debt. They had no option but to scale down costs,
reduce wages, and abandon unprofitable activities. Past costs of production
were forgotten, and goods were sold for what the market would pay. The
way was quickly cleared for improving business, which began in the third
quarter of 1921.
We attempted, as a matter of collective policy, to hold the lines firm
following the crash of 1929. Wages were not to be reduced, buying by
railroads and construction by public utilities were to be increased, prices
were to be maintained, and cheap money was to be the foundation. The
JAN. 17 1931.]
FINANCIAL CHRONICLE
policy has had a thirteen month test. It has failed. Each industry and
each enterprise must study its own problems and adjust itself to the
markets.
It is bad policy for a government, or for an industry by concerted action,
to try to keep prices permanently above the level which the supply and
demand situation justifies. We have recently seen this in copper, wheat,
coffee, and other commodities. We must keep the markets open and
prices free.
Wages.
It is not true that high wages make prosperity. Instead, prosperity
makes high wages. When wages are kept higher than the market situation
justifies, employment and the buying power of labor fall off. American
business has proved its good-will in dealing with labor on this point in
the past year, and in many industries may reasonably ask labor to accept a
moderate reduction of wages designed to reduce wets and to increase bath
employment and the buying power of labor. Our restricted immigration,
coupled with our relative abundance of capital and natural resources, is
sufficient safeguard for American wages.
Money and Securities.
In my report last year, I described our money market as paradoxical.
Rates on short-term Government paper, acceptances, call loans and prime
commercial paper were low, and the yield on prime bonds was moderate and
was working lower. The return on secondary bonds and on foreign bonds
was very high. The end of 1930 shows this situation intensified.
Short-term funds have been a drug on the market. Misled by the low
rates for money, underwriters have issued securities in large volume during
the year, particularly bonds, which have not met the anticipated cordial
reception. If money rates had remained firmer during 1930, we should
have witnessed liquidation of bank credit behind securities, including both
customers' loans and bank holdings of bonds, instead of the rise in stock
market prices in the first quarter of the year. This would have reduced
the violent breaks in the stock market in the autumn and would have
strengthened the liquidity of the general banking position to-day.
I do not know whether we shall see lower prices in the stock market or
not, but I do know that there are many securities, both stocks and bonds,
winch are now selling for less than they will be worth in normal times
and at prices which should prove attractive to the investor.
Sumniary.
To recapitulate: It is not possible to set a date for the beginning of
business recovery. I -think that we are approximately at the worst of the
depression, and that the next important more will be upward. I am confident that the credit fabric is strong enough to stand any additional strain
which a continuance of the depression may impose upon it. I think that
nothing is to be gained by encouraging unreasonable hopes or by concealing
unfavorable factors. With full realization of the advantages of restricted
production in special circumstances, I have no sympathy with price fixing
palliatives, whether employed by governments or by trade combinations,
which merely delay necessary readjustments. I think that the forced
maintenance of wage scales at which labor cannot find employment does
no good to labor or to anyone else. Our depression has been prolonged and
not alleviated by delay in making necessary readjustments. I expect conditions at the end of 1931 to be a good deal better than they are at the
end of 1930.
The development of the Chase since 1929 is alluded to in
the report from which we take the following:
Chase—Equitable—Interstate Merger.
In 1929, it will be remembered, The Chase National Bank consummated
mergers with The National Park Bank and The Garfield National Bank,
and became affiliated with the American Express Company through stock
ownership by Chase Securities Corporation.
The year 1930 was also one of progress and growth. On June 2 1930,
the resourcoi of The Chase National Bank were materially increased, its
capital strength was enhanced, and its service was broadened by merger
with The Equitable Trust Co. and the Interstate Trust Co., both of
New York. '
The Equitable Trust Co. was chartered in 1902 as successor to the
Traders Deposit Co., which was founded in 1871. Its growth was rapid
and aided by several consolidations, notably that with The Seaboard
National Bank in 1929, the Equitable had become the third largest trust
company in the United States, with total resources of approximately $900,000,000, when merged with The Chase National Bank. Through this
consolidation, the Chase acquired a valuable addition to its clientele, ten
branches in Greater New York and extensive foreign affiliations.
The Interstate Trust Co. was founded in 1926 and grew rapidly in
its
four years of corporate life. It brought nine branches and
resources of
approximately $60,000,000 to the Chase.
To carry out the triple merger the capital stock of The
Chase National
Bank was increased from $105,000,000 to $148,000,000,
consisting of
7,400,000 shares of $20 par value. Chase shareholders
retained 5,250,000
shares, the Dumber of shares previously outstanding; 2,000,000
shares were
allotted pro rata to shareholders of The Equitable Trust Co.
on the basis
of four shares of Chase for every five shares of Equitable held ;
115,019.20
shares were allotted pro rata to shareholders of the Interstate
Trust Co.
on the basis of 32/100ths of a share of Chase for each
share of Interstate
held. The remaining 34,980.80 shares of Chase stock were
sold at public
auction on May 20 1930.
The Chase directorate was enlarged by the addition of 34
directors from
the Equitable and Interstate boards.
In connection with the consolidation, Chase Securities Corp.
by exchange
of stock acquired stock of The Equitable Corp. and the
Interstate Corp.,
the securities affiliates of The Equitable Trust Co. and
the Interstate
Trust Co.
Safe deposit business and property of The Equitable Safe
Deposit Co.
and the Interstate Trust Co. were taken over by The Chase Safe
Deposit Co.
This company now has forty safe deposit vaults in Greater
New York
and one in Paris, France. It has approximately ninety
thousand safe
deposit boxes and a personnel of one hundred and sixty.
The Chase Bank.
As a preliminary step to the merger, a new bank entitled The Chase
Bank was incorporated under the laws of the United States with a subscribed capital ot $5,000,000 and a paid-in capital of $2,500,000. It
purchased all the assets of The Equitable Trust Co. offices at Paris,
France
and Mexico City, Mexico.
The principal office of The Chase Bank in Paris is located at 41 Rue
Cambon. An up-town branch was opened for business last summer at 31
Avenue George V. These offices provide convenient, complete banking facilities in Paris for American business firms, residents, and travelers.
429
Our London Branches.
Two well-located offices of The Equitable Trust Co. in Landon became
foreign branches of The Chase National Bank at the time of the merger.
One of these branches is at 10 Moorgate, in the heart of London's financial
district, and the other is in Bush House, Aldwych, convenient to the hotel
and shopping centers in the West End.
These established banking offices have been serving American companies
and travelers for many years. A steadily increasing number of Chase customers are finding our London facilities valuable.
Equitable Eastern Banking Corp.
One of the subsidiaries of The Equitable Trust Co. acquired by the
Chase through the merger was the Equitable Eastern Banking Corp. The
Corporation has capital and surplus of $4,000,000, and total resources of
approximately $20,000,000. It was organized in 1921 to provide special
services and banking facilities for those doing business in the Far East.
Branches are maintained in Hongkong, Shanghai and Tienstin, China. Because of its position as a leading dealer in siher bullion, the Corporation
is popularly called by the people of China: "The big silver bank known
around the world."
The Equitable Trust Co. of New York.
Another preliminary step to the merger was the decision to organize a
new company to carry on certain trust business supplementary to the business of the Trust Department of the consolidated bank, and to retain the
name of The Equitable Trust Co. of New York. This new Equitable Trust
Co. has capital of $2,000,000 and surplus of $1,000,000, the stock being
held through Chase Securities Corp. for the benefit of the shareholders of
The Chase National Bank. Headquarters are at 11 Broad Street, New York.
Harris-Forbes Affiliation.
On Aug. 1 1930, it was announced that an agreement had been reached
for affiliation of the Harris-Forbes interests with The Chase National
Bank interests through acquisition by Chase Securities Corp. of the capital
stock of the Harris-Forbes Companies, which company owns the various
Harris-Forbes operating companies. As a result of this transaction, which
was consummated shortly thereafter, Harris-Forbes interests became large
shareholders in The Chase National Bank and Chase Securities Corp.
The various Harris-Forbes corporations retained their separate identities
and continue
carry on their businese under the same executive management as heretofore. The long standing relationship of tire Harris-Forbes
organization with the Harris Trust it Savings Bank of Chicago in the
distribution of investment securities has been continued. . . .
The American Express d: Trust Co.
Plans formulated in 1929 and outlined in the previous annual report
were consummated on April 15 1930, when The American Express 13-ank
Trust Co. opened its doors for business in the American Express Building,
65 Broadway, New York City. The new bank was organized with initial
capital of $10,000,000 and surplus of $5,000,000. The stock of the Bank
was subscribed for as follows: 54% by the American Express Co., 36%
by the stockholders of the American Express Co., and 10% was reserved for
the management of the Bank.
Total resources of the Chase on Dec. 31 1930 established
a new high record of $2,697,328,855, according to the report.
Deposits of the bank, $2,073,775,923, also were the highest
ever reported. The combined capital, surplus and undivided
profits amounted to $357,791,141. Cash and due from banks
on Dec. 31 1930 amounted to $556,032,950 while the investment in United States Government securities was $224,243,354 and In other securities $180,537,725, a total of $404,781,079, which was less than market value. The total of
loans and discounts, $1,535,963,788, included commercial
discounts, "street" loans and customers' loans, both time and
demand. The figures of Chase Securities Corporation and
other affiliated organizations are not included in these totals.
Chase Securities Corporation reported total resources of
$162.206.286.
Arthur Guy Named Bank Commissioner of Massachusetts Succeeding Roy A. Hovey Resigned.
According to the Boston "Transcript" Arthur Guy of
Framingham was appointed on Dec. 31 by Governor Allen
of Massachusetts as Commissioner of Banks, to succeed Roy
A. Hovey, who resigned some weeks ago, to become Treasurer of the Wakefield Trust Co. of Wakefield. Mr.Guy,
who hatl been Deputy Bank Commissioner, had been acting
Commissioner since Mr. Hovey's resignation.
British-Doubt A. H. Wiggin's Plea Will Cut Debt—
Wall Street and Washington Far Apart on Question, London Press Points Out—Sir Josiah Stamp
Commends New York Banker's Stand.
According to a copyright account Jan. 12 from London
to the New York "Herald Tribune" public attention has
been aroused there by the case in favor of reduction of the
inter-Allied war debts which was presented at New York
by Albert H. Wiggin, Chairman of the governing board of
the Chase National Bank. His statement receives a prominent position in the news columns of the British press and inspires extensive, although cautious editorial comment.
said the cablegram, which goes on to say:
Mr. Wiggin's statement attracts all the more attention because, by a
coincidence, Conservative party headquarters published last night a
defense of the part played by former Prime Minister Stanley Baldwin in
the
settlement of the British war debt to the United States. Mr. Baldwin
has
been subjected to criticism for not having secured easier terms. His
reply
430
FINANCIAL CHRONICLE
(Vol,. 132.
that the terms were the best obtainable has been met by a reference to the
"First, he urges a cut in the allied debt as a world-trade aid. When a
,
settlements secured later by France and Italy.
creditor reduces his claim against a debtor, he usually takes into considerUndoubtedly there is in this country a strong feeling that the world at ations what the debtor is using his income for. If, upon analysis, our
large would benefit greatly if both the war debts and German reparations allied debtors were shown to be suing their income for Governmental
were reduced. But no British political group is as yet prepared to take the purposes other than the expansion of their war facilities, it might be adresponsibility of raising the question. 'Any such initiative, it is believed, visable to consider a cut in their debts.
can come only from the United States. Any statement by an influential
"However, when it comes to a cut in wages and calling upon labor toAmerican favoring such action therefore is welcomed. At the same time accept such reduction, it seems wholly unreasonable, in view of the fact
it is recognized in Great Britain that Wall Street and Washington are by no that one of the difficulties that brought around this depression, and in
means identical and few here are under any delusion that recommendations my opinion the major one, has been due to the unequal distribution of
from the former are likely to be endorsed speedily by the latter.
the earnings of industry between capital and labor.
The increasing burden of the war debts, owing to the world slump in
"Now it is possible that labor receives a better distribution of the results
commodity prices and the increasing difficulties of making payments on the of industry, in cases where wages have been maintained, than it previously
debt in the face of American tariff policy, constitutes an obvious hard- did. It is suggested that we cut wages so as to restore the old unequal'
ship from the European point of view. More especially, European opinion distribution of the earnings of industry. This should not be considered,
holds, is Germany hard hit, since, in the last analysis, the whole of the pay- even though coming from a great financial giant such as Mr. Wiggin."
ments to America are provided by her.
Senator Smoot, Chairman of the Finance Committee, declared that,
This point was brought out to-day by Sir Josiah Stamp, noted economist "as a good American, he opposed cutting the debts. "The best settleand director of the Bank of England, when he commented upon Mr.Wiggin's ment possible was obtained in the Senate," he said.
Senator King, Democrat,of Utah,recalled that ten years ago he suggested,
statement. Sir Josiah said that any action by the United States in the dia conference looking to a reduction in war debts.
rection of reducing the burden would certainly help Germany to recover.
"With the situation in Europe as unsatisfactory as it is, it is even more"I do not say," Sir Josiah went on,"that we ought to plead for it (for war
debt reduction by the United States). But any adjustment along those Important that something be done," he said.
Senator Fees opposed cutting the debts.
lines, taking into consideration the fact that international obligations have
been increased in size by reason of the changing value of gold, would be
correct economically."
In the editorial comment published here to-day,a similar attitude is taken. House of Representatives Hears Views on Debt, Wager
Attention is drawn particularly to Mr. Wiggin's contention that the debts
and Tariff Issues of A. H. Wiggin of Chase National
make business bad for the United States. Thus "The London Daily
Bank of New York Discussed—Criticisms of RepreSketch" will say editorially to-morrow;
"What American financial experts realize is that anything which tends
sentatives Treadway and Dunbar.
to cripple foreign buyers tends to impoverish American sellers. That
Recent remarks of A. H. Wiggin, Chairman of the Board
their views are sound cannot be doubted. But whether these views will
prevail over those of the politicians is another matter; for, as a result of the of the Chase National Bank of N. Y. City, regarding ecoslump, the United States Treasury is faced with its largest deficit in years." nomic conditions in the United States were discussed in the
Germans Welcome Debt Plan of Albert H. Wiggin—But
Paper Warns Nation to Be Cautious and to Seek
"Real and Satisfactory Solution."
The following Berlin cablegram Jan. 13 is from the New
York "Times":
"Germany welcomes the fact that the reparation question is being kept
to the fore." says the "Frankfurter Zeitung" in a long article discussing
Albert H. Wiggin's recent pronouncement in New York on the interallied
debts,"but she must not ler herself be led astray into reopening the discussion as provided for in the Young Plan until the ground is sufficiently
prepared to promise a much greater advance than that attained at the Paris
experts' conference.
"This time it must not be another tiny step, but a real and satisfactory
solution of the problem. That such a solution would involve a very appreciable reduction in the amount to be paid is just as clear as the fact
that such a heavy reduction would require the most careful diplomatic
preparations."
This newspaper thinks there can be no doubt that reparations have injured the creditors and materially sharpened the world economic depression,
if they were not indeed the casue of it.
"Germany's change-over from a country with an unfavorable to one
with a favorable balance of trade has caused friction and loss not only
here but abroad." it continues. "The sensitiveness of German industries to
the crisis, greatly magnified by the fixed burden of reparations, indirectly
affects the whole world. Finally, none of the Western countries can afford
to remain indifferent to the fact that the reparation payments have psychologically and materially worsened the internal tension and political unrest
in Germany."
It is a curious and noteworthy fact that no other paper in Germany has
expressed an opinion on the Wiggin suggestion, while Governmental and
banking circles show no intention of committing themselves on any standpoint whatever. There appears to be a widespread opinion that Germany
already has indicated that she is having trouble in meeting the reparation
payments, and that it now is up to the rest of the world to decide what,
if anything, is to be done.
Senators Couzens, Smoot and Fess Opposed to Views
of A. H. Wiggin of Chase National Bank on Debt,
Wage and Tariff Issues.
In presenting the attitude of some Senators toward the
views expressed by Albert H. Wiggin of the Chase National
Bank of New York in his annual report to the stockholders
of the bank (given elsewhere in our issue to-day), the New
York "Times" in its Washington advices Jan. 12 said:
House Jan. 13 by Representatives Treadway (Rep.), of
Stockbridge, Mass., and Dunbar (Rep.), of New Albany,
Ind. Mr. Treadway is a majority member of the House
Committee on Ways and Means. According to the "United
States Daily," Mr. Treadway said:
It may seem somewhat presumptuous for a member of this House not
representing a metropolitan district where large financial institutions are
centered to criticize the Chairman of the Board of the Chase National
Bank, Mr. A. H. Wiggin, who in yesterday's press is reported as having
made a statement to his board of directors and stockholders, which was
widely quoted in the press, not only of this country but of Europe, in respect to the financial situation at the present time. 1 personally entirely
disagree with the findings of that gentleman as to the possibility of the restoration of business conditions and a revival of foreign trade. Stripped of
its verbiage, he practically says three things—first, he advocates a reduction
in tariff rates; second, a reduction in the wage scale paid in the United States;
and third, a reduction of the debt owing this country by foreign countries.
First, as to reduction of the tariff rate, let me say that to the best of my
recollection no rate in the act of 1930 was touched except at the request and
solicitation of American manufacturers or producers. Where a rate was not
criticized, the Ways and Means Committee did not give any consideration
to it whatever. Therefore, when a business man like Mr. Wiggin comes
in with a statement that he objects to raising tariffrates, he should be specific
in his instances rather than general in his criticism.
At the insistence of President Hoover a practical and suitable tariff
provision was inserted in the bill, and if Mr. Wiggin can specify particular
places where mistakes have been made in the bill, an opportunity is afforded
him by application to the Tariff Board. He should specify wherein the Act
of 1930 unduly raises the rate. As a matter of fact there is a general raise
of3% in the whole act.
From the Washington account Jan. 13 to the New York
"Times" we take the following:
Mi. Treadway said that Mr. Wiggin's plea for wage reduction made
no reference to doing away with the salaries of "people in the positions
such as he holds, which permit residents of Park Avenue to go to Newport in the summer and Palm Beach in the winter, riding in Rolls-Royce
automobiles."
He added that the American wage scale must be maintained to uphold
the American standard of living.
As for debt reductions, Mr. Treadway asserted that Mr. Wiggin's argument "was worn threadbare when the settlements were made with foreign
countries."
"We made liberal settlements with those countries and we are going
to stand by them," be declared.
Representative Dunbar declared that Britain was the only debtor nation of the United States Government which was paying her obligations
in a "businesslike manner." Asserting that the United States was receiving
about $200,000,000 a year from its foreign debtors, three-fourths of which
was coming from Britain, he added that this was"not an equitable proportion."
He predicted that Britain finally would pay all she owes with interest,
but expressed doubt that France and Italy and other debtors would ever
pay as much as 10% on the principal.
"I wouldn't buy their debts for 5%," he said.
Unwilling to engage in a controversy relative to the cancellation or
scaling down of the foreign war debts to the United States, high officials of
the Government declined to-day to comment upon statements made by
Albert H. Wiggin in his annual report to the Chase National Bank of
New York that it might be good business to cut the debts.
It was learned, however, that there has been no change in the attitude
of most officials that there should be no cancellation of debts, and furthermore that, in their opinion, such a cancellation or reduction would be of no
A. H. Wiggin's Debt Plan Pleasing to France—But
material benefit in restoring world prosperity.
Officials declared that the payments on the debts by each of the debtor
Newspapers Refrain From Comment, Although
nations are relatively small in comparison to their total budgets and that
Giving Prominence to Dispatches—Financiers
cancellation would be of no particular economic benefit to them.
Agree Debts Are Holding Back Trade, But Want
It was recalled that the indebtedness of France was held to constitute
a serious burden to the economic recovery of that country after the war,
America to Take Lead.
although France eventually had become one of the world's richest and most
From its Paris correspondent Jan. 12 the New York
prosperous nations, despite the funding of its debt, and had been the last
to feel the effects of the world-wide depression.
"Times" reported the following cablegram:
statements relative to the
Some interest was taken in Mr. Wiggin's
Prominence is given in the whole French press to-day to the declaration
tariff. Administration officials here take a contrary view, insisting that
although every tariff may be said to have some detrimental effect on the of Albert H. Wiggin, Chairman of the Governing Board of the Chase
affairs of other nations, the Smoot
-Hawley tariff, now in effect, was not National Bank. that it would be good business for the United States to
initiate a reduction of interallied debts. This is an opinion which naturally
materially different than those which preceded it.
Senator Couzens of Michigan partially agreed with the suggestions for commends itself to the French.
However, there is no comment on it in the newspapers which display the
cutting off of the allied debt, but strongly opposed the idea of wage cuts.
statement. For the French position with regard to debt payments all
In his statement, Senator Couzens said;
"There appears in the press this morning a statement reputed to be made round has been so carefully and cautiously negotiated that they no longer
by Albert H. Wiggin. Chairman of the governing board of the Chase need to dig into their own pockets to pay their debts to England and the
National Bank, suggesting a number of Governmental policies.
United States. Their payments are all met out of the Young Plan pay-
JAN. 17 19311
FINANCIAL CHRONICLE
431
orders. It
meats from Germany and will continue to be so as long as the Young the nations from which the United States hopes to obtain
:plan operates. If it does not operate they can, under that debt agree- would be much better, it was pointed out, if Europe. instead of remitting
debt interest payment to the United States, were to spend the money in
the
ments, obtain in their turn a certain suspension of payments.
such an
Mr. Wiggin's suggestion, like those of other American bankers, is, there- purchasing surplus American products, whereof there has been
fore, without direct interest. Its indirect interest, on the other hand, is enormous accumulation in times of slack trade.
announcement, the headquarters of
Simultaneously with Mr. Wiggin's
enormous.
The French have regarded the American war debt policy as at the root the Conservative party here issued a reply to criticism of the American debt
not imply settlement negotiated by Stanley Baldwin in 1923. It reaches the conof the present commercial difficulties of the world. That does
desire to repudiate its
that they criticize that policy. They themselves have proved rather less clusion that, assuming that Great Britain did not
including postponed interest of $4.785.generous toward their debtors than the United States was toward them or formal obligations to meet the debt,
default, the only apparent alternatives were, firstly, to
000.000, by open
toward the other Allies.
annually,
But looking at the situation impartially, their financial leaders almost postpone making a settlement and continue to pay $250,000,000
yearly for 25 years.
that it is debts between Govern- and,secondly, to agree to pay not less than $325,000.000
unanimously agree with Mr. Wiggin
continues, "took the
"The Debt Funding Commission," the statement
ments which are handicapping all trade and credit relations. They beCongress. Eventually it agreed to
lieve that, though they themselves have secured their position as credi- stand on minimum terms laid down by
everybody if recommend 3 % interest and repayment over 62 years and finally was
tors and debtors, there would be an ultimate advantage to
induced to accept a reduction to 3% for first 10 years. Thus the result of
there were a revision of the whole basis of settlement.
of an annuity of $325,000,000,
Such a suggestion, however, they feel cannot come from them, and Baldwin's negotiations was that instead
Great Britian's annuity is $165,000,000 until 1932 and $190,000,000 therethat is one of the reasons why there is a lack of comment in the press.
They think it must come from America or from Germany, and among after."
business men especially there is an earnest hope that it should come officially
from the United States before the position of Germany forces a new appeal
Senate Confirms Nominations of Memfrom that country, which would give the whole operation a political instead United States
of a purely business aspect.
bers of U. S. Tariff Commission.
Would Oppose German Move.
All of the six members of the Tariff Commission named
One thing which is very certain in the whole situation is that any action
by Germany, either for a suspension of payments under the Young Plan by President Hoover were confirmed by the U. S. Senate this
or for a revision of the figure of annuities, will be firmly opposed here
Senate on the six recess
-payments of week. A favorable report to the
if it should threaten that balance of in-payments and out
debts which the French negotiators established with so much difficulty appointments was made Dec. 9 by the Senate Committee on
in the Young Plan negotiations.
Finance. As to the Senate Committee's action the United
With the situation as it Is the French have no reason to be displeased.
held out to them of getting States Daily of Dec. 10 said:
They long ago abandoned hopes which were once
Germany to shoulder the cost of the war or even the cost of reconstruction
Opposition to the appointment of Edgar B. Brossard, of Utah, as a mem.of the devastated districts and contented themselves with the prospect ber of the Tariff Commission, was shown in the Committee, the voting
of being henceforth able to cover their war debts out of the German pay- standing 11 to 8 for approval of his appointment. Two votes also against
ments. They are not prepared, however,to go beyond that limit of sacrifice. the appointment of Alfred P. Dennis, of Maryland, were recorded.
In the present gold controversy one of the most frequently repeated
Unanimous approval was given the other four members: Henry P. Fletcher,
arguments one hears in French circles is that the present satisfactory of Pennsylvania, Chairman; Thomas W. Page, of Virginia, Vice-Chairman;
state of French finances was obtained through the sacrifice by the rentier John
Lee Coulter, of North Dakota, and Lincoln Dixon, of Indiana.
class of four-fifths of their investments in Government bonds. If a similar
Previous to the vote on Mr. Brossard's appointment, the Committee called
England. it is stated, that country's burden of
sacrifice had been made in
A. M. Fox, Chief of the Economics Division, to testify regarding a report
taxation would not be such a serious handicap to industry as it is. England,
on sugar for which he and Mr. Brossard had helped prepare data for the
too, is hold somewhat responsible for the precedent set by Stanley Baldwin
higher rate on sugar.
In his debt settlement with the United States and his acceptance of terms Commission and which had favored a
which the French have consistently regarded as too onerous.
On Jan. 12 the Senate confirmed the nominations of four
Having, however, got through their difficult time, they incline to think
Adjournment was
that the time is past for talking of justice, responsibility or blame. They of the six members of the Commission.
think, too, after their past experience, that the worst possible tactics taken without action on Mr. Brossard, said the New York
would be to give any kind of advice to the United States.
in its Jan. 12 dispatch from Washington, from
At the same time they welcome Mr. Wiggin's suggestion as indicating "World,"
that the problem has begun to assume its real proportion and form In Which we take the following:
American minds and to be placed on a right business footing—that is,
Members of the Commission confirmed to-day without record votes are
whether it is better for the treasury to collect tribute from Europe or for Chairman Henry P. Fletcher of Pennsylvania, Vice-Chairman Thomas
trade and industry everywhere to be revived by a reduction of this burden. Walker Page of Virginia, Commissioner Alfred P. Dennis of Maryland, and
Commissioner John L. Coulter of North Dakota. The name of the sixth
of the
not come up
Lincoln
.1. R. Macomber, of Harris, Forbes & Co., A. H. Wiggin, Commissioner, Brossard,Dixonitof Indiana, did that there willbecause serious
be no
was indicated
but
row over Mr.
and A. L. Loomis Elected opposition to Mr. Dixon.
of Chase National Bank
to Corporation of Massachusetts Institute of
Technology.
Three new members have been elected to the corporation of
the Massachusetts Institute of Technology,it was announced
at Cambridge on Jan. 9. According to Associated Press
accounts they are John R. Macomber, President of Harris,
Forbes & Co.; Albert H. Wiggin, Chairman of the Board of
the Chase National Bank, New York, and Alfred L. Loomis,
banker and physicist of New York. The dispatch likewise
said:
Serve As Recess Appointees.
All of the Commissioners, including Mr. Brossard, are now serving under
recess appointments. Chairman Fletcher, Mr. Coulter, and Mr. Brossard
are Republicans, while the other three were named as Democrats.
Senator Harrison (D., Miss.) led the attack on Mr. Brossard, describing
the latter as having rendered "very distinguished service" to the sugar
Interests by his part in the preparation of a minority report from the
Commission several years ago at a time when a majority of the Commission
recommended a reduction in the sugar duty.
Brossard, then employed as a technical expert on the Commission, aided
the minority members by supplying data which bore a strong resemblance
to the text of their report. President Coolidge pigeon-holed the two
reports without action. Harrison accused Mr. Brossard of dealing evasively
Mr. Macomber was graduated from Tech. in 1897. Mr. Wiggin was
with a Senate committee in 1926 by denying any responsibility for the
United States Fuel Administrator for New York State in 1917-18, and is
report. . . .
an officer in numerous commercial, industrial, transportation and com- minority
The only other controversy during the day was over the nomination of
munication corporations. His home is in Greenwich. Conn.
Chairman Fletcher.
Mr. Loomis is a graduate of Yale University. He is Vice-President of
Senator Borah (R., Idaho) complained about this appointment because
Bonbright & Co. and Chairman of the board of the American Superpower
Co.; Vice-President of the Commonwealth Power Corp. and a director of of Fletcher's declaration before the Finance Committee that he was not a
the Public Service Corp. of New Jersey. He lives at Tuxedo Park, N. Y. tariff expert.
It was also announced that Mr. Macomber had been appointed to the
Confirmation of the appointment of Messrs. Brossard and
corporation committee on finance and that Gerard Swope, President of the
General Electric Co. and Arthur D. Little, President of Arthur D. Little, Dixon was registered by the Senate on Jan. 13. As to its
Inc., had been appointed to the committee on membership.
action on that date we quote the following from Washing-
of A. H. Wiggin Hailed in London—But
Doubt is Expressed that American People are Ready
to Make Sacrifices—Sir Josiah Stamp's Views.
A London cablegram Jan. 11 to the New York "Times"
stated that Albert H. Wiggin's declaration in favor of reduction in war debts, was well received there as have been
previous declarations in the same strain, but doubt again is
expressed as to whether the American people would be prepared to face the sacrifices involved. The cablegram likewise said:
Debt Views
Sir Josiah Stamp, Director of the Bank of England and one of the negotiators told the "Daily Telegraph" to-night that the burden on Germany
under the Young plan had become much greater than had been intended.
Any action by America in the direction of debt reduction under the Young
plan, he said, would be reflected in Germany and might help her recover.
"Moreover," he added, "any movement to offset a disastrous slide in
gold value would be advantageous to everybody. I think America is
realizing that as the indebtedness becomes greater in goods it is postponing
the day when they can improve their own export balance. I don't say
Great Britain ought to plead for it, but any adjustment along those lines of
International obligations, increased by virtue of the changing value of gold,
would be correct economically. The debt question is the key to the rest."
Another financial authority says many will agree with Mr. Wiggin that
the fulfillment of the debt obligations is reducing the purchasing power of
ton to the New York "Times":
Another decisive Administration victory was registered In the Senate
to-day when the last of the President's nominees to the Tariff Commission,
Including Edgar F. Brossard, a highly disputed choice, were confirmed.
The vote for Mr. Brossard was 45 to 36, eight of the votes which determined
the margin of Administration victory being cast by Democrats.
Lincoln Dixon, the only remaining nominee for the Commission, was
confirmed without debate and without a record vote.
The vote of Mr. Brossard came after almost two days of frequently
heated debate which approximated in feeling that exhibited in opposition
to the Power Commission, but the final test revealed a larger Administration margin than the most optimistic of Mr. Brossard's supporters had
anticipated.
Items regarding the appointment of the members of the
Commission appeared in these columns Aug. 30 1930, page
1357, and Sept. 29 1930, page 1813.
National City Bank of New York on the Banking
Situation—Best Regulation of Banks Provided
Through Clearing House Associations.
In its January "Bulletin" the National City Bank of
New York goes into extended discussion of the bank*
situation and incidentally Clearing House supervisior
432
FINANCIAL CHRONICLE
stating that it is well attested by experiencb that the best
regulation of banks is the regulation to which the banks
voluntarily submit, and which they provide for themselves
through their own organizations, the Clearing House Associations. We quote from the "Bulletin" as follows:
[VoL. 132.
In this emergency the Clearing House devised the system of Clearing
House Loan Certificates, repeatedly used afterward, as a means of settling
the balances arising between the member banks. The effect was to consolidate their resources, afford greater freedom in making loans and inspire
the public with confidence. One of the resolutions adopted at this time
read as follows;
Resolved, That in order to accomplish the purpose set forth in this agreement the specie belonging to the associated banks shall be
The Banking Situation.
treated as a common fund for mutual aid and protection,considered and
and the Comtank suspensions during the first 11 months of 1930, as reported by the mittee shall have the power
to equalize thesame by assessment or otherwise.
Federal Reserve Board, numbered 981 and involved deposits of 3515,000,000
Nine times afterward the New York Clearing House found it advisable
while in the nine-year period from 1921 to 1929, incl., there was a total to
take similar actions, the last time being in 1907, when cash payments
of 5,642 suspension involving deposits of $1,722,486,000. As mentioned in
were generally suspended by banks throughout the country, and nearly the
this review last month, over 60% of the banks that closed were capitalized
entire country went to what was called a "Clearing House basis." The
at $25,000 or under and located in towns of lees than 1,000 population, while
reason for clearing house certificates was that at that time practically no
80% were not even members of the Federal Reserve System. The Increase means
existed for rapidly increasing the supply of cuurency. The adopin 1930 over what might be called the average mortality rate is probably
tion of Clearing House certificates throughout the country in 1907 educated
no greater than should have been expected, in view of the severe drop in
the public to the need for a ready and safe method of creating lawful cursecurity prices, farm products and other commodities, and the slump in rency,
and led to the establishment of the Federal Reserve banks. Until
business generally. Some of these banks were closed only temporarily, the
Federal Reserve Act was passed the voluntary Clearing House Assoeither by order of the banking supervisors or their own directors. so as to ciation,
constituted the only safeguard the business of the country had
conserve their assets for the benefit of depositors, and have since reopened against
the paralysis of credit which from time to time had resulted from
under their own names, by reorganization or by merger with other banks. financial
crises, and the Clearing Houses developed the principles of the
In the last issue of this Letter we commented at some length on the Reserve
system.
causes leading up to these widespread bank failures throughout the country.
Clearing House Examinations.
The fundamental cause is to be found of course in the great expansion of
One of the most important safeguards developed by the Clearing Houses
bank credit in what at the time was considered a wonderful period of
prosperity, but in fact was a period of general inflation resulting primarily has been the system of bank examinations imposed upon their members.
from the war. The basis of the inflation was the enormous demands upon This system was first adopted in Chicago, and the developments which
our industries during the war time, together with the great additions to led to it were described some years ago by an eminent Chicago banker so
the bank reserves resulting therefrom. No such rapid additions to our succinctly that we reproduce them here'
gold reserves would have been possible in peace times and without them no
On a Saturday in December, 1905, the Clearing House Committee was
such an inflation of credit could have occurred under our banking laws.
confronted with a serious condition of affairs, involving the fate of three
banks that were under the control of one management—a National bank,
The rise of commodity prices and of wages resulted directly from the war, a savings bank and a trust company— all of which were in serious difficulty.
After sessions covering the good
two days the Clearing House
and put the country upon a new basis of values, which as people became Committee on Sunday realized the part of
importance of calling together all of
accustomed to it seemed to be real and permanent. Wheat went above the members of the Clearing House Association,and at two o'clock Monday
$3.00 per bushel in Chicago in the early part of 1920, corn above $2.00 morning the Clearing House banks of Chicago agreed to pay off the depositors of those three
per bushel, which stimulated a demand for farm lands and caused an active the assets and assumedinstitutions. The Clearing House banks took over
the task of paying about 820,000,000, so
turnover at rising prices. These farm transfers wore financed largely on of the depositors were paid on Monday morning, or at least as soon that all
as they
credit, and the census reports show that in many States the aggregate of Presented their books they got their money.
The Clearing House banks assumed the payment of this large sum of
farm mortgage indebtedness doubled in the 10 years from 1910 to 1920.
money in order to avert
This increase, of course, was not significant of distress at the time but of involve the entire business a general disturbance which might ultimately
community. The member banks that assumed
confidence and eagerness to use credit. It was due to a misinterpretation this obligation will never be repaid in full.
of conditions, and ultimately produced the conditions with which the rural
The members of the Chicago Clearing House accepted that experience
banks have been struggling ever since.
as teaching them the importance of having trustworthy knowledge through
For a period of 50 years land values had been generally rising, and
their own examinations of the condition of every follow-member in their
public opinion was inclined to accept the war-promoted rise as merely a
organization. If the failure of one member might be so important that the
more pronounced development of a natural tendency. The rural banks Association
as a whole could better afford to assume its obligations, they
became involved in loans which directly or indirectly were based on these concluded
that thereafter it should be one of the conditions of membership
land values. It has since developed that while the war gave a temporary that
each member would submit to examination from time to time under
stimulus to the prices of farm products, it gave a permanent stimulus to the supervision of
the Association. The New York Clearing House Assofarm production, with the result that farm products are back now to ciation followed the
Chicago Association in adopting the system, and there
pre-war prices, leaving the new indebtedness without adequate support. have been no
failures among the members of either of these associations
This is a plain statement of the grave situation with which the banks whose since the system of
Clearing House examinations has been adopted.
business is largely with farmers have had to contend. Another factor was
This examination of course is not a substitute for the examinations
the multiplication of banks during this period of false prosperity, when conducted by the
National and State banking authorities, but additional
bank deposits were growing in volume rapidly, and many persons were to them. The Clearing
House examinations occur at least once a year, and
becoming bankers without training for the business, to say nothing of may occur at any time.
experience with such conditions as were then prevailing. The country
A former Comptroller of the Currency has said of the Clearing House
became over-banked, and the banks over-expanded on the basis of inflated examinations that
they are "infinitely superior to State or Federal examinaprices.
tions," because of the better knowledge which the supervising authority
Nevertheless, in all parts of the country a majority of the rural banks has of individual credits.
In other words, the Clearing House Committee
have come through solvent and are able to meet their obligations. A which directs these
examinations necessarily has superior qualifications
minority, unfortunately numerous, has been obliged to succumb. Similar for doing so.
conditions followed our Civil War. 1861-1865, and have been known in
The chief gain, however, from the system of Clearing House examinations
other periods of our history, although wars are the greatest disturbers of is in the basis of confidence which it
affords for united Clearing House
prices and credit conditions.
action
When the body takes action to support any of its members, it is
an informed action. The element of surprise is practically eliminated.
The Situation in the Cities.
The situation has not been so serious in the important cities, for one Moreover, knowledge that the Clearing House is thus informed obviously
reason because the banks of these cities have a greater diversity of business Is assuring to the public.
The number of Clearing House Associations in the United States as
than Is the case of banks in the farming communities; moreover, in larger
institutions the management usually is in the hands of individuals of larger given by the last report of the Comptroller of the Currency is 244, which
shows that the system reaches to all cities of considerable size and practically
banking experience. Under our loose banking laws, however, banks are
likely to spring up in response to popular wants, and if loose banking is covers the country. The system of Clearing House examinations is too
wanted somebody is willing to supply it in boom times, for liberal com- expensive for the smaller Associations to maintain. but about 30 Assomissions will attract persons into the banking business who will do it. Hence ciations are maintaining it.
Of course, the Clearing House Associations and the entire banking
In most cities in recent years there has been a development of new banks,
beginning small and growing rapidly on a class of business which the old situation are much stronger than formerly by reason of the Federal Reserve
system, with Its consolidated reserves and the power to issue currency,
established banks would not touch.
Neither of the two banks that have failed recently in New York City, and which in itself consists of promises of the United States Government. The
whose troubles have occupied columns in the newspapers and contributed Clearing House Associations are of great value for the supervisory authority
which they exercise over their members, and with sound banking conditions
to the pessimism of the time, were members of the New York Clearing
the Reserve banks are able to give the elasticity to the currency supply
House Association.
that formerly was lacking.
Clearing House Regulation
It is a fact well attested by experience that the best regulation of banks
is the regulation to which the banks voluntarily submit, and which they Municipal
Bond Sales Subject to Federal Tax—United
provide for themselves through their own organizations. the Clearing
States Supreme Court Holds Government Entitled
House Associations.
Clearing House regulation, like every other form of effective organization,
to Levy on Profits in Municipal Transactions—
has been a development, and some of the most effective features are of
Deduction Allowed Where Loss Occurs.
comparatively recent adoption, but it has become one of the most important
features of banking in the United States.
A person who sells a municipal bond at a profit must pay a
The first Clearing House Association was established in New York City Federal income tax
thereon, the Supreme Court of the United
in 1853, the primary purpose being simply to clear the checks which the
members received on each other. However, the benefits of banking or- States held Jan. 5 in an opinion written by Mr. Chief Justice
ganization for conference and co-operation in the maintenance of sound Hughes. Likewise, the Court said, a person who sells such
policies had been urged long before. In 1831 Albert Gallatin, one of
a bond at a loss is entitled to deduct that loss in computing
the ablest financiers and statesmen this country ever produced, publicly
urged that the most effective influence for the maintenance of sound his tax. The "United States Daily" reporting this added:
credit policies would flow from banking organization. He referred to
Not only the Federal Government, but the taxing authorities of the States
the example of the London Clearing House and suggested the estab- were interested in the outcome of this case, the Court declared, pointing out
organization in New York. Then, as ever Since, there that both New Ybrk and Massachusetts had filed briefs on the
lishment of a like
theory that
were bankers who preferred to make their own policies unhindered and if the decision went against the Government, they would be precluded from
have no obligations to the general situation, but after the Association including the gain on the sale of Liberty bonds and other Federal securities
was organized, and the habit of conference was formed, the scope and In their State income taxes.
importance of the activities steadily increased.
The amount of State, county and municipal securities outstanding on
One of the occasions which accomplished most in developing the policy Jan. 11922, was $8,142,000.000, the filed briefs in the case say. According
of co-operation through the Clearing Howie was the election of Abraham to an oral estimate by the Treasury Department the amount ofsuch obligaLincoln to the presidency. The election was taken by the public as meaning tions now outstanding exceeds 814,000,000.000.
that civil war was impending, and business relations between the North
Interest Exempt.
and South were sharply affected. Credit was paralyzed, the banks of
The revenue acts exempt "interest upon the obligations of a State,
New York suffered heavy withdrawals and faced the necessity of curtailing
Territory or any political subdivision thereof," but this exemption was not
loans.
JAN. 17 1931.]
FINANCIAL CHRONICLE
'tended to profits realized on the sale of such obligations, Chief Justice
Hughes declared.
Interest from municipal securities is exempt,the opinion explained,under
the well established principle that a tax upon the instrumentalities of the
States is forbidden by the Federal Constitution, the exemption resting upon
necessary implication in order effectively to maintain our dual system of
Government. The familiar aphorism, the Court said, is "that as the means
and instrumentalities employed by the general Government to carry into
operation the powers granted to it are exempt from taxation by the States,
so are those of the States exempt from taxation by the general Government."
No Special Circumstance.
The question in this case was limited, the opinion pointed out, by the
fact that it does not appear that the securities were issued at a discount, so
that the gain derived could be considered to be in lieu of interest. "Whatever questions might arise in cases of that sort are not now before the Court,"
Chief Justice Hughes said. "The present case is imply one of profit obtained from purchase and sale, without qualification by any special circumstances."
"The authority of Congress to lay a tax on the profit realized by an investor from the sale or conversion of capital assets in general is not open to
dispute and is not disputed," Chief Justice Hughes pointed out. "That
is a matter of governmental policy and not of constitutional power." he
said. "The question raised here is not because the securities sold were
Capital assets, but because they were governmental in character."
C. E. Mitchell of National City Bank of New York
Believes General Revival of Business Activity Will
Gradually Develop—Report Indicates Readjustment of Company's Securities to Accord with Cost
or Market Value.
Charles E. Mitchell, Chairman of the National City Bank
of New York, in his report to the stockholders at the annual
meeting on Jan. 13, made reference to the falling prices in
the bond market, especially in the last quarter of the year,
which he said "adversely affected the value of the substantial inventory of securities necessarily carried for current
offerings to the company's investing clientele and," he noted,
"there was an even heavier decline in the market value of
the equity securities held in the inactive portfolios assembled
to establish or cement relationships deemed to be of value to
the institution." After careful scrutiny, he continued,
"the directors authorized adjustments as of the close of the
year to bring the balance sheet to what is considered to be
sound value." "Current inventories," he added, "have
• been written to cost or market, whichever the lower." "All
of these revaluations and adjustments," Mr. Mitchell said,
"have been made from surplus account, and, in the further
interest of conservatism, the balance remaining in surplus
account will be considered as an addition to reserves, thus
creating reserves of $16,432,000 over and above the capital
of $55,000,000." The report shows resources of the National
City Bank as of Dec. 31 1930 totaling $1,944,244,523, and
deposits of $1,460,031,336, both of which, it is stated,
exceed those of all previous year-ends except 1929.
In his comments on the business situation, Mr. Mitchell
states that"at the moment,there is lit tie basis for a prophecy
of speedy recovery, but judging by past experience, it would
seem that the volume of business has fallen as low as it is
likely to go, that replacements may be expected at least to
maintain the present level, and that as the industries take
the measure of the conditions with which they have to deal,
a general revival of activity will gradually develop." Mr.
Mitchell's report to the stockholders follows in full:
The consolidated statement of the National City Bank of New York
as of Dec. 31 1930 is presented to you at this time. This is a statement
of the Bank and does not include the Nationa City Co. or City Bank
Farmers Trust Co., thestocks of which are trusteed for tne benefit of the
shareholders of the bank. The total resources of 81.944,244,522.84 and
deposits of $1,460,031,336.01 exceed those of all previous year-ends except
the record figures of 1929. Net earnings for the year, after reserves for
taxes, pensions, and death benefits, were $21,336,734.43 as compared
with a figure of $26,587,841.66 for 1929. Out of these profits was applied,
according to our fixed rule, a contingency reserve of$2,422,748.44, dividends
of$14,520,000 were paid,and after the usual year-end adjustments a balance
of $4,904,065.27 was carried to undivided profits. While the earnings are
less than reported a year ago, the difference can be more than accounted
for by the lower interest rates prevailing through the year. In such times
as those through which we have been passing, a high degree of liquidity
has been considered of far more importance than large earnings, and, at
constant sacrifice of interest rate, liquidity has been maintained at a higher
degrees than in any recent years. At home, the aggregate of cash, street
call loans, bills eligible for immediate re-discount, and bonds eligible for
borrowing at the Federal Reserve Bank has averaged, during the
year.
over 67% of net demand and thrift deposits at Head Office and
Domestic
Branches, and for no single month has this average fallen below
624( V°•
Abroad, equal attention has been given to the maintenance of liquidity in
foreign branches. For 19 days only of the year were discounts carried at
the Federal Reserve Bank.
As announced with the published statement of condition as of Sept. 24
1930 the sum of $20,000,000 was transferred from surplus to reserve for
contingencies. This was considered a wise precaution in view of the worldwide economic disturbances, and in closing the books for the year advantage
has been taken of the existence of this reserve to write down the value of
assets to a point from which substantial recoveries may be expected as more
normal conditions re-assert themselves. In the statement as presented,
determinable and known losses have been written off or specially provided
for, and all securities are carried at market value.
As evidence of increased operating efficiency, it is w rthy to note that in
the face of reduced business activity the stockholders' residue out of each
433
dollar of operating income after payment of all expenses and interest, and
providing the usual reserves, was greater in 1930 than in 1929.
During the year, the bank transferred to the International Banking Corp.
Its investment in the Bank of Haiti, and the ownership of the International
Banking Corp. is now carried on our balance sheet at $8,000,000, the
sum of the previous combined carrying value of these two subsidiaries, a
figure which is less than their true book value. The item of bank buildings
shows an increase for the year of about $17,500,000, which is chiefly due
to the construction of the new building of the City Bank Farmers Trust Co.
adjoining Head Office, in which will be accommodated many ofour working
departments, the purchase of a number of new properties in the City of
New York for branch purposes, and a bank building in Manila, P. I.
It is gratifying to know that,in spite of the depressed conditions prevailing
in practically every foreign country, the operations of the foreign branches
show approximately the same profit as in the record figures of last year.
Directly operated branches were increased by the taking over of the Philippine branches from the International Banking Corp., the acquisition of
five new branches in Porto Rico as a result of the purchase of the American
Colonial Bank, the opening of one additional branch in Cuba, and two
new agency offices in puenos Aires. At the year-end we are operating
abroad, either directly or through our subsidiary banking corporation,
100 offices, located in 23 foreign countries, providing what is recognized
to be the most complete organization for world-wide banking service. In
the Greater City of New York 12 new branches were opened during the year,
bringing the number of domestic branches to 49, which closed the year
with deposits of 13% in excess of a year ago. Arrangements have been
completed for the opening of four additional branches within the coming
months.
The year was the greatest in the bank's history in the development of its
thrift activities. In N. Y. City and in our foreign branches compound
interest (thrift) deposits reached anew peak of approximately $127,000,000.
In N. Y. City alone the increase was the largest since the department was
organized in 1921—$14,702,018—bringing the city total to nearly $80.000,000. The number of compound interest depositors throughout the
world reached 562,000, an increase of about 16%. In N. Y. City the
number of depositors is more than 381,000, an increase of 18%.
Complementing the compound interest department is the personal loan
department, now in its third year. The business of making small loans to
wage earners and others of moderate income is a component part of thrift.
activity, our purpose being definitely to create savers and investors from
those temporarily forced to borrow.
Since the start of this department in 1928, there has been loaned a total
of $67,961,000 to 195,798 borrowers, an average of $347 per loan. Of the
loans so made, 115,712 aggregating 841,650,000 have been paid, leaving on
the books at the year-end current loans to the number of80,086 aggregating
$26,311,000. Losses in this department are less than our original estimates
on the basis of which reserves are currently established. Loan payments
have been more punctual during this year than in any previous period.
The number of shareholders of the bank continues to increase, there
being 68.491 registered shareholders at the year-end as against 62,868 a
year ago.
The National City Co. in its operations during the year ha.s naturally
felt the effects of the erratic and, at times, almost stagnant condition of the
investment market, and its current operations, while profitable, were in a
considerably reduced amount from previous years. Rapidly falling prices,
especially in the last quarter of the year, in the general bond market, adversely affected the value of the substantial inventory of securities necessarily carried for current offerings to the company's investing clientele.
and there was an even heavier decline in the market value of the equity
securities held in the inactive portfolios assembled to establish or cement
relationships deemed to be of value to the institution. After careful
scrutiny, the Board of Directors authorized adjustments as of the close of
the year to bring the balance sheet to what is considered to be sound value.
Current inventories have been written to cost or market, whichever the
lower. The inactive inventory presented an interesting question. This
portfolib, which is substantially the same as at the close of last year. consists
almost entirely of equity securities of sound industrial and railroad companies, the intrinsic value of which have changed little during the year.
Earnings of the companies have, of course, been affected by the depression,
but in the main, dividend records have not changed. In the light of the
inactive and more permanent character of this portfolio, the day-to-day
market quotations are not of controlling importance. Nevertheless, every
item in this portfolio has been written to the market prices prevailing at
the end of the year. All of these revaluations and adjustments have been
made from surplus account, and in the further interest of conservatism, the
balance remaining In surplus account will be considered as an addition to
reserves, thus creating reserves of $16,432,000 over and above the capital
of $55,000,000. Considering that the valuation of the company's invent
tories represents practically the bottom of the 1930 range of prices, that its
borrowings are comparatively low, and that it has no commitments of
moment outstanding. it will be recognized that it is in a favorable position
to take advantage of an% improvement in investment conditions.
Occasional uninformed comment regarding our interest in Cuban sugar
properties prompts a word with respect thereto. Since the post-war collapse
of the sugar industry in 1921. which caused wide distress in Cuba and forced
banking creditors to take over actual properties for toe protection of their
accounts, we have had proprietary interests in certain properties, which have
been assembled in the General Sugar Corp., the stock of which is owned
by the National City Co. While these properties are among the best in the
Island, with thoroughly modern mills and production costs well below the
average, their aggregate output is only a small factor in the industry, contrary to what has sometimes been supposed, being only about 6% of the
output of the Island as a whole. The post-war condition of world-wide
over-production has resulted in a period of abnormally low prices,from which
producers in all countries have suffered. The properties, inventories and
accounts in the balance sheet of the corporation reflect values based on a
sugar price equal to 60% of the average sugar prices ruling over a period
of 30 years. The investment of the National City Co. is carried at about
three-fourths of the book value thus shown. Under these circumstances,
we are prepared to support this investment until, with the inevitable turn
of the agricultural cycle, a normal degree of prosperity asserts itself, and
it can be disposed of to advantage.
The statement of the City Bank Farmers Trust Co. as of Dec. 31 1930
presents a strong and liquid condition. Securities are valued at cost or
present market, whichever the lower. Net earnings, after setting up
reserves for contingencies, pensions, death benefits and management funds,
were $2.927,124.41, from which dividends of $2,200,000 were paid, leaving
a balance of $727,124.41 as an addition to undivided profits. The growth
of the company's business, which is exclusively that of the administration
of trusts, has been gratifying. As indicative of the breadth of the field of
service, new business received came from 24 States of the Union, and from
17 foreign countries. In the investment of trust funds, it is the policy
of the Trust Company not to purchase securities from the bank or the
National City Co., even when trust instruments contain express authority
to do so.
434
FINANCIAL CHRONICLE
[VoL. 132.
It is a well-known fact that the course of business is subject to alternating actual cost, or even below cost, that the matter of further depreciation is
periods of activity and depression, more or less pronounced according to no longer important in his calculations. Ample funds are available to the
the circumstances of the time and the extent to which the movements are borrower for legitimate business needs, and the basis for an increase in
general prosperity is well established. Rates for money are low.
carried by the prevailing spirit of optimism or depression.
The industrial depression, which began in the last half of 1929, has
Mr. Delafield likewise said:
than was anticipated in
proved to be much more severe and widespread
The reaction in business which first made itself evident to the public
business circles one year ago. The break in the stock market, upon which
interest chiefly centered in the last two months of 1929, was only one factor in October 1929, and has continued through 1930, was markedly different
in the situation and not the most important one. The world-wide fall of from former reactions chiefly on account of the fact that industry for the
commodity prices, particularly prices of farm products and raw materials, most part during the prosperous period had taken the precaution to protect
has been the outstanding feature of the year's developments, and it is evident Itself against the future by permanent financing, through the issuance of
that this has been mainly due to conditions which had their origin in the securities. It was different too, in that the turnover in industry had so
economic disturbance caused by the War.
speeded up that in the majority of cases inventory compared with sales was
No such disruption of economic relationships as that caused by the War small, and the reduction in business was possible without the usual conseever had been known in modern, highly organized society. Enormous quent financial stringency.
derangements resulted in the business organization,first from forced adaptaThe banks, therefore, were not called upon to the same extent for largely
tion to war conditions, and afterward from the readjustments involved in increased loans to industry, but were in the position of carrying secured
the return to peace conditions. These readjustments began with the short loans to a large amount on collateral. The deflation in values, although
collapse of 1920-21, but the situation was temporarily stabilized by the rapid, was slow enough to take place without impairing the safety of these
Imperative needs for production in Europe and the vast expenditures re- loans, and the larger banks have remained in a liquid position and kept
quired for reconstruction, rehabilitation of industry and of housing every- their resources free for the needs of their customers.
where.
Our own business is an active one and the turnover rapid, which is well
An increase in the productivity of industries and the development of shown by the fact that our statement, made up on the basis of Clearing
new fields of industrial activity would not cause a business depression if it
House forms, showed at the end of the year a one-day liquid position of
came about in a normal manner, but the changes of recent years have been
78% of our net demand deposits. When so large a proportion of our assets
so rapid and violent as to cause confusion and demoralization.
are held immediately liquid, there is a consequent effect on interest earnThe additions to the gold stuck of the United States resulting from the
War, besides supplying a basis for foreign loans, were the basis of a great ings. The bank, after contributing its share to the dividend of $4.50 paid
expansion of domestic loans upon farm lands, city real estate and stocks, during the year, was able to carry to undivided profits $427,000. This was
and thus promoted a rise of prices which could not be sustained in view of possible partly because of an increase in deposits, and partly because of a
the proportion of speculative holdings, and the 1929 collapse resulted. The substantial growth in the bank's Trust Department, where the gross busiforced selling of such holdings and the continued decline of prices, while a ness for 1930 was almost double that for the year previous. This departdepressing influence in the situation, does not signify that in the past year ment has a record of forty-three years of service, and is the custodian of
a deliberate re-appraisal of these properties or of the future of American the funds of many individuals, besides having filed with it a large number
business has been made. It signifies only a reaction from an over-extended of wills.
speculative movement.
During the past year the Murray Hill Trust Co. was merged into our
The revulsions of 1920-22 and of 1929-31 were alike in the fact that in bank, carrying with it $8,000,000 of deposits and an efficient organization.
usual influences which characterize the downward curve of a The physical changes in the office at Court and Montague Streets were
addition to the
business cycle they were intensified by the enormous derangements resulting completed, with the addition of a modern vault, and another office was
from the War. The business structure of the country, however, is much merged into it with a considerable annual savings resulting.
stronger now than in 1920-21 or in any previous crisis. The banking
Our bank has been established for over 118 years on the same site, and
situation is stronger now than on such previous occasions, notwithstanding Its facilities to serve its customers are of the best. We look forward to a
the development of weak spots, especially in country banks, which for the large and satisfactory growth in all of our departments, and hope that
most part date buck to 1920-21. The Federal Reserve banks are liquid our stockholders may assist us in our efforts.
whereas in 1920 they were loaned up practically to the limit. The decline
The bank's security affiliate, the Bancamerica-Blair Corporation, has
of commodity prices has been much less than in 1920-21, inventory losess an extensive organization with offices in the principal cities of this country
been smaller, capital impairment in regular business has been com- and Europe, which provide facilities for the origination and distribution of
have
paratively small. There is reason to believe that unemployment has been securities.
no greater than in 1920-21, and that on the whole the prostration of industry
The year's operations of Bancamerica-Blair Corporation have shown
has not been as disastrous. The business organization is ready to function realized profits in excess of its contributions to the bank's dividend during
more promptly and with greater efficiency than after any other major crisis. the year,
notwithstanding that it has been adversely affected by the depresThere is, however, work to be done to restore the balanced relationships sion in
the security and investment markets throughout the world.
which for the time being have been distrubed. The state of congestion in
The corporation is setting up a reserve of $20,000,000 which is more than
commodities and unremunerative prices to producers is variously described
sufficient to cover the depreciation of securities during the year 1930, and
as resulting from over-production or under-consumption, but is more to bring
all securities down to the present market. This amount has been
accurately described as due to disproportionate or unbalanced production.
taken out of surplus, and leaves a balance remaining in the surplus account
Adjustments are tediously slow because of the necessity of universality and
over $8,350,000 in addition to the capital of $14,710,120, making total
uniformity. All branches of industry and business are inter-dependent of
capital funds of over $23,060,120.
and must find prosperity together.
The slowing down of the industrial organization is evidence in itself that
something is out of order in it, and that adjustments are necessary. The
adjustments required tend naturally to be made under the economic pressure Frank H. Warder, Formerly New York State Superinwhich arises from disorder. In times of depression producers and distendent of Banks,Begins Prison Sentence Following
tributors feel the necessity of making new efforts to improve their methods
E' Confirmation of Conviction by Appellate Division
and reduce the cost of their services. The problems of production and
distribution are studied at such times even more closely than in times of
of',New2York Supreme Court.
prosperity. Assurance may be felt that such efforts are being made, and
Frank H. Warder, formerly New York State Superinpromising success, throughout all branches of business both here and
with
abroad, and that the multitude of corrective influences are gradually tendent of Banks on Jan. 12 began a term of five to ten years
restoring conditions to a return of prosperity.
Prison; he surrendered to Supreme Court Justice
The past year has been one of repeated disappointments, because the in Sing Sing
scope of the disturbance was not fully comprehended. During the second Mullan on the 12th—a day earlier than required. On Jan. 2
half of the year the curtailment of expenditures of all kinds, on the part of of this year the Appellate Division of the New York Supreme
consumers, distributors and producers, was very pronounced. The first
term of from five to ten years.
effect of these economies undoubtedly was to intensify the depression, but Court upheld the prison
the intent of each individual has been to strengthen his own position, and That sentence was imposed on Nov. 8 1929, following
If everybody accomplishes this, the ultimate effect must be to strengthen Warder's conviction on a charge of accepting a bribe of
the general situation. This process is the reverse of that by which, through
-making, the general situation became $10,000 from the late Francesco M. Ferrari, President Of the
individual expenditures and debt
seriously involved. It has been a year of debt paying on a great scale, City Trust Co. of New York, which failed in February 1929.
which necessarily means curtailment of purchases and a check upon enterWarder was released on Nov. 26 1929 under bail of $50,000
prise, but also means that when this policy has run its course new and sustained buying power will appear in all markets. Gradually the new con- pending an appeal to the Appellate Division. Reference
ditions will make themselves felt. A new state of mind also will be de- to his conviction appeared in these columns Nov. 16 1929,
veloped, more sane and constructive than that which ruled in the boom
p. 3113, and Dec. 14 1929, p. 3741. Regarding the conperiod. This attitude of mind is likely to be reflected in the bond and securclusions of the Appellate Division on Jan. 2 the New York
ity markets even before the industrial recovery is perceptibly under way.
At the moment, there is little basis for a prophecy of speedy recovery, but "Evening Post" of that date said:
judging by past experience it would seem that the volume of business has
The decision to-day against the former banking Superintendent was unanifallen as low as it is likely to go, that replacements may be expected at least mous. Justice Edward R. Finch wrote the opinion,
which was concurred in
maintain the present level, and that as the industries take the measure
to
by Justices John McAvoy, Francis Martin and Henry L. Sherman.
of the conditions with which they have to deal, a general revival of activity
Justice Finch's opinion reads in part; "A consideration of this record
will gradually develop.
leads inevitably to the conclusion that the evidence preponderates heavily in
For the business man who has a clear understanding of the difficulties in favor of the finding of guilt of this defendant. Consequently, in order to
which the present situation is involved and a determination to adapt his set aside the verdict, he is compelled to rely upon alleged errors which
policies to the realities, the future surely will afford opportunities as great occurred during the course of a long trail, commencing Oct. 21 and ending
as have been open at any time in the past. Unquestionably this country is Nov.5 1929."
going forward.
The opinion characterizes Genaro Dell'Osso, the brother-in-law of
•
Ferrari, as a faithful body servant of the banker and a messenger for him,
Bank of America N. A. Expresses and declares that he was neither an accomplice as a matter of law nor as a
Edward C. Delafield of
Confidence in Future—Basis for Increase in Pros- matter of fact.
Mr. Steuer in his argument for reversal of the verdict contended that
perity Well Established—Year's Operations of Dell'Osso was an accomplice as a matter of law.
,
Warder was convicted on an indictment which charged him with accept
Institutions.
•
ing a bribe of $10,000 from the late Francesco Ferrari, President of the now
In addressing the annual meeting of the shareholders of defunct City Trust Co. The bribe was paid, a jury in Supreme Court found,
the Bank of America, N. A. on Jan. 13, Edward C. Delafield, for the purpose of keeping the bank examiners from examining the books
of the concern.
President of the Bank of America, N. A., of New York, had
Warder Takes Charge.
regarding business conditions:
the following to say
Eleven days after Ferrari had died and after frantic efforts had been wadi
that if the business to find other financial institutions that would aid the tottering City Trun4
We have confidence in the future, for our studies show
depression has not passed its low point, it has at least reached a level where Warder stepped in on Feb. 11 1929.
Immediately rumors of wholesale forgeries and thefts in the City Trust
prices of commodities can be considered practically at their low point, and
Banking Superintendent mai*
where the buyer on a large scale can obtain goods at a rata so near the began to make the rounds. To these the
JAN.
17 1931.]
FINANCIAL CHRONICLE
tabled an Inscrutable silence. Finally after it was learned that Ferrari had
bought automobiles for Warder's family, that the banker had guaranteed
Warder's rent and that Warder was preparing to leave for Europe, Mr.
Lehman moved for an inquiry.
Mrs. Warder died of heart disease on the eve of the public hearing. The
hearings were postponed, then resumed Warder shocked even his closest
friends by refusing to testify without Immunity.
On April 25 of that year, Lieutenant Governor Lehman ordered a Moreland Act inquiry and thus "spiked," It was said, Warder's plan to sail for
Europe.
This inquiry revealed that Warder had allegedly been paid $136.000 for
various favors to the City Trust Co
Eight bribery and three misdemeanor indictments were returned against
him, and on Nov.5 1929 a jury in Supreme Court Justice Tompkins's Court
convicted him.
Through his attorney he appealed the conviction, and early last month the
Appellate Division of the Supreme Court heard arguments on the case.
After his conviction he served 17 days in the Tombs and was released
In $50,000 bail. He is free in that bond to-day.
Mr. Steuer based his argument for reversal of the decision principally on
the grounds that Justice Tompkins had erred in ruling that Dell'Osso
was not an accomplice in the commission of the alleged crime and that his
connection with the transaction was a matter which the jury should have
decided.
In order to sustain the conviction of Warder, Mr. Steuer contended, the
people were obliged to prove beyond reasonable doubt that the money was
accepted as a consideration toward influencig the official conduct of his
The attorney averred that Justice Tompkins erred as a matter of law in
exonerating Dell'Osso from implication He pointed out that the prosecution contended Dell'Osso had made other payments to Warder and that they
showed guilty knowledge.
If it were proper for the jury to infer that Warder had guilty knowledge
from the evidence of these alleged payments then the jury would have been
Justified in inferring that Dell'Osso himself knew they were being made
for an unlawful purpose.
Assistant District-Attorney Robert C. Taylor, who appeared for the
people at the argument of the appeal, declared that the issues of the case
had been fairly submitted to the jury.
From the "Times" of Jan. 9 we take the following:
435
In legal quarters it was held that as Deputy Attorney-General Mr. Steuer
would be empowered to question witnesses under oath with regard to
violations of the Martin Act and then introduce his findings in the Grand
Jury investigation.
The Board of Estimate tomorrow will vote upon the question of appropriating funds for the Grand Jury investigation. It is understood that a
budget of probable expenditures has been made up by Mr. Steuer. Estimates of the amount to be requested were generally in the neighborheod of
$100,000.
The hearing in the bankruptcy of the affiliates of the Bank of United
States will be resumed today before Referee Stephenson. It is expected
that Bernard K. Marcus again will be examined.
Total applications for Clearing House loans against deposits in the
Bank of United States up to January 12 totaled 68,939. The net balances
of depositors making requests totaled $54,551,000.
From the "Times" of Jan. 13 we take the following:
The stage was fully set yesterday for a co-ordinated double inquiry by
the offices of the Attorney General and the District Attorney into the
affairs of the closed Bank of United States under the single direction of
Max D. Steuer, Council for the Protective Association of Stockholders and
Depositors of the bank.
Following a conference at the Criminal Courts Building with a committee of the association, headed by Justice Louis Goldstein, its President,
District Attorney Crain appointed Mr. Steuer an Assistant District
Attorney to prosecute the criminal phase of the investigation on the conditions laid down by Mr. Steuer in accepting Mr. Crain's offer of the
appointment.
Mr. Steuer's conditions were that he receive a free hand and separate
quarters for the investigation and that the Board of Estimate grant an
adequate appropriation to cover expenses of the inquiry. The appropriation
required will be between $100,000 and $200,000.
In accepting the first two of Mr. Steuer's conditions Mr. Crain promised
also to use his influence in prevailing upon the Board of Estimate to make
the necessary appropriation.
According to the New York "Evening Post" of last
night (Jan. 16) the Board of Estimate yesterday appropriated $100,000 to pay for the joint county and State
investigation of the Bank of United States, which Max
D. Steuer will conduct. The "Post" said:
Chief Judge Cardozo of the Court of Appeals, in a decision made public
yesterday, refused to permit Frank H. Warder. 60 years old, former State
Superintendent of Banks, to file an appeal with his court from the recent
Only one dissenting voice was raised from the crowded chamber, where
unanimous decision of the Appellate Division of the Supreme Court up- the Board met after Mayor Walker
had requested that the appropriation
holding Warder's conviction in November 1929 for accepting a $10,000 be given precedence over all other
business and District Attorney Thomas
bribe in 1928 not to cause an examination of the City Trust Co., which C. T. Crain had told why that
impressive sum is needed.
later failed for $5,000,000.
The lone objector, Sol Wollin, claiming to represent the United DeWarder was convicted before Justice Tompkins in the Supreme Court, positors' Committee,
was ultimately ejected from the room after be had
principally on the testimony of three former employees of the bank, of tried a dozen times to
read a protest against Mr. Steuer's appointment and
which the late Francisco M. Ferrari was President. Warder was sen- had been
told by the Mayor that the Board had nothing to do with Mr.
tenced to serve five to ten years in State's prison, but on notice of an
Steuer's designation as Assistant District Attorney.
appeal to the Appellate Division, was released in ;35,000 bail.
When the Appellate Division sustained the conviction last week. Warder's
Regarding the negotiations for the purchase of the aslawyer, James I. Cuff, served notice of an appeal to Chief Judge Cardozo.
sets of the bank, the "Journal of Commerce" of Jan. 16
Assistant District-Attorney Felix C. Benvengor agreed to postpone the
had the following to say:
surrender of Warder for transfer to Sing Sing until next Tuesday.
Chief Judge Cardozo's decision means that Warder will have to appear
Col. Joseph M. Hartfield of the firm of attorneys, White & Case, is at
before Justice Mullan in the Supreme Court on that day and be turned over present negotiating with Banking Superintendent Broderick for the purto Sheriff Farley for delivery to the prison.
chase of a portion of the assets of the Bank of United States, it was learned
With reference to the appearance of Warder before Supreme last night. In the past White & Case have represented J. P. Morgan & Co.
and associated interests.
Court Justice Mullan on Jan. 12 the "Post" in part said:
There were reports that the present conversations are being conducted
Warder was silent in court. He offered no statement when the sentence
in behalf of several Wall Street banks, including the Manufacturers'
was repeated by Justice Mullan. Nor would he talk to newspapermen
Trust Co. Recently a controlling interest in the Manufacturers' Trust
following his avowed intention, as expressed through his daughter, of"mainCo. was acquired by a group headed by Harvey D. Gibson, previously the
taining his silent dignity until the end."
But on his way to the Tombs he broke his silence by insisting to Sheriff's Chairman of the Executive Committee of the New York Trust Co.
During the past two weeks there have been frequent reports in Wall
Deputies Otto F. Petrick and Thomas Tynan that he was innocent.
"I should never have been convicted," Petrick quoted him as saying. Street quarters of plans by the Manufacturers' Trust Co. to acquire
portions of the assets of the Bank of United States, particularly its
'I am an innocent men and I was sure that I would be given a new trial
more favorably located branches. This week rumors were circulated of
until the last when Judge Cardozo refused to hear my appeal."
Petrick, who saw Warder when he was brought to the Tombs when first plans to acquire the major portion of the assets now in possession of the
arrested, said that the former Banking Superintendent had lost at least Banking Department.
Negotiations Tentative.
50 pounds since then. Warder was worn and haggard when he was led out
of the court room.
It was pointed out that at the present time negotiations are still tentative
and that nothing approaching a definite commitment has been made by
Reports of Negotiations for Purchase of Assets of either side. At the present stage of conversations regarding the transBank of United States—District Attorney Crain action the assets to be sold are being evaluated.
The payment of an initial liquidating dividend by the closed Bank of
in Letter to Gov. Roosevelt of New York Seeks United States within a few months out of the more liquid assets of the
institution is expected by those in close touch with its affairs. On the
Emergency Legislation for Compulsory Attendance
of Witnesses in Inquiry into Affairs of Bank— other hand, it is understood to be the policy of State Superintendent of
Banks, Joseph A. Broderick to avoid the liquidation of the slower and
List of Subsidiaries of Bank.
more difficult assets to prevent undue loss in disposing of them.
It was announced on Jan. 14 by Max D. Steuer that
plans were being developed by a group of financiers for
the segregation of $77,000,000 of the assets of the closed
Bank of United States to make possible the immediate
payment of more than 50% to depositors, pending final
liquidation. The "Times" of Jan. 15 in reporting this
said that in making public this plan to the 2,500 depositors at the meeting, Mr. Steuer appealed to Joseph A.
Broderick, State Superintendent of Banks, to stop the
liquidation now under way to enable the financiers in
question to go through with their program.
Mr. Steuer is chief counsel for the Bank of the United
States Depositors and Stockholders' Protective Association in its issue of Jan. 15 the New York "Journal of
Commerce" stated that Mr. Steuer may simultaneously
hold the positions of Special District Attorney and
Deputy Attorney-General in prosecution of the county
and State inquiry into the affairs of the Bank of United
States, according to District Attorney Crain.
The paper quoted likewise said:
The District Attorney said that the ruling can be applied only to the
holding of more than one municipal position, whereas the positions involved are conferred by the county and State.
The following is from the "Wall Street Journal" of last
night (Jan. 16):
Neither the Chase National Bank, nor its affiliates, the American Express
Co. and the American Express Bank & Trust Co. are contemplating participation in the plan referred to in the morning newspapers, for the reorganization of the Bank of United States,
J. Stewart Baker, president of Bank of Manhattan Trust Co., emphatically denied that that institution is in any way connected with plans
which, according to the press, are being discussed in connection with the
Bank of United States.
District Attorney Crain of New York, in a letter to Governor Roosevelt, made public at the Executive Chamber in
Albany, on Jan. 8, asks for immediate emergency legislation
giving him power to insure through compulsory process the
attendance of witnesses for preliminary examination in the
grand jury investigation into the Bank of United States,
its subsidiaries and affiliates. Tile New York "Times," in
reporting this in an Albany dispatch, added:
The letter madb it plain that Mr. Crain wanted this additional power
largely with a view to keeping the public apprised of information coming
to his office in the course of the investigation. In this connection he
pointed out that grand jury processes are secret and testimony given before
that body not generally available, under the law, for publication.
Mr. Crain asked that the legislation be put through without delay and
under an emergency message to expedite its enactment. The Governor, in
436
FINANCIAL CHRONICLE
12is reply, which also was made pubdc, declared that the demand marked
such a radical departure from the usual practice that before recommending
legislative action he wished to hear from the Bar Association, the County
Division,
Lawyers' Association, and the presiding justice of the Appellate
to whom, this evening, he forwarded photostatic copies of Mr. Crain's letter
urging them to give him an opinion without delay.
legislaMr. CraM also asked the Governor to see to it that the proposed
to question
tion was broad enough to authorize him to call in special counsel
he already
witnesses. The Governor wrote Mr. Crain that he thought
special deputy
could exercise that power by making ouch outside aides
assistants.
Text of Crain Letter.
The text of the Crain letter follows:
Chamber,
To Your Excellency, Governor Franklin D. Roosevelt, Executive
Albany, N. Y.
which have
Sir: Referring to the situation presented by statements
informally preferred
been made and by charges which have been
connected with the Bank
against some of the persons officially
Bankus Corp., and
of United Staten, the City Financial Corp., the
and to the action
their allied, subsidiary and affiliate corporations,
taken by this office in
heretofore taken and which now is being
the presentation of evidence to a
the investigation of such charges and
an emergency message of a bill
grand jury, I ask for the passage under
compulsory process for the
empowering me as District Attorney to issue
whose testimony, in my opinion, may
attendance of witnesses before me
with such investigations as it may
be material and necessary in connection
to initiate.
be proper for a District Attorney
to permit me to authorize qualified
The Act should be broad enough
with the office, but representative of
counsel, disconnected officially
affected by alleged criminal misclasses of persons primarily injuriously
and hearing those who might be
management, to examine in my presence
subpoenaed to appear.
such person as I may designate
The Act should further empower me or
to administer oaths to persons subpoenaed.
immunity similar
The Act should •further contain a provision respecting
law.
to Section 359 of the general business
of such power, I could hold and
It is needless to say that, if possessed
in public of persons who can
would hold open sessions for the examination
of the Bank of
give informative testimony respecting the management
and their allied,
United States, the City Financial Corp., the Bankus Corp.,
subsidiary and affiliate corporations.
testimony of witresses before a grand jury
As your Excellency knows,
the
cannot be divulged by a District Attorney, and what transpires in
In connection with the
grand jury room is, therefore, in large part secret.
that the
Bank of United States and its subsidiaries, it is of importance
of the
public be apprised of much of the information during the progress
by the legislation asked for.
investigation which would be facilitated
Very sincerely yours,
THOS C. T. GRAIN, District Attorney.
Governor Roosevelt's Reply.
This is Governor Roosevelt's reply:
State of New York,
Executive Chamber,
Albany, Jan. 8 1931.
New York County, New
Hon. Thomas C. T. Crain, District Attorney,
York City.
relative to certain
6
Dear Judge Crain: I have your letter of Jan. 1931,
proposed legislation.
a radical departure
The legislation which you suggest would mark such
and a grand jury in
from the ordinary activity of a District Attorney
it to the Legislature
investigating crime that I would not wish to present
Associations active in
without first obtaining the opinion of the two Bar
the Appellate Division.
New York County, as well as the presiding justice of
letter to the President of
For that reason I am transmitting copies of your
City of New York and the President of
the Association of the Bar of the
asking them for their opinion as
the New York County Lawyers' Division,
to these proposed amendments.
employed "representative of classes of
If you feel that counsel should be
by alleged criminal mismanagepersons primarily injuriously affected
is wholly possible for you
ment" to assist in the investigation, I think it
the grany jury investigations.
to employ them as special assistants to conduct
Yours very truly,
FRANKLIN D. ROOSEVELT.
In a letter to the District Attorney, made public at
Albany on Jan. 5, Governor Roosevelt urged that Mr. Crain
"prosecute vigorously" his investigation of charges of improprieties by officials of the Bank of United States. The
"Times," in its advIces from Albany on that date, said:
Enclosing a letter to the Executive from Superintendent of Banks Joseph
reports of improper administration requirA. Broderick detailing persistent
promised whatever assistance was necesing prompt inquiry, the Governor
declared that the public was entitled to all
sary in getting all the facts and
the complete facts.
importance," wrote the Governor to the District
"It is of the utmost
be promptly and vigorously prosecuted."
Attorney, "that any violation of law
Governor's Letter to Crain.
District Attorney Crain, dated to-day:
Here is the Governor's letter to
herewith copy of letter which I have just
Dear Judge: I am enclosing
Broderick, Superintendent of Banks.
received from Hon. Joseph A.
ns, may I urge upon you the necessity of
In view of his recommendatio
investigation of the entire situation, which you
prosecuting vigorously the
public is of course entitled to know all of the
have already initiated. The
utmost importance that any violation
this case, and it is of the
facts in
prosecuted.
law be promptly and vigorously
of
whatever assistance lies within my power in
I shall be pleased to lend
and I trust that you will keep me
cennection with this investigation,
advised from time to time.
Yours very truly,
FRANKLIN D. ROOSEVELT.
Hopes to Report Seen.
follows:
Mr. Broderick's letter to the Governor
was compelled to take over the
My dear Governor: As you know, I
since that time have been in
Bank of United States on Dec. 11 1930, and
report to you shortly as to
possession of its assets. I am hoping to make a
the problems involved
Its present condition. Few, if any, seem to realize
For,. 132.
in taking possession of a bank of this size, particularly where, as in this
case, the first step was to make arrangements whereby approximately
450,000 depositors might, if they saw fit, borrow up to 50% of their
balances. I need not point out to you that a report on a bank in liquidation
must necessarily be made on an entirely different basis from a report on a
bank which is open and operating, although this, too, seems to be understood by very few people.
Since I took over this bank I have received in the mail various charges
to the effect that the officers of the bank have conducted its affairs improperly. To prosecute such charges is not, as you know, within the
province of the Superintendent of Banks. Their persistency, however,
leads me to believe that prompt action should be taken to examine into the
merits of these charges and to prosecute promptly and vigorously any one
involved in those charges.
I call this matter to your attention for such action as you may deem best.
Respectfully yours,
JOSEPH A. BRODERICK.
In its Jan. 6 issue, tile "Times" stated, in part:
Three Inquiries Are On.
The foundation for co-ordinated development of three separate inquiries,
county, State, and Federal, into the affairs of the closed Bank of United
States and Its affiliated corporations was laid yesterday with the opening
by District Attorney Crain of his grand jury investigation, a conference
between Mr. Crain and William J. Mahon, Second Deputy Attorney-General,
and an order by Federal Judge John IL Woolsey giving Attorney-General
Bennett and Mr. Crain access to the books of the bank's four subsidiaries
which have filed voluntary petitions in bankruptcy in the United States
District Court.
The first witness before the county grand jury was Joseph A. Broderick,
State Superintendent of Banking, who laid before the grand jury voluminous
records and accounts of the thank of United States and drew a picture of
the financial circumstances which led to its closing. Mr. Broderick signed
a waiver of immunity before taking the stand. He will appear before the
grand jury again on Wednesday, when it will resume sessions. On that day
officials of the bank, including Bernard K. Marcus, the President, and
Saul Singer, Chairman of the Executive Committee and directing head of
its affiliated organizations, are also expected to testify. Another probable
witness will be hider J. Kresel, director and counsel of the bank, who has
already been examined by Mr. Crain in private.
Referee Resumes Hearings,
While Mr. Crain conducted the presentation of testimony before the
grand jury, Referee Robert 1'. Stephenson, master in the bankruptcy proceedings of the four subsidiaries of the Bank of United States, resumed his
hearings on the assets and liabilities of the companies at his office, at
32 Broadway. Mr. Singer, who was to have remounted the stand yesterday
with data bearing on the amount of money invested in the subsidiaries and
the manner in which it was handled, failed to appear because of illness.
His place was taken by A. S. White, directing head of the Municipal
Financial Corp., whose testimony consumed the entire day.
Another development yesterday was the filing of a stockholder's suit,
the third since its closing, against the Bank of United States and its
officers. The suit was filed in the Supreme Court by Wolf Bomzon, whose
address was not disclosed. Mr. Bomzon also filed a petition for permission
to examine officers of the bank so he may elicit additional facts as to
those responsible for the closing of the bank and their conduct. Among
the officers he asked permission to examine are C. Stanley Mitchell, Chairman of the bank's Board of Directors; Mr. Marcus, Mr. Singer, Michael G.
Klotz, Vice-President, and Henry W. Pollock, Executive Vice-President.
Mr. Bomzon stated in his petition that in September 1930 the bank's
total resources were $254,043,942, while its total unsecured loans were
about $123,000,000, or about 48% of the total resources. General banking practice, he said, usually fixes the total of unsecured loans at 18 or
20% of the total resources. According to Mr. Bomzon, the bank had
$93,000,000 invested in bonds, mortgages, and real estate, which, he said,
plus the $123,000,000 of unsecured loans, equaled $216,000,000, eclipsing
the deposits of $202,000,000 by $14,000,000. . . .
Seeks $52,000,000 Assets.
The hearing before Referee Stephenson was marked principally by the
efforts of James M. Rosenberg, attorney for the Irving Trust Co., receivers
for the four bankrupt subsidiaries of the Bank of United States, to show
that the vast amount of money that had been poured into these organizations
over a period of three years totaled nearly $52,000,000, as against almost
negligible assets, rather than the $48,000,000 set by Mr. Singer in his
testimony last Friday. Mr. Rosenburg sought to discover what became of
this money.
He was partly successful in his efforts by showing that in addition to
the Singer total about $3,500,000 was owed the Bank of United States by
the affiliates. Mr. White insisted, however, that these loans should not
be considered in computing a total, since they were made on realty holdings of the Bankus Corp., the City Financial Corp., the Municipal Corp.,
and the Delaware Bankus Corp., the bankrupt subsidiaries.
Under Mr. Rosenberg's questioning Mr. White revealed that of the alleged
$52,000,000 received by the subsidiaries $18,000,000 was invested in units
of Bank of United States-Bankus Corp. stock, the value of which at present
is undetermined. Approximately $5,000,000 more went to purchase of real
estate, Mr. White testified, and $1,500,000 into purchase of stock of the
Consolidated Indemnity & Insurance Co. To these sums Robert P. Levis,
attorney for the Bankus Corp., through Mr. White, added $19,000,000 for
the purchase of the Colonial Bank, which was later merged with the Bank
of United States. . . .
When on the stand before Referee Stephenson last Friday Mr. Singer
insisted all the affiliated companies were solvent in spite of the fact that
only about $14,000 worth of liquid assets have thus far been discovered by
the Irving Trust Co. and confirmed by Judge Woolsey. Mr. White, yesterday, was not to confident He was inclined to agree that the corporations
were solvent, but conceded that they could not continue "to function" after
the closing of the Bank of United States.
To Mr. Rosenberg's repeated demands for a statement of the subsidiaries'
assets, Mr. White repeated the assertion that such a statement could be
prepared only by accountants and offered to accept a statement prepared by
any accountants Mr. Rosenberg might select. He was told to come back
Wednesday morning prepared to answer in detail any questions that may
be put to him on this matter.
Only $20,000 Liquid Assets.
In his testimony Mr. White admitted that outside of a nominal amount
of $20.000 the four bankrupt subsidiaries had no available liquid assets,
after most of their readily convertible assets were turned over to the Bank
JAN. 17 1931.]
FINANCIAL CHRONICLE
of United States on Dec. 11, when it closed, under a receipt dated Dec. 10.
Mr. Rosenberg demanded to know why the strong boxes of the affiliates
were cleaned out of these assets, upon the orders of Mr. Singer. Mr. White
replied they were sent to the bank as additional collateral on loans owed
the bank by the affiliates. He confirmed Mr. Singer's previous testimony
that this was not actually done until an hour after the bank had been
taken over by the State Banking Department.
"You knew that with the closing of the Bank of United States these companies had no credit?" asked Mr. Rosenburg.
"Yes," replied Mr. White.
"You knew there was no place they could borrow money?"
"Without security, that is right," replied the witness.
"And you knew that there were millions of dollars in outstanding
obligations?"
"Yes," Mr. White admitted.
Without putting him on the witness stand, Mr. Rosenberg learned from
Herbert Singer, son of Saul Singer, that about $1,000,000 was needed to
meet the immediate obligations of the subsidiary companies when their
credit was impaired by the closing of the bank.
A balance sheet showing the daily balance of the subsidiary corporations
on Dec. 11, the day the bank closed, was produced by Mr. Rosenberg. It
revealed that the total deposits of the subsidiaries in the Bank of United
States on Dec. 11 was $021,810.10, and on the same day their total debts
to the tlnk were $3,422,920.
"So far as I know that is correct," said Mr. White. "If the figures wers
taken from the book they are correct."
Requested to state the salaries received by Mr. Marcus, Mr. Singer, and
C. Stanley Mitchell from the subsidiaries, Mr. White said that Mr. Marcus
received $15,000 a year and Mr. Singer $50,000 from the City Financial
Corp. Others received "no salary that I know of," he said. No bonuses
were paid to officials, he said.
Mr. White sought to make his testimony conform with that of Mr. Singer
when he declared that if the more than 100,000 units of Bank of United
States-Bankus Corp. stock which the affiliates own prove to be worth only
$10 per unit, the affiliates will be able to liquidate their debts provided
their real estate holdings show reasonable appreciation. The book value
of these units is about $18,000,000, he said. The average price, he explained, was about $157 per unit, adding that on Dec. 10 their value could
not have been less than $25 per unit. . . .
Queried on Stock Account.
Another point on which Mr. White was questioned, and on which Mr.
Singer testified on Friday, was that concerning the $848,000 brokerage
account which the Municipal Financial Corp. carried for the Marcus-Singer
Syndicate, anti which, as Mr. Singer had declared, was used to peg the
market in Bank of United States stock.
Mr. White said the brokerage account bad been amply secured, but
could not recall any meeting of directors at which the transaction was
approved. He thought the account might have been authorized by himself
as an officer of the Municipal Finance Corp. At this point Mr. Rosenberg
brought out that the $848,000 really belonged in the final analysis to the
Bankus and City Financial Corp, of which two of the men forming the
syndicate were officers.
"And these officers were Marcus and Singer?" asked Mr. Rosenberg.
"Yes, and Simon II. Kugel and C. Stanley Mitchell and myself," said
Mr. White.
The witness said that while so far as he knew no formal demand was
made on the syndicate for payment, he knew there was a desire to close
the account, but as this would involve sale by the syndicate of its stock
with resultant harm to the market, no action was taken. He admitted
that there came a time, before the suspension of the bank, when the
account was not amply secured, since the 32,000 units of Bank of United
States stopk, valued originally at $24, had gone down to $14 and $12 a unit.
The grand jury, before which District Attorney Crain yesterday opened
has investigation, was impaneled and charged by Judge William Allen of
General Sessions. He urged it to spare no effort and no persons in
ferreting out the facts, "no matter to whose doorstep it may lead," but
warned the jurors that "suspicions should not be accepted as legal
evidence."
The Jan. 8 issue of the "Times" said, in part:
Yesterday's witnesses before the grand jury were Mr. Broderick, who
continued his testimony begun last Monday, a representative of the county
clerk's office, and nine depositors of the Bank of United States.
The only other important development yesterday in the efforts of county,
State, and Federal authorities to unscramble the affairs of the bank and
its affiliates was further testimony of A. S. White, one of the so-called
"big five" group of the closed bank, before Robert P. Stephenson, referee
in bankruptcy, in the bankruptcy proceedings of four subsidiaries of the
bank. These are the Bankus Corp. of New York, the City Financial Corp.,
the Municipal Financial Corp., and the Delaware Bankus Corp.
Questioned by James N. Rosenberg, counsel for the Irving Trust Co.,
receiver for the affiliates, Mr. White admitted that of the $52,000,000
poured into the coffers of the subsidiaries in the three years of their operation, about $44,570,000 was invested in the stock units of the bank and
Bankus Corp. Of this total, Mr. White said, all but about $18,000,000
was used for purchasing control of various corporations and consequently
is not now listed among the assets of the subsidiaries, whatever these
assets may be.
Mr. White told alas of loans due the Bankus Corp. from officers, directors and employees of the bank and the subsidiaries. Among those he
listed were three directors of the bank—Joseph C. Brownstone, who owed
$196,000; Joshua L. Cowan, who owes $111,000, and Henry W. Pollock,
whose indebtedness Mr. White did not know.
Withholds Names of Borrowers.
Before going into the grand jury room, Mr. Broderick told reporters that
he would not make public a list of persons who have obtained loans from
the bank, secured and unsecured, until the State Banking Department's
inventory is completed.
The representative of the County Clerk's office who appeared before the
grand jury yesterday gave technical testimony as to the existence of the
various corporations affiliated with the Bank of United States. The
depositors testified as to deposits made by them in the bank of from $2,000
to $75,000, between Dec. 5 and Dec. 10, or a day before the bank was
closed. They were questioned as to whether or not officials of the
bank had told them that the bank was solvent when they made their
deposits. .
Tells of Investments.
Mr. White's testimony as to the disposition of the $52,000,000 invested
In the four bankrupt subsidiaries of the Bank of United States was based
437
upon estimates of Robert P. Levis, an attorney for the corporation, who
was at Mr. Stephenson's hearing.
Mr. Levis's tabulation of the $44,570,000 expended by the corporations
showed the following expenditures:
By the Bankus Corp. for Bank of United States-Bankus units, $5,200,000,
and again $12,200,000, as well as an additional $9,000. City Financial
Corp. spent for bank units two items of $10,770,000 and $7,400,000.
The $12,200,000 spent by Bankus and $7,400,000 by the City Financial
Corp., Mr. White said, constituted the amounts which the two corporations
pain jointly for the Colonial Bank, which was subsequently merged with
the Bank of United States.
The witness accounted for the rest of the $52,000,000 invested in the
bankrupt corporations as follows:
By the Bankus Corp., $1,000,000 for the purchase of securities other
than those of the Bank of United States or its affiliates.
By the City Financial, $1,770,000 invested in associate companies;
$1,100,000 invested in stock of outside corporations, and $1,800,000 in
loans to customers and on accounts receivable.
Under further questioning by Mr. Rosenberg, Mr. White testified that
total loans made by the Bankus Corp. to executive officers of the corporation and to officers and employees of the Bank of United States amounted
to $1,000,000.
Stating that special investigation with a view to possible
prosecution, it was revealed yesterday, is being made by
District Attorney Crain of alleged juggling of the accounts
by the closed Bank of United States and some of its affiliates whereby the bank paid a debt of $8,000,000 to itself
with its own money, the "Times" of Jan. 9 continued, in
part:
Mr. Crain's interest in this transaction was revealed by him after yesterday's session of the grand jury investigating the bank and following a long
conference with Max D. Steuer, counsel for the Bank of United States
Stockholders' and Depositors' Protective Association, said to have been at
Mr. Crain's invitation.
The transaction was referred to last week by Saul S. Singer, Chairman
of the Executive Committee of the Bank of United States and directing
head of its affiliates, in testimony before Referee Robert P. Stephenson
in the bankruptcy proceedings on four of the affiliates. Mr. Crain's profession of interest in it raised the possibility of indictments. . . .
At the office of the State Banking Department it was said that the
department looked favorably on the $8,000,000 debt transaction at the
time, but the general view at the department was that while the method
employed was undesirable, its ultimate consequence was to place in the
hands of the bank more solid collateral than it had on its debt previous
to the deal.
Broderick Again Heard.
Joseph A. Broderick, State Superintendent of Banks, was again a witness
yesterday before the county grand jury. Others were H. S. Andrews, a
bank examiner, and Isaac Gilman, a former director of the Bank of
United States.
Sir. Broderick and Mr. Andrews testified as to the condition of the bank
in the last six months of its operation, while Mr. Gilman dealt with the
conduct of members at board meetings. Both Mr. Gilman and Mr. Andrews
signed waivers of immunity. Mr. Broderick and Mr. Andrews will continue
their testimony to-day.
Mr. Marcus's appearance before Mr. Stephenson yesterday marked his
first public testimony on the affairs of the bank since its closing. In
impassioned language he defended himself and his fellow-officers and
directors.
"Every physical asset of the company is there and accounted for on its
books, and all the books are there, or were when the receiver took charge,"
he declared, referring to the Bankus Corp, the principal affiliate of the
four subsidiaries involved in the bankruptcy proceedings. "All that has
happened to the properties has been a shrinkage in value, which has been
universal in effect.
"I say this because of accounts in the newspapers which have given the
impression that some one has taken part of the assets of these companies.
"Such imputations, whether intentional or not, are net only unfair
to men who have their lives to live, but also untrue, and they must cease.
These imputations must stop." . . .
Everything that was done by the Bankus Corp., Mr. Marcus declared,
was done with the benefit of the stockholders in view, who were also stockholders in the Bank of United States. It was the Bankus Corp., he asserted,
which enabled the bank to expand through purchase and mergers until there
was created "an institution with resources at that time of $300,000,000,
with 68 branches with probably the best locations of any branch bank, an
institution among the 31 largest banks in the United States, and at that
time prosperous."
He denied that the Bankus and City Financial Corps. had invested at
any one time $44,000,000 in the Bank of United States-Bankus Corp units
and asserted that "the quick picture which you gentlemen are trying to
set up is erroneous." He admitted, however, that in the course of their
existence the tubsidiaries may have at various times acquired units to that
value, exchanging them in purchase and mergers for the stock and assets
of other corporations.
"Of course, the corporations last money on bank stock," he declared.
"So did I. So did everyone who held stock, whether bank stock or other
stock."
Mr. Marcus expressed the opinion that the stock units of the Bank of
United States and Bankus Corp. are still worth from $20 to $25 each in
liquidating value, declaring that the directors still hope and are working
to evolve a plan for the reopening of the bank.
Asked by Mr. Rosenberg why the subsidiaries continued to pay dividends
in 1930, which Mr. Marcus admitted not to have been a year for "moneymaking," Mr. Marcus declared these dividends were paid out of earned
"The heavy shrinkage occurred in the latter part of 1930," he declared.
"The last dividends by Bankus and City Financial were paid in the early
part of that year."
Questioned about the operations of the trading syndicate of which he
and Mr. Singer were managers and which owes the Municipal Financial
Corp. $848,000 on a trading account, Mr. Marcus said that the syndicate,
in which he and Mr. Singer had about one-tenth interest, had a paid-is
subscription of $2,500,000, all of which, in addition to the $848,000
advanced by the Municipal Financial Corp., was used to purchase Use
bank's stock units.
438
FINANCIAL CHRONICLE
[VOL. 132.
$500,000 Deal Disclosed.
He said that he "abruptly" stopped operations of the syndicate in August
It developed during the hearing that a loss of roughly $500,000 in the
1929, because he looked with disfavor upon the practice of "loading the
Bank of United States-Bankus Corporation units had apparently been passed
syndicate with units which Municipal should have bought for itself."
Mr. Rosenberg brought out that it was in July 1929, about a month on to the City Financial Corporation. The $500,000 loss by the City
before the syndicate quit dealing in the stock units, that a letter was sent Financial Corporation, it was brought out, resulted from the purchase
to depositors of the bank urging them to buy these units, which were then of 4,500 Bank of United States-Bankus Corporation units from Samuel
and H. Baker,
selling at $198. The response to the letter, Mr. Rosenberg pointed out, Rosoff, George Bernard, Maurice Rentner, George Panken
in December, 1929, at a price of $203 a share, although the market price
resulted in the sale of 30,000 units, bringing in approximately $6,000,000.
transfer to the then was about $75 a share. Mr. Marcus testified that this block of units
Mr. Rosenberg questioned Mr. Marcus as to the hurried
the so-called Marcus-Singer syndicate,
bank by the subsidiaries of all their free securities an hour after the was sold originally to the five men by
acting as agent for the City Financial Corporation, under a repurchase
bank had closed.
by Mr. Rosenberg, Mr. Marcus said
"It was a night of great strain," Mr. Marcus said. "After the superin- agreement. In reply to a question
record to show that the sale was made for the
tendent had been called in to close the bank, White, I believe, suggested he knew of no written
Financial and not the syndicate. Both Mr. Marcus
the turning over of the securities to secure the loans. I said, 'All right, account of the City
asked to search for any such record and bring it
go ahead.' That is my recollection of it. I wasn't in a frame of mind and Mr. Singer were
to think of the corporations at that time. I thought only of the bank before the Referee.
"Wasn't the repurchase agreement a 'heads I win, tails you lose'
and of paying the depositors."
demanded Mr. Rosenberg.
Before adjournment until Monday, Mr. Marcus was instructed to be pre- proposition?"
"They did have the advantage, but they might not have bought the
pared then to testify in detail as to all loans to directors, officers and
stock otherwise," replied Mr. Marcus.
employees.
Following is a list of the bank's 60 subsidiaries, revealed for the first
time yesterday:
Bankus Corp.
City State Deposit Co.
Colonial Safe Deposit Co.
Municipal Safe Deposit Co.
Municipal Financial Corp.
Delaware Bankus Corp.
Antur Holding Corp.
Chesterford Realty Corp.
Landberry Holding Corp.
Minerva Development Corp.
101 Wall Street Corp.
Vanfred Realty Corp.
Warwick Development Corp.
Westford Development Corp.
flunk Holding Corp.
Storm Development Corp.
City Financial Corp.
Beverwyck Holding Corp.
Clarence Holding Corp.
Jourdan Holding Corp.
Manhattan Square Beresford, Inc.
Raneleigh Holding Corp.
Townsite Holding Corp.
Trudaine Development Corp.
York Investing Corp.
Broadway Continental Corp.
Active Property Corp.
Barbee Realty Corp.
Chaumont Development Corp.
Claremont Development Corp.
Duroc Holding Corp.
Crenelle Holding Corp.
Maubert Holding Corp.
Messine Holding Corp.
Monceau Holding Corp.
Rella Development Corp.
Sulpice Holding Corp.
Tremont Development Corp.
Tourmont Realty Corp.
Vendome Holding Corp.
Villette Holding Corp.
Vincennes Holding Corp.
1Vagrarn Holding Corp.
Avran Holding Corp.
Consolidated Indemnity & Insurance Co,
Bolivar Development Corp.
Premier Development Corp.
Merit Mortgage Corp.
Abenad Realty Corp.
San Remo Towers, Inc.
70 Wall Street Corp.
Sun Holding Corp.
Arnat Leasing Corp.
Rex Leasing Corp.
Stonepit Holding Corp.
Charonne Development Corp.
City First Mortgage & Title Corp.
Lamarch Holding Corp.
Southford Holding Corp.
Banking Situation in South and Middle West.
In the State of Mississippi on Jan. 12 the State Banking
Department announced that three banks had failed to open
on that date, according to Jackson, Miss., advices by the
Associated Press. The institutions are the First National
Bank of Brookhaven, with deposits of $1,115,145 as of
Dec. 31; the Maben Home Bank at Maben, with deposits
of $250,000, and the Citizens' Bank of Sturgis, with deposits of $75,000.
In the State of Georgia, the Luther Williams Bank & Trust
Co. of Macon, a State institution, failed to open on Jan. 12,
as reported in Macon advices by the Associated Press on
that day, which added:
A notice on the door said that due to withdrawals of deposits, it was
deemed advisable to go into liquidation to conserve the assets for the benefit
of depositors.
The bank was founded in 1907 by Luther Williams, twice Mayor of
Macon. Officers announced deposits at the time of closing approximated
81,400,000.
In North Carolina, the Bank of Windsor, at Windsor,
which suspended business on Dec. 19, re-opened on Jan. 10,
as indicated in Windsor advices on that date to the "Wall
Street Journal."
In the State of Ohio, the People's Bank of Bloomingburg, a small institution capitalized at $10,000 and with
The inquiry into the affairs of the bank and its sub- deposits of $109,000, was closed on Jan. 13, according to
sidiaries has continued the present week, and from the Associated Press advices from Washington Court House
extended accounts appearing in the daily papers we quote on that date.
In Indiana, on Jan. 10, the Noble County Bank & Trust
the following in the "Times" of Jan. 13:
Co. at Kendallville, established in 1889, closed its doors that
Hearings Are Continued.
placed in the hands of the Indiana
The County Grand Jury investigating the bank's affairs heard yester- (Saturday) night and was
day as witnesses Horace S. Andrews and Lawrence H. Geser, Bank State Banking Department. An Associated Press dispatch
Examiners. Henry W. Pollack, former State Senator and a Vice-President from Kendallville reporting the closing stated that the
of the bank, was examined by Mr. Crain privately preliminary to his
deposits aggregated $1,489,170 and that Samuel Keller
expected appearance before the Grand Jury this morningg.
While the Grand Jury was in session Robert P. Stephenson, Referee in Jacobs of New York City is President of the institution.
Bankruptcy, continued his hearings on four of the bank's subsidiaries,
Again, the next day, Jan. 14, Indianapolis advices by the
the Bankus Corporation, the City Financial Corporation, the Municipal
stated that the closing of two more banks on
Corporation and the Delaware Bankus Corporation. Bernard K. Marcus, United Press
President of the bank, who began his testimony before Mr. Stephenson last that date, in order to conserve their assets was announced
week; Saul S. Singer, Chairman of the Executive Committee of the bank by the State Banking Department. These banks are the
and directing head of its subsidiaries, who had also testified previously, and
Bank at Westfield, with deposits of $155,000
A. S. White, executive head of the Municipal Corporation, another pre- Westfield State
vious witness, were heard.
and loans of $175,000, and the Cutler Bank at Cutler, with
The payment of $1,500,000 in dividends by the Bankus Corporation in deposits of $150,000 and loans of $80,000.
the early months of 1930, at a time when the corporation owed the Bank
Still another Indiana bank, the Bank & Trust Co. of
of United States $4,000,000 and the lending of about $530,000 to officers
employes of the bank to secure their margin stock accounts after the Clayton, failed to open yesterday, Jan. 16. The institution
and
break in the market in the Fall of 1929, were the two principal points is capitalized at $25,000 and has deposits of $600,000.
covered at the hearing before Mr. Stephenson.
from Indianapolis, reporting the
Mr. Marcus admitted that in spite of the $4,000,000 owed by the Bankus Associated Press advices
Corporation to the bank, not one of the Bankus directors, most of whom closing, added:
were also directors of the bank, opposed the dividend declaration. Mr.
Luther F. Symons, State Banking Commissioner,said the bank was closed
Singer and Mr. White corroborated this statement.
voluntarily by the Board of Directors because of lack of funds,
Critical of Dividend Payment.
Mr. ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
In reply to Mr. Rosenberg's criticism of the dividend declaration,
Marcus pointed out that although a $1 dividend was declared in January,
The New York Coffee & Sugar Exchange membership
was cut to 50 cents and after
1930, the next quarterly payment in April
this
dividends were paid. In his previous testimony on the same point held by the estate of T. S. B. Nielsen was reported sold
that no
dividends were paid from surplus earn- week to H. H. Pike Jr., for $10,000. The last preceding
Mr. Marcus had declared that the
Rosenberg pointed out that at the time
ings. By way of rejoinder, Mr.
Bankus Corporation, the four affiliate sale was for $13,500.
the dividends were paid by the
States the sum of $10,000,000.
corporations owed the Bank of United
Arrangements were completed this week for the sale of
the Irving Trust Company, the
James N. Rosenberg, Attorney for
Mr. Marcus specifically
from
for the bankrupt affiliates, questioned Director of the bank and three seats on the Chicago Stock Exchange at prices
Receiver
Cowen, a
about a loan of $111,090 to Joshua L.
$15,000 to $18,000. The previous sale, made last week, was
which was secured by 800 Bank of
member of its Executive Committee,
units. This loan, according to Mr. at $14,500.
United States-Bankus Corporation
other loans in that it was made on
Marcus, differed from most of the
A membership in the Winnipeg Grain Exchange was
Cowen.
the security of units owned by Mr.
market value of the units reported sold this week for $12,000.
anything done about the loan when the
"Was
which Mr. Marcus replied that
began to fall?" asked Mr. Rosenberg, to
for additional security, although
no demand was made for payment or
Reginald B. Taylor and Charles D. Lanier were this week
of 1930 were the 800 units
admitting that at no time since the beginning
elected directors of City Bank Farmers' Trust Co. of New
sufficient security.
explained, were made to York. Mr. Taylor, son of the late Moses Taylor and nephew
Other loans of like character, Mr. Marcus
Bankus Corporation, who
Charles Silver, a Director of the Bank and of
years a director of
Brownstone, a Director of the of the late Henry It. Taylor, for many
was loaned $76,072, and two loans to Joseph
Committee, of $72,000 and $124,000, the Farmers' Loan & Trust Co., will represent the Taylor
bank and member of the Executive
out, were
both secured by 1,000 units, which, as Mr. Rosenberg pointed
family interests on the Board. He is a grandson of Henry
at no time during 1930 worth more than $60,000.
JAN. 17 1931.]
439
FINANCIAL CHRONICLE
A. C. Taylor, whose father, Moses Taylor, was a director ing 90 years in age. John R. Voorhis, the 101-year-old
of the National City Bank of New York for 45 years and President of the Board of Elections and Grand Sachem of
President of the bank from 1856 to 1882. Mr. Lanier is Tammany Hall, is a present depositor. Renewing its charter for 100 years in 1855, the bank incorporated and became
President and director of the Mohawk Mining Co.
the Greenwich Bank of the City of New York. The bank,
Curtis E. Calder, President of American & Foreign Power with its 11 branch offices, was purchased by the Hanover
Co., Inc., was this week elected a director of the National National Bank in 1927, and through the merger of the latter
City Bank of New York. American & Foreign Power Co., with the Central Union Trust Co., subsequently became part
Inc., controls directly or indirectly a diversified group of of the Central Hanover Bank & Trust Co. In 1928 the office
companies supplying electric power and light and other moved to its present quarters at 231 Varick Street, just a
public utility services in Cuba, Argentina, Brazil, Chile, block from its old home. Its designation as the "Greenwich
Mexico, Panama, Guatemala, Ecuador, Colombia, Venezuela, Office" has been relinquished to Central Hanover's Warren
and Costa Rica, and in the International Settlement of Street office, which has moved into the bank's new GreenShanghai, China. The company also has a one-half interest wich Street building. W. T. Oliver is the present manager
in a company managing certain hydro-electric companies in of the Varick Street office.
Bombay, India, district, and owns minority interests in comThe condensed statement of condition of the Guaranty
panies in five other countries. American & Foreign Power
Trust Co. of New York as of Dec. 31 1930, issued Jan. 5,
Co., Inc., is affiliated with Electric Bond & Share Co.
shows total resources of $2,022,425,111.37, as compared with
Announcement is also made by The National City Bank
$1,786,425,140.59 at the time of the last published stateof New York of the appointment of F. Joseph Holleran as
ment, Sept. 24 1930. Deposits of $1,341,639,876.03, including
Assistant Vice-President. Mr. Holleran was formerly an
outstanding checks, compare with $1,180,585,309.97 on
Assistant Cashier and has been located at the Forty Second
Sept. 24. The company's capital of $90,000,000, surplus fund
Street Branch.
of $170,000,000, and undivided profits of $37,442,797,24 give
John V. B. Thayer, Vice-President of the Central Hanover a total capital fund of $297,442,797,24, which reflects an
Bank & Trust Co. of New York, celebrated, on Jan. 15, his Increase in undivided profits of $4,806,773.74 for the year.
79th birthday anniversary and his 59th anniversary of conAnnouncement of proposals for the acquisition of the
tinuous service with the same bank. Mr. Thayer is New
York's oldest bank Vice-President in point of continuous Broadway & Plaza Trust Co. of this city by the Hibernia
service in the city's financial district. A veteran of seven Trust Co. was made as follows by Philip de Ronde,President
panics in the last half century, it is Mr. Thayer's conviction of Hibernia Trust Co.on Jan. 13:
"Certain proposals have been made to the Broadway & Plaza Trust Co.
that the experiences undergone in the depression of 1930
looking toward the acquisition of that institution by and its merger with
were the most distressing in his memory. He says:
the Hibernia Trust Co. The board of directors of both institutions have
"As I recall the various panics I have been through, the panic of 1907
impresses me as the worst, although it seems as though the experiences
suffered in 1930 were the most depressing. World-wide conditions have
been generally worse during the last year than in any previous depression.
I feel, however, that the worst is over and that before many more months
the tide will have turned."
Born in Buffalo, Mr. Thayer gained his initial business
experience with an insurance company which collapsed as
a result of the Chicago fire. Coming to Brooklyn for a
visit, he obtained a clerkship in the Union Trust Co., then
situated at 73 Broadway, on Jan. 15 1872. He has remained
with the company continuously since, and has contributed to
Its growth from an institution of $1,291,000 in capital funds
and $10, 71,000 in deposits, to an organization with $108,15
278,208.41 in capital funds and $660,778,800.25 in deposits.
He served under all four Presidents of the Union Trust Co.
and was promoted successively to transfer department head,
Assistant Secretary, Secretary, and Vice-President. He was
a trustee from 1905 to 1918. His office as Vice-President
was retained through the mergers of the Union Trust with
the Central Trust Co., and later with the Hanover National
Bank.
passed upon these proposals and subject to the acquiescence of shareholders
and approval of the Superintendent of Banks, the operation may be considered as completed. The plan is based on a cash payment to stockholders of Broadway & Plaza Trust Co. and no increase in the capital
structure of the Hibernia Trust Co. is contemplated.
The Broadway & Plaza Trust was formed on Sept. 29
1930 by merger of the Broadway National Bank & Trust
Co., the Plaza Trust Co. and Park Row Trust Co. Items
regarding that merger appeared in these columns July 12,
page 220, Sept. 6, page 1513 and Oct. 4, page 2168.
—4—
At a meeting of the directors of the Chase National Bank
of New York on Jan. 14 the following promotions in the
official staff were made: Frederick S. Child, Russell C. Irish
and George S. Schaeffer, Vice-Presidents; Louis A. Bruenner
and Louis S. Rosenthall, Second Vice-Presidents.
The following Assistant Cashiers were appointed: Louis
Dezzi, Herbert A. Foster, James C. Gordon, J. Edward
Healy Jr., Nicholas J. Murphy,Frank N.Powelson, William
G. Schmidt and Cornelius Van Zwart. Walter E. Dennis
was appointed Assistant Manager of the Credit Department,
and Frank B. Muller was appointed Assistant Comptroller.
Roy A. Brownell was appointed Assistant Manager Pennsylvania Branch; J. Everett Kunzman, Assistant Manager
Jan. 10 marked the 100th anniversary of the opening of
Maiden Lane Branch; Russell H.Greiner,Assistant Manager
the Varick Street office of the Central Hanover Bank &
Franklin Branch and Herbert L. Donald, Assistant Manager
Trust Co. of New York. It was originally the main office
57th St. Branch.
of the Greenwich Bank, which started business on the east
At the regular monthly meeting this week of the Board of
side of Hudson Street between Houston and Clarkson. Paying a rental of $250 a year for its quarters, the bank re- Directors of Chatham Phenix National Bank & Trust Co. of
mained in its original location until 1835, when it acquired this city, all the old officers were re-elected and three Assistthe southeast corner of Hudson and Clarkson Streets and ant Cashiers appointed. They are Stewart E. Morris,
erected the three-story brick building which still stands. John W. S. Littlefield and Thomas Weir. The regular
Stone steps with iron railings lead to the entrance of this meeting of the Chatham Phenix Corp. was held immediately
old structure at 402 Hudson Street, and an old-fashioned following, with General Samuel McRoberts elected President
cast iron foot scraper still remains outside the door. Samuel and Louis G. Kaufman, Chairman of the Board of Directors.
Whittemore, the bank's first President, lived in the rooms
According to the New York "Herald Tribune" of Jan. 15
above the business floor, and downstairs were the kitchen the Board
of Directors of the Chelsea Bank & Trust Co. of
where the employees' meals were cooked New
and dining room,
York, closed by the State on Dec. 23 to conserve its
until 1915. Beneath the building is an old well whose waters assets, has decided unanimously to reorganize and reopen the
were used not only for drinking but for hiding gold, which institution soon. The account in the paper quoted continued:
was placed in bags and lowered into the well for safe-keeping
The plan involves an entirely new administration and new capital. Prewhen the Civil War draft riots raged in the streets of the liminary plans for reopening have been submitted to and tentatively approved by Joseph A. Broderick, State Superintendent of Banks.
vicinity. On the wall in the banking room hung a large
The directors hope to have their plan ready for publication and subran with unbroken accuracy for mission to Mr. Broderick within two weeks.
mahogany clock which
The vote of the Chelsea Bank & Trust Co. directors on reorganization
over 90 years, a standard for business men of the was taken Tuesday. Several such proposals had been under consideration
neighborhood.
Conversations are continuing with several larger institutions with a view to
Records show that Peter Stuyvesant, descendant of the a merger later on. . . • the branch of the Chelsea
Five hundred depositors of
Bank & Trust Co.
original, was a director in 1835. Numbered among the at Claremont Parkway and Third Ave., the Bronx, held a meeting last
present depositors are many of the old and reputable firms night at the near-by Ambassador Hall and adopted a resolution expressing
confidence in the bank and calling upon banking officials to reopen it. As a
and individuals of the neighborhood, some accounts exceed- mark of their loyalty to the institution, the depositors,
with $400,000 in the
FINANCIAL CHRONICLE
440
[VOL. 132.
succeed Henry Morrill Batchelder, deceased, and of the
appointment of Ralph Hathorne Porter as an Assistant
The closing of the bank was referred to in these columns Cashier. Prior to his promotion, Mr. Gifford was ViceDec. 27, page 4156 and Jan. 3, page 69.
President of the bank.
closed branch. pledged themselves, if the bank is reopened, to let at least
50% of their money remain on deposit for not less than three months.
--6--
F. Abbot Goodhue, President of the International Acceptance Bank, Inc., announced this week that Alanson B.
Houghton, former Ambassador of the United States to Germany and later to England, has been appointed a director of
the International Acceptance Bank. Mr. Houghton is
Chairman of the Executive Committee of the Corning Glass
Works, Corning, N.Y.
Phillip A. Benson, Treasurer of the Dime Savings Bank
of Brooklyn was on Jan. 14 elected a member of the Advisory
Board of the Brooklyn office of the Chemical Bank & Trust
Co. of New York.
Elsewhere in our issue to-day we refer to the annual report
of President E. C. Delafield to the stockholders of the
Bank of America, N. A. The former directors of the bank
were re-elected, Ralph B. Feagin, Vice-President of the
Electric Bond & Share Co. and President of United Gas
Corp., having during the year been elected to fill the vacancy
caused by the death of Crowell Hadden, Chairman of the
Board of the Brooklyn Savings Bank.
Lowell R. Burch, Chairman Executive Committee the
New York Air Brake Co. and Director Delaware, Lackawanna & Western RR. Co., was elected a Director of the
Harriman National Bank & Trust Co. of New York at a
meeting held Jan. 13. At the same meeting, Richard W.
Lehne, President, Richard W. Lehne, Inc., specializing in
old English furniture, antiques and objects of art, and Orlando H. Harriman, Vice-President of the bank, were also
elected directors of the bank.
the
At the annual meeting of the J. Henry Schroder Banking
Corp. on Jan. 14 John L. Simpson, Vice-President, was
elected a director.
In the seventh annual report to the stockholders of the
J. Henry Schroder Banking Corp., Prentiss N. Gray, President, has submitted for the first time the balance sheet of the
J. Henry Schroder Trust Co. which was organized in May
1929 by the corporation and which completed its first full
fiscal year on Dec. 31 1930. Total resources of the trust
company as of that date amounted to $4,683,288 with deposits of $3,440,055. Mr. Gray reports that the capital,
surplus and undivided profits of the J. Henry Schroder
Banking Corp. increased $904,490 over the previous year,
making a total as of Dec. 31 1930 of $10,273,074. The
corporation's acceptance business has grown during the
year, the total volume of bills accepted in 1930 having increased 9% over the total accepted in 1929.
The West Springfield Trust Co., West Springfield, Mass.,
which was taken over by the State Banking Commissioner
on Dec. 11, when a "run" that followed the suicide of its
Treasurer depleted its funds, reopened for business on Jan.
12 with no signs of a continuance of the "run," according
to Associated Press advices from Springfield on that day.
Officers of the institution were reported as saying that
deposits outnumbered withdrawals.
A United Press dispatch from Manchester, N. H., on Jan.
13, stated that the stockholders of the First National Bank
of Manchester on that day unanimously voted to place the
institution in voluntary liquidation, effective Feb. 14 next.
The following changes were made in the personnel of the
Hartford National Bank & Trust Co., Hartford, Conn., at
the annual meeting of the directors held Jan. 13, as reported
In the Hartford "Courant" of Jan. 14: Roland J. Utley,
heretofore Cashier of the institution, was promoted to a
Vice-President in the Banking Department; Herbert F.
Hubbard, formerly an Assistant Cashier, was advanced to
the Cashiership to succeed Mr. Utley, and Ostrom Enders,
Christopher F. Molloy and Clayton B. Parker were promoted
to Assistant Cashiers. John 0. Enders is Chairman of the
Board of Directors of the institution; Alfred Spencer, Jr.,
Chairman of the Executive Committee; Henry T. Holt and
Francis Parsons, Vice-Chairman, and Robert B. Newell,
President. At the stockholders' meeting held previously the
same day, two new directors were elected, namely, Frederick B. Rentschler, Chairman of the Board of United Aircraft & Transport Co. and Pratt & Whitney Aircraft Co. and
Director of Bankers Trust Co. of Hartford, and Porter B.
Chase, a Director of Bankers Trust Co., the Hartford Fire
Insurance Co., the Hartford Accident & Indemnity Co. and
Sanborn May Co.
The following changes were made in the personnel of the
National Bank of America, Paterson, N. S., at the bank's
annual meeting on Jan. 13, according to Paterson advices
on the same day to the New York "Times": Albert H.
Slater, formerly a Vice-President, was promoted to the Presidency of the institution, to succeed the late Wilmer A. Cadmus; William W. Stalter was advanced from Second Vice-President; J. Traphagen Doremus
President to First Vice
was appointed Second Vice-President, and John R. Voorhis
was named Third Vice-President. Mr. Voorhis was also
elected a director of the bank at the stockholders' meeting.
The 10 trustees of the Brooklyn Trust Co. of Brooklyn,
Announcement was made on Jan. 12 by Frank F. PatterN. Y. whose terms expired were re-elected at the annual son, Jr., President of the West Jersey Trust Co. of Camden,
meeting on Jan. 12. Those re-elected for
stockholders'
N. J., that his institution had taken over the assets and
three-year terms were: Frank L. Babbott, William N.
guaranteed the deposits of two smaller local banks, the
Dykman, John Gemmell Jr., Howard W. Maxwell, Harold
South Oamden Trust Co. and the Victory Trust Co. A
I. Pratt, J. H. Walbridge, James H. Jourdan, Joseph
Michaels and Thomas H. Roulston. Adrian Van Sinderen dispatch from Camden, on Jan. 12, indicating this, went
re-elected for a one-year term. The stockholders ap- on to Say:
was
proved a proposal to increase the number of trustees from
27 to 28 but the additional membership was not filled. Over
70% of outstanding capital stock was represented at the
meeting.
Mr. Patterson said that Walter J. Staats, a director of the West Jersey
Trust Co., would become President of the two institutions taken over.
"The West Jersey Trust Co. is fortunately in a position to do this by
reason of Its own strong financial position, and we stand ready to co-operate and assist them in making this splendid move, which, we believe,
stabilizes •the banking situation of the City of Camden," said another
statement issued jointly by Ephraim Tomlinson, President of the Camden
Safe Deposit & Trust Co., and F. Morse Archer, President of the First
Camden National Dank & Trust Co.
The two banks will continue to operate separately, but under control and
management of the West Jersey Trust Co.
A. Whitney was made a Vic-e-President of the Garden City
Bank & Trust Co., Garden City, L. 1., on Jan. 13, to fill the
vacancy caused by the resignation of E. N. Townsend, who
moved from the village since the last annual meeting, accordAn account of the acquisition, appearing in the New York
to the New York
ing to Garden City advices on that day
"Herald Tribune" of Jan. 13, gave the following additional
"Times."
information:
Mr. Staats is President of the Camden Chamber of Commerce and ViceEffective Jan. 13, the Huds- on Falls National Bank, Hudtwo other National President and Treasurer of the Srnith-Austermuhl Insurance Co. He formerly
son Falls, N. Y., was absorbed by the
was Vice-President and Treasurer of the Victor Talking Machine Co.
National Bank and the
The Victory Trust Co., organized in 1907, had a capitalization of $150,000
banks in that place, the Sandy Hill
of the business of the acquired and surplus of $50,000. Antonio Di Paolo was President. The South
People's National Bank, half
according to Camden Trust Co. was organized in 1921. It was capitalized for $100,000,
bank being taken over by each institution,
and also had a $50,000 surplus. The West Jersey Trust Co. was organized
Jan. 12 to the New York In 1906. It is capitalized for $1,050,000, has a surplus amounting to
advices from Hudson Falls on
$1,150,000, and $250,000 in undivided profits.
"Times."
A proposed consolidation of three of the largest banks in
The Board of Directors of the Merchants' National Bank
resources of more than
of Salem, Mass., announce the appointment, on Jan. 9, of Atlantic City, N. J., with combined
President of the institution, to $19,000,000, was approved at the annual meetings of the
Josiah Hayward Gifford as
JAN. 17 1931.]
FINANCIAL CHRONICLE
441
respective directors of the institutions on Jan. 13. The banks business. Mr. du Pont will continue as a Vice-President
are the Equitable Trust Co., the Atlantic Safe Deposit & of the bank, it was stated.
Trust Co. and the Second National Bank. According to
Jan. 13,
Baltimore advices, on - to the New York "Times"
officials of these institutions, negotiations are under way
important change made that day in
banks, the stated that the only
to include in the merger two other Atlantic City
the official roster of the Baltimore Trust Co. of that city
Chelsea Safe Deposit & Trust Co. and the Pacific Avenue
D. Fenhagen, Jr., from an
approximately was the advancement of C.
National Bank, with combined resources of
Assistant Vice-President to a Vice-President of the company.
$3,500,000. A dispatch from Atlantic City to the Philadelphia "Ledger" on Jan. 13, from which the above information
were
The following changes- made in the personnel of the
is obtained, went on to say:
Safe Deposit & Trust Co. of Baltimore at the annual meetWhile the merger has met with the approval of the directors of the
three banks, it is to be submitted, in the case of the State banks, to the
New Jersey State Banking Commissioner, and to the United States Controller of Currency in the case of the Second National Bank.
Afterward, and before the merger can become operative, consent of
two-thirds of the stockholders of each bank must be obtained. Officials of
the institutions indicated that all of the requirements would be met.
Mayor Harry Bacharach is President of the Equitable Trust Co., and
his brother, Congressman Isaac Bacharach, is President of the Second
National Bank. Former Judge Joseph Thompson is President of the
Atlantic Safe Deposit & Trust Co.
A third Bacharach brother, Benjamin, is President of the Chelsea Safe
Deposit & Trust Co. Herbert W. Hemphill is President of the Pacific
Avenue National Bank.
ing of the directors, according to a dispatch from that city
on Jan. 15 to the "Wall Street Journal": H. H. M. Lee
was promoted to First Vice-President; Joseph B. Kirby was
advanced to Third Vice-President from Fourth Vice-President; William R. Hubner was appointed Fourth Vice-President, and George Pausch, formerly Assistant Vice-President
was given the additional office of Secretary.
Two banks in Wytheville, Va., the First National Bank,
At the meeting of the Seaside Trust Co.'s Board of Directors, Common
Pleas Judge William H. Smathers, a director of the Guarantee Trust Co.,
was elected President. He succeeds Charles I. Lafferty, Atlantic County
Democratic leader, who organized the bank and who was elected Chairman
of the Board.
Directors of the Guarantee Trust Co. who were to be elected to the Seaside Board are Walter J. Huzby, President of the Hotel Dennis Co., and
Charles D. White, Vice-President of the Marlborough-Blenheim Hotel.
Joseph W. •Mott, Secretary-Treasurer of the Hotel Traymore, was elected
to the Seaside Board, it is reported. Daniel S. White, President of the
Traymore, also Is President of the Guarantee Trust Co.
Stockholders of the First-C- ity Trust & Savings Bank of
Akron, Ohio, have approved the proposed absorption of
the Ohio State Bank & Trust Co. of that city and have
authorized an increase in the bank's capital from $3,500,000
to $3,750,000, the new capital to be used in acquiring the
assets of the Ohio State Bank, according to Akron advices
on Jan. 15 to the "Wall Street Journal." The approaching
union of these banks was noted in our Dec. 13 issue, p. 3821.
capitalized at $100,000, and the Farmers' Bank of Southwest
Virginia, with capital of $50,000, were consolidated on Dec.
The same advices indicated that a second merger of 31 under the title of the First National Farmers' Bank of
Atlantic City banks, namely that of the Guarantee Trust Wytheville. The new institution is capitalized at $200,000.
Co. and the Seaside Trust Co., was foreseen in the election
Effective Dec. 31, the Third National Bank of Greensburg,
of several directors of the former to the directorate of the
Ind., and the Citizens' National Bank of the same place,
Seaside Trust Co. The banks have combined resources of
were consolidated under the title of the Citizens' Third
$10,500,000. In addition the Guarantee Trust Co. is adminisNational Bank & Trust Co. of Greensburg, with capital of
trator for trust funds aggregating $12,500,000. We quote
$150,000.
furthermore from the dispatch mentioned, as follows:
Further referring to the affairs of the Haddon Heights
Bank & Trust Co., Haddon Heights, N. J., which on Jan. 2
was placed in the hands of the New Jersey State Department of Banking and Insurance, advices on Jan. 14 from
Haddon Heights to the New York "Times," stated that 2,000
depositors of the closed bank at a meeting that night approved a tentative plan looking towards the reorganization
of the institution. We quote from the dispatch as follows:
The plan, which is subject to the approval of the Commissioner, provides that each depositor shall leave one-third of his deposits in the bank
to be used as a liquid trust fund for use until the "frozen assets" can
be liquidated. Each depositor, in a sense, would thus become a stockholder. Since deposits totaled about $1,600,000, the sum of $600,000 would
be made available for the conduct of the bank's affairs.
Our item reporting the closing of the institution appeared
in last week's issue, page 230.
H. Douglas Davis, formerly Treasurer and Trust Officer
of the Plainfield Trust Co., Plainfield, N. J., was promoted
to Vice-President, while continuing as Trust Officer, at the
annual meeting of the directors on Jan. 15, according to
advices from Plainfield on that day to the New York "Times."
Other changes in the personnel of the institution were:
Frederick H. Stryker, heretofore Asst. Secretary and Asst.
Treasurer, advanced to Treasurer, while continuing as Asst.
Secretary, and Edwin M. Daniel, formerly head of the
Investment Security Department, promoted to an Asst.
Vice-President. Harry H.Pond, President of the company,
and the other officers, were re-appointed.
the
Atthe annual meeting of the stockholders of the National
Bank of the Republic, Chicago, on Jan. 13, James Kemper,
President of the Lumberman's National Casualty Co., was
added to the Board of Directors, and this was the only
change made, according to Chicago advices to the "Wall
Street Journal."
Henry M. Dawes, President of the Pure Oil Co., was
elected a director of the Drovers' Trust & Savings Bank of
Chicago, at the stockholders' meeting on Jan. 13, to succeed
Rawleigh Warner, resigned, according to Chicago advices to
the New York "Times" on that date. All the other directors
were re-elected as were those of the Drovers' National Bank,
and no changes were made in the officers of the two banks
at subsequent meetings of their directors, it is understood
from the dispatch.
The Chicago "Journal of Commerce" of Jan. 15 stated
that at their annual meeting the previous day, directors
of the Harris Trust & Savings Bank of that city advanced
Donald C. Miller, an Assistant Vice-President, to Chairman
of the Trust Investment Committee; appointed George
Slight and Herbert M. Kenney Assistant Cashiers, and
made John A. Sparrow Assistant Manager of the Foreign
Department. The directors also authorized the transfer
of $1,000,000 from undivided profits to surplus account,
making the latter $6,000,000, the same as the bank's capital.
At the preceding annual stockholders' meeting Frank H.
Woods of Lincoln, Neb., and Harry M. Addinsell of New
York,were elected directors of the institution, while Lloyd W.
Smith of New York retired from the board. Mr. Woods is
Chairman of the Board of the Addressograph-Multigraph
Co. and President of the Lincoln Telephone & Telegraph
Co. and O'Gara Coal Co., as well as being a director in
other corporations. Mr. Addinsell is Vice-President, Secretary and a director of Harris, Forbes & Co.
At the annual meeting of the directors of the Trenton
Banking Co., Trenton, N. J., on Jan. 14, Caleb S. Green
and Ira Frost, Comptroller and Cashier, respectively, of
the company, were given the additional title of Vice-President, a dispatch to the New York "Times" on Jan. 15
reports, and John L. Williamson was appointed Asst. VicePresident, a newly created office. For several years, Mr.
Williamson has been Secretary-Treasurer of the Hanover
It is learned from the Chicago "Journal of Commerce'
Trust Co. of Trenton. Other officers of the Trenton Bank- of Jan. 15 that S. I. Witmanski, one of the directors of the
ing Co., headed by John A. Campbell, were reappointed.
Sherman State Bank of Chicago, was appointed President
of the institution at the directors' annual meeting on Jan. 14.
A Wilmington (Del.) dispatch to the "Wall Street Journal" Mr. Witmanski succeeds B. Zaleski, who continues as Chairon Jan. 15 reported that Gov. Buck, of Delaware, has been man of the Board. The other officers were reappointed.
elected President of the Equitable Trust Co., of Wilmington,
Eugene Abegg was appointed President of the South Side
to succeed F. V. du Pont, son of the late Senator Coleman
du Pont, who resigned because of the pressure of private Savings Bank & Trust Co. of Chicago to succeed H. A.
442
FINANCIAL CHRONICLE
Chetham, who became Chairman of the Board, a newly
created office, at the annual meeting of the directors on
Jan. 14, according to the Chicago "Journal of Commerce"
of the following day. Mr. Abegg resigned recently as VicePresident and Cashier of the Hyde Park-Kenwood National
Bank of Chicago. He was also elected a director as was
W. H. Derploeg at the stockholders' meeting of the South
Side bank, at which all the retiring members of the board
were re-elected with the exception of I. M.Powell.
At the annual- meeting of the South Central State Bank
of Chicago on Jan. 14, Charles V. McErlean, heretofore a
Vice-President, was advanced to the Presidency, succeeding
Claude E. Rower, who resigned, according to the Chicago
"Journal of Commerce" of the next day. Other officers
were reappointed.
Directors of the Howard A- venue Trust & Savings Bank
of Chicago at their reorganization meeting on Jan. 14 appointed Oscar A. Kropf, a director of the institution, Chairman of the Board, a newly created office, and named W. L.
Johnsen a Vice-President in place of L. J. Lubin, resigned,
as stated in the Chicago "Journal of Commerce" of the following day. Other officers of the bank, as well as the directors, were reappointed.
An increase in the capital of the First Union Trust &
Savings Bank of Chicago (affiliate of the First National Bank)
from $7,500,000 to $10,000,000 was voted at the recent
annual meeting of the stockholders, as reported in the Chicago "Journal of Commerce" of Jan. 15. which added:
(VOL. 132.
of the 130 institutions that are affiliated with the Northwestern
Bancorporation.
A high condition of liquidity, which is characteristic at this time of
banks in general in the Northwest and Middle West States, is strikingly
reflected. As against deposits of $101,484,911, Northwestern National
had $56,008,302.49 in loans and discounts, and acceptances it had $20,848,594 in bonds and other securities, of which a little over $7,000,000
was in Government bonds, and $31,270,776 in cash or due from banks,
or a total of $52,119,370 in these two major liquid items.
Without taking into account commercial paper that is available for
rediscount at the Federal Reserve Bank, and considering only cash or
bonds and securities immediately salable, the bank had more than one-half
Its entire deposit total in this highly liquid form.
Affiliation of the First National Bank of Paynesville,
Minn., with the First Bank Stock Corporation (headquarters
St. Paul and Minneapolis) was concluded last week, according to an announcement from Lyman E. Wakefield, President of the First National Bank in Minneapolis and VicePresident of the holding company. The Paynesville bank
becomes the 55th unit of the First National system in Minnesota and the 111th member of the group as a whole. The
official communication furthermore says, in part:
Mr. Anson Evans, President of the First National of Paynesville, is
Treasurer of the North American Creameries, Inc., of which Phil .1. Noonan
of Alexandria in President. Coincident with the bank's affiliation, Mr.
Noonan is becoming a Vice-President and member of the Board of Directors.
Mr. Noonan is also President of the Farmers' National Bank of Alexandria,
which joined the First National group a year ago.
E. H. Essig is the Cashier and Managing Officer at Paynesville, and
will continue in that capacity. . . .
An almost exclusively agricultural territory is served by the Paynesville
bank which has a total capital structure of $40,000, with deposits of
$393,189, and resources of $447,986.
According to Minneapolis advices, on Jan. 12, printed, in
the New York "Evening Post" of the same date, the annual
meeting of the First Bank Stock Corp., which was to be
A very creditable record for 1930 was made by Central- held early this month, has been postponed until Mar. 3 to
Illinois Securities Corp. of Chicago, as evidenced by the allow the company to obtain statements from all its 111
annual report just recently issued by the President, Philip R. affiliates and prepare a consolidated report.
This was effected through a transfer of $2,500,000 from undivided profits
to the capital account. All of the capital stock of the bank is held in
trust for stockholders of the First National Bank.
Clarke. The corporation is the management trust affiliate
On Jan. 3 the Fergus Falls National Bank, Fergus Falls,
of Central Trust Co. of Illinois, both units of the Central
The official announcement by the corporation Minn., changed its name to the Fergus Falls National Bank
Group.
& Trust Co. goes on to say:
Despise declining markets the liquidating value of the outstanding
allotment certificates as of Dec. 31 1930 decreased only slightly during
the year, the figure being $30.77 per unit, as compared with $31.64 a year
ago. The original subscription price was $31.50 a unit.
The corporation's capital was held practically intact during the year,
and the net earnings, after'all operating expenses and provision for taxes,
were $684,327, amounting to $1.71 a share on the $1.50 convertible preference stock. As the figures show, the dividend was more than covered even
In the face of adverse business.
"Because of conditions prevailing throughout 1930," Mr. Clarke states
In his report, "your officers and directors deemed it advisable to keep a
considerable portion of total resources in the form of cash, call loans and
other liquid and well secured demand and short-term loans. Evidence
of this policy is reflected in the balance sheet, which exhibits as of the close
of the year approximately $7,500,000, or 50% of the invested capital represented in this form."
The Board of Directors of the First National Bank in
Detroit, Detroit, at their annual meeting, on Jon. 13, accepted the resignation of President D. Dwight Douglas, who
has assumed larger responsibilities as Vice-President of
the Detroit Bankers' Co. (the large holding company formed
In 1929 by the consolidation of several Detroit banks), to
which office he was appointed on Jan. 12. Herbert L. Ohit-
tenden, formerly Chairman of the Executive Committee,
was appointed President, and John H. Hart was made Executive Vice-President of the First National Bank. The
-Wayne County Bank,
Board of Directors of the Peoples'
at their annual meeting, Jan. 13, accepted the resignation
of Julius H. Haass as Chairman of the Board and Chairman
of the Executive Committee, and appointed Wilson W. Mills
to both offices. Mr. Haass was re-appointed President of
the Detroit Bankers' Co. on Jan. 12; T. W. P. Livingstone
was re-appointed Vice-Chairman of the Board, and John R.
Bodde was re-appointed President. Donald N. Sweeny was
made Executive Vice-President of the People's-Wayne
County Bank.
Northwestern National Ban- k in Minneapolis, for the first
time crossed the 100 million dollar line in deposits in its
statement, showing $101,484,911 as of Dec. 31, issued in
response to a call of the Comptroller of the Currency. An
official announcement by the NorthWest Bancorporation, of
which the bank is the chief unit, goes on to say:
This makes Northwestern National the largest Twin City bank, and
also the largest financial institution in the entire territory North and
West, between Chicago-Milwaukee and the Pacific Coast. Deposit figures,
Dec. 31 1929 were $86,202,643. Northwestern National is the largest
Net earnings for the First Wisconsin National Bank,
Milwaukee, for the year 1930 were $2,334,113, it was stated
by Walter Kasten, President of the institution, in his report
at the annual stockholders' meeting held Jan. 13. This
amount represents 23.34% on the capital stock of the bank
or 12.36% on the capital, surplus, and undivided profits and
represents a slight increase over the amount earned during
1929. The report stated that regular dividends aggregating
14% on the capital stock were paid during the year and a
special dividend of $500,000. Deposits at the end of 1930
were $155,155,000 as compared with $144,951,000 a year ago,
an increase of $10,204,000. The Personal Loan Department
of the bank showed a satisfactory year with 2,851 loans
made, totaling $718,161. Commenting on the business situation in his report, Mr. Kasten stated:
"This depression is nearing its close and it is reasonable to expect that
the months ahead will see a fairly steady, though possibly slow, progress
toward normal business. The strong recovery in the stock and bond markets since the last week in December is a good omen, for a more active
market for securities means the investment of capital in constructive enterprises and creation of demand for materials and labor. Production in many
lines during the last few months has been cut below the current demand
and the time is approaching when manufacturing curtailment and long
abstention from buying of materials and supplies will compel an opposite
movement. The essential thing is to get production piing upward again.
With production rising, prices stabilize and with employment increasing,
purchasing power is again built up.
"It is hardly probably that there will be a sudden or pronounced improvement in the general business situation. Recovery is likely to come
as a slow accumulation of many minor improvements. Even last fall there
was a fairly well-defined gain in residential building and in some of the
textile lines. .Just recently, also, automobile production has gained and
there has been a substantial increase in unfilled steel orders. The greatest
gain of all will be in the intangible factor of business enterprise. In this
respect, we can also see evidences of a change for the better within the
last two weeks. Taken as a whole, there is a more sound reason for
optimism than at any time in the last two years. This is simply because
deflation is so far advanced that it brings up the picture of new opportunities in the future."
The stockholders of the First Wisconsin Trust Co. and the
First Wisconsin Co. also held their annual meetings on
Jan. 13. All the present directors of both companies were
re-elected.
E. F. Connely was appointed President, Edwin K. Hoover
Chairman of the Executive Committee, and Henry Hart
Executive Vice-President of the First Detroit Co. (investment unit of the Detroit Bankers Co.) at the annual meeting
JAN. 17 1931.]
FINANCIAL CHRONICLE
443
of that organization held in Detroit this week. Mr. Hart
has also been made a Vice-President of the Detroit Trust Co.
Ralph Stone, Chairman of the Board, D. Dwight Douglas,
Chairman of the Executive Committee, and McPherson
Browning, President, resigned from these offices at the
meeting, but will continue as directors. Hempstead Washburne Jr. was named Vice-President in the Chicago office
of the First Detroit Co., while Roy D. Sawyer was made
Sales Manager in Detroit. Hamilton Haddon and Warren J.
Hoysradt remain as Vice-Presidents in the New York office,
and Barent Lefferts as Assistant Vice-President. All other
officers were re-elected.
Angeles, Cal., was announced by Herbert D. Ivey, President,
following the recent regular January meeting of the Board.
Mr. Hole has wide interests, including extensive land holdings in Riverside County. He has long been prominent in
financial circles, and has been identified with many important activities in Southern California. He was responsible for the development and opening of La Habra Valley,
and more recently was a prime mover in the organization
of the Belridge Oil Co. This will be Mr. Hole's second
official connection with the Citizens, as he served on the
Board of Directors from 1910 to 1920, when he was also a
member of the Executive Committee.
Daniel F. Bull, Treasurer-General Manager of the Cream
of Wheat Corp. was elected a member of the Board of the
First Minneapolis Trust Co of Minneapolis at the annual
stockholders' meeting on Jan. 13. Mr. Bull has been a
director of the First National Bank for some time. The
directors of the Trust Co., in session following the stockholders' meeting, appointed two new officers, namely A. H.
Towler, formerly in charge of the Savings Department, who
was made Assistant Cashier, and A. C. Regan, Statistician,
who was appointed Treasurer.
The combined statement of condition of the Crocker First
National Bank and the Crocker First Federal Trust Co.
of San Francisco, as of Dec. 31 1930, shows an increase in
undivided profits of $287,060 over the statement for Dec. 31
1929. This increase is reported after payment of dividents totaling $840,000, equivalent to $14 per share on the
capital stock of the combined institutions. The official
announcement goes on to say:
A charter was issued by the Comptroller of the Currency
on Dec. 31 for the Citizens' National Bank of Waxahachie,
Tex., capitalized at $150,000. R. W. Getzendaner is President and J. N. Langsford, Cashier.
In the current statement showing the condition of the combined Crocker
institutions as of Dec. 31 1930, capital, surplus, and undivided profits
total $13,569,610 against $13,282,631 as of Dec. 31 1929. Deposits total
$109,082,789, an increase of $10,000,000 over a year ago. Total resources
are $136,120,326. The statement shows an increase in the bond account
of approximately $17,000,000. A highly liquid position is reflected in
the figures, showing a total of United States bonds and other bonds and
securities and cash of approximately $60,000,000 as against deposits of
$109,082,789.
On Jan. 2 the Comptroller of the Currency issued a charCombined commercial and savings deposits of the Wells
ter for the Northwestern National Bank of Madison, S. D.,
with capital of $50,000. W. Z. Sharp and W. D. Wyard are Fargo Bank & Union Trust Co., San Francisco, as of Dec. 31
President and Cashier, respectively, of the new institution. 1930 were the largest in the history of the bank. Totaling
$139,234,454, the combined deposits exceeded the previous
Two additional Montana banks are now members of the report as of Sept. 24 1930, which totaled $129,467,199 and
compared with $125,560,657 at the close of 1929. Savings
Northwest Bancorporation group of banks (headquarters
deposits totaling $47,343,000 at the close of 1930 compare
Minneapolis), the Madison Valley Bank, Ennis, and the
with $37,216,353 at the close of 1929. Undivided profits
Bank of Sheridan, Sheridan, having joined, it was announced
at the end of 1930 amounted to $3,210,615 in contrast to
Jan. 9. Each is a new organization, the Madison Valley
$3,056,800 at the close of the previous year. Total resources
having succeeded the Southern Montana Bank of Ennis; the
representing
Bank of Sheridan having succeeded the Sheridan State amounted to $167,247,626 as of Dec. 31 1930,
a gain of nearly $11,500,060 over the Sept. 24 1930 statement
Bank. Each bank has $25,000 capital and deposits of apand compares with $155,422,824 in 1929. The bank had
proximately $300,000. A communication in the matter from
$78,525,175 in cash and investments at the close of the last
the Bancorporation goes on to say:
calendar year compared with $51,667,748 at the end of the
Ennis is a prosperous town in the center of the Madison Valley, west
previous year.
of the Gallatin Valley, a live stock and irrigated ranching area.
Sheridan is the principal place in the Ruby Valley, west of the Madison
Valley, in a region where gold first was discovered in Montana, and Is a
progressive growing town.
Hugh Wakefield will be President and Cashier of the Madison Valley
Bank, Ennis, and R. W. Rossiter will be President of the Bank of Sheridan.
Northwest Bancorporation now has 15 affiliates in Montana and 132
affiliated institutions in all in 108 cities of the Northwest and Middle
West, with total resources well in excess of $485,000,000.
A subsequent communication from the Northwest Bancorporation states that the New First National Bank of Dell
Rapids, S D., which was organized in 1926, on Jan. 13
became affiliated with the Northwest Bancorporation group.
The New First National with capital, surplus and undivided
profits of $40,000, took over the deposits of the Home National Bank of Dell Rapids, and has total deposits of $550,000. Officers of the acquired bank are E. J. Elliott, President, John Sehmit, Vice-President; C. A. Golden, Cashiei;
Oluf Hegge and M. E. Wicks, Assistant Cashiers. P. R.
Kenefick, formerly Cashier of the Home National Bank will
be officially indentified with the New First National Bank.
This brings the number of Bancorporation affiliates in South
Dakota to 21.
The combined statement of the 10 banks owned by the
Marine Bancorporation of Seattle, as of Dec. 31 1930, discloses total resources of $46,287.085.75, or $115.40 of resources for every $100 of its deposits, which amount to $40,120,086.70. The statement shows that in addition to $5,992,767.39 of capital, surplus, and undivided profits of these
banks, the Marine Bancorporation has over $3.000,000 of
other assets, all of which are available for the added protection of depositors of its members banks. This added protection brings the total resources back of the deposits of
the member banks to the equivalent of $122.80 for every $100
of deposits. A communication from the Bancorporation
adds:
In order that the intricacies of the ordinary financial statement might
be more readily understood, the management has presented the statement
in a simple form, showing the significance of various items expressed in
terme of percentages to deposits. For insance, the item "Cash" is shown
to represent 31.4% of deposits, United States Government bonds 16.8%,
call loans, &c., 14.7%, Sm.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The Hastings National Bank, Hastings, Neb., a converExcept for the moderate improvement during the latter
sion of the State Bank of Hastings, was chartered by the
part of the session on Wednesday,the New York stock market
Comptroller of the Currency on Dec. 31. H. G. Pratt is
has shown strong reactionary tendencies the present week.
President, and Ivan C. Riley, Cashier of the new bank, which
Irregularity has been the chief characteristic of practically
is capitalized at $100,000.
every session and frequent periods of selling and liquidation
have forced many of the active market leaders to new low
It is learned from Associated Press advices from La
levels for the year and in some instances still farther back,
Motte, Ia., on Jan. 7, that confusion arising because of the though
for the most part, the movements in the general list
similarity in the names of the towns of Lamont, Ia., and were
within a narrow range. The weekly statement of the
La Motte, Ia., is said by officials to have caused a "run" Federal Reserve Bank, issued after the close of the market
on the Iowa Savings Bank of La Motte, resulting in its on Thursday, showed a further decrease of $59,000,000 in
closing. The same dispatch reported that the Mystic Indus- brokers' loans in this district. This makes the 15th reductrial Savings Bank of Mystic, Ia., had also closed.
tion in 16 weeks and brings the total down to $1,820,000,000,
the smallest amount since December 1924. Call money reElection of Willitts J. Hole, retired capitalist, as a direc- newed at 134% on Monday, continued unchanged at that
tor of the Citizens' National Trust & Savings Bank of Los rate throughout the week.
York Central which improved 13 points to 1193 , and
4
4
Wabash with 1 M points to 23%. Public utilities were slightly
improved and were represented on the side of the advance by
such pivotal issues as American Tel. & Tel., Consolidated
Gas and American Water Works. Other prominent stocks
showing moderate gains were: Air Reduction 25 points,
4
Allied Chemical & Dye 2% points, Auburn Motors 3 points,
Johns-Manville 23i points, and Vanadium Steel 2 points.
The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Jan. 16 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks.
Number of
Shares.
Raitroad.
&c..
Bonds.
United
States
Bonds.
State.
Municipal &
For'n BOWL,
Total
Bond
Sales.
$1,926,000
2,953,000
3,070,000
2,991,000
2,628,000
1,727,000
$190,000 $6,417,000
341,000 9,849,000
254,000 10,891,000
202,000 9.266,000
272,000 9,228,000
292,000 7,865.000
8,523,335 $36,669,000 $15,295,000
$1,551,000 $53,515,000
778,650
1,501,220
1,712,890
1,276,345
1,932,990
1,321,240
Sales at
New York Stock
Exchange.
$4,301,000
6,555,000
7,587,000
6,072,000
6,328,000
5.848,000
Calendar Year.
Week Ended Jan. 16.
1931.
1930.
1930.
1929.
8,523,335
12,562,920
810,038.161
1,124.991,490
$1,551,000
15,295,000
36,295,000
--No. of shares
Stocks
Bonds.
Government bonds__ _
State & foreign bonds_
Railroad St misc. bonds
$1,676,000
13,537,000
33,748,000
$115,785,250
720,760,900
1.927,021,400
$142,079,800
657,827,100
2,182.392,300
$53,515,000 $48,981,000 62.763,587,550 $2,982,299,200
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
phuodozonta.
Boston.
Week Ended
Jan. 16 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
20,208
27,698
26,229
18,897
23,817
6,421
Total
123,270
Prey, week revised
Baltimore.
Shares. Bond Sales. Shares. Bond Sales
185,457
$33,500
53,500
03,300
31,000
43.7001
Shares. Bond Sales.
1,249
1,731
1,112
871
798
1,034
$1,100
11,000
9,000
17.100
25,900
16,000
$17,000
19,000
13,000
5.000
3.0001
10,000,
a20,279
a28,924
a26,777
024,537
a22,693
7,135
167,000
130,345
$225,0001
6,795
$80,100
$131,0001 196.090
$513,200
12,230
$107,300
a In addition, sales of warrants were
100; Wednesday, 200; Thursday, 100.
Saturday, 200; Monday, 300; Tuesday,
-PER CABLE.
ENGLISH FINANCIAL MARKET
(See Page 455.)
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. 16) bank exchange for all the cities of the United States
from which it is possible to obtain weekly returns will fall
21.2% below those for the corresponding week last year.
Our preliminary total stands at $8,778,666,696, against
$11,131,356,368 for the same week in 1929. At this centre
there is a loss for the five days ended Friday of 21.6%.
Our comparative summary for the week follows:
Clearings-Retu s by Telegraph.
Week Endin 1 Jan. 17.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1931.
1930.
$4,587,715,431 $5,851,000,000
402,828,689
484,447,608
325,000,000
534,000.000
330,000,000
483,000.000
93,449,790
117,129,523
94,200,000
116,700,000
138,420,000
182,261,000
No longer will re port clearings.
125,341,168
141,285.581
116,178,788
154,769,021
96,274,667
12.5,140,111
71,217,008
84,091,340
54,975.423
50,704,521
Per
Cent.
1111111
w.totOW....t0
vtor.D000ce.
The stock market was somewhat mixed during the brief
session on Saturday, but with a tendency toward higher
levels. Fluctuations were small and trading was generally
4
quiet. Allied Chemical & Dye closed with a gain of 43
points at 1683 . Auburn Motors displayed considerable
4
4
strength and gained 23j points to 1093 . Nash Motors was
/
also in demand and moved ahead 15 points to 317 . Rail4
road stocks showed moderate strength for a time, but sold
off before the close, though small gains were recorded by
Union Pacific, Chicago & North Western, Baltimore &
Ohio, New York, Chicago & St. Louis, and Southern Railway. United States Steel was up about a point as it closed
at 143%, and Republic Iron & Steel improved 1% points
to 184. American Can, Westinghouse Electric, General
Electric and a few others were generally off at the close.
The market again sold off on Monday and prices were
down all along the line. The announcement late on Saturday
by the United States Steel Corporation of an increase of
more than 300,000 tons in unfilled tonnage had little effect
on the market as many prominent issues continued under
pressure throughout the day. Railraod shares which had
displayed more or less strength during the previous week
were down all along the line, Pittsburgh & West Virginia
breaking about 10 points, followed by New York & Harlem
with a loss of five points, and New York Central, Atchison,
Reading, New Haven, Del. & Hudson, St. Louis-San Francisco and Southern Railway with losses ranging from three
to five or more points. The market was again irregular
on Tuesday and while the volume of business was somewhat
larger than on the preceding day, prices fluctuated within a
narrow range until the closing hour. United States Steel
was, at one time, down to 140% where it registered a loss
of a point, but it picked up about 4 of a point during the
3
closing hour. Amer. Tel. & Tel., and Eastman Kodak fell
off sharply in the early trading, but made up the loss later
in the day. Railroad shares were under pressure and most
o f the leading issues of the group were off a point or more,
Lackwanna breaking about 8 points to 88. Oil shares were
generally lower and so were the copper shares and merchandising issues.
Trading continued dull on Wednesday and stocks again
moved within a narrow range, though a few of the preferred
stocks showed moderate gains. United States Steel opened
at 141, dropped back fractionally and closed with a gain
of about a point. Westinghouse was up about a point and
so were American Can, Woolworth, Vanadium Steel, Worthington Pump, J. I. Case, Goodyear, American & Foreign
Power and du Pont. Other advances included such stocks
as International Silver 3 points; Foster-Wheeler 2 points,
4
Air Reduction 23 points, and Coca Cola 3 points. In the
final quarter hour, railroad stocks moved ahead, the principal gains being recorded by Southern Railway 2% points
to 59, Illinois Central 4% points to 86%, Union Pacific
3 points to 189%, and Missouri Pacific 2A points to 25%•
Texas & Pacific registered an overnight gain of 10 points.
The stock market was under pressure during most of the
session on Thursday, and new low levels were recorded by
a large number of active stocks. Practically all classes of
securities were affected, though there were occasional strong
spots, particularly among the railroad stocks. The early
trading was fairly steady, but turned reactionary as an
avalanche of selling flowed into the market. Substantial
losses were recorded by United States Steel, American Can
and Westinghouse Electric, the latter selling down to its
lowest since 1927. Eastman Kodak and Allied Chemical &
Dye were the two outstanding weak spots, both receding
about 6 points. Railroad shares were fairly strong in the
early trading, but lost most of their buoyancy later in the
day. Stocks showing losses were Atchison, Union Pacific,
Missouri Pacific, Chesapeake & Ohio, New York Central,
New Haven and Canadian Pacific. The heavy offerings
of American & Foreign Power soon extended to other members of the group and sharp declines were registered by
many of the stronger issues, including among others Amer.
Tel. & Tel. 4 points, Standard Gas & Electric 3 points,
American Power & Light, American Water Works & Electric,
and Electric Power & Light.
Vie stock market was slightly higher on Friday as some
r
of the leading industrial stocks moved !lowly forward,
though there was a sizable amount of liquidation apparent
in the early trading. As the offerings dwindled, the market
noteturned upward though the gains were not especially.
worthy. Some of the railroad issues were stronger, Baltimore
& Ohio moving forward 13i points to 76, followed by New
[VOL. 132.
FINANCIAL CHRONICLE
, 4_1111
000 43Crt.
,
444
Twelve cities. 5 d is
Other cities, 5 days_
16,433,598,980
881,958,620
$8.304,519,705
1,018,010,715
-22.5
-13.5
Total all cities, 5 days
All cities, 1 day
67,315,555,580
1,463,111,116
$9,323,430,420
1,807,925,948
-21.5
-19.0
58.778.666.606 311 131 35t1 :1115i
-21.2
Total all cities for week
Complete and exact details for the week covered by. the
foregoing will appear in our 'mile of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Jan. 10. For
that week there is a decrease of 10.4%, the aggregate of
clearings for the whole country being $10,364,599,519,
against $11,560,013,710 in the same week of 1929. Outside
of this city there is a decrease of 17.9%, while the bank clearings at this centre record a loss of 6.2%. We group the cities
JAN. 17 1931.1
FINANCIAL CHRONICLE
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 6.3%,in the Boston Reserve District of 19.1% and in the
Philadelphia Reserve District of 33.5%. In the Cleveland
Reserve District the totals are smaller by 4.9%,in the Richmond Reserve District by 15.0%, and in the Atlanta Reserve District by 20.2%. In the Chicago Reserve District
the totals show a shrinkage of 14.8%, in the St. Louis Reserve District of 38.7% and in the Minneapolis Reserve District of 13.1%. The Kansas City Reserve District has a
decrease of 15.3%, the Dallas Reserve District of 22.8%,and
the San Francisco Reserve District of 14.4%.
In the following we furnish a summary of Federal Reserve
districts:
glYMMARY OF BANK CLEARINGS:
Week End. elan, 10 1931
1931.
1930.
Inc.or
Dec.
1929.
Federal Reserve Dists.
3
5
%
$
15t Boston_ __ _12 cities
451,050,383
557,203,036 -19.1
608,195,547
2nd New York.12 "
7,191,014,302 7,678,507,695 -6.3 10,248,290,685
3rd Philadel lit_10 "
455,047,930
684,593,711 -33.5
642,236,150
4th Clevelatd_. 8 "
391,280,314
411,420,471 -4.9
429,173,611
6th Richmond.6 "
156,495,934
184,115,746 -15.0
193,424,761
6th Atlanta.__ _12 "
153,277,713
192,084,462 -20.2
233,926,805
7th Chicago _._20 "
740,176, 26
868,592,574 -14.8 1,142,728,270
8th St. Louis__ 8 "
174,157,381
213,989,751 -38.7
245,507,111
9th Minneapolis 7 "
99,894,857
114,799,783 -13.1
131,400,614
10th KanaaaCity 11 "
171,662,644
202,631,165 -15.3
216,721,218
11th Dallas
60,152,014
5 "
78,043,790 -22.8
89,342,764
12111 Ban Fran_17 "
320,380,041
374,051,556 -14.4
415,156,
Total
127 cities 10,364,599,519 11,560,013,710 -10.4 14,563,104,361
Outside N. Y. City
3,340,080,248 4,070,908,5; -1,7.9 4,513,067,929
Canada
31 cities
409 9132.099
414.685.454 -1 R
nig non eel
1923.
i
638,728,395
7,727,732,211
659,151,868
434,053,717
190,664,651
210,572,593
1,099,442,493
244,842,100
132,118,806
213,255,930
80,958,221
413,356,654
12,044,877,639
4,501.389,134
a7g owl goA
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Jan. 10.
Clearings at
1931.
1930.
$
First Federal Reserve Dist rict-Boston
Maine-Bangor_ _
681,305
646,315
Portland
3.827,742
3,593,640
Mass.
-Boston
398,132,010 498,504,500
Fall River__ _
896,738
1,608,771
Lowell
481,658
1,222,428
New Bedford_ _
964.839
1.169,081
Spring:leld
6,004,687
5,187,856
Worcester
4,238,377
3,953,081
Conn.
-Hartford.
14,610,134
16.256,495
New Haven_ _
7,108,413
8,521.008
R.I.
-Providence
13,215,900
15,763,500
N.H.-Manch'r.
892,560
776,331
Total(12 cities)
451,060,363
Inc. or
Dec.
+6.3
646,860
+6.5
3,480,921
-20.1 537,000,000
-44.3
1.694,561
-60.6
1,517,327
-17.6
1,396,974
+15.7
5.850,557
+7.2
4,407,076
-10.1
22,791.457
-16.6
9,983,738
-16.2
18,586.500
+15.0
839,576
557,203,006 -19.1
Second Feder at Reserve D(strict
-New
-Albany_
N. Y.
7,236,638
6,590,603
Binghamton-.
1,411,887
1,445,234
Buffalo
50,866,650
58,542,052
Elmira
983,087
885,409
Jamestown__ _
1,241259
1,609,892
New York -- 7,024,519,271 7.489,105,171
Rochester
11,202.724
13,069.101
Syracuse
6,971,962
6,471,154
-Stamford
Conn.
4,169,568
5,087,371
N. J.
-Montclair
826,464
868,834
Newark
32,767,313
39,904,667
48,817,070
Northern N. J.
55,028,207
1929.
608,195,547
1928.
638.728.395
Total(12 cities) 7,191,014,302 7,678.507,695 -6.3 10248290,68S 7,727,732,211
Third Federal Reserve Dist rict-Phllad elphia
-Altoona__ .._
1,162,267
Pa.
1,290,698 -19.8
1,557,403
1,763,551
Bethlehem.. _ _ _
3,784.774
5,151,835 -26.5
4.347.743
4.508,245
Chester
982,905
1,305,193 -24.8
1,391,741
1,397,114
Lancaster
1,810,447
1,933,169 -6.4
1,696,191
2.460,539
Philadelphia
429,000.000 855,000,000 -34.5 609,000,000 621.000,000
Reading
3,078,277
4,054,213 -25.2
4,884,414
5,123.822
Scranton
5,490,873
4,923,290 +11.5
7,491,970
7.061,180
Wilkes-Barre._
3,752,208
3,584,746 +4.7
4,863,627
4,948,157
York
2,089,179
2,189,567 -0.1
2,082,466
2,156,300
-Trenton._
3,897,000
N.J.
5,161.000 -24.5
4,920,595
8,732,960
cities) 455,047,930 684,593.711 -33.5 642,236,150 659,151,868
Total(10
Fourth Feder at Reserve D strict.- Cle veland
Ohio-Akron.
4,334,000
4,985,000 -13.1
6,884.000
7,101,000
Canton
4,225,944
4,681,979 -9.7
5,451,152
5,241,333
Cincinnati_ _ _ _
65,502,421
68,085,608 -2.8
23,530,31
84,972,000
Cleveland
131,193,869 143,127,260 -8.4 136,497,29
132,405,436
Columbus
14,617,200
17,333,400 -15.7
21,652,700
20.568,800
Mansfield
1,870,178
2,311,718 -19.1
1,744,138
1,840.197
Youngstown
7.380,236
6,603,122 +11.3
6,868,701
7,085.821
Pa.-Pittsburgh _ 162,156.466 164,857,042 -1.6 176,746,812
174,839,130
Total(8 cities). 391,280,314 411,420,471
429,173,611 434,053,717
Total(6 cities).
156,495,934
1,214,069
5,894,284
44,596,000
2,234,946
105,941,992
30,543,470
184,115,246 -15.0
190,424.7611
Sixth Federal Reserve Dist riet-Atiant a
*2,500,000
-Knoxville
Tenn.
3,500.000 -28.6
17,568,046
Nashville
24,496,268 -28.3
41,014,103
Ga.-Atlanta_
51,698,901 -20.7
1,681,125
2,347.801 -27.4
Augusta
1,728,274
1,694,390 +2.0
Macon
12,814,406
Fla.--Jack'nville
15,584,675 -17.8
*1,500,000
3,213,000 -53.3
Mlaml
20,986.186
31,291,982 -33.0
Ala.-Birming'm
1,873,267
2,432,206 -23.0
Mobile
2,415,000
2,338,462 +3.3
-Jackson
Miss.
190,397
313,573 -39.3
Vicksburg
49,006,909
53,153,204 -7.8
La.-NewOrleans
4.000.0001
29,340,5571
55,423,5381
2,278,874
1,747,952
17,259,021
2,700,000
28,300,292
1,908,582
2,613.000
529,335
57,823,654
Total(12 cities)
153,277,713
192,064,462 -20.2
203,926,805j
Week Ended Jan. ML
Clearings at
1931.
1930.
Inc.or
Dec.
1929.
Seventh Feder al Reserve D strict-Chi cagoMich.
-Adrian __
221,940
293,194 -24.3
291,398
Ann Arbor.... _
1,117.745
940,295 +18.8
1,452.890
136,248,677 165,006,347 -17.5 228,991,453
Detroit
Grand Rapids5,674,793
9,762,747
5 585 509
. .
Lansing
2,744,920
4,112,700 -34.3
3,365.963
Ind.
2,734,713
-Ft. Wayne
3,586,286 -23.8
3.421,020
Indianapolis
20,924,000
26,074,000 -19.8
27.073.000
South Bend_2,788,492
2,846,966 -2.1
4.071,990
Terre Haute.._
7,042,723
6,956,272 +1.2
6,764239
Wis.-Milwaukee
28,424,123
32,840,547 -13.5
36,819,123
Iowa-Ced. Rap_
3,258,129
3,357,879
3,029.304
Des Moines_
8,725,200
10,246.685 -25.9
9.2.51,989
6,618,411
Sioux City
4,297,156
7.689,743
Waterloo
1.513,644
840,394
1,614,567
111.
-Bloomington
1,664,839 -13.2
1,445.909
2,156.787
Chicago
502,811,778 584,026.537 -13.9 782,539,506
Decatur
1,218,110
1,468,384
1,057,936 +15.2
Peoria
6.278.780
5,639.427 -21.8
4,408,823
Rockford
2,800,520
3,765.917
3,513,084
Springfield_
2237,165
3,121,253
2,521,815 +0.6
Total(20 cities)
740,176.026
1928.
•
330,644
1232,847
190,129,735
9,878,917
2.484.269
3,523,971
27.007.000
3.186,800
6.629,171
80.682,184
2,985,551
10,601,376
7,114,564
1,248,309
1,688,792
767.860,771
1.336,793
6.232,995
3,503.291
2,954,613
868,592,574 -14.8 1,142.728270 1,099,442,493
Eighth Federa Reserve Die trict-St. Lo uls-Ind.-Evansville.
4,826,681
5.010,650 -3.7
Mo.-St. Louis
118,300.000 128,100.000
Ky.-Louisville..
26,612,514
39,335.975 -32.3
Owensboro_
863,834 -32.1
586,107
Tenn.
-Memphis
14.095,980
23,980,876 -41.2
Ark.
-Little Rock
8,878,783
14,940,625 -40.6
Jacksonville
189.981
409,200 -53.6
Quincy
667,335
1,348.541 --50.5
6,950,656
148,100.000
48,168,651
765,509
24,249,867
15,449,016
418,823
1,405,089
5.543.961
151,600,000
46,108,392
652,588
23,382,494
15,822,342
340,356 k
1,441,967
213,929,751 -38.7
345,507,111
244,842.100
Ninth Federal Reserve Die trict-Minn eapolis
Minn.
-Duluth..
4,338,058
4,975,478 -12.8
Minneapolis-68,331,887
79,511,178 -14.1
St. Paul
20,526,438
22,760,880 -9.8
N.Dak.-Fargo..
1.950,300
2,073.326 -5.9
S. D.
-Aberdeen
978,952
1,192,203 -17.8
Mont.-Blinngs _
72,090
706.318 -4.9
Helena
3,097,132
3,580,400 --13.5
6,828.597
82,868.588
33.347,841
2,293.510
1,456.671
711.407
3.894,000
7,440,993
83,164,168
34,006,366
2,193,824
1,389,248
696,207
3,228,000
131,400,614
132.118,806
452,090
661,919
4,588.356
43.740.908
4,776,662
9,396,259
142,085.058
7,706.068
1,400.529
a
1,913,369
455,637
630,668
5,419,505
43,535,726
4,592.012
9.261.587
138,356,634
7,857,844
1,462,798
a
1277,519
216.721,218
213,255.930
2,203,988
59249,557
15,685.700
5,718,338
6.185.181
1,872,722
51,575,207
14,344,020
5,154,000
8,012,272
Total(8 cities).
174,157,381
Total(7 cities)_
99.894,8.57 114,799,783 -13.1
Tenth Federal Reserve Die trict-Kens as City
Neb.-Fremont
341,823
387,271 -11.7
Hastings
493,926
564.920 -12.6
Lincoln
3,365,294
3,200,000 +5.2
Omaha
40,029,147
40.030,932 -0.1
Ean.-Topeka
4,655,105
4.481,014 +3.9
Wichita
7,236,473
8.387,400 -13.7
Mo.-Kans. City 106,666,252 135.102,325 -21.1
St. Joseph_ _ _
6,259,780
7.353,000 -24.9
Colo.
-Col. SPgs.
1,151,077
1,316,619 -12.6
Denver
a
a
a
Pueblo
1,463,767
1,807,634 -19.0
818,756
4,893,708
574,000,000
2,113,197
1,434,014
Total(11 cities) 171262,644 202,631,165 -15.3
1,279.312
5,641.982
Eleventh Fede ral Reserve District
-Da Was3,830.600 Texas
-Austin..
1,639,402
1,644.715
17.191,691
Dallas
40,862,866
50,264,238 -19.7
9,604.768
Fort Worth....
10,222,997
14,429,805 -29.1
17,088,500
Galveston
2,899,000
4.357,000 -33.4
831,867 La.
-Shreveport.
4,527,749
7.348,032 -38.4
York
+9.8
6,843,454
7,331,752
-2.4
1,468,256
1,354,400
-13.2
61.742,222
72,668,300
+11.0
1,162,343
1,308.295
1,622.944
-17.8
1,745,384
-6.2 10050036,532 7,543.508,505
16,696,636
-14.3
15.775,007
8299.363
+7.7
7,681.441
5,217,161
-18.0
3,943,215
821,041
1,058,509
31,761,722
-17.9
34,091,305
51,292,936
-11.3
48,192,176
Fifth Federal Reserve Dist riet-Richm ondW.Va.-Hunt'g'n
996,033
1,197,028 -6.8
Va.-Norfolk
3,584,919
4,499,537 -20.3
Richmond _ _ _
39,044,554
45,892,000 -14.9
2,226,034
8.0.
-Charleston
2.362,689 -5.8
Md.-Baltimore
82,463,928 102,488,690 -19.5
D.C.-Washing'n
28,180.466
27,675,802 +11.8
445
Total(5 cities).
60,152,014
80,958,221
89,342,764
78,043,790 -22.8
Twelfth Feder al Reserve D istriet-San Franci
wash -Seattle..
33.284,365
40,653,497
41,791,776 -20.4
51,436.981
Spokane
12,499,000
14,339.000
12,695,000 -1.6
15.282,000
Yakima
1,200,777
1,743,204
1,544,316 -22.3
1,413,491
Ore -Portland..
28,072,468
36,794,636
35,074,710 -20.0
38.442.113
Utah-S. L. City
19,021,308
20,545,482
21,211,815 -10.3
21.297.810
Callf.-Fresno
3,136,410
1,391.552
4,172,964
5,009.206 -37.4
Long Beach_
7.887,798
8,781,528
8,608,614
4,148,212
Los Angeles.., No longer wl 11 report clear lags.
Oakland
18,186,311
21.493,093
16,820,837 +8.1
22.385,590
Pasadena
8,790,529
6,629,679
9,063,316
6,571,038 +0.9
Sacramento.._
8.876.203
8,797,101
8,764,878
9.833,949 -10.5
San Diego_ _
6,607.459
*5,000,000
8.113,117
6,895,643 -27.5
San Francisco_ 165,752,418 195,635,189 -15.3 218,811,488 227,886.000
San Jose
4.204.716
3,666.237
4,021.679
4.391,458
Banta Barbara.
2,307,049
2.066,844
2,407,198
2,496,641 --7.6
Santa Monica_
2,056,841
2,478,692
2,423.764 -15.1
2,391,985
Stockton
2,343,800
4.242.700
3204,000
3247,600 -23.1
Total(17 cities) 320,380,041 374.051,556 -14.4 415,156.822 413,356.654
Grand total (127
cities)
10364 599,519 11560013,710 -10.4 14563104,361 12044877,639
Outside New York 3,340,080,248 4,070,908,539 -17.9 4,513,067,829 4,501,369,134
Clearings at
Week Ended Jan. 8.
Inc.or
1931.
1928.
1930.
1929.
Dec.
Yanada$
$
Montreal
132,053,699 127,128,828 +3.9 195,620.775 151,128,481
Toronto
133,132,263 132,110,869 +0.8 170,702,249 168,476.159
Winnipeg
55.467,860
47,587,169
57,715,727
48,009,601 -0.9
Vancouver
21.580,293
20,941,870
23,167,459
23,083.938 -9.3
Ottawa
7,124,439
9,284,294
7,384,880
7,745,192 -4.7
Quebec
6,065,869
7,165.114
6.816,212
6,938,668 -1.7
Halifax
3,505,350
4,346,85.5
4,237,346
4,208,489 +0.7
Hamilton
5,940,974
7,065.623
6,653,205
8,540,898 -22.1
Calgary
13.750,637
13.984,509
8,258,963
11,879,548 -30.5
St. John
2,691,903
8,264,695
2298,325
2.726,719 -1.1
2,348,089
3.089282
1,348,688 Victoria
2,881,121 -8.9
2,626,101
3,644.417
3.968,521
5,284.011 London
4,495.711
4,165,867 +7.9
6228.083
44,556,000 Edmonton
6.604.455
6,662,561
6,518,938
6220,675
1,750.000 Regina
5,881,138 -6.4
5,736.697
5,507.966
534,191
109.416,624 Brandon
561,353
747.153
579,270 -3.1
754.239
730.089 -33.9
620.455
27,829,328 Lethbridge
482,732
Saskatoon
3,258,352
2,949.449 +13.6
3,350.659
3,130,988
1,448,219
1,485.135
190,664,651 Moose Jaw
1,342,591
1,432.776
Brantford
1,353.572
1,461,937 -1.1
1.177,674
1,445,183
Fort William...._
1,133.014
864,649
904,594
1.026,883
948.230
989,702
5,000,000 New Westminster
827,930
715,998
524.959
391,163
27,828,480 Medicine Bat...
291,181
383,299
1,053,864 +1.
64,860,948 Peterborough._ ...
1,071,398
1,241,979
1,193.231
2215,504 Sherbrooke
854,955
1,053,75
955.546
822,007
1,583,385
1,380,91 -14.
1,228,284
2.245,131 Kitchener
1,439,504
5,163,48 -29.4
3,645.922
6.107,368
18,912,991 Windsor
6,289,971
528,642
521,96
+1.3
3,981,000 Prince Albert-- -492.551
475,400
1,007,616
1.203.87 -16.3
26.574.921 Moncton
1,035,046
986,503
1,094,747
1,068,26
1,705,596 Kingston
+2.3
822.317
822,259
1,045,274
974,25
+7.3
2,616.971 Chatham
869.038
953,520
971,236
961,468 +1.0
576,654 Sarnia
788,136
707.129
64,954,397
Total(31 cities) 409,882,099 414,685,454 -1.2 535,890,993 475.553,398
210,572,593
*Estimated. allo longer redone weekly clearings.
446
[VOL. 132.
FINANCIAL CHRONICLE
pus
THE CURB EXCHANGE.
gontircercialand
ceilatterats
Sagging prices in a dull and listless market was the chief
characteristic of Curb Exchange trading this week. Losses
-BeBreadstuffs figures brought from page 519.
for the most part were small. Price movements in utility low we give the receipts at Western lake and river ports
issues generally were narrow. Amer. Gas & Elec. new corn. for the week ending last Saturday and since Aug. 1 for
was an exception breaking from 773j to 703i with the close
of the last three years:
to-day at 733'. Amer. & Foreign Power warrants eased off each
from 18 to 143 and closed to-day at 153. Duke Power on Receipts at- Flour.
4
Oats.
Wheat.
Corn.
Barley.
Rye.
few transactions was off about three points to 122. Elec.
bbls.1961bs bush.60 lbs.bush.56 lbs. bush. 32 lbs. bush.481bs bush.561bs.
Bond & Share corn, fell from 44 to 40 and ends the week at Chicago
200,000
54,000
4,000
798,000
667,000
179,000
123,000
266,000
182,000
1,497,000
13,000
41%. United Gas 87 pref. declined from 914 to 89. In Minneapolis_
33,000
14,000
71,000
1,255,000
6,000
Duluth
the oil group, Standard Oil (Indiana) sold down from 38 Milwaukee_ __
24,000
169,000
85,000
11,000
12,000
12,000
275,000
53,000
to 35% and finished to-day at 36%. Standard Oil (Ohio) Toledo
8,000
2,000
38,000
corn. dropped from 54 to 493 and sold finally at 5034• Detroit
4
362,000
96,000
16,000
Indianapolis_
Vacuum Oil lost over six points to 56 the final transaction St. Louts__ _ _ 129,000 439,000 294,000 275,000 18,000
91,000
33,000
31,000
12,000
141,000
70,000
to-day being at 563/ Humble Oil & Ref. sank from 643/i Peoria City8
.
28,000
417,000
1,333,000
Kansas
to 59 8 and rested finally at 60. Gulf Oil was off from Omaha
482,000
26,000
523,000
8,000
282,000
37,000
753. to 663., the close to-day being at 67%. Industrial St. Joseph_ _ _
6,000
103,000
205,000
Wichita
and miscellaneous issues were quiet. Aluminum corn. Sioux City-28,000
54,000
9,000
dropped from 1533 to 1403., recovered to 149 and sold Total wk. '31 390,000 6,224,000 3,238,000 1.161,000 470,000 114,000
finally at 145. Continental Shares, pref. sold down from Same wk. '30 395,000 4,591,000 7,497,000 1,539,000 593,000 258,000
543 to 43, the close to-day being at 4334. Deere & Co. Same wk. '29 462,000 4,506,000 8,467,000 2,169,000 851,000 219.000
corn. fell from 403.4 to 3734 and ends the week at 37M. Since AUg.110.277.000253,475.000 94,705,000 66,915,000 33,865,000 15,264,000
A complete record of Curb Exchange transactions for the
1930
10,515,000254,273,000 121,523,000 82,920,000 48,131,000 19,605,000
1929
week will be found on page 474.
1090
11 012 nnn 225 124 0011142 051 000 83.708.000 71.277.000 19.762.000
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Value).
Week Ended
Jan. 16
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number of
Shares).
224,400
380,900
303,400
262,600
349,400
279,000
1,799,700
Rights.
Foreign
Domestic. Government.
3,000 $2,414,000
7,800 2,273.000
2,300 3,950,000
3,800 2,986.000
14,900 3.315,000
7,200 2,942,000
Total.
$158.000 $2,572,000
242,000 2,515,000
220,000 4,170,000
204,000 3,190,000
317,000 3.632.000
404,000 3,346,000
39,000 $17,880,000 $1,545,000 $19,425000
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:
Jan. 10 Jan. 12 Jan. 13 Jan. 14 Jan. 15 Jan. 16
1931. 1931.
1931.
1931. 1931.
•
Francs. Francs. Francs. Francs. Francs. Francs,
Bank of France
17.400 17.400 17,100 16,700 16,700 17,000
1,100 1,140
Banque Nationale de Credit.-- 1,100 1,075 1,100
Banque de Paris et Pays Das- 2,140 2,140 2,090 2,060 2,050 2,090
1,209 1,200 1,185 1,200
Banque de Union Parisienne
1,211
1,070 1,070 1,060 1,040
Canadian Pacific
1,040
1,020
16,055 15,955 15,830 15,000 15,300
Canal de Sues
1,980 1,975 1,970 1,940 1,980
Cie Distr. d'Electricitie
Cl. Generale d'Electricitie
2,350 2,340 2,310
2,250 2,300 2,300
Cie Ole Trans-Atlantique
405
385
391
385
395
546
552
560
550
Citroen B
555
550
Comptotr Nationale d'Escompte 1,610
1,600
1,580
1,560 1,570 1,600
Coty. Inc
670
660
670
670
650
650
Gourrieres
1,045 1,054 1,025 1,000 1,020
Credit Commerciale de France
1,120 1,110 1,110 1,105 1,125
Credit LyonnaJa
2,380 2,350 2,320 2,260 2,240 2;ii6
Eaux Lyonnais
2,290 2.330
2,280 2,150 2,170 2,250
Energie Electrique du Nord
845
830
831
825
820
Energte Electrique du Littoral
1,045 1,055 1,035 1,032 1,060
Ford of France
192
194
191
191
191
192
French Line
401
382
389
382
398
406
126
125
126
125
125
125
Gales Lafayette
618
Kuhlmann
612
607
611
610
601
910
950
L'Air Liquids
970
980
890
910
Lyon(P. L. M.)
1.520 1,475 1,450
1,535 1,530
Nord Ry
1,980
1,980 1.940 1,820 1,900 1,920
Orleans Ry
1,340
1,340 1,345 1,325 1,308
132
Pathe Capital
130
136
127
129
1,840
1,800 1,820
Pechiney
1,830 1.860
Bente!3%
86.20 86.40 86.40 86.30
85.70 85.50
Rentes 5% 1920
134.40 134.40 135.40 135.40 135.70 135.70
Rental 4% 1917
101.60 101.70 102.10 102.20 102.40 102.50
Reines 6% 1915
101.80 102.00 102.10 102.20 102.40 102.40
Rentes 8% 1920
102.00 102.10 102.10 102.40 102.40 102.50
Royal Dutch
2,860
2,900 2,890
2,960
2,980 2,940
Saint Cubits. C.& C
3,260 3,285 3,260 3,205 3,200
Schneider & Cie
1,620 1,610 1,595 1,620
1,636
Societe Lyonnais
1,902 1,910 1,900 1,825 1,875
Societe Marseillalse
845
830
830
875
Tublse Artificial Silk, pref
149
155
158
176
165
Union d'Electricitte
850
840
890
870
860
850
Wagons-Lite
269
250
232
249
255
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stook Exchange as received by cable each day of the past
week have been as follows:
Jan. Jan. Jan. Jan. Jan.
13.
14. 15.
10.
12.
Per Cent of Pa
98
98
98
97
Aug.Deutsche Credit(Adca)(8)
120 119 119 117 117
Berlin ilendels Oes.(12)
107
110 109 108 107
Commers-und-Privat Bank (11)
138 137
143 142 141
Darmstadter u. Nationalbank (12)
107
108 107
110 109
Deutsche Bank U. Dlsconto Gee.(10)
108 107 107
110 109
Dresdner Bank (10)
225 223
237 235 231
Reichsbank (12)
46
45
48
50
52
Algermeine Kunstsilde Ernie(Aku)(18)
84
88
88
89
90
Allg. Elektr. Gee.(A.E.G.)(9)
67
63
63
Deutsche Ton- und Steinzeugwerke (11)------67
178 187 1823.5
165 171
Ford Motor Co.. Berlin (10)
72
72
75
77
79
Gelsenkirchen Bergwerk (8)
85
88
85
89
90
Oesfuerel (10)
54
53
56
57
59
Hamburg-American Linea(REM)
(7)
99
100 104 103 100
Hamburg Electric Co.(10)
40
40
41
41
42
Hayden Chemical (5)
68
72
Ig 93 68 90
74
Harpener Bergbau (6)
90
Hotelbetrieb (12)
114
116
121
124 122
I. G.Farben Indus.(Dye'I'rust)(14)
99
104 101
106
107
Kali Chemie (7)
59
54
64
68
66
Karstadt (12)
53
54
58
60
60
Mannesmann Tubes (7)
54
53
57
58
60
North German Lloyd (8)
49
51
53
Phoenix Bergbau (35)
13
133
134
135
Poiyphonwerke (20)
123 122
12 124
Rhein-Went. Eiektr. (R.W.E.) (10)
1::
70
70
72
75
Saehsenwerk Licht U. Kraft (7.33)
137 137
142 141
144
Siemens & Halske (14)
92
93
96
Leonhard Tiets(10)
100 • 99
52
53
55
Ter. Stalliwerke (United Steel Works) (6) 57
56
Jan.
16.
96
115
107
137
107
107
222
45
84
61
175
71
84
52
97
39
67
83
112
96
57
51
53
47
132
123
71
139
91
50
news
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday. Jan. 10 1931, follow:
Receipts al-
Rye.
Barley.
Oats.
Corn.
Wheat.
Flour.
.
bls.196155.bush.60 lbs.bush. 56 lbs.bush. 32 lbs.bush.481bs.bush.561bs
29,000
17,000
210,000
167,000
New York
24,000
12,000
Portland, Me_
4,000
1,000
28,000
Philadelphia_
32,000
11,000
14,000
31,000
Baltimore_
21,000
21,000
27,000
45,000
New Orleans *
60,
10,000
17,000
12,000
338,000
St.John, N.B
1,000
4,000
23,000
Boston
Total wk. '28
Since Jan.1'31
370,000
709,000
59,000
114,000
633,000
1,276,000
17,000
34,000
79,000
152,000
1,000
18,000
52,000
2,000
2,000
116,000
Week 1930._
417,1 I 1
822,000
21,001
123,000
316.000
8,000
Since Jan.1'3 s
856,000 1,661.000
* 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. 10 1931, are shown in the annexed
statement:
ExportsfromNew York
Portland, Me
Boston
Philadelphia
Baltimore
New Orleans
Galveston
St.John, N.B
Houston
Halifax
Wheat.
____
Corn.
Oats.
Flour.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels
228,676
56,400
995,000
12,000
24,000
8,000
39,000
1,000
40,000
16,000
14,000
1,000
12,000
23,000
176,000
12,000
10,000
17,000
338.000
4,000
4,000
Total week 1931._ 1,642,000
Same week 1930
1.806.000
1,000
5.000
304,676
180.236
10,000
12.000
56,400
17,000
40.000
The destination of these exports for the week and since
July. 1 1931 is as below:
Flour.
Exports for Week
Since
Week
and Since
Jan. 10 July 1
July 1 to1930.
1931.
Wheat.
Week
Jan. 10
1931.
Since
July 1
1930.
Corn.
Week
Jan. 10
1931.
Since
July 1
1930.
United Kingdom_
Continent
So.AL Cent.Amer_
West Indies
Brit. No.Am.Col.
Other countries_
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
161,000 32,352,000
58,425 2,387,868
86,000
69,651 2,984,514 1,353,000 83,132,000
798,540
14,000 1,383,000
86.100
2,000
899,150
83,300
25,000
53.000
1,000
37,000
13,400
2,000
2,000
298,280
5,200
89,000 2,169,000
Total 1931
Total 1930
304.676 7,179,752 1,642,000 119,091,000
180.235 4.896.928 1,808,000 84.209,000
1,000
5,000
125,000
252,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 10 1931, were as follows:
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, Mo
Peoria
Indianapolis
Omaha
GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush,
bush,
bush,
1.415,000
124,000
25,000
3,000
453,000
78,000
86,000
7,022,000
112,000
35,000
377,000
4,483,000
42,000
59,000
4,792,000
6,139,000
229,000
351,000
13,133,000
805,000 1,136,000
9,833,0013
698,000
3,847,000
12,000
164,000
441,000
1,421,000
414,000
38,000
63,000
18,266,000 2,818,000 5,117,000
2,006,000
1,767,000
2,143,000 1,765,000 3,991,000
258,000
25,131,000 1,467,000 3,198,000
362,000
31,985,000 1,464,000 4,917,000
1,059,000
521,000
437,000
6,387,000 1,359,000
336,000
24,757,000
75,000
803,003
3,999,000
71,000
1,843,000
6,000
95,000
280,000
6,855,000
879,000
78,000
12,000 1,411,000
868,000 1,138,000
985,000
262,000
12,692,000 2,528,000
Rye,
bush.
37,000
1,000
8,000
6,000
Barley,
bush.
12,000
6,000
88,000
127,000
220,000
408,000
1,147,000
3,000
5,000
4,000
891,000
56,000
31,000
3,080,000 1,362,000
792,000
2,259,000
636,000
237,000
4,071,000
656,000
4,894,000 5,042,000
1,000
25,000
96,000
34,000
383,000
138,000
15,000
11,000
15,000
16.000
77,000
139. 0
00
Total Jan. 10 1931____191,038,000 16,276,000 26,907,000 16,328,000 11,301,000
Total Jan. 3 1931-189,264,000 16,390000 28,226,000 15.568,000 11,384,000
Total Jan.11 1930____172,207.000 12,143:00 26,691,000 14.062,000 9.507.000
0
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
JAN. 17 1931.1
FINANCIAL CHRONICLE
In 1930. Barley, New York, 9,000 bushels; Buffalo, 140,000; Buffalo afloat,
1,129,000; Duluth, 51,000; total. 1.329,000 bushels, against 3,007,000 bushels in
1930. Wheat, New York, 1,444,000 bushels; Boston, 636.000; Philadelphia,
197,000; Baltimore, 320,000; Buffalo, 5,343,000; Buffalo afloat, 15,926,000; Duluth,
34,000; Toledo afloat, 582,000; total, 24,482,000 bushels, against 35,112,000 bushels
in 1930.
Barley,
Wheat,
Corn,
Oats,
Rye,
bush.
bush,
bush,
bush,
bush.
Canadian
Montreal
4,549,000
963,000 1,397,000 1,806,000
Ft. William & Pt. Arthur_38,557,000
3,328,000 7,415,000 13,777,000
" afloat
642,000
252,000
Other Canadian
2,654,000 1,372,000 7,036,000
19.724,000
Total Jan. 10 1931
Total Jan. 3 1931
Total Jan. 11 1930
Summary
American
Canadian
Public Debt of the United States
-Completed Returns
Showing Net Debt as of October 31 1930.
• The statement of the public debt and Treasury cash holdings of the United States, as officially issued Cct. 31 1930,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1929:
6,945,000 10,436,000 23,261,000
7,143,000 10,582,000 23.451,000
9,382,000 6,155,000 16,811,000
62,830,000
62,598.000
75,326,000
191,038,000 16,276,000 26,907,000 15,328,000 11,301,000
6,945,000 10,436,000 23,261,000
62,830.000
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Oct. 31 1930. Oct. 31 1929.
Balance end of month by daily statement, &c
Add or Deduct-Excess of deficiency of receipts over
or under disbursements on belated items
Total Jan. 10 1931_ __ _253,868,000 16,276,000 33,852,000 25,764,000 34,562,000
Total Jan. 3 1931____251,862,000 16,390,000 35,369,000 26,150,000 34,835,000
Total Jan. 11 1930_ _247,533.000 12,143,000 36,073,000 20,217,000 26,318,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Jan. 9, and since July 1 1920 and 1929,
are shown in the following:
Wheat.
Exports
-
Week
Jan.9
1931.
Since
July 1
1930.
Corn.
Since
July 1
1929.
Since
July 1
1929.
Since
July 1
1930.
Week
Jan. 9
1931.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
999,000 2.251,000
North Amer_ 5,441,000217,747,000 177,956,000
20,000
Black Sea__ _
720,000 82,078,000 16,211.000
766,000 24,189,000 11,263,000
Argentina_ __
970,000 25,392,000 103,499,000 4,329,000 129,367,000 115,473,000
Australia, - 3,712,000 40,912,000 27,629,000
320,000
India
8,000 8,920,000
0th. countr's
153,000 33,197,000 21,703,000
584,000 27,360,000 23,284,000
Total
11,435,000402,389.000348,899,000 5,268,000187.852,000150,690,000
Bank Notes
-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
In national bank notes and in bonds and legal tenders on
deposit therefor:
National Bank Circulation,
Afloat on
Amount Bonds
on Deposit to
Secure Ci7Ctlith
lion for National
Bank Notes.
$
Dec. 31 1930
668,550,850
Nov. 30 1930
669,222.350
Oct. 31 1930
669,128.450
Sept.30 1930
667.819.250
Aug. 30 1930
667,320,950
July 31 1930
666,406,250
June 30 1930
*666,824.750
May 31 1930
667,156,250
Apr1130 1930
667,650,750
Mar. 31 1930
667.251,240
Feb. 28 1930
667,108,740
Jan. 81 1930
667,464.790
Dec. 31 1929
667,774.650
Nov.30 1929
667.635,650
Oct. 31 1929
666.736,100
Sept. 80 1929
667.093,770
Aug. 81 1929
666,864,280
July 31 1929
666,407,040
June 30 1929
666.199.140
May 31 1929
666.233,140
Apr. 30 1929
666.221.390
Mar.31 1929.,,,... 566,630,890
Feb. 28 1929
666,432,090
Dec. 31 1928
667.013.340
Nov. 30 1928
667,508,440
Oct. 81 1928
667.168,440
Sent.29 1928
667,318,040
Aug. 31 1928
666.732.700
July 31 1928
686,641.200
June 30 1928
665.658.650
May 81 1928
667,491,900
Apr, 30 1928
666,196.460
Mar. 31 1928
666,866,710
Feb. 29 I 28
667,011,210
Jan. 31 1948
666.230.710
Dec. 31 1927
667,127,710
Nov 30 1927
666.830.210
Legal
Tenders.
Bonds.
$
6137,078,250
668.033,075
668.017,935
666.863.667
664.838.833
663,528,038
665.607.070
865,719.485
665.974.780
665,107.343
664,928,197
664.468,092
663,823,167
664,115.977
661.822447
652,823,980
649,297,990
657,764,443
662,773,570
663,328,203
663.364,517
661,924,472
659,651.580
662,904.627
663,931.957
662.705.675
660,463,912
660.518,182
658,463.423
658.732,988
661.522,450
661.127.600
662.412,992
661.481.322
659,332,017
662,380,082
663.340.675
Total.
$
$
698,436,695
31,358,445
669.1944,880
31,911.805
700.155.900
32,137,965
699,268.336
33,414,773
697,823,105
32.984,335
696.553.428
33,025.390
698.317.468
32,710.398
697.652.676
31.933,193
697.200.021
31,225,248
698.174.088
31,066,745
696.597,741
31,669,548
696,583.391
82.115.298
697.941,244
34,118.073
701.581,101
37,485,128
700.328,811
38.506,768
691.388.661
38,564,685
687.950,561
38,662,573
697,471.991
39,707,550
704.294,441
31,520.872
702,979.939
39.651.731
702,085.281
38,720,772
698,675.09S
36.750.627
694.883.331
35.231,759
698.782,121
85.877.502
700.180.751
36.248,802
,
37,446.779
700,152.45
37,688,747
698.152.651
38,299.802
698.817.98
,
38.926.224
697,389.64'
40.887.664
699,620.65;
39.757.992
701,280.441
38.814.509
699,942,161
86,802.227
699,215,21,
38,250.372
699,731,69
38.407,517
697,739.53
38.623.507
701,003.58
89.060.424
702.401 09
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Dec. 31 1930:
U. S. Bonds Held Dec. 31 1930 to Secure
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
$
2s, U. S. Consols 06 1930
2s. U. S. Panama of 1930
25. U. S. Panama of 1938
Totals
Total
Held.
$
594,297,250
48.458.860
25,794,740
594,297,250
48,458,860
25,794,740
668,550,850
668,550,850
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Dec. 1 1930
and Jan. 2 1931 and their increase or decrease during the
month of December:
-Total Afloat
National Bank Notes
Amount afloat Dec. 1 1930
December
Net decrease during
Amount of bank notes afloat Jan. 2
Legal Tender Notes
Amount on deposit to redeem National bank notes Dec. 1
Net amount of bank notes redeemed in December
$699,944,880
1,508,185
3698,436,695
31,911.805
553.360
Amount on deposit to redeem National bank notes Jan. 2 1931- $31,358,446
198,265,226
39,023,259
77,744.679
5,030,175
1,862,785
41,791,631
71,694.150
5.520.170
2,744,629
123,660,898
Total
204,512,841
-6,247,615
196,767.235
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
203,056,867
-6,289,632
121,750,580
Balance, deficit(-) or surplus(+)
+73,106.337 +76,514,646
'
INTEREST
-BEARING DEBT OUTSTANDING.
Interest Oct. 31 1930. Oct. 31 1929.
Title of LoanPayable.
$
$
Is Consols 01 1930
Q.
-J. 599,724,050
599,724,050
Is of 1916-1936
Q.
-F.
48,954,180
48,954,180
Is of 1918-1938
Q.
-F.
25,947,400
25.947,400
38 06 1961
Q.
-M.
49,800,000
49.800.000
In conversion bonds of 1946-1947
28,894,500
Q -I
28,894,500
Certificates of Indebtedness
J -J. 1,246,925,000 1,658,283,000
33'is First Liberty Loan. 1932-1947
J.
-J. 1,392,250,350 1,397,683,700
43 First Liberty Loan converted, 1932-1947.-1.-D.
5,005,450
5,004,950
41(s First Liberty Loan,converted, 1932-1947 J.-D. 532,798,300
532.810,000
4Ks First Liberty Loan, 2d cony., 1932-1947 J.-D.
3,492.150
3,492,150
&Ids Foarth Liberty Loan of 1933-1938
A -O. 6,268,241,150 6,268.269,050
4)4s Treasury bonds of 194 7 1952758,984,300
758,984,300
4s Treasury bonds of 1944-1954
1,036,834,500 1,036.834,500
314s Treasury bonds of 1946-1956
489,087.100
489,087,100
3345 Treasury bonds of 1943-1947
493.037,750
493.037.750
334s Treasury bonds of 1940-1943
359,042,950
359,042,950
2s Postal Savings bonds
20,491,620
18,053,360
St to 5345 Treasury bonds
-is
2,344,827,500 2,649,310,550
Treasury bills, series maturing Nov. 17 1930
c120.000,000
Treasury bills, series maturing Dec. 16 1930
081,262,000
Treasury bills, series maturing Dec. 17 1930
c51,263,000
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
15,926,862,750 16,423,213,990
231,233,851
238,276,667
21.940,360
36,362,775
Total debt
a16,180,036.961 16,697,853.432
Deduct Treasury surplus or add Treasury deficit-- +73,106,337
+76.514,646
$3,077,872 Federal Reserve bank notes outstanding Jan. 2 1931 secured by
lawful money, against 33.502,881 on Jan. 2 1930.
* The total bonds reported held for circulation by the U.S.Treasury were $605,000
lees, due to not having received this amount until July 1 1930.
Bonds on Deposit
Jan. 2 1931.
447
Net debt
b16,106,930,624 16,621,338,786
a Total gross debt Oct. 31 1930 on the basis of daily Treasury statements was
$16,179,837,396.57 and the net amount of public debt redemption and receipts In
transit, &a., was $199,564.50.
b No reduction Is made on account of obligations of foreign governments or other
investments.
c Maturity value.
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED
WITH TITLE REQUESTED.
Jan.
Jan.
Jan.
10-First National Bank in Campbell, Mo.
Correspondent, N. N.Rice,
Cap
25,000
VOLUNTARY LIQUIDATIONS.
Jan.
l.
Campbell, Mo.
APPLICATION TO ORGANIZE APPROVED.
9
-Citizens National Bank of Cheboygan,Mich
$50.000
Correspondent, Wm.Childs,405M N.Main St., Cheboygan, Mich.
CHARTER ISSUED.
9
-Citizens National Bank in Saint Jo, Tex
President, M. M.Gilbert. Cashier. Geo. D. Pedigo.
5-The First National BankLiq.
of Napoleon, Ohio
Effective Dec. 15 1930.
Committee: G.E.Rafferty.
A. Daman and Theo. Daman, care of the liquidating
bank. Absorbed by the Napoleon State Bank,
Napoleon, Ohio.
Jan. 6
-The City National Bank of Bowie, Texas
Effective Nov. 12 1930. Liq. Agent, II. S. Walker,
Bowie, Tex. Absorbed by the First National Bank of
Bowie, Tex., No. 4265.
Ian. 6
-The Moore National Bank. Moore,Tex
Effective Dec. 23 1930. Liq. Agent, the Pearsall Nat.
Bank, Pearsall, Tex. Absorbed by the Pearsall Nat.
Bank, Pearsall, Tex., No. 6989.
Jan. 9
-The Neffs National Bank, Naffs, Ohio
Effective Jan. 5 1931. Liq. Agents: Eugene McFarland
and J. E. Green, care of the liquidating bank. Absorbed
by the First National Bank of Bellaire, Ohio, No. 1944.
50.000
50,000
25.000
25,000
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo, on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ per Sh.
Shares. Stocks.
5,000 McCiaren Rubber Co.. Pref.:
lot
17,991
100 N. Y. & Shawnee Coal Co.;
commonS20.;
510,000 N. Y. & Shawnee Coal
Co. 1st mtge. 6s, ctf. of dep. Issued by Metropolitan Trust Co.
of N. Y., upon which sum of $350
has been paid on each bond; 100
Harney Peak Tin Mining. Milling
& Mfg.: 100 South Pittsburgh
City Co. of Tennessee
$
.
6 National Guarantee Credit Corp 11 lot
(Del.), pref., par 515; 8 corn. A,
$15 lot
no par 1 corn. B, no par
$ per Sh.
Shares. Stocks.
2,500 General Mining, Mining &
$100 lot
Power Co
Sundry installment paper aggregat.
approx. $17,699.69 acquired by
Commercial Investment Trust,
Inc., from Benefield Motley &
$2,500 lot
Co
200 McCoy's Laboratories, Inc.
$230 lot
(Del.), common, no par
$13,000 Promissory note of Stand.
Dredg. Co. (Fla. corp.), dated
Aug. Aug.8 1929, due one month 1 $233:lot
after date
By A. J. Wright & Co., Buffalo:
.%
Stocks.nor mines, par hp 571,
o
$ per Sh. Shares. ry
Shares. Stocks.
300
284 Clawson dr Wilson Co., 7%
1K
Per Cent.
cumulative preferred
185 Clawson & Wilson Co.,com_33.75 lot $3,000 Keystone Wood Chemical &
amtaaychaler Corw ,h16 sahye.19 300momes,
Luml eld9, 1a p t 5
t
3 ,nat a go1d n t
.
c co uopn.
50 Clawson & Wilson Co.,common_31 lot
2 Allied International Investing
55101
Corp., no par
stock, no par
540 lot
448
FINANCIAL CHRONICLE
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
5 Merchants Nat'l Bank
513 ex div.
15 Federal Nat'l Bank, par $20_ __- 95
16 Federal Nat'l Bank, par $20_ --- 95
10 Nat'l Rockland Bank, par 520.... 80
36 Federal Nat'l Bank, par $20__ _. 95
5 Exchange Trust Co
195
5 Associated Textile Cos
35
5 Associated Textile Cos
35
10 Naumkeag Steam Cotton Co..- 804
10 Associated Textile Cos
364
10 Tolman Print, Inc., pref
75
8 Draper Corp
48
43 National Service Cos., pref
27-34
6_ Boston Woven Hose & Rubber
II* Co., pref
99
20 Boston Woven Hose Sc Rubber
Co., common
61
$ per Sh.
Shares. Stocks.
19
40 Missiquol Corp., pref
6 Seattle Real Estate Trust
2645
100 flat
6 Dennison Mfg. Co., pref
5 New Bedford Gas & Edison Light
85
Co., undep., par $25
890 McLeod Pulp Sz Paper, Ltd.,
$200 lot
pref.: 1,719 common
180 Caribbean Sugar Co., pref.;
$100 lot
785 60-100 common
6 Boston Casualty Co., par $25___ 15
.5-5t
25 Baush Machine Tool Co., prof.
60 Mass. Bonding & Insurance Co..
79 ex-div.
par $25
Name of Company.
[VOL. 132.
Per
When
Cent. Payable.
Public Utilities (Concluded).
United Lt.Sc Rys.,7% pref.(monthly).* 581-30 Feb.
6.36% preferred (monthly)
"53c. Feb.
6% preferred (monthly)
*50% Feb.
Utilities Public Service,$7 prof.(guar.). "$1.75 Jan.
Banks.
Commercial Nat.Bk.& Tr.(No.1)(go.) 2
Fire Insurance.
Niagara Fire (guar.)
"$1
Books Closed.
Days Inclusive.
2 *Holders of rec. Jan. 15
2 *Holders of rec. Jan. 15
2 *Holders of rec. Jan. 15
1 *Holders of rec. Dec. 20
Jan. 15 Holders of rec. Jan. 13
Jan. 3'Holders of rec. Dec. 23
Miscellaneous.
Aero Corporation, panic. pref.(guar.).- "8740 Jan. 2 *Holders of rec. Dec. 15
Per Cent All American Industries, pref.-Dividen d omit ted.
Bonds.
Allied Amer. Industries, $6 pref.-Divid end o misted.
$2,000 Bowdoin Square Garage 68,
89 & int. Altorfer Bros. Co. common (guar.).- "350. Jan. 30 *Holders of rec. Jan. 15
July 1940
Convertible preferred
(guar.)
*75e. Jan. 30 *Holders of rec. Jan. 15
By Wise, Hobbs & Arnold, Boston:
American Chain (guar.)
75e. Jan. 20 Holders of rec. Jan. 126
Amer. Elec. Securities, corn.(guar.).--10c. Jan. 15 Holders of rec. Jan. 8
Shares. Stocks.
$ per Sh.
$ per Sh. Shares. Stocks.
-monthly)
Preferred (hi
25e. Feb. 1 Holders of rec. Jan. 20
10 First National Bank, par $20... 784 25 Stetson Shoe Co. common
185
Amer. European Securities, pref.(qu.)-- $1.50 Feb. 13 Holders of rec. Jan. 31
25 Nat'l Shawmut Dank, par $25_- 58
20
Peoples Trust
4 units First
American Investors, $3 pref.
10 Federal Nat'l Bank, par $20-- 95
8 Dennison Mfg. Co.7% pref.__ _100 flat American Smelting Sc Refg.,(guar.).- "75c. Feb. 15 *Holders of rec. Jan. 31
com.(qu.). $1 Feb. 2 Holders of rec. Jan. 160
Associated Textile Cos. as follows:
314
20 Old Colony Trust Associates
Preferred (guar.)
134 Mar. 2 Holders of rec. Jan. 30a
Sat 35; 5 at 35; 5 at 35; 10 at 35:
com._ 154
15 U.S. Capital Corp., el. A
6% second preferred (guar.)
14 Mar, 2 Holders of rec. Jan. 30a
5 at 35; 5 at 3645.
20
12 units First Peoples Trust
American Sugar Relining, corn.(quar.)- 14 Apr. 2 Holders of rec. Mar. 5
20 Harmony Mills, wet
154
22
5 Collateral Loan Co
Prefened (guar.)
14 Apr. 2 Holders of rec. Mar. 5
5 Flsmond Mills, pref
98
10 New England Pow. Co.6% pfd.111
Andrews Invest. Tr.,6% pref.(guar.).- *75e. Feb. 1 *Holders of rec. Jan. 25
25 Naumkeag Steam Cotton Co_ _80-84 3 units Commercial Finance Corp..
Anglo-Persian 011.
1,975 Lowell Electric Light Corp.,
10 ex-div.
Am. dep. nets, for 1st pref. roe
*ra4
Feb. 6 *Holders of rec. Jan. 5
I. undep., par $25
504 3 units Mutual Finance Corp_ _15 ex-div.
Am. dep. rets for 2d Prof. reg
"w44 Feb. 6'Holders of rec. Jan. 5
50 Shawmut Bank Invest. Trust... 84
Animal Trap Co.of Amer., pref.(guar.) '8731c Feb. 1 *Holders of rec. Jan. 20
6 units First Peoples Trust
20
"14 Mar. 1 *Holders of rec. Feb. 13
40 Maiss. Investors Trust
32 ex-div.
Per Cent. Artloom Corp.. preferred (guar.)
Bonds.
Atlantic Finance Sc Discount, pre/
"35e. Jan. 15 *Holders of rec. Doe. 31
4 U.S. Envelope Co., com
1854 $8,000 Southern New England Ice
Atlantic Macaroni(guar.)
'134 Jan. 15 *Holders of rec. Jan. 15
1 Boston Athenaeum, par $300_ _625
50-55
Co. 645, Feb. 1942
Atlantic City Sewerage(guar.)
*25e. Jan. 2'Holders of roe. Jan. 2
43 Mass. Bonding & Insurance Co.,
$2,000 National Service Cos. 6%
-Dividend °mitt ed.
par 325
79 ex-div.
894 Bankers Bond Sc Mtge.
Dec. 1932
Baumann (Ludwig) Sc Co., prof.
(MO
.134 Feb. 15 *Holders of rec. Feb. 1
12 New England Power Assn. 6%
51.000 Southern New England Ice
Beacon Mfg., corn, Sc pref.(guar.)
,1,131 Feb. 16 *Holders of rec. Jan. 31
preferred
55
834
Co. 64s, Feb. 1942
Beneficial Industrial. common (guar.)._ .374c Jan. 30 *Holders of re. Jan. 10
Preferred (guar.)
"8740 Jan. 30'Holders of rec. Jan. 10
By Barnes & Lofland, Philadelphia:
Benjamin Elec. Mfg., 1st pref.(guar.).- *2
Jan. 2'Holders of rec. Dec. 19
Shares. Stocks.
$ per Sh. Benson Sc Hedges, prof.(guar.)
$ per Sh. Shares. Stocks.
"500. Feb. 1 *Holders of rec. Jan. 21
20 Real Estate Land Title & Trust
145
2 Girard Trust Co., par $10
Bethlehem Foundry Sc Mach.. pref.-Di vidend omitte d.
.
Co., par $10
33
10 Real Estate Title & Trust Co.,
Blue Ribbon Corp., pref.(guar.)
8140. Feb. 2 Holders of rec. Jan. 156
100 Central
-Penn National Bank,
par $10
33
Bohack (H. C.) Co.,con).(guar.)
Feb. 2 Holders of rec. Jan. 160
$1
par $10
57
4 Phila. Bourse, corn., par $50
18
14 Feb. 2 Holders of rec. Jan. 15a
First preferred (guar.)
15 First Nat'l Bank of Philo,
400
5 Pennsylvania Aeade.of Fine Arts_ 15
Bohack Realty Corp., pref. (guar.)._ _ _ 14 Feb. 2 Holders of rec. Jan. 15a
25 Phila. National Bank, par $20_1014
Bower Roller Bearing (guar.)
*25e. Mar. 1 "Holders of rec. Feb. 16
1 Citizens National Bank, JenkinBonds.
Per Cent. Boyd-Welch Shoe,com.-Dividend aetio n defer red.
town, Pa
100
$1,000 Rittenhouse Square Corp.
Brown Company, pref. (guar.)
131 Feb. 1 Holders of rec. Jan. 15
20 Adelphla Bank & Tr. Co.,par $10 6)1
20
-year Inc. 65, Jan. 1 1946
6
4,250. Feb. 15 *Holders of rec. Feb. 1
B, ek Hills Falls Co., corn. (gear.)
3Tradesmen's Nat'l Bank Sc Tr.00.275
51,000 Strawbridge & Clothier Co.,
Budd (E. G.) Mfg., pref.-Dividend dote rred.
50 Franklin Trust Co., par $10....35
1st mtge. Is. 1948
96)1 Bunt, Bros., common (guar.)
'Si Feb. 1 *Holders of rec. Jan. 25
10 Liberty Title & Tr. Co., par $50_200
$1,000 Public Service Corp. of N.J.
Preferred (guar.)
*14 Feb. 1 *Holders of rec. Jan. 25
100 Central Tr.& Say. Co., par $10_ 16
1st mtge. 65, perpetual
116
*$1.
Apr. 1 *Holders of rec. May 14
Cambria Iron
16 Continental-Equitable Title &
$2,000 Electric & Peoples Traction
Canadian Converters (guar.)
*14 Feb. 16 *Holders of rec. Jan. 31
0. Trust Co., par 55
Co. 4% stock trust etre., 1945_1334 Canadian Dredge & Dock coin.(guar.)._
26
750. Feb. 2 *Holders of rec. Jan. 20
$1,000 Rockhill Coal & Iron 1st 6s,
10 Germantown Trust Co., par $10_ 53
Preferred (guar.)
134 Feb. 2 *Holders of rec. Jan. 20
1940
164 Canadian Investors
6 .Penna. Co. for Insur. on Lives &
.
.
*25e. Feb. 1 *Holders of roe. Jan. 15
(guar.)
11.10.. star SIO.
50 Catawissa RR. 2nd pre!
78
45 ki Carter (William) Co., pref. (guar.). _
E Granting Ann,
131 Mar. 15 Holders of rec. Mar. 10
Central Cold Storage (guar.)
"40c. Mar. 31 *Holders of rec. Mar. 25
Centrifugal Pipe (quar.)
15c. Feb. 16 Holders of rec. Feb. 5
DIVIDENDS.
Quarterly
15e. May 15 Holders of rec. May 5
Quarterly
15e. Aug. 15 Holders of rec. Aug. 5
Dividends are grouped in two separate tables. In the
Quarterly
150. Nov. 16 Holders of roe. Nov. 6
Chartered Investors, Inc.. corn.(No.1). •500. Feb. 15 *Holders of roe. Feb. 1
first we bring together all the dividends announced the Cheney-Bigelow Wire Works, pref
*8744c Jan. 2 *Holders of roe. Dec. 22
*30c. Apr. 1 *Holders of reo. Mar.21
current week. Then we follow with a second table, in Chicago Flexible Shaft(guar.)
Cincinnati Realty Co., pref.(guar.)._ *14 Jan. 2 *Holders of rec. Dee, 23
but City Stores Co., class A (guar.)
which we show the dividends previously announced,
874e. Feb. 2 Holders of rec. Jan. 20
Common-Dividend omitted
which have not yet been paid.
Cockshutt Plow (guar.)
15e. Feb. 1 Holders of rec. Jan. 20
Collins Co. (gear.)
*2
Jan. 15 *Holders of rec. Jan. 6
The dividends announced this week are:
Colonial Bond & Share, A.Sc B and pref. stocks -Divid ends omitted
Commercial Discount (Los Angeles)
8% preferred (quar.)
*20c. Jan. 10 *Holders of rec. Jan. 1
Books Closed.
Per
When
7% preferred (guar.)
"1740 Jan. 10 *Holders of rec. Jan. 1
Days Inclusive.
Name of Company.
Cent. Payaele.
Consol. Chem.Indus., panic. pref.(qu.) 374c Feb. 1 Holders of rec. Jan. 15
Consolidated Rendering, prof. (guar.).- *2
Feb. 1 *Holders of rec. Jan. 21
Railroads (Steam).
Construction Materials, pref.(guar.)
"8734e Feb. 1 *Holders of rec. Jan. 20
*31.38 Feb. 1 'Holders of rec. Jan. 23
Allegbany Corp.. pref. (guar.)
Jan. 31 Holders of rec. Jan. 21a Continental Can, com.(quar.)
5
6340. Feb. 16 Holders of rec. Jan. 31a
Cleve. Cin. Chic. & St. Louis, com
"40c. Feb. 1 *Holders of rec. Jan. 14
134 Jan. 81 Holders of rec. Jan. 21a Coon (W. B.) Co., corn.(quar.)
Preferred (guar.)
Common (payable in common stock)._ *11
Feb. 1 *Holders of rec. Jan. 14
'
Kansas City St Louis & Chic., Pt.(cu.).. 1 34 Feb. 1 *Holders of rec. Jan. 21
Preferred (quar.)
*14 Feb. 1 *Holders of rec. Jan. 14
' Feb. 1 *Holders of rec. Jan. 21
331
Louisiana & Missouri, preferred
•
1M Mar. 2 "Holders of rec. Feb. 16
Crandall, McKenzie & Henderson (qu.). *250. Feb. 1 *Holders of rec. Jan. 20
Maine Central, pref. (guar.)
Cumulative Trust Shares
Jan. 31 Holders of rec. Jan. 21
16.7e. Jan. 15
25
Michigan Central
Cuneo Press, Inc., com.(guar.)
' 25 Feb. 1 'Holders of rec. Jan. 15
$1
"624c Feb. 1 *Holders of rec. Jan. 15
Mine Hill & Schuylkill Haven
24 Feb. 2 Holders of rec. Jan. 24
"14 Mar. 15 *Holders of rec. Feb. 28
631% preferred (guar.)
Nashville Chattanooga & St. Louis
De Forest Crosby Radio (guar.)
Feb. 10 *Holders of rec. Jan. 23
*4
20e. Feb. 1 Holders of rec. Jan. 15
Peoria & Bureau Valley
De Long Hook Sc Eye .com
*1 ai Apr. 1 *Holders of rec. Mar. 25
Peterborough RR
*20e. Jan. 1
Dennison Manufacturing, pref. (guar.)
24 Apr. 10 *Holders of rec. Mar. 19
14 Feb. 1 Holders of rec. Jan. 20
United N. J. RR. dr Canal Cos.(quar.)_ *
*3
*Holders of ree. Jan. 17
Feb.
Debenture stock (guar.)
2
Feb. 1 Holders of rec. Jan. 20
Virginian Ky.. preferred
Dictaphone Corp.. prof. (quar.)
2
Mar. 2 Holders of rec. Feb. 13
DIsher Steel Construction, pref. A (gii.) 3734c Feb. 2 Holders of rec. Jan. 15
Public Utilities.
Distillers Co., Ltd.
Amer. Natural Gas Corp., pref. (quar.)_ $1.75 Feb. 1 Holders of rec. Jan. 20
of rec. Mar. 14a
Amer. dep. rcts. ord. ails., Is. 6d
Apr. 1 Holders
Amer.Pow.& Light, $5 pref. stlxl.(qu.)
Feb. 7 "Holders of rec. Jan. 12
Feb. 2 *Holders of rec. Jan. 15
Dolphin Paint Sc Varnish A (guar.)
Arkansas
-Missouri Power, pref. (quar.).
4,258. Feb. 1 *Holders of rec. Jan. 15
Feb. 1 'Holders of roe. Jan. 17
Dominion Scottish Invest., pref. (guar.) *62 4e Feb. 1 *Holders of rec. Jan. 20
Birmingham Gas, 1st pref. (quar.)
Eastern Theatres, Ltd., corn.(guar.)
Holders of rec. Jan. 31
Brazilian Tr. Light & Power. ord. (qu.) _ .I2
50% Mar. 2 Holders of rec. Jan. 31
"14 Feb. 2 *Holders of rec. Jan. 15
Electrical Appliance Fin., 7% pref.(qu.)'174C Jan. 15 'Holders of rec. Dec. 31
Calgary Power,8% pref. (guar.)
Elgin National Watch (guar.)
California Elec. Generating, pref. (qu.). '13.4 Jan. 2 *Holders of rec. Dec. 5
"374c Feb. 1 *Holders of rec. Jan 15
Empire Title Sc Guarantee(quar)
Central Power & Light, 7% Pref.(qu.)._ •14 Feb. 1 *Holders of rec. Jan. 15
1
Feb 2 Holders of re° Jan. 21
.1% Feb. 1 'Holders of rec. Jan. 15
Extra
c% preferred (guar.)
1
Feb. 2 Holders of rec. Jan. 21
Eppens, Smith Sc Co., corn
11K Apr. 15 'Holders of rec. Mar. 31
Central & S. W.Utilities. corn. (guar.) _ *
*2
Feb. 2 *Holders of rec. Jan. 26
"2
Extra
Feb. 1 *Holders of roe. Jan. 15
Central West Pub.Serv., pref. A (qu.)
*1
Feb. 2 *Holders of rec. Jan. 26
*1)1 Feb. 1 *Holders of reo. Jan. 15
Equitable Eastern Banking (guar.). _ _ _ *2
(guar.)
Preferred B
Dec, 29 *Holders of rec. Dee. 26
Extra
Community Power & Light. com.(qu.). 624e Feb. 2 Holuers of rec. Jan. 21
'13
Dec. 29 'Holders of rec. Dee. 26
Faber, Coe & Gregg common (quar.)
134
Cumberland Co. Pr.& Lt., pref.(au.) ' Feb. 1 'Holders of rec. Jan. 17
"31
Mar. 1 'Holders of rec. Feb. 20
(monthly)._ *50c. Feb. 2 *Holders of roe. Jan. 20
Preferred (guar.)
'1)1 Feb. 1 'Holders of rec. Jan. 20
Dayton Pow. & Lt.. pref.
Federal Electric, 7% pref.(quar.)
60c. Mar. 1 Holders of roe. Feb. 2
rs
"14 Feb. 1 *Holders of rec. Jan. 15
Federal Water Service, corn. A (quar.).. .
15i Jan 2 'Holders of rec. Dec. 15
Federal Grain, Ltd., 631% prof.(guar.) *14 Feb. 2 *Holders of rec. Jan. 15
.
Inland Power & Light. pref.(guar.)._
Federal Knitting Mills, Coln.(guar.).- *6240 Feb. 1 *Holders of rec. Jan. 16
Kentucky Utilities. junior pref. (guar.). *8745c Feb. 20 "Holders of rec. Feb. 2
Common (extra)
"1240 Feb. 1 'Holders of rec. Jan. 15
Lake Erie Power Sr Light pref.(quar.)_ *1% Jan. 1 "Holders of roe. Dec. 25
Common (guar.)
"52.50 Jan. 2 "Holders of rec. Dec. 31
"624c May 1 'Holders of rec. Apr. 15
Lenox Water
Common (extra)
"$1.75 Jan. 15 'Holders of rec. Dec. 31
12 4c. May 1 *Holders of rec. Apr. 15
Mexican Utilities. pref.(quar.)
Financial Institutions, Inc., corn
*1)1Feb 1 *Holders of rec. Jan. 15
.
' *25e. Feb. 1 *Holders of rec. Jan. 15
Michigan Gas & Elec., pref.(quar.)
'Common (payable In corn. stock)_ _
*
1K Feb. 1 'Holders of rec. Jan. 15
"12
Feb. 1 *Holders of rec. Jan. 15
Prior lien stock (guar.)
Preferred (guar.)
0
43340 Feb. 1 'Holders of rec. Jan. 15
41.50 Feb. 1 *Holders of roe. Jan. 15
Mid-West States Utilities (guar.)
First Finance Co. of Iowa, Cl. A (guar.) *37,4c Jan. 1 *Holders of rec. Dee. 22
Missouri Public Service, $7 pref. (guar.) "51.75 Jan. 1 'Holders of rec. Dec. 15
Class A (extra)
"$1.50 Jan. 15 'Holders of rec. Dec. 31
*25e. Jan. 1 *Holders of rec. Dec. 22
$6 preferred (guar.)
Preferred (guar.)
500 Jan. 15 Holders of rec. Dec. 31
*374c Jan. 1 *Holders of net. Dec. 22
Municipal Service Co., corn. (special)..
Floreshelm Shoe, corn A (guar.)
.
08c Feb. 2 *Holders of rec. Jan. 17
75c. Mar. 1 Holders of rec. Feb. 14
Mutual Telephone (Hawaii) (monthly).
Corn B (guar.)
*25c. Mar. 2 *Holders of rec. Feb. 14
3740 Mar. 1 Holders of rec. Feb. 14
National Power & Light common (qu.)
rs
Preferred (guar.)
•870.
$1.50 Apr. 1 Holders of rec. Mar. 16
National Tel. & Tel. class A (quar.).... *154 Feb. 1 'Holders of rec. Jan. 17
Fulton Industrial Securities (Atlanta)Feb. 1 *Holders of rec. Jan. 17
Preferred (guar.)
I
..134 Feb. 2 'Holders of roe. Jan. 17
; Common
*124c Feb. 2 *Holders of rec. Jan. 15
New England Wat.L.& Pr. Assn.pf.(qu)
$3.50 preferred (guar.)
24 Apr. 15 'Holders of rec. Mar. 31
"874e Feb. 2 *Holders of rec. Jan. 15
Northern N. Y.Telephone Corp.(qu.)._ *
Galveston Wharf (monthly)
of rec. Jan. 31
*50c. Jan. 15 *Holders of MC. Jan. 14
(
Pacific Gas & Elec.,6% Pref. guar.). "374e Feb. 16 "Holders of rec. Jan. 31
General Tire Sc Rubber, com.((Mar.)
"34K c Feb. 16 "Holders
"SI
Feb. 1 *Holders of rec. Jan. 20
54% preferred Mari
Globe Discount Sc Finance (guar.)
*750. Feb. 16 *Holders of rec. Jan. 31
*258. Jan. 15 'Holders of rec. Jan. 1
Pacific Lighting, com.(guar.)
Group No.1 011 Corp.,corn.(quar.)
*31.25 Feb. 16 'Holders of rec. Jan. 31
"3100 Dec. 31 *Holders of ree. Doe. 10
$5 preferred (guar.)
Common (extra)
*Holders of rec. Jan. 15
"$600 Dec. 31 *Holders of roe. Dee. 10
Pacific Northwest Pub.Sect'.. 1st pf.(qu) *$1.80 Feb. 2
Haiku pineapple, preferred (guar.)
"14 Feb. 2 "Holders of rec. Jan. 20
"434c Feb. 1 *Holders of rec. Jan. 15
Potomac Edison,7% pref.(quar.)
Hall(W.F.)Printing, common (guar.)._ *50c. Feb. 2 *Holders of rec. Jan. 20
•1
Feb. 2 *Holders of rec. Jan. 20
6% preferred (guar.)
Hamilton Bridge, common (guar.)
rec. Jan. 15
*50e. Feb. 1 *Holders of rec. Jan. 23
*22c. Feb. 2 *Holders of
Rockland Light & Power (guar.)
64% preferred (guar.)
144 Feb. 1 Holders of rec. Jan. 21
*1K Feb. 1 *Holders of rec. Jan. 23
Sierra Pacific Electric to., Pref.(quar.)
Hammermill Paper, common (guar.).- "25e. Feb. 15 *Holders of rec. Jan. 31
of rec. Jan. 31
Southern California Gas. prof. (quar.)_ .51.625 Feb. 28 *Holders of roe. Jan. 22
Harrisburg Bridge. corn.& pref.
"70e. Jan. 15•
Southwest Gas Utilities, pref.(quar.)._* 51.625 Feb. 2 *Holders
Hawanan Commercial & Sugar (mthly.) '
025e. Feb. 5 *Holden;of rec. Jan. 25
*13i Feb. 2 *Holders of rec. Jan. 17
Texas Power & Light 7% pref.(qu.)
Hawaiian Pineapple (guar.)
50% Feb. 28 Holders of rec. Feb. 140
"21.50 Feb. 2 *Holders of rec. Jan. 17
$6 preferred (guar.)
Homestake Mining (monthly)
60e. Jan. 26 Holders of roe. Jan.20
(quar.).. *15c. Mar. 1 *Holders of rec. Feb. 14
Tri-State Tel.& Tel.,6% pref.
2
▪134
a4
JAN. 17 1931.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusire.
Miscellaneous (Continued).
Horne (Joseph) Co., pref. (guar.)
*134 Feb. 1 *Holders of rec. Jan. 24
Houghton Elev. & Mach., pref. (guar.)_ *51.75 Jan. 1 *Holders of rec. Dec. 20
Humberstone Shoe (guar.)
50e. Feb. 1 Holders of rec. Jan. 15
Hunts Bros. Packing, class A (quar.)_ _ _ *50e. Feb. 2 *Holders of rec. Jan. 15
Hurst (J. E.) & Co., lot pref
'334 Feb. 2 "Holders of rec. Jan. 21
Hutchins Invest. Corp., pref. (guar.) _ *IX Jan. 15 *Holders of rec. Jan. 8
Industrial Credit Corp.of Am.
,com (qu.) 3234e. Feb. 15 'Holders of rec. Jan. 31
Insurance Invest. Corp., pref. (quar.)_.
"3c. Jan. 15 *Holders of rec. Dec. 31
Preferred (extra)
"Ie. Jan. 15 *Holders of rec. Dec. 31
Inter-Island Steam Navigation (mthly.)
*10c. Jan. 31 *Holders of rec. Jan. 24
International Harvester, pref.(guar.) _ _ '151 Mar. 2 *Holders of rec. Feb. 5
International Mercantile Marine
Feb. 16 Holders of rec. Jan. 26
31
Internat. Projector, $7 pref. (guar.)._
*31.75 Jan. I *Holders of rec. Dec. 20
Julian & Kokenge (guar.)
*25e. Feb. 1 *Holders of rec. Jan. 15
Klein (D. Emil) Co., corn.(guar.)
*25c. Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
"11.4 Feb. 1 *Holders of rec. Jan. 20
Knickerbocker Equit. Sec., pref. (guar.) '151 Jan. 30 *Holders of rec. Jan. 20
Kroger Grocery & Baking, 2d pf. (qu.) '151 Feb. 1 *Holders of rec. Jan. 20
Lanston :genotype Machine (quar.)_ _
151 Feb. 28 Holders of rec. Feb. 18a
Extra
25e. Feb. 28 Holders of rec. Feb. 18a
Lawbeck Corp., preferred (guar.)
*14 Feb. 2 *Holders of rec. Jan. 21
Lazarus (F.& R.) dr CO, Prof. (cmar.)_ _
151 Jan. 31 'Holders of rec. Jan. 20
Leffel (J.) & Co., pref. (guar.)
*2
Jan. 1
Lincoln Printing, corn.(guar.)
.50e. Feb. 2 *Holders of rec. Jan. 22
Preferred (guar.)
'8734c Feb. 2 *Holders of rec. Jan. 22
Loew's Boston Theatres (guar.)
150. Feb. 2 Holders of rec. Jan. 24
Loose-Wiles Biscuit, common (quar.)__ _
65e. Feb. 1 Holders of rec. Jan. 22a
Common (extra)
10e. Feb. 1 Holders of tee. Jan. 22a
Los Angeles Investment (guar.)
*20c. Feb. 15 "Holders of rec. Jan. 15
Luce Furniture, pref.-Dividend omitted
Lynch Corp. (guar.)
*500. Feb. 16 'Holders of rec. Feb. 5
Stock dividend
*el
Feb. 16 *Holders of rec. Feb. 5
Magnin (I.) & Co.,6% pref.(quar.)_ _ _ _ '134 Feb. 15 'Holders of rec. Feb. 5
"134 May 15 *Holders of rec. May 5
6% preferred (guar.)
6% Preferred (quar.)
*134 Aug. 15 *Holders of rec. Aug. 5
"133 Nov. 15 *Holders of rec. Nov. 5
6% preferred (guar.)
Jan. 15 *Holders of roe. Jan. 3
Maltine Products CO, el. A (monthly) *SI
-Divide nd act! on defer red.
Maud Muller Candy, common.
25c. Mar. 2 Holders of rec. Feb. 2
McIntyre Porcupine Mines (quar.)
-Divide nd omit led.
McLaren Consol. Cone Corp., class A.
Jan. 1
McLeod Bldg., Ltd., pref.(guar.)
50c. Feb. 1 Holders of rec. Jan. 160
Melville Shoe Corp., common (quar.)-- 234 Mar, 2 Holders of rec. Jan. 9
Merrimack Mfg., preferred
Metropolitan Industries, $6 pref.(WO - - *31.50 Feb. 2 *Holders of rec. Jan. 20
*75c. Feb. 2'Holders of rec. Jan. 20
$6 pref, allot. cue., 50% paid (quar.)
Milburn (Alex.) Co.
-Dividend omitted
Minneapolls-lioneywell Regulator com_ •51.50 Feb. 14'Holders of rec. Feb. 3
.50e. Feb. 14 *Holders of rec. Feb. 3
Common (extra)
*75c. Feb. 1 'Holders of rec. Jan. 20
Modine Mfg. (guar.)
25e. Feb. 28 Holders of rec. Jan. 31
Mohawk Mining (guar.)
hloody's Investors Serv., partic. pf.(qu.) "75c. Feb. 15 *Holders of rec. Feb. 1
-Dividend omit ted.
Mortgage Corp. of It, I.
114 Mar, 2 Holders of rec. Feb. 18
Muskogee Company 6% pref.(guar.)-- .-D ividen d °mitt ed.
National Bond & Mortgage, lot pref
151 Feb. 2 Holders of tee. Jan. 15
Nat. Department Stores, 1s1 pref.(WI.)Jan. 1 *Holders of rec. Dec. 20
National Fruit Prod., pref. (guar.)
Mar. 14 *Holders of rec. Feb. 27
National Lead, Pref. A (guar.)
Jan. 22 Holders of rec. Jan. 2
2
National Licorice, common
Nat. Securities Corp.(Cal.) 1st pf. (qu.) •75e. Jan. 2 *Holders of rec. Dec. 15
1 yi Feb. 15 Holders of rec. Jan. 26
Nat. Securities Investment, pref.(qu.)
National Terminals,7% cony pref.(qu.) '4353c Feb. 1 *Holders of rec. Jan. 22
•25e. Feb. 1 'Holders of rec. Jan. 22
Participating preferred (guar.)
National Theatre Supply, pref.(guar.). _ '151 Jan. 1 *Holders of rec. Dec. 15
110. Feb. 1 Holders of rec. Jan. 15
Nation-Wide Securities series B crts.(qt1.)
Nettleton (A. E.) Co. Co., pref.(qu.)
'151 Feb. 1
Mar. 2 *Holders of rec. Feb. 16
Newberry (J. J.) Co., pref. (quar.)
"51.75 Jan. 1 "Holders of rec. Dec. 20
New England Box, A & B (guar.)
New England Equity Corp., corn.(cm.). *82.340 Feb. 2 "Holders of rec. Jan. 15
N, Y.& Honduras Rosario Mining (qu.)
25c. Jan. 31 Holders of rec. Jan. 20
25e. Jan. 31 Holders of rec. Jan. 20
Extra
20c. Feb. 1 Holders of rec. Jan. 20
Noma Electric Corp., common (quar.)_ _
North American 011 Consol.(monthly)
*10c. Feb. 1 *Holders of rec. Jan. 20
*50c. Feb. 1 *Holders of rec. Jan. 15
Northwest Engineering (guar.)
Noyes(C. F.) Co., Inc., corn.(quar.)_
•450. Feb. 1 *Holders of rec. Jan. 21
•1 34 Feb. 1 *Holders of rec. Jan. 21
6% preferred (guar.)
pf.(qu.) *51.75 Dec. 31 *Holders of rec. Dec. 15
Nunn, Bush dr Weldon Shoe, lot
• 31.875 Dec. 31 'Holders of rec. Dec. 15
Second preferred (guar.)
75e. Jan. 20 Holders of rec. Jan. 15
011 Shares, Inc., pref.(guar.)
•10c. Mar. 31 *Holders of roe. Mar. 16
011stocks, Ltd., class A & B (quar.)-Dec. 30
"1
Oneita Knitting Mills, corn.(guar.)
•11.4 Jan. 1
Preferred (guar.)
Orchard Farm Pie, pref. A (guar.)
'151 Jan. 15 *Holders of rec. Jan. 8
31 Feb. 2 Holders of rec. Jan, 20a
Outlet Co., common (guar.)
First preferred (guar.)
151 Feb. 2 Holders of rec. Jan. 20a
134 Feb. 2 Holders of rec. Jan. 20a
Second preferred (guar.)
*600. Feb. 1 *Holders of rec. Jan. 20
Pacific Clay Products (guar.)
Pacific Finance Corp.. pref. A (guar.) _ _ _ •20e. Feb. 2 *Holders of rec. Jan. 15
•16 Sic Feb. 2 *Holders of rec. Jan. 15
Preferred C (quar.)
*17 iic Feb. 2 *Holders of rec. Jan. 15
Preferred D (emu.)
Pacific Invest. Corp., 1st pf.(qu.)
'134 Jan. 1 *Ilolders of rec. Dec. 30
Second preferred-Dividend omitted.
Package Machinery, 1st pref.((mar)_ "51.75 Feb. 2'Holders of rec. Jan. 20
*15e. Mar. 12 *Holders of rec. Feb. 14•1
Packard Motor Car (guar.)
Peoples Ice (Pittsburgh) 8% pl.(qu.)___ •80c. Jan. 15 *Holders of rec. Dec. 31
"25c. Jan. 31 *Holders of rec. Jan. 26
Petroleum Corp.of Amer.(guar.)
Petroleum Rectifying, common (one sit.
Jan. 16 'Holders of roe. Jan. 13
Petrolite Corp. for each share)
*50e. Feb. 1 "Holders of rec. Jan. 15
Petrolite Corp., Ltd. (guar.)(No. 1)_
•I0c. Feb. 16 'Holders of rec. Jan. 31
Pierce Petroleum, common
'Sc. Apr. 1 *Holders of rec. Mar. 24
Pitney-Bowea Postage Meter (quar.)__ _
8 1-3c. Jan. I
Plant Realty, pref. (monthly)
Jan. 1 *Holders of rec. Dec. 31
"3
Plaza Penn. Bldg. de Loan (Bait.)
Porcelain Enamel & Mfg., corn.(quar.)_ •134 Jan. 2 *Holders of rec. Dec. 19
'151 Jan. 2 *Holders of rec. Dec. 19
First and second pref.(guar.)
Power & Industrial Securities, pref.(qu.) '3734c Jan. 15
Jan. 15 *Holders of rec. Jan. 12
Printing Machinery, corn. dr pf.(gu.) -- *2
'2
Corn,and pref. (extra)
Jan. 15'Holders of rec. Jan. 12
*Se. Feb. 1 *Holders of rec. Jan. 21
Process Corp. (guar.)
Procter & Gamble Co., common (guar.). *600. Feb. 14 'Holders of rec. Jan. 24
Producers Royalty, cool. & pref.-Divid end o milted.
Public Utilities Invest. pref.(quar.)_ _ _ _ *51.25 Feb. 1 *Holders of rec. Dec. 31
*$1.75 Feb. 10 "Holders of rec. Jan. 31
Public Utilities Corp.(guar.)
"8
hut. 2 *Holders of rec. Dec. 31
Puritan Ice, common (annual)
"4
Preferred
Jan. 2'Holders of rec. Dec. 31
Mar. 1 *Holders of rec. Feb. 13
Purity Bakeries Corp., common (guar.)._ 'Si
*50o. Feb. 1 *Holders of rec. Jan. 20
Raymond Concrete Pile, common
"75e. Feb. 1 'Holders of rec. Jan. 20
Preferred (guar.)
"111 Jan. 1 *Holders of rec. Dec. 20
Reliable Stores, 1st preferred (quar.)_
*30c. Jan. 15'Holders of rec. Jan. 10
Research Invest. Trust, Ltd.. prof
Rhode Island Ice, pref. A-Dividend Passed.
.51.50 Feb. 1 'Holders of rec. Jan. 15
Riverside Cement, let pref.(guar.)
"15e. Feb. 1 "Holders of rec. Jan. 15
Participating stock (quar.)
•90c. Feb. 1 *Holders of rec. Jan. 15
Rogers Paper Mfg., class A (quar.)_
Royal Dutch Co., New York shares_ _"5 1.3404 Jan. 31 "Holders of rec. Jan. 20
Ryerson (Jos. T.) & Son, Inc. (quar.)- - •50c. Feb. 2 *Holders of rec. Jan. 19
4
11
Jan. 15 *Holders of rec. Jan. 6
Sanford Mills
Savannah Sugar Refining, corn.(guar.). "51.50 Feb. 2 'Holders of rec. Jan. 15
191 Feb. 2 "Holders of rec. Jan. 15
•
Preferred (guar.)
Schletter & Zander, Inc., pref.-Dividen d omit ted.
•134 Feb. 16 *Holders of rec. Jan. 31
Seaboard Surety (guar.)
Seabrook Engineering, class A (quar.)-- *750. Jan. 10 *Holders of rec. Dec. 31
Securities Corp. General, corn.(quar.)__ •10e. Feb. 2 *Holders of rec. Jan. 22
•51.75 Feb. 2 *Holders of tee. Jan. 22
$7 preferred (quar.)
'51.50 Feb. 2 *Holders of rec. Jan. 22
$6 Preferred (guar.)
114 Feb. 2 Holders of rec. Jan. 15
Service Stations, Ltd.. Pref. (quar.)_ _
114 Feb. 2 Holders of rec. Jan. 15
series A (guar.)
Preferred,
•30c. Feb. 1 *Holders of rec. Jan. 20
Shareholders Invest. Corp.(guar.)
'$3.50 Jan. 5 *Holders of rec. Dec. 31
Shaw-Walker CO.. preferred
Silent Automatic Corp., pref.-Dividend passed.
50c. Feb. 2 Holders of rec. Jan. 20
Simpson's, Ltd., class A (guar.)
114 Feb. 2 Holders of roe. Jan. 20
Preferred (guar.)
449
FINANCIAL CHRONICLE
'151
'151
"114
•151
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Feb. 14 'Holders of rec. Jan. 31
*2
Sinclair Consol. Oil, pref. (oust.)
Skelly 011 Co., common -Dividend omit ted.
•6234c Feb. 2 *Holders of rec. Jan. 26
Skinner Organ (quar.)
40c. Feb. 16 Holders of rec. Jan. 30
Stein(A.)& Co.,corn.(guar.)
Sterling Securities Corp., 1st pfd.(guar.) *75c. Mar. 2 *Holders of rec. Feb. 13
.30e. Mar. 2 *Holders of rec. Feb. 13
Preference (guar.)
Storkline Furniture, cony. pref.(quar.)_ _ "25e. Feb. 1 'ilolders of rec. Jan. 24
"5634e Feb. 1 *Holders of rec. Jan. 20
Stouffer Corp., class A & B (guar.)
-Dividend omitted
Straus(S. W.)& Co.
Straus(s. W.)Investing Corp.(4110- -- - "75e. Feb. 1 'Holders of rec. Jan. 15
75e. Feb. 1 Holders of rec. Jan. 19
Sun Investing Co., Inc., 53 pref. (guar.)
Sun Realty common-Div. deferred.
c Jan. 1 *Ilolders of rec. Dec. 25
(guar.)
Preferred
Superior Portland Cement, Cl A (mthly.) *2734c Feb. 1 'Holders of rec. Jan. 23
-Dividend omitted.
Supermaid Corp.
'133 Jan. 31 *Holders of rec. Jan. 26
Texas Creosoting, pref.(guar.)
"114 Feb. 1 'Holders of rec. Jan. 15
Thermold Co., pref. (guar.)
314 Jan. 20 Holders of rec. Jan. 15
Tillman Electro Plating Works, pref.._ _ _
_ $1.50 Feb. I Holders of rec. Jan. 15
TN-Utilities Corp., $6 pref. (guar.)
"25e. Feb. 9 *Holders of rec. Jan. 30
Trunz Park Stores, Inc.(guar.)
Twelfth Street Store(Chic.),com. A (qu.) *50c. Feb. 2 *Holders of rec. Jan. 24
"50c. Feb. 10 *Holders of rec. Jan. 15
Union 011 Associates (guar.)
1
7250. Apr.Feb 10
United Dairyman Co-operat.(annual)
*Holders of rec. Mar. 25
U. S. Capital, class A (guar.)
75c, Mar. 16 Holders of rec. Feb. 16
U.S. Realty & Impt.(guar.)
*53 Jan. 1 *Holders of rec. Dec. 31
Virginia Bridge & Iron
'33 Jan. 1 *Holders of rec. Dec. 31
Extra
*15c. Feb. 1 *Holders of rec. Jan. 20
Western Air Express (guar.)
Jan. 20 *Holders of rec. Jan. 15
Western Conn. Title & Mtge.(guar.)--- *2
Western Grocer of Iowa, corn.(ouar.)_ _ "3714c Feb. 1 *Holders of rec. Jan. 21
Western Steel Products, 634% pref.(qu.) 134 Feb. 1 Holders of rec. Jan. 15
Apr. 1 Holders of rec. Mar. 14
White Rock Mineral Springs, Corn. (qu.) 31
60e. Apr, 1 Holders of rec. Mar. 14
Common (extra)
Apr. 1 Holders of rec. Mar. 14
First preferred (guar.)
Apr. 1 fielders of rec. Mar. 14
5
Second preferred (guar.)
234 Apr. 1 Holders of rec. Mar. 14
Second preferred (extra)
Wood, Alexander & James, pref. (guar.) 131 Feb. 1 Holders of rec. Jan. 21
Feb. 1 *Holders of rec. Jan. 20
Woods Bros. Corp., corn. (in stock) _ _ _ _ *110
Woolworth (F. W.) Co., coca. (guar.) - *600. Mar. 2'Holders of rec. Feb.1 0
.
151
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Ozmpany.
When
Per
Cent. Payable.
Books Cloyed
Days inclusive.
Railroads (Steem).
Alabama Great Southern. preferred
Feb. 13 Holders of rec. Jan. 9
$2
Preferred (extra)
$1.50 Feb. 13 Holders of rec. Jan. 9
2 34 Mar, 2 Holders of rec. Jan. 30)
Atch., Topeka Santa Fe. corn.(quar.)_
Preferred
214 Feb. 2 Holders of rec. Dee. 313
Mar. 2 Holders of roc. Jan, 170
Baltimore & Ohio,common (guar.)
Mar. 2 Holders of rec. Jan. 170
Preferred (guar.)
•30e. Jan. 31 *Holders of rec. Jan. 15
Boston Revere Beach & Lynn
1(i Feb. 2 Holders of rec. Dec. 26a
Canada Southern
Jan. 31 *Holders of rec. Jan. 21
*6
Cincinnati Northern
Feb. 1 Holders of rec. Jan. 1
Connecticut & Passumpsic River. pref _ _ 3
Feb. 2 Holders of rec. Jan. 150
3
Cuba RR.. preferred
Delaware Lackawanna A Western (qu.). $1.50 Jan. 20 Hoidens of rec. Jan. 3a
214 Feb. 2 Holders of ree. Dec. 29a
Great Northern, preferred
234 Feb. 16 Holders of roe'. Feb. 2)
Hudson A Manhattan 12R.. pref.
Kan.sas City Southern Ky..corn.(qu.).. 151 Feb. 2 Holders of rec. Dee. 31a
334 Feb. 10 Holders of rec. Jan. 15a
Louis,ille dr Na.sir villa
$12.50 Feb. 2 Holders of rec. Jan. 150
kialsoning Coal RR..corn.(guar.)
Feb. 1 Holders of rec. Jan. 1
3
Niassawippi Valley
*51.25 July 9 'Holders of rec. July 8
Mill Creek & Mine Hill Nay. &
Jan. 28
Feb. 2 Dec. 27 to
2
N. Y. Central RR.(emir.)
Feb. 19 Holders of rec. Jan. 3I0
Norfolk & Western, adj. pref.(quar.)--- 1
153 Feb. 2 Holders of rec. Dec. ha
Northern Pacific (guar.)
far. 1 *Holders of rec. Feb. 18
•1
Northern RR.of New Jersey (gear.)_
Pere Marquette. pref. dr mi. pref. (qu.) 153 Feb. 2 Holders of rec. Jan. 2a
loa
PIttsborzh Clod. Chicago & St. Louis,.. 254 Ian 2() Holders of roe.
.52.50 Feb. 2 *Holders of rec. Dec. 26
Plttsburgh de Lake Erie
Pittsburgh & West Va.. COM.(quar.)- -- lyi Jan. 31 Holders of rec. Jan. 151
Feb. 12 Holders of rec. Jan. 150
$1
Reading Co., corn. (guar.)
134 Feb. 2 Holders of rec. Jan. 2a
-San Francisco. 6% prof.(qu.)
St. Louis
May 12
lyi May I Apr. 12 to
6% Preferred (guar.)
13; Aug. 1 Holder, of rec. July la
6% preferred (guar.)
134 Nov. 2 Holders of rec. Oct. la
6% Preferred (guar.)
*51.50 Feb. 1 *Holders of rec. Jan. 15
Shamokin Valley dr Pottsville
2 Feb. 2 Holders of rec. Jan. 20
Southern Ry.common(guar.)
2 May 1 Holders of rec. Apr. la
Common (guar.)
1.65 Aug. 1 Holders of rec. July la
Common (guar.)
151
1
Public Utilities.
51.25 Feb. 2 Holders of rec. Jan. 15
Alabama Power, $5 pref.(guar.)
51.75 Apr. 1 Holders of rec. Mar. 14
$7 ()referred (Ouat.)
$1.50 Apr. 1 Holders of rec. Mar. 14
56 nreferred (guar.)
$1.25 May I Holders of rec. Apr. 15
$5 Preferred (guar.)
American Cities Power & Light
Feb. 1 Holders of rec. Jan. 5
Class A (1-32 sta. el. B stk. or 75c. cash)
Feb. 1 Holders of rec. Jan. 5
Claret 11 (23i% in class B stock)
Am.Commonwealths Pow., cl. AdeB(qu) (0 Jan. 26 Holders of rec. Dec. 31
$1.75 Feb. 2 Holders of rec. Jan. 15
First preferred series A (guar.)
31.62 Feb. 2 Holders of rec. Jan 15
$6.50 first pref.(guar.)
31.50 Feb. 2 Holders a rec. Jan. 15
$6 first preferred (quar.)
51.75 Feb. 2 Holders of rec. Jan. 15
Second preferred series A (guar.)
51.50 Feb. 2 Holders of rec. Jan. 10
Amer. Gas & Elec., pref. (quar.)
62 Si e Feb. 2 Holders of rec. Jan. 16a
Amer. Light dc Tract corn,(guar.)
3734c Feb. 2 HoIders of rec. Jan. 16a
Preferred (guar.)
31.50 Apr. 1 Holders of rec. Mar. I40
Amer. Power & Lieht,$6 pref. (quar.)_
Apr, 1 Holders of rec. Mar. 140
$1
55 preferred (guar.)
75e, Feb. 2 Holders of rec. Jan. 9a
Amer. Water Works & El., Corn. (011.)- _
Associated Gas & Elec. el. A (guar.)- -- ec50e. Feb. 2 Holders of ref. Dec. 30
Feb. 2 Holders of rec. Dec. 30
34 Pf.(qu.)(No.1)$1 or 1-70th sh.55 pf.
Bangor Hydro-Electric, corn. (quar.)___ *50c. Feb. 2 *Holders of rec. Jan. 15
"1.11 Feb. 2 *Fielders of rec. Dee. 30
Broad River Power, Prof. (guar.)
Bkyn.-1slanhattan Tran., ph ser. A (qu.) 51.50 Apr. 15 Holders of rec. Apr. la
Buff. Niagara & East Pw.*51.25 Feb. 2 *Holders of rec. Jan. 16
$5 first preferred (guar.)
15c, Jan. 28 Holders of rec. Dec. 31
Canada Northern Pow. Corp.,com.(qu.)
Light.
Canadian We3tern Natural Gas,
*25c. Mar. 2 *Holders of rec. Feb. 14
Heat & Power, preferred (extra)
*25c. June 1 *Holders of rec. May 15
Preferred (extra)
Central Hudson Gas & Elec.. corn.(gu.) _ *20e. Feb. 1 *Holders of rec. Dee. 31
Chicago Rap.Tr., pr. pref. A (rnonthlY)- •650. Feb. 2 *Holders of rec. Jan. 20
•65c. Var. 2 *Holders of rec. Feb. 17
Prior preferred A (monthly)
•60c. Feb. 2 *Holders of rec. Jan. 20
Prior preferred B (monthly)
*60c. Mar. 2'Holders of rec. Feb. 17
Prior preferred B (monthly)
(mthly.)_. 58 1-3e Feb. 16 Holders of rec. Jan. 31
Cities derv.Pow.& Lt.$7 pf.
50c. Feb. 16 Holders of rec. Jan. 31
58 preferred (monthly)
41 2-3c Feb. 16 Holders of rec. Jan. 31
35 Preferred (monthly)
•lyi Feb. 2 *Holders of rec. Jan. 20
City Water Co. Chattanooga, pref.(au.)
13.4 Mar. 1 Holders of rec. Feb. 16
Cleveland Elec.III., pref.(guar.)
500. Feb. 16 Holders of rec. Jan. 20a
Columbia Gas & Electric,common (qu.)_
134 Feb. 16 Holders of rec. Jan. 200
6% preferred A (quar.)
151 Feb. 16 Holders of rec. Jan .20o
5% preferred (guar.)
Consumers Power Co.,55 pref.(euar.)_. $1.25 Apr. 1 Holders of rec. Mar. 14
114 Apr. 1 Holders of rec. Mar. 14
6% Preferred (quar.)_.
1.65 At/r. 1 Holders of rec. Mar. 14
6.6% preferred (guar.)
133 Apr. 1 Holders of rec. Mar. 14
7% preferred (guar.)
50c. Feb. 2 Holders of tee. Jan. 15
6% preferred (monthly)
50e. Mar. 2 Holders of rec. Feb. 14
6% preferred (monthly)
Apr 1 Holders of rec. Mar. 14
6% preferred (monthly)
55e, Feb. 2 Holders of rec. Jan. 15
6.6% preferred (monthly)
55e. Mar. 2 Holders of rec. Feb. 14
6.6% preferred (monthly)
Abr. 1 Holders of rec. Mar. 14
--550.
6.6% preferred (monthly)
450
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Concluded).
Feb. 2 *Holders of rec. Jan. 15
Commonwealth-Edison Co.(quar.)
*2
Community Pow.& Light, 1st pref.(qu.) $1.50 Feb. 02 Holders of rec. Jan. 21
Community Water Service, corn
*s3
Feb. 2 *Holders of rec. Jan. 10
Consolidated Gas of N. Y.. corn.(qu.)..
$1
Mar. 16 Holders of rec. Feb. 6a
Preferred (guar.)
51.25 Fob. 2 Holders of rec. Dec. 27a
Easterp States Power, corn. (quar.)____
25e. Feb. 1 Holders of rec. Jan. 10
Preferred A (guar.)
51.75 Feb. 1 Holders of rec. Jan. 10
Preferred B (guar.)
51.50 Feb. 1 Holders of rec. Jan. 10
Edison Elec. ilium.(Boston)(guar.)... $3.40 Feb. 2 Holders of rec. Jan. 10
Electric Bond & Share Co.. $6 pl.(qu.). 51.50 Feb. 2 Holders of rec. Jan. 8
$5 preferred (guar.)
$1.25 Feb. 2 Holders of rec. Jan. 8
Elec. Power & Light Corp.. corn. (quar.)
25c. Feb. 2 Holders of rec. Jan. 10a
Allot. et:9. (full paid) (corn. stock)_
124e Feb. 2 Holders of rec. Jan. 100
Allot. ctfs. 701 paid
8%c. Feb. 2 Holders of rec. Jan. 100
/
4
Second preferred A (guar.)
51.75 Feb. 2 Holders of rec. Jan. 10a
Empire District El. Co., pref.(mthly.)50c. Feb. 1 Holders of rec. Jan. 15a
Empire Gas & Fuel Co., 8
Wahl: 682-3c Feb. 1 Holders of roe. Jan. 151
58 1-3e Feb. 1 Holders of reo. Jan. 15e
7% Preferred (monthly)
64% preferred( monthly)
541-Sc Feb. 1 Holders of reo. Jan 151
50c Feb. 1 Holders of roe. Jan 15a
6% preferred (monthly)
•66 2-3c bob, 2 *Holders of rec. Jan. 15
8% prof.(monthly)
•58 l-3e Feb. 2 *Holders of rec. Jan. 15
7% preferred (monthly)
64% preferred unonthlY)
54 1-6c Feb. 2 *Holders of rec. Jan. 15
*50c Feb. 2 *Holders of rec Jan. 15
8% preferred (monthly)
50c Feb. 2 Holders of roe. Jan. 150
Gas & Elec. Securities. corn.(monthly).Common (payable In com.stock)
I 3i Feb. 2 Holders of rec. Jan. 150
581-3c Feb. 2 Holders of ree. Jan. 15a
Preferred (monthly)
f50e. Feb. 2 Holders of roe. Jan. 150
Gas Securities Co.,corn.(In stock)
150e. Feb. 2 Holders of reo. Jan. 15a
Preferred (monthly)
Hartford Electric Light (guar.)
"6834 c Feb. 1 "Holders of rec. Jan. 15
15i Feb. 16 Holders of rec. Jan. 17
Havana Elec.& Utilities, let pref.(qii.)51.25 Feb. 16 Holders of rec. Jan. 17
Cumulative preference (quar.)
Hawaiian Elec.. Ltd., corn.(mthly.)._ _ _ •15c Jan. 20 *Holders of rec. Jan. 15
*20c. Jan. 20 *Holders of rec. Jan. 15
Common (extra)
lee Feb. 2 Holders of rec. Jan. 15
Idaho Power Co., 7% prof.(quar.)
134 Feb. 2 Holders of rec. Jan. 15
6% preferred (guar.)
'11.1 Feb. 2 *Holders of rec. Jan. 15
Illinois Nor. Utilities. Pref. (guar.)
Illinois Power & Light,$6 pref.(guar.).- $1.50 Feb. 2 Holders of rec. Jan. 10
$1.75 Feb. 2 Holders of rec. Jan. 160
International Utilities Corp..$7 Pt.
Jamestown Telep. Corp.. corn. & pref__ '2% Feb. 1 *Holders of rec. Jan. 15
75e. Feb. 1 Holders of rec. Jan. 23
Keystone Telep. of Phila.. pref.(guar.)_
*51.63 Feb. 2 *Holders of rec. Jan. 20
Lone Star Gas. 6)4% Pref.(guar.)
Hold.of rec. Feb.2 1931
Lone Star Gas Corp.,CUM.(In com.stk.) (Id
•15e Feb. 1 *Holders of rec. Jan. 16
Long Island Ltg.. coal. (guar.)
Feb. 16 Holders of rec. Jan. 15
Middle West Utilities, corn. (quar.).-- 12
Feb 416 Holders of ree. Jan. 15
Fret ($1.50 or 3-80ths sh, corn. stock)
Milwaukee Elec. Ry.& Lt.. Pf.(quar.). 14 Jan, 31 Holders of rec. Jan 200
.
Mohawk dv Hudson Power, let pref.(q1 1) $1.75 Feb. 2 Holders of reo. Jan. 15
'134 Feb. 2'Holders of rec. Jan. 13
Montana Power, preferred (guar.) 380 Jan. 31 Holders of roe. Deo. 31
Montreal Lt., Ht.& Pow.Cons.(quar.)Municipal Service Co., pref.(guar.)---- 14 Feb. 1 Holders of rec. Jan. 15
Mountain State Power, pref.(quar.)__.. 134 Jan, 20 Holders of roe. Dec. 31
45e. Feb. 1 Holders of rec. Jan. 150
National Elec. Power Co.. corn. A (qu.)
National Power & Light,$6 Pref.(Quar) $1.50 Feb. 2 Holden of reo. Jan. 17
National Public Service,common A (qu.) 40c. Mar. 15 Holders of rec. Feb. 27
Common 13 (quar.)
40c. Mar. 1 Holders of rec. Feb. 10
23.60 preferred (quar.)
874c Mar. 1 Holders of rec. Feb. 10
75e. Mar. 1 Holders of rec. Feb. 10
$3 preferred (guar.)
Nevada-Calif. Elec., pref.(guar.)
134 Feb. 2 Holders of rec. Dee. 30
North American Edison, pref.(quar.).__ $1.50 Mar. 2 Holders of roe. Feb. 160
North American Gas & Elec., el. A (qu.) Bo Feb. 1 Holders of rec. Jan. 15
Feb. 16 Holders of roe. Jan. 260
North Amer. Light & Pow.,corn.(qu.). f2
Northern New York Telephone (guar.)._ '214 Jan. 15 *Holders of rec. Dec. 31
lei Feb. 1 Holders of reo. Jan. 10
Northern N. Y. Utilities, Inc., pref. (gill
50o. Jan. 26 Holders of reo. Dec. 31
Northern Ontario Power. corn. (gliar.).
134 Jan. 26 Holders of roe. Dee. 31
Preferred (guar.)
Feb. 2 Holders of reo. Dee. 31
Northern States Pow.(Del.),corn. A(qu) 2
7% preferred (guar.)
134 Jan. 20 Holders of roe. Doe. 31
14 Jan. 20 Holders of reo. Doe. 31
6% preferred (guar.)
Ohio PH.serv 7°?, pref.(montilly)___ 581-30 Feb. 2 Holders of roe. Jan. 150
50e. Feb. 2 Holders of rec. Jan. 150
6% preferred (monthly)
41 2-30 Feb. 2 Holders of roe. Jan. 150
5% preferred (monthly)
Pacific Public Service, class A (guar.)
73235e Feb. 2 Holders of rec. Jan. 10
550, Feb. 2 Holders of rec. Jan. 20
Penna. Power Co., $6.130 pf.(mthly.).
$6.60 preferred (monthly)
55e. Mar, 2 Holders of rec. Feb. 20
$1.50 Mar. 2 Holders of rec. Feb. 20
$6 preferred (quar.)
2
Jan. 17 Holders of rec. Jan. 3a
Peoples Gas Light & Coke (quar.)
20e. Jan, 31 Holders of rec. Dec. 31
Philadelphia Company, corn. (guar.).
350. Jan. 31 Holders of rec. Dec. 31
Common (extra)
1
Jan. 31 Holders of me. Dec. 31a
Common old $50 par (guar.)
134 Jan, 31 Holders of me. Dee. 31a
Common old $50 per (extra)
Philadelphia 1. leetrIc CO., $5 prof. (aI.) $1.25 Feb. 2 Holders of ree. Jan. 10
$1
Jan. 31 Holders of roe. Jan. 15a
Phila. Rapid Transit, corn.(guar.)
14 Feb. 28 Holders of rec. Feb. 12a
Philadelphia Sub. W ater. Prof.(quar.)
50e, Feb. 20 Holders of rec. Jan. 31
Power Corp.of Canada. eon).(quar.).
58 1-3c Feb. 1 Holders of rec. Jan. 15a
Pub.Serv.of Col.7% pref.(mthly.)
50c. Feb. 1 Holders of rec. Jan. 15a
6% preferred (monthly)
41 2-3c Feb. 1 Holders of rec. Jan. 150
5% preferred (monthly)
Pub.Berv.(Corp. of N.J..6% Pf.(mthly) 500 Jan. 31 Holders of roe Jan. 20.
Public Service of Nor. Illinois
*2
Feb. 2 *Holders of rec. Jan. 15
Common ($100 par) (guar)
Feb. 2'Holders of rec. Jan. 15
,
.$2
Common (no par) (quar.)
.14 Feb. 2 *Holders of rec. Jan. 15
8% preferred (quar)
*151 Feb. 2 *Holders of rec. Jan. 15
7% preferred (quar.)
500 Feb. 2 Holders of rec. Jan. 15
Railway & Light Securities, corn.(guar.)
$1 Feb. 2 Holders of rec. Jan. 15
Common (extra)
14 Feb. 2 Holders of rec. Jan. 15
Preferred (guar.)
Feb. 2 Holders of rec. Jan. 156
Rhode island Pub. Sere., el A (quar,).. $1
500 Feb. 2 Holders of rec. Jan. 15o
Preferred (quar.)
500 Feb. 15 Holders of rec. Jan. 20
Southern Calif Edison. corn.(quar.)_..
Southern Canada Power Co.. corn. (On.) 250. Feb. 16 Holders of rec. Jan. 31
Standard Gas & Elec., corn.(gee:J-- 8735c Jan, 24 Holders of rec. Dec. 310
$1.75 Jan. 24 Holders of rec. Dec. 31a
57 preferred (guar.)
$1.50 Jan, 24 Holders of rec. Dec. 310
$6 preferred (guar.)
50c. Mar. 2 Holders of rec. Feb. 11
Stand.Pow.& Light, corn.& com.13(ou)
51.75 Feb. 2 Holders of rec. Jan. 16
Preferred (quar.)
"81.75 Feb. 1 'Holders of rec. Jan. 15
Standard Telephone, pref.(guar.)
*14c. Jan. 20 *Holders of rec. Dec. 31
(guar)
Telluride Power Co.
•134 Jan. 20 'Holders of rec. Dec. 31
Preferred (guar.)
58 1-3c Feb. 2 *Holders of rec. Jan. 15a
Toledo Edison 7% pref. (monthly)
50c. Feb. 2 *Holders of rec. Jan .15a
6% preferred (monthly)
41 2-3c Feb. 2 Holders of rec. Jan. 150
5% preferred (monthly)
United Lt.& Pow.,new corn. A & B(gu.) 25e. Feb. 2 Holders of rec. Jan. 160
$1.25 Feb. 2 Holders of reo. Jan. 15
,
Old common A dr B (guar.)
United Telco. Co.(Del.). 2d prof. OW - •$1.75 Feb. 1 Holders of rec. Jan. 20
Western Power, Lt. & Telep.. el. A (qu.) .50e. Feb. 1 *Holders of reo. Jan. 15
154 Feb. 16 Holders of rec. Jan. 207
West Penn Elec. Co.,7% pref.(guar.).14 Feb. 16 Holders of rec. Jan. 207
6% preferred (guar.)
West Penn Power Co., 7% pref.(qu.)_. 154 Feb. 2 Holders of rec. Jan. 50
134 Feb, 2 Holders of rec. Jan. 50
6% Preferred (guar.)
6234c Jan. 31 Holders of roe. Jan. 200
York Rys., pref.(guar.)
Trust Companies.
Corn Exchange Bank Trust Co.(1111.)--- 51
'20
Kings County (quar.)
Feb. 2 Holders of rec. Jan. 23a
Feb. 2 Holders of rec. Jan. 24
Miscellaneous.
loa
Abitibi Power & Paper. 6% 1/1 (qaar.. 134 Jan. 20 Holders of ree. Jan.
.
)
lei Jan. 31 Holders of roe. Jan. 15a
Abraham di Straus, Inc., pref. (quar,)_
•60c. Feb. 1 *Holders of ree. Jan. 15
Adams(J.D.) Mfg..common (guar.)--50e. Feb. 1 Holders of rec. Jan. 170
Adams-Millis Corp., corn.(guar.)
'154 Feb. 1 *Holders of rec. Jan. 17
First and second preferred (guar.)
10e. Feb. 2 Holders of rec. Jan. 100
Alaska Juneau Gold Min.(qu.)(No. 1)15e. Jan. 17 Hoidens of roe. Dec. 81a
Allegheny Steel(monthly)
150. Feb. 18 Holders of reo. Jan. 310
Monthly
75e. Jan. 23 Holders of rec. Jan. 10"
Alliance Realty, corn.(guar.)
Allied Chemical & Dye.corn.(guar.)
$1.50 Feb. 2 Holders of rec. Jan. 150
15
Allied Kid Co., preferred (quay)
134 Feb. I Holders of rec. Jan. 24a
Allis Chalmers Mfg.,common (guar.)--750. Feb. 16 Holders of rec. Jan.
Alpha Portland Cement, corn. (ouar.)-24 Holders of rec. Dee, 31'.
50e. Jan.
Amerada Corp.(guar.)
50e Jan. 30 Holders of rec. Jan. 156
Name of Company.
[Von. 132.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
American Aggregates, prof. mar.)
--- *$1.75 Feb. 2 *Holders of roe. Dec. 20
Amer. Brake Shoe & Fdy corn.(guar.) 600 Mar.31 Holders of rec. Mar.200
Preferred (guar.)
lee Mar.31 Holders of roe. Mar. 20a
American Can,corn.(guar.)
$1 Feb. 16 Holders of reo. Feb. 20
Amer. Chicle (quar.)
*50c Apr. 1 *Holders of rec. Mar. 12
Extra
•250 Apr. 1 *Holders of rec. Mar. 12
American Coal (guar.)
Feb. 2 Holders of rec. Jan. 120
*1
Amer. Founders Corp.. 1st pref. A (an.) 8734e Feb. 2 Holders of rec. Jan. 3
7% first preferred, series B (quar.)___ 8730 Feb. 2 Holders of rec. Jan. 3
750. Feb. 2 Holders of rec. Jan. 3
8% first preferred, aeries D (guar.)...
35e. Feb. 2 Holders of coo. Jan. 14a
Amer. Horne Products(monthly)
Amer. Ice Co., cam.(guar.)
750. Jan. 26 Holders of ree. Jan. 9a
$1.50 Jan. 26 Holders of reo. Jan. 9a
Preferred (guar.)
Amer. Machine & Foundry, corn.(guar.)
35c Feb. 2 Holders of rec. Jan. 22a
Amer. Manufacturing Co.. coal. (guar.) 1
Mar. 31 Holders of roe. Mar. 15
1
Common (guar.)
July 1 Holders of roe. June 15
Common (guar.)
1
Oct. 1 Holders of rec. Sept.15
Common (guar.)
Dec. 31 Holders of roc. Dec. 15
1
Preferred (guar.)
13e Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
134 July 1 Holders of rec. June 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
13.4 Dee. 31 Holders of me. Doe. 15
Amer. Shipb1111(11115. corn.(guar.)
$1.25 Feb. 1 Holders of reo. Jan. 15a
Preferred (guar.)
•134 Feb. 1 *Holders of rec. Jan. 15
Amer. Thermos Bottle, common (guar.) 530e Feb. 2 *Holders of reo. Jan. 20
Amer. Vitrified Products, pref. (guar.). ."114 Feb. 2 *Helders of rec. Jan. 20
Amsterdam Trading Co
24e,Jan, 19 Holders of rec. Jan. 15
Anaconda Copper Mining (guar.)
6234e. Feb. 16 Holders of rec. Jan. 100
Anaconda Wire & Cable (guar.)
25e. Feb. 9 Holders of rec. Jan. 100
Anchor Post & Fence,8% pref. (quar.)_ 2
Jan. dl Holders of rec. Jan.d15
7% preferred (guar.)
154 Jan. di Holders of rec. Jan.d15
Andes Copper Mining (guar.)
250. Feb. 9 Holders of rec. Jan. 10
0
Andre Citroen Corp.
Am.dep rots. B bear.she.,26 88-100 fr anes Jan. 21 *Holders of rec. Jan. 14
Archer-Daniels-Midland Co., corn.(qu.) 50c. Feb. 1 Holders of roe. Jan. 210
lee Feb. 1 Holders of rec. Jan, 21a
Preferred (guar.)
Associated Dry Goods, corn. (guar.)._
63e. Feb. 2 Holders of rec. Jan. 100
14 Mar. 2 Holders of rec. Feb. 7a
First preferred (guar.)
led Mar. 2 Holders of rec. Feb. 7a
Second preferred (guar.)
Associated Security Investors, pref.(qu.) *51.50 Feb. 1 *Holders of rec. Jan. 20
134 Feb. 2 Holders of roe. Jan. 200
Atlas Powder, pref. (guar.)
Atlas Stores, corn.(pay.in com.stock)
1134 Mar. 2 Holders of rec. Feb. 160
750 Feb. 1 Holders of rec. Jan. 15a
Austin, Nichols & Co., prior A (guar.).
*75e Mar. 27 *Holders of rec. Mar 16
Balaban & Katz, common (quar.)
Preferred (guar.)
.0154 Mar. 27 *Holders of rec. Mar. 16
134 Jan. 31 Holders of reo. Jan. 15
Bancroft (Jos.) & Sons. prof. (guar.).
*10o Jan. 20 *Holders of roe. Dec. 31
Bandini Petroleum (monthly)
*250. Feb. 16 *Holders of rec. Jan. 20
Barnsdall Corp.. class A & B
enc. Mar. 2 *Holders of roe. Feb. 14
Bastian Blessing Co.(guar.)
Beatty Bros.(Toronto). pref.(guar.) -- 114 Feb. 1 Holders of rec. Jan. 15
Beaux-Arts Apt.(N. Y.), 1st pref. (qu.) *51.50 Feb. 2 *Holders of rec. Jan. 10
lee Feb. 2 Holders of roe. Jan. 15
Belding Corticelli, Ltd., corn.(quar.).
51.50 Feb. 16 Holders of reo. Jan. 190
Bethlehem Steel, corn. (guar.)
*134 Feb. 2 *Holders of rec. Jan. 26
Bird & Son. Inc., pref.(quar.)
•25e. Feb. 2 *Holders of rec. Jan..15
Birtman Electric Co.,common (quar,)
e$1.76 Feb. 2 *Holders of rec. Jan. 15
Preferred (guar.)
Apr. 1 Holders of reo. Mar.20
Bliss(E. W.), oom.(pay.In corn.stock)_ 12
July 1 Holders of rec. June 20
Common(payable in common stook)-- 12
Oct. 1 Holders of roe. Sept. 20
Common(payable in common stook)-- 12
Bloch Bros. Tobacco,common (qu,).__ *371.3c Feb. 16 *Holders of rec. Feb. 10
'133 Mar. 31 *Holders of rec. Mar. 25
Preferred (quar,)
led Feb. 1 Holders of reo. Jan. 20a
Bloomingdale Bros., Inc. pref.(guar.)
Jan. 31 Holders of rec. Jan. 140
Bon Aml Co., class A (guar.)
Si
50c. Jan, 17 Holders of roe. Jan. 14
Class B (guar.)
50c. Jan. 17 Holders of roe. Jan. 14
Class 13 (extra)
750, Mar, 2 Holders of rec. Feb. 140
Borden Co., corn. (quar.)
1
Feb. 16 Holders of rec. Jan. 31
Boss Mfg., common (guar.)
134 Feb. 16 Holders of rec. Jan. 31
Preferred (guar.)
Brandram Henderson, Ltd.. coin.(qua - *500. Feb. 2 *Holders of rec. Jan. 2
37 See Jan. 26 Holders of roe. Jan. 100
Briggs Manufacturing (guar.)
123ec Jan. 26 Holders of reo. Jan. lea
Extra
British-American Tobacco,ordinary-- (p) Jan. 19 See note (p).
(p) Jan. 19 See note (p).
Ordl ary (Interim)
British Columbia Pulp & Paper(WO--- '151 Feb. 2 *Holders of roe. Jan. 15
'
Holders of rec. Mar. 16
British & Foreign Invest pref.(quar,). '62(4e Apr. I ,
9e. Feb. 2 Holders of roe. Jan. 2
British Type Investors, el. A (bi-mthly)
Broadway Dept. Stores, 1st Of. (quer.). 134 Feb. 1 Holders of rec. Jan. 17
134 Feb. 2 Holders of rec. Jan. 200
Brown Shoe, pref. (guar.)
•151 Feb. 2 *Holders of rec. Jan. 11
Bullocks, Inc.. 7% prof. (guar.)
Apr. 1
Burger Woe..8% pref. (guar.)
111 July 1
8% preferred (guar.)
'$1 Oct. 1
8% preferred (guar.)
Burma Corp.. Amer. dep receipts
Feb. 20 Holders of reo. Jan. 14
Div. of 2 annas plus bonus of 1 anus
50e. Jan. 31 Holders of ree. Jan. 8a
Burroughs Adding Mach.. corn.(extra).
6234c Feb. 2 Holders of roe. Jan. 20
Bush Terminal Co.,com.(guar.)
154 Feb. 2 Holders of rec. Jan. 190
Byers(A. M.) Co., pref.(guar.)
California Packing. common (guar.).- *El Mar. 16 'Holders of rec. Feb. 28
Campe Corp.,04% preferred (guar.)-134 Feb. 2 *Holders of rec. Jan. 15
- 8230. Feb. 1 Holden of rec. Jan. 20
Canadian Bronze. Ltd.,cam.(guar.).
Preferred (qual.)
134 Feb. 1 Holders of rec. Jan. 20
Canadian Industries. corn.(quar.)
'6234° Jan. 31 *Holders of rec. Doe. 31
Common (extra)
41.25 Jan. 31 *Holders of rec. Dec. 31
Canadian Pow.& Paper Invest.. pf. qu.) 624e. Feb. 16 Holders of rec. Jan. 20
Carman & CO., Inc., class A (guar.).
- *50e. Feb. 28 *Holders of ree. Feb. 13
Class B (guar.)
*25e. Jan. 26'Holders of rec. Jan. 15
Castle (A. M.)& Co.(guar.)
*750. Feb. 1 *Holders of rec. Jan. 20
Central Ills. Securities, pref.(quar.)___. 373eo, Feb. 1 Holders of ree. Jan. 200
Century Ribbon Mills, pref.(guar.).
- 13.4 Mar. 2 Holders of rec. Feb. 200
Century Shares Trust, panic. shares... $1
Feb. 1 Holders of rec. Jan. 2
Cerro de Pasco Copper Corp.(guar.).
50e. Feb. 2 Holders of rec. Jan. 15a
Chain Belt Co. (quar.)
'8234c Feb. 15 *Holders of rec. Feb. 1
Checker Cab Mfg.(monthly)
15e. Feb. 2 Holders of rec. Jan. 200
Monthly
15c, Mar. 2 Holders of rec. Feb. 20a
Cherry-Burrell Corp., corn.(guar.)
'6214c Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
•151 Feb. 1 'Holders of rec. Jan. 15
Chicago Yellow Cab (monthly)
25e. Feb. 2 Holders of rec. Jan. 200
Monthly
250. Mar, 2 Holders of rec. Feb. 20
Cincinnati Advertising Prod.(extra)... •500. Feb. 1 *Holders of rec. Jan. 20
Service rnm coo,, (monthly)
Mire(
2340. Feb. 2 Holders of rec. Jan'. 150
Common(payable in common stoek)
134 Feb. 2 Holders of ere. Jan. 15a
Preference B (monthly)
5e, Feb. 2 Holders of ree. Jan, 150
Preference and pref. BB (monthly)...
50e. Feb. 2 Holders of rec. Jan. 150
Cities Service Bankers Shares
20.2Ic Feb. 1 Holders of rec. Jan. 15
City Investing Co.
Common (payable in common Stock) /331-3 Feb. 2 Holders of rec. Jan. 20
Cluett. Peabody & Co., Inca corn. (go.).
75e. Feb. 2 Holders of rec. Jan. 21a
Coca Cola Bottling (quarterly)
25e, Apr. 15 Holders of rec. Apr. 4
Quarterly
25e. July 15 Holders of rec. July 3
Quarterly
25e. Oat, 15 Holders of rec. Oct. 5
Coleate-Palmollve-Peet, Prof. (guar.).- 133 dApr. 1 Holders of rec.dMar.100
Columbian Carbon (guar.)
51.25 Feb. 2 Holders of rec. Jan. 190
Extra
250. Feb. 2 Holders of rec. Jan. 19a
Community State Corp.. class B (qual.). *1234c Mar. 31 *Holdere of rec Mar. 26
rims (I (guar.)
•1234e Dec. 31 *Holders of rec. Dec. 26
Confed.Invests.. N.(qu.)(No. 1)
*75c. Feb. 1 *Holders of rec. Jan. 15
Consolidated Cigar, 7% pref.(quar.)
IN War, 2 Holders of rec. Feb. 14
63.3% Preferred (guar.)
14 Feb. 2 Holders of rec. Jan.019
Consolidated Laundries. Prof.(QOM.)
'13.4 Feb. 1 *Holders of rec. Jan. 15
Press. Ltd.. class A ord
50c. Feb. dl Holders of rec. Jan. 15
Consolidated Royalty Oil(guar.)
'7%a Jan. 25 'Holders of rm. Jan. 15
Corn Products Rein., cont. (guar.)
75e Jan. 20 Holders of rec. Jan. 50
Common (extra,
50c Jan. 20 Holders of roe. Jan. 50
Corporation Securities, pref.(quar.)_.,
r75c. Feb. 2 Holders of rec. Jan. 10
Crowell Publishing, preferred
*53.50 Feb. 2 *Holders of rec. Jan. 24
Crucible Steel, common (guar.)
134 Jan. 31 Holders of rec. Jan. 150
Crum & Forster, preferred (guar.)
mar. 31 Holden of rec. Mar. 21
2
Cuba Company. Preferred
'33.4 Feb. 2 *Holders of reo. Jan. 15
Curtis Publishing, corn.(monthly)
SOc. Feb. 2 Holders of rec. Jan. 200
Preferred (guar.)
51.75 Apr. 1 IIolders of reo. Mar. 200
Deep Rock 011 Corp.,$7 prof.(qtr.)
$1.75 Jan. 24 Holders of roe. Dec. 31
JAN. 17 1931.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Name of CosiPase.
451
"sr
Wenn
Coal. Payable.
Boas (,'dom&
Daps lathurfee.
Miscellaneous (Conlinurt1).
Miscellaneous (Continued).
*40c. Jan. 20 "Holders of ree. Jan. 8
Massachusetts Investors Trust
Denver Union Stock Yards,corn.(qua--'$1
Apr. 1 *Holders of rec. Mar. 20
Jan. 20 'Holders of rec. Jan. 8
.1
Special
Dictaphone Corn. corn. (guar.)
50e. Mar. d2 Holders of ree. Feb. 13
$1.50 Feb. 2 Holders of rec. Jan. 150
Dome Mines. Ltd.(guar.)
25e. Jan. 20 Holders of rec. Dec. 3I0 Maytag Co.. 1st pref.(quar.)
75c Feb. 2 Holders of rec. Jan. 150
Cumulative preferred (qua?.)
Dominion Tar & Chemical pref.(guar.). 134 Feb. 1 Holders of rec. Jan. 5
6233e Feb. 2 Holders of rec. Jan. 20a
McCall Corp.(quar.)
Du Pont(E.I.) de Neinours dr Co.
Feb. 2 'Holders of rec. Jan. 21
"el
Merchants Refrig., corn. (extra)
• 133 Jan. 24 Holders of rec. Jan. 10e
Debenture stock (guar.)
"139 Feb. 2 'Holders of rec. Jan. 21
Preferred (guar.)
25e. Feb. 2 Holders of rec. Jan. 15
Eastern Dairies, Ltd.. corn.(au.)
Jan, 20 Holders of rec. Dee. 310
3
Mexican Petroleum, corn.(qua?)
Eastern Theatres(Canada) Ore!
334 Jan. 31 Holders of ere. Dec. 31
Jan, 20 Holders of me Doe 310
2
Preferred (quar.)
Eastern Util. Investing, partle.Pf. (q11.) $1.75 Feb. 2 Holders of rec. Doe. 30
Mickelberrys Food Prod., corn. (guar.) *15c. Feb. 16 *Holders of rec Feb. 2
$6 preferred (quar.)
$1.50 Mar. 2 Holders of roe. Jan. 30
ef234 Feb. 16 "Holders of rec. Feb. 2
Common (quar.)
$1.75 Mar. 2 Holders of rec. Jan. 30
$7 preferred (guar.)
Common (pdyable in corn.stock)_ _ _ _ ..(233 May 15 'Holders of rec. May 1
$1.25 Apr. 1 Holders of ree. Feb. 27
55 Prior preferred tquar.)
..1234 Aug. 15 *Holders of rec. Aug. 1
Common (payable in corn. stock)_ _
baton Axle & Spring. corn. (guar.)
400. Feb. 1 Holders of ree. Jan. 15a
_ er234 Nov. 16 *Holders of rec. Nov. 2
Common (payable in corn. stock)_
Edison Bros.Stores(guar.)
18340 Jan. 20 Holders of rec. Dec. 31
50e. Feb. 16 Holders of rec. Jan. 150
Mid-Continent Petroleum (guar.)
.500. Jan. 20 Holders of rec. Jan. 5
Electric Household Utilities (quar.)
.$1.75 Feb. 1 'Holders of rec. Jan. 20
Minnesota Val Can . pref. (guar.)
Eleerric Power Assoc.corn. b. el. A (qu.).
250. Feb. 2 Holders of rec. Jan. 15
Mississippi Val. Util. Investment Co.
25e. Feb. 1 Holders of rec. Jan. 15
I & Heating Products (quar.)
$1.50 Feb. 2 Holders of ree. Jan. 15
56 prior lien preferred (guar.)
El
..a Pipe Line (guar.)
Feb. 2 Holders of rec. Jan. 15
6233e Feb. 16 Holders of rec. Dee. 31
3744e. Tan, 31 Holders of rec. Jan. 150 Mitten Bank Securities Corp., coin
Exchange Buffet (guar.)
48234c Feb. 16 Holders of rec. Dee. 31
Preferred (guar.)
600. Feb. 1 Holders of rec. Jan. 210
Fair (The)corn.(guar.)
$1.75 Feb. 1 Holders of rec. Jan. 150
139 Feb.
Holders of rec. Jan. 210 Mullins Mfg., pref.(guar.)
Preferred (guar.)
Feb. 2 Holders of ree. Jan. 200
$1
Nash Motors, corn. (qua?.)
.50e. Feb.
Fashion Co.,corn
20c. Feb. 1 Holders of rec. Jan.d15a
National Acme, common (guar.)
Mar. 17
Faultless Rubber Co.,Common (guar.).- 62%c Apr. 1
Feb. 2 Holders of rec. Jan. 20
2
National Carbon, pref.(guar.)
Federal Electric Co.. $7 pref. (guar.)... *51.75 Feb. I *Holders of rec. Jan. 15
50e Feb. 2 Holders of rec. Jan. 15a
National Distillers Products, corn. (qr.)
$1.50 Feb. 1 *Holders of rec. Jan..15
$6 preferred (guar.)
National Fireproofing. corn. (quar.).750 Feb. 2 Holders of rec. Dec. 31
Federal Knitting Mills,common (guar.)- *6233c Feb. 1 "Holders of rec. Jan. 15
133 Jan. 31 Holders of rec. Jan. 160
National Lead, pref. B (guar.)
.1235c Feb. 1 "Holders of rec. Jan. 15
Common (extra)
National Short Term Secur., el. A (qu.). "12330 Feb. 2 'Holders of rec. Jan. I()
Federated Publications, common (quar.) "30e. Jan 31 *Holders of rec. Jan. 15
6
.17 Sic Feb. 2 'Holders of rec. Jan. 10
Preferred (Quar.)
Fibreboard Products, prior pref.(guar.). •1y. Feb. 1 *Holders of roe Jan. 16
25c. Jan. 20 Holders of rec. Jan. 5a National Supply Co.of Del., com.(quar.) $1.25 Feb. 16 Holders of rec. Feb. 56
Firestone Tire & Rubber,corn.(on.)
13390 Feb. 1 Holders of rec. Jan. 14
133 Mar. 2 Holders of roe. Feb. 130 National Tea, 533% pref. (guar.)
Preferred (guar.)
139 Feb. 1 Holders of rec. Jan. 15
Neisner Bros., pref.(guar.)
Foreign Power Smut. Corp.. Pref.(qu.). 114 Feb. 16 Holders of rec. Jan. 31
Newberry(J.J.) Realty, pref. A (quar.)_ '134 Feb. 1 *Holders of rec. Jan. 16
Food Machinery Corp.,634% I:01.(mthly) *50e. Feb. 15 "Holders of rec. Feb. 10
.134 Feb. 1 "Holders of rec. Jan. 16
6% preferred B (guar.)
.50e. Mar.15 "Holders of rec. Mar. 10
Preferred (monthly)
6
*114 Jan. 31 *Holders of rec. Jan. 15
Newton Steel. prof. A (guar.)
.50e. Apr. 15 *Holders of ree. Apr. 10
633% preferred (monthly)
50e. Feb. 10 Holders of rec. Jan. 200
New Jersey Mae qua?.)
.500. May 15 "Holders of rec. May 10
634% preferred (monthly)
141.50 Feb. 2 Holders of rec. Jan.d16
New River Co., pre!
*50c. June 15 'Holders of rec. June 10
613% preferred (monthly)
60e. Feb. 1 Holders of rec. Jan. 60
N. Y. Air Brake (guar.)
*50e. July 15 *Holders of rec. July 10
633% preferred (monthly)
New York Merchandise.common(guar.) 25e. Feb. 2 Holders of rec. Jan. 20
*50c Aug 15 *Holders of rec. Aug. 10
654% preferred (monthly)
139 Feb. 2 Holders of rec. Jan. 20
Preferred (guar.)
*50c. Sept.15 'Holders of ree Sept. 10
633% preferred (monthly)
Niagara Falls Smelt. & Ref.. el. A (qu.) .50e. Feb. 2 "Holders of rec. Jan. 15
25e. Feb. 14 Holders of ree. Jan. 31
corn..(guar.)
Foundation Co.of Canada
*250. Feb. 2 *Holders of rec. Jan. 15
Class B (guar.)
$1
Feb. 1 Holders of rec. Jan. 15'
Freeport Texas Co.(guar.)
734c Jail. 20 Holders of rec. Dec. 31
Nipissing Mines (guar.)
*191 Jan 31 *Holders of ree Jan. 20
Gardner Denver Co..pref. (quar.)
139 Feb. 1 Holders of ree. Jan. a2a North Amer. Securities. corn.(in stock)_ 1133 Feb. 1 Holders of rec. Dee. 31
General Cable, preferred (guar.)
Feb. 5 Holders of rec. Jan. 150
$1
31
Feb. 2 Holders of rec. Jan. 160 North American Match
General Cigar, corn. (guar.)
.50c. Feb. 1 *Holders of rec. Jan. 15
139 Mar. 2 Holders of ree. Feb. 200 Northwest Engineering (quar.)
Preferred (guar.)
.20. Jan. 2 *Holders of ree. Jan. 16
40c Jan. 24 Holders of ree. Doe. 19. Oceanic Oil (bi-monthly)
General Electric (guar.)
15e Jan. 24 Holders of ree. Dee. 190 Oliver United Filters, class A Mara-- *50e. Feb. 2 "Holders of rec. Jan. 20 '
Special stock (guar.)
75c. Feb. 16 Holders of rec. Jan. 300
75e Feb. 2 Holders of rec. Jan. 150 Oppenheim Collins & Co.. corn. (quar.)
General Foods Corp. corn.(guar.)
750 Feb. 2 Holders of rec. Jan. 150 Peabody Coal.6% preferred (quara-___ •1% Feb. 1 *Holders of rec. Jan. 20
General Mills, Inc., corn. (guar.)
Feb. I "Holders of rec. Feb. 5
.51
$1.25 Feb. 2 Holders of rec. Jan. 50 Penman's, Ltd., corn. (guar.)
General Motors. $5 pref.(guar.)
•1% Feb. 2 *Holden of rec. Jan. 21
Preferred (qua?.)
.30e Feb. 2 'Holders of rec. Jan. 20
General Parts, pref. (guar.)
•133 Feb. 1 Holders or rec. Jan. 15
Pennsylvania Industries(quar.)
General Pub.Service. $5.50 pref.(guar.) $1.875 Feb. 2 Holders of rec. Jan. 9
$6 preferred (guar.)
Penn Trani.,
734e Feb. 2 Holders of ree. Jan. 15
$1.50 Feb. 2 Holders of rec. Jan. 9
141
Philadelphia Bourse, common (No. 1) .
50c Feb. 2 Holders of rec. Jan. 15
General Stockyards Corp.,corn.(Var.)Feb. 2'Holders of rec. Dec. 31
Preferred
25c Feb. 2 Holders of rec. Jan. 15
Common (extra)
*51.50 Feb. 2 *Holders of rec. Dec. 31
Philadelphia Insulated Wire
$6 preferred (guar.)
$2.50 Feb. 2 Holders of roe. Jan. 15
$1.50 Feb. 2 Holders of rec. Jan. 15
Phillips-Jones Corp., pref. (quar.)
935e Apr. 1 *Holders of rec. Mar. 20
Gibson Art Co., common (guar.)
134 Feb. 2 Holders of rec. Jan. 200
"250 Feb. 16 *Holders of rec. Feb. 5
Gilbert(A.C.)Co.,corn.(guar.)
*200. Jan. 20 "Holders of rec. Dec. 15
Pickwick Corp.. 8% Pref. ((Mar.)
.250. Jan. 25 *Holders of ree. Jan. 15
Gilmore Oil(guar.)
.30e Jan. 31 "Holders of rec. Jan. 15
Pittsburgh Forgings (guar.)
Gillette Safety Razor,$5 pf.(qu.)
Pittsburgh Steel, pref.(guar.)
139 Mar. 1 Holders of ree. Feb. 70
(N0 1 $1.25 Feb. 2 Holders of roe. Jan. 2
.)
Gimbel Bros., pref.(guar.)
139 Feb. 1 Holders of rec. Jan. 12e
139 Feb. 1 Holders of rec. Jan. 155 Pittsburgh United Corp., pref.(qu.)
Gold Dust Corp., com.(quar.)
,
62340 Feb. 2 Holders of rec. Jan. 100 PlymouthCordage (guar).- - -.. -- •1yi Jan. 20 'Holders of roe Dec. 31
Jan. 26 "Holders of rec. Dec. 31
"30c. Feb. 1 *Holders of rec. Jan. 20
Goldsmith (P.) Sons (guar.)
Polygraphic Co.of Amer., pref.(quar.)_ *2
.150. Feb. 1 'Holders of rec. Jan. 15
Goodyear Tire & Rubber. corn.(quar.). $1.25 Feb. 1 Holders of ree. Jan. 17a Port Huron Sulphite & Paper (guar.)
Preferred tquar.)
20e. Feb. 2 Jan. 17 to Feb. 1
$1.75 Apr. 1 Holders of rec. Feb. 28a Pyrene Manufacturing. corn.(quar.)
Gorham Mfg.. common (guar.)
*134 Feb. 28 *Holders of rec. Feb. 2
500. Mar. 2 Holders of rec. Feb. 16
Quaker Oats, pref. (quar.)
139 Feb. 2 Holders of roe. Jan. 12a Reed (C. A.) Co., class A (guar.)
Gotham Silk Hosiery, prof.(qu.)
50c Feb. 1 Holders of rec. Jan. 21
50e. Feb. 2 Holders of rec. Jan. 160
Granby Consol. Min.Smelt & Pow.
(Qui
123ic Feb. 1 Holders of rec. Jan. 21
Class B
Grand (F. & W.) 5-10-250. Stores
*51.50 Feb. 2 *Holders of rec. Jan. 15
Republic Service, pref. (guar.)
$1.625 Feb.
750 Apr. 15 Holders of ree. Apr. 1
Preferred (guar.)
Holders of ree. Jan. 190 Republic Supply Co. (guar.)
25e. Jan. 23 Holders of rec. Jan. 19a
Grand(F.dr W.) Silver Stores, com.(qu.)
750. July 15 Holders of ree. July 1
Quarterly.
Grant Lunch Corp., corn
Quarterly
.400. Jan. 31
75o. Oct. 15 Holders of ree. Oct. 1
Common
*400. July 31
Revere Copper & Brass, prof.(qua?.).., 139 Feb. 1 Holders of roe. Jan. 100
Great Lakes Engineering Works (qtr.)
.25e. Feb. 2 *Holders of rec. Jan. 26
.90e. Feb. 1 *Holders of rec. Jan. 16
Rollins Hosiery Mills, pref.(quar.)
Gruen Watch, common (guar.)
.50e. Mar. 1 *Holders of rec. Feb. 20
•623-4c Feb. 1 *Holders of ree. Jan. 15
Roos Bros.. corn.(guar.)
.139 Feb. 1 *Holders of rec. Jan. 20
Preferred (guar.)
Preferred (guar.)
• $1.625 Feb. 1 *Holders of ree. Jan. 15
Hamilton Watch.corn.(no par) (mthly.)
150. Jan, 31 Holders of roe. Jan. 10a Roovers Bros., pref
•1733c Feb. 1 *Holders of ree. Jan. 18
Common $25 par
Royal Typewriter, common
$1.50 Jan. 17 Holders of rec. Jan. 10
*300 Jan. 31 'Holders of rec. Jan. 10
.
Common(special)
150. Jan. 31 Holders of rec. Dec. 290
Pref. (for last two quarters of 1930)333 Jan. 17 Holders of rec Jan. 15
Harbison-Walker Refrac., pref (guar.). 134 Jan. 20 Holders of ree. Jan. 10.
Common
.51.50 Jan. 17 *Holders of rec. Jan. 10
Hartford Times(guar.)
*750. Feb. 15 *Holders of ree. Feb. 1
Preferred
.$3.50 Jan. 17 *Holders of rec. Jan. 10
Hercules Powder. pref. (guar.)
139 Feb. 14 Holders of rec. Feb. 3a Russell Motor Car, coin.(quar.)
139 Feb. 2 Holders of rec. Dee. 31
Hershey Chocolate Corp.. corn.(guar.). .S1.25 Feb. 15 *Holders of rec. Jan. 25
Preferred (guar.)
159 Feb. 2 Holders of rec. Dec. 31
Convertible preferred (guar.)
Ruud Mfg.(guar.)
*51 Feb. 15 'Holders of ree. Jan. 25
65e. Feb. 1 Holders of roe. Jan. 20
Mar.20
'Si Feb. 15 'Holders of rec. Jan. 25
Convertible preferred (extra)
St. Joseph Lead Ca.
500. Mar.20 Mar 10 to
(guar.)
Hibbard. Spencer:Bartlett & Co.(mtb17) 250. Jan. 30 Holders of rec. Jan. 23
St. Lawrence Flour Mills, pref.(qua?.)..
19-4 Feb. 2Holders of rec. Jan. 19
Sc. Jan. 28 Holders or rec. Jan. 14
Hollinger Consol. Gold Mines(mthly.) _
Salt Creek Producers Assn.(guar.)
50c. Feb. 2 Holders of rec. Jan. 15
Home Service Co., 1st & 201 Prof.(guar.) *50e. Jan. 20 *Holders of rec. Jan. 1
Savage Arms Corp., 2nd pref (qua?.)..'$1.50 Feb. 1 *Holders of roe. Feb. 2
Horn & Harden(N.l'.) corn.(guar.).- - 6234e. Feb. 2 Holders of rec. Jan. 12
Scott Paper Co., pref. A (guar.)
4139 Feb. 1 Holders of rec. Jan. 17
Illinois Brick (guar.)
.30e. Apr. 15 'Holders of rec. Apr. 3
Preferred B (guar.)
41 34 Feb. 1 Holders of rec. Jan. 17
Quarterly
.311e. July 15 *Holders of rec. July 3
Seaboard Utilities Shares,corn.(guar.)
1234c Feb. 2 Holders of rec. Jan. 2
Quarterly
*30e Oct. 15 *Holders of rec. Oct. 3
Sears, Roebuck & Co. (guar.)
62330 Feb. 1 Holders of rec. Jan. 90
Illinois-Pacific Coast Co.,pref.(qua?.)_. "75e. Feb. 1 *Holders of rec. Jan. 21
Stock dividend (guar.)
Feb. 1 Holders of ree. Jan. 9r1
el
Indiana Pipe Line (guar.)
50e Feb. 14 Holders of rec. Jan. 23
Stook dividend (guar.)
May 3 Holders of reo. Apr. 80
el
Industrial Finance Con).
Security Title Ins. dc Guar.. preferred.. .339 Jan. 1 'Holders of rec. 1.).st. 31
Common (payable in common stock)_ _ 1233 Feb. 1 Hold.of rec. Apr. 18'30
Seeman Bros., Inc., corn. (guar.)
75o. Feb. 1 Holders of rec. Jan. 15
Internat'l Cigar Machinery (guar.)_ _ _ 6233c Feb. 2 Holders of rec. Jan. 22
Scion Leather (guar.)
.25c. Feb. 2 "Holders of rec. Jan. 16
International Nickel of Canada
Sharp & Dohme, Inc., pref. (guar.).- 8730. Feb. 1 Holders of rec. Jan. 160
Preferred (Par $100) (guar.)
154 Feb. 2 Holders of ree. Jan. 3a Sheaffer (W. A.) Pen Co., common.... *31
Mar.15 *Holders of rec. Mar. 1
Preferred (Par $5)
839e Feb. 2 Holders of rec. Jan. 3a
Common (extra)
*50e. Mar. 15 *Holders of rec. Mar. 1
Interest. Printing Ink, Prof. (quar.)-- - 133 Feb. 1 Holders of rec. Jan. 120
Sept.15 "Holders of rec. Sept. 1
Common
.51
International Shoe, pref.(monthly)
*500 Feb. 1 *Holders of rec. Jan. 15
Jan. 20 'Holders of rec. Dee. 31
.2
Preferred (guar.)
1-referred (monthly)
*50o Mar. 1 *Holders of roe Feb. 14
Apr. 20 'Holders of rec. Mar. 30
Preferred (guar.)
.2
Preferred (monthly)
.50o Apr. 1 *Holders of rec. Mar. 14
Preferred (guar.)
July 20 'Holders of rec. June 30
.2
Preferred (monthly)...
.
.50o May 1 *Healers of rec. Apr. 15
Preferred (guar.)
Oct. 20 *Holders of rec. Sept .30
.2
Preferred (monthly)
.50o June 1 *Holders of rec. May 15
Shell Transport & Trading. Am.sits- _ 96 3-5e Jan. 23 Holders of rec. Jan. 150
Intertype Corp., corn. (guar.)
500 Feb. 16 Holders of rec. Jan. 300 Shenandoah Corp., 6% pref.
(9) Feb. 1 Holders of rec. Jan. 5
(guar.)
Investors Trust Associates (guar.)
1233e Feb. 2 Holders of rec. Jan.
Silver (Isaac) Bros. Co., Prof.(quar.)... *154 Feb. 2 *Holders of rec. Jan. 19
Jantzen Knitting Mills, new corn.(guar.) '3733 Feb. 1 *Holders of rec. Jan. 15 • Skelly Oil.
15
pref.(quar.)
19-4 Feb. 2 Holders of rec. Jan. 20
Kaufmann Dept. Storm corn.(guar.)._
38e Jan. 28 Holders of rec. Jan. 10.2 Solvay Amer.Investment.
133 Feb. 15 Holders of rec. Jan. 150
Pf.(qu.)
Kayser (Julius) & Co.. corn.(quar.)
6233c Feb. 1 Holders of rec. Jan. 15a Squibb(E.R.)& sons,common (qua?,) .50e. Feb. 2 *Holders of rec. Jan. 15
Kelsey Hayes Wheel Corp., pref.(guar.) 139 Feb. 1 Holders of ree. Jan. 20
Preferred (guar.)
*154 Feb. 2 *Holders of ree. Jan. 15
Kentucky Cons.Stone, pref.(guar.).
- .139 Feb. 1 *Holders of rec. Jan. 15
Steel Co. of Canada, corn. & pref. (qu.) 4354c Feb. 2 Holders of roe. Jan. 7
Keystone Watch Case, new corn.(No.1)
750. Feb. 2 Holders of rec. Jan. 160 Suburban Elec. Securities, let pf.(qu.).. '134 Feb. 2 *Holders of rec. Jan. 15
25e. Feb. 2 Holders of rec. Jan. 20a Sweets Co. of Amer.
Krise (S. H.) & Co., corn.(guar.)
25e Feb. 2 Holders of rec. Jan. 150
(guar.)
Special preferred (guar.)
.15e. Feb. 2 'Holders of rec. Jan. 20
Swift International
$1.50 Feb. 15 Holders of rec. Jan. 15
139 Feb. 1 Holders of rec. Jan. 15
Lane Bryant, Inc., pref. (guar.)
.150 Feb. 1 *Holders of ree. Jan. 17
Teck-Hughes Gold Mines (guar.)
Lefcourt Realty, corn. (guar.)
40c. Feb. 16 Holders of rec. Feb. 5
150 Feb. 2 Jan. 18 to Feb. 1
Quarterly
Lehigh Portland Cement. corn.(guar.)._
25e. Feb. 2 Holders of rec. Jan. 14a TelautograPh Corp, corn.(quar.)
350 Feb. 2 Holders of roe. Jan. 15a
.133 Feb. 1 *Holders of rec. Jan. 20
Lerner Stores Corp., pref.(guar.)
Tennessee Products Corp.. core. (guar.) .25g Apr. 10 *Holders oi roe Mar. 31
Limestone Products, 7% prof. (guar.)._ .6233c Apr. 1 'Holders of roe. Mar. 15
900 Feb. 15 Holders of rec. Feb. 56
Thatcher 7,11g.. conv. pref. (Ouar.)
600. Mar. 1 Holders of roe. Feb. 14a Tide Water Associated Oil, common_
Link Belt Co.,corn.(guar.)
30e Feb. 16 Holders of rec. Jan. 310
Jan. 31 Holders of roe. Jan. 20s Tide Water Oil. pref. (guar.)
$1
Liquid Carbonic (guar.)
119 Feb. 16 Holders of rec. Jan. 170
2
Feb. 2 Holders of roe. Jan. 17a Tobacco Products, class A (guar.)
Lord & Taylor,2nd pref.(guar.)
20o Feb. 16 Holders of rec. Jan. 23s
139 Feb. 2 Holders of rec. Jan. 15
MacKinnon Steel, pref.(guar.)
15.3 Feb. 16 Holders of rec. Jan. 23a
Class A (extra)
500. Feb. 16 Holders of rec. Jan. 23/ Transarrerica Corp. (quar.)
Macy (R. H.)& Co., common (guar.)
25e. Jan, 25 Holders of rec. Jan. Ea
5
Feb. 16 Holders of rec. Jan. 231 Tri-Utilities Corp., pref. (quar.)
Common (Payable in corn,stock)
750. Feb. 1 Holders of rec. Jan. 15
333 Jan. 30 Holders of rec. Dee. 31
Mansfield Theatre Co.(Toronto) pref._
40e. Feb. 1 Holders of rec. Jan. 21
Truax-Traer Coal, COM. (quar.)
Marathon Razor Blade, Inc.(monthly) .333e. Feb. 15 *Holders of rec. Feb. 1
Truscon Steel, corn.(pay. In corn. stock) 16 Mar.10 Holders of rec. Jan. 50
.334c. Mar.15 *Holders of rec. Mar. 1
Monthly
Tung Sol Lamp Works, corn. (guar.).
- .250. Feb. 1 *Holders of rec. Jan. 20
.333c. Apr. 15 *Holders of rec. Apr. 1
Monthly
.750. Feb. 1 "Holders of rec. Jan. 20
Preferred (guar.)
May 15 *Holders of rec. May 1
Monthly
Underwriters Finance, 7% Pf.(qu.).... *139 Feb. 2 *Holders of rec. Jan. 15
.334e. June 15 *Holders of ree. June 1
Monthly
50c. Feb. 10 Holders of rec. Jan. I50
Union Oil (guar.)
.334e. July 15 *Holders of rec. July 1
Monthly
50e. Mar. 1 Holders of roe. Feb. 180
United Biscuit of America (guar.)
*333e. Aug. 15 'Holders of rec. Aug. 1
139 Feb. 1 Holders of roe. Jan. lea
Monthly
Preferred (guar.)
.334e. Sept.15 "Holders of rec. Sept. 1
Monthly
of Amer., pref.(qu.) 134 Feb. 1 Holders of rec. Jan. 9a
United Cigar Stores
.3340. Oct. 15 *Holders of rec. Oct. 1
Monthly
134 may 1 Holders of rec. Apr. 10a
Preferred (quar.)
"333e. Nov.15 *Holders of rec. Nov. 1
Monthly
19-4 Aug. 1 Holders of rec. July 10a
Preferred (guar.)
.334c. Dec. 15 *Holders of rec. Dec. 1
133 Nov. 2 Holders of ree. Oct. 9a
Monthly
Preferred (guar.)
114 Feb. 2 Holders of rec. Jan. 20a United Linen Supply. Cl. B (guar.)
.$1.50 Jan. 20 *Holders of rec. Jan. 1
McCrory Stores Corp., prof.(quar.)___
nil
[VoL. 132.
FINANCIAL CHRONICLE
452
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
I:halted Ohio Utilities, prior pref.(gu.)-- *1
Feb. 1 *Holders of rec. Jan. 10
50c Feb. 1 Holders of rec. Jan. I5a
United Piece Dye Works, corn.(guar.).50c May 1 Holders of rec. Apr. 150
Common (guar.)
50c Aug. 1 Holders of rec. July 150
Common (guar.)
50c Nov. 1 Holders of rec. Oct. 150
Common (quar.)
United Verde Extension Mining (guar.).
50c Jan. 31 Holders of rec. Jan. 2a
U.S.& British Int., $3 pref.(guar.(__
75c Feb. 2 Holders of rec. Jan. 15
121i eFeb. 2 Holders of rec. Jan. 15
Class A (guar.)
U.S. Chain & Forging. corn.(guar.)
•75c .Feb. 15
U. S. Electric Power. pref.(guar.)
*135 Feb. 2 *Fielders of rec. Jan. 9
U.S.& Foreign Securities Corp.
$1.50 Feb. 2 Holders of rec. Jan. 12,
First preferred (guar.)
$1.50 Feb. 2 Holders of rec. Jan. 150
U.S. Industrial Alcohol (quar.)
U. Ei Pipe & Foundry. corn
214 Jan. 20 Holders of roc Dec 31a
(guar.)Fit
3fic Jan. 20 Holders of roe Doe 31a
preferred (guar.).
75c Feb. 1 Holders of rec. Jan. 22a
Universal Leaf Tobacco,corn.(quar.)
Universal Pipe & Radiator. pref. (quar.) 1'4 Feb. 2 Holders of rec. Jan. 153
10e Feb. 2 Holders of rec. Jan. 2
Utilities Hydro &
Sharers
•$1
Feb. 2 •lielders of rec. Jan. 17
Victor Talking Mach., corn. (quar.)
Jan. 20 Holders of rec. Jan. to
1
Vulcan Detinning. corn. (guar.)
,
1St Jan. 20 Holders of rec. Jan. 5
Preferred (quer.)
Western Tablet & Stationery, corn.(ME) 50c Feb. 1 Holders of rec. Jan. 20
50c Jan. 31 Holders of rec. Dec. 24a
Westinghouse Air Brake(guar.)
Westinghouse El.& Mfg com.& pf.(eu) $1.2. Jan, 31 Holders of rec. Dec. 31a
$3.5 Feb. 15 Holders of rec. Jan. 15
Wilson Line, Inc.. preferred
22e. Feb 2 Holders of rec. Jan. 200
Wrigley (Wm.)Jr. Co.(monthly)
50c. Mar. 2 Holders of rec. Feb. 200
Monthly
25e Apr. 1 Holders of rec. Mar. 200
Monthly
Apr. 1 *Holders of rec. Mar. 20
Wurlitzer (Rudolph). pref. (guar.)
•131 July 1 *Holders of rec. June 20
Preferred (quar.)
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 Now York
Clearing House Association on Doc. 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 Jan. 7:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF
BUSINESS FOR THE WEEK ENDED WEDNESDAY, JAN. 7 1931.
NATIONAL AND STATE BANKS—Average Figures.
—
0111. Cash Res. Dep.. Dep. Other
Loans
Gross
Disa. and Gold. Including N. Y. and Banks and
Bk.Notes. Elsewhere, Trust. Co.. Deposes.
Incest.
$
s
$
$
1,848,500
197,800
77,000
61,133 2,031,476 1,471,932 19,479,113
$
$
hfanhattan—
Bryant Park Bk_
2,496,000 77,300
Grace National__ 20,226,836 2,500
Brooklyn—
Brooklyn Nat'l__ 10,727.600 22,000
People's Nat'l_-- 6,900,000 5,000
161,800
151,000
631.000
160,000
607.300
508,000
7,366,300
7,000,000
TRUST COMPANIES—Average Figures.
•From unofficial sources. f The New York Stock Exchange has ruled that
stock will not be Quoted ex-dividend on this date and not until further notice.
/ The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this data and not until further notice.
a Transfer books not closed for this dividend.
Correction. e Payable in stock.
Payable In common stock. g Payable In scrip. A On account of accumulated
dividends. .1 Payable In preferred stock.
British-American Tobacco final dividend Is Is. 8d., and the interim dividend
10(1. Transfer received In London up to Dec. 24 will be In time to enable transferees
to receive dividends.
g Shenandoah Corp. dividend will be paid, I-32d. share corn, stock, unless holders
notify company on or before Jan. 15 of their desire to take eash-75c. per share.
r Corporation Securities div. is optional, either 75c. cash or 1-40th oh. corn, stock.
s 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 held.
u North American Gas & Electric class A dividend is Payable 40 cents cash or
1-40th share of class A stock.
v Mid-We-t State Utilities dividend payable in cash or stock.
to Lees deduction for expenses of depositary.
z Pacific Public Service dividend will be applied to the purchase of additional
class A stock unless stockholder notifies company on before Jan. 10 of his desire
to take cash.
y Lone Star Gas dividend is one ahare for each seven held.
z Bird dr Son preferred stock called for redemption on Feb. 2.
cc Payment of Associated Gas & Electric class A dividend will be made In class A
stock-1-40th share—unless stockholder notifies company on or before Jan. 10
of his desire to take cash.
v Mid-West State Utilities divu.)-Tpayable in cash or stock.
Loans,
Dila. and
Invest.
Manhattan—
Bank of Europe &'Tr
Empire
Federation
Fulton
United States
Brooklyn—
Brooklyn
Kings County
Bayonne. N..7.—
Mechanics
Cash.
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 10 1931.
Clearing House
Members.
Bank of N. Y. & Tr. Co_
Bk.of Manhattan Tr. Co
Bk. of Amer. Nat'l Ass'n
National City Bank_ —_
Chem. Bk. & Trust Co__
Guaranty Trust Co
Chat.Ph.Nitt.13k.&T1'.00
Cent. Ilan. 13k. & Tr. Co
Corn Exch. Bank Tr. Co.
First National Bank....
Irving Trust Co
ContInent'l 13k.& Tr. Co.
Chase National Bank _
Fifth Avenue Bank
Bankers Trust Co
Title Guar. de Trust Co_.
Marine Midland Tr. Co_
Lawyers Trust Co
New York Trust Co_
Coml Nat, Bk.& Tr. Co
Harriman Nat. Bk.&'Fr.
Public Nat. Trust Co ._
Manufacturers Trust Co.
Clearing Non-Members;
City Bank Farm, Tr. Co_
Mech.'re. Co., Bayonne
*Capital.
•Surplus and
Undivided
Profits.
Net Demand
Deposits
Average.
Time
Deposes
Average.
$
$
$
$
14.248,000
15.015,800
66,916.000
6.000 000
50,636000
267,109.000
22,250.000 153,928.200
54.042.000
41,331,600
168.489.00
36,775.300
110.000,000 e114,017,100 a1,030,451.000 204.414.000
234.868,000
29,477.000
44,039,700
21.000.000
90,000,000 207,391.300 0436.098,000 118,641,000
35.477,000
158.622.000
19,621,400
16,200,000
446,226,000
76,679.000
84.165,400
21,000.000
195,872,000
36,334.000
35.356,600
15.000.000
274,185,000
27,930,000
10.000.000 112,282,500
408,315,000
52,321.000
85.182.900
50.000.000
638,000
11,832.000
11,341,100
6,000,000
148,000,000 213,397,300 c1,457,148,000 201.725,000
2,268,000
29,978,000
3,823.800
500,000
70,138,000
87,280,600 d459,510,000
25,000,000
1.802,000
34,468,000
24,901,900
10,000,000
4,719.000
46,841,000
11,435,600
10,000,000
1,988,000
18,182,000
4,804,400
3,000,000
47,302.000
190,925,000
36,081,200
12.500,000
4,462,000
48,167.000
9,711,800
7,000.000
6,356,000
29,651.000
2,566,800
2,000.000
41,029,000
38,869,000
08.250.000 014.558,400
79,664,000
102,184,000
027,500,000 023,124,100
10,000.000
500,000
500 d7S
13,698,200
905,600
6,528.000
3.035,000
5,283,000
znn 1 950 enz ann 6662.469.000 1,167,873.000
1930; Trust
•As per official reports. National, Sept. 24 1930; State, Sept. 24
1930. g As of
Company's. Sept. 24 1930. e As of Sept. 30 1930. f As of Nov. 17
Dec. 11 1930.
Includes deposits in foreign branches. (a)5284,476,000;(5)5127.733.000;(c) $142,978 000; (4) $57,922,000.
Dep. Other
Banks and
Trust Cos.
Gross
Deposits.
$
$
$
155,398
648,620
15,200,730
74,971.200 *4,010,000 13,754,100
170,361 1,136,254
15,472,252
19,031,300 *2,622,400 1,546,700
63,726,233 4,300,000 15,350.000
I
$
13,494,155
3,400,800 80,517.600
135,947 15,314,425
18,400,400
59,111,997
3,353,000 31,034,000
2,261,831 6,374,459
418,000 130,970,000
30,522.079
116,215,000
28,501,291
3,567,691
795,296
418,542
308,768
8.728,132
• Includes amount with Federal Reserve Dank as follows. Empire, $2,314,600;
Fulton, $2,475,700.
Boston Clearing House Weekly Returns.—In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
Jan. 7
1931.
1
Weekly Return of New York City Clearing House.—
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. 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,
$141,053,000 to the Net Demand Deposits and $120,693,000
to the Time Deposits. We give the statement below in full:
Res. Dep..
N. Y. and
Elsewhere.
94,075,000
Capital
98.337.000
Surplus and profits
Loans,'filets & invest'ts_ 1,051,355,000
659.541,000
Individual deposits
168,903,000
Due to banks
277,717.000
Time deposits
16,564.000
United States deposits...
27,902.000
Exch. for Clearing House_
Due from other hanks.. 121.500.000
87,502.000
Reeve in legal deposiries_
7,298,000
Cash in bank
5,733,000
In F.R.Bk
Res've in excess
Changesfrom
Precious
Week.
Week Ended
Dec. 31
1930.
Week Ended
Dec. 24
1930.
$
$
$
Unchanged
94.075.000
94.700,000
—659,000
98,996,000
99,144.000
+6.525,000 1,044.830,000 1,049,327,000
+28,394.000 633.147.000 626.956.000
+13.963,000' 154,937.000 145.780,000
—3,433.000 281.150,000 290,514.000
19,782.000
—3,218,000
21,704.000
22.912.000
+4,990,000
19,113,000
+12.461.000 109.039.000 105,976.000
+2.784.000
84.718,000
82.596.000
7,799.000
—501,000
6,879,000
+1.035.000
4,698,600
3,462,000
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately
but are included with the rest. In addition the companies
recently admitted to membership in the Association are
included. One other change has boon 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. 10
1931.
Changesfrom
Previous
Week.
Week Ended
Jan. 3
1931.
Week Ended
Dec. 27
1930.
5
$
5
$
82,534,000
82.534,000
82,534,000 Unchanged
Capital
257,463,000 —1,036,000 258.549,000 269,437,000
Surplus and profits
Loans, Mans. and Invest_ 1.458,587,000
+1,595.000 1,450.992.000 1,476,983,000
47.552.000
32,842,000
29,472.000 —18.080,000
Exch. for Clearing House
132,541,000 +8,163.000 124,378.000 101,377,000
Due from banks
+18,026,000 203,003,000 201,598,000
221,029,000
Bank depwns
750,882,000 —16,210,000 767.122,000 731.428.000
Individual deposits
391,774.000 —3,097,000 304,871,000 402,237,000
Tian* deposits
1,363,635.000 —1,311.000 1,364,996,000 1,335,263,000
Total deposits
Reserve with F. IL Bank_ 122,394,000 —4,236,000 128,630,000 126,353,000
JAN. 17 1931.]
453
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return Issued by the Federal Reserve Board Thursday afternoon, Jan.15 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 409, 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. 14 1931
Jan. 14 1931. Jan, 7 1931. Dec. 31 1930. Dec. 24 1930.IDec. 17 1930. Dec. 10 1930. Dec. 3 1030. Now. 26 1930.1 Jan. 111930.
I
RESOURCRS.
s
$
s
I
S
$
s
$
$
a
I
I
0016 with Federal Reserve agents
1,710,589,000 1,691,189,000 1,730,439,000 1.703.400.000 1,665.310.000 1.650.870.000 1.588.506.000 1,592.506.000 1,690,879,000
Gold redemption fund with U.S. Trate_
35.08.5.000
36,288,000
34,911,000
61,627,000
37,126,000
33.700.000, 33,453,000, 36.833,000
35,430,000
-Jolt) noel exclusively agst.F. R. notes 1,776,877,000 1,728.315.000 1,765,350,000 1.738.850,000 1,699,010,000.l,684,323.000 1.625.339,000 1,627,591.000 1,752,506,000
Gold cettlement fund with V R. Board,.,. 447.140,000
483.560.000 417,740,000 437,581,0001 462,649.000 474.094.000 486,843.000 174.745.000 558,243,000
Gold ti.nd gold certificates held by banks_ 834,530,000 781,641,000 758,129,000 745.639,0001 797.191.000 846,603.000 895,309.000. 922,634.000 650,303.000
I
Total gold reserves
3,058,577,000 2,993,516.000 2.941.219,0002.922,067,000 2,958,850.000 3,005.020.000 3,007.491.000 3,024.970.000 2,961.052,000
Reserves other than gold
172,878,000 153.832,000 140,298,000 115,499.0001 132.240.000 136,457,000 137.312.000 138,832.000 193,465,000
I
1
Total reserves
3,231,455,000 3,147,348,000 3,081,517,000 3,037,566,000 3,091,090.000 3.141,477.000 3,141,803.000 3,163,802.000 3,154.517,000
Non-reserve cash
84,498,000
59,961.000, 61.565,000, 61.210,000, 84.466,000
79,932,000
81,652,000
62,779.000
50,750,000
Bills Olscounted:
Secured by U. S. Govt. obilgatIorue87,419.000 235,064,000
86,750.000 115,501,000
89,676,0001 93,371.000
89,421,000 219,122,000 144.528.000
Other bills discounted
156,590,000 176.884,000 161,977,000 228,927.000 186,793.000 167,421,000 158,556.000 146,433.000. 207,272,000
1
Total bills dLsoounted
Bilk bought In open market
U. B. Government securities:
Bonds
Treasury notes
CrrtifIcates and bills
243,340.000
196,180.000
251.398.000
363,844.000
448.349.000
259.837,000
331.321,000
251.591.000
105,419.000
189.439.000
349,459,000
Total 0.15. Government eeourItles--..
Other securities (see sole)
Foreign loans on gold
392,385,000
265,456,000
114,982,000
201.369,000
342,550,000
163.785,000
226,473.000
339,209.000
127,234,000
193,000.000
321.352,000
121.287,000
200.030.000
371.117.000
641,317,000
5,550,000
658,901,000
6.558,000
729,467,000
7,143,000
641.676,000
6.533,000
892.434.000
7,451,000
257,097,000
243,697.000
(
70,910.000
239.282,000
306,811.000,
250.927.000
218.937.000
1
233.852.000 442,336,000
176.106.000i 323,347,000
54,863.000! 45.742.0001 69,629,000
247.269.000 258.151.000 176,223,000
300.060.000 291.741.000. 233,208.000
602,192.000 595.634.000 479,060.000
6,348.000' 14,880,000
6,358.000 I
1
1,117,905,000 1,078,414.000 1,011,940.000 1,259,623,000
1
2.652.000
725,000
702.000
707.000
526.348.000 571.488.0001 631,631,0001 39,626.000
15.322,000, 15,250.000
14,067.000, 705,297,000
59,742.000, 59.7114.000
58,149,000
59,702,000
20,780.000. 10.861,000, 24.388.0001
12,263,000
617.003.000
108.000
Total bills and securities (ses',WO
Gold held abroad
Due from forelgn banks (oat aote)
Uncollected items
Federal Reserve notes of other banks
Bank premise
All other resources
1,089,387,000 1,233,300,000 1,351,852,000 1,356,395,000 1,282,797,000
Total resources
LIABILITISS.
F. R. notes in actual circulation
Depoelts:
Member banke-reserve amount
Government
Foretell banks (see note)
Other deposit*
5,078,701,000 5,078,228,000 5,200.648,000 5,128,693,000 5.265,727,000 4.942,237,000 4.053,737,000 4,867.447.000 5,314,666,000
1
1,552,702,000 1,624.898,000 1,663,538,000 1,721,897,000 1,596,168,000 1,475,745,000 1.450.898,000 1,421,868,000,1,782,371,000
1
2,463,596.000 2,443,859,000 2.470.583,0002.350,717,000 2.454,974.000 2,447,517.0002,423.952,000 2.409,929.000 2,357.650,000
32,202,000
24,689.000
18,819,000
2,615.000
46,180,000
16,402.000
41,935,000
29,384.000, 16,573,000
5358.000
5,761,000
5,779,000
5,056,000
5,611.000
5,557,000
6,152,000
5.377.0001
7,011,000
19,752,000
25.390.000
21,970,000
20.348,000
18,396,000
20.273,000
20,248.000
18.723.000
22.645,000
Total deposits
Deferred availability Items
Capital paid la
Surplus
All other liabilities
2,521,308.000 2,499.717.000 2,517,133,000 2,438,949,000 2,483,548,000 2.489,749.000 2.492.267.000 2,463,413.0002,403.079.000
547,803,000 496,970,000 564.007.000 503.448,000 720.068.000 511.002.000 544.819,000 516.493.000 665,037.000
169,807,000 169,668,000 169,640,000 170.314,000 170.303.000 170.302.000 170,591,000 170.468.000 171,107,000
274,636,000 274,636,000 274.636.000 276.936,0001 276,936,000 276,936.000 276.936,000 276.938,000 276,936,000
18,704,000
18,503.000
12,445,000
18.226.000
12,339,000
19,149.0001
11,694,000
18,269.0001
15,336,000
I
5,078,701,000'5,078,228,000 5.200,648,000 5,128,693,000 5,265,727,000 4,942,237.000 4.953,737,000 4,807.447.0005,314,666,000
Total liabilities,
Ratio of gold reserves to deposits and
F. R. note liabilities combined
Ratio of total reserves to depoedta and
F. R. note liabilities combined
Contingent liability ou bilk ourcharsed
for foreign oorrospondents
Distribution by
1-18 flay bilk bought in open market._
1.18
1-15 days bills discou. ted
1-16 days U. H. certif. of indebtedness_
1-16 days municipal warrants
E0 days bills bought In open market.16
-30 days bilk discounted
/0-30 day. U. fi, certif. of hulebtednens_
16-30 days municipal warrants
81-60 days bills bought In open market.
81-60 d19 11 bills discounted
,
11140 day' U B. eartlf. of tarlebtedneen_
81-00 days municipal warrants
61-90 days 01118 bought in open market __
61-90 days bills discounted
61-90 days U. 8 certif. of Indebtedness_
81-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted _
Over 90 days certif. of Indebtedness....
Over 91) days municipal warrants
708,000
26.015.000
568,311,000
57,924,000
20,403,000
712.000
25,498,000
521,013,000
57,845,000
20,890.000
704,000
703.000
584,783,000 570,952.000
21,993.000
21,019,000
57,843.000
59,783,000
22,024,000
22,525,000
703.000
733.584.000
14.066.000
59,783.000
20.925,000
1
-1,
75.1%
72.6%
70.3%
70.2%
72.5%
75.7%
76.2%
77.8%
79.3%
76.3%
73.7%
73.0%
75.8%
79.2%
79.8%
61.4%
75.4%
448,809,000
440,326,000
439,288.000
432,327,000
434,600,000
417,422.000
425,826,000
428,938,000
527,435,000
102,715,000
156,008,008
3
141,785.000
203,724.000
149,905,000
355.958,000
5
107,130,000
241,075.000
109,000.000
$
92,595.000
171,392,000
73,555 1300
5
84.859.000
167,328,000
72,761,000
$
65.854.000
152.715.000
37,931,000
20,661,000
169.000
60,355.000
21.889.000
$
219.272.000
175,501.000
2.425.000
185,000
68.062,000
17,659,000
60,720.000
22.149.000
77.280,000
27.077.000
70,984.000
24,410,000
51.691,000
23.983,000
44,203.000
21.725.000
73,765.000
34,104,000
30,395,000
12,000
34.434,000
31,489.000
24,182,000
3.000
27,929.000
22,799,000
20,000
47,249,000
26,966.000
24,182,000
15,000
28,129,000
19,459,000
194,000,
40,712.0001
34.937,000
23,457.000
15.0001
8.218.000.
23,255,0001
110,000
55.973,000
30,673,000
67,414,000
30,269.000
68,277,000
28.745.000
53.802.000
30,117,000
65,473,000
43,374,000
26,864,000
953.000
12,484.000
318,388.000
674.000
1,132,000
11,813.000
312,602.000
614,000
14,000
84.000
11,160.000
12,655.000
19,838.000. 19,530.000
33,957.000: 38.707.000
3,000
24.000
282.000
48,000
49.000
12.050.000, 12,658.000; 11.496.000
297,895,000 228,160,000 194,549.000
24.000
24.000'
74,000
14,062.000
19.230.001
38.707.000
10.000
48.000
11.641.000
188.588.000
24.000
24,858,000
31,647,000
26,107,000
29,722,000
21,755,000
951,000
13,267,000
333,352.000
70.7%
190,321,000
328,701,000
190,000
64.000
32,273,000
12.088.000
28,358,000
16,958.000
38.707.000
61,450,000
10,000
159,000
1,177,000
11,504,000
12.337.000
179.269.000 144,704,000
30,000
24.000
F.R.notes received from Comptroller___
F.R.notes held by V R. Agent
3,515,476,000
1,250,703,000
Issued to Federal Reserve Banks
2,068,736,000 2,101,889,000 2,093,625,000 2.121,087,000 2,047,285,000 1,961,936,000 1.874.572.000 1,851,713.000 2,264,773,000
,
How Secured
By gold and gold certificates
636,409,000 636.009.000 621.009,000 625.644,000 617,054,00011 512.250.000 482.250.000 1 413,959,000
, 571.114.000,
Gold redemption fund
I
1
Gohl fund--Federal Reserve Board..-- 1,104,180,000 1,055,180,000 1,109.430.000 1,077,7.56.000 1.048,256.000
1,079.756.000 1.076.256.000 1310,256.000 1,276,929,000
391.968,000 508,820.000 507,788,000 631,915.000 518.669,000 437,991,000 407.749.000 358,944,000 731,927,000
By Idlitible Dever
-Total
2,132,557.0002.200.009,000 2,238,227.000 2.335.315,0902,183 ,979,0002,088,861,000 1.996.255.000 1,951.450.000 2.425,006.000
NOTE. -tieginning each the etatement of Oat. 7 1925, two new tow wme added la order to show
separately the amount of toilsome held abroad and amounts due
to foreign cforrespondents. In addition, the caption. -All other earn ng assets, previously made up of Foreign
Intermediate
0
061er securitlea." and the caption. "Total earning assets" to "Total bills and &entities." The latter Item was adopted as a Credit Bank debentures, was changed to
more accurate description or the total of
the discounts, acceptances and securities acusitred under the provision of Sextons 13 and 14 of the Federal Reserve
Act. which, It was stated, are the only item. included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT cLose OF BUSINESS JAN. 14
1931
Viro Capkers (00) °stated.
Total.
lateral Reserve Bank ofBoston. New York. Plata. Cleeeland, Richmond Atlanta. CAScago. St, Louts. Minneap Rava.City. Dallas San Venn.
--ISSOURCES.
S
$
$
$
$
$
$
$
$
S
$
$
$
Gold with Federal Reserve Agents 1.740,580.0 130,017,0 445,720,0 160,000,0 180,550,0 81,150,0 132,550,0 163,000,0 76.885,0 47,825,0 60,000,0 27.220,0 225,763.0
with U.S. Treas.
36,288.0 1,390,0
GOld redo fund
13,829,0 1,402,0 2,830,0 1,937,0
796,0 1,440,0
795.0 4,514,0
1,704,0 4,070,0 1,581,0
Gold held mos aint.ir.R. notes 1,776,877,0 141,307,0
Golelsettlet fund with F.R.Board 447,140.0 28,185,0
nom and gold etfa.held by banks_ 834,560,0 34,420,0
459.558,0 161.402,0 183,380,0 83.087,0 134,254,0 167,070,0 78.466,0 48,621.0 61,440,0 28,015,0 230.277.0
165,155,0 56,508,0 42,776,0 8,619.0 7,081,0 40,764,0 16.992,0 9,878,0 22,744,0 11,875.0 36.563,0
498,185,0 21,024,0 62,109,0 9.543,0 7,675,0 135,456.0 9,787,0 5,419,0 8,742.0 8,602,0 33,598,0
3,058,577,0203.912,0 1.122,898,0 238,934,0 288,26.5,0 101,249,0 149,010,0 343,290,0 105,245,0 63,918.0 92.926,0 48,492,0300,435.0
172.878.0 12,414,0
50,537,0 10,804,0 10,172,0 9,298,0 10,860,0 26,532,0 10,635,0 4,796,0 8,023,0 8,146,0 10,461,0
3,231,455,0 216,326,0 1,173,435,0 249.738,0 298,437,0 110,547,0 159,870,0 369,822,0 116,080,0 68,714,0 100,949,0 56,638,0
Total reeerveli
310,899.0
84,498,0 8,382,0
Non-reserve cash
23,348,0 4,183,0 5,826,0 4,523,0 4,558,0 11,607,0 5,412,0 2,663,0 2,575,0 4,180,0 7.241.0
DIU/ discounted:
86,750,0 3,483,0
23,475,0 9,370,0 15,174,0 3,620,0
Elec. be U. S. Govt. obligations
539.0 11,271,0 4 534 0
617 0 1,399,0
434,0 12.834,0
156,590.0 7,595,0
Other bills discounted
27,686,0 17,863,0 14,284,0 19,279,0 21,254,0 14,758,0 6,003.0 3,572,0 15.481,0 4,459.0 4,356,0
Total gold reserve.
Reserve other than gold
TOW bllis fiLsoouuted
sal bought In open market
U. S. Government securitice•
BODO&
Treasury note.
Cartificaten and bills
Toed
U.S. Gov't securities
243,340,0 11,078.0
196,180,0 16,795,0
51,161,0 27,233,0 29,458,0 22,899,0 21,793,0 26,029,0 10,537,0
50,934.0 3,568,0 23,180.0 7,434.0 10,702,0 36,672,0 7,106.0
105,419.0 2.027,0
189.439.0 15,569.0
349,459,0 28,937,0
58,352.0 1,540.0 1.401,0 1.1310,0
37,489,0 20,107,0 26,272,0 5,647,0
138,050,0 28,916,0 30,686,0 10,004,0
644,317.0 46,533,0
233,891,0 50,563,0 58,359,0 17,281.0
4,189,0 16,880,0
5,749,0 9,520,0
4,893,0 17.190,0
6.480.0 18,040,0
770,0 5,116,0
304,0 22,499,0
774.0 10.477,0
549,0
4,312,0 21,436,0 13,294,0 0,339,09,819,0 6.565,0 19,590,0
3,147,0 37,909,0 10,087,0 11,559,0 18,435,0 12,395,0 19.334,0
7,763,0 81 844,0 24,151,0 26,014,0 29,028,0 29,437,0
39,473,0
[VoL. 132.
FINANCIAL CHRONICLE
454
RESOURCES (Conelvded)Teo elphArs (00) omitted.
Total bills and securities
Due from foreign banks
Uncollected items
F. R cotta of other banks
Bank premises
AU other resources
1,089,337,0 75,256,0
53,0
708,0
238,0
26,015,0
568,311,0 63,738,0
57,924,0 3,458,0
86,0
20,403,0
CleveJana. Richmond Annum. Chicago
Phila.
li
$
1,000,0
$
$
2,700,0
$
850,0
S
5,550,0
Other securities
Foreign loans on gold
New York.
Boston.
Total.
$
1,000,0
$
.St. Louts Minneap. Kan.Citg. Dallas San Nana
- ----$
$
$
$
it
338,686,0 81,364,0 111,997,0 47,594,0 40,258,0 145,545,0 41,794,0 35.952,0 55,428,0 40,810,0 74,703,0
21,0
21,0
16,0
96,0
25,0
26,0
48,0
28,0
71,0
70,0
233,0
928,0 1,825,0
913.0
544,0 2,882,0
311,0 1,135,0 2,560,0 1,123,0 3,138,0
10,418,0
161,006,0 48,923,0 55,160,0 39,861,0 16,337,0 67,629,0 25,085,0 9,693,0 30,020,0 19,952,0 30,907,0
15,240.0 2,614.0 6.858,0 3,305,0 2,573,0 8,061,0 3,635,0 1,926.0 3,803,0 1,830,0 4,621,0
247,0
551,0
611,0
1,075,0 4,653,0 1,126,0 3,232,0
194,0 1,033,0
379,0
7.216,0
Total resources
5,078,701,0 367.537,0 1,729,582,0 387,397,0 480,517,0 209,493,0 229,398,0 607,024,0 106,176,1 120,443,0 194,863,0 124,586,0 431,680,0
LIABILITIES.
F. R. notes In actual circulation_ 1,552,702,0 122,823.0 326,646,0 145,985,0 185,933,0 90,403,0 132,749,0 143,563.0 82,164,0 50,844,0 68,026,0 30,010.0 173,556,0
Deposits:
Member bank-reserve ace's 2,463,596,0 144,977,0 1,087,445,0 146,878,0 189,915,0 58,790,0 58,797,0 331,955,0 68,641,0 48,542.0 83,412,0 57,850.0 186,394,0
546,0 1,272,0 1,625,0 2,961,0
947.0
3,867,0 2,416,0
6,200,0 3,729,0 2,872,0 3,016,0
32.202,0 2,751,0
Government .
388,0
166,0
200,0
171,0
206,0
131.0
771,0
228,0
577,0
565,0
1,927,0
428,0
5,758,0
Foreign bank
96,0 5,987.0
68,0
542,0
126,0
602,0
285,0
182,0
123,0 2,042,0
9,610,0
89,0
19,752,0
Other deposits
1
2,521,308,0 148,245,0 1,105,182.0 151,295,0 195,406,0 62,216,0 63,155,0 335,744,0 70,330,0 49,345,0 84.918.0 59.742,0 195,730,0
Total deposits
547,803,0 63,170,0 148,894,0 46,155,0 53,254,0 38,220.0 15,335,0 65,515,0 26,714,0 9,309.0 28,525.0 20,882.0 31,830,0
Deferred availability items
5,333.0 20,147,0 5.042,0 3,065,0 4,265,0 4.400,0 11,504,0
65.679,0 16,793,0 15,901,0 5,801.0
169,807.0 11,877,0
Capital Paid In
80,575,0 27,065.0 23,971,0 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
Surplus
585,0
616,0
432,0
736,0
739,0 1.969,0 2,119.0 1,364,0
104,0 1,052,0
2,606,0
123,0
12,445,0
All Mier liabilities
5,078,701,0 367,527,0 1,729,582,0 387,397,0 480,517.0 209,493,0 229,398,0 607.024,0 196,176,0 120,443,0 194,868,0 124,586,0 431,680,0
Total liabilities
Memoranda.
84.2
63.11
66.0
72.4
76.1
18.6
68.6
78.3
77.2
84.0
82.0
79.3
79.8
Reserve ratio (per cent)
1
Contingent liability on bills pur147,956,0 44,388,0 45,285,0 17,935,0 16,141,0 60,529,0 15,693,0 10,312,0 13.003,0 13,451,0 30,489,0
chased for foreign correspondle 448,809,0 33,627.0
FEDERAL RESERVE NOTE STATEMENT
Total.
Federal Reserve Agent at
New York.
Boston.
3
Two Ciphers (00) omitted
Federal Reserve notes:
Issued to F.R. bk. by F.R.A gt _ 2,068,736,0 162,558,0
Held by Federal Reserve bank_ 516,034,0 39.735,0
Pena.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. MinteaV Kas.Cify. Dallas. San lralea
$
3
3
$
$
521,217,0 176,985,0 225,783,0 105,569,0 161,434,0 197,733,0 92,093,0 55,916,0 80.994,0 36.468,0 251,986,0
194,571,0 31,000,0 39,850,0 15,166,0 28,685.0 54.170,0 9,929,0 5,072,0 12.968,0 6,458,0 78,430,0
1,552,702,0122,823,0
In actual circulation
Collateral held by Agt. as socurIty
for notes Issued to bank:
636,409,0 35,300,0
Gold and gold certificates
1,104,180,0 104,617,0
Gold fund-F.R.Board
391,968,0 25,174,0
Eligible paper
326,646,0 145,985,0185.933,0 90,403,&132,749,0143,563,0 82,164,0 50,844,0 68,026,0 30,010,0,173,556,0
2.132,557,0 165,091,0
529,070,0 184.461.0 229,537,0 110.028,0 163,677.0 220.744,0 92,810,0 56,312,0 85,142,0 37,358.0 258,327,0
Total collateral
17,170,0 55,000,0
395.729,0 38,700,0 15,550,0 5,150,0 7.900,01 40,000,0 14.085,0 11,825,0
50,000.0 121,300,0 165,000,0 76,000,0 124,630,0 123,000,0 62,800,0 36,000,0 60,000,0 10,050,0 170,763,0
83,341,0 24,461,0 48,987,0 28,878,0 31,127,0 57,744.0 15,925.0 8,487,0 25,142,0 10.138,0 32,564,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement Issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 4126. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions." on page 409 immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
enBeginning with the statement of Jan. 9 1929, tne loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold withwith
bills sold
dorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and
were included with loans, and some of the banks included mortgages in Investments. Loans secured by U. S. Government obligations are
endorsement
Reserve is not any
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal given. The number more subof reportdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being
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; In
The figures have also been revised to exclude a bank In the San Francisco district with loans and Investments of $135,000,000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given In round millions Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS JAN. 7 1931 (In millions of dollars).
Federal deserve Distrist-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta
Chicago. St. Louts. Minneap. Kon.CIty. Dallas. San Fran.
s
s
s
$
-totalAlarm and investments
3
22,776
1,494
9,175
1,306
2,205
625
582
3
3,338
Aans-total
16,064
1,118
6,484
892
1,462
448
438
7,653
8,411
446
672
3,623
2,861
471
421
703
759
171
277
139
299
6,712
376
2,690
414
743
177
3.089
3,623
148
228
1,341
1,349
126
287
345
398
71
106
1,827
282
103
16
882
93
90
17
140
31
13.821
7,043
148
903
517
14
6,492
1.721
30
778
350
12
1,596
3,597
109
146
173
1,363
103
235
On securities
All other
nvestments-total
U.S. Government securities
Other securities
Heave with F. R. Bank
:tests In vault
let demand deposits
rime deposits
lovernment deposits
3ue from banks
3tie to banks
s
3
3
645
363
657
437
$
1,948
2,470
475
232
404
321
1,320
1,203
1,267
203
271
78
154
107
297
94
227
414
906
144
868
170
132
253
116
628
62
82
407
461
37
133
67
65
109
144
63
53
312
316
39
14
39
11
265
40
47
8
26
6
55
11
33
7
108
27
1,081
990
15
331
242
10
304
225
14
1,893
1,254
23
370
237
1
205
148
1
460
195
2
268
148
8
736
1,018
18
143
320
93
111
82
108
266
513
87
131
79
84
158
210
99
114
206
261
$
3
$
1
II26
27
2
8
18
13
2
10
9
126
torrnyililirS from F. R. Bank
• Exclusive of figures for one bank In New York City, Closed Dec. 11. Last report of bank showed loans and investments of about 3190.000,000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Jan. 14 1931,
In comparison with the previous week and the corresponding date last year:
ResorreesGold with Federal Reserve Agent
Gold redemp. fund with U.S.Treasury.
Gold held exclusively agst. 9'. R. notes
R. Board_
Gold settlement fund with
mink.
Gold and gold certificates lima by
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills MiscountedSecured by C. a. Govt. obltgattona....
Other bills discounted
Total We dacountel
Bills bought le oaen market
U.S. Liovernruent eecurtMes13ond3
Treasury noses
Certificates and bills
Total U.S. Government eectulties_.
Other tecurttisi (see note)
Foreign loans on gold
Jan. 14 1931. Jan. 7 1931. Jan. 15 1930.
$
445,729.000 420.729.000 238,594,000
16,634,000
13.909.000
13,829,000
459,558.000
165.155,000
498,185,000
434,638,000
160.575.000
471.430.000
AMU,' (Cenctrele4)COI
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
,
255,228,000 Federal Reser e notes of other banks_
Bank premises
223,801,000 '
379,362,000 All other resources
1,122.898.000 1.066,643.000
45,219.000
50,537,000
858,391.000
57,883,000
1,173,435,000 1,111,862.000
24.432,000
23,348,000
916,274,000
16,092,000
23,475.000
27,686,000
34,073.000
35.419.000
51,593,000
19,033,009
51,161.000
50,934,000
69.492.000
70,723 000
70,626,000
150,701,000
58,352,000
37,489,000
138.050.000
62.158.000
40.707,000
135,176.000
11,333,000
93,259,000
108,539,000
233,891,000
2,700,000
238.041,000
2.850,000
213,181,000
9,830,000
Total resources
Jan. 14 1931. Jan. 7 1931. Jan. 13 1930.
$
$
$
233,000
10,418,000
161,006,000
15,240,000
7,216,000
237,000
135,053.000
9,347,000
15,240.000
7.272.000
241,000
10,975,000
195,258,000
15,664,000
3,868,000
1,729,582,000 1,684,549.000 1,608,733,000
LiailltiesFeCI Reserve notes in actual circulation_ 326,646,000 365,265,000
-Member bank, reserve sect_ 1.087,445,000 1,027.871.000
Deposit,
Government
3,603.000
6,200,000
Foreign bank (See Note)
1.948.000
1,927,000
Other devosite
12.037.000
9,610,000
294,941,000
969,547.000
479,000
3.329.000
11,333,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other Rebottles
984,708,009
177.823,090
67,195,000
80,001,000
4,063,000
Total liabillilo
Ratio of total reserves to rieneelt and
Fedi Res ve note nab:inlets combined_
Contingent !lability on bills Purchased
for foreign CerrilsCondence
1,105.182,000 1,045.459.000
148,894,000 125,191.000
65.578.000
65,679,000
80,575.000
80,575,000
2.431.000
2,606,000
1,729,542,000 1.684.549.000 1,608,733,000
82.0%
78.8%
71.6%
147,056,000 141,996,000 171,352,000
381,1013.000 444,361,000
Total bills and securities (See Note)._ 338,686,000
Items were added in order to 4110e/ separately the amount of balance's held abroad and amounts due to
-Beginning with the statement of Oct. 7 1925, two new assets," previous y made UP D1 Federal Intermediate Credit Rank debentures, was changed to "Other
NOTE.
foreign correspondents. In addition, the caption -An other earning
securities." The latter term was adopted as a more decorate deSCr.ptIOn of thp total 011110 discount
securities," and the caption,"Total earUIng aseets" to "Total bills and
Federal Reserve Act, which. It was stated, are the only Items included therein.
acceptances and securities acquired under the provisions of SeetIOne 13 and 14 01 the
455
FINANCIAL CHRONICLE
JAN. 17 1931.]
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Vaulters'
azeitt.
(All rim dollars per share)
In:.
Rate.
1faturits.
In:.
Rate,
Md.
Asked,
Bid. Asked
Maturity.
Wall Street, Friday Night, Jan. 16 1931.
Sept.13 1931-32 334% 100nst 10015n
June 15
the June 15 1931.__ 234% 100"s: 100nn Mar.15 1931-32 334% 100n. mono
-The review of
Railroad and Miscellaneous Stocks.
1931- 131% 1006:: 1006::
Sept.15 1931._ 24% 10016:: 10066n Dee. 13 1931-32 331% 101un 101nn
Stock Market is given this week on page 443.
1006
::
Dee. 13 1931._ 134% 1006::
The following are sales made at the Stock Exchange this
week of shares not represeteted in our detailed list on the
United States Liberty Loan Bonds and Treasury
pages which follow:
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Lib1 Range Since Jan. 1.
STOCKS.
Sales
Range for Week.
Week Ended Jan. 16. for
erty Loan and Treasury certificates on the New York
Highest.
Lowest.
Highest.
Week.
Lowest.
Exchange. The transactions in registered bonds are
share. Stock
Par. Shares. $ per share. $ per share. $ per share.S per
RailroadsSept given in a footnote at the end of the tabulation.
Caro Clinch 8.01110_100
10 85 Jan 10 85 Jan 10 7834 Dec 96
Feb
Cent RR of N J____101
100219 Jan 14219 Jan 141893( Dec315
g Jan 16 3 Mar 3 Mar
Chic & Alton pf ctfs__
34 Jan 14
400
Cuba RR pref
111
140 35
Jan 13 38
Jan 16 33
Dec 70
Mar
Duluth S S & ALI_ 101
III Cent leased line_100
lot Rye of Cent Am
Preferred
100
Feb
100 1 Jan 16 1 Jan 16
4 Dec 3
40 754 Jan 13 7531 Jan 13 7031 Dec 8334 Sept
Manhat Elev guar
Market St Ry
2d preferred
10 55 Jan 10 55 Jan 10 4034 Sept 75
4 Jan 13
100
4 June 3
4 Jan 13
200 3 Jan 16 34 Jan 15 236 Sept 6
100
100
100
10 4535 Jan 15 4535 Jan 15 36
Nov 7331 May
Sept
Feb
Feb
NY Lack & West_ _100
NY State Rye pref_100
Northern Central___M
Mar
Dec 111
20 105 Jan 15 105 Janl 5 105
34 Dec 331 Feb
% Jan 16
I( Jan 16
100
Oct
20 86 Jan 12 86 Jan 12 8531 JanI 91
Pacific Coast 2d pf_100
South Ry M &0ctfs100
10 7
500 75
Jan 10 7
Jan 12 75
Jan 10 4
Jan 12 60
Dec 19% Mar
Dec1354 Mar
Indus. & Miscall.
Amalgamated Leath__*
Am Ag Chem pf ctfs 100
Am Ag Chem of Conn.*
Preferred
•
Am Ag Chem of Del •
Am Beet Sugar pref_100
Am Colortype
•
100
300
200
100
700
40
400
1
21
2
2135
20
17
17
Jan
Jan
Jna
Jan
Jan
Jan
Jan
16
13
12
10
13
16
16
1
214
231
2136
2236
17
18
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4 Dec 334
16
12 1735 Dec 2334
15
10
12
De. 45
16 8
15 1531 Dec 22
Art Metal Construe 1'
Assoc Dry Gds 1st p1100
Austin Nichols prier A *
Austrian Cred Anstalt_
100 20
200 85
100 23
100 5131
Jan
Jan
Jan
Jan
13
12
15
10
20
88
23 514
Jan
Jan
Jan
Jan
13
13
15
10
2031
85
15
51
Oct
Feb
Dec
Nov
2831
954
30
60
120 2731 Jan 12 2934 Jan 15
54 Jan 12 531' Jan 14
2200,
1734
D
D
8431 Apr
12 Sept
Celotex Co pref
Certificates
Certain-Teed Products
let pref
11 1
Chile Copper
2.
City Stores class A___
Colo Fuel& Iron pf_11 I
700 15
68 32
20 2135
14 102
Jan
Jan
Jan
Jan
12 1635
10 32
10 2134
13 102
Jan
Jan
Jan
Jan
Col Gas& El pref B.11 •
400 914
Comm Cred pi (7)...2.
30 2334
Consol Cigar pf (7).1'1
60 6434
Crown Cork&Seal pf__•
300 3234
Cuban Dominion Sug34
• 14400
Cushman Sons pf
130100
(7) 100
12 9134 Jan
13.2331 Jan
12 65 Jan
13 334 Jan
4 Jan
jan1 i 101 Jan
Jan 14
De Beers Cons Mines__
Devoe&Rayn 1st pf_111
Diamond Match
Preferred
25
Durham Hos Mill pf 1 1 4
Elk Horn Coal pref_51
Jan
Jan
Jan
Jan
Jan
Jan
Fashion Pk Assoc pf1 i 4
Federal Screw Wks___
Franklin Simon pf_144
20 834
10 104
7,714 1434
3,100 2431
251 2135
90 54
84
1
13 104
15 17
12 2434
15 23
14 535
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Oct
Feb
Apr
May
Feb
10 64
10 19
10 20
13 100
De 4536
Dec 05
Oct 42
De 13535
Mar
Feb
May
Aug
91
2034
53
3035
4
96
Jan 100
Dec 264
Dec 9374
De 35
234
De
Dec 120
may
13
13
14
15
16
12
14 sg Oc 14
A • 1144
13 99
10
10
Oct 5734
10 23
De. 14
16 2
Oct
Sept
Oct
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
13 108
1510731
10 80
14 74
14 2434
13 10834
Jan
Jan
Jan
Jan
Jan
Jan
il 97
15 11035
10 75
14 63
14 19
13 1004
Dec 125
Nov 120
Dec 122
Dec 111
De. 424
Ja. 115
Feb
Jan
Jan
July
Apr
Apr
Mar
Sept
704 Nov
Jan 14 6834 Jan 12 564 D
ja. 11135 Aug
Jan 10 106 Jan 10 100
Jan 10 47 Jan 10 3831 De •• 89
Apr
100 3934 Jan 14 3934 Jan 14 3634 De 61
Feb
10 134 Jan 15 134 Jan 1512331 Ja.138
July
5,801 854 Jan 13 934 Jan 10 634 Dec 1131 Oct
Indian Motorcy pf._ 144
40 23 Jan 16 23
Indian Refining airs_ 9,300 354 Jan 13 434
Internet Nickel pf_.100
300 11531 Jan 16 117
Internet Silver pref_100
40 87 Jan 13 90
Kansas City Pow & L
lat pref series B_
50 114 Jan 15 114
*
Holster Radio ctfs
100
35 Jan 10
35
Kresge (8 El) Co pf_100
40 110 Jan 14 110
Jan
Jan
Jan
Jan
16 18
12 334
12 114
14 7035
Jan 15 108
Jan 10
4
Jan 14 10436
13:118
Jan
Jan 12 764
Jan 15 93
De 8734
434
De
Dec127
D 1124
Mar
Dec
Apr
Feb
Ja. 116
Dec 3
Decill5
Nov
July
June
Loose-W Bis let M 11 i
Lorillard Co pref. __1(),
MacAndrews& F pf 101
10 123
900 97
20 95
Jan 13 123
Jan 10 98
Jan 15 95
Nat Supply pref._ _144
.
Neisner Bros
Newport Co (The) *
Norwalk T & R pref 100
Nunnally Co
•
40 108
200 22
400 1631
80 9
300 236
Jan
Jan
Jan
Jan
Jan
1510831
12 22
15 17
14 12
13 231
Jan
Jan
Jan
Jan
Jan
12 10635
12 20
10 1536
12 9
13 2
Aug 116
Dec 54
Dec 1731
Jan 25
Feb; 331
July
Apr
Dec
Apr
June
22
25
1131
9536
70
25
134
944
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16
12
13
14
10
15
13
13
2234
27
1231
96
70
25
134
944
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16
12
14
14
10
15
13
13
22
2131
831
95
70
20
11
194
Dee 56
'
Dec 604
Dec 1036
Dec 104
Dec 88
Dec 45
Dec 194
Dec 103
Apr
Apr
Dec
Oct
July
Jan
Oct
Oct
OppenheirnCollIns&Co•
Peoples Drug Stores
Peoples Gas (Chic) rte _
Plias Co 6% Pf new _ _
Phoenix Hosiery pf_100
Pitts Terml Coal pf_101
Pitts United
2
Preferred
101
Produc & Refiners Corp
Preferred
5
Revere Copper & B
Preferred
lii
Rhine Westph El Pow__
500
300
8,700
200
20
10
300
20
Dec126
Mar
Dec 99 May
Feb 100K Nov
10 124 Jan 16 1235 Jan 16 114 Dec' 40
30 81 Jan 15 8335 Jan 13 85
100 2831 Jan 13 2831 Jan 13 30
20 424 Jan 12 4231
Scott Paper
1'' 1,400 504 Jan 16 60
Skelly Oil pref
190 354 Jan 14 3534
Sloss-Sheff St&Ir pf_100
•
70 234 Jan 10 331
Spear & Co
10 110 Jan 16 110
SoPorto Rico Slur Pf 10,
20010131 Jan 1010231
Std Gas & El pref(7) *
I
Underwood-Elliott-Fis•
100
1112231 Jan 1212231
Preferred
40 10235 Jan 1210231
tiniv Leaf Tob pref_100
10 54 Jan 13 54
Univ Pipe & Rad pf_10
100 92 Jan 12 92
Walgreen Co pref_100
•No par value
I
Total sales in $1,000 units__
igh
Converted 434% bon
of 1932-47 (First 44s) LowClose
Total sales in 81,000 units__
Second converted 434%(High
bonds of 1932-47(First(LowSecond 4315). _
Close
Total sales in 11,000 units_ Fourth Liberty Loan
(High
4I4% bonds of 1933-38._ Low(Fourth 43(s)
Close
Total sales in $1,000 units_
TreasuryHlih
44s, 1947-52
•{Low_
Close
Total sales in $1,000 units_
r
igh
48. 1944-1954
Low_
Close
Total sales its $1,000
- unitsHigh
331e, 1946-1958
Low_
Close
Total sales in $1,000 units _
fEugi
3,1o, 1943-1947
Low_
Close
Total sales in $1,000
units_{High
3SIC 1940-1943
Low_
... Close
_
------------::
1036:: 1036n 1036
103
-_103
-103
-102",,n 102"1: 1031n 1031n
102"
102n
103
:: 1031n 103'n
10266:: 1032
103
103
23
2
21
12
12
30
---------103'en
,
103 In
10366:2
52
113
11226n
113
11
108"n
1081411
108"sa
9
____
____
___
1132ris;
-102naa
102nas
35
__ _
____
- _ __
------------------103",,103",,103n
1032, 10325::
12
::
10366:: 10327
34
86
113
113
11226n 113
0
112 1 113
105
40
108148 108"n
108"aa 108"aa
'as
108"s: 1082
1
3
106no 10611122
1062so 106?so
106"n 106"aa
26
,
102"st 103 as
102"aa 103'n
102"; 103212
2
41
_102"g
_-__
10221:
102,23
----------------- 104 -----'
-104
103"n
103",,10321s, 103sen
•1: 104
103nn 1031
111
174
106
1136
:: 1136:: 113%
1136
:: 113ssa 113'n
113'n 113% 113%
I
10
50
---.
108":2 109
--.
1088
'n 109
-.
108"11 109
-.
1
8
---- 106me
------ 106",
-.-,1
4
---- 106 /
---23
-'
103;n 103 n 103%
103'n 103'n 103'n
1031n 103% 103'n
1
1
1
102"aa 102nn 10211181
102"13 102"s 102"e
102"n 10224 102"*:
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 4th 4348
2 Treasury 4s
10221:: to 1036613
10861n to 103nn
Aug
June
Mar
100 18 Jan 16 18 Jan 16 1231 Dec 80
Dec 2535 Sept
200 1034 Jan 16 1134 Jan 10 10
Mar
De 99
170 744 Jan 14 75 Jan 14 75
Gen Baking pref
*
161 10431
General Cigar pref_14 I
1010734
Gen Gas 44 El pf A(8)..*
11 80
•
40 72
Preferred A (7)
Gen Printing Ink
20 244
Gen Ry Signal ni__ _It 1
11 10834
GMette Safety Raze
Cony pref
144 1,700 66
Gold Dust pref
400 105
Greene Cananea Copli •
10 47
Hawaiian PlneaPple_21
Heime(OW)pref_ I00
Houston 011 new_ _25
Jan
Jan
Jan
Jan
3
Mar
Nov
Daily Record of U. S. Bond Prices. Jan. 10 Jan. 12 Jan. 13 Jan. 14 Jan. 15 Jan. 16
------ --1021::
High 10122n 101262: 10126:: 101 11n 102
First Liberty Loan
::
.
3li% bonds of 1932-47_ Low- 10167:: 1016, 101"n 101242 101",, 102
1021n
(First 334s)
Close 101un 10125n 10128a 101.in 102
2
25
11
99
101
52
Total sales in $1,000 units__
--------------____
of(High
Converted 47 bonds
Mar
Nov104
Mar
Dec 45.64 Jan
Jan
Jan
Jan
Jan
Jan
Jan
12 45
10 42
15 2834
12 236
16i103
15 9334
Marl 5534
Dec 9934
Dec 82
Dec 1035
Aug 121
Dec11431
Apr
June
Mar
Feb
Jan
Sept
Jan
Jan
Jan
Jan
12 121
12 964
13 70
12 9434
Feb 1254
Dee 115
Apr 74
Nov 103
Apr
Max
Apr
Mar
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.85 3-16@
4.85 5-16 for checks, and 4.85 13-32@)4.85 7-16 for cables. Commercial
on banks, sight, 4.85@4.8534; sixty days. 4.8334; ninety days, 4.82 3-16;
and documents for payment, 4.8231@4.8334. Cotton for payment,
4.84 13-16, and grain for payment, 4.84 13-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9131
for short. Amsterdam bankers' guilders were 40.2034040.22
for short,
Exchange for Paris on London, 123.87; week's range, 123.87 francs high
and 123.72 francs low.
The week's range for exchange rates follows:
Cables.
Sterling, Actual
Checks.
High for the week
4.8534
4
.85 7-16
Low for the week
4.85 13-32
4.85 3-16
Paris Bankers' Francs
High for the week
3.92 7-16
Low for the week
3 93L
3 1 i
..9
3.91%
Germany Bankers' Marks
High for the week
23.7834
Low for the week
23
23..7748
23.75%
Amsterdam Bankers' Guilders
High for the week
40.2534
40.25
40.2234
Low for the week
40.2034
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &o., at London,
as reported by cable, have been as follows the past week:
Tues.,
Mon.,
Jan. 10. Jan. 12. Jan. 13.
Silver, per oz_d 1331
13 15-16 14 1-16
Gold,p.fine oz. 858.
858.4d. 85.9.35d.
573£
Consols,236 %_ 574
574
10334
British. 5%. - --10134
British, 4Si %_ ---French Rentes
86.20
(in Paris)_fr.
-French War L'n
102.10
(in Paris)Jr_ -
Wed.,
Thurs.,
Fri..
Jan. 14. Jan. 15. Jan. 16.
13 1-16
13%
1334
85s.34d. 84s.34d. 84s.fid.
5734
5734
37%
10334
103%
10351
10136
10134
10131
86.40
86.40
86.30
102.20
102.40
102.40
The price of silver in New York on the same days as been:
Silver in N.Y., per oz.(cts.).
2974
2934
Foreign
293-1
2934
294
2834
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 446.
A complete record of Curb Exchange transactions for the
week will be found on page 474.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 10.
Monday
Jan. 12.
Tuesday
Jan. 13.
Wednesday
Jan. 14.
Thursday
Jan. 15.
Friday
Jan. 16.
$ Per share $ per share 3 per share $ per share $ per share S Per share
189 2 19014 186
7
18714 18912 186 18812 18518 189
18912 18514 188
10412 10412 10412 10454 10412 10448 105 105
10412 10412 105 105
11312 11412
11312 115
*115 120
115 115 *110 113
113 113
76
4
765 783 574
8
7812 80 8 7612 8014 763* 7814 7714 79
4
*773 781, 7712 777 *77
4
*7514 7812
2
7812 *7514 78
7812 *77
592
*5914 60
5912 *555* 591 *57
*57
59
60
58
58
*10712 108 *10712 108
108 108 *108 10912 *10812 10912 10912 10912
*55
65
65
*55
65
*60
*55
70
*54
65
60 60
85
8
83* *8
*8
*8
8
8
83* *8
812
85
8 *8
8
*5012 547 *5012 5418 *5012 547 *5012 547 *5012 5618 *5012 567
8
8
8
5912 *5812 5914 5914 5914 *587 60
*6012 603
8 59
4 60 603
87 87
*8712 89
*8712 88
*8712 89
*8712 89
3
8712 89
618 618
654
618 7
612 658 *6
63
4 64
3
*6
634
4
4114 417
403
4 3812 393
8 40 4 42
39
3
40
4114 4018 41
413 4212 401s 413
4
4138 397 4012
8 40
4 4018 413
4 4018 403
2
214
2
212
2
214
214 234
214 258
214 214
114
134
1
114
138
178
118 114
138 134
114
13
8
*5
15
*---- 15 *__ 18
*5
15
*5
15
*5
15
____ 25 'P.._
*10
25
25
25
*10
*10
25
*10
25
7
73
8
614
73
8
688 63*
612 612
gi
4 7
63*
2112 22
20
217
8
2012 193 20 4 1914 2114 2014 2218 21
8
3
73
8
85*
714
712 712
712 8
714 79
712 7 4
3
1318 133
4 121 137
127
8
12
1218 13141 1214 13
114 13
407 4212 39
8
417
3858 40
39
4012 3912 41
39 397
8
*107 119 *107 119
107 107 *106 118 *106 115 *106 115
5712 5814 5434 66
5414 5414 5453 5614 *5412 5614
5414 55
*96 102
98
*96 102
98
*96 103
*96 103
*96 102
*87
94
*89
92
*89
94
*87
*89
94
*87
91
94
*35
45
44 *35
50
*37
49
*37
4812 *35
4812 *35
4812
*4914 70
*4914 70
*4914 65
*4914 70
*4914 70 *4914 70
*___ 62 e____ 62 *_ __- 62 *
62 *____ 62 •____ 62
*3812 3912 *3812 39
39
36
377
8 36
38
3812 *36
39
147 4 1473 14412 145
3
144 144 *14412 146 *14314 146
4
1431 14312
98
97
97
96
90
874 91
9112 95
9112 9012 92
*32
35
3412 3412 35
*32
35
35
341 3414
/
4
4132
35
315 3214 29
8
30
3112 29
293 3014 29
304 2914 30
4012 4012 *3758 39
4212 4212 *3738 41
*3712 39
*38
39
*315 4012 *3312 4012 *315 391 *32
8
•3918 41
*3112 39
39
8
6312 637
6414 65 8 6218 6118 6314 64
7
643 66
4
633
8
8 63
20
201 *1712 2012 *1712 21
20
,
*19
2112 2018 20 8 1117
*63
70
*6314 73
*63
73
*6314 73
*63
73
*62
73
8 3712 38
8
377
8 377 38
3712 385
8 37
38
383
8 3818 383
8118 8612 84
82
833 8512
4
88
8
813 8212 797 8212 80
4
*5814 60 •5814 60
61
*5814 60
*59
58
58
*60
65
26
2612 2518 2514 *25
2514 261 *26
8
2634 267 *2512 26
8
39
*40
42
41
41
37% 3712
3912 40
*3712 39
40
64
567 567
8
*56
*56
57
47
57
*5612 57
*55
57
58
58
*56
58
59
*58
59
59
59
59
59
59
10312 1043
815104 10412 102 10212
10612 10612 10512 10612 10412 105
14 335 34
347
34
3412 34
34
34
3414 343
4 3312 35
1914
1914 4115
1618 *1612 1911 *15
1914 16
1116
1914 *16
3
4
3
4
3
4
*5
8
*12
3
4
3
4
3
4
3
4
3
4
5
8
*9
11
*9
11
9
9
*9
11
10
10
*9
12
*42
45
*42
45
*42
45
45
*42
45
4218 421 *42
3
2178 2512 23 8 25
2158 2114 22
8
2214 2314 217 2314 21
82
85
81
83
78
78
77
78
7814 *76
7818 781
3512 3414 35
34
35 8 34
5
*3312 36
331 35
36
35
8
933 933
4
4 925 92%
*9212 95
95 95
94
95
94% 95
*80
__
81
_ 81
__ *80
- *80
*82__ *82
*79 -81 *75
86
85
*75 -8014 *79 79 -- ,
79 4
17
*7518 12
12
12
*3
8
12
*3
8
*3
8
12
% %
%
3
2
11712 1201 11618 11914
5
4
8
121 1227 1183 1223 118% 1193 1183 121
*85
*85
89
84
84
89
*77
89
89
7714 7714 *78
86
8612 *8512 8612 8512 8512 *81
8612 *81
8612 *84
*82
168 170
170 170
175 175 *170 177
169 173
*172 179
84
85
8618 84
825 84
8
843 87
8
87
85
8612 88
11414 11414 114 11412
114 114 *11414 115
4
11414 1143 114 114
7
7
7
14 *652 7
77
7
78
3
7
714 8
8
112 *114 112 *114
112
112 *114
114 *112
114
*114 112
*14
12
12
*12
114
*12
1
114
1
13
1
1
612 612 *614 7
*7
7 4 *612 7
3
8
8
*718 8
204
4
20012 20012 20012 2033 *20012
204 204 *200 2054 *200 202
•89
96
9212 9212 9212 *921296
*893 9212 92
4
*89
96
57
5712 5514 6614 54
55
4
553* 533 54
5414
53 8 55 4
7
3
412 *4
412 *4
412 *4
412
412 *4
*4
4
4
5914 6018 5918 6038 5914 6014
8 We 60
8
60% 6114 595 815
*512 1114
*512 10
*6
12
*5
10
10
*512
912 *7
*77
95
80
7712 7712 80
*77
95
*77
90
*77
95
*86
94
*86
94
94
*86
95
*85
*85
94
*72
94
80 *___ 80 *____ 80 *____ 80 *-- - - 80 *___- 80
*75
74% 741
*70
80
80
80
80
7514 7514 *70
83
*78
93 *86
*8812 931
93
873 873 *88
4
91
3
9012 95 4 91
*41
47
47
8
457 *41
457 *41
8
457 *41
11
*41
47
*41
8 46% 468 47 47
8
8
*4418 467 *4418 467 *4414 467
44
44
5114 5113 4614 5012 4514 4514 4514 4514 453 464 464 463
4
4
7312
71
7118 *71
73
*71
71
7312 7312 71
*7312 75
29
*24
35
35 .28
*25
*25
30
35
*28
33
*30
*40
60
*40
60
*40
60
60
*40
54
*41
60
*45
1
1
1
1
1
118
114
1
8
13
1
118
1
13
4 13
4
17
8
17
8
s
13
4 l7
178 2
13
4 218
18
4 17
2
100 1014 9912 10012
8
1003 10214 100 10112 101 102
1017 102
8
575 5812
8
5814 591
59
58
8
5812 553 57
58
5912 56
*80
82
*80
82
80
80
82
*80
81
81
81
80
*95 100
*95 100
100 100
*90 100
4190 100
*90 100
7
614 614 *6
*614 7
*618 7
612 612
*612 7
1014
918
918 *9
914
914 918 *8
*914 934
914 *8
*4114 42
*4114 43
*4111 44
*4114 44
*4114 44
*4114 45
4
4
186 18712 1874 18912 1853 18914 1853 188
187 1884 18612 189
8512
8512 85
857
s 85
8512 *85
85 4 85% 85
3
86
86
2312
2212 22
21
21% 23
22
2118
2214 2414 2112 25
46
4614 4814 46
50
*46
50
*45
48
5012 45
60
135 1512 1414 1512
8
16
8
/ 143 1518 15
1
4
8
153 16
12 153 16
*13
17
17
*13
*1412 18
18
*13
18
*16
17
17
1112
1112 11
1112 1112 *11
*1112 1512 1112 1112 1114 12
*23
284
26
,
*2512 23 4 26
8
287 287
8
*2612 23
30
*29
8 10
113
8 1012 107
11
1112 12
*42
45
*42
45
*42
45
*42
*25
34
*25
*25
34
34
*25
P--- 10112 *____ 10112 e____ 10112 *____
187 193
8
8 183 1912 18% 1834 181s
4
8
847 847 *85
2
85
85
*843 85
4
2312 2218
2312 *22
2214 2214 *22
4
2218 *213
2212 22
*2134 2212 *22
*312 3%
318
312 312
312 312
*101s
15
*10
•1018 15
*10
15
97
8 978 1018
10
*42
44
*42
45
*25
34
*25
34
10214 *____ 10112 *_--1812
183* 19
19
8514 *85
*85
87
2218 *2212 24 .22
4
4 213
2112 213
22
314
314 314
314
*1018
*1018 15
15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
Railroads
Par
Shares
9,000 Atoll Topeka & Santa Fe__100
100
1.800 Preferred
1,300 Atlantic Coast Line RR
100
100
37,000 Baltimore & Ohio
100
300 Preferred
50
600 Bangor & Aroostook
100
30 Preferred
100
200 Boston & Maine
100 Brooklyn & Queens Tr_No par
Preferred
No par
1.700 Bklyn-Manh 'Fran v t °No par
No par
200 Preferred v t o
700 Brunswick Term & Ry 5e0_100
25
41,800 Canadian Pacific new
25
20,800 Chesapeake & Ohio new
100
9,700 Chicago it Alton
100
10,600 Preferred
Chic & East Illinois RR....._100
100
Preferred
4,100 Chicago Great Western_ 100
100
7,900 Preferred
5,600 Chicago Mllw Si Paul & Pao_
15,000 Preferred new
7,200 Chicago & North Western_100
100
100 Preferred
2,800 Chicago Rook DO & P84010_100
100
100 7% preferred
100
8% preferred
100
Colorado & Southern
100
First preferred
Second preferred
100
100
600 Consol RR of Cuba pref
100
600 Delaware & Hudson
2,500 Delaware Lack & Western_100
300 Deny & Rio Or West pref_100
100
10,000 Erie
100
300 First preferred
100
Second preferred
4,800 Great Northern preferred-100
5000011 Mobile & Northern-100
100
Preferred
100
3,100 Hudson & Manhattan
100
7,500 Illinois Central
30 RR Sec stook eertificates__
600 Interboro Rapid Tran v 10_100
1140
800 Kansas City Southern
300 Preferred
100
700 Lehigh Valley
50
100
1,700 Louisville ta Nashville
4,000 Ivianhat Elev modified guar100
300 Market St Ry prior pref_100
100
1,300,Minneapolis & St Louls
600 Minn 3t Paul & SS marie_ioo
100
20 Leased lines
.No par
30,700 Mo-Kan-Texas RE....
100
1,900 Preferred
100
5,200 Missouri Pacific
100
2,000 Preferred
50
20 Morris & Essex
20 Nash Chatt & St Louis__ _ _100
300 Nat Rye of Mexico 2d pref_100
100
43,524 New York Central
200 NY Chia & St Louis Co_ _ _100
100
100 Preferred
50
100 N Y & Hader°
4,200 NY N H & Hartford
100
1,300 Preferred
1,600 N Y Ontario & Western_ _100
200 N Y Railways pref
NO par
220,N Y State Rys
100
100
3001Norfolk Southern
700 Norfolk & Western
100
130 Preferred
100
3,100 Northern Pacific
100
200 Pacific C0888
100
34,700 Pennsylvania
50
Peoria & Eastern
100
500 Pere Marquette
100
Prior preferred
100
Preferred
100
300 Pittsburgh & West Virginia 100
900 Reading
50
First preferred
50
300 Second preferred
50
.100
3,600 St Louis-San Francisco...
600 First preferred
100
St Louts Southweetern
100
Preferred
100
31,100 Seaboard Air Llne
100
3,600 Preferred
100
7,500 Southern Pacific Co
100
6,200 Southern Railway
100
400 Preferred
100
100 Tema & Peale
100
200 Third Avenue_
100
200 Twin City Rapid Transh_100
Preferred
100
5,600 Union Paella
100
3,800 Preferred
100
100
8.400 Wabash
1,100 Preferred A
100
100
11,900 Western Maryland
100 Second Preferred
100
700 Western Pacific
100
100
300 Preferred
PER SHARE
Range for Year 1930.
on mots o 1Q0
f
-ho. 1014
Lowest.
$ per share
168 Dee 17
100 Dec 18
9514 Dec 30
55% Dee 16
7014 Dec 19
5018 Dec 29
10612 Dec 16
44 Dec 16
618 Dec 11
53 May 3
5518 Dec 23
83 Dec 17
614 Nov 11
3514 Dec 17
323 Dec 17
8
3 Dec 10
8
14 Dec 23
1414 Jan 7
29 Sept 25
43 Dec 15
12 Dec 15
4 Dec 17
/
1
4
73 Dec 17
4
2812 Dec 29
101 Dee 30
45 4 Dec 17
,
92 Dec 17
81 Dec 15
4018 Dec 31
8
653 Dec 30
60 July 11
30 Dec 30
13018 Dec 29
6912 Dee 15
2518 Dec 18
.
221 Dec 8
27 Dec 16
26 Dec 17
51 Dec 16
101sNov 11
65 8Nov 11
3
34% Dec 17
4
653 Dec 22
58 Dec 19
20 8 Jan 3
3
34 Dec 30
53 Dec 19
40 Nov 12
84 Dec 29
24 June 28
13 Dec 17
14 Oct 18
814 Dec 30
41 Nov 10
147 Dec 17
60 Dec 17
203* Dec 17
79 Dec 17
75 Dec 17
70 Dec 17
la Dee 18
10518 Dec 17
73 Dec 29
75 Dee 30
152 Dee 23
6738 Dec 17
10812 Dec 17
3 4 Dec 17
3
1 Oct 16
18 Aug 27
41 Dec 11
18112 Dee 17
83 Feb 3
42% Dec 17
3 Dec 26
/
1
4
53 Dec 17
412 Dee 30
7612 Dec 31
90 Dec 3
9112 Oct 9
481s Dee 18
73 Dec 17
4418 Mar 11
48 Deo 13
393 Dec 29
6212 Dee 17
1712 Dec 30
35 Dee 16
12 Dec 15
12 Dec 27
88 Dec 17
461 Dec 29
76 Dee 21
85 Dee 18
4 Dee 23
718 Oct 25
443 Dec 31
4
16612 Dec 17
8214 Jan 17
1114 Dec 17
39 Dec 16
10 Dec 17
1114 Dec 16
71 Dec 29
23 Dec 29
Highest.
Lowest
Highest.
$ per share t Per Mare $ Per share
24212Mar 29 19518 Mar 2983* Aug
a
99 May 1047 Dee
1084
4Sept 29
17512 Mar 18 161 Nov 20912 July
12238 Mar 31 10514 Nov 1451s Sept
75 June 81 Dee
845e July 25
65 Oct 903* Sept
8412 Mar 29
11614June 4 v10314 Oct 115 Sept
85 Apr 145 July
112 Feb 8
7 Nov
15 Dec
15 sMay 22
7
44 Nov 85 Sept
8612May 29
g
40 Oct 817 Feb
783 Mar 18
s
8
7612 Nov 925 Feb
983*Sent 25
413 Oct 4412 Jan
33 8 Am 23
5
5214May 14
61388e01 9
4 Nov
Feb
10 Apr 2
4
3 Nov 25 4 Feb
1s
103* Apr 11
15 Dec 43 Feb
28 Mar 28
364 Dee 66% Feb
52%Mar 26
7 Nov
23 s Feb
7
4
173 Mar 31
5
17 Nov 63* Jan
12
8May 18
523
a
16 Nov 447 Aug
8
283 Feb 7
2812 Nov 685s Sept
4614 Feb 10
76 Nov 1081* Aug
8
897 Feb 8
3
140 4June 3 134 Apr 145 Feb
12
1251a Feb 14 101 Nov 143 Sept
Oct
8
1103 Mar 20 100 Nov 109
9478 Nov 10314 Nov
10418 Mar 21
8814 Dec 185 July
95 Feb 13
6512 Oct 80 Jan
80 June 19
84 Apr 72% Mar
75 Apr 23
45 Nov 70 8 Jan
62 Apr 10
5
181 Feb 8 14112 Oct 226 July
4
153 Feb 8 12014 June 1693 Sept
49 Oct 7744 Feb
80 Mar 28
4112 Nov 9312 Sept
833* Feb 14
8
55 Nov 6814 July
12
673 Feb 19
:
52 Nov 8378 July
621 Feb 19
8514 Nov 12814 July
102 Mar 29
18 Nov 59 Feb
461: Feb 17
70 Nov 103 Jan
9814 Mar 10
34l May 683* Jan
8Mar 25
533
136% Apr 22 116 Nov 15312 July
70 Nov 8018 Feb
77 May 13
15
3911 Mar 18
Oct 583 Feb
8
60 Oct 108 8 July
sMar 29
7
853
63 Nov 7012 Jan
70 Apr 16
,
05 Nov 1021 Feb
Ws Mar 31
Oct 1545 Sept
1381* Apr 4 110
24 Oct 67 Jan
42128e01 27
12
1412 Nov 8912 Jan
251* Feb 13
114 Nov
218 Apr 5
334 Jan
36 May 6112 Sept
85 Feb 7
5912 Feb 21
Jan
51 Dec 66
2718 Nov 653 July
663* Apr 14
93 8 Nov 10712 Apr
1083 Mar 27
8
7
46 Nov 1013* July
9812 Mar 8
14512Mar 6 105 Nov 149 Oct
753s Oct 863* Jan
87 Oct 2
132 Mar 25 173 Nov 240 Aug
11 July 29
3 8 Jan
3
1
Oct
19234 Feb 14 160 Nov 25612 Aug
144 Feb 10 110 Nov 19231 Aug
1103
4May 14 100 May 110 Dec
Jan
324 Feb 3 155 Oct 379
807 Jan 13212 Oct
8
12818 Mar 29
8
13512Mar 21 1143 Jan 13444 Aug
8 Nov 32 Feb
1714 Mar 31
9 s Feb
7
112 Dec
418 Jan 18
1
Oct 1414 Mar
212 Feb 6
1412 Dec 4812 Feb
331k Feb 14
Igo;
290 Sent
8714 May
118 8 July
7
43 Feb
110 Aug
35 July
260 Aug
101 Mar
97 Jan
1484 Jan
4
1473* Sept
60 Sept
80 4 04/84
4
1512Mar 20
3112 Jan 29
79 Feb 3
2423
4Mar 29
883
sSept 30
573 Apr 1
2
8914 Apr 8
36 Mar 29
88 Mar 28
,
301 Mar 29
5312Mar 19
191
Jan
82 Nov
7518 Nov
47 Dec
7213 Mar
17 Dec
140 Nov
94 Nov
90 Nov
90 Nov
1011: May
4111 Apr
5
43 May
101 Nov
87 Nov
50 Nov
84
Oct
918 Dec
1614 June
105 Nov
109 Nov
93 June
115 Nov
61s Nov
2014 Dec
75 Dec
200 Nov
80 Nov
40 Nov
82 Nov
10 Oct
143* Nov
Oct
15
871s Nov
1161* Feb
1153 Feb
4
94 Apr
2144 Mar
41% Oct
1571s Sept
1621,4 Sent
100 Dee
181 May
39 Feb
5814 Jan
Jan
100
2973* Aug
8512 Bent
813* Jan
1047s Jan
64 Feb
53 Feb
11
417e Mar
673 July
4
Industrial & Miscellaneous
1018 2,300 Abitibi Power & Paper_No par
8 Dec 27 42118 Apr 9
Preferred
44
100 36 Nov 17 86% Apr 8
Abraham & Btraus____No par 21 Dec 29 68 Apr 21
34
Preferred
100 102 Nov 24 11011 Aug 25
1021
/
4
No par 1414 Dec 17 373* Mar 31
1914 16,600 Adams Express
100 8018 Dee 29 94 Sept 10
20 Preferred
8514
No par 21 Oct 20 32 Mar 31
200 Adams Millis
24
4June 13
1,000 Addreasograph Int Corn No Par 24 Dee 30 341
22
100
600 Advance Rumely
218 Dec 30 2314 Jan 24
314
100 10 Dec 20 4114 Jan 29
Preferred
15
8414 Dee
89 Nov
43 Dec
10012 Nov
20 Nov
8
4 Nov
19 Nov
---- -__
7 Oct
15 Oct
5711 Aug
885 Jae
1
15912 Jan
11211 Oct
34 Nov
98
Jan
357 Jan
s
____ __ __
1047 May
s
119 MaY
266 Feb 18
9212 Oct 14
97 Feb 21
1974 Apr 9
86158 Mar 31
2412Mar 31
18412 Apr 10
101 May 17
99 Apr 15
121% Feb 11
14112 Feb 6
53 Feb 21
57 Feb 6
1187 Mar 27
101 Apr 2
763
4May 16
9444July 24
1211 Feb 15
28 Feb 7
127 Feb 10
13844 Jan 13
101 Mar 20
146 Apr 24
•Bid and asked prices; uo sales on this 033 4 e 60% stock dividend pa th z_Ex-dividend. ff Ex-tights. a Er-dividend and ex-rights.
,
PER SHARE
Range for Precious
Year 1929.
1831,2 Aug
New York Stock Record-Continued-Page 2
not
Foy sales during the week of stocks
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 10.
Monday
Jan. 12.
Tuesday
Jan. 13.
Wednesday
Jan. 14.
Thursday
Jan. 15.
Friday
Jan. 16.
457
recorded here, see second page preceding.
Sales
for
the
TVeek
STOCKS
NEW YORK STOCK
EXCHANGE.
PER ,HARE
Range for Year 1930.
On Oasis of 100
-share Sole.
Loweet.
Highest.
Shares Indus.& Miscell.(Cori.) Par $ per share $ per share
1
14 Dec 16
10.800 Ahumada Lead
lie Mar 28
41,600 Alr Reduction Inc
No Par 8712 Dec 17 15832June 2
614 Dee 29 36 Mar 24
1,800 Mr-Way Klee ApplianeeNo Par
No par
212 Jan 9
Ii Dec II
6,3001-Max Rubber Inc
4122une 18
98,3001Maska Juneau Gold Mln_ _ _10
914 Jan 7
0 Dec 10 1512 Feb 17
No par
000'A P W Paper Co
1
5 4 Dec 16 3514 Mar 31
3
43,800,Alleghany Corp
No par
4001 Fret A with $30 warr_ _ _ _100 3614 Dec 30 10712 Feb 11
500 Fret A with $40 warr___ _100 3712 Dec 30 9914 Apr 11
4
Peel A without warr _ _ _ _100 843 Oct 7 9614 Feb 24
62,000 Allied Chemical & Dye_No Par 17014 Dec 17 343 Apr 17
100 1203 Dec 15 12814 Apr 1
4
1,100 Preferred
14,9001A 1112-Chalrners Mfg _ _No par 3114 Dee 17 68 Mar 11
_
1,150;Alpha Portland Cement No par 1112 Be,' 17 4214 Mar 27
1612 Dec 17 131 12June 3
No par
2,9001 A merada Corp
1% Dec 29 10 2 Mar 31
3
Amer Agricultural Chem __I00
100 1712 Dec 29 3954 Aug 18
Preferred
sMar 27
10 4512 Nov 11 973
-55- - - 300 American Bank Not*
-66
60 -56- 19 ;Li- - - -3- ;Li" 193- 58 53
59 4
4
50 8014 Nov 11 86% Jar 31
40 Preferred
.6312 6112 *6312 64'2 6112 6412 6112 6112 *6313 6412 *63, 643,
2
37
32
14 4
213 Dee 17 12 Jay 18
400 American Beet SugarNo par
*3% 4
4
4
.
314 37
3
312 .
3
334
1514 Dec 17 5474 Feb 14
Amer Bosch Magneto _No Par
.5
311 Deo 30 545 ?Aar 20
*3512 39
755F4 16'- -5514 - -7 -511- - 1 -51 ii- -527 /3 .
.
3 4
4 31
3
-12 1.000 Am Brake Shoe A Fdy_No Par
IGO 118 July 17 128 Fob 13
190 Preferred
11918 119, 11912 11912 118 119 .11712 12212 *11712 12212 118 118
8
614 00t 31 21% Apr 25
85
8 852
812 812 *33
4 912
8% 8%
8% 83
4
812 84 1,300 Amer Brown Boyer! El_No par
4612 4612 4514 4612 47
350 Pr.9'erred
100 33 Oct 31 84 Sept 18
4712 4512 47
453 453, .4514 467
2
25 1043, Dec 17 156% Apr 16
11214 113% 111 11313 10952 11114 10912 11114 10712 111.41 1063 10914 247.100 Atr011 loan Can
4
148 148 *146 148
100 140, Jan 27 1507 Oct 2
4
146 11712 14712 14712 147 147 1•1463 1433
4
4 1.500 Preferred
3314 31
3212 33
4,000 American Car & Fdy__No Par 2114 Dec 30 8213 Feb 8
32
3112 3214 31
4
317 3213 313 32
100 Preferred
100 70 Dec 29 116 Jan 4
7712 7712 *7712 79
*75
781 *75
79
•75
78
78 .75
7
600 American Chain
323 33
4
No par 27 Dec 17 894 Apr 10
r32
*3014 32
32
3014 313
*3012 32
8, 308 307
8
4012 41
No par 35 Dec 17 3114 Apr 3
40
4013 .10, 41
4
4014 41
40
4112' 4018 4012 2,400. American Chlole
9 Noy 19 33 Jan 18
700 Am Cotnm'l Aloohol_No par
912 912 .914 912
9 2 912
,
9% 924
913
913 9%' •9
8 Nov 11 307 Mar 31
8
203 Amer Encaustic Ttling_No par
*10
11
10
10
no 11 no 11 1 11 11
•10
11
17 Dec 30 5912 Mar 31
300 Amer European seo•B No Par
*213 22
8
% 2152 21
21% 21% .20
21
20
20 .20
21
4
No par 25 Dec 17 1013 Apr 18
325 33% 3212 31'4 313 3314 3112 33
8
8
2312 32% 274 293 226.000 Amer & FornPower
4
SOO Preferred
No par 81 Dec 30 11112 Apr 29
*9212 93 2 9212 9212 91
90
91
91
91 1 .91
9112 91
,
,
84June 11
400 2,1 preferred
No par 63 3 Dec 17 100
73
73
75
76
75 .71
.71
71
*71
71
73
71
1,600 26 preferred
No par 73 Dec 30 101 May 17
80 80
3
80
791 2 7912 *7912 79% 7812 7812 777 777g
80
812 3,100 Am Hawaiian S S Co
814 93
2 *8
912 912
10
10
512 Den 15 3358 Mar 19
914 9%
9% 9% *9
118 Doe 17
300 American Hide & Leather_100
2% 2% .2
7 Apr 10
2% 2
1, 212 212
*214 3
3
.17
3
312 Dee 30 347 Apr 11
100 Preferred
100
11
11
.103 14 1 .104 14
4
*10 4 14
3
4
*113 11
*103 14
4
4
900 Amex Home Products _-No Par 4613 Dec 17 693 Mar 20
51
5112 5114 5114 51
.50
5114 5013 50141 50
51
50 4
,
No par 2412 Dec 26 4174 Mar 37
26
267
8 2514 251
253 25% 2514 2514 2514 25141 *243, 2514 1,100 American lee
4
24,500 Amer Internal Corp
No par 16 Dec 17 5532 Apr 2
2012 21
4
4 1812 19121 1858 19
4 183 193
19% 20 4 183 193
4
3
114
France & Foamite_10
1,600 Amg.efrL:red
1
12 Dec 23
7
2 1
4 Apr 2
1 I
1
*72
1
1
1
1
114
20
4
100
7 Dec 30 35 Feb 14
*812 12
4 *733 1134 1373 1154
3
12
4 *73 113
12
.718 113
1,900 American L000motive_No par
2512 26
1314 Dec 30 105 Jan 6
24
25
24
2412 2372 24
25
*2414 25
25
812 Mar 1
400 Preferred
80
8
100 6314 Dec 23
80
,
80
80
*7812 80 4 7812 781 2 778 778 *773 81
323 323
333 353 18,900 Amer Mach &Fdy new _No par 293 Dec 17 45 Sept 6
4
4
4
4 33
,
33% 33
33% 33 2 3172 3314 35
1.500 Amer Mach & Metals_ No par
3 Dec 15 1412July 3
4,
4 43
44 4 4
,
,
s
*33
4 4 4,,
,
31s 418
4 37
a
*33
4 3%
300 Amer erred (670)
pretaf etal Co 1 td__-Na Par
18
1312 Dec 15 5112 Feb 7
.
18
4
18
178 1753 *1613 1713
*173 18 •173 18
4
18
.80
90
90 .80
90 .30
90 .80
100 30 Dec 29 116 Feb 18
90 .80
*80
90
450 Amer Nat Dan pref___No par 20 Dee 27 95 Mar 27
30
_
30
3
3413 378 377 378 371 377
32
35
333 30
4
4712 43
4512 4714 4512 4014 12,200 Am Power d, L1gh4____No par 361g MO 16 1198 Apr 1
4778 4612 47
47% 483
2
4 46
500 Preferred
9718 9712 9612 9612 96% 97
97
*90
07
96% 967 •96
8
No par 90 Dec 17 107 Mar 24
7912 7912 *7912 80
*78
300 Preferred A
80
*7913 80
7
*7912 80
No par 74% Dee 30 87 4 Sept 19
80
80
*8013 81
1,400 Peel A stamped
No par 743 Dec 29 8912Sept 27
4
80
80
80
*3012 81
8012 8012 8012 8012 80
17% 1812 17% 1818 1714 17% 1714 172i 164 1714 163 1712 21.300 Am Rae!& Stand San'y_No par 15 Dee 29 393 Apr 7
4
4
872 Dec 17 37 Mar 25
73, .7
.8
9
718 71
712
.1714 812 1,000 American Republics _ No par
818 814
7
30% 313
25 28 Dee 27 10072 Feb 17
8
4 2914 3012 235 30 I 34.100 American Rolling Mill
8 3018 313
307 317
8
8
8 303 31,
62
11,500 American Safety Rasor_NO Par 5212June 18 67% Apr 28
6312 6213 63
62% 614 63
62
63
62
14 6112 63
Amer seating v to
No par
5 Dec 4 26% Feb 18
.618 713 •13%
71
.612 7
.
6
8 2 .8% 7
•618
,
712.
7
8
*2
4
7
7
i
s
7
8
3%May 6
12 Deo 10
72'
400 Amer Ship & Comm_ NO Pa
.
7
8
1
7
2
1
1
8
*3912 42
20 Amer Shipbuilding new_No Par 35 Dec 16 5412June 5
.3913 42
42
37
*3912 42 •39
*3912 42
371
4314 4412 44
431 4112 435 44.i 343
437 16,500 Amer Smelting & Refg_No par 3712 Dec 29 7912 Apr 2
2
8
443
4 433* 44
1
.129 131 .129 131
100 131 Dec 15 141 Apr 8
900 Preferred
130 131 *130 131 *130 13114
129 129
9612 9612 97
4
100 93% Deo 31 1033 Aug 14
600 6% cum 2d pref
963 96121
4 93 93 .9614 97
97
973 973
4
*385 39% 38% 33 8 38
25 357 Dec 29 43% Jan 27
8
8
700 American Snuff
39 .3318 39
3314 .33
*3912 393
7
*10214 103 .10234 108 .10214 107 .10214 107 *1023 108 *10214 108
100 10018 Jan 3 112 Sept 18
Preferred
4
2 Dec 31) 2212Mar 7
*23
4 3
300 Amer Solvents & Chem _ NO Par
23
.272 3
4 234 *212 23
3
3
*3
33
4
41
3
5 4 Oct 23 3314 Mar 5
No pa
2 *7
300 Preferred
7 12 712
*7
8
812 .7
63, 7
2314 2312 27% 28
2312 Dec 17 5214 Mar 20
2 25
253
265
4 6,600 Amer Steel FoundriesNo pa
26% 2712 26
257u 25
*111 11212 111 111
100 Preferred
100 110 Dec 17 116 Feb 25
110 110 *11014 11212 11014 11014 *110 11212
*37
39
*38
200 American Stores
No par 3612 Dec 26 5512 Apr 18
*3718 39
39 .3713 39
39
37
3718 1338
49
49
49
1,400 Amer Sugar Refining
467 47
8
100 3914 Dec 27 8978 Mar 28
49 .45
4812 *4514 43 .4512 47
.
10114 105
101 101
700 Preferred
MO 95 Nov 10 110 Apr 24
10114 10114 .101 104 *101 101
101 101
4712 9
*712 812
9
400 Am Sumatra Tobacco_ No pa
914
8
8
4
,1,3
5 Nov 10 1163 Feb 10
8
9
8
.16
120 Amer Teleg & Cable Co
17
1514 17
167 16% •1514 17
16% 16% *1514 17
8
100 15 Dec 29 2712 Feb 8
77,250 Amer Telep & Teleg
18512 18612 13458 18612 18214 1851 1 1827 1843 1797 1843 17953 183
8
2
8
8
100 1703 Dec 17 27414 Apr 17
American Tobacco com____50 197 Jan 8 26414May 23
o5 93 2 Dec 16 127 Sept 10
109 110
4
6i 1,40 1662 - ,690 New w 1
1-1- 2 iOi- 166- 10712 1- 7 iiiirs 161,
6 -34
Common class B
50 197 Jan 8 26912May 28
111.- 112 - 110 4 11212 15934 fif - 661- 1-1- 4 103 11112 10714 1. 3. 31,000j Class B new WI
-3.
--2 0
- 4
25 99% Dec 16 13072 Sept 10
127 127 .12814 12712 12714 12712 127 1277 *12714 123 I 12714 12714
5
8
100 120 Feb 3 129 Sept 25
7001 Preferred
*100 110 *100 110
.93 110 • .100 110 .97 105
105 105
100 American Type Founders 100 95 Nov 17 1413 Apr 1
4
*10412 106
106 106 .105 106 .105 106 •105 106 1.105 106
20 Preferred
'
100 1031INoy 7 11434July 24
573 59% 57
4
59 4 553 58
3
4
513 557
4
54
553 32,0001Am Water Wks & Elec_No par 475 Dec 17 1247 Apr 23
4
54
57
2
2
7 *102 4 103% 1024 10214
10218 102% .10214 1013 .10214 1037 .10214 103
8
4
2001 lst preferred
,
93 Nov 2' 10814 Oct 8
913 107
93 1134 11
8
2 10
1178
1012 10
103
4 10
1014 8.300ii American Woolen
538 Nov 11 2014 Feb 17
100
4
283 3234 30% 33
273 30 8 287 3114 293, 3218 29
4
,
8
3114 30,800 Preferred
8
447 Feb 18
8
100 155 Nov 1
312 318
*213 314
3
3
.212 3
*212 3
.23
4 3
300 Am Writing Paper ette_No par
13 Dec 2
2
,
9 May 29
*1212 1412 *1212 1412 14
14
*1234 17
*1212 17
*1212 17
1001 Preferred eertificates._ 100 1018 Dec 23 4434 Feb 27
*
412 5 4
47
5
*412 5
5
,
.15
8 5
.45
8 5
400- Amer Zino Lead & Smel8_25
48
33 Dec 17 1772 Feb 3
8
26
.25
26
30 .23
30
23
28
*2813 30 .29
30
200; Preferred
25 26% Dee 29 7972 Jan 20
3112 32 4 3114 3232 307 313
317 3314 32
8
.
,
31% 33
327 115,2001Anaconda Copper Mining.
3
.59 25 Dec 17 8112 Apr 2
26
26
26
26
26
2618 2512 26
25
25
.23
24
5314 Feb 8
1,700,Anaconda Wire& Cable No par
10 Dec 2
30
3012 30
30 4 30
3
30
297 298 .2714 293
4 29
29
2.500Anehor Cap
Na par 24 Dec 29 51% Apr 21
14% 1352 13% .131* 14
•
14
14
1414 1414 143 •14
3
15
600'Anden Copper Mining _ _No par
168 Dec 1
5
3714 Apr 2
1612 1612 •1612 17 4 1612 167
,
163 163
4
4 1612 1612 1612 1613
800 Archer Daniels Micll'd_No pox
2914 Apr 5
1313 Dec 1
69
7012 69 69
6812 694 67
67
*66
68
6514 66
2.500 Armour & Co (Del) pref...100 80 Dec 3
8June 5
827
312 3
34 38
3
3% 3%
34
7
313 358
313 33 15.175 Armour Of Illinois class A_ _ _25
8
818 Mar 26
313 312
23
4Nov 1
212 2%
214 23
2% 212
23
23
2
214 23
8
2,
8 214 15,2001 Clam B
438 Mar 26
112 Nov 1
25
.
4014 42
40% 4012 37
403
4 37
38
368 371
347 36
3
3,8001 Preferred
65 June 4
100 2514 Nov 1
4% 418
414 412
4
414
1
412
4
4
312 Dec 1
4
4
2,900 Arnold Constable Corp_ No par
133 Apr 21
4
5
*53
4 812 *5.
512
7
14 812
7
*51
64 *518 67
500 Arttoorn Corp
4% Dec 17 2012 Apr 28
No par
2612 27
2714 27% 27
27
267 27
263 2672 26
4
27
2,700 Associated Apparel Ind_No par 20 Nov
4814 Mar 10
2414 253
2412 2514 24
25
4
2111 2178 21
243 .24
4
25
4,8001 Assoo Dry Goods
5012 Apr 15
No Par 19 Den 1
*2613 30
*2612 35
*2612 30
*30
3.5 .30
35 .30
35
lAseoclated 011
25 30 Dec 22 51 June 2
*3612 29
*3612 39
3512 3612 *3512 39 .3513 39
*3512 37
100 All GA W ISSLine_ __No par 33 Dee 26 80% Jan 30
53 .50
53 .50
.50
53 .52
5312 .52
5312 .52
Preferred
53 2
,
100 48 Dec 23 6514 Feb 28
21% 223
3 2112 2214 2012 2114 2014 217
197
4
2
25 165 Dec 17 513 Apr 7
54
51
4973 497 .19
.
50
*19
8
50
*4912 52
49
49
2001 Atlas Powder
m
No par 42 Dec 16 106 Mar 22
9313 .97
•98
93 .97
,2
9812 9712 9718 93
9812 997 997
3
150 Preferred
97 Nov 10 108 Mar 22
9
9
*9
9
912
9
4001Atlas Stores Corp
N o par
VO ar
7 4 Dee 31 37 May 15
3
*9
912
93
8 912 . 4 9 3
83
,
*312 3
12 *312 212 *318 312 *
313 312
8121,1ar 5
31
1
.3 8 312
,
100 Atlas Tack
312 Oct 10
10714 1093 107 110% 10214 11012 10112 105
4
102 1053 10152 1053 75,100IAuburn Automobile
4
4
3
No par 60 2 Nov 5 2833 Apr 1
eta/ 2
.134 2
.13
4 2
.13
2
7 May 14
.13
4 2
2
2
100 Austin Nichols
15s Dec
No par
114
*114
114 *114
1
114
1%
13
4 .114
2
78 Dec 30 103 Mar 3
13
4
134
13
4001Autosales Corp
No par
27
8 3
•112 4i4
.13
8 3
312 318
12 Dec 30 25 Mar 4
.133 3
*112 3
300 Preferred
50
_
4Juiv 31
---- -Autostrap Sat Razor A_No par 37 Jan 2 813
37
412
418 414
3% 43,
-552 -. 2 372 4 147765 Aviation Corp
179% Apr 15
25 Dec 15
8
No par
2218 2312 2112 2318 2112 2214 22
2214 2158 2252 2134 9218 23, 00Bald efl n lgco Works_No par 193
8Juoe 17 38 Feb 18
22
62
3 0 pr w erre
93
93
927 93
91% 92
9212 93
8
92
93
9218
100 84 Dec 27 118 Jan 21
10512 10512 10512 105'2 105% 106 .103 106 *105 106
106 106
90 Bamberger (1.) & Co pref 100 103 Dec 29 11012 Feb 4
*93
2 912 *918 10
93* *
0
8
97
8 *8
9
•8
92
2
4
par
8 Nov28 203 Mar 5
60 Barker Brothers
55
55
55
59 •,-5
56
5712 57,2 *55
56
56
56
58 Dec 30 91 Mar 31
100 Preferred
2
4 12% 123
1212 12% 1212 12% 123 123
4 12% 1212 1214 12% 17,400 Barasdall Corp clan A No ip
853 Dec 17 34 Mar 28
r
*3018 30 2 *3058 313 .3018 3012 .
,
*3012 30 2 .30% 3012
4
,
Bayuk Cigars Inc
3013 313
No Par 23 Nov 7 88 Feb 4
4
.3713 91
8713 8712 *8712 91
*8712 88
8713 8712 .8712 91
100 39 Dec 9 101 July 24
401 First preferred
% 67 *657 67
2
657 657 .66% 6712 1.1001Beatrioe Creamery
8
2
6612 »65
6618 6612 66
50 62 Dec 16 92 Apr 141
109 10758 10614 10558 105 107 '104 103
*106 108 *106 103 .
100 10114 Mar 20 10914Sept 22
300 Preferred
.5113 53
52
52
51
51
*5112 53
4
50
51
.50
5001 Beeeh-ut Packing Co____20 433 Nov 10 701s Jan 2S
N
51
212 212
2% 2% .23* 2%
212 218 *218
.214
2% Dec 31
212
8
900 Belding Ilereway Co__No par
83 Jan 17
23,
783 783,_ 733 781
4
, 78% 787
4
,
7614 Dec 13 361274ar 19
7833 78% .73 2 82
700 Belgian Nat RVR Dart prof _
80
80
$ per share
*14
3
8
9814 100
73
4 7%
3
8
12
834 9ii
63
4 63
4
914 9 3
,
.49
52
.49
52
*45
50
16314 16914
*12312 121
3612 36%
165 16%
8
2078 21
per share
3
8
3
8
9014 99 2
,
8
12
12
812 914
63
4 7
812 914
.45
51
483 483
4
4
*4018 50
165 1683
4
12313 12312
36
363
4
17
17
21
21
per share $ per share
$ per share
5s
52
3
3 '
18
3
2
2
4
9512 9711 95 4 9812 92% 98
,
714
712 712
712 712 *7
12
12
12
12
12
12
8% 872
8% 87
8
814 9
*612 7
*6,2 634
63
4 63
4
818 83
814 8%
4
8 4 8%
,
4812 4812 .1712 50
*4612 50
4412 4412 .46
46
50
46
*1212 so .4212 50
.42
50
8
1633 1673 16514 16712 31563 1657
4
4
4
12312 12312 12212 12312 123 123
353 3614 35
3814 3414 3513
4
1514 153 .14% 16
4
1412 15
2018 207
4
8 193 20% 31913 20
$ per share
12
12
92% 95%
8
712 87
12
12
814 9
•613 712
814 918
4914
47
46
46
*4014 50
15714 161
12214 12214
3414 35
16
*15
20
20
20, 127 203. 10,600,Atiantionerintag
•Bid and asked prim no sales on this day*
z Ex_diVidenda
r Ex-rights,
PER SHARE
Range for Previous
Year 1929.
Lowest.
I Highest,
$ per share $ per share
as Dec
47 Feb
2
77 Nov 223 2 Oct
3
1812 Dec 4874 Slay
1 Dec
1114 Jan
414 Nov
101 Jan
4
5 Oct 25 Jan
17 Nov
MI Sept
90 Nov 1183 July
4
197 Nov
11812 Nov
35% Nov
23 Nov
1712 Oct
4
Oct
18 Nov
85 Noy
57 July
51 Dec
4
27 Nov
4012 Nov
113 Nov
414 Oct
4934 Jan
86 Nov
13312 Nov
75 Nov
11012 Oct.
_
27 Nov
20 Oct
1814 Nov
23 Nov
50 Oct
10112 Nov
8614 Oct
94 Dec
1712 Dec
313 Dec
2314 Nov
40 Nov
29 Oct
2912 Nov
212 Oct
2712 Nov
90 Nov
11114 Nov
Aug
125
Apr
7512 Sept
33 Nov
4232 Jan
2352 Jan
733 Jan
4
157
Oct
65 4 June
3
2012 Jan
7612 Sept
62 Feb
12812 Mar
4
343 June
104 June
18412 Aug
145 Dec
10812 Jan
120
Jan
-ills Nov
106 Nov
58 Nov
6414 Nov
92% Oct
70 May
727s Nov
28
Oct
1212 Nov
60 Nov
44 Nov
17 Dec
is Oct
811, Fell
135 Feb
9814 Jan
1753 Sent
4
105 Feb
80 Feb
8412 Feb
563 Sept
2
643 Jan
4
14452 Sept
741 Jan
4
417e Mar
7 Feb
3542
81', Sepl
55 May
473 Feb
4
9812 Sent
19914 Sept
10812 Feb
103 Feb
100 Feb
42 Apr
Jan
10
5214 Aug
854 Jan
8312 Aug
4
964 Sept
87 Jan
4
75 Feb
136 July
120 Dec
62 Nov 1303, Sepa
12314 Nov 138
Jan
88
98
Oct 49
Nov 112
35 4 Oct
3
110 June
40 Oct
58 Nov
99 Nov
18 Nov
17
Jan
19314 Jan
160 Mar
i60
Oct
July
Jan
-797s Feb
7
114 Mar
85 Apr
943 Jan
4
111 Feb
60
Jan
82 4 Feb
1
31014 Sept
33212 Oct
ii8-
Nov
Nov
Nov
Nov
Jan
12114 Jan
181 Sent
112 Apr
199 Sept
104
Jan
Oct
5
4
157 Nov
4 Nov
28 Nov
7 Nov
49% Nov
6714 Dec
46 Dec
25 Oct
30 Oct
1812 Nov
75 Oct
51, Oct
23 Nov
4
57 Nov
614 Dec
1654 Nov
34 Nov
25 Nov
3412 Dec
3214 Feb
453 Feb
4
80 Oct
87 Nov
90 Nov
2S
T73: Jan
Jana
1808 July
46 Mar
494 Mar
11114 Mar
140 Mar
893 Sent
4
Oct
80
683 Mar
4
4912 Mar
Jan
95
1812 Jan
1014 Jan
88 Jai
407 Jan
2
30 Fat
583 June
4
703 Jan
4
4714 Apr
8812 Oct
62 4 Sept
7
77; July
7
140 Sept
10812 Jan
11433
115
103
60
97
is Nov
120
17,July
7
Oct 514 Sept
4- Dec
13 Dec
34 Nov
5412 Dec
15
Oct
10912 Nov
9312 Nov
16 Dec
70 Nov
20 Oct
55 Nov
95
Octi
69 Dec
100 Dec
45 Nov
418 Dec
7
`70v
351 Aug
45 2 Aug
7
50
Jan
20 Aug
863 Aug
4
126 Apr
11012 Feb
33 4 Jan
5
97
Jan
49le May
1133, Jan
1063 Jan
4
131
Oct
10812 Aug
101
Jan
1733 Aor
3472 Jas
458
New York Stock Record-Continued--Page 3
For sales during the week of stocks not recorded here. see third page precer ea.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 10.
Monday
Jan. 12.
Tuesday
Jan. 13.
Wednesday
Jan. 14.
Thursday
Jan. 15.
Friday
Jan. 16.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER VIARP
Range for Year 1930.
On basis of 100-share Leta.
Lowest.
Highest.
191
87Per share $ per share 8 per share 5 per share 5 per share S per share, Shares Indus. &Miticell.(Con.) Par $ Per share $ Per share
No par 1414Nov 10 5735 Apr 7
173 184 17,400 Bendix Aviation
4
19
1918 1758
1958 1812 195
18
8 18
19
No par 303 Dec 17 5814 Apr 25
8
33
33
2.700 Beet & Co
324 33
34
344 3234 3313 3214 3258 33
33
4
8 473 4934 225,100jBethlehem Steel Corp____100 4738 Dec 29 11014 Apr 1
5258 5314 514 53
4918 5058 4914 505
495 51
8
100 11234 Dec 17 134 Mar 22
11618 116 11814 1.3001 Preferred(7%)
11712 11712 117 117 11634 117
11612 11612 116
No par 23 Oct 23 4112 Apr 24
4
2 4001Blaw-Knox Co
264 *253 26
2618 27
2612 274 253 2614
g 2612 26
4
30I Bloomingdale Brothers_No par 1612 Des 23 297s Apr 24
*18 20
*1813 2012 *1813 2012
20 20
20
20
*1612
100 95 Dec 18 104 Oct 10
40 Preferred
94
*85
94
95 95 *85
94 *85
9434 *86
943 *85
4
100 74 Feb 7 90 Apr 7
tis 88 4.78
50 Blumenthal& Co prat
754 7512 *7518 85
8034 *75
79 *754 85
4
/
4
2212 22 221 3,300 Bohn Aluminum & Br--No Par 153 Nov 12 69 Apr 7
2213 2212 22
2212 2114 2214 22
/ 2238
1
4
/ 22
1
4
No par 5912 Oct 24 78 Apr 5
100 Bon Arai 0612.2 A
6334
6112 *60
*59
6213 *59
6212 60 60
6112 *60
*60
5 Mar 26
1 Oct 31
No par
300 Booth Fisheries
*114 2
*114 2
*14 2
134 134 *114 2
*114 2
514 Dec 10 334 Jan 3
100
let preferred
10
*6
10
+.7
*6
10
*6
10
10
*6
10
*6
25 604 Jan 8 90 sMay 29
3
6778 687 19,500 Borden Co
8
6912 7018 6918 70
69 4 6712 69
3
683 694 69
8
/
1
10 15 Nov 10 5011 Mar 27
2178 2214 2158 2278 203 2134 21
21
2214 2118 2214 17,400 Borg-Warner Corp
22
4
34 Dec 15
5 Mar 27
Botany Cons 111115 class A_ _50
*113 3
*112 3
*Pt 3
*114 3
*112 3
*112 3
8July 23
173 173
8
4 174 1734 163 1714 17
174 1612 1713 1612 174 34,300 Briggs ManufacturIng_No par 121s Oct 10 253
4
No par 1514 Nov 10 3511 Apr 4
500 Briggs & Stratton
18
*1718 19 *1714 20 *1714 20
1612 1714 1713 1712 18
14 Dec 26 2214May 19
312 33
4
*23
4 314 3.700 Brockway Mot Truok No par
3
3
218 338
4 314
3
314 *23
100 13 Dec 15 85 Apr 24
10 Preferred 7%
1714 1714
*17 30 I *18
*17 52 *17 52
*18 52
-No par 981s Dec 16 17614Ma r 8
1,400 Brooklyn Union Gas
'110 112
10918 1091 10912 1097 108 109 10611 10714 *106 108
/
4
8
No par 3334 Nov 11 42 Feb 18
Shoe Co
Brown
*3512 36
*354 36
*3512 36
*3512 36 *3512 36
*3512 36
/
1
4
11
3,380 Bruns-lialke-Collendar_No par 10 Dec 15 30 Mar 81
1114 1114 11
*1212 13
12
1212 1212 12
12
12
10 1118 Dec 17 3178 Mar 24
-Erie Co
/
1
/
1
15
15
/ 1414 144 1414 144 1,800 Bucyrus
1
4
1478 15
1412 1478 1412 14
10 21 Dec 17 43 Mar 25
600 Preferred
*2534 2614 *2514 26
2518 2533 2512 2618 2618 2618
25 25
100 10734 Jan 3 117 Sept 11
Preferred (7)
*111 115
111 115 *111 115 *112 114 *112 114 *112 114
3 Dec 30 1638 Apr 15
No par
41 418
/
4
700 Budd(E 0) Mfg
418 41
/
4
4
/ 43
1
4
414 438
4 *414 438 *414 412
No par
61 Oct 31 1453 Feb 6
4
914 914 4924 912
103
4 4,300 Budd Wheel
4
93 1018 10
4
94 93
4
9
/ 93
1
4
812 Dec 17 43 Mar 31
No par
*1212 1234 1214 1258 12
1234 1212 1234 1214 1212 2,400 Bulova Watch
1212 1214
97 Dee 17 74 Apr 2
8
No par
/
4
15
1514 141 1434 2,400 Bullard Co
164 1678 1514 16
1414 15
1412 15
Burns Bros new el A eons No par 254 Doc 15 11013 Apr 2
47
47 *40 47 .41
*40
48' *40
47 *41
47 *40
3 Dec 12 35 Apr 2
New class B com-___No par
*718 10
*7
/ 91.3
1
4
*74 10
*718 10
/
1
*718 93
4 *74 11
100 7134 Dec 16 100 Feb 12
10 Preferred
*80 82
81
81
*80 83 *80 83 *804 83 *80 83
81s:tar 1
7,200 Burroughs Add Mach .110par 1838 Dec 17 517
/ 2112 22
1
4
2358 233
211 22
/
4
4 2278 23
2214 22
/ 2238 23
1
4
No par 214 Dee 17 4813Mar 5
200 Bush Terminal
*2312 2414 2312 2312 *2314 24
/
1
2312 234 *2314 2414 *2312 2414
100 97 Nov 11 110 Mar 15
Debenture
*100 10214 *100 1021 *100 10214 *100 1043 *10014 10434 *101 1043
4
4
/
4
10 Bush Term Bldg' pref---100 108 Oct 21 118 Apr 7
*109 114 *109 110 *109 110 109 109 *109 110 *109 110
514 Jan 6
7 Dec 24
8
500 Butte & Superior Mining___10
4
*112 13
4 '5114 13
4 *114 138
4 *114 13
114 114 *114 13
44 Feb 20
114 Dee 15
5
134 134 *178 2
4 17
8
13
4 13
4 1,700 Butte Copper & Zino
13
4 13
4 513
14 14
100 10 Nov 14 294 Feb 24
15
15
200 Butteriok Co
15 •13
16 *13
16
14 *13
*14
16
14
/
1
4
No par 3318 Dec 16 112 Apr 26
12,900 Byers at Co(A M)
4258 4458 42
/ 42
1
4
8 404 4212 40
/ 4438 4018 4278 4034 427
1
4
100 106 Dee 9 114 Jan 25
Preferred
10013*-- 102
106 *100 106 *____ 106 *100 106
a!ro par 414 Dec 31 774Mar 5
'46 47
2,700 California Packing
47
47
4638 47
4612 47
454 4612 43 45
/
1
24 Feb
/ Dec 20
1
4
10e
3
4
7001Callahan Zino-Lead
3
4
*8
5
3
4
"8
*ft
4
3
4
3
4
3
4
8
4
08
3713 371 374 37
/
1
/
4
/ 371 3712 *3718 3712 37
1
4
/
4
3712 374 3713 2,400 Calumet & Arizona Mlning_20 2858 Dec 16j 8978 Jan
734 Dec 29 33 8 Sao
3
25
812 812
8 4,300 Calumet & Heels
813 85
83
4 83
4
85
8 87
8
83
4 934
914 934
1412 18
*14
900 Campbell W & C Fdry_No par 10 Nov 8 30 Mar 2
1312 1313 1312 13 13
1212 1212 •1212 13
81\13Z
3334 33
/ 3312 34
1
4
3012 12,500ICanada Dry Ginger Ale No par 3012 Deo 17 753
3318 3312 33
3338 3112 334 3012
/
1
No par 1618 Dee 30 3414 Mar
2012 20
/ *1812 20
1
4
400 Cannon Mills
41913
*1812 20 *19
20
1812 183 •1812
74 Dec 29 2834 Apr
10
1018 *1014 1178 *1018 12
111 1,300 Capital Adminis ol A No par
/
4
•10
1112 1112 1018 11
50 2913 Dec 26 42 Mar
30 30
1,400 Preferred A
31
30
31
*30
31
30
30
530
30430
3
100 8312 Dec 27 36214 Apr 2
8714 8912 8612 8912 8514 87
8214 8514 98,600 Case (J. J. Co.)
/ 85
1
4
8778 82 87
100 113 Dec 30 132 Mar 2
113 113
60 Preferred certificates
113
113
113
113
113
31
3138 304 31
3014 2934 3012 293 305
3012 8,300 Caterpillar Traotor___No par 22 Dec 17 7233 Apr 2
30
4
8 30
4.3
14 Dec 11 1373 Jan 1
/
1
313 312 *21 7
100 Cavannagn-Dobbs Ino-No Par
34 *3
313
/
4
/ *214 7
1
4
*214 7
100 24 Dec 9 75 Jan 1
24 24 '
70 Preferred
524 25 *24
25 *24
25
25 *24
25 *24
918 Dee 17 204 Oct 2
ru14 133 *1114 1358 *1112 13 *1112 13 *1112 13
8
Celanese Oorp of Am__No par
*1112 13
3 Dec 16 60 Marl
No par
1,500 Celotex Corti
*6
612
613 612 *6
7
6
7
7
71
/
4
5
/ 7
1
4
2313 24
4 2,100 Central Aguirre Asso-No Par 18 , Dec 17 3013May 3
4
23 2314 2212 2213 *22
23
2234 223
4 223 223
814 Mar 2
214 Dec 31
400 Century Ribbon mme_No Par
*212 334 *238 312
3
*212 3 4
3
3
3
3
*212 3
/
1
4
100 51 Feb 27 694July 1
10 Preferred
62
*59 62
559 62 '
559 65
60 60 *59 62 *59
5,900 Cerro de Paseo Copper_No par 21 Dec 15 654 Jan
8
245
2358 234 23 233
4 2314 2312 234 24 x2414 2411 24
2 Dec 17 154 Feb
37
8 37
8
37
8 37
8
312 334
318 334 3,000 Certain-Teed Produets_No par
4
4/
1
4
*3 4 418
3
ar
iv
No par 3278 Dec 31 49 Feb
800 City Ice & Fuel
36
37
3612 36
3612 3612 3612 36
36
/ 3612 *35
1
4
79 Oct 23 9834 Feb 1
555 Preferred
79
774 79
7713 774 *7713 79
79 79
79
8 79
797
7
8
No par 143 Dec 17 67 8 Mar 2
1818 187
*194 1978 183 193 *1812 19
8 1734 185
3 1.700 'Meeker Cab
4
8
8 1818 185
No par 3214 Dee 17 824Mar 29
3,300 Chesapeake Corn
42
4034 41
4078 41
40 4 4114 41
3
403 42
4
424 43
738 Nov 10 37 Mar 31
880 Chicago Pneumst Tool-NO par
/
1
/ 1014 1012 104 1012
1
4
11
11
1078 114 1038 1012 1012 10
No par 2213 Nov 11 557s Mar 14
*2914 31
2838 2838 28 28
2712 2712 2714 2714 *2512 30600 Preferred
40 Cbicago Yellow Cab
No par 2013 Dec 22 82 Mar 20
*2218 23
*2218 23 *2218 23
*2218 23 *2218 2234 23 23
10 1012 Dec 29 8212 Apr 10
100 Chickasha Cotton 011
11
11
13
*1114 124 *11
13 *11
13 *11
13 *11
No par 224 Dec 29 6758June 6
2614 1,300 Childs Co
2634 *26
*27 2734 27 271 26
/
1
4
/
4
/ 26
1
4
/ 263 261 26
1
4
4
/
4
No par 1418 Dee 16 43 Apr 11
165 41,900 Chrysler Corp
8
1634 16
1714 16
/ 17 8 1614 16
1
4
/ 1614 167
1
4
8 16
16
/
1
4
3
24 Dee 17 1314 Apr 25
31
No par
3
3
5,900 City Stores new
234 312
3
34 34 34
3
3
3
No par 1513 Dec 30 444 Apr 21
*1612 1812
100 Clark Equipmint
n813 18
*1612 18
*1612 18
18
18 *164 24
2484 24
/ 25 *25 28 *25
1
4
28
*26
28
uett l•e d
400 Cipteterr :body A CO-No par 21 Dec 11 80 Apr 6
2814 2814 2434
100 9114 Jan 2 105 Apr 8
*95 1043 '
4
4
*95 10434 *944 10434 *95 1043 *95 104
*944 107
No par 13314 Jan 8 19138June 4
/
1
/
1
4
3
15218 15358 151 153 149 150 4 14912 152 147 1504 14512 14818 22,900 Coca Cola Co
No par 4812 Jan II 63 Mar 21
5034 50 4
*50 4 51
3
3
900 Class A
4
3
5034 50
/ 504 50 4 503 50 4 *5034 51
1
4
3
3
4712 48
900 Colgate-Palmolive-Peet No par 44 Dec 17 6478May 2
*4814 49 *4814 4834 48 4818 4712 48
49 49
100 97 Mar 13 104 Dec 11
100 6% preferred
*101 102 *101 102 *101 102 *101 102 102 102 *10112 102
No par 12 Oct 18 8534 Feb 13
/ 13
1
4
/ 131 13
1
4
1313 1378 1333 1312 1338 13
/
4
134 2,500 Collins & Alkman
'1313 14
*__ ._ 75 *__ __ 75 *---- 75
Preferred non-voting---100 73 Jan 3 92 May 24
*70
79 *__- 78
834 Deo 15 204 Apr 28
*912 11
*913 1014 10
10
10
10
10
10
*913 1012 1,400 Colonial Beacon Oil Co_No par
4
2358 24
241 24
/
4
/ 2412 234 2334 2,500 Colorado Fuel dr Iron
1
4
/
1
100 183 Dec 15 77 Apr 8
/ 23
1
4
*2514 2512 2414 25
7612 79
7812 8018 7612 81
9,400'Columblan Carbon•S e No par 6518 Dec 17 129 Mar 11
4 78 8218 7812 81
/
1
4
80 4 80
3
3
3558 334 343
4 334 343
4 3314 3414 54,8001Columbla Gas & Elee-No Par 3058 Dec 17 87 Apr 10
3558 364 347 364 34
8
2,000 Preferred
100 99 Nov 11 110 Aix 11
*104 10514 105 10514 105 10514 104 104 104 10412 104 105
714 Dee 13 1174 Apr 23
74 8
/
1
4
8 8/
1
4
7
/ 81
1
4
/
4
7 4 84 16,100 Columbia Graphophone
3
813 84
814 832
1812 1912 *1834 1912 •1814 19
900 Commercial Credit---No Par 1513 Dec 17 4034 Apr 1
19
*124 1934 *19
193
4 19
*3412 3514
35 35
35
35
3512 35 35
600 Clam A
60 3013 Dec 12 44.18 Apr 1
35
35 *35
*2112 24 *2112 2414 *211 24
/
4
Preferred B
25 204 Dec 18 28 Apr 29
42112 2414 *2112 2414 *2112 24
814 814 82 83
8113 82
80 1st preferred(6%%)----100 7614 Jan 18 95
1sSept 11
'82 83 *82 83
*82 83 5
2612 2558 26
2512 263
4 254 2534 5.700 Corn Invest Trust
No par 2134 Dee 17 55 Mar 6
25 4 26
3
2612 2613 26
83
Cony preferred
No par 80 June 18 37 Mar 28
/ *80 8434 *8212 8434 *8218 8434 *8212 8434 *80
1
4
*80 84
21s Dec 17
Warrants stamped
6 Oct 6
/ *23
1
4
4 3 2 *27
,
8 33
8 *214 338 *234 338
*278 338 *278 3
1512 161514 153 18.500 Comm Solvents
I
1512 157
8 15 16
/
1
4
No par 14 Dec 17 38 Apr 11
1558 16
155 16
8
4
713 Dee 17 2014 Apr 7
83
4 9 53,300 Commonwith & Sou'rn No par
83
4 9
83
4 91s
83
4 9
83
4 9
834 9
9513 954 9511 2,200 $6 preferred series„-No Par 864 Dec 17 1043
4June 6
/
4
/ 95 9612 *943 9514 95
1
4
4
9512 9512 941 95
3478 *33
3478 *33
3474 33
33
100 Conde Nast Publioa„-No Par 314 Dec 30 67 Mar 27
/ *33
1
4
3634 *33 34
*33
558 Dec 30 1954 Mar 24
8
8
818
8
7 8 814
7
74 814 7,700 Congoleum-Nairn be-No Par
7 8 818
7
8
7
3
1814Seot 29 5678 Mar 11
22 23 *2234 24 523
2413 *23
244
200 Congress Cigar
2478 423 24
*23
28 *26
2913 *26
28 ' •254 2713
Consolidated Cigar----No 11ar 2458 Dec 17 594 Mar 17
32
*26
N"
*28
r
32
528
90 Prior preferred
64
64
100 53 Dec 30 30 Mar 26
66 66
*64
66
8 65 68
6213 65 *69 697
1218 121 *1134 1218 12
12
/
4
12
700 Consol Film Indus
7 8 Dec 27 2738 Mar 11
7
124 12
/
1
No Par
5
.1178 1218 12
No par 1212 Dee 26 284 Jan 10
8 2,400 Preferred
1714 1712 1713 174 174 1712 1714 1778 1738 1713 1718 173
Nopar 7814 Dec 17 1367 Apr 26
8 825 8514 824 8412 54,300 Consul Gas(N Y)
8
3
3512 8613 8458 8613 83 8 8538 84 853
7
No par 991 Jan 28 10513Sept 28
,
10313 1034 1034 1033* 10318 10313 4,400 Preferred
1037 104
8
104 104
104 104
3
4
34
14 Dec 16
2 Jan 27
3 12,100 Consolidated Textile-No Par
4
3
4
*
4
3
4
*53
3
4
7
3
3
4
3
8
12
518 Den 17 224 Feb 24
2,200,Container Corp A voi-No Par
8
8
/
1
4
8 8 18
7
/ 7
1
4
818 818
832 833
gas 832
2 Dee 16
213 3
No par
1,6001 Class B voting
3
3
*23
4 3
212 2
/
1
4
813 Feb 20
3
3
82 2 3
7
4
20
/ 2112 9,500 Continental Bak's CIA-No Par 163 Dec 29 6212 Feb 17
1
4
/
4
2238 2312 211 2212 2112 2214 2112 22
2314
22
2 Dec 25
No par
/ 2
1
4
/ 4,000 Clam B
1
4
238 3
2
3
7 Feb 17
3
3
3
3
2
/
1
4
2
/ 318
1
4
100 62 Dec 30 9478 Feb 17
7234 1,300 Preferred
*72
74
734 *72
4 7212 74 *72
73
/ 743
1
4
73
*72
4 4814 4914 12,600 Continental Can Ine___No par 434Deo 17 7158 Mu 31
3
504 5034 494 5034 4838 4938 4838 4914 4812 493
2,400 Cont'l Diamond Flbre..No par
/
4
9 4 Dec 16 37 Apr 21
3
/
4
111 111 1214 111 12
/
4
/
1
4
114
/
1
12
12
12
1234 12
*12
10 3714 Dec 17 7758 Mar 31
5,100 Continental Ins
45
4
/
1
443 444 45
45 4638 4538 46
/
4
4612 4714 461 47
2 Nov 6
12
31 318
/
4
3
/
1
4
3
3
/ 318 3,600 Continental Motors____No par
1
4
8 Feb 19
14
3
/
1
4
3
/
1
4
3
3
314
3
No par
7 4 Dec 17 304 Apr 34
10 34.600 Continental 011
3
98
3
93 10
4
1018
4 10
1014 103
1058 11
1034 11
913 93 17,700 Continental Shares
No par
815 Dec 27 404 Apr 1
912 1014
4
1014
1038 1018 1038 10
10
1034
10
/ 7914 7714 7814 6,400 Corn Products Refining-__25 65 Dec 17 11138 Apr 23
1
4
/ 7914 77
1
4
3
/ 79 4 78
1
4
79 8012 7914 8034 78
/
1
4
100 140 Feb 1 1611 Oct 18
70 Preferred4
14712 1474 *14714 148
147 147 *14714 148 *14714 148
*14512 148
814 51
No pew
2,300 COty Inc
74 Dec 29 33 Feb 3
/
1
4
84 8
/
1
/
1
4
8
/ 8
1
4
9
9
9
9
4
914 93
No pa
700 Cream of Wheat
27 27
2512 Jan
28
8
353 Mar 20
2712 *27
27
*2714 29
*2714 28
*2712 29
100
9 Jan 22 2918 Mar 6
Crex Carpet
5154 16
*1518 16 '
*151 16
/
4
*1518 16
*151 16
/
4
*154 16
/
1
400 Croeley Radio Corp___No pa
3 Dec 29 22 Jan 2
14
8 4
8 *43
478 47
478 478
*112 5
4
/ 412 *412 5
1
4
Cork & Seal__.No pox 31 Dec 16 5958 Apr 7
700 Crown
32
8 31
3112 3212 *3112 3278 *3114 323
*31
33
*3112 33
No pa
434 Dec 1
800 Crown Zellerbach
1812 Feb 19
67
67
64 6l
67
s
8 *6
84 67
8 3 84
7
4
63
4 63
1,400 Crucible Steel of Amerios-100 504 Dec 13 934 Mar 25
5538 53 25538 5512 *5514 57
5712 5712 5718 5712 5718 58
Preferred
100 10112 Deo 16 117 Mar 13
4
/
1
4
4
/
1
4
*105 105 *105 105 *105 1053 *105 105 *105 1053 *105 1053
/
1
4
No pa
24 Dec 30 191sMaY 29
1,900 Cuba Co
4
/ 5
1
4
/
1
4
412 4
*414 4 4
3
414 414
44 412
/
1
4
4
Oct 2
500 Cuba Cane Produots-No pa
7 Mar 3
/
4
4 *112 11 *112 13
134 13
134 2
*134 2
/
1
11 14
/
4
2 Dec 27
9 Feb 4
438 1,100 Cuban-American Sugar...A
414 414 *4
412
4
/ *4
1
4
4
/ 4
1
4
/
1
4
4
4
4
100 20 Dec 31 55 Feb 11
53
50 Preferred
30
30
31
3112 30
32
/ 33 *30
1
4
3112 *27
3112 *30
900 Cudahy Puking.--.- __. 50 3818June 25 48 Jan 2
8
8
/
4
43 43
427s 4278 4212 4212 421 4214 4214 424 423 423
•Bid and asked prices; no sales 00 this daya z Er
-dividend. V Ex-dividend and ex-tightlls
PER SH ASS
Range for Preston+
Year 1929.
Lowest.
Highest.
$ per share
25 Nov
25 Nov
7814 Nov
11658 May
per share
1043 July
8
1234 Sept
104 Aug
/
1
4
128 Sent
1E1aO
100 Oct
7018 Dec
37 Nov
70 Oct
3 Deo
13 Dec
53 Oct
26 Nov
24 Dec
$4 Nov
17at Dec
14 Nov
714 Dec
99 Nov
36 Oct
161 Nov
4
14 Oct
264 Oct
4
1073 Dec
818 Dee
754 Dec
2114 Nov
25 Nov
88 Nov
224 June
38 Nov
29 Oct
3114 Nov
• 214 Nov
3
1053 Nov
438 Deo
2 Oct
1712 Dec
50 Nov
105 Apr
631s Oct
1 Oct
734 Nov
35 Oct
• 19 Dee
45 Oct
27 Dec
17 Nov
99 Nov
130 Nov
113 Nov
5014 Deo
64 Deo
53 Dec
61's Apr
111
Jan
118 Jan
13654 Mar
8913 Jan
1184 Jan
034 Jan
1004 July
14338 May
1513 Feb
634 Jan
434 July
7378 Jan
145 Jan
2484 Aug
5113 Sent
5514 Jan
424 Jan
50 Feb
117 Apr
227 Oct
8
124 Dee
34 Dec
5458 July
127 Jan
39 Jan
1054 Jan
/
1
8294 Jan
8913 Feb
11013 May
11812 Feb
/
1
4
12 Jan
94 Jan
41 Jan
8
1927 Jan
12114 Jan
844 Aug
4 Jan
13654 Aug
6178 Mar
49 Aug
/
1
4
98 4 July
3
48 Sept
/
1
4
854 Oct
89 Oct
/
1
4
467 Sept
1234 Dee
61 Dee
4218 Feb
10513 Mar
31 Oct
21 Oct
3 Oct
5014 Dee
5214 Nov
1078 Dec
394 Dee
96 Sept
18 Oct
4218 Nov
2178 Oct
47 Nov
214 Oct
25 Dec
4412 Nov
28 Nov
74 Oct
25 Nov
3413 Dec
9013 Dee
101 Nov
4494 Oct
793
Feb
4134 Jan
2018 Jan
82 Jan
120 Mar
32 July
6214 Jan
10514 Jan
804 Sept
112 July
4711 Sept
61 Sept
36 Jan
50 Jan
757 Boos
4
135 Jan
27 Feb
61 Oet
/
1
4
7234 Jan
119 Jan
16413 Aug
60 Feb
"iF Nov "fira 171-ar
65 Dec 1031s Feb
---- -2754 Nov Tiff, jail;
105 Nov 344 Ott
"'WINO; ioi" July
ma Nov 8834 Jan
/
1
4
IS Soy 62 Jan
23 Nov 51 Sept
/
1
4
2034 Nov 28 Suns
70 Oct 10584 Jan
2814 Nov 79 Oct
Oct "ii" Oct
Oct10
2434 Oct
Nov85
"ii" Jan
11 Oct 3514 Jan
43 Nov" 92 Feb
5s
40 Oct 964 Jan
63 Nov 96 Jan
/
1
4
10 Oct 25 Sept
154 Oct 3034 Apr
8018 Nov 18314 Sept
9213 Nov 1004 Dee
Vs Jan
58 Dec
12 May 2312 Jan
34 Nov 1112 Jan
4
361 Oct 90 July
458 Oct 1514 July
794 Nov 100 Juno
404 Oos 92 Sept
20 4 Nov 3312 Dee
3
444 Nov 1104 Sept
6 Dec 28
/
1
4
/ Jan
1
4
18 Nov 374 Aug
264 Dec 45 Dee
/
1
4
70 Nov 1264 Oct
187 Nov 1444
18 Deo 3314 Jan
24 Nov 31 Nov
16 Dec 67 Apr
16 Dec 126 Feb
371s Nov 79 Aug
17 Oct 2694 Jan
71 Nov 12134 Aug
103 Nov 1163 Feb
4
5 Nov 2413 Jan
67,15;O
56
36
Dec
Nov
Jan
17 -95 Jan
674 Jan
New York Stock Record-Continued-Page 4
459
For sate* during the week of stock* awe recorded hers, see &Duet& pass precedIs2,.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 10.
Monday
Jan. 12.
Tuesday
Jan. 13.
Wednesday
Jan. 14.
Thursday
Jan. 15.
Friday
Jan. 16.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ Per share $ Per share $ per share Shares Indus. & Miscell.(Con.) Par
*9112 92
89% 9114 9014 913 *91
9214 2,400 Curtis Publishing Co_ __No par
4
9112 9112 92
95
114 114
114 114
11312 114
114 114
1,500 Preferred
11312 11312 11314 114
No par
33
33
3 4 414
3
44
No par
4
334 37 50,200 Curtiss-Wright
3
33
4 4
3 4 384
514 6
/
1
4
54 6
3
54 5 4 9.500 Class A
512 534
53
8 512
3
100
58 53*
38
375 38
39
371 38
3,100 Cutler-Hammer Mfg___No par
37
*37 8 373
3
37
38
4 37
*1414 1478 *1412 143* 14
14
1312 1312 13 8 14
8
1,100 Davison Chemical
135 14
7
No par
*11
16
10
10
52
*11
11
18
500 Debenham Securities
124 1218 *12
11
18
*2178 22
22
22
*213 22
4
22 22
*213 22
4
20
2112 213
800 Deere & Co prof new
4
*175 17814 *175 17814 *175 179
100 Detrolt Edison
175 175 *171 1771 *1713 17714
4
100
/
4
*15
1612 *14
167
8 16
4
400 Devoe & Raynolds A-No par
*1312 1512 13
15
133 *14
16
*180 210
__- - - ---- - _-_- ---Diamond Match etre. of dep__
*918 98
8
9
/ 1 44
4
914 - i
9
91. ---- --934 1018 10
93
4
104 13.100 Dome Mince Ltd
No par
15
1518 *15
1514 15
1614 *15
15 8 1514 1514 1584 1684 3,300 Dominion Stores
5
No par
6614 663
4 64 4 6612 6384 65
3
64 4 657
3
635 6514 63522 6514 8,800 Drug Inc
No par
8
*53
4 6
*53
4 6
*534 6
6
6
512 53
4 *514 64
600 Dunhill International-No par
*14
1434 *14
1434 *14
1434 *14
143
1484 *14
4 133 133
100 Duplan Silk
No par
4
4
*103 104 *10314 104
1027 1027 *1024 10412 *102522 10412 *103 104%
100 Duquesne Light 1st pref_100
*812 94
83* 83
*812 12
*814 12
913 912 •84 1018
300 Eastern Rolling Mill_ No par
1553 158
4
1534 159
15184 154 4 1503* 1534 1454 15012 14514 14712 42,400 Eastman Kodak Co
3
No par
129 129 *129 130
130 130 *129 13014 *129 13018 129 130
/
1
4
120 6% oum prof
100
15
15
7 153
14
8 1412 14 4 1412 1412 21414 1412 133* 137
3
1,600 Eaton Axle & Spring-.No par
88
8914 87
18 894 8618 88
7 878 84
85
87
8712 84
71,100 El du Pont de Nem
20
*118 4 119 4 *119 121 *11914 121
3
3
11914 11914 *119 11914 *11918 11914
100 6% non-vot deb
100
*312 44 *313 412 *312 44
312 31
•33
8 44 *33* 44
500,Eitingon SchIld
No par
*3612 38
*3612 38
*3612 38
•36122 38
*3612 38
I Preferred 6 Se%
•3618 38
100
523 54
4
524 5412 50 4 525* 5118 523* 505 524 5084 52
2
3
22.900 Electric) Antoine
*
No par
*1084 110 *10814 110 *10814 110 *10814 110 *10814 110 1'10814 110
I Preferred
100
38
33
3
3
3
3
3
3
3
34
3
3
1,000 Electrio Boat
No par
4314 4118 435* 4115 423 88,400 Electric Power & Le_ _No par
4
3 44 /
31 4218 4414 413 435* 42
8
4
*10214 103
1034 1037 103 103 *104 105 *104 105 *104 105
s
300, Preferred
No par
89 4 90
3
89 4 89% 8914 8912 89
3
891
89
8918 89
8918 2,000 Preferred (6)
No par
*5412 56
533* 53 4 5212 53
3
*52
55
*52
55
1.000 Eleo Storage Battery...No par
7 53
52
*3
4 2
*118 2
*1
*1
2
2
118 118 *114 2
100 Elk Horn Coal Corp_ No par
* 4 11
3
118 112
11
*I
•1
118
1
1
1
400 Emerson-Brant el A_ _ _No par
1'2
3912 39
3
40 40
*3912 41
41
1,000 Endloott-Johnson Corp_ AO
393 4018 397 40
*4
8
0
4
*11112 11414 *11112 11414 *11112 11414 *11112 1141 *11112 1144 *11112 11414
I Preferred
100
44
438
*42
44
44
45
44
45 45
.38
4012 404
300 Engineers Publlo Berl __No par
,
*8212 90
*81
90
*81
*81
90 *81
90
90
*81
90
Preferred $5
No par
*83
887 *87
88% 87
88% *85
87
*85
87
88% .85
1001 Preferred (554)
No par
*35
37
35 8 353
3
2 34
3312 *3212 3312. 2.200 Equitable Office Bldg No par
34
35
33
33
g
9
94 914
928 918 10
10
•93 10 I 105* 10520
8
800 Eureka Vacuum Clean_No pa
*43* 5
7
*47
•43
4 5
5
4
4
7
*43
4 5
5 I
300 Evans Auto Loading
5
5
2414 243 *24
2414 24
2414 *23
203 2212
4
2312 22114 22
240!Exchangs Buffet Corp_No par
*114 2*2
114 114 *114 212 *13
4 212 *14 212
4 212 *13
100 Fairbanks Co
25
6
81
*514 6
512 512
512 512
*514 6%
6
6
120 Preferred
100
*2234 24
23
23
4 2212 2212 *2212 23
*22
23
4
300 Fairbanks Morse
223 223
No par
*104 1097 *104 1097 *104 1097 *104 1097 *104 109% *104 1097
8
Preferred
100
*4
5
*334 412 *33* 412
4
4
z 5
5
100 Fashion Park Assoc__ __No par
*4
*4312 52
*4312 55
55*43
55 *43
1
4312 4312 *43
55
100 Federal Light & Tract
15
90 9018 90
90 90
*88
92
92
90 •90
90
*90
160 Preferred
No par
78 73* *7
712
64 7
*1312 7
7
7
*7
600 Federal Motor Truck _ _No par
712
2412 2412 2334 241
2114 2478 2412 2412 2412 247
24
24
8 2,300 Fed'I Water fiery A._ No par
•18
1912 *18
19
19
19
1818 1818 18
18
18
18
700 Federated Dept Stores_No par
497 498 487 49*1 4812 49
8
4712 48 48
4818 47
3.600 Fidel Phan Fire Ins N Y.__10
48
*1 12 7 4 •6 8 7
37
3
7
3
*67
8 7
4 *67
3
*67
8 74
8 73
3
6 8 6%
10 Fifth Ave Bus
7
N par
*16
30
*16
30
*16
*16
30 .16
30
30Filene's Sons
30
No par
*90 4 92
3
3 91
90 4 90
3
3
903 90 4 .90
4
3
3
90 4 90
3
904 904
6001 Preferred
100
1718 1738 1718 171
800 Firestone Tire & Rubber--_10
*1718 1712
17
17
17
17
17
17
61
61
60
601 *59
58
60
60
584 59
584 595s 3
,700: Preferred
100
7
4413 44
4411 44
4412 451g 44
45
4412 45122 45
4512 5,800 First Nelonal Stores_ _No pa
5
13
3
4
53
3
4
3
/
1
4
2
3
4
%
Is
3
4 4.100 Fisk Rubber
%
No pa
214 214
234 23
214 27
23* 2
3
212 212
214 23*
5901 1st preferred
100
•214 4
*214 31
*2
31
•214 312 *214 312 *24 312
lot ,ref convertible
100
3312 334 *28
38
*2812 38
*293 38
8
34
34
*2934 3434
700 Flonmelm Shoe class A_No par
*9612 99
*9612 99
99 99
*95
99
*95 102
*95 102
100 Preferred 6%
100
*1512 193 *1514 15
7
1514 1514 *15
1612 15
1518 •1412 1512
400 Follansbee Bros
No par
4638 4814 4614 4814 45
447 47
47
445 4718 4412 46% 20,600 Foster-Wheeler
8
No par
*7
77
8 *
714 812 *6
71
*613 714 •
Foundation Co
7
74 *7
Nu .,ar
714
27
27
2634 274 2532 263 *25
3 26
8
26
26
25% 26
4,500 Fourth Nat Invest w w_No par
27
5
27
26 4 28
3
2614 271
26% 271
263 28
4
263 2712 40,800 Fox Film class A
8
No pa
3158 32
315 3214 3112 31'2 314 32 22914 30
2912 29% 8,100 Freeport Texas Co
No par
*7518 80
*7518 80
*75122 80
*7513 80
*7518 80
*7518 80
Fuller Co prior pref __ _No par
*313 334 r312 37
8
33
4 3%
4
334 33
338 378 •338 3%
400 Gabriel Co (The) ol A-No par
55
55
5318 5318 *53
54
55
3
53
*53
54
52
150 Gamewell Co
547
No par
114 114
112 112 *13
13a
2 112
112
13
2 •114 112 *114
300 Gardner Motor
5
44 434 *45
42
4 48
54 514
5
5
5
5
434 3,800 Gen Amer Investors_No par
*79
83 •79
83 •79
83
*79
*79
80
80
83 *79
Preferred
100
597 61
8
6018 6078 585* 597
8 5812 5914 59
588 595
594 4,800 Gen Amer Tank Car_ __No par
2734 23
2714 28
2778 2812 2714 2812 27
263 28
4
27
5,100 General Asphalt
100
71
*71
. 8
8
8
74 8
712 77
74 74
74 1 600 General Bronze
.
No par
9
9
9
9
•84 912 *8
912
912 *8
9
9
400 General Cable
No par
•17
22
18
18
*1812 22
*1812 22
*18
22
18
1814
400 Class A
No par
55
57
1
60
65
6114 64
60
60
52
5712 59
574 1,280 7% cum prof
100
3772 3814 3814 383
4 37
3834 3918 *3614 35
383
4 3884 383
1,700 General Cigar Inc
No par
447 4512 43 8 4512 4312 443* 435* 4438 4214
7
4
448 4218 433 210.700 General Electric
No par
*1178 12
12
4
12
8 117 12
113 117
2
12
12
113* 11% 3,300 Special
10
49 4 5014 493* 5014 4914 497
3
8 4912 5012 2483 497
4
8 48 8 5014 31,600 General Foods
5
No par
514 512
514 53
8
5
518
5
5 18
5
512
47
2 5
10,400 Gaul Gas & Elea A-No par
•65
65
67t 63
8212 8514 8412 8812 8514 883
4 135
8514 2,100 Cony pref ser A
No par
*30 8 315* 3118 3112 31% 3172 *3152 3234 *3112 3234 •3112 323
3
4
700 Gen 114 Edison Elea Corp--4814 4814 47
48
47 47
467 4714 24612 47
8
464 464 2,100 General Mills
No par
9612 97
*9612 97
9612 9612 9612 9612 •96
9614 96
96
700 Preferred
100
364 37
3814 37
3512 3614 3512 3618 3514 3614 353* 3614 167,000 General
Motors Corp
10
s 9812 9812 97 4 9814 975* 98
98 983
3
9818 984 9814 9814 3,30(1 $5 Preferred
No par
426
27
27
27 •25
2714 .
125
2714 *25
274 *25
27
100 Gen Outdoor Adv A
No par
*8 4 9
3
*83
4 9
83
4 84
84 83
*812 83
4 *812 8 4
3
300 Common
No par
Me 161
16
15
16
1514
1512 1512 1518 1512 1478 1512 2,900 Gen Public
Service_ _ No par
7012 7184 69 4 7012 6912 7012 707 707
3
8 68
7012 68
694 3,600 Gen Ry Signal
No par
55
57
53
6
6
53
4 6
58
53
53
4
53
4
3,400 Gen Realty & UtIllties_No par
512
*61
66
61
61
*58
66
*58
66
*58
66
*56
65
100 $6 preferred
No par
42 8 43 8 434 4314 425* 44
7
3
4213 433
8 423 43
8
413* 433
2,300 General Refractories_ No par
*70
8912 •70
891 *70
8912 *70
8912 *70
894 .
70
Gen Steel Cast 26 pref_No par
59'2
718 714
7
14 712
74 712
7122 9
812 93
85 1018 94.752 GenTheatres Equip newNo par
8
24 8 26
5
254 28
2634 273
263* 277
274 285
8 2718 277 107,700 Gillette Safety Rasor-No par
8
47
47
*43* 5
43 5
3
5
5
5
5
47
8 5
1,500 Ghntrel Bros
No par
443* 443
*43
45
4 443 45
4
*40
45
*391 443 *394 443
/
4
4
4
300 Preferred
100
95 10
94 10
9 8 10
5
9 8 10
5
97 10
8
93 10
4
4,000 Glidden Co
No par
*75
77% 74 4 75
74
74
3
*74
78
78
78
78
78
1701 Prior preferred
100
43
412 434
412 5
412 47
53
64
614
5% 6
20.800 Gobal (Adolf)
No par
337
33 8 343* 3312 343* 33
5
33
334 325 335* 323* 34
8
22,900 Gold Dust Corp•t o__No par
1614 1818 15 4 161 *16
.
3
1618 157 16
*
155 16
1512 157
s
8 5.400 Goodrich Co(B F)____No par
64
64
64
64
64 I 64
63 4 83 4 63
3
3
63
63
64
1,100 Preferred
100
7
4212 43
4312 441
44 (1. 451
43
4412 418 44% 241
4212 17,700 Goodyear Tire & Bnb...No par
8384 82 8214 82
*83
8414 83
82
82
82
8112 817
s 1,000 let preferred
No par
.28 7
3
*514 6
*5
6
5 4 54 •514 6
3
3
514 514
200 Gotham Silk Hos
No par
*52
55
/
1
*52
*484 55
*50
55
55
52
52
*50
52
50 Preferred
100
*414 5
*414 5
414 4
*44 5
/ *414 5 '
1
4
100 Gould Coupler A
414 5
No par
4
41
41
4
*Cs 44
44 418
44 418 *4
418 3,200 Graham-Palge Motors_No par
48
4
4
*4
43* *4
4
4
*4
44 *4
43
8
200 Certificates
No par
15% 157
8 1534 168 16
16
16
1612 16
167 21518 153
4 4,300 Granby Cons M Sm & Pr_100
21
212 2112 21722 2112 217* 22
4 2114 22
2014 213
2414 14,500 Grand Silver Stores
No par
12
1214 1114 1218 114 1113 11
11
11
11
105* 103
4 4.200 Grand Union Co
No Far
39
39
38!1 3834 *3712 38
.
.
36% 371
36
36
*357 37
8
1,600 Preferred
No par
*2014 213 *2
213* *204 213
21
20 4
*2112 218
3
05*
/
1
4 213 213
No par
4
300 Granite City Steel
4
8
*29
5
293* 28 8 294 273 29% 275* 291
284 29
3
284 2812 6.500 Grant(W TI
No par
14 20
19 8 20
19
7
20
204 20
20
/ 20
1
4
2014 20
20
3.600 Gt Nor Iron Ore Prop-No par
214 91
3
91
912 10
9 8 10 3
10
3
101r
93
94 94 3,200 Groat Western Sugar-.No par
927 927 *92
8
92
93
943
4 92
93
*92
100
93
*92
93
70' Preferred
312 33
334 418
4
4
311 Vs
314 312
314 332 13,9230 Grigsby-Grunow
No par
*2
4
1
/
8
1
*7
3
1
*7
8
112
*78
1
118
1
200 Guantanamo Illugar
No par
25
*24
*24
25
*21
26
263
*24
4 25
25 •24
No par
25
400 Gulf States Steel
•_ _ _ _ 85 *___ 85 *-- - - 85 a__._ 85 *____ 85 *__ 85
100
I Preferred
•Bid and asked Perm: no sales on this day. s Ex-dIvidende
b Ex-dIvIdondi aPegats. 3 Ex-rlghtae
PER SHARE
Range for Year 1930.
On basis of 100
-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per share $ per share
85 Dec 29 12618May 29 100 Nov 132 Oct
112 Dec 17 1211eMar 19 11218 Nov 1218 MaY
4
14 Dec 17 1478 Apr 7
6 8 Dec 304 Atli
3
3 Dec 17 1934 Apr 2
134 Dec 3778 Aug
Dec 17 9012Mar 31
35
10 Dec 17 4358 Mar 31
2114 Oct 694 Jan
912 Dec 29 30 Apr 14
20 Dec 46% Jan
20 June 18 2412May 24
161 Dec 17 2553* Apr 23 151 Nov - . 2113 Aug
1112 Dec 28 423
4Mar 4
24 Nov 647 Feb
4
190 Nov 26 219 Nov 14
6 Nov
63 Jan 3 103813001 10
4
114 Aug
12 Nov 19 30 8 Apr 5
5
12 Oct 54 Ju12
/
1
4
8Mar 10
573* Dec 13 873
69 Nov 1284 Feb
5 Dec 26 434 Apr 7
25 Oct 92 Jan
10 Nov 33 8 Jan
7
13 Oct 9 19 Sept 9
4912 Jan 10078 Mar
100 Jan 7 106% Oct 17
19 Oct 39 IMPS
614 Dec 30 2512 Jan 31
1f
3
1424 Dec 16 25514 Apr 25 150 Nov 264 4 Oct
120 8 Feb 14 134 Nov 5 117 Nov 12811 May
4
7
18 Nov 76 Feb
1158 Dec 17 37 Feb 20
14
80 Oct 981 Sept
8012 Dec 16 14514 Apr 10
11412 Feb 4 123 Sept 25 1074 Nov 1193* Aug
4 Dec 3918 Jan
2 Oct 2 10 8 Feb 8
12
7
39 Dec 113 Jan
35 Nov 11 62 Feb 5
60 Oct 174 July
4
33 Oct 10 1147 Mar 29
9
1034 008 20 110 4 Jan 7 1021 Nov 115 Apr
3
3 Oct 18% Mar
14
9 4Mar 31
3
24 Dec 16
343* Dec 17 10313 Apr 23
2914 Nov 8 84 Sept
6
98 Nov 10914 Feb
99 Dec 17 112 Apr 25
843* Dec 30 102 Sept 11
Ile Nov 10 le Oaf
4712 Nov 11 794 Feb 10
28 Dec 19
12
18
3 June 10 Oct
51eMar 24
12
3 Oct 22 Feb
14
7 8 Jan 24
3
lis Dec 29
494 Nov We Ran
5
36% Dec 30 59 8 Jan 22
/
1
4
10712 Jan 7 116 Nov 21 108 Sept 12414 Feb
31 Oct 79118 Aug
367 Nov 8 6712 Apr 7
2
14
80 Nov 123 Aug
803* Dec 28 10718May 26
891e Dec 2 104 8 Apr 21
8414 Oct 109 Oct
7
3112 Dec 22 50
3114 Jan al May
14.1une 4
361e Dee 64 Feb
els Oct 9 433*Mar 3
8
4 Oct 9 30% Feb 18
15 Nov 78 4 Mar
215 Dec 18 27
12Sept 17
2214 Jan 271ardy
13 4 Dee
3
1184 Nov
11
4July 31
9% Jan 6
Apr 35 Jan
34 Dee 12 39 4 Jan 20
11
3
1913 Dec 29 5012May 17
7
29 4 Oct 64 8 &Pt
3
1
102 Jan 7 11112May 16 1014 Dec 110 8 Jan
24 Dee 29 2714 Feb 27
22 Dec 723* Mlif
43 4 Dec 17 9014 Mar 18
3
60 Nov 109 June
12
85 Dec 18 9834 Apr 22
90 Nov 104 Feb
3
512 Nov 10 12 Feb 26
5 Oct 22 8 Feb
/
1
4
1712 Dec 17 43 Mar 19
28 Nov 5614 Sept
1212 Dec 27 38 Apr 16
254 Dee 33 Dee
424 Dec 17 893
/
1
4712 Nov 123 Sept
4Mar 81
6% Dec 31
/
6 Oct 13 4 Mar
104 Apr 4
16 Dec 22 4012 Jan 22
30 Dec 984 Feb
Jan
89 Dec 30 10014Sept 6
84 Dec 107
15% Oct 8 3318 Jan 7
2412 Dec 37 Dec
53% Oct 18 877 Mar 24
83 8 Dee 89% Dee
5
*
385 Dec 22 61% Jan 30
4411 Nov 90 Sept
8
214 Dec 20, Jan
Is Dec 9
512 Apr 2
114 Dec 19 21 Apr 2
14
8 Dec 72 Jan
114 Dec 16 214 Apr 11
8 Dec Ole Jan
30 Dec 17 5272Mar 21
38 Nov 64 313
94 Dec 15 10012 Oct 3
8
90 Oct 1021 Jan
1s
12 Dec 23 50 838a1 25
4
3218 Nov 321 Aug
7
3712 Dec 17 10412.1une 4
83 Nov 95 Sept
312 Dec 17 283* Apr 14
1244 Nov 6952 Apr
1814 Dec 17 60 Apr 12 _ _- -- - ,-8Nov --- MO
1618 Jan 3 573* Apr 25 191
105%
2412 Dec 16 554 Apr 11
8
23 * Nov 547 Jan
8
75 Dec 23 9512Mar 6
824 Nov 1074 May
7
2 Nov 11 113* Apr 9
12
5 Oct 33 8 Feb
50 Oct 21 80 Mar 28
6314 Nov 83 July
11
1 Nov 8
7 4 Feb 1S
3
$ Dee 25 I"
318 Dec 17 1612 Feb 18
74 Dec 17 105 Apr 25 ----- ---- -18
5318 Dee 29 1117 Apr 4
75 Nov 123 Oel
8
4
4214 Nov 94 4 Aug
228 Dec 17 714 Apr 7
3
24 Nov 09 4 June
54 Dec 30 3812 Feb 15
612 Dec 29 341
23 Nov 61 Feb
:Mar 7
1314 Dec 29 745 Feb 5
6318 Dec 1201s Feb
36 Dec 26 10934 Apr 7 102 Nov 1074 Jan
42 Oct 74 Feb
30 Dec 17 61 Mar 7
4112 Dec 27 953* Apr 10 18818 Nov 403 Aug
Jan
113 Feb
11
4
1114 Oct 22 12 Aug 27
8
443 Dec 171 6114May 1
35 Oct 771 July
8
37 Dec 301 184 Apr 10 ....- ---- ---- ---38 Dec 12 10612 Apr 16 „.... ---- ---- ---28% Dec 27 44% Feb 10
4018June 25 593 Apr 12 Id Oct 1914 Jan
2
89 June 30 983 Dec 9
875 Dec 100 Jan
4
*
311zNov 10 5414 Apr 10
3312 Oct 913 Mar
4
18.917 Dec 17 100783ept
20 2 Dec 17 4114 Apr 14
id Oct ai Jan
3
5 Sept 24 2134 Apr 3 ___-_- _--- - 20 No* 98 - Aug
123 Dec 17 527 Apr 7
4
70 Oct 12612 Atli
56 Oct 20 10672 Mar 28
312 Dee 27
193 Apr 10 -- ---- ---- ---2
---- -49 Dec 27 100 Apr 14 _
- 4 Oct 834 Atli
539 Dec 26 90 Mar 28
80 Dec 22 101 Mar 12 .--- ---. ---- ---512 Dec 30 10 Dec11-45s1
80 •
- Nov 148 - 18 Dec 27 10618 Jan 16
1018 Nov 6814 Jan
7
414 Dec 30 20 8 Apr 14
66 Dee 94 Oct
39 Dec 31 82 Apr 25
12
96 Oct 6414 July
7 Dec 17 38 Mar 20
95 Nov 1064 AD?
63s Dee 19 10518Mar 27
918 Nov 66 Feb
3 Dee 17 19 Feb 7
ills Oct 82 Jan
1e
29 Dec 17 47 Apr 23
11114 Oct 10
5131
2Mar 2
8
884 Dec 10284 Ina
95 Dee 1151a Feb
12
62 Dec 30 1041fMar 29
60 Oct 16414 Mar
1
351a Oct 22 96 8 Mar 31
87 Nov 106% Feb
7814 011 22 10214 Apr 30
14 Nov 60 Apr
334 Dec 29 28reMar 8
68 Dec 10114 Jan
50 Nov 26 8212 Apr 4
4
/
14 May
4 Dec 16 liSse Apr 23
7 1 Oct 54 Jan
1
3
3 Dec 16 13 e Apr 1
7 Nov 4912 Jan
8
3
12Nov 7 10 4 Apr 1
s
4614 Nov 1027 Mar
12 Nov 12 6978 Apr 2
324 Dec 447 Dec
8
16 Dec 16 52 Apr 2
5
10 June 17 20 8 Feb 13
4
95* Nov 327 Jan
30 Oct 543 Jan
4
31 Dec 17 44 Aug 4
32 Nov 6113 Sept
3
18 Dec 30 60 e Apr 3
4
3214 Dee 1445* Feb
263 Dec 20 43 Jan 9
4
174 Dec 17 2fle Mar 25
19 Oct $914 Feb
28 Nov 44
7 Dec 29 34 3 Jan 16
Jae
35 Dec 24 120 Mar 14 106 Nov 11911 Feb
218 Dec 30 28 June 2
1414 Nov 70 Sept
4 Feb 4
14 Deo 23
1 Nov
51 Jan
1
15 Dec 29 80 Feb 19
42 Nov 79 Mu
8314 Dec 15 109 Apr 30
99 4 Dec 109 Feb
1
460
New York Stock Record-Continued-Page 5
Yoe sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 10.
Monday
Jan. 12.
Tuesday
Jan. 13.
Wednesday
Jan. 14.
Thursday
Jan. 15.
Friday
Jan. 16.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
3
1Per share $ per share $ Per share $ Per share S per share $ per share Shares Indus.& %fiscal.(Con.) Par
25
Hackensack Water
31
*26
28
*25g 28
3012 *26
*253 28
4
*26
*26
28
25
90 Preferred A
*27
28
/
1
4
28
*2818 2834 *281s 233
283
4 27
4 2818 2843 *28
No par
712 7
/ *712 7
1
4
8
818
713 718 2,300 Hahn Dept Stores
73
8 74
/
1
4
714 714
3
100
*55
*55
57
57
.55
5
912 .55
*55
58
55
55
5712
400 Preferred
10
1,100 Hall Printing
1612 *1612 17
*1612 17
1634 17
8 16
1612 1612 *1612 167
Hamilton Watch Dref___ __100
103
____
*103
_ _ *103
*103
*103
*103
No par
180 Hanna pref new
*8913 9014
9
0
*90 90 -9
0
90 -9014 *90 90
9014 90 4014 14,300 Harbison-Walk Refrao_No par
40
4133 40
40
4138 3913 4078 40
40
/ 3912 40
1
4
1,000 Hartman Corp class B_No par
*434 53*
*414 43
4 *414 5
412 43
43
4 5
413
4 44
No par
600 Class A
*9
10
10
*912 10
*9
912 10
10
*9
*9
10
No par
900 Hayes Body Corp
4
/ 33
1
4
/ *3
1
4
*312 3
8 4
3
/ 3
1
4
/ *33
1
4
312 3
/
1
4
34 3
3
/
1
4
25
100 Heinle(OW)
*8312 86
84
*8312 85
84
*8312 87
*8312 84
*3313 86
No par
100 Hercule; Motors
*14
15
1413 1412 1413, 41312 1412
*1312 143 *13
1412 *13
4
120 Hercules Powder Vanua pt 100
118 11813
*11612 117 *11612 117 *11613 117
11612 117 117
11613
No par
1,200 Hershey Chocolate
871 88
/
4
88
*88
90
88
88
8314 88
83
90
88
No par
100 Preferred
*933 95
4
4
94
94
*933 9412 *933 95
4
*93
/ 95
1
4
*9313 95
100
Prior preferred
_ -7_
----- ------7; --No par
1,565 Hoe (R) & Co
i
;7'2 -8-12
1
';U2 - 12 *7
No par
300 Holland Furnace
*2714 2814 *27
2712 2712 2712
2712 2712 *27
29
273 27
8
/
1
4
*712 812 *712 812 *713 8
600 Hollander do Sons(A) No par
812
8
/
1
74 74
/
1
7 3 738
3
100
500 Homestake Mining
811 82
/
4
*817 82
s
81
82
*81
85
*8112 83
*817 86
8
/
1
43
4 54 4,400 Houdallie-Hershey al B No par
4
43
4 43
434 4
/
1
4
478 5
5
51
/
4
514 514
500 Household Final:WO part 01_50
*60
62
62
6014 6014 60
80
6014 *60
*6018 63
62
8,900 Houston 01101 Tex tern Mrs 100
37
/ 39
1
4
3713 39
4012 3613 38
393 413
4
8 38
3714 39
No par
3,700 Howe Sound
2213 2238 22
/
1
2214 2212 2213 223 224 2212 23
2218 21
4
No par
223 24,400 Hudson Motor Car
4
8 22
2213 23
2313 2.114 2310 24
4
22 2212 213 227
10
8
814 9,300 Hupp Motor Car Corp
838 9
/
1
812 8
84 9
3
8
/ 84
1
4
/
1
4
812 8
/
1
4
Independent 011 & Gas_No par
_ ____ _ __ __
__ _ _
_ ..
..--- - -- ---_ _ __ _ _ _ _ _
No par
1,100 Indian MotooYelo
3
3
1
18
314 1
318 314
-,
--1 *5
34
14 .5
3
/ 1 318
4
10
17,500 Indian Refining
414
414
3
/ 4
1
4
3
/ 4
1
4
4
43
3
/ 4
1
4
33
4 3
/
1
4
2
No par
1.400 Induetria Rayon
47
4812 4812 4812 4812 51
49
49
45
4813 47
51
No par
2,300 Ingersoll Rand
175 17712 17612 177
/
1
4
17914 17913 177 17914 176 1773 1754 177
No par
2,700 Inland Steel
4 5912 60
60
60
60 6014 5912 60
4
593 5912 593 593
8
813 818
814 81 1
*8
812
814 812 2,400 Inspiration Cons Copper......20
81
/
4
8
8
814
712 1,300 Insuranshares Ctrs Ino_No par
7
7
/ 7
1
4
/
1
4
63
4 7
714
*63
4 713 *7
7
7
64 64
/
1
6
612
63
8
612 612 1,300 Inguranshares Corp___ _No par
/
1
613 614 *6
*612 6
/
1
4
8 *214
234 *214 212
212 27
*214 3
400 Intercont'l Rubber... No par
2
/ 21 *214 3
1
4
/
4
No par
*1313 1312 1312 1312 *1314 137 *1312 134
14
41312 1414 14
300 Interlake Iron
/
1
8
No par
312 212
312 312
312 312
312 3
/ *318 312
1
4
314
314
700 Internet Agricul
100
*46
30
*40
30
*46
4014 *48
Prior preferred
4
4
493 *4612 493 *4612 493
4
8
152 1533 150 153
4
Business Maebines_No par
14513 14512 14613 14618 *1455 150
/ 150 150
1
4
1,600 Int
107 10
s
/ 1018 11
1
4
/ 107
1
4
1014 103
4 10
8 103 11
8
103 101 2,900 Internal Carriers Ltd__No par
3
/
4
/ 5014 3,800 International Cement__No par
1
4
523 53
4
4
51
52
50
5014 493 5012 49
5018 51
2
218 214
218
218 214
2
214 2
/
1
4
214 214
218 7,600 Inter Comb Eng Corp_No par
100
25
*2713 28
28
2734 24
27
30
*26
32
28
28
2,000 Preferred
5112 4812 504 49
503
8 4814 5012 48
/
1
49
/ 16,100 Internet Bsmetet..---No par
1
4
50
/ 5118 50
1
4
100
/
4
4001 Preferred
*13213 13314 13212 13212 13218 13218 13414 13114 *13212 13414 *1321 134
2312 24
23
/ 24
1
4
8
2314 234 5.000,Int Hydro-Fl Sys el A _No par
/
1
2518 2512 2412 2512 233 24
5618 5614 6,7001International Match pref___35
55
/ 56
1
4
/
4
/ 561 57
1
4
4 5713 5812 5512 57
5712 573
16
1512 16
155 167
8
8 16
16
155 154 18.000 Int Mercantile Marineotfs_100
8
16
/
1
*1512 16
1434 1518 93,800 Ink Nickel of Canada_ _No par
4
4
/ 1514 143 1513 143 1514
1
4
4 14
15
/ 153
1
4
4 1514 153
33
180,Internat Paper prof (7%)_100
3512 3512 3113 3412 *3513 3812 33
31
*3512 3812 31
*814 8
/
1
4
*8
83
4 *814 83
8
200 Inter Pap & Pow el A__No par
8
812
812 *8
*8
Clams B
No par
/
1
4
/ *512 5
1
4
/ *514 5
1
4
53
4 *514 5
57
3 *5
*513 53
4 *5
4 7,0001 Class C
3
/ 33
1
4
313 312
/ 313
1
4
314 312
3
33
8 312
314 312
No par
, *3313 37
35
35
364 35
/
1
34
100
1,5001 Preferred
34
35
35
35
35
400'Int Printing Ink Corp_ _No par
*12
15
*1212 15
15
15
15
153
4 15
*15
15
15
100
401 Preferred
*58
65
*58
65
*5512 65
65
65
65
*62
*61
65
3713 37
/ 377
1
4
3 2,0001 International Salt new_100
3713 3778 3713
4
/
1
373 3813 3812 384 373 38
4
47130 2.800,International S hoe_ _ __No par
47
12 4713 471 *47
*47
47
47
/ 47
1
4
47
475
8 47
43
441 *35
4412 *35
!International Silver
100
*35
*35
40
40
*35
40
*35
227 77,800 Inter Toler) & Teleg_ _ _No par
8
/
4
/
1
/ 2418 2214 2314 221 2314 2218 234 22
1
4
22
/ 233
1
4
4 22
161 1612 1612 1,70011nterstate Dept Storeft_No par
/
4
1612 164 1612 1612 16
/
1
173
8 1658 17
1714
160, Preferred ex-warrants
___ 62
100
63 *6012 62
60
61 *____ 60
61
63
*61
No par
600 IntertyPe Corp
16
16
16
1614 1812 *1513 1612 16
*1614 17
*1612 17
No par
1,3001Investers Equity
813 612
64 7 I *614
/
1
714
612 7
714
3 *7
77
7
/
1
4
1
30
700 Island Creek Coal
30
3013' 30
31
31
30
30
31
*30
30
30
No par
42
!Jewel Tea Inc
*40
42 1 *40
440
42
*40
42
42
*40
42
*40
No par
603 30,600,Johns-Manvi1le
4
613
8! 58
58
8
/ 595 6134 5913 613
1
4
6012 82
6112 6314
100
60 Preferred
012013 12214 *12018 12214 *12013 12214 12018 12218 *12018 12012' 12018 120181
1601Jones & Laugh Steel prof. 100
/
4
10.201 12012 12018 12013 12012 12012 12013 1201 12014 12014; 12018 120121
/
4
34
NO Par
3
4
3
41 1,200,Jordan Motor Car
41
/
1
4
3
/
1
4
/
1
4
*0
8
3
4
53
*3
8
3
4
d
/
1
53
8 5 3 *514 54, 2.000IKarsta t (Rudolph)
,
/ 5
1
4
/
1
4
5
6
6
/
4
618 61
814 612
Kaufmann Dept Stores_21 2.50
*1412 1612 *1412 1612 *1412 1613 *1413 1612 *1412 1612 *1412 1612'
*16
17
2.400 Kayser (J) Co v t oz.._ _No par
8
8 173 1712 1712 1712 1712 1712 *1553 17
1712 173
Keith-Albee-Oroheum _No par
40 *____ 40 31____ 40 *___ 40 *____ 40 *___- 40
100
090 109
490 109
*90 109
Preferred 7%
*9() 109
*90 109
96
*90
112
112
/
1
112 11 4,300 Kelly-Springfleld Tire__No par
/
4
15
3 11 *112 14
/
4
13
4
15
8
11 134
/
4
100
/
1
800 8% preferred
/ 1214 1212 1212 1213 1212 1212 121z 134
1
4
1212 13
11
11
100
*3012 38 I *3012 38
*30
33
33
500 6% preferred
*3()
35
3.5
.50
*30
42233 23
2214 23
223 23
8
5,800 Kelsey Hayes Wheel___No par
2214 2214 2212 2234 2214 23
9'
/ 95
1
4
8
/
1
4
914 012 15,100 Kelvinator Corp
93
2 9
4
No par
912 93
3
9
/ 97
1
4
93 10
4
*25
28 1 27
27
*23
31
27
100 Kendall Co prof
24
29
No par
29
27
27
2412 233 2434 41,100 Kennecott Copper
4
4 2314 2413 24
No par
8
2314 2413 237 2412 2313 233
4012' *38
4012 *38
4012 *38
4012
4012. *38
Klmberley-Clark
No par
403* *33
*38
21
*17
21 1 *17
/
4
8
200 Kinney Co
3
*1012 21
No par
195 1953 193 195 *191 21
8
4
4
4'
40 Preferred
*553 537
4
8 553 553 *553 59
4,
100
4
553 553 *553 59
4
55
55
118
113
114
114 1,400 Kolster Radio Corp-. _No par
114
118
118
1141
114
118
Fs
11
/
4
/
1
11
/
1
2612 2612 2612 284 2613 2612 2612 2634 264 26121 2614 2654 4,300 Kresge (8 8) Co
100 Kresa Co
No par
4514 4514 *44 4534 *14 4534 *45 60 *43 47 *43 47
/
4
8
/
4
2 211 215 30,900 Kreuger & Toll
4 211 217
/ 213
1
4
4 2114 213
/ 20
1
4
22
/ 2212 221s 22
1
4
/
4
/ 1914 20381 191 2013 28,100 Kroger °roc & Bak_ __No par
1
4
8
/
1
18
194 181 19
/
1
19 4 2013 184 20
3
Lego Oil & Transport_No par
---8213 8018 8212 8018 815
8 3,900 Lambert Co
No par
/
4
3
83
/ *821 827 *82
1
4
833 83
4
/ 82
1
4
200 Lee Rubber & Tire___ _No par
312 313
4
4 *313 33
*33
4 4
33
4 33
4 4
*33
4 414 *33
1712 1712 18
18
x1712 18
3,500 Lehigh Portland Cement__ _50
17
17
19
*17
18
18
100 100
*9813 101
*9812 100
100
50 Preferred 7%
100 100
*9812 110
100 100
77
81* 3,900 Lehigh Valley Coal___No par
8
8
8
8
83
78 88
5
,
8
8
4
713 73
21
21
*17
21
21
300 Preterred
2112 21
50
2112 *21
2012 2012 *20
56
57
/ 5612 5612 6,200 Lehman Corp (The)__ _No par
1
4
5712 5012 57
57
58
58
5753 58
500 Lehn & Fink
*2414 254 *2413 26
/
1
2514 26
No par
26
2614 2618 2614 26
*26
/
4
4 1218 121 12
1,700 Libby Owens Glaas___ _No par
12
1214 123
/
4
8
127 131 1212 13
*1212 13
400 Liggett & Myers Toba000_ _25
*86
88
87
/ *86
1
4
/ 87
1
4
8712 8712 87
88
8812 8812 88
25
8,300 Series B
/
4
/ 8612 8739 861 88
1
4
8614 87
871 88
/
4
89
8918 8912 88
8
294 2914 2934 277 2912 273* 273* 7,200 Lima Locomot Works_No par
/
1
/
1
/ 304 29
1
4
/
4
293 311 29
4
No par
700 Link Belt Co
*29
30
30
2912 2912 29
*2912 30
/
1
30
/ 304 3012 3012
1
4
No par
423 4313 1,500 Liquid Carbonic
4
4
4 4314 4312 *423 43
/
4
4414 4414 431 433
4414 45
4654 473
4 4613 4712 15,300 Loewal Inoorporated_No par
/
1
464 48
8
/
1
473 4812 4714 494 463 48
8
Preferred_
9112 *89
9113 *89
No Par
2
*89
95
9112 *89
9112 *88
*85
94
300 Prat ex warrants_ No Par
*89
90
*89
91
9112 *39
*85
90
/
4
8918 891 90
23
4 2
/ 1,100 Left Incorporated
1
4
No par
*23
4 3
2
/ 3
1
4
/
1
4
4 2
*23
/ 3
1
4
2
2
/ 3
1
4
!
4
500 Long Dell Lumber A_ _Ns par
313 313 *3
*313 33
4
*313 4
*313 4
*312 4
25
4814 3,000 Loose-Wiles Biscuit
/
41
481 47
4 47
/ 4812 493
1
4
507
8 4938 49
49
501/4 50
/
4
25
/
1
123 1312 1318 13341 131 144 40,400 Lorillard
4
8 1213 1314
4
123 1313 1212 133
3,400 Loulslana Oil
4
4
No par
4
4
4
4
418
*4
4
4
*378 4
100
10 Preferred
*59
60
55
55
60
*55
60
*55
60
*55
60
*55
/
4
8 2814 2814 2819 281 2.100 Louisville 0 & El A__ _No par
5
/
4
2912 281 23 8 2814 233
29
*2914 30
/
1
No Par
/
1
1214 124 1218 124 5,000 Ludlum Steel
1214 13
8
137
8 123 13
4 13
.
131 133
200 Prefsrrer.
No par
50
*40
50
MO
50
4014 *40
4014
50
*36
*4114 50
24
800 MaeAndreste & Forbes_No Oar
*21
4
8
*207 2212 *207 213 *2112 24
8
21
*19
21
19
No par
363 3712 3613 3712 5,100 Mack Trucks Inc
4
33
/
4
3712 381 33
38
/ 39
1
4
3812 39
15r, par
4,500 Mary Co
8412 85
/ 8412 86
1
4
/ 85
1
4
84
84
/ 86
1
4
8612 90
90
89
100 Madison Sel Garden__. N. par
*42
8 5
5
5
*47
8 5
*43
4 5
4 5
512 *43
*13
4
No par
/
4
2212 *211 2212 1,700 Marva.. Cooper
22
/ 21
1
4
2112 2112 22
22
22
22
22
300 Mallbson (II R)& Co No par
4 3
212 258 *212 318. *23
*258 318
3
3
314
*3
100
180 Menet'Sugar
/
1
4
37
8 3
3
3
*3
3
/
1
4
3
3
32
8
32
8 *3
*3
100
12
30 Preferred
58
12
*6
*518 12
9
9
4
10
10
93
4 93
No par
Mandel Bros
6
*5
6
*5
6
*5
6
512 45
513 *5
*5
25
300 Manhattan Shirt
8
8
57
/ 8
1
4
8
8
*73
4 8
8
8
*753 812
100 Maracaibo Oil Explor_No par
3
*214
3
*21
*214 3
3
3
314
*2
314 *2
10
21 18 21 12 4,500 Marine Midland Corp
211 22
/
4
22
22
/
1
22
/ 23
1
4
22
223
4 214 22
No par
200 Marlin-Rockwell
24
234 *21
/
1
*21
24
*21
21
*25
2512 *2412 2.87
8 24
No par
1,700 Marmon Motor Car
61s 618
6
6
63
8 618
612 63
4
614 614
614 8
/
1
4
•Bid and askel prices; no 32,1(13 on this day. z Ex-dividend.
y Er-dividend, ex-rights.
PER SHARE
Range for Year 1930.
-share lots.
On basis of 100
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest.
1 per share
3
26 Jan 4
26 Jay 6
61 Dee 29
/
4
4513 Des 27
16 Dec 11
99 Jan 7
85 Jan 16
38 Deo 30
214 Dec 27
714 Dec 29
27 Nov 11
*
773* Dee 24
1312 Dec 30
1161
/
4Nov 26
70 Jan 2
8312 Jan 2
1041 Feb 21
/
4
4 Dec 23
2614 Jan 14
5 June 18
72 July 12
4 Deo 17
49 Mar 6
2914 Dec 17
20 Nov 10
18 Nov 10
712 Des 29
11's Nov11
2 Nov 5
3 Dec 15
31 Oct 10
147 4Nov 10
,
58 Nov 11
61 Dee 17
/
4
6 Dec 16
4 Dec 15
112 Dec 4
1114 Dec 6
338 Dec 17
4214 Oct 10
131 Oct 18
8 Dec 17
/
1
4
4912 Dec 22
114 Dec 16
13 Dec 18
4514 Dec 27
133 Dee 31
1810 Dec 17
5214 Dec 17
15 Nov 10
123 Deo 17
4
26 Dee 30
512 Dec 17
33 Dee 30
3
2 Dec 9
21 Dec 30
10 Dec 29
55 Dee 26
31 Oct 10
4713 Dec 24
26 Dee 29
1713 Dec 29
141 Dec 17
/
4
5852 Dec 19
12 Dee 12
414 Dec 29
25 Oct 22
37 Dec 17
481 Dec 17
/
4
117 Dec 26
118 Dec 16
/ Oct 23
1
4
4 Dec 26
/
1
4
14 Dec 30
1412 Dec 22
21 Jan 8
85 Jan 7
1 Dec 30
9 Dec 17
27 Dec 17
1912 Oct 22
/
1
4
7 Nov 12
20 Dec 24
2018 Dec 17
38 Dec 23
1712 Dec 30
51 Dee 13
/ Des 29
1
4
2818 Oct 21
39 Nov 10
203 Dec 17
3
1718 Dee 29
3114 Jan 11
70 Nov 11
/
1
4
3 Nov 12
/
1
4
11 Dec 17
98 Dec 20
/
1
4
414 Dec 16
1474 Dec 17
5134 Dec 29
21 Oct 10
1018Nov 11
761 Dec 16
/
4
7314 Dec 16
1812 Oct 20
28 Dee 22
39 Dec 17
413 Dee 17
4
8552 Jan 17
785 ay 5
01
212 Dec 17
3 Dec 25
4014 Dec 17
8 Dee 17
/
1
4
313 Dec 17
60 Dec 16
25 Dee 17
914 Dec 11
34 4 Dec 22
3
20 Dec 27
33 Dee 17
/
1
4
8153 Dec 29
418 Dec 29
1914 Deo 16
14 Dec 18
/
1
12 Dec 30
514 Dec 19
5 Dec 30
618 Dec 11
11 Dec 18
/
4
173 Dec 17
4
2114 Dec 31
414 Dec 29
$ per share
38 July 29
30 Aug 27
2314 Apr 17
8612 Apr 17
311 Mar 25
/
4
10514 Oct 9
98 Apr 14
7314 Apr 21
20 Feb 5
2314May 24
17 Apr 4
/
1
4
92 Feb 19
/
1
4
31 Apr 11
12334June 4
109 May 38
1084June 3
/
1
1083 Oct 18
4
2514 Feb 27
411438ar 28
1233 Jan 29
83 Sent 26
29 Feb 6
684 Oct 16
/
1
11873 Apr 25
411 Feb 7
/
4
62 Jan 8
/
1
4
264 Apr 11
/
1
32 Apr 7
17 Mar 4
2838 Mar 22
124 Jan 10
239 Apr 24
98 Mar 11
30 Feb 7
/
1
4
1312July 31
3
173 Mar 10
713 Apr 1
28 Apr 2
/
1
4
812 Apr 7
6714 Apr 9
19718May 28
193 Mar 29
4
753 Apr 2
2
1412Mar 26
78 Apr 1
115 4 Apr 18
3
146128ept 25
54 Apr 11
92 Apr 24
33 Apr 17
441 Apr 4
/
4
86 Apr 20
3118 Mar 22
4
223 Apr 14
18 Apr 14
86 Mar 28
583 Apr 5
4
101 Apr 12
454/June 20
82 Jan 15
119 Feb 1
77 Apr 24
/
1
4
40 Feb 4
80 Aug 29
32 Apr 9
29 Feb 19
43 Mar 19
8812 Apr 30
1484 Feb 5
/
1
123 8Nov 12
1
12312 Apr 11
512 Apr 9
1312 Jan 16
2012Mar 7
4112 Jan 2
45 Apr 23
150 Apr 24
812 Apr 10
42 Jan 24
55 Jan 25
3912 Apr 11
264 Apr 25
/
1
89 Mar 21
823 Feb 7
4
59 Mar 31
4011June 4
97 Apr 17
812 Apr 14
8814 Jan 2
70 Jan 24
35 Apr 10
/
1
4
4812 Jan 23
2912Jul7 17
113 Apr 1
11 Mar 25
42 Apr 1
10812May 24
1712Mar 17
37
12Mar 19
9714 Apr 15
36 Apr 14
3112Mar 29
1133 Apr 1
4
1144 Apr 1
/
1
4014 Feb 15
454 Feb 21
/
1
817
salar 28
953
4May 14
112 1une 3
/
1
4
993 Oct 3
4
8 Feb 19
/
1
4
1544 Mar 22
7014 Apr 2
281,251ar 8
12 Apr 28
90 Sept 4
5114 Apr 25
444 Mar 12
/
1
4Mar 18
993
39 Apr 3
/
1
4
8812Mar 27
15914 Feb 3
151Ju0e 8
/
4
5234 Jan 7
13 July 3
8 JEW 29
50 Jan 28
15 Jan 14
2453 Jan 10
3Mar 18
103
3212 Aug 6
56 Feb 28
307 Apr 9
a
$ per share
2313 Nov
26
Jan
12 Oct
718 Dec
4
27 Dec
99 Nov
____
54
_-_- Jan
13 Oct
2
167 Oct
5 Nov
/
1
4
84 Nov
2112 Dec
11213 Dec
45 Nov
60 Nov
/
1
4
Jan
104
/
1
124 Dec
21 Nov
1312 May
85 Nov
13 Nov
45 Aug
Oct
26
343 Nov
4
38 Nov
18 Nov
/ Oct
1
4
17
312 Oct
1313 Oct
8813 Nov
120 Jan
71 Dec
22
Oct
$ per share
35 Aug
30 Aug
564 Jan
/
1
115 Jan
2972 De0
1051 Jan
/
4
_ ____
_-/ Oct
87
1
4
414 Aug
/
1
31 Sept
681 May
/
4
11812 Jan
3312 Oct
121
Oct
14372 Oct
14314 Oct
10642 Oct
33 Aug
51 Mar
12 - Dec
2 Nov
18 'Nov
1414 Jan
2453 Aug
93 Aug
55* May
5214 Sept
109 Apr
82 Mar
/
1
4
9313 Mar
82
Jan
393* May
3212 Jan
63 Aug
135 Jan
22312 Oct
113 Aug
6612 Mar
/
1
4
4 Oct 17 Jan
/
1
40 Nov 884 Jan
109 Nov 255 Oct
48 Nov
414 Dee
1812 Dec
85 Nov
137 Aug
23 Nov
47 Nov
184 Nov
/
1
25 Nov
77 Nov
20 Nov
12 Nov
9 Nov
77 Nov
40 Nov
911 Nov
/
4
102 Feb
/
1
4
10312 Feb
121 Feb
142 Aug
145 Jan
59 Sept
/
1
4
1021 Jan
/
4
39
/ Oct
1
4
72 Jan
/
1
4
9412 Jan
444 Oct
/
1
33 Oct
/
1
4
261 Oct
/
4
95 Oct
684 Oct
/
1
106 Mar
54 Oct 7712 Beat
95 Nov 16912 Aug
53 Nov 14914 Sept
2512 Oct 93 Jan
/
1
4
74 Dec 97 May
17 Nov 887 July
4
1212 Nov 72 Aug
/
1
4
39 Oct 89 Mar
39 Nov 14214 Feb
90 Nov 24234 Feb
118 Nov 123 May
117 June 126
Oct
112 Oct 1812 Jan
1072 Nov 13 Nov
/
1
4
1714 Dec 3712 Feb
30 Nov 5812 July
1512 Nov 46 Jan
70 Nov 138
Jan
7
8 Dec 23 s Jan
16 Dec 9473 Jan
26 Dee 100 Feb
184 Nov 5914 Mny
/
1
5 Oct 1914 Feb
75 Nov 06 Feb
49 Nov 1044 Mar
/
1
4
/
1
4514 May 573 Oct
3
3112 Nov 4412 July
4
80 Oct 1093 Mar
312 Dee 7854 Jan
28 Nov 57 mu
/
1
4
Jan
8314 Nov 114
/
1
2212 Nov 464 Mar
3314 Nov 12212 Jan
384 June
/
1
1812 Nov
8018 Nov 15714 Mar
. 5 Oct 25
Jan
30 Nov 65 Feb
100 Nov 1103
4Mr.r
10
Oct
Oct 82
31 Dec 44 4 July
3
__ _
___ ._ ____
28 Nov 6812 Feb
17
Oct 43 Aug
Oct
8014 Nov 106
80 Nov 10614 Oct
573 July
80 Nov
4
3752 Nov 61 Feb
40 Oct113 2 Jan
7
32 Oct8412 Feb
/
1
4
80 Oct110 Jan
801 Nov 95 Mar
/
4
3 Dec1112 Apr
/
1
4
12 Dec 3212 Jan
/
1
4
3918 Nov 87 Sept
1414 Oct81'2 May
18 Jan
7 Oct
80 Nov 10014 Feb
/
1
28 Oct 724 Heat
22 Nov 1087 July
4
76 Nov 18 June
Jan
3014 Oct 46
/
1
4
5512 Nov 114 Feb
110 Nov 25512 Sept
1112 Nov 24 Feb
/
1
4
35 Nov 82 may
39 Jan
/
1
4
6 Nov
3 Dec 26 Jan
194 Dec 5012 Jan
/
1
14 Oct Ws Mat
1914 Dec 35
/ Jan
1
4
514 Dec 184 Ant
. -_ -,-- -,-, -89 Oct 807 May
2
19 Nov 106 Mar
461
New York Stock Record-Continued-Page 6
For sales during the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 10.
Monday
Jan. 12.
Tuesday
Jan. 13.
1Vednesday
Jan. 14.
Thursday 1
Jan. 15.
Friday
Jan. 16.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1930.
On basis of 100-share lots.
Lowest.
Shares Indus.&!Macon.(Con.) Par
9,800 Marshall Field & Co_ __No par
500 Martin-Parry Corp_ _ __No par
38,200 Mathfuton Alkali WorksNo par
100
140 Preferred
25
2,200 May Dept Stores
No par
300 Maytag Co
No par
800 Preferred
Prior preferred
No par
No par
400 McCall Corp
110 MoCrory Stores clam A No par
60 Class B
No par
100
30 Preferred
McGraw-11111 Publica's No par
2,500 McIntyre Porcupine Mines_ _5
2,800 McKeesport Tin Plate_No par
2,000 McKesson & Robbins_No par
1,000 Preferred
50
400 McLellan Stores
No par
200 Melville Shoe
No par
1,200 Mengel Co (The)
No par
25,4001Mexlcan Seaboard 011 No par
5
900,Miami Copper
600;Mlehigan Steel
No par
10,800'Mld-Cont Petrol
No par
Middle-States 011 Corp Mts.__
___
1,200 Midland Steel Prod.__ _No par
300 8% cum 1st pref
100
200 Minn-Honeywell Regu_No par
1,300 Minn-Moline Pow Impl No par
100 Preferred
No par
1,000 Mohawk Carpet 51111s_No par
700 Mon.santo Chem WksNo par
58,400 Mont Ward Co Ill Corp No par
Moon Motor Car
No par
;HT..; Wii; w815, -- -1. ;81i2 - - -1- ;Kir. - - -1- -8152 11 2 ;illy - 14
52 1
52 52.
1
g2
1
1200 Morrell (J) At Co
No par
2
8
/
1
14
$
8
58
5
8
5
8
3
8
5
8
5
8
12
5,
5
8 3,800 Mother Lode Coalltion_No par
3
3
23
3
4 3
3
3
3
234 23
27
4
8 24 2,100 MotoMeter Oauge&Eq No par
/
1
*31
3312 *314 3314 *31
30
31
3012
31
33
*31
300 Motor Products Corp_No par
32
1538 1518 1514 154 *1514 1512 1514 1512 154 1512 *1514 1512 1,000 Motor Wheel
/
1
/
1
No par
*10
1112 *918 103
11
1012 *9
97
8 91 *814 1012
4 *9
100 Mullins Mfg Co
/
4
No par
*4514 50
*1514 50 .1514 494 4514 4514 *4312 45
*4312 50
10 Preferred
/
1
No par
*28
30
29
*28
29
29
287 281 2712 2818 1,300 Munaingwear Inc
29
8
*28
/
4
No par
13
13
8 1218 124 3,500 Mnrray Body
124 127
/
1
8 1214 1212 1214 1212 1214 125
No par
*41
42
41
41
4014 4014 4012 40,
500 1:-ers F & E Bros
4
No par
/
4
2 4014 401 *393 4012
30 4 32
3
3012 3238 3012 3134 303 32
32
30,300 Nista Motors Co
303 32
4
31
4
No par
84 812
8
/ 83
1
4
8
4 7
8
/ *712 8
1
4
818
73
*712 8
1,600 National Acme etatupe4__10
Nat Air Transport
No par
8 9,
*71 91 *75
/
4
s *712 1012 *74 1012 *712 1012 *712 1012
/
4
4
/ 412
1
4
4
4
2,800 Nat Bella* Hess
412
44 418
414 414
412 434 *4
No par
780
803
4 7914 803
/
4
8 7712 781 25,000 National Blecult new
10
4 7918 8012 774 793
4 794 793
*147 148
147 147 •148 1483 148 148 *14712 1483 •14712 14814
4
300 7% cum pref
100
4
3118 3214 3112 3214 303 311 3012 311 31
egieter A w iNo par
32 ' 314 3288:05000 Nat alryas Rto
/
4
4078 30 NatNa
/
4
4
407 414 4012 415
8
Dairy Prod
/
1
4
s
No par
8 404 407
8 404 404 395 41 1 393
*512 7
.64 7
612 312
558 54
512 512
54 534
Nat Department Stores No par
2012 2012 203 21
4
2118 2112 *20
21 I 2114 2114 2,200 Nat Distil Prod ctfs_ No par
21
21
F*2018 21
21
*20
Nat Enam & StampIng____100
*20
*20
21
•20
21
21
21
*20
*127 134 *12712 13012 12712 12712 *122 1293 *120 12812 *122 123
100 National Lead
4
100
*137 140
138 138
140 140
100
140 140 •140 143
230 Preferred A
139 139
11812 11812 *118 119
100
2,ar
120 120
/
1
540 Preferred B
11613116',
4
119 1193 1194 120
334 344 3314 344 33
/
1
No par
3314 3418 3212 34
31
/
1
4
313 323 20,300 National Pr & Lt
4
8
'78
4
.34
1
*3
4 1
4
600 National Radiator_ _ ._ _No
1
1
/
1
4
N
*112 2
*112 2
No par
*112 2
*112 2
Preferred
*112 2
*112 2
47
47
46
47
4512 4512 4512 451 451 4512 2,400 Nat Steel Corp
/
4
45
/ 46
1
4
/
4
No par
03
611 613 *62
/
4
62
50
*60
62
4
63
400 National Supply
*60
63
63
I *53
55
5218 5318 50
4912 497
60
8 48
52
50
483 *46
4
3,700 National Surety
I *1512 1612 153 153
4
4 153 15
/ 15
1
4
4
/ 154 153
1
4
/ 15
1
4
/
1
/
4
No Dar
4 1512 151 1,000 National Tea Co
$ Per share
24 Dec 30
214 Dec 29
30 8 Dee 20
,
115 Jan 24
273 Dee 17
4
5 Nov 10
1418 Nov 13
68 Dec 17
33 Dec 17
37 Dec 20
3814 Dec IS
78 Oct 1
27 Dec 30
/
1
4
14 Jan 2
61 Jan 2
1012 Nov 17
4
253 Oct 28
6 Dec 17
25 Nov 20
5 Dec 31)
93 Nov 10
4
7 Dec 18
2812 Dec 17
11 Dec 17
34Sept 22
151zNov 12
74 Nov 10
37 Dec 26
314 Dec 15
44 Dee 30
94 Dec 30
183 Dec 17
8
1518 Dec 29
',Nov 17
484 Oct 9
/
1
12 Dec 13
Its Oct 1
25 Dec 15
1414 Dec 16
614 Nov 10
3512 Dec 29
25is Dec 11
9 Nov II
34 Oct 24
2114 Dec 16
53 Dec 20
4
6 Dec 21
214 Dec 17
68 8 Nov 12
,
14212 Jan 23
271 Dee 30
/
4
35 Dec 17
312 Dec 30
1918 Dec 16
1714June 14
114 Dec 17
135 Dec 17
116 Jan 17
30 Nov 10
12 Dec 15
13 Dec 9
4
41 Nov 12
60 Dec 23
35 Dec 17
13 Dec 29
104 114 1053 11
1012
1712 1712 1712 1712 15
14
2478 2178 .244 27
•2318
*22
28
*22
28
23
*76
77
*76
77
*76
*11
111 113 113
/
4
8
8 1118
1011 1011 1013 1013 10112
/
4
/
4
4
4
*111 114 *1133 114 *1133
4
4
t 67
6858 674 6978 6614
I 053
5338 53
53
53
3‘ 612 7
3
612 6
/
1
4
614
•101 104 .103 10312 1037
8
, *274 2878 *263 2712 *2614
4
.44
46
4412 45
*45
*6.
2
7
2
*52
7
2
.ss
1918 1918 187 1914 175
8
8
9 Dec 17
4
113 Dec 17
214 Dec 30
22 Dec 29
7712 Dec 17
912 Dec 16
98 Dec 17
1083 Dec 29
4
5714 Dec 17
51 Jan 13
/
1
4
4 Des 17
993 Dec 16
4
28 Dec 30
/
1
4
4112 Dec 16
12 Dec 17
16 Dec 17
94 Jan 8
/
1
88 Mar 1
8
13 Dec 30
218 Dec 29
8
125 Dec 29
23 Oct IS
8
60 Dec 30
4814Nov 10
11818 Jan 23
912 Dec 29
75 Dec 30
32 Dec 20
4012 Dec 17
46 Dec 17
15 Dec 17
11412 Dec 17
1164 Jan 8
7
/
1
4Nov 11
42 Nor 12
30 Dec 30
5 Dec 24
238 Dec 29
11
/
4
.Deo 6
4712 Jan 14
4
343 Dec 17
118 Doc 26
112 Dec 30
27 Dec 17
8
84 Dec 15
3 Nov 7
$ Per share 5 Per share 3 per share $ per share $ per share I $ per share
31
3118 31
3112 30
8 2812 297
8 264 2841 2512 26
307
/
1
*3
4
*23
4 4
*3
4
•3
4
214 23
4 *212 312
2514 273
8 2512 262
8 2512 2612 25
265
8, 2414 254
2614 25
*12014 12912 122 122 *122 12212 *122 12912 •122 12912 120 122
3014 3012 30
3012 304 3012 303 3218 301 31381 31
31
/
4
4
614
*3
5 4 612
6
6
•6
6
64 *53
4 6121 *53
4 614
*18
2014 2012 2012 10
19
19
19
20
*19
19141 19
*67
68
*67
68
*67
*6512 6718 *6512 67
*67
68
68
34
34
*337 34
8
34
3412 *33
347
8
317 .33
8
344 .33
/
1
*37
38
37
37
37
35
37
36
364 *3512 36
3512
*36
383 *36
4
3S54 36
*3512 383 *3512 3834 *354 381
36
4
/
4
793 *78
4
793
4 78
78
78
78
78
*75
*75
78
*28
29
*28
29
*28
29 .28
29
29
29
*28
*28
*213 2212 22
4
22
/ 2112 22
1
4
22
2218 2112 22
211 2218
/
4
743 75
4
/ 7514 75
1
4
/ 7412 75
1
4
7414 75
734 74
734 75
/
1
14
134 134 1312 131 13
/
4
13
/ 1412 1418 1438 1312 14
1
4
*327 33
8
8 31
317 327
3118 *31
s
31
32
31
*303 32
4
8
8
*714 73
4 *74 8
/
1
/
1
4
714 7 4
3
7
/ 7
1
4
/ *7
1
4
74
/
1
*2914 297 32914 297 *2914 297
8
8
8 294 30 I *2914 31
/
1
•283 3012
4
*612 6
/
1
4
612 612 *612 7
6
612 612
6 12 *63
8 612
13
133
4 1218 13
/ 12
1
4
127
8 1214 1318 125 1312 1212 1314
8
7
/ 7
1
4
/
1
4
7
/ 7
1
4
/ *73
1
4
4 84
814 814
814 84
814 814
*45
4614 453 454 *14
4
/
1
46
45
4558 45
45
•43
4614
16
/ 16 8 16
1
4
,
164 1514 154 1514 15 715
/
1
4
/
1
1514
1412 144
/
1
_
_ -___
- ---- ---- ----- ------2318 2318 23 23
22 22
2218 224 22 2212 21381 22
*83
89
*85
85
90
86
85
86
85
85
*80
90
3
'45
48
*45
50
*4518 5014 45
*15
50
45
*413 45
4
4
/ 44
1
4
/
1
4
/ 5
1
4
4
/ 4
1
4
/
1
4
43
4 43
/
1
4
/ *43
1
4
4
4 4
4
/ 4
1
4
*____ 43 3 _ __ 43
._
42 42
____ 423 •____ 424 ____ 42
4
/
1
/
1
4
164 163
/
1
8 15
1512 1518 1512 *1414 1512 •14
*14
15
1512
22
22
*22
22
222
*2112 22
8 22
2112 211 2114 2114
/
4
17
/ 1812 1712 1812 174 18
1
4
8
8
8 163 173
177
8 17
17'4 177
*78
r431.,
4 101 4 113
4 104 11341
103
15
16
154 15
/
1
/ 16
1
4
*2412 28
2412 2412
30
23
*2314 27
2514 26
76
76
76
77
76
/
4
115
8 111 1114 104 113
/
1
8
/
4
/
4
10112 1011 10112 *10014 1011
114 114 •1133 114
114
4
673
8 654 87.4 644 67o
8
*53
537
7
5313 53 8 54
,
614 6 8
8
61
614 63
/
1
4
1037 .103 103 •103 1033
8
8
273 *2514 2612 244 247
8
/
1
46
46
'15
*45
46
*3
8
7
8
3
4
*5
8
7
8
/ 18
1
4
1818 177 1814 17
8
1018 1114
.15
1612
2412 2412
•25
28
*74
76
*111 1112
/
4
1011 1013
/
4
s
1133 1134
4
/
1
6412 6612
8
535 537
8
/
4
618 61
1031 104
/
4
247 24 8
8
46
.45
58
34
17
/ 18
1
4
13,300 Nevada Connol Copper_No par
No par
800 Newton Steel
No par
300 NY Air Brake
100
400 New York Dock
100
200 Preferred
No par
1,600 NY Investors Inc
130 NY Steam pref (6)
No par
60 let preferred (7)
No par
84,600 North American Co
No par
1,000 Preferred
50
17,300 North Amer Aviation __No par
700 No Amer Edison pref_No Par
200 North German Lloyd
70 Northwestern Telegraph___50
200 Norwalk Tire & Rubber_ --10
11,600 Ohio 011 Co
No par
Oil Well Supply
25
Preferred
100
I 14 -:
111
.
iif 11
1
3
/it 18
17
14 - -34
7
124 18 -- -- --- - 5:400 Oliver Farm Eaulp
NM par
/
1
4
*518 5 2
5
8
5
5 3 ___
,
8
518 5
5 12
558 55,
__
2,100 Cony participating...No par
*25
28
2512 26
2112 2112 2212 2212 *2012 - 4
*21
25
233700 Preferred A
No par
*33
4 434 *1
43
4 *4
43
4 .4
44 •4
45
8 •4
412
Omnibus Corp
No par
1063
65
*63
65
*63
65
*63
65 .63
65
363
65 I
Orpheum Circuit Inc pref _100
57
57
/ 5712 5312 5614 57
1
4
56
57
5412 561s 54 8 553
,
41 5,600!Otts Elevator new
No par
_ 12612 12612 1265 1254 *12612 1273
*12612
8
4
012612 1273 *12612 12734
200; Preferred
100
11
1418 1418 1118 *123 1312 123 13 1
/ 1414 *13
1
4
1414 - 12 13
4
4
900'Otis Steel
No par
•____ 743 .70
4
7434 *70
743 *70
4
744 •__ __ 743 •____ 74341
/
1
4
Prior preferred
100
357 3614 *35
36
36
35
37
36
36
38
31
36
1,300 Owens-Illinois Glass Co__25
475 48
8
47 473
4 4718 4734 4714 473
4 454 47
/
1
4514 4614 5,900 Pacific Gas & Electric
25
53
5312 51
54
53
4 5212 534 5214 53
535, 5212 523
3,900 Pacific Ltg Corp
No par
2114 2212 *20
9812 21
21
*19
2012 .1814 21
*18
205
8
480 Pacific Mills
100
125 125 *120 121 *12014 124 *121 124
124 125
124 124
70 Pacific Telep At TON
100
124 124 *12212 131 •12212 131 *120 131
.12212 129 *12212 131
10Preferred
1
100
94 913
914 9 8
5
9
91s 9l
94
9
9 14
9
914 21.900 Packard Motor Car___ _No pa
__ ____ ____ *3214 ___ *3214 - - ------ ---- --_ _ 1Pan-Amer Pete & Trans____5
3612 3612 *35
37
35
35
*3418 - - *3414 37
37
*344 37
___
1_200_ Class B
50
*62
4 6
*53
4 6
*53
4 6
6
6
6
64 *5
/
1
300 Park & TlIford Inc_ __No pa
/ 712
1
4
*314 34
314 314
318 318
318 3'8
318 34
318 318
800;ParmeleeTransporta'n_No pa
*212 27
8 *212 2
/ *24 27
1
4
s *212 23
4
2
/ 23
1
4
4 •212 2
/
1
4
200.Panhandle Prod & ref __No pa
4..__ 50 •____ 55 *_- 55 •____ 65 •__ __ 55 •____ 55
I Preferred
100
8
8 41
4214 407 417
11
404 12
/
1
4134 401 411 40
/
4
/
4
/ 4214 51,000 Paramount Publix
1
4
No par
112 112
14 112
112 112 *112 11
/
4
112 112
112 112 2,400 Park Utah C M
1
3
134
/
4
14
13
4 11
11 1 4
/
4
11 14
/
4
11 15
/
4
8
4,400 1Pathe Exchange
No par
3
3
/ 3
1
4
/
1
4
3
/ 3
1
4
/
1
4
33
4 3
/
1
4
331 3 4
314 312
3
3 12 2,4001 Clams A
No par
107 11
8
107 11
8
11
11
*1012 1112 *1012 1112 *1012 1112 1,900 Patine Mines & Enterpr____20
414 412
*414 412
4
4
4
4
*4
412
418 43
8' 1,100 Peerless Motor Car
50
/ 4012 413
1
4
/ 4014 42
1
4
4 4112 415
/ 42
1
4
39
8 4018 41
404 427 49,1001Penfok as Ford
No par
s1
8
294 2912 285 2914 284 29
293
s
/
1
293
8
284 29
/
1
285 284 4,100:Penney (3 C)
8
No par
90
*88
92
9012 9012 904 9012 90
90
90
*90
91121 1,300' Preferred
100
*312 414
*312 412 *312 412 *312
*312 414 *312 4
'Penn-Dixie Cement__ _No par
Penn-Dixle
412
*23
30
30
*23
*23
*23
30
30
*2314 30
*2312 28 I
'Preferred100
21812 22112 *215 219
215 21811 218 224
219 22414 22012 2244 4,500 People's •:9 L At 0(otdm_ _100
/
1
*1712 19 .1712 19
*1712 19
*17
19
19
*17
.1712 19
Pet 5111k
No par
814 84
814 8
74 8
/
1
4
/
1
4
7 s 814
,
74 8
/
1
/
1
4
14,600!Petroleurn Corp of Arn_No par
7
/ 8
1
4
4 1914 193 *20
191g 203
21
21
*2114 22
4
21
20
/ 207s 2,6001Phelps-Dodge Corp
1
4
25
*130 200 *130 200 *130 200 *100 200 *100 200 •100 200
'
50
Philadelphia Co (Pitteb)
53
*52
*52
*52
53
53
*53
533
4 63 63
,
*527 53
300, 8% preferred
50
94 10
912 1018
9
9 12
914 958
83
8 914
11,7001Phila & Read C & I___ _No par
84 9
914 914
94 94
918 912
914 914 .94 914 .918 914 1,000.Phillip Morris & Co Ltd ___ _10
12 8 *11
,
1118 *11
*11
124 •11
11
11
1118 *11
12 8
,
100 PhlIntle Jones Corp____No par
56
*50
*50
58 .50
56
*50
56
*50
58
pidnips Jones pref
•50
58
100
114 14
/
1
1112 134 1434 135 1414 52.300 Phillies Petroleum____No par
1118 1518 11
144 15
/
1
8
9
*7
9
9
*7
9
.7
9
*7
5
Phoenix Hosiery
1918 1918 *19
23
23
*19
23
*19
19
19
300 Pierce
.18
19
-Arrow class A, No par
3
4
3
4
*3
8
34
*118
3
4
3
4
3
4
•4
04
25
700Illeree 011 Corp
0
4
1.1
1012 104 1018 *1012 1212 *101s 1212'
1112 1012
11
*11
12
100
700, Preferred
214 212
/
1
25
8
212 24
24 24
212 212
212
212 2,800iPieree Petroleum
No par
.
I
• Bid 01d aske1 price,: no sales on this day. I Erdlvidead and ex-right., g Ex-dividend. II Ex-ragtag.
*7
*214
Highest.
PER SHARE
Range for Prea10113
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per share
4818 Apr 24
8 Oct 11
18 Jan
24 Nov
514Mar 28
/
1
29
Oct 218 Feb
136 Oct 7 120 Jan 135 Jan
611 Jan 31
/
4
4512 Dec 109, Jan
1
23 Mar 26
153 Oct 2912 Aug
8
4012 Apr 7
2814 Dec 49 July
/
1
4
8412Mar 26
754 Nov 901a Jan
50 Apr 1
394 Dec 108 Oct
74 Jan 2
74 Dec 113 Feb
/
1
4
70 Dec 1154 Feb
70 Jan 16
5812 Nov 120 Feb
97 Mar 24
44 Apr 7
30
Oct 48 Feb
20 4 Dec 31
3
1212 Nov 234 Jan
54 Nov 82 Jan
89122aue 4
2118 Oct 59 Mar
37 Apr 12
/
1
4
40 Oct 63 July
494 Apr 8
/
1
184 Dec 5912 Aug
2014 Jan 7
261s Dec 72 Jan
42 Apr 16
2
9 Oct 347 Jan
2334Mar 10
2
94 Oct 693 Jan
37 Apr 7
20 Oct 5411 Mar
3372 Feb 6
s
44 Dec 1227 July
77 May 13
3972 Jan
324 Nov
33 Apr 7
3 Nov
4
212Mar 17
34 July
53 Feb 28 ---- ---- --- ---110 Feb28-/
1
4
so Nov 123 Sept
76
/
1
4Mar 19
3
10 Oct 433 July
28 8 Mar 17
7
65 Nov 102 July
924May 28
80 Mar
/
1
4
40 Jan 27
35 Nov
47 Nov 8032 Oct
633 Apr 21
4
4972 Jan 2
424 Dec 1567 Jan
2
5 Oct
112 Oct
1612 Apr 2
/
4
42
Oct 811 Oct
72 Feb 5
2 Jan 2
14 Oct611 Mar
111 Apr 10
2
3 Oct 3113 A03
/
1
4
81 Apr 7
36 Nov 206 Mar
34 Mar 19
21 Nov
551/ ALM
/
1
10 Oct 814 Jan
20 Feb 14
/
1
4
64 Ian 31
/
1
4
55 Dec 10214 Jan
5311 Feb 10
/
4
38 Nov 611 Mar
254 Apr 11
491251ar 25
5812 Jan 6
2614 Feb 14
39 Apr 14
/
1
4
20 Apr 7
93 May 29
152 Oct 8
834 Feb 3
62 June 2
244 Feb 27
3912 Feb 6
3312Mar 1
18912 Feb 7
144 Sept 5
120 Nov 28
583 Apr 24
,
44 Jan 15
11 Jan 15
82 July 28
124 Apr 7
/
1
4
983
8Mar 22
417 Feb 4
2
32 Jan 7
/
1
4
58 Apr 14
47 Feb 19
48 Apr 25
8812 Apr 24
32 Apr 24
losists.pt 3
117 AUK 28
13271 Apr 11
57 June 4
147 Apr 10
2
1054
4
553
4June 11
5018 Mar 14
4 Mar 29
32 Aug 21
2434Sept 9
110 Sept 12
343 Apr 17
2
4812 AIM 17
903
45Iay 13
8381dar 31
99 2 Apr 24
7
80
/
1
4Mar 13
1283
48ept 29
337
251(a 31
99 Apr 29
60 Feb 7
/
1
4
74 ..lar 31
/
1
4
107 2 afar 28
7
30 Feb 8
178 Feb 19
145 Feb 21
233 Mar 18
2
64' May 14
6712May 14
35 4 Apr 7
3
284 Mar 10
4May 14
123
80 May 14
7741V1ar 31I
4 Apr 7
/
1
4
9 Apr 25
195s Apr 25
32 2 Feb 5
7
14 Feb 3
Oct
1472 Nov
30 Oct
40 Oct
1462 Nov
10 Dec
94 Dec
6514 Dec
140 Aug
59 Nov
36 Oct
20 Dec
15 Oct
2512 Dec
12914 Nov
138 Nov
115 Oct
23 Nov
14 Dec
112 Dec
1007 June
2
6712 Ott
118
/ Jan
1
4
4172 July
484 May
71 Mar
73 Dec
Oct
148
1483 Mar
4
8512 Aug
37 Mar
/
1
4
58 Jane
6214 Jan
210
Oct
14112 Feb
123 Apr
/
1
4
714 Aug
/
1
17
Jan
41
Jan
Jan
9812 Nov 144
704 Dec 155
Feb
3118 Nov 918 Mar
8
7
2314 Nov 62 2 Mar
85 Dec 113 July
354 Oct 191 Mar
/
4
33 Nov
5832 Feb
82 July 90 Apr
/
1
4
9312 Nov
1117 Nov
6512 Nov
48 Nov
103 Jan
115 Aug
1864 Sept
/
1
544 Jan
/
1
98 Nov joilit Ian
414 Dec 8414 Jan
4012 Dec 50 Mar
64 Feb
3 Oct
4
7
/
1
4
88
/
1
4
8
17
6412
312
504
Dec 32 -Jan
Dec 10612 Jan
Oct 6412 Apt
Oct 62 2 Apr
3
Dec 991j May
Oct 1072 Feb
Oct 95
/ Jan
1
4
1187 Oct
2
2214 Nov
89 Nov
/
1
4
43 Nov
42 Nov
584 Nov
1712 Nov
131 Nov
4
1163 Jan
13 Nov
4014 Feb
4012 Feb
24 Nov
154 Dec
3 Nov
474 Feb
Oct
8 Dec
24 Dec
412 Dec
141 Oct
1
54 Oct
Jan
125
55
Oct
108 Feb
8912 Sept
9834 Sept
14812 Sept
37 apt
220 July
138 Oct
3212 Sept
89 Aug
6914 Aug
2
871 Jan
21 Dec
154 Jan
Jan
76
7512 Oct
1372 Feb
144 Jan
/
1
30
Jan
47 Mar
/
1
4
221$ Jan
22 Nov 607 Sept
2618 Jan 7 5532 Apr 10
2
e6 Nov 10514 Oct
27s8 Dec 22 80 Jan 3
/
4Sept 23
33 Oct 97 Dec
00 Dee 18 1011
312 Nov
24 Dee 17 12 Mar 8
/
1
27 Jan
2012 Nov 94 Jas
16 Dec 22 55125.1ar 13
18514 Dec 17 325 May 27 208 Jan 404 Aug
184 Dec 4512 Jan
17 Dec 29 2212 Aug 11
57 Dec 30 271 3une 10
8
31 Nov 791 May
19 Dee 30 4432 Apr 7
/
1
4
/
4
170 Oct 9 248 Apr lb 15712 Apr 285 Oct
474 Nov 54 Mar
88ept 29
5012 Jan 15 573
7
612 Dee IC 25 8May 23
912 Nov
34 Jan
5 Oct 33 Feb
/
1
4
84 Jan 8 1512Mar 11
/
1
4
7
104 Dec 15 27 2 Feb 18
1912 Nov 78 Mar
65 Nov 96 May
52 Dec 15 75 Feb 11
/
1
4
1112 Dec 17 44 Apr 30
244 Nov 47
Jan
10 1 Oct 3753 Jan
/
1
4
7 Dec 17 2011 Apr 80
16 Dec 16 33 Apr 3
18 Nov 3772 Jan
Dec 16
212Mar 17
12
1
Oct
3 May
/
1
4
712 Dec 19 52 May 1
30
Oct 514 Mat
11 Dec 17
/
4
74 Apr 24
13 Oct
5
/ Jft,
1
4
462
New York Stock Record-continued-Page 7
For Soles during the week or stocks not recorded here, see seventh page preceding
I
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Jan. 10.
Monday
Jan. 12.
Tuesday 'Wednesday I Thursday I
Jan. 15.
Jan. 13.
Jan. 14.
Friday
Jan. 16.
Sales
for
the
Week
8TOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1930.
On basis of 100-share lots.
Lowest.
Highest.
$ Per Share $ per share 3 per share $ per share $ per share 1 $ Per share Shares Indus.& Miscell.(Con.) Par $ Per share
300 Pillsbury Flour Mills_ _No par 2518 Dec 29
2712. *2712 28
27
*28
2812 23
*2712 28
*2713 28
28
3018 Dec 29
100 Pirelli Co of Italy
4
*3234 34
*3312 3434 *3338 3412 *333* 343
4 344 3418 *333 345
100 18 Deo 31
400 Pittsburgh Coal of Pa
343
4
2734 28
2812 2812 *28
343 *2818 32% 2818 2812 *28
4
100 66 Deo 17
100 Preferred
75
*7218 85
75
*7218 797 *724 798 *7218 84
*7218 75
1413
300 Pittsb Screw & 13olt__ _No par 1312 Dec 20
14% *14
14
1418 *14
*14
1418 14
14
14*14
100 8412 Deo 27
50 Pitta Steel 7% oum pref
87
87
87
87
86
87
*86
87
86
*86
87 •86
1814 Deo 29
No par
900 Pittston Co
*1714 20
*173 20
4
18
18
19
*173 20
4
1712 173 *17
4
1018 Dec 30
No par
900 Poor & Co class B
8
4 123 12%
4
8 123 123
1314 133 *1212 133
4
123 122
8
4 122 13
143 Dec 16
4
1,000 PortoRkian-AmTob clANo par
17
17
17
17
18
18
18
1718 174 IS
*17
18
4 Oct 10
No par
400 Class B
*5
5
5
5
5 18
53
8
5 8 *5
3
58 *5
58 *5
1,100 Postal Tel & Cable 7% 91-100 20 Dec 22
*3313 35
33
*31
35
35
3814 39
361
3612
378 38
25 114 Dec 16
10,100 Prairie Oil & Gm
4
4
17
133 14% 123 1314 133 14
4
17
15
153 1612 14
4
25 16% Deo 17
11,900 Prairie Pipe Line
1912 1814 19
4 19
213 213
4
4 2012 2112 1914 2012 1911 193
No par
3 Nov 8
47
g *43
14
2,000 Pressed Steel Car
4 5
4%
4 4 43
3
4
45
8 43
4
5
53
8
512 53*
100 26 Deo 17
100 Preferred
*35
37
37
*35
37
*35
37
ns
40
*35
38
38
8
No par 525 Jan 3
6,200 Procter Gamble
8
3 643
4 6318 6512 655 6618: 6512 66
64
6418 63
4 63 633
1 Deo 13
314 314 2.400 Producers & Refiners Corp _ _50
314
314 314 *3
318 318
3
12 312
338 338
7614 7314 7512 22,000 Pub Ser Corp of N J__ _No par 65 Deo 17
4
7812 7618 77% 753 7712 72
7718 78% 77
4June 18
No par 913
900 $5 preferred
8 9714 9714 9712 9718
973
4 978 973
*9712 934 9818 9818 *97
4
100 1043 Deo 17
400 6% preferred
4
4
11114 112 *112 112% 112 112 *112 1123 *1113 11214
112 112
100 121 Jan 10
800 7% preferred
4
12912 12912°12912 130 , 1293 130
130 130
•129 13014 *129 130
100 142 Dec 15
300 8% preferred
149 149 *145 149
150 151
4
*150 1593 5450 1593 *151 155
4
110 1104 110 110 • *1W 11018 1,909 pub Serv Eleo & Gas pref 100 10714 Feb 5
110 110
109% 110
110 110
No par 47 Dec 30
4 8,000 Pullman Inc
5418 5412 5412 543
8
8
3
543 55 4 557 58
54's 56
55 8 561
7
12 Oct 30
50
112
112 *114
112 1,800 Punts Alegre Sugar
134
112 112 *114
112 2
114
112
78 Dec 17
25
1018 9,800 Pure Oil (The)
1018 103
8 1018 1012 10
1122 113
4 1118 1138 1012 11
100 904 Deo 15
260 8% preferred
3
8
100 4 1017 10012 10012 100 1017 100 10014 100 100
3
101 101
No par 36 Dec 10
12,100 Purity Bakeries
46
4 433g 4612 45
4612 4712 4614 463
463 4814 4718 49
8
1138 Deo 29
135 79,100 Radio Corp of Amer _No par
8
13
1418 13
8
133 133
4 133 14
4
14
14% 133 143
50 47 Dec 17
400 Preferred
48
48 I *4812 49
48
48
48
4834 483
4 48
*4734 49
No par 311e Dec 30
4012 40
8 40
402 4014 4012 4,300 Preferred B
58 4238 4012 407
40
42
42
8
1638 17
1638 1718 1614 17
59,800 Radio-Kelth-Orp ol A_No par 143 Deo 17
4 1614 17
4
17
173* 163 173
8
700 Raybestos Manhattan_No par 187 Deo 17
*193 21
4
*193 21
4
4 1912 20
193 193
4
20
21
21
21
10 2212 Deo 30
5,700 Real Silk Hosiery
*2513 28
27
2812 *2718 2712 2718 2718 27
273
4 28
27
Preferred
100 83 Dec 22
*83
85
*83
85
*83
85
*83
85
*83
85
*83
85
4112 134 *118 13
5 Deo 26
8
No par
Rats (Robt) & Co
112 *114
112 •114 12
14 *114
4 *1
8 Nov 17
100
*12
1312 *12
25
First preferred
1313 *12
*12
142
25
1312
*12
20
No par 1418 Noy 11
153 16
3
4
3 153 16
4
8 7,100 1temington-Rand
8 153 157
•1614 163* 151 163
153* 157
100 84 Nov 7
200 First preferred
5
85
88
8713 85 85
*85
8712 *85
85 85
*85
88
100 95 _ten 4
1 Second preferred
*____ 98*___
*90
*90
98
*90
98
98
*90
98
98
7 4 Deo 17
3
10
918 913 *93 93*
2,700 Reo Motor Car
9
9
8
83
4 94
84 87
93* 912
4
8
17
1812 173 187
4 163 1718 60,200 Republle Steel Corp_ NO par 1018 Deo 27
163 173
4
4 167 173
17
18
3,900 Preferred oonv 6%,__ _100 28 Deo 29
43
48
*363 41
4
4214 44
4 4018 41
41
423
4214 *41
514 Deo 16
97
100,Revere COODOr & BraseNo par
10
97
8 *9
*8
10
*8
10
*312 10
*812 10
No par 34 Deo 12
*26
*26
33
*25
33
*26
33
*26
33
*26' 33
33
I Class A.
10 Deo 30
No par
15
1438 143
13 8 143
7
4 14
4 143* 14% 134 141
8 3.300 Reynolds Metal Co
137 137
o
1 Dee 27
No par
3,600 Reynold8 Spring
113
13.4
112
114
112 *114
*lsg 2
13
4 13
8 2
4 512
413* 417
413 42
4
413 42
4
42
4314 42% 433* 423* 4318 27,100 Reynolds(R J)'Fob class B_10 40 Deo 27
10 70 June 3
640 Class A
70
71
•72
7218 71
7014
7018 7018 7314
70
7018 70
4% Deo 17
47
8 514
5
5 14
33 198,100 Richfield Oil of Calif__ No par
4
47
3
43g 43
5
23
4 312
4
5 Dec 17
No par
512 612 5,300 Rio Grande 011
8 618
63
4 7
7
7
53
614 612
6% 63
4
8
No par 253 Dee 31
IRitter Dental mu
*28
35
*28
35
*23
35
ns
30
35
*27
32 •28
4
10 143 Dec 17
81 1,200 Rossia Insurance Co
8
1878 187
8 187 187
20
20
8
4 187 19
19 4 2018 193 193
3
4
4
4018 4014 397 4014 3918 3918 3818 3918 3838 39
4 5,200 Royal Dutch Co(N Y shares) 363 Dec 16
383 383
8
10 1914 Dec 17
90081. Joseph Lead
2614 2518 2518
2514 2518. 2518 2518 *2512 2614 *25
26
26
No par 3834 Dec 30
403
8 7,100 Safeway Stores
413* 423
8 4038 4112 4018 407
40
41
383* 40% 39
100 84 Dec 31
I Preferred OD
883 90
4
*8412 90
4
*863 8812 *863 8812 *863 8812
4
4
•8912 90
100 95 Oct 31
50 Preferred (7)
100 10012:
510018 101 3,10012 101 *10012 101 *10018 101 *10012 101
500 Savage Arms Corp_ __No par 124 Deo 17
4
133 *1314 133 *1358 1334 1314 13341
4
i"3* 143 *14% 1412 13
4 Dec 9
414 43
4
8,900 Schulte Retail Stores_ _No par
4
4
4
4
4
4 18
4
414
*47g 5
100 35 Jan 2
17,), Preferred
*4012 49
*4012 48
48
48
49
5018 5112 48
60
*55
538 Deo 31
No par
!Seagrove Corp
*53
4 7
*53
4 7
*53
4 7
*5 4 7
3
*53
4 7
*5 4 7
3
.No par 4318 Dec 26
4784 4912 4712 494 475 49
8
48
487
8 475 4914 4618 484 48,300 Sears, Roebuck & Co.
214 Dec 30
8 1.400 Second Nat Investors No par
*33
4 37
33
4 4
378 41
g 4
35
4 3 4 *37
3
4
4
No par 35 Deo 16
500, Preferred
44
43
433 *41
4
*433 46
4
4
4
4512 451 *433 497 *433 46
1 Dec 13
No par
11
*114
18 1.100 Seneca Copper
114
114
114
114
114 *114
114 114
114
318Nov 7
No par
513
5% 15,800 Servel Ins
5
518 5 8
518 53*
4
5
3
514 53
514
514
No par 204 Nov 10
2212 227
g 2212 2212 4,400 Shattuck (F CD
223 23
4
23
8 23
2318 2313 234 237
9 Deo 17
,,Yo par
950 Sharon Steel Hoop*1218 1234
1312 12% 13
133 *1212 1312 *13
*127 1312 13
8
No par 1118 Dec 30
12
200 Sharp & Dohme
12
13
13
*12
*12
13
*12
13
*12
13
•12
No par 54 Jan 2
Preferred
*5314 56
*5418 56
*5418 56
*5418 56
*54
56
56
*53 4
3
220 Shell Transp & Trad Co Ltd £2 26 Dec 17
3312 3312 *3012 36
*3018 3312
*3018 36
333 333 *3012 36
4
4
514 Deo 29
No par
93 10
84 94 34,400 Shell Union Oil
87
9
98
3
83
4 94
8 918
912 1014
100 55 Deo 30
1,500 Preferred
6518 68
70
70
*70
723
7312 75
75
70
*67 8 85
7
418 Nov 10
43
54 518
sis 518
1,700 Shubert Theatre Corp_No par
43
8 458
4 5
4 5
43
4 43
4 *43
No par 11 Nov 5
8
15
157
8 147 153* 13,200 Simmons Co
3
1518 16
4
1534 1614 153 1612 1514 15
5 8 Deo 15
5
10
812 812
812 82
700 Simms Petroleum
8
8
812 812 *812 914
*9
912
9 4 Deo 17
3
113 23,800 Sinclair Cons 011 Corp_No par
4 11
1112 113* 1118 113
1112 12
1214 13
1214 13
100 86 Deo 22
*95
96
900 Preferred
96
96
95
95
97
*95
96
96
95
95
25 1018 Deo 23
812 912 9,900 Skelly 011 Co
912 1014
8
8 103 10%
1018 1014 103
10
10 4 11
3
212 *2
112 Nov 11
218 *2
218 *2
218 n
Snider Packing
No par
*2
212
*214 3
8 Deo 19
*6
*6
12
*6
12
12
*6
12
Preferred
No par
12
*6
12
3
1
3
905 92
8
*scos 92
*92
94
94
1,100 Solvay Am Inv Truet pref_100 90 8 Deo 29
94
4
933 94
92
92
1418 15
143g 147
147 15
8
8 7,50080 Porto Rico Bug
147 15
8
No par 1018 Deo 17
154 161s
15 4 165
3
k 4718 4714 473 473
8
8 46
25 401 Dec 17
472 457 4614 4,500 Southern Calif Edison
48
483
8 4714 477
418
4% *4
418 *37
311 Jan 4
Southern Dairies Cl B__No par
4% *37
414 *4
*4
44 *4
35
35
*34
35
*34
35
35
400 Spalding Bros
8
No par 32 Deo 16
343
4 345 345 *34
34
___- *111 ---- *111 --__
10 Spalding Bros 1st Dref____100 108 Jan 13
____ 111 111 *111
*111 --_- *111
*24
28
*24
28
*25
28
Spam Chalfant&Colno No par
*24
28
28
193* Jan 2
24
28
*24
*9212 95
*9212 95
Preferred
*9212 95
*9212 95
_100 92 Jan 20
*9212 95
'
*9212 95
1
8 Dec 17
3,900 Sparks Withlngton_ __ _No par
10
93 1012 10
4
4
3
4 103 10 4 1013 1012
1012 1078 10% 103
83 Dec 30
4
Spencer Kellogg & Sons No par
4
4
1114 *1012 103 •1012 103 *1012 104
1114 *10
; *1014 1114 *10
800 SpicerMfg Co
4
8
1012 1012 1118 1118 1118 1118 *114 113
No par 75 Deo 15
11
8 11
1012 107
100 Preferred A
8
81
*273 3018 *2712 2918 *2712 287 *2712 287
4
No par 25 Dec 4
2858 Ms *2712 30
*538 612
512 512
514 514 *518 81
512 512
*5
6
412 Dec 17
300 Spiegel-May-Stern Co_No par
1418 Nov 12
1714 173 65.700 Standard Brands
4
g 173g 1814 1714 181
No par
12 188 1712 177
1734 184 17
300 Preferred
No par 114 Nov 12
11912 11912 *119 11918 *11914 11912 *11914 11918
119 119
119 119
400 Stand Comm Tobacco_No par
3
3
3I
212 Deo 30
3
*3
4
3
3
3
3
*24 27
Standard
58% 6012 16,500 Standd Oas & El Co_No par 5318 Dec 17
5812 62
8
4 603 62
6414 60% 623
6314 6414 62
8 60 6014 2,200 Preferred
50 55 Dec 15
6118 6018 605
6118 613
4 61
62
6212 62
*62
*913* 95
300 $6 sum prior prof__ ..No par 924 Dec 30
*93
95
9212 93
95
*93
94
94
95
*93
111 Nov 12
500 Stand Moulting Corp_ _No par
*23
8 3
3
212 23* *21
212 314 *212 33*
*23
4 314
4
10312 10318 10378 10318 10414 10414 *1033 10412 1,000 Standard 011 Export pref__100 98 Feb 8
104 104
*10318 104
4618 4714 463 4718 4614 4674 20,300 Standard 011 of Cal_ _No par 4214 Dec 17
4878 4914 4814 4914 46% 477
s
1,100;Stand 011 of Kansas
s 17
25 143 Deo 17
18
1712 18
1718 177
/ 18 1818 17 17
4
1814 18,1
4
60
5012 4812 5034 4712 4812 4714 4812 463 48141 465 47% 109,700'Standard 011 of New Jersey_25 4312 Dec 17
2312 40,700 Standard Oil of New York_ 25193 Dec 17
2314 24181 23
4
23% 24
232 243
8
243 25
3
23
2212 23 *22
500 Starrett Co(The) L B__No par 19 Deo 15
22
22 1
23
*22
*2118 23
*2118 23
37
23* Deo 27
33
4 4 I 2,900:Sterling Securities 01 A_No par
4
4
8 4
418 *37
418 438
k 418 414
20
5 Dec 15
400: Preferred
8
75
8 75
8. *7% 75
734 77
4 812
7
*73
4 8 8 *73
*75
8 8%
34 I
50 30% Nov 11
700: Convertible preferred
33
33 1 34
34
*33
34
7
34% 3418 34
35
*34
10 143 Dec 17
4
4
177 1814 173 18181 1734 1814 8,5001Stewart-Warn Hp Corp
1812 r 18 4 18% 1738 18
18
No par 3712 Deo 17
8 4212 437 13,100 Stone & Webster
8 4314 4414 4318 4412 4214 443
4518' 457' 44 • 453
4 2218 227 13,300 8tudeb'r Corp (The).__No par 184 Nov 11
8
8 2218 223
8
227 2318 2214 227
2271 24
2314/ 24
40. Preferred
100 110 Jan 21
*116 120
*116 : 120 ..1.16 116 *117 120 *116 120 *116 120
No par
4 Dec 4
14 3,900,Submarine Boat
14
14
14
14
14
14
14
14 118114
14-ar 14
No par 39 Dec 17
4012 4018 4012 1,800 Sun 011
4014 4012 4012 40
40
3
4212 40 4 407
41
100 973 Deo 19
90' Preferred
4
10214 10214 *10112 102
8
1023 103
103
10212 10212 *10212
*1024 103
900 Superheater Co(The)__No par 30 Nov 8
3312 3312
3412 3418 *3318 35
*3413 35
35
35
35
35
No par
8 Deo 26
4
13
8 112 10,300 Superior 011
13
8 13*
112 112
112
118
114
118
Ds
11g
600.Superfor Steel
100
4
54 Dec 31
*712 812 *712 812 *712 83
8
8
8
8
*81
. 334
500 SweetsCo of America-- -50
1212
812 Jan 24
1212 1218 1218 x1218 1218 *12
4
*113 1212 *12
*113 12
4
15 Dec 30
Symington
No par
*112 2
2
*11
*112 2
*112 2
*118 2
*112 2
No par
1,400 Class A
4 Deo 16
4 *414 5
412 518 *414 43
414 5
41412 512
*412 534
600 Tel/autograph Corp
No par 15 8 Jon 25
1712
5
*17
8
4 173 1712 *165* 18
*1712 173
*18
1812 177 18
o
73 Deo 18
4
100 Tenessee Corporation_ _No par
812
9
s •
93
1s *9
93
s 9
94
93* *9
918 *9
*9
25 2814 Deo 17
4 308 311 108.100 Texas Corporation
4 30% 31% 307 313
8 3118 3614 30% 313
351 357
20,200 Texas Gulf Sulphur____No par 4014 Deo 17
8 4618 47
8 4618 477
4718 475
4714 4818 473 4812 47% 4818
518 518 3,300•Texas Pacific Coal & 011
5
10
4 Deo 23
5
8
434 47
434 518
532
51g
3
53 58
3
10 Deo 17
1
15,300 Texas Pao Land Trust
8 12% 1338 128 13
1228 533
4,
123 1314
137
133 1414 13
4
No par 124 Dec 30
900Yhatober Mfg
4
1512 153
15
1471 147
3 1412
14
14
15
1414 1414 *14
No par 35 Deo 30
100 Preferred
3712 3714 3714 *3512 3712
3712 *36 .11 37% *36
373* *36
*35
F' 243* 2478
r
•131d and mined prices; no sales on this day.
z El-divIdends
V s.x-rlgnasa
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
3 per share $ per share $ per share
374 Apr 11
30 Oct 63 8 Jan
7
507 Feb 27
4314 Oct 68 Aug
7813 Jan 7
54 Nov 8334 Jan
110 Jan 7
8312 June 110 Oet
2272 Feb 18
17 Dec 27 Aug
12
103 Jan 7
924 Feb 110 Oct
227 Apr 8
8
3438 Mar 18
20 Nov 487 2 Aug
3038July 3
8 Nov 504 Jan
274 Mar 10
103 Jan 21
93 Nov 105 Jan
3
4012 Oct 65 2 Jao
54 Apr 1
45 Oct 65 Aug
604 Feb 7
3
64 Nov 25 8 Mar
16 8 Feb 18
5
60 Dec 81 Mar
7612 Feb 14
43 Nov 98 Aug
sJune 2
787
4 Oct 25% Jan
117 Mar 17
2
64 Nov 1374 Sept
1233 Apr 11
4
100 Oct 4 _-__ -- -- --.
98 Nov 10814 Feb
117 Sept 80
135% Oct 6 105 Nov 12478 Jan
158 June 7 13912 Nov 151 Sept
112 May 21 10412 Nov 1094 Jan
9914 Sept
73 Nov
894 Jan 3
6 Dec 2118 July
84 Jan 17
20 Nov 804 May
274 Apr 7
11414 Apr 8 108 Nov 116 Feb
55 Oct 1483* Aug
887 Feb 15
2
3
20 Oct 114 4 Sept
693* Apr 24
Jan
60 Nov 57
57 Apr 21
12 Apr
82 Nov 82
85 Apr 2
2
12 Oct 487 Jan
60 Apr 24
28 Nov 584 Sept
8
587 Apr 17
354 Nov 841 Mar
7
64 a Mar 26
8814 Dec 10212 Feb
100 Mar 29
85 Dec 1614 Feb
8
5 ,1 Feb 3
7
40 Dec 10812 Feb
37 Jan 28
4
571 Oct
1
20 8 Nov
464 Apr 14
81 Nov 964 Oct
8Mar 28
1007
93 Mar 101 API
104 July 15
8
8Mar 24
1012 Oct 317 Jan
147
7912 Apr 16 ---- -- -- ---9512May 5
Nov
25 Dec 3112 30 Jan 3
70 Dec 76 Nov
72 Jan 24
4
343 Apr 14
124 Jae
33* Nov
711 Jan 29
583*Mar 11
89 Nov 66 Jan
70 Apr 8912 Oct
80 Jan 2
94 Dee 4 ___ __-___ ___
15Oct42% 'ilia
254 Apr 7
70 June
40 Nov
593 Feb 5
4
28 Nov 96 May
483
.4Mar 3
4318 Oct 64 Sept
5612 Apr 7
Jan
94
384 Nov
57 Feb 8
14
*
9018 Nov 19514 JOB
1221 Jan 23
85 Oct 101 Sept
s
997 Feb 7
7
109 8Mar 211 100 Oct 10912 Dee
51% Jan
2011 Nov
313 Apr 2
4
34 Dec 4111 Jan
13 Jan 23
18
30 Dec 11812 Jos
75 Jan 21
10 Dec 3214 Aps
1414Mar 11
80 Nov 181
Jae
1001 Jan 31
*
9 Dec 151s Nor
23 Feb 17
45 Nov 63 Not
14
834 Mar 18
2 Nov
104 Mat
3 Jan 29
12
714 Nov 213* Aull
134 Apr 25
2512 Oct 194 Awl
62 Apr 21
20 Nov 533* July
3214 Feb 13
164 Nov 22 Not
271
4Mar 10
50 Nov 654 Aug
63 4Mar 10
3
4838 Apr 23
43 Jan 554 Jan
19 Oct 314 Apr
254 Apr 7
10614 Apr 21
Dec 744 Jai
8 35 Apr 25
594 Nov 188 Sept
947 Jan 2
8
lb Nov 404 Aug
37 Mar 24
21 Nov 45 Jan
32 Apr 7
Jan
11214 Apr 24 103 Oct 111
28 Oct 4611 May
42 Apr 9
34 Nov 1614 Feb
8 Jan 9
,
14 Nov 641 July
36 4 Feb 24
3
85 Nov 111 Sept
12112 Apr 3
223* Dec 45 May
30 4 Jan 16
1
45% Nov 93 SePt
72 Apr 14
14
212 Nov 154 Jan
9 Mar 3
80 Nov 634 Mar
45 Mar 17
115 Aug 27 107 Nov 117 Feb
16 Oct 5214 Jan
371
4June 14
Oct
89 Mar 98
98 Jan 2
1318 Nov 73 Aug
3011 Apr 10
20 Nov 45 Aug
25 Apr 15
2018 Dec BA Mat
384 Feb 4
38 Nov 557 Mrif
4518Mar 31
52 Feb 3
34 Dec 117% Feb
2914 Feb 8
20 Oct 443* Sept
1214Sept 23 11414 Nov 1184 Sept
81 Dec 43% Jan
714 Feb 11
:
784 Nov 2433* Sept
12914 Apr 15
67 May 28
584 Nov 07 Feb
104 Sept 12
1512Mar 27
-4- Dec 48 Sept
8
1063 Oct 7
,
0o
75 Apr 25 -6111 - - t -811 Ma;
49 Apr
21-84% Apr 30
48 Feb 83 Sept
403* Apr 28
614 Nov 48% Sept
473 Apr 23
4
3018 Oct 47% Oct
201
38 Sept
814 Nov
:Mar 31
157 July
8
84 Nov
141
4Mar 31
48 Mar 18
31
Oct 354 Sept
47 Apr 6
1133* Apr 8
474 Feb 6
125 Mar 18
138Mar 31
70 Apr 7
1.084Sept 30
4514July 29
918May 12
2938Mar 27
167 Mar 28
8
7 Apr 23
174 Apr 23
2614 Apr 7
17 Apr 10
6012May 1
674 Mar 24
1411Mar 18
323 Mar 22
8
2
383 Apr 4
48 Mar 31
30 Oct
64 Nov
asl. Nov
115 Nov
Is Oct
66 Deo
100 Jan
--- -__
14
6 Nov
16 Nov
518 Nov
312 Dec
614 Nov
147 Dec
1
912 Nov
604 Nov
4212 Nov
912 Nov
614 Oct
1612 Mar
35 Mar
77 May
20111 Aug
98 Jan
126 June
44 Max
86 6 Oct
3
1054 Jar
---- - 24 Aug
7311 Apr
4
2214 Apr
9 May
19% Mal
2511 Mar
2078 Apr
51% Sept
8514 Apt
237 Mat
8
444 Jan
35 5340P1
697 SePi
New York Stock Record-Concluded--Page 8
463
For isles during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 10.
Monday
Jan. 12.
Tuesday
Jan. 13.
Wednesday
Jan. 14.
Thursday
Jan. 15.
Friday
Jan. 16.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1930.
On boats of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ Per share $ per share $ per share $ per share $ per share $ per share Shares Indus.& Miageil.(Con.) Par $ per share $ per share $ per share $ per share
*2134 24
*2134 24
*22
*23
2314 *2212 23
24
*22
23
The Fair
No par 2114 Dec 17 82 Jan 18
25 Dec 515 Jai
12
*105 10612 *105 10612'105 10612'105 10612'105 10518 *105 10512
100 102 Jan 21 110 Feb 13 102 Nov 1101 Oat
Preferred 7%
4
454 512
54 515 *5
54
5
53
8 *5
512
54 *5
700 Thermic! Co
3 4 Dec 17 267
3
5May 19 ---- ------- -No par
2318 2318 23
21
23
*21
21
22
*203 21
4
900 Third Nat Investors
203 21
4
4
No par 1518 Dec 16 483 Apr 14
2612 2612 *26
27
*2612 27
*2612 27
27
264 2612
26
900 Thompson (J R) Co
25 23 Dec 27 471sMar 12
80 Oct 82 Jan
1318 1314 14
*1212 1312 1312 1312 1312 1312 13
14
13
600 Thompson Products IncNo par 10 Nov 10 8914 Apr 10 ___.• ___ ____ *414 5
412 44
412 412
5
5
5
5
*412 5
900 Thompson-Starrett Co_No par
4
34 Dec 15 187 Mar 28
*2614 29
*27
29
*2712 28 *2712 28
28
28
2812 2812
300 33.50 cuco pref
8
5Mar 25
No par 235 Dec 19 495
77
8
8 12
818
7
7%
718 7%
7
714
10 Nov ills Juno
4
No par
74 714 22.500 Tidewater Assoc 011
58 Dec 27 173 Apr 7
63
8518 63 63
61
63
62
65
6012 6012 63
63
1,600 Preferred
744 Nov 90 5 Aug
100 53 Dec 30 898,Mar 25
7
13 •____ 13 •_ _
125
8 *5
127
123 123
4
1238 •6
4 1.100 Tide Water 011
100 12 Dee 30 31 Apr 23
14 Nov 40 Juno
78
78
7712 7712 *7512 77
_*751s 80
*7512 76
*7414 76
400 Preferred
854 Nov 974 Jaz
5
100 68 Dec 30 947 Apr 18
1012 1012 1015 1014 *10
1015 104 1014 101 103 *1015 1014
8
8
800 Timken Detroit Axle
II% Oct 34% Sept
10
8 Oct 10 2114 Apr 11
4634 473
47
457 46
4 46
4518 45 4 44
3
45
433 4414 7,400 Tinken Roller Bearing_No par 40% Dec 17 8914 Apr 11
4
5812 Nov 150 Jaz
*212 25
8
212 212 *214 212 *214
234
212 212
214
24
400 Tobacco Products Corp
ills Jan 23
Oct 2212 Mal
1
2 Dec 15
20
*11
8
1114 *107 11
1012 107
8 103 1012 1012 10% 105 11
8
8
6.300 Class A
5 Nov 22155 Mai
14
143017 9
75 Jan 2 13
8
20
4 13
1312 13
1314 13141 1314 133
1314 1214 1314 123 13
4
18,500 Transamerica Corp
3
10 8 Dec 13 25 aSept 8
3
2
912 012
934 934 *9
912 *814 912 *814 914 •
1113 Dec 638$ API
5
200,Transue & Williams EIVINo pa
3
84 918
612Nov 12 28 s Jan 81
77
74 8
3
75 8
5
7s 8
7
8
74 8
3
74 8
3
9,2001171-Continentel Corp_No 8t
55 Dec 16 2014 Apr 10 ---- _--- ---- --8
923 923
4
*923 93
4
4 923 923
4
4 923 923
4
4 9234 92341 9234 923
2,300 8% preferred
100 8914 Apr 10 9812E3ept 13
*3134 3212 *32
3212 3134 3134 31
3114 *31
317 *31
313
30 Dec 68 Jab
400 Trice Products Corp___No par 2614 Oct 17 4134Mar 1
*8
1014 *8
1014 *8
1014 *7
10
*7
10 1 *7
10
8
184 Dec 317 Jaz
Truax Truer Coal
912 Dec 17 22 Mar 18
No par
*22
2314 *2214 2214 22
2214 2238 2238 223 2238 •22
8
8015 Nov 61% Jaz
23
400 Truseon Steel
10 2034 Nov 10 3758Mar 25
*1412 17
*1412 17
17
17
*15
19
*15
19
*1412 17
300 Ulen & Co
1414 Dec 17 24 Seel 5 --,- 77-- ---- ---•
No par
*5812 5912 5712 59
5618 564 5514 5714 543 57
4
55
55
82 Nov 181% 0,2
3,900 Under Elliott Fisher Co No par 49 Dec 17 188 Mar 21
*10
114 *10
10
10
*912 1138 *95 1114 •952 11%
1114
8
7 Nov 43 Jai
100 Union Bag & Paper Corp_ _100
88 Dec 17 1914Bept 12
575 5912 573 5914 563 573
5
4
8
4 563 573
8
4 56
58
564 573 65,800 Union Carbide & Carb_No par 5212 Dec 17 10835Mar 31
59 Nov 140 BeP
*2414 2512 2412 2433 2414 247
8 23 s 2413 1•223 23
7
8
494 Nov 57 SeD
223 23
8
5,500 Union 011 California
25 2018 Dec 15 50 Apr 7
24
24
24
24
24
24
24
24
2318 24 *•237 24
600 Union Tank Car
No par 23 Dec 16 8812 Apr 10 -___ _-- ---- --,
2514 2812 2518 2634 2414 2534 2414 2538 233 253
4
8 233 2488 153,700 United Aircraft & Tran..No par 183 Dec 17 99 Apr 8
8
31 Nov 162 Mal
8
*4912 503
4 49
51
48
48
*49
50
49
49
48
4
48% 1,600 Preferred
7
44 4 Nov 10911 Mal
4
50 418 Dec 17 773 Apr 7
*1514 19
*15
20
*16
18'8 *16
.
187 *16
8
187
8 16
27 Nov 7612 Sep
16
100 United Am Bosch Corp No par 154 Dec 29 547 Feb 14
3712 3712 37
37
37
37
*31
383
4 36
364 .35
36
700 United Biscuit
3812 Dec 60 Oc
No par 3212 Dec 30 5834May 28
*115 118 *115 117 *115 118 *11112 118 *1114 118 *1093 118
7
1 Preferred
4
100 115 Oct 22 142 May 28 11413June 138 Cc
24
2414 223 2415 2214 2312 2273 233
4
/
4 2214 2341 2218 2312 16,500 United Carbon
$
4012 Nov 1111 Sep
8
No par 143 Dec 17 84 Apr 24
44 47
48 5
*412 43
4
4 454, *458 454 1,000 United Cigar Stores
45
414412
811Jute 6
314 Dec 17
No pa
*60
6612 65
65
*63
65
65
65
6512 6512 65
6512 1,100 Preferred
1975 Jai
Dec 104
100 26 Jan 2 68 June 5
1812 1914 183 1914 1814 187
8
g 1838 1918 1818 19141 1818 187 172,580 United Corp
751s Ma'
8
19 Nov
7
No par 13 8 Dec 17 52 Apr 28
4734 477
473 477
4
4718 473
4 4712 47 8 473 48
7
4
4818 4812 4,500 Preferred
7
2212 Nov 49 5 Jul
No par 4312Dee 16 5315 Apr 23
*412 43
4
415 41
4
44 *44 44
414 *4
418
435
,
1,400 United Electric Coal_ _ _No par
8 Dec 8115 Ire'
214 Dec 20 191 Feb 19
583 593
4
4 574 5912 5514 5712 558 5612 55
5
99 Oct 15812 35
No par 464 Dec 22 105 Jan 18
564 545 56 1 10.500 United Fruit
283 2918 2838 2914 28
4
2812 273 283
4
4 28
284 28
2812 25,800.United 083& Improve_No par 244 Dec 17 49 sMay 1
%
22 Oct 591 Jul
3
*10112 1013 10112 1011
4
99 1011s 987 991
99
99121 99
993
51 4,3001 Preferred
No 'ar 97 Jan 18 10411 Oct 7
004 Oct ma DI
1
*252 314 *23
4 31
*3
312 *3
31
*3
7 Nov 2814 Jot
212 Dec 9 14 Mar 14
100
United Paperboard
312 •3
312
247 25
*2412 25
*24
26
2418 244 •24
7
26 1 2514 254 2,400 United Piece Dye Wks_No par 2018 Dec 17 32 Apr 7
16 Nov Ws All
14
*57
8 6%
6
63
8
614 64
61s 61
53
4 6
318 Dec 14 Ot
853
5June 7
4 64 1.600 United Stores CIA
418 Jan 2 147
No par
*40
41
3953 41
404 40 4 403 41
411 4115 41
3
7
1414 Dec 40 8 Ot
3
4218 1.000 Preferred class A_ _ _ _No par 1518 Jan 2 50 4July 18
*294 3012 31
31
30
3014 *30
31
3018 3018 30
2518 Nov 8575 Ms
700,Unlversal Leaf Tobacco No par 197 Aug 13 89 Mar 15
30
*31
38
*31
38
*31
38
*31
38
*30
3018 •31
1Universal Pictures 1st pfd_100 27 Dec 19 78 May 9
28 Dec 93 Ja
38
314 314
318 312
25
8 3
*25
8 314
25
8 258 •25
215 Dec 2214 Ja
9 Apr 10
5 312 1,000 Universal Pipe & Rad No par
2 Dec 17
29
297g 2812 2914 2818 29
29
29
28
29 1 2814 29
20 184 Jan 1 8814 Apr 10
19 Oct 55% Ms
7.8001 U.S. Pipe & Fdy
18
% 187 *18
187 *18
187
188 *18
183 183
4
4 184 183
15 Oct 19 la
4
No par 155k Jan 7 21 May 27
500 1st preferred
*712 9
*7
10
57
9
8
8
8
,
•7
10 1 *7
7 Dec 15 20 Jan 17
300 US Distill, Corp
9 Oct 23 Set
10
No par
118
118
13
8 138
114
114
114
118
118
11
118
458 Apr 14
5 Dec 19
4
100
2 Jan 10 A/
900 17 S Express
l's
*2312 24
2312 2312 22
22
21
21
*21
2112 .21
8614 Nov 13412 Se/
23
300 U S Freight
No par 164 Dec 17 108 Apr 7
8/8 81
84 818 *818 888
83
5 81
*812 83
1715 Nov 72 Au
4
7
68 Dee 30 82 8 Mar 80
8
8 14 3,300 U 8 & Foreign Secur_No par
*81
8212 x8112 8112 80
80
*81
84
*82
82 Nov 93 5 Au
84 I *8212 8312
7
No par 73 Dec 15 101 Mar 21
200 Preferred
*75
5 814 *75
8 8
*75
8 8
73
8 738
73
5
1715 Dec 497 Ja
5 Dec 17 80 sMar 12
8 73
8 •714 8
5
No par
300 US Hoff Mach Corp
63
63
6118 621
617 617
s 6114 621
5912 6912 61
95 Nov 2458 0(
3
4,000 U 13 Industrial Alcohol__ _100 6012 Dec 17 139 5 Jan 2
61
5
48
5
514 514
5
45
5 434
314 Dec 13 154 Apr 21
434 5
12
6 Nov 85 la
•45
No par
5 5
1.500 U.S. Leather
84 814 •
712 812 *7
10
5s 812 •S
No par
141 Dec 617 la
4
514 Dec 18 26 Apr 21
*77 10
8
5
100 Class A
*812 10
*73
75
75
75
74
74
*74
77
*75
100 644 Dec 17 94 JUDO 23
8114 Dec 107 Fe
76
400 Prior preferred
*75
76
315* 3212 3014 3152 301s 3O7
318 32
s 3015 314 3014 3118 13.600 US Realty & Impt---No par 25 Dec 16 75
5012 Nov 11912 Fe
1sMar 25
1214 127
8 12
1214 1214 123
127
8 12
8 12
10 11 Oct 10 35 Apr 10
16 Oct 66 MI
1212 1175 124 6.800 United States Rubber
2912 251
24
25
24
2418 237 241
1k
8
2314 24 I 23
100 194 Dec 17 88 5 Apr 4
7
1101 Nov 93 Is
4
233
4 5,600 1st prefer! d
2112 2112 21
2112 21
21
21
22
2114 2114 .21
12July 10 8811 Jab 6
997 Oct72 Bdtz
5
2138 2.600 U S Smelting Ref & Min--50 17
*44
4612 *44
*447 451 *44
4612 *44
46
50 40 Dec 23 534 Jan 7
4512 44
48 Nov 58 Js
100 Preferred
44
1423 1437 14138 14338 140 4 1414 14012 142
8
3
5
139 1413 1388 141 233.000 United States Steel Corp_100 1343 Dee 17 198% AP1' 7 150 Nov 261% Bel
146 146
146 14612 14612 1468 14614 1461 14614 14612 148o4 146% 2,700 Preferred
100 140 Jan 16 151148ept 29 137 Nov 14414 MI
*60
6212 *60
621 *60
ono
6212 *60
6212 *60
554 Nov 7138 No
US Tobacco
No par 5918 Dec 27 88 Feb 10
621 •60
2414 25
5 247
23
2312 243
3
233 2112 23
8
No par 1914 Dec 17 45 Apr 10
24% Nov 6812 Au
5
245* 225 234 17,900 Utilities Pow & Lt A
112 112
114
11
*114
138
114
112
12 Oct 9
114 2,000 Vadsoo Sales
718 Mar 12
118
114
13
8
3 Nov 13 Ja
No par
11
5212 533
5112 54
463 517
4
8 455 48
8
s
453 4714 46
48 351,500 Vanadium Corp
s
37 Nov 11812 Fe
12
No par 4.43 Nov 7 1484 Apr 28
5255 27
23
4 234
234 23
*238 234
15 Dec 16
8
900 Virginia-Caro Chem
23/
3 23
23
4 23
4
12
8 5 Apr 1
7
No par
42
3 Oct2 / Ja
•13
134 1312 131 *13
133 *13
137
13
500 8% preferred
1212 128
9 Dec 23 3414 Apr 1
13
100
lb OctWs Ja
*71
72
71
71
*6714 71
.69
69
72
69 69
69
300 7% preferred
.100 6712 Dec 26 8235 Apr 9
69 Nov 971k Fe
*10212 10278 10212 1021 10212 1021 103 103
10218 10314 *1014 10314
160 Virginia El& Pow pf (6)No par 100 Dec 24 10712 Oct 2
*40
70
*40
70
*40
70
*40
70
70 .50
•50
Virg Iron Coal & Coke pf __IGO 38 hta I 743 Nov 21
70
4
39 Dec 48 Ja
9512 4512 4512 461
9314 4434 9318 9318 43
433/
k
3 423 437
8
8
450 Vulcan Detinninif
100 361s Deo 16 156 Mar 24
38 Nov 1497 Au
*85
90
*85
90
*89
90
*85
90
*85
90
85
90
100 85 Jan 24 100 Mar 24
81 Nov 110 Al
Preferred
233 233
8
8 2318 233
23
23
23
23
2212 23
2,700 Waldorf System
223 23
4
20 Nov 3612 0,
2
5
No par 217 Dec 18 314 Apr 11
14
14
1334 14
125 1314 123 14
8
4
13
13
1312 1312 2,800 Walworth Co
22 Nov 497k 01
8
No par 1012 Dec 30 423 Apr 2
*16
1912 18
1912 18
18
*17
1912 18
181a *16
200 Ward Bakeries class A. No par 1218 Dec 30 54 Mar 24
18
20 Dec 84% Is
412 412
4
412
4% 41
412 412
412 44
412 412 1,400 Class B
3 Dec 30 1538 Apr 1
112 Oct2114 Js
No par
*454 56
*45
58
*50
53
*50
53
*50
53 I 51
51
100 Preferred
12
50 Nov87 la
100 45 Dec 26 774 Apr 8
8
16
1634 155 17
1514 1614 153 1614 1514 163
5
147 157 221,700 Warner Broe Pletures_No par
93 Dec 17 804 Mar 28
8
30 Nov64% At
*38
40 4 *38
3
40 4 *38
3
40 8 *38
5
9012 *38
4012 *38
40
1
Preferred
14
25 Oct 59 Ji
14
No par 31 Dec 17 70 4Mar 98
43
47
54 6
512 5 4
3
4 4 5141
3
44 43
4
414 414
2,900 Warner Quinlan
44 Dec 30 27 Apr 12
No par
16 Oct 42 5 35
7
3018 3038 2912 3018 29
291
285 2955 29
5
30141 2812 293
4 3,400 Warren Bros. new
8
No par 263 Dec17 8812 Apr 11 ____ ------ --.
4314 4314 4314 4314 9314 431 *42
4312 *42
9312 *42
60 Cony pref
4312
No par 4012Nov 13 58 Sept 12
*2512 2812 *26
27
*25
28
*254 27
25
2518 •25
2512
300 Warren Fdy & Pipe_
No par 2212 Dec 16 4312.May 19
154'
Mar MU -JI
535
8 37
5 *33
4 38
7
37
8 45
8
45
8 4 8 *378 458 *37
5
8
Cs
800 Webster Eisenlohr
212 Dec 16
25
91
:Mar 31
42
4 Oct 113 F1
2218 2218 2218 2212 22 22
22
22
22
22 1 214 213
4 1,100 t Wesson 011 & Snowdrift No par 193* Dee 30 297 Mar 27
5
20 Oct 48 MI
*5412 5614 55 55
55
55
5412 5438 5415 574 *544 5715
500 preferred
7215 IL
4918 Nov
12
No par 50 Jan 15 5912 Apr 7
138 145
14212 145
1373 1391 139 l40'i 136 14012 1393 1393
4
4
4 5,500 Western Union Telegraph_10 12218 Dec 29 21935 Feb 19 160 Nov 2724 0
3312 3358 3312 333
8 3312 3414 3418 3418 3418 3414 337
8 33781 1,500 Westingh'se Air Brake_No par 3114 Dec 17 52 Feb 37
3812 Oct 8734 At
90
8
913, 863 9012 85 8 8714 8618 8734 84
5
8718, 8414 86% 241,100 Westinghouse El & Mfg____50 8818 Doc 27 20112 Apr 15 100 Oct 292% Al
110 1107 106 108
105 1081 106 108
8
105 106 ' 105 106
1,250
lst preferred
50 107% Nov 6 19738 Apr 15 103 Nov 284 Al
822
•22
23
23
*22
23
*22
2234 2012 2012 *2012 23
100 Weston Elee Instruml_No par 174 Dec 15 4878 Mar 51
1
194 Nov 64 s Be
*36
*34
36
3712 *34
36
*34
371 *344 3712 *344 37
C1888 A
No par 33 June 23 88 Jan 28
33'2 Aug 3618 Al
*99 100
•99 100
*99 100
99
99
101 101 I 102 102
200 West Penn Klee aloes I...No par 95 Dec 30 110 Apr 16
90 Nov 110 F1
8
106% 1063 •1061 110
10614 108 *106 110
1053 1053 1044 10414
*
80 Preferred
100 102 Nov 14 11212Sept 18
97 Nov 11114 Jo
*95
95 95
9612 9512 9512 896
977
96
964 9614 9614
200 Preferred (6)
100 9014 Dec 29 104 July 31
8812 Nov 102 .11
11578 116
115 115
11518 11518 1155* 1 1558 *115 1153 115 115
4
200 West Penn Power pref
100 11312 Jan 8 11812June 17 no Nov 117 M
10618 10618 107 107
105 107
107 107
107 108 I 1087 108%
5
320 8% preferred
100 10314 Dec 18 1111:8ept 12 103 Sept 11811 31
26
2512 2512 25
2612 26'Z 26
25 •2514 26'gI 2514 26
900 West Dairy Prod el A__No par 20 Oct 16 60 Mar 10
884 Nov 60 Be
53
5% 6
53
4
5% 5 4
3
5% 5%
54 6
6
6
2,5001 Class B
7 Nov 40 Be
42 Nov 8 2415 Apr 11
No par
2212 2212 •22
2212 •22
22
22
221 *22
2212 *22
2212
200 Westvaco Chlorine ProdNo par 18 Dec 20 594 Feb 17
30 Oct 94414
112 2
13
4 13
4
112 13
4
I
13,1
1%
1%
115
13
6,200 Wexmark Radio Stores_No par
19 Oct75 Be
8
7 Dee 30 21 Jan 7
2614 2614 28
26
26
26
*25
26
*25
26 I 25
25
4001White Motor
12
2714 Nov 53 M
No par 215 Dec 23 43 Apr 4
43814 40
*3912 40
3912 40
41
42
4214 421,1 42 423
4 1,5001White Rook Min Spring et1_50 32 Dec 16 54 5Mar 20
55 2 Si
4
7
37 2 Nov
7
312 312
318 312
314 34 *3
312
318 3181
34 3t8
700 White Sewing Maehhse_No par
Oct 48 .11
Dec 11
1
1875 Mar 4
215
612 7
612 714
*7
714
*83
4 8
•65
8 8
*65
8 8
7
500 Preferred
27 Dec 57 k Jo
7
4 Dec 6 39 5 Apr 3
No pas
8 754 81
,
*7
8
*64 7
•612 712 *65
5 712 •658 712
IWIloox Oil& Gas
3
174 Nov 29 4 F1
612 Dec 17 11 Apr 25
No par
23
*22
•22
23
22
*22
23
22
*20
22 1 •20
22
100 Wilcox-Rich class A
341 Jan 29
Oct 611 MI
2
19
No par 1912 Dec 24
*__ - 167 *---- 167 *-- -- 167 *--- - 167 *-..-- 167 •---8
8
4
167
s
Class B
1214 Oct 82 1 11
2Mar 81
No par I918May 5 274
•
534
512 55
514
5
5
5 18
5
4% 5 1
5
512 4.3001Willys-Overianti (The)
614 Oct 85 Jo
3 4 Oct 22 11 Apr 9
3
5
*4814 523 *4814 53
*4814 53
4
*4814 53
4812 4812 *4612 521
100 Preferred
3
31
85 Deo 103 3/
100 4512Nov 12 85 Apr 3
314 33,
3
318 *234 318
3
3 I *23
4 3 I 2,300 W1180/I &
17 Dec 19
3 Dec 1312 Ji
73
4Mar 27
No par
84 812 *812 9
84
84 91
8
8
814 814 1,500 Class ACO Inc
812 812
434 Nov 8 13 Mar 27
5
8 5 Nov 27 .11
No par
4712 4712 *47
4712 51
483 513
4
48
48
48, 48
48% 2.700 Preferred
35% Nov 79
31
100 35 Dec 16 5412Mar 31
8 5812 563 581
56
567
8 56% 57% 56
4
57
573
81 558 5678 17.700 Woolworth (F W)Co
10 511s Dec 17 725, Jan 2
5214 Nov 112 Se
62 8 6514 63 8 6512 61
7
7
667 6812 6338 68
8
6538 613 64
4
23,900 Worthing P & M
43 Mar 137% Be
100 47 Dec 16 189 Apr 29
5
*723 90 . 3 90
5
*723 90
8
*723 90
*723 90
8
72 s
*728 90
75 Nov 10012 Se
Preferred A
100 88 Jan 17 107 Apr 25
*89
*69
75
75
77
*72
*69
79 4 *72
3
75
*72
75
88 Apr 9012 Be
100 63 Dec 17 93 Mar 29
Preferred B
19
*13
*13
19
20
*13
*13
*13
19
20 .13
20
Wright Aeronsoutical_No par 104 Dec 27 6912Mar 5
80 Nov 299 13,
6812 68
*67
687
683 *6714 6818 *67
8
s
685 687 *68
8
684
600 Wrigley(Wm)Jr (Del)..No par 65 Dec 15 80 July 28
65 Nov 807 31
5
30
*27
•27
29
30
29
*27
•27
30
30
28
28
200 Yale & Towne
25 25 Dec 30 77 Mar 1
6138 Feb 88 A,
5 9% 44,300 Yellow Truck &
958 104
l04
9% 9 4
3
103 1038 10
9% 9 4
8
3
93
81iNov 6 32% Apr 23
74 Nov 6114 A
Coach el B_10
80
*75
*75
80
80
•75
75
80
3
15
75
*75
80
40 Preferred
100 50 Dec 22 105 Apr 2
81) Mar 96',3t
225 23
5
2212 2212 2212 2212 8225 23
4
223 23
*2314 21
8
1,200 Young Spring & Wtre_No par 19 Oct 23 47 Mar 7
3311 Oct50% A
*72
7312 *72
84
*72
84
*72
747 *72
7312 .72
8
7312
Youngstown Sheet AT_Aro par 6912 Dec 18 152 Apr 7
91 Nov 175 Se
3
314 31
3
314 314
3
3
24 3
'
32% 3
800 Zenith Radio Corp__ No par
2 Dec 23 163
4June 2
S's Dcc 5284 Jt
•Bid and asked prices; 110 sales 03 IlliS day. z El
-dividends
V Ez-Slanies
464
New York Stock Excnange—Bond Record, Friday, Weekly and Y6ariy
Jas. 1 1909 the Rschange method ofgaoling bonds was changed and prices are now -and (nterest"—except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 16.
Ens
t
Price
Friday
Jan. 16.
Week's
Range or
Last Sale.
Range
for Year
1030.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 16.
c3
Price
Friday
Jan, 16.
Weed's
Range or
Last Sale,
High
Ask Low
Bid
High
High No. Low
Ask Low
Bid
U. S Government.
Cundinamarea (Dept)Colorabla_
First Liberty Loan
50
4
523 Sale 5258
External a 1 6148
3 D 1021ii Sale 101173i 1021ii 290 981fa 102
334% of 1932-47
1103
4
4
1959 A O
981+a 101
Czechoslovakia (Rep of) 84_1951 MN 110 1113 110
10015i,Nov30
D
Cony 4% of 1932-47
11014
1952 A 0 110 Sale 110
Sinking fund 8s ser B
%
J 13 1155; Sale 10211 , 1035ii 98 10014.010311,,
Cony
% of 1932-47
8
98+411,99'4f Danish Cons Munich) 88 A_1946 F A 1075 108 10758 10814
J T.)
---- 99142 Feb'30
26 cony 44% of 1932-47
8
1075
1946 FA 10738 108 10758
1 88 Series B
Fourth Liberty Loan
1053,
-year rat! 66_1943 J J 105 Sale 1047
563 10828,, 1031
4, Denmark 20
Sale 1032he 104
A 0 104
634% of 1933-38
1955 F A 101 Sale 10012 101
External g 534s
100 100
J
_ 100 Sept'30
Conversion 3a coupon
943
4
External g 444e_Apr 15 1962 A 0 9412 Sale 94
1947-1952 A 0 1137.2 Sale 1121142 1137,, 217 108''., 1131+a
Treasury 4348
9712
8
22 1051+e 109fo Deutsche Bk Am part ctf 89_1932 MS 97 Sale 965
Treasury 4a
1944-1954 J D 108++., 1091a 10824d 109
92
DomlnIcan Rep Cost Ad 54a '42 NI Ei 92 Sale 90
107
Sale 1061+,21061+a 52 103
Treasury 334e
1946-1958 M 8 1061+re
86
85 Jan'31
let eer 5)1s of 1928
1943-1947 J D 102+1,2 Sale 102+74z 103+a 80 99400213n
Treasury 334a
8612 87
Jan'31
9
20 series sinking fund 5448 1940 A 0
Treasury 3+4s June 15 1940-1943 J D 103+ff Sale 1021+41102+7a 180 981100211n
81
9811 9812 Dresden (City) external 7a_1946 MN 8018 85 81
Sept'30
9855
Panama Canal 39
1961 Q M
4
Dutch East Indies extl 68_1947 J J 101% 1013 10114 10134
State and City Securities.
1013 Sale 10114
4
1013
40
91% 92
1962 M
-year external Oa
92 Nov'30
MN
NY C 834% Corp at_ _Nov 1954
4
4 101
1953 91 8 1003 10112 1003
-year external 5%a
a0
8514 Aug'29
84% Corporate et__Ma7 1954 M N
4
4 1003
94
94
1953 M N 10034 10112 1003
au-year external 514e
94 Feb'30
1958 M N
te registered
9752 974 El Saleador (Republic) 88_1948 J J 100 Sale 997
10112
8
975 June'30
4
1967 NI N 993 102
4% corporate stock
62
10214 104
Eaton's (Republic of) 78_1967 J .1 55 Sale 55
- 104 Mar'30
8
1957 M N 1067
44 corporate stock
87
103 10578 Finland (Republic) eztl So,,A945 Ill S 8518 89
86
8
434% corporate stock__1957 MN 1067 ____ 10578 Dec'30
9514
8
External sinking fund 78.1950 M S 9514 Sale 927
100 106%
N 0914 ____ 100 Mar'30
1958
11% corporate stock
90
OS 100%
External sinking fund 634s 195553 5 89 Sale SS
4
993 --__ 9918 Nov'30
1059 M N
4% corporate stock
79
foo 100
78 Sale 78
External sinklng fund 5448 1958 F A
__- 100 July'30
1931 A 0
434% corporate stock
95 10058 Finnlah Mon Loan 6448 A-1954 A 0 8812 93
4
92
91
10014
1960 M S 10012 __-- 10014
all% corporate stock
Jan'31
91
93
External 634s serlea B....1954 A 0
10234 Nov'30
4
1023 102%
1964 M S
4348
7212
75
7212 73
Frankfort (City of) a f 6%8_1953 M
9912 Oct'29
1972 A 0
434% corporate stock
10814 Nov'30
108's 108' French Republic ext 7%a- _1941 J D 12512 Sale 12514 125%
1071 .1
44% corporate stock
12018 Sale 12018
12012
9788 107%
External 7e of 1924
4- 10614 Dec'30
1953 M S 1073
corporate etock
434%
10512 106
German Government Interna1942 j
05
1985 J 13 108 11 - 8 10512 Dec'30
434% corporate stock
4
753
1071.5 10815
tional-35 yr 5348 of 1030-1965 3 D 73% Sale 7211
434% corporate atm k July 1967.9 J 108 -___ 10718 Nov'30
10214
German Republlo eat' 78_1949 A 0 10118 Sale 101
10414 June'29
canal Mar '58 M 8
New York State 4s
8
987
"61 101 Graz (Municipality) 8s
1954 M N 98% Sale 98+8
101 June'30
1961 J J
Canal impt 4s
Gt Brit & Ire (UK of) 5348_1937 F A 10514 8111° 10518 10512
109 June'30
109 109
10543 J
a 44ri
104 Apr'30
F A
Registered
Foreign Govt. & Municipals
92%
8
60
e4% fund loan Z Opt 1960A990 P474 921 Sale 905
8
8
493 se
4
1947 WA .56 Sale 55
Aario Mtge Bank of 58
100
100
62
e5% War Loan Z opt 1929_1947 J 13 100 _ _
1
62
4812 8012
f und (le A_ _Apr 15 1948 AO 5718 60
Sinking
4
9512 55
9412
87
9412 9.5
Greater Prague (City) 7340_1952 MN 1043 gale 10412 10514
974
Akershue (Dept) ext 5s__1963 MN
8
63
63
873 Greek Government af seo 75 1964 al N 101 Sale 10012 101
4
Outlaw's (Dept) col 7,.A 1915 24 6114 Sale 60
85%
A
4
593 57
57
581s 11
6
58 F 03
52
Sinking fund see Se
19 2 JAA 0 8412 Sale 8412
8712
1945
External a f 7a set' B
9514
4
12
4
593 56
59
943 Sale 9412
57
8712 Haiti (Republic) a 1 Ss
54
1945
External aI 7a ser C
8
8212 847 Dec'30
4
593
5
5934
52
88
Hamburg (State) 61+
External s 78 see D,._._19463 J 5014 Sale 57
5(04
94 Dec'30
94
sale 5014
90
3
0
6
4
44
AO
8712 HeldeibenHGermanylext1 7%75
External a f 78 lot ser____1957
83
52
52
8
89
5358
44
Helsingfors(City) ext 6 44a_..1900 V 0 83 Sale 8018
External sec a f 78 20 ser.1957 AC 44
83
55
3
5312
Hungarian Manic Loan 7%81945 J J 8414 sale 82
41% 88
Externs lace 0 f 75 3d aer_1957 AO 4212 51
4
75
75 Sale 743
100
9214c1014
4
993 Sale 98
65
External a 7a
3
Sept 1 1946
Antwerp I City) external 513_1958 3D
4
863 82 Dec'30
10
8
91
Hungarian Land M Last 7440 '01 ibl N
88 100
Argentine Govt Pub Wks 65_1960 AC 8918 907 *9012
8418
Sinking fund 7148 sea B....1961 MN
841s Sale 8318
Nation (Govt of)—
Argentine
9112 59
87 100
Hungary (KIngd of) of 734, 1944 F A 19814 Sale 99% 10014
Sink fund tla of June 1925-1959 3D 8914 9014 90
102% Sale 02% 10234
87
99% Irish Free State extle f 58_1960 M
4 60
913
Esti I f (is of Oct 1926_1959 AC 9012 Sale 90
9614
Italy (Kingdom of) esti 713_1951 J D 96 Sale 94%
87 c100
9112 67
A__1957 MS 9014 Sale 8918
Sink fund 86 eerie,
9014
3
9612
95 8 96
35
91
Cred Consortium 78 A1937 M
87 100
External 8s scrim B _Deo 1958 J D 902 Sale 8912
4 70
00
92
4
External see sf7,aer B__1947 M S 92 Sale 893
80% 1001s
Eat' a 1 8e of May 1928_1960 MN 904 Sale 9018
87
8 63
915
87 c100
Italian Public Utility ext' 7e 1952 J J 87 Sale 83%
External f Ss (State R7)
-1960 MS 9014 Sale 90
4
923 Jan'31
8912 Sale 8912
87
4
993 Japanese Govt Z loan 46_1931 J J
9114 55
Eat'6a Sanitary Worke___1961 F A
1043, gale 0312 104
4 99
913
8712 100%
30-years I 0las
wka(May'27)_1961 MN 8958 Sale 8912
F.xtl 6a pub
9314
4
23
87
78 c97
Eat'sinking fund 5%_ _ 19 4 MN 0312 Sale 92%
e1 68 F A
95
Public Works eat' 5)4a_..1962 FA 833 Sale 8334
84 Dec'30
82
82
93
Jugoelavia (State Mtge Bank)—
Argentine Treasury be Z--1945 MS 80
792, sale 78
79
198
944
73
69 Sale 6812
Secured a I g 70
70
1957 A 0
.7
Australia 30-yr. 5a. _July 15 1955
78
8012
73
9414 Leipzig (Germany) et 78_1947 F A
73
7818 80
70
External 5a of 19275ept 1957 MS 69 Sale 68
9914 Jan'31
9814 99
824 85% Lower Austria (Prot') 7348_1950 J
671s 61
g 434o of 1928-.1958 MN 63 Sale 6212
External
10412
Lyons (City of) 15
-year 6ii_ A934 M N 10412 Sole 104
10612 70 1024 108
1943 3D 10512 Sale 1051
Austrian (Goat) e I 7s
10412
9314 166
9518 Marseilles (City of) 15-yr 130 1934 M N 10414 Sale 10418
87
1967 J J 93 Sale 9212
International I 70
5112
7418 9812 Medellin (Colombia) 8148-1954
4
473 Sale 4714
10
78
80
SO— - 11545 FA 7414 79
Bavaria (Free State) 6
4
83
818
814 40
8 47 1073 11112 Mexican Irrigat Asstng 4448 1943
4
8 1075
1941 FA 107% Sale 1075
fis
Belgium 20-yr
26 Apr'30
39 1053
4e1104 Mexico(US)eat' 58011890£.'46(3 J
1949 MS 108 Sale l0712 108
3d-year external 644e
14
11% Jan'31
11
10314 Sale 10212 10312 137 1004 106
1955
Assenting ba of 1899
1945 --External ti 1 63
14 Dec'30
11
10
Assenting be large
-year aI 70-1955 3D 1104 Sale 11012 11112 27 1094 115%
External 30
14
12
914
8%
3
10814 98 107 110 4
1966 MN 10814 Sale 108
Aasentlng 4s 01 1004
Stabilization loan 70
812 914 1014 Jan'31
4
8
1003 1007 10012 10012
9814 102%
8
As/lentil-6f 4s 01 1910 large
Bergen (Norway) 25-yr of (So 1949 AO
4
93
4
93
96
4
17
9414 07
Assenting 4/1 of 1910 small
Oct 15 1949 AO 953 Sale 9534
Ext.! efSs
4
123 Jan'31
22
9412
96
94
97
12
1960 53 S 9514 96
Traits(93 of'13 assent(large)'39
Esti sI 53
1112 Dec'30
7512 15
70 c9912
Small
Berlin (Germany) I 1 81.4s-1950 AO 74 Sale 7212
4
8414
24
70
8
8
9484 Milan (City. Italy) ext' 634,'59 * 0 8412 Sale 323
84
1958 J D 683 Sale 683
External sink fund 6s
1 c71
8
847 8214
9912 Minas Genies (State) Brasil—
8214
Bogota (City) eat' of 8s— _1945 AC 83
,
l
5712
6
5 Sal e 4
54
53 c35 100
1958 MS 5712 sae 5838
External a f 64+
1
Bolivia (Republic of) 6:S1813_1947 MN 50 Sale 45
53
38
39
4
30
3
85 4
1958
J 383 Sale 3312
Esti see 644s aeries A
1959 MS
External securities 78
8312
85
85
34 Sale 3012
4 93
383
29% 84
1952 3D 84
1969 M
Montevideo (City of) 7o
External 5 1 7s
80
10438 20 10214 106%
1969 MN 78 Sale 78
External f 6s series A
Bordeaux City or) 15-P' 6e-1934 MN 10414 Sale 104
10512
3
94
86
Sale
57 10212 Netherlands 68 (flat prIces)_1972 MS 105 8 106 10514
Brazil (U B of)external Sc ._1941 3D 86 Sale 84
6612
62 Sale 6134
6514
4
6912 210
4712 8818 New So Wales (State) eat'5s 1957 FA
External of 534s if 1936-1957 AO 653
6312 GI
66
6914 122
AO 60
4712 c8812
1957 AO 6612 Sale 6512
External a I be
Extl of 8140 of 1927
8
67
40
4
663 Sale 6534
W A 10578 Sale 10412 1057
52
9312 Norway 20
1952 3D
5
r9 3
__ ..
-year eat! OsA9 _1949
70 (Central Railway)
10014
1
10514
10014
95 10518
20
1944 FA 10514 sale 1047g
-year external 65
7448 (coffee seur) Z (flat) 1952 AC 100 10412 92
94
8 10212
27
AO 10178 Sale 1015
88 104
eat' 7s-1935 53 S 9314 Sale
80
1952
-year external as
Bremen (State of)
69
9
102+4
651s 67 67
62
90
1957 M
-year, f 534s
40
1945• D 10214 Sale 102
Brisbane (City) at 58
4
10114
6318 67 63
4
663
59
883
4
1958 FA
External 81 5s_ __ _Mar 15 1083 MS 101 Sale l007
Sinking fund gold be
4
83
8
101
8
.73) 823 Sale 823
93
79
1050
.860 1967 JO 1003, Sale 10014
Municlaal Bank en'
20
-years f (is
4 45
683
61
.1962 • D 6718 Sale 67
854
Municipal Bank esti at 53 1970 3D 10012 Sale 10013 10012
Budapest(City) extl if 60.,
8912 80
80 12 11
84
70
69
67
894 10012 Nuretnburg (City) oral 6s...1962 FA 63
Buenos Aires(City)6%a 2 111955
85 Dec'30
102
7812 9812
1980 AO
o (City) 30-year aS 68_1955 MN 102 Sale 101
External sf6,ocr C-2
5
84%
84%
100
80% 9S3
1960 AO ____ 84
4
Sinking fund 534a
1948 F A 100 Sale 100
External f Steer C-3
47
68
62
91
Panama (Rep) est' 5148
1953 J D 10012 10158 10011 10012
Buenos Aires (Prov) eat' 88_1981 MS 65 Sale 65
17
69
9014
634 8614
9014 88
1961 W A 6512 Sale 6512
Esti s 58 ser A May 15 1963 M N 90
Esti e I 6148
17
70
4
593
64
8
854 Pernambuco (State of) eztl 73'47 M S 587 Sale 5212
'3 6814 Sale 6814
Bulgaria (Kingdom) of 7s-1967
75
28
69 Sale 69
67
67
0014 Peru (Rep of) external 78_1959 M S 57 Sale 56
13U4bil'n a f 7348 Nov 15 '68
3
63 4 Sale 62126414 17
9312
4014
50
Nat Loan eat' f 6a 1st ear 1900.9 D 3912 Salo 3812
Caidas Dept of(Colombia)7345'46
12
40
9104 10112
4
Nat Loan esti a ter 2d see 1961 A 0 383 Sale 38
Canada (Dominion of) 58-1931 AO 10012 Sale
10512 41 1024 10612 Poland (Rep of) golds 11s_1940 A 0 65 Sale 65
6718
N 10514 Sale 10438
1952
be
4 10112 38
4c1024
70
973
1936 FA 10112 Sale 1003
Stabilization loan of 7s_1947 A 0 79 Sale 764
044
4 102 109%
8412
8438 Sale 83
1954
J 106 10712 10712 10712
External sink fund g 81....1950 J
Carlsbad (City) of 88
4
6512
4
74
523 95
4
8
733 75
697
Porto Alegre (City of) 88_1961 J
Cauca Val (Dept) Colom 744s'46 a 0 6212 6512 63
63 60
62
Extl guar sink fund 7)48.1966 3J 61
Central Agrlo Bank (Germany)—
3
26
82
0812 Privola (Free State) eat'6%01951 A 0 7558 Salo 7312
76
77
Farm Loan of 711 Sept. lb 1950 M S 7812 Sale 78
93
73 Sale 71
90%
73
65
68
68%
69
66
f as
Loan I f Co July 15 1980 J
Farm
6
7
7512 215
3
74 sale 7112
90
99
973 Sale 97
65
4
Queensland (State) esti I 78 1111
Farm Loan a f 88 Oct 15 1960 AO 81 Sale 8012
64
83
8
751 94
85
86
87
25-year external es
A A
F o 85
Farm Loan & ser A Apr 161938 AO 95 Sale 95
96
28
87 10314 Rio Grande do Sul exil.183 1194467
77 Bale 76
77
1942 MN
9
Chile (Rep)—ext1 i f 7s
SO
37
94%
7914 Sale 77
49
70
External sinking fund 88_1968 J D 4712 Sale 45
External ranking fund 0'3_1980 AO 7912 Sale 77
4 88
793
6312
70 c9412
External a f 7e of 1928_1988 MN 60 Sale 5612
1961 FA
I as
External I
7912 GO
4
94
70
55%
External a f 7, munia loan 1967 3 D 55 Sale 53
1981'.9 793 Sale 7714
Ry ref esti a (3s
28
80
7714
78
94
7712
70
1961 66 S 75
Rl003janclro25,-ycarsf8,_1948 A 0 7553 Sale 75
Extl "Inkling fund Os
15
79
9414
5412
69
External s I 634s
1953 F A 50 Sale 49%
1962 tO S 78 Sale 78
Eel' sinking fund fla
51
79
70
78 Sale 7712
4
913 Roma (City) extl 8448
8414
1952 A 0 8414 Sale 83
1963 MN
Kati 'linking fund 68
8114 10
8118 78
99
75
Rotterdam (City) esti 6a_1964 MN 104 Sale 1034 104
D 79
63.4. June 301967
Chile Mtge Bk
8514 66
75 1003 Roumania(Monopollea) 75_1959 F A
4
7612 7414
75
7512
2 Sale 8112
S f 834s of 1928—June 30 1961 3D 8
8612
4 60
763
94
65
Elaarbruecken (City) 6a
1953 .1 .1 86 Salo 86
Apr 30 1981 AO 7612 Sale 7312
Guar ef 68
7612 39
514 91
Sao Paulo (City) of lia_Mar 1952 M N 77% 85
81
4
81
N 743 Sale 7414
1962
Guar s f 55
8 16
767
5812
70 c98
4
843 7514
Externals f 834e of 1927_1957 MN 54
5712 52
1960 MS 78
Chilean Cons Mimic 70
7
2712
34
21
90
Ban Paulo (State) esti o 1 8s..1938 J
8
89 Sale 88
273 Sale 2738
Chinese (Ilukuang Ry) Ss 1951 in 101 Salo 101
9934 10334
4
101
79
External see a 1 8a
19503 I 78% Sale 77
Christiania (0,10) 30-7r a f f3s '54 MS 75 Sale 7312
5
75
7(1 c983
4
70
External 0 1 7s Water L'n_1958 34
68
80 66
Cologne(City)Germany 634,1060 M
78
64
52
55 c83
External 5 f Ba
1968.7 J 50 Sale 4712
1961'.9 61 Sale 61
Colombia (Repubilc) da
82
8
814
61
5.514 817
Secured I 78
8
Sale 60
9
1194420 A 0 767 Sale 767
196I AO 63
External a f tle of 1928
Jan'31
8214 Santa Fe (Pro, Ars Rep) 7s
8214
51
81
58
81
66 S
5418 58
Colombia Mtg Bank 6340 of 1947 AO 60 Sale 60
16
62
55
Saxon State Mtge last 78_1945 3 I)
87
Sinking fund 78 of 1925_1948 MN
14
61
Sinking fund g 544e_Dee 1946 I 1) 7
8
5% 81
8
7
64
0 78'14
8
7
115
553 86
5914
61
Sinking fund 75 of 1927_1947 WA 6018 Sale 9718
10714
954 10012 Seine. Dept of (France)exti 7a '42 .1 .1 107Sal e 107
4 60
983
9112
l
1952 3D 9814
Copenhagen (City) ba
92
9112 37
8812 9412 Serbs Croati & Sloyened fis '62 M N
Sale 91
1953 MN 9412 Sale 9312
-year g 4449
25
80
80 sale 78
7 c45
93
External see 7s ser B
6114
1982 M N
61
6112 70
Cordoba (City) ext1 a f 7a 1957 WA
75
8
73
50
9853 Sydney (City) s f 534o
74
1955 F A 73
70
66
75
68
External I I 7a___Nov 15 1937 MN
Silesia (Prow of) ext1 7s
70 100
9
Sale
80
1958 1 D
4 7534
Cordoba (Prov) Argentina 781942 ii 7714 793
69
67
Sheehan Landowners Assn & 1947 F A
0
91
05
6995 Sale 65
MN
Costa Rica (Repub) eat' 78_1951
10412
Solasons (City of) en' 63_A938 MN 10418 Salo 104
97 e103
Cuba (Republic) 5a of 1004_1944 MS
9114
Styria (Prov) external 73—A946 F A
9818 103
0112 Sale 90
l en
873 : 0
10002 gg i a c331
1914 sex A.1949 WA
External Si of
4
1053
Sweden external loan 5348_1934 MN 105% Sale 10518
8814 99
External loan 444s ser C 1949 WA
97 10212 Swim' Confed'n 20-yr of 82_1940 J J 10518 10014 105 Dec'30
98% 39
98
99
J 98
Sinking fund 544s Jan 15 1953
10014
7
105 8
79, 70
9412 Switzerland Govt eat! 5%6_1946 A 0
81
8
JO 8014 Sale 773
Publle wks 644e June 30 1945
Option sales,
C Cash sale. e On the basis of 55 to the atm ing. s
10038 100,2
EXtle
N1g
N12 3
N
98 Nee
Rance
for Year
1930.
No
32
13
55
12
5
110
42
137
22
5
1
15
37
43
3
6
29
3
15
19
7
2
_
7
119
172
906
361
5
225
79
5
17
12
72
34
19
14
15
35
21
510
8
23
107
113
142
29
12
35
14
29
20
5
2
139
47
16
12
10
6
81
25
26
64
25
Si
25
26
10
25
50
9
1
14
57
13
178
63
25
237
56
10
5
37
42
29
17
26
53
50
22
17
91
168
28
15
15
7
19
28
18
38
40
131
7
3
15
53
24
128
23
16
32
23
23
50
70
Low
High
84
42
109 1113
4
10814 III%
107% 111
10710112
10310107
9912 10212
904 95
96 10218
90
88
87
902
854 96
c753
.0104
101% 103
10112 10212
10118 104
101% 106
08 11018
481s 88
84% 97%
901s 10114
8634 91.4
7212 92
99
80
9112
87
6814 95
117%c127
11210122
9114
68
99% 109%
93 102
10212 10814
104 104
en% 92
t974 101
101 10712
97 watt
,
130 4
80
92 10414
80 c9e12
84+4 10412
9413
80
7314 c92.14
94
60
c8118 100
9312
81
98 104%
06 el04
89% 101
91.12
88
4
8314 913
93
77
4
8
4
943 e9h7
10112 105%
8912 94%
88
74
7618 10114
9214 100
1021s 1063
8
10210107
80
812 18
25
26
25
1312 24
8
1758
812 213
4
s
83 2112
1114 274
1112 27
8815 96
% 83
52
8412
42
70 103
7312 967
8
103 10734
59% 90
90
6112
101 11:111
102 108
8
1007 104
1001s 10314
96% 10112
944c102
97% 10114
9212
63
964 104
98% 10512
1004 10712
8912 98
39% 90
521010112
84
33
3112 8414
81
58
80%
68
5913 93
c64 100
9412
59
7038 8314
77
63
90 110
77 10414
5912 103
34% 8(3
8
4712 gel,
8112
46
05 10614
4212 85
4
943
70
102% 106
85
71
8058 91ft
87 107
84
47
68 10514
60 101
9412
50
81
37
Sala
87
4
774 913
77 100
4
693 97
106 c10£12
8112 98
88
75
7614
70
82
48
5.7
82
101% 107
971a
86
10212 10714
1043
010912
1021s 16858
New York Bond Record-continued-Page Z
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 16.
Price
Friday
Jan. 16.
Week's
Range or
Last Sale.
Range
for Year
1930.
BONDS
N. T STOCK EXCHANGE.
Week Ended Jan. 16.
t
465
Price
Friday
Jan, 16.
Werk's
Range or
Last Sale.
UTiz
Alt Low
Bid
Ask Low
Bid
High No
Hier,
High No Low
P*reign Govt. &Municipals.
17 & E Ill Ry (new co) con 58_1951 MN
4612 Sale 45
4812 47
Tokyo City 51 loan of 1912_1952 MS 77
747, 843 Chic & Erie let gold 55
8
7512 Dec'30 - 79
N 105 106 10512 10512
1
1982
External a 1 113-43 guar___1981 *0 91 Sale 9014
8714 9312 Chicago Great West let 48_1959 MS 6612 68
81
9113 81
68
66
Tolima (Dept of) extl 78_1947 MN 5412 58
5
44
Jan'31
63
87
63
110
Chic Ind do Lonne. ref 6s
1947 3'
Tiondblem (City) let 63411-1957 MN 97% 98
.1 i6Oi8
9818
9312 100
9812 14
10234 Nov'30
Refunding gold bs
1947
Upper Austria (Prov) 7e___1945
.
D 9812 99
.
2
9234 99
981,
8 93
9812
Refunding 4e series C
1947 3, 893 - .14 93 Nov'30
External s f 6 No_June 15 1967
D 87
N
8114 9112
873
88% 87
4
93
9
90
6
90
159 & gen fe series A
90 3
1986
4
Uruguay (Republic) ext1 8[1_1946 FA 9812 0912 9814
,
98 Jan'30
88 10914
9912 16
let & gen 8s eer B___MaY 1960 J J 98 4 iso
External sI 131
9112 Dec'30
8
1960 MN 827 Sale 80
31
70 c9912 Chic Ind & Sou 50-yr 48_-1956 J J 91% 94
83
Ext1 I f 68
081, Cbics L 13 & East let 43401969 J D 9818 102 100
May 1 1964 MN 7934 813 80
8212 20
4
1
71
100
Venetian Pro, Mtge Bank 7s '52 AO
933
8
9414 21
,
88 c98
4
89
Ch M & SIP gen 4s A_May 1989 3 3 8418 85 2 853
17
Vienna (City of) ext1 to I 6e__1952 MN 85 Sale 83 8
CS 78
Oct'30
86
84
5
82 c95
85
Registered
Warsaw (City) external 72_1958 FA
_ 56 Sale 56
6414 53
is% 72 Dec'30
48
83%
Gen g 33es set B__May 1989 5 .1
9312 991,
95
Yokohama (City) esti 69_1961 3D 96 Sale 9612
95
963 153
9512 11
Gen 4 Ns series C__ _ _May 1989 J J Li
4
9312 39
Rallread
Gen 43 series E____May 1989 53 9312 sale 9312
-is
Ala GC Sou let cone A be____1943 Jo 1013 ---- 103 Nov'30
8
98
11993 1043
4
08 4 29
3
Gen 44 series F_ _ _ _May 1989 33 98 100
4
let cons 48 set B
92
4
71 Sale 71
1943 3D 933
94% ChM Milw SIP & Pee 5e_1975 F A
- 9434 Oct'30
99
76
AIN& /Ouse let guar 8346_1946 *0 891a Sale 8918
3412 481
8332 0112
8918
,
3
Cony adj be
Jan 1 2000 A 0 3012 Sale 30
8612
_ 86
Alice h West let g gu 4a
1
86
1998 AO
8012
3
85
88% Chic & No West gene 3341_1987 MN 78 Sale 78
9
6 973 Dec'30
Alleg Val gen guar g ole
9212 983
1942 MS 9638 - Q F 72
80
4
4
77 June'30
Registered
82
Ann Arbor 1st g 4s____July 1995 Q J 80
88
89
891,,
49
793 Jan'31
4
76
General 4s
1987 MN 8712 90
9728
9812 265
8818
Atoll Top & 8 Fe
-Gen g 4a_1095 AO 9812 Sale
8818
1
9158 9914
Stpd 43 non-p Fed Me tax '87 MN 8758 90
AO
Registered
97
90
973
4 12
5
97
Gon 44e5 stpd Fed Inc taz_1987 MN 10214 103 10212 103
Adjustment gold 4sJuly 1995 Nov 94 -- -1- 95 Jan'31
07 2
8718 95
Gen bs etpd Fed Inc tax.. 1987 MN 10612 10712 106% 10733 10
4
Stamped
July 1995 MN 963 Sale 95
963
4 19
10512 July'30
877 0614
s
Si N
Registered
MN 8718 91
Registered
9118 Sept'30 _
2
85% 9118
10112
6 4
Sinking fund deb be
1933 MN i01T8 1- 13- 10118
Cony gold 4a of 1909
1955 D 9618
93 Dec'30
10212 99 Feb'30
87
9713
MN
Registered
D 97
Cony 4. 0( 1905
1955
9518
9
88
97
7
973
8
15
-year eeeured g 6)4s--- 1031 MS 107i4 108 107% 109
Cony g 4s issue of 1910
_
1960 in 9414 6.1-e- 9214 Oct'30
3
1914 9214
Jan'31
101 10512 101
let ref g be
May 2037
D 11614 Sale 116
Cony deb 43-4e
1948
11812 191 10812 14112
95% 33
let & ref 431e
May 2037 3D 9412 94% 9412
J
Rocky Mtn Div let 45_1965
9412
95
5
88
let & ref 43-4e ser C May 2037 3D 94 Sale 9312
957
9612
8 65
Trans
9012 57.4
-Con Short L let 43_1958 Si
95 Jan'31
92
311
Cony 45(c series A
1949 MN 90 Sale 8912
10212 6 ale 104
593142 10l
051 9
5
Cal-Aris let & ref 43-4e A_1962 M
Jan'31
_
97 10412
All Knox, & Nor let g ea 1948 ID
10312 10312
2 9712 1041* Mc R I & P Railway gen 48 1985 ▪ 2 9412 95
9414
1
9414
All & Char! AL let 43413 A _1944 32 98 - -1 98
97 8
Jan'31 95 101)
5
91
Registered
is 9012 9212 91
let 30
-year 5s series B
1914 Si 103 10312 10312 10312
5 10014 1043
8
4
At) 99 Bale 982
99% 127
Refunding gold 4e
Atlantic City let core 411_1951 3, 8612 94
9418 Oct'30
87
88 943.
97 11
40
08 Nov'30
Registered
All Cceat Line lot cons 4.July'62 M
06 Sale 9512
9714 14
94
45
Secured 434e serlee A__1 9 2 MS 9312 sale 923
4
1934
5
M
9212 May'30
Registered
9212 9212
143
Cony g 43-4.
N 91 Sale 893
4
91
J D 156,* 102 - 99
8
General unified 434e
1964
9412 103% Ch St L & N 0 5e_June 15 19957 3D 101 10018 16
99 Dec'30
8
8712 941k
L & N cell gold 4e____Oct 1952 MN 9112 Sale 91
9112 18
ill
Registered
102 Mar'30
Atl & Dan let g 424
51
2
45
1948 3, 51 Sale 5012
7312
Gold 31.53
.,
June 15 1951 • D 80% ---- 81 July 2
40
52
El 4e_
Oct'30
52
1948 J J
6212
Memphis Dl,let g 421__1951 J
---- 90% Dec'30
84
Ati & lad let guar 4s
65
Jan'31
8218 8814 Ch St L tu let eons g 5e.....1932 AU i8181i8- 101
1949 AO 70
ea L a
101
2
s
Atutto & N W let cog 543_1941 3, 10014 -- 10114 Jan'31
1,2 10112
9
9
9 ,8
161 1003s Aug.30
A0 _
4
Bait & Ohio let g 41-_ _July 1948 A0 973 Sale 96
973 110
4
861
the
ChIoT11.3t4 6o East let 55...1980• ro 8512 86
6
13
, 85
9212 Dec'30
Reglatered
July 1948 QJ
Cu
6
70
8
Dec 1 1960 MS 6912 73 697
20-year cony 434o
4
91 10 12 Chic Un Sta'n let gu 434a A_1983 S i 104 sale 10318 104
1933 MS 181813 Sale 10012 1007 121
981
8
10
_
MS
993 Dec'30
Registered
4
9818 10014
let be series B
106
1963 S i 10512 106 108
10212 gale 10218
Refund & gen ISsetries A__1995
103
90
05 4.110512
3
Guaranteed g Se
104% Sale 104% 104%
1944 J
J
1023 Aug'30
Reeteteved
4
102 10234
lot guar 6143 series C
18
1151
1963 S i 11478 1153 114%
litgold5s
- 14
10634 22 1008 109% Chic & West Ind con 45
July 1948 A0 15812 166 105%
90
29
1952 J J 8912 901 8912
Ref & gee Cl serioe C____ 1995
0 109 Sale 10812 109% 73 105 c11
,
1
9
lit ref 634* series A
1045
15
1962 MS 104 Sale 104
PLR& W Va Sys ref 4e_ _1941 MN 97 Sale 9612
97
51
7114 Choc Okla & Gulf cone
MN 1003 105 103
103
8
10
Smithy Div let be
4 49 100% 10618 Cin 11 & D 3d gold 434e 5.....1952
1930 JJ 10412 Sale 10412 1043
' 975 993 98
S
1
8
9
8
Vol & Cm DI,lot ref 4s A A959
86 Sale 8412
79% 804 C I St L & C 1st g 4s_Aug 2 1937 Q
865
8 16
3
98 Jan'31
9714 9
1936
8
Ref & gen F. series D2000 MS 10318 Sale 10214
97 10514
10312 52
Registered
Oct'30
94
Aug 2 193(1 Q F 9618 98
Cony 43.4e
FA 9618 Sale 9512
97
250
88 1043 Cin Leb & Nor let con gu 41.1942 MN 95
4
1900
_ 9614 Nov'30
4
Sarum & Aroostook 1st 54_1948 is 1033
- 10314 10314
2 10113 105
Cin Union Term let 4)4,e_ _ 2020 3J 104 6ife 1033
91
8 104
873
4
89
Con ref 4e_
887
8
5
84
1961 Si 87
93
Clearfield & Mab let ifti be __1943
'
5
100 July'28
Battle Crk & fltur let gu 33_1989 J0 66
_ 6258 Dec'30
, Cleve Cin Ch & St L gen 4s_1993
1
62
82
' 9434 Sale 945
13
10
8
9-13
Beech Creek lot gu g
975 VA 9712 Jan'31
8
5
9512 99%
30
-year deb 43es
100 Dec'30
1931 is
20 guar g Se
- - - 100
Jan'30
100 100
1936
General be Berle. R
1993• D 10912 114 11014 Nov'30
Beech Crk ext leIg 334s
87 Dec'30
1951 *0 9418 -78
Ref & Impt (is per C
87
.1 .1 10414 10514 1037
7
10414
8
Belvidere Del cons gu 3348_1943
891
-Ref & Impt ba ser D
J
105 Sale 10438 105
8
Big Sandy 1s9 Cs guar
8
4-730
1944 in 945 96 -58- i5e
--12
98
Ref & Impt 4;Se set E
101
101
1 47
493 S i 101 Sale 100
61
9
7
Beeton & Maine lat 54 A C_19137 MS 10014 Sale loots
9212 104
1002 148
Cairo Div let gold 43
1939 is 9612 9712 96 Dec'30
let m 58 sertee 2
9318 10314
100 Sale 9914
.1955
100% 145
Cin W & M Div let g 48 1991 • J 9218 95
9212 Jan'31
85
Boston & N Y Air Line let 431955 F A 83
81
81
81
8712
St L Div lst coil tr g 4s
4
4
1990 MN 923 95
923 Dec'30
Bruns & West let go s 41_1938 is 953
4
927 158
8
-- 9612 Dec'30
Sec & Col Div 1st g 41
9614 Oct'30
1940 M 5 9314 95
Buff Roth & Pitta gene 55._1937 MS 10112 g't7,1e 10112 1015
11918 10314
8
6
W W Val Dee let g 4s
98
9618 Oct'30
1940 S i 93
go
Consol 4 Ne
9614 C C C & 1 gen cons g 6s
00
32
4
1957 MN 89 Sale 883
' 1035 10518 10312 Jan'31
3
8
1934
Bert C R & Nor 1st & colt 80_1934 AD 102 Sale 102
9913 102
102
1
Clev Lor & W con let g be,..1933 AO 100%-- 10134 Jan'31
Cleve & Mahon Val g 6e
' 101 fo02 101
3
101
1938
Calteda IOU OWN in S. A--1962 A 0 10712 10312 10712 Jan'31
10212 110
Cl & Mar let gu g 4 Ne
1935 MN 99!8 10114 98 Dec'30
Chinaman Nat et Ne_Sept 16 1954 M S 9912 Sale 99
9318 101
995
8 29
Cleve & P gen gm 4 Ns oar B_1942 AO 983 4
98 Dec'30
993 Sale 99
8
SO-year gold 43-4s
9214 10012
995 103
1957 3 1
8
Series 13 334e
2- 87 Mar'29
1942 AC 871
,
Gold 4329
9214 10114
99 Sale 9812
9912 73
1968 3
Series A 43-18
- 12
508'Is 100 161 10114 Nov'30
19 2
,4
4
9914 10818
Guaranteed g 0/_ ---July 1969 J J 10434 Sale 10434 105
57
Series C 3)4s
MN 8612 ___ 8612 June'30
Guaranteed g 5e__0ct 1909 A 0 105 Sale 10412 105
90 101149,31 106
Series D 3144
FA 8612 _- 8618 may'30
Guaratteed g be
1970 F A 105 Sale 10458 10514 17
Gen 434e Mr A
4 10
103% 1033
1977 P A 10312
Guar gold 4eis-__June 15 1955 J D 102 Sale 10112 10214 104
11008
1% Cleve Slier Line 1st gu
AO 102% 101 102% Jan'31
12
111
29 10912 11312 Cleve Union Term let 4343_1961 AO 109 Sale 10858 109
Canadian Nona oeb if 71_l940 3 D 11012 Sale 11014
18
5313_1972
16 113 1183
7
25
-year e f deb 83-0
19411 3 1 116 117 8 11612 118
4
lat e 1 be series B
*0 105% Sale 10518 1057
8 33
11314 11314
11314 Jan'30
Registered
let s f guar 4 Ns ser C
4
10312
9 7 * 0 1023 10318
7
-14
2
10-yr gold 434..._ _Feb 15 1935 F A 10112 162 10112 10112
9818 1023 Coal River Ry let gu 4s_ 1973'ID 9114 97 10218 Nov'30 70
4
94
1945
(ro:adieu Pao Ity 4% deb stoiik
J J 88 Sale 8712
8312 9012 Cclo & South ref &
887 165
8
ext 43-18_1935 MN 10112 Sale 10114 101% 37
4 10112 12
4
Col Or 434.
1940 M S 1003 Sale 1003
Gen' in 434s ser A
9672 50
1980 MN 96 Sale 95
9 18.8 02
(
10352 36 10658 107
J 10358 Sale 10314
eouiv
1945.
etfo
Col & 11 V let ext g 48
9158
89 Dec'30
9914 106
Cell tr g ba
Dec 1 1954 3 13 103 Sale 10212 10312 37
Col & Toilet tat 4e
91%
9312 Jan'31
1955
1960 3 J 09 Sale 9814
Collateral truat 4Ie1
9912 101
5
9% 100
Conn & Pasture RI.
8978
90 Dec'30
1948 A 01
Carbondale & Shaw let If 4s-1932 M
983 Oct'30
8
983 987 Consol Ry non-cony lit ds_1943 FA 1
8
s
-68% 65 Dec'30
43
1964 i J
Caro Cent let cowl g 43
9518- 1945 J J 68
7
912 68
70
7
Non-conv deb 48
7012
4
1
1955 i J 08% 713 7012
7412 10
99
CaroClinch &0 let 30-yr be_1938
D 10214 103 10212 Dec'30
8351'
68% 7412 702 Oct'30
Nca-conv deb 48
1955 j 0
A 3
8
let & con g 6s eer A Dee 15 '52 J D 1073 Sale 1073
8 103
17 100 11012
Non-conv debenture 45_1956
70 Sale 68%
7
70
19813 D 8914 9312 92 Nov'30
Cart & Ad 1st gu g 4s
85% 9211 Cuba Nor Ry let
43
44
44
4314
15
5i49
Cent Branch U P let g 48_1948 J 171 80
82
80 Dec'30
_
80
87
Cuba RR 1st 50
58
-year bag
Is
1942 3J 58 Sale .56
952 3 D
Central of Gs 1st g be,. _No, 1040 Ir A
99 Dec'30 _ _
let ref 7)es series A
7114 78
Jan'31
70
Consol gold es
1945 M N 101 gale 101
10112 23
96 105
9912 04%
let lien & ref Os ser B
70
1938 3 0 60
9
36
65 Jan'31
13
MN
Registered
100 Feb'30
100 100
Ref & gen 5 No series 13_1959 A 0 __ 100
99 4 Jan'31 _ _
3
9312 105 4 Day & Mleh let cone 4 Ne 1931 J .1 96% 06% 99 Nov'30
1
Ref & gen bs eerlis C
1959 A 0 iL Sale 91
95
11
83 103
Del & Hudson let & ref 4s_ _1943 M N 96 4 Sale 9534
)
9612 165
Chatt Div pur money g 4e_1951 J I)
91
8918 Oct'30
_
8418 891/
30
-year cony 59
193 M 0
7
A9 0
10112 10112 Jan'31
1.7
Mao & Nor Div let g 0s 1946 2 3 10012 10212 100
100
100 104
15
-year .5)es
10412 105 105 Jan'31
Mid Ga & Atl Div pur m es'47 J
9314 10112 10212 Sept'30 _
98 10318 D RR & Bridge 1st gu g 4e_1930 F A 96
98
98
1
98
Mobile Div lot g 6e
1948 .1 .1 971
8_ 104
Oct'30
100 10418 Den & R 0 let cons g 4s
9612 47
1036 1 5 96 Sale 9612
Cent New Eng let gu 4s
1961 1 .1 86 gg 86
(4 12
86
81% 69
Consol gold 43-4s
9814
9814
1938 1 3 9812 99
2
Cent RR & Lag of Oa coil ba 1937 M N 95 100
97
97
9512 102
6
Den A KG West gen ba_Aug 1955 F A
79 Sale 7814
813
4 56
Central of NJ gen gold 5e1987 2 J 11212 11518 11258 Jan'31
105 8c1183
5
e
Ref & impt 5e set B_Apr 1978 A 0 8114 84
8114
8314
14
Registered
1987(1 II 110
11412 Jan'31
107 1133 Dee Al & Ft D 1st gu 4o
4
8
25
2478 Sept'30
1935 J J
General 4s
1987 J
0514 9712 973 Dec'30 _
8
8414 9712
8
Certificates of deponft
15 Dec'30
Cent Pao let ref gu g 4s__1949 F A 9612 97
963
8
9712 32
9114 9812 Des Plainee Val let gen 4;0_1947 M 8
19
99 Nov'30
Registered
F A ____ 97
95 Sept'30
90
_
95
Det & Mao let lien g 4s
43 Dec'30
1955 .1 D
Through Short L let gu 43 1954 A 0 96% 0714 96% Jan'31
9034 95
Gold 44
50
38 Dec'30
Guaranteed g 5.
1960 F A 1047 Sale 10312 1047
8
8 79
9912 10638 Detroit River Tunnel 434e_1995 3 D ioi(8
Jan'31
104
1961 M N
Charleston & Sav'h let 711_1938 J J 108%
108 Dec'29
_
.
. Dul Mlasabe & Nor gen 66_1941 J J
--- 10318 Dec'30
Ohee A 01110 Ist coR g 58____1939 MN 10518 166. 10434 105
3 ioi 1iiir8 Dui & hoe Range let IA.__ _1937 A 0 104-102 103 102
Jan'31
Regtotered
1939 M N 10112
101
101
10112 104
-5
Dul Sou Shore dr Atl g 6a___1937 .1 J 6018 66
6018 Dec'30
1992 M
General gold 650
10414 16512 10314
10412 25
9714 106
East By Minn Nor Div let 45'48 A 0
-- 951 Oct'30
Registered
M
10112 Oct'30 _ _
98 10212 Eaat T Va & Ga Div 1st foo._1956 MN 10614 108 10614
0512- 5
19614
19113 A 0 108E8 161
Ref & Impt 43es
- -12 993
8 1013
8 71
94 10212 Elgin Joliet & East 1st g 5e-1941 MN 103 10414 10412 Jan'31
1996 J
Ref & Impt 440 eer R
10014 Sale 9912 10114 128
93% 102
, El Paso & S W 1.1 5.
3
2
103%
1985 A 0 10218 10314 10314
.May 1940 J J 10012
Craig Valley let 0..
10018 Dec'30
965 102
8
Erie let cone g 4s prior
8133
1990 1 J 86 Sale 8512
8 17
93
Potto Creek Branch let 43_1948 .1
90 Nov'30
86% 96
81 Nov'30
1996 J ..1
rt S. A Div let con If 49-1989. 3 05 gi8e 05
1
96
5
8614 9612
IstReegisonsokired lien g 4.4
gen
7612 82
1996 1 .1 7512 Sale 7512
1989 J J 91
9.114 9412 Jan'31 _
20 mewl gold 46
83
12 96
68 Dec'30
Registered
1096 J I
Warns Suring V let g bs_.1941 M 8 10014 107 10118 Dec'30 _97 10118
Penn coil trust gold 4s
99
Jan'31
1951 F A -9814 - - - 100
Cheep Corp con, be_May 15 '47 M N 9712 Sale 973
4
99
4
246
93 102
50
se
-year cony 45 Ferias A I953 A 0 743 Sale 743
4
7512 26
6514 74%
Chic & Alton RR ref g 3s_1940 A 0 73 Sale 6912
73
55
1952 A 0 72% 7812 7612 Jan'31
70 Sale 70
Ctf dep Ned Oct 1930 int- 2
63% 74
70
Gen con, 41 aeries 13
1
72
1933 A 0 72 Sale 72
l950
793 Sale 7
4
Nelda,first lieu 3Ne
9%
59
793
4
6
79 4
3
Ref & impt Se
1987 M N 81 Sale 8012
8314 37
Certificates of deposit-----793 Oct'30
4
6112 793
4
8218 199
Ref & impt 5.0? 1930
1976 A 0 80 Sale 7912
9134 Sale 9118
little Burt & Q-111Dly 8%8_1949
92
85'8 Di's
20
Erie & Jersey let s f 83
1955 . 5 11012 sale 11012 11012
.1 .1
7
.1 .1 87% 01
Registered
91 Aug'30
8418 91
110 Sale 110
Genesee River let a f 8s_ _1937
110
1049 J .1 98
9814 93
Illinois Division As
9814
9213 9814 Erie & Plus gu it 3 hs For 33-1940 3 3 91%
7
9212 Nov'30
9734 Sale 97
1958 M
General to
973
89
8
883
4 36
8
_ 857 Oct'29
Series C 3 Ns
19403 J 91%
8
1977 F A 1021 Sale 10212 103
let&ref4SSesscB
96 11)38, Fla Cent A Pen 1st eons g be '43 J 3 80 18
81 84
Jan'31
1971 F A 10914 Sale 10812 1093
let & re 5s series A
4 21 10318 11018 Florida East Coast let 4341_1959 J I) 77
SO
80
80
1
____ 102 Dec'30
Chicago & Duct III let 4.--.1985 A 0 100
100 /105
lat & ref desert's A____ ._1979 MS 28 Sale 26%
30
66
Option sales.
/ Coals We. $
Range
for Year
1930.
Lou
High
26
84
10114 109
60
743
4
110 11534
1013 105
4
92
93
897 105
8
96 1008
89
904
933 1021s
4
7714 87
81% 85
72
79
89
9712
87% 9512
93 101%
65
/ 9(3
1
4
4
7)12
23
ills goy
75
77
84
93%
85
93%
100 1(1.%
103 11414
105 10012
9912 103%
99
99
8
10412 11(3
97% 109
871s 161
82 c98%
80 10E14
98
88
8512 91
9.522 9112
95
98
8313 99
4
8114 10 3
99 104%
102 102
-Wit 92
997 10112
100% 101'8
So 10(.11
9414
60
97 104%
10112 108
1013 101%
4
1105 11f7
8
s
84
93%
10018 10E7
8
99% 10218
9512 99
95% 9ele
94
9413
88% 9414
100 HA%
0114
99% 101%
105 11214
103 115(53
100 10114
9312e108
92
9512
SO
9/18
844 9118
93
904
60
ilbls
103 IN%
99% 1023
3
98 101
08 100
98
98
Riga !WI4
8518 85%
88
8618
99% 102%
9718 1044
10514 111
10212 10014
98 104
88
94
97 10314
92 10012
8S18 94
85
9514
8612 90
85
76
70
78
71% 73%
68
78
37
78
84
50
6412 9(14
5312 92
99 10(13
91% /9318
9618 107
10078 10E3
4
896 100
92 e99
52
9414 102
67
9913
69% 95
23% 50
15
31
98
99
7?12
43
38
61
9034 108
101 104%
100% 103
68
842
4
9211
9(14
100 11E12
1007s 10414
10018 1013
4
8018 9C14
78
8514
6812 85
68
8313
9518 10 14
(35
87%
6714 8912
69
87
6812 10(
66
9134
108 11414
101% 114
86% 93
85
9912
78
so
17% 61_
466
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 16.
NeW York Bond Record—ContInued—Page 3
V: •
FondaJohae & Gloy lit 41451952 MN
Fort St U 1:1 Co let g 434e--1941 a j
FtW&DenCl.tg634il961 J O
Prim Elk & Mo Val let 68_1933 AO
GH&SAM&P let 5e____1931 MN
1931 Ji
2d extens 55 guar
Gal, Homo & Rend let 55_1933 AO
Ga & Ala Ry let cone Si Oct 1945 J J
Gs Caro & Nor lit gu g 55'29—
Extended at 6% to July 1.1934 Ji
Georgia Midland let 3s........1948 AO
Gouv & Oewegatchle let 5E3_1942 3D
Or K & I ext lit gu g 410_1941 J J
Grand Trunk of Can deb 71_1940 AO
16
1936 MS
-year. I 85
Grays Point Term let 61
1947 J
Great Northern gen 7e ear A_1936 ii
Registered
113
let & ref 434a series A____1981 J
General 514s eerie. B____1952• J
General Si series C
1973 a
General 4145 series D
1976 J J
General 4 Me series E: 1977 .3 .3
Green Bay & West deb etle •__ Feb
Debentures one B
Feb
Greenbrier RI let gu 4e____1940 MN
Gull Mob & Nor let 514e___1950 AO
let 58 be series C
1950 AG
Gulf & S I let ref & ter 5s_Feb '52 ii
Hocking Val let cons g 34e_1999 13
Registered
1999 33
Housatonic Ry cone g 5s
1987 MN
13 & T C let g 5s int guar
1937
.1
Houston Belt & Term let 52.1937 ▪ J
Houston E & W Tex Iota 52_1933 MN
let guar be redeemable_ _1933 MN
End & Manila% let Si sec A_1957 FA
Adjustmentincome be Feb 1957 AO
Illinois Central lit gold te 1951 31
let gold 314s
1951 .1 J
Registered
3
Extended let gold 3143___1951 A0
lit told Si sterling
1961 MS
Collateral trust gold es......1952 AO
Registered
AO
let refunding Si
1955 MN
Purchased lines 334e
1952 13
Collateral trust gold 45_1953 MN
Registered
MN
Refundlog 5e
1955 MN
15
-year secured 614e g
1936
Aug 1 1966
410-year 4142
A
1950
Cairo Bridge gold Ls
Litchfield Div let gold 34_1951
Louisa Div & Term g 8 Ms 1963
Omaha Div lit gold 3s_.....1961
A
St Louis Div & Term g 32_1951
1951
Gold 3340
Springfield Div lit g 11149 1951
Western Lines let g de-1951
A
Reentered
A
Ill Cent and Chlo St L & N 0—
Joint let ref ln aeries A___1963
let & ref £34. genes C__ —1963
Ind Bloom & West let eat La 1940 A
1960
Ind Ill & Iowa let g Si
1956
Ind & Louisville let Cu 4e
Ind Colon 11.7 gin Si Der A 1965 31
1965 31
Gen & ref be aeries B
let & Ott Nor lst 81 set A.1952 Ii
Adjustment 6s ear A_July 1952 AO
1956 J J
let 5s series B
1956 13
lstsSlnerleaC
let Rye Cent Amer 1M 6s-1972 MN
1941 MN
let coil tr 6% notes
1947 FA
let lien & ref 614e
1938 3D
Iowa Central lot gold 51
Certificates of deposit
1951 MB
Refunding gold 4a
James Frank & Clear let 45_1959 3D
1938
.• 1
gal A & G R 1st gu g 5e
1990 AO
Kan & M let gu g 4
8
K C Ft S & M Ry ref g Ils-1936 AO
Kan City Sou let gold 3e......1950 AO
Apr 1950 ii
Re!& impt 55
Kansas City Term let 41.__13460 J J
Kentucky Central gold 46_1987 Ii
Kentucky di Ind Term 410_1981 J I
1961 J
Stamped
1961 31
Plain
Lake Erie & West let g 51-1937 J
1941 a a
26 gold 51
1 7
Lake Sh & Mich Bo g 11343-127
Registered
1931 m N
-year gold te
95
Reentered
MN
Leh Val Harbor Term Ku 5s-1954 F A
a
Leh Val NY lit ga g 434i__1940
Lehlg1 Val (Pa) cons g 44_2003 MN
Registered
MN
2003 m N
General cons 4345
Lehigh Val RR gen Se scrim_ 2003 MN
Lel) V Term Ry 1st gu g 51-1941 A 0
Lehigh & N Y 1st gu g 48-1945 M S
5
Lex & East let 60-yr 58 01-196 A 0
Little Miami gen Si series A_1962 MN
1935 A 0
Long Dock C00101 g 85
Long Isld let con g bs July 1931 Q a
let consol gold 41—__July 1981 Q
1938 .1 D
General gold Ls
1932 a D
Gold Si
1949 M S
17nifiel gold Ls
1934
Debenture gold M
-year p m deb fie
20
1949 M s
Guar ref gold ds
NorShB lat con gu 50 Oct '32 Q
Loulsians & Ark Mealier A 19693 J
Louts & Jeff Bdge Coed g es 1945 M
1937 M N
Louisville & Nashville 5g
1940
Unified gold Ia
1 .1
Reentered
Collateral trust gold 54-1931 M N
refund 534e series A-2003 A 0
1st
2003 A 0
lit dt ref 5s mries B
1st & ref the aerie* C-2003 A 0
Mem Div Se_1946 F A
Paducah de
St Louis Div 2d gold 35_1980 NI 8
Mob & Monte lat g 4 411 _1945 MS
South Ry Joint Monon 4s_1952 I I
Atl Knoxv & Ciii thy Si. A955 M N
Lonny Cln & Lex Div g 41081 MN
111
Pri e
,
Friday
Jan. 16.
Range
for Year
1930.
BONDS
11. Y. STOCK EXCHANGE
Week Ended Jan. 16.
r. •
r.q7
tE
.
Pries
Friday
Jan. 16.
Week's
Range or
Lan Sale.
High
High No.
Ask Low
Bid
High No. Low
25
20
4
212 Dec'30
Max Internet 1st 41 asetd--1977 MS
36
27
10014 100 4 10038 Dec'30
9413 9712 Mich Cent Del& Bay Cny 511931 M
Aug'30
,
QM 9612
1047 107
s
100 Jan'30
Registered
Dec'30
1021s 105
0612 Dec'30
Mich Air Line 41
1940 3, 8458
Jan'31
99 10114
79 May'29
Jack Lane & Sag
.. 1951 MS 8618
6
10012
99 s 101
,
8512 Jan'31
let gold 334e
1952 MN 8612
Jan'31
- -5Ref & Impt 414e sir C
1979 11 101 162 8 10114 Dec'30
94 4 100 4
,
,
8
9912
9414 94 Nov'30
Mid of N let ext 55.___ _1940 AO
811s 85
1
55
9812
9812
2
09
Mil & Nor let tat 414s(1880)1934 3D 97
80 10214
1934 3D 97
4
9912 9712 Jan'31
Cons ext 4146 (18b4)
9012
90
9012 9012
6512 7812 MD Spar &N W let ITU 45_1947 MS 9138 94
91 Dec'30
Dec'30
73
90 Apr'28
Milw & State Line lit 834.. 1941 • I
967 -- 9834 Feb'24
s
1614 16 15 Dec'30
1008 Minn & St Louis let cone 55_1934 MN
79918 101 100 Nov'30
21
Jan'31
1934 MN 1614 30
cu deposit
1003 111 11012 11114 27 10912 11252
4
S
3
8
7
912
45 104 0108
let & refunding gold 4a__.1949
4
1053 Sale 0538 106
20
95
98
83 Dec'30
4
8
Ref & ext 50-yr Sc ear A 1962 Q F
96 Nov'30
,
10 Nov'30
Certlfleatm of deposit.......
4
11014 Sale 10934 1103 145 108 4 113
19
8418
85
11012 110 4 M Bt P ABS M cone 45 lot gu'38 13
,
Jan'31
109
90
94 101
86 Nov'30
lat cons be
1938 Ii
9918
9912 34
9918 102
2
9414
9414
95
10912 35 104 11214
let cons Si gu as to Int
1938 I
108 1083 108
4
14
100
99 10814
-year coll trust 634..
10
4 16
, 1931 MS 100 Sale 99
10412 10514 10412 1053
8
9414 10112
83
44
lit & ref 65 series A
1946 J 3 Si Sale 81
993 Sale 9814 100
8
50 Dec'30
65
93 10112
1949 MB 47
25
-year 6848
987 144
s
983 Sale 9712
4
26
8014
98
70
let ref 552's ser B
1978 J J 98 Sale 9712
70 Dec'30
12
9578 Dec'30
32 4
,
7
21
lit Chicago'form 6148_1941 MM 92
18
193 20
4
18
91 4 9458 Misuissippi Central let 5'3_1949 13
,
97
- 1- 90
g2
951s ---- 9478 Aug'30
6614 11
95 10512 Mo-Ill RR let Si ser A
63
65
1959 31 63
99% 9712 Jan'31
97
937 101
8
5
8012
8
92
Mo Kan & Tel In gold 45..1990 3D 8914 Sale 8914
92 Sale 92
103 10612 Mo-K-T RR pr lien Si ser A.1982 J1 10258 Sale 10212 10334 26
103 __ _ _ 103 Nov'30
5
90
9814 10312
89 Sale 89
40
-year 48 series B
1962 J
103 Sale 10278 10314 24
943
4
953
4 19
96
93 g 100
7
Oct'30
Prior lien 4345 ser D____ 1978• I 94
100
9312 41
8
97 10014
Sept'30
Cum adjust be ear A Jan 1967 AO 0312 Sale 917
9418
- 100
9912 17
993 102
4
100
Mo Pao lit &Oaf be sir A
1966 FA 98 Sale 9714
100 _- 100
702 Sale 71
7314 163
4
953 101
1003
4
1975 M
3
10014 Sale 10014
9812 156
97 Sale 9512
9912 10112
1977 M
let & ref be series F
9912 June'30
100
51
98
99 4 10212
,
s
1978 351 N 977 Sale 9718
10012 1013
8 24
let & ref g Sc ser
10112
N 9912 Sale 9814 10012 127
93 10214
54
101
1949
Cony gold 534e
99 Sale 99
85
98
9612
6812 8512
1980 AO 9012 98
7812 131
let ref g Si series H
77 Sale 77
94 Nov'30
Mo Par 3d is eat at 4% July 1938 MN 9378
100 Mar'30
97
91
98 4 Mob & Blr prior lien g 58_1945 J
,
____ 953 96 Dec'30
4
97
6
81
861
4
Ii 97 Sale 97
Smell
86
8612 Dec'30 _
9014 84 Dec'30
'
3
82 4 82 4
,
,
1945
8614 10
75
8614
let M gold 4.
82 Dec'30
87
83
891:
J J
86
8912 8912 Dec'30
Small
Oct'30
95
S
68
73
73 Mar'30
Mobile & Ohio gen gold 433_ _1938
4
100
86 4 9412
,
96 Sale 91
96
9
Montgomery Div let g 68_1947 FA 100 Sale 100
9412 Oct'30
86
8718 8715
8712 Mar'30 _
1977 MS
Ref & impt 434s
8812 34
8414 95
92
92 Sale 01
1938 MS 87:8 Sale 8718
47
Sec b% notes
92
2
92
89
81
8314 --._ 80 Jan'31
1991 M S 90
Mob & Mai let gu gold 42
Jan'31
- 12
8212 92
87
8714 87
8712
8
1937• J 10612 164 105
Mont C let gu 633
10212 Nov'30
87'2 90'4
90 Aug'30
1937 13 10212
let guar gold 58..
0
31
e
85
85 - ; 843
993 111712 Morris la Essex let gu 3146.2000
4
10518 108 105
105
5
Jan'31
110 Sale 10914 110
4
9 107 112
1965 MN 1063 108 107
Conan M Si ear A
102
31
92 102's
9812 Sale, 9712
MN 10114 102 101
98'3
4 63
Conatr M 4 Me ear B
1955
8813 94
92h ____' 02
93
30
9318 94
9332
8
4
933
7412 77
7818 ----t 754 Nov'30
Nash Chem & St L 4s set A..1978 FA
4
823 84
4
82
88
8234
823
4
8
3
NFla&Slitgugs.
1937 FR 1017 104 1023 Nov'30
18 July'28
7412 80
7518 7712 79
Oct'30
Nat Ry of Me: pr lien 630_1957 .1
123 July'28
4
7514 78
7512 8012 77
Jan'31
J J
July 1914 coupon on
4
823 873
8
4
4
833 86
83 Dec'30
43 Jan'31
212
Aseent cash war rot No. 4 on
8014 ___- 8538 Oct'30
8 8 Aug'29
7
863 853
8
2
Guar 70
-year s f 4s
1977
9414
4
4
89
8512 ____ 9014 Jan'31
2
212
Assent cash war rot No. Son
3512 July'28
9212 9212 Nat RR Mex Dr lien 434e Oct'26
9212 Apr'30 ____
-.i
Jan'31
214
7
Assent each war rot No 4 on
9672 10712
10238 39
22 Apr'28
102 Sale 101
let consol 4e
1961 AD
96
31,
9834 967
8
37
8 30
87 100
95
37
8
4
Assent cash war rot No.4 on
8914 8914 Naugatuck RR let g 4s
94
05 I 913 Jan'31
8
,
-- 88 Aug'30
1954 MId 81 4
90
4._._ I 9312 Nov'30
971 New England RR cons 52_1945 3 3 98 105 101 Dec'30
:
963
Jan'31
84
90
87
883 8638
4
8812 12
9012 88
Corm) guar 45
1945 J J 88
100 10414 N J June RR guar lot 4s
10314 --- 10314 Dec'30
92 Nov'30
1986 FA 8812 91
_40334 1033
4
4
4 100 10414 N O&NE let ref &'mut 4.3-4e A'52 .1
____ 947 953 Oct'30
s
0212
74 106
1031486
8712 86
92
92
4
87
13
.1 90
New Orleans Term let 4s1953 .1
34
9212 NO Texas & Meg n-a Intl 55 1935 A0 98 1003 100
5112 Sale 50
100
55
6
2
8
58
9712
73
75
72
7218
9314
9212 9258
6
9
let Is series B
1954 A0 92
5013 191)
Jan'31
Jan'31
72
80
65
957 93
8
let be series C
1958 P A 03
59% 8118
693 Sale 6938
8
70
13
927 89 Dec'30
8
let 43.48 series])
1956 FR 82
70
9412
7218 Sale 71
8 13
7218 10
let 514e eerie, A
1954 AO 10112 Sale 10012 1017
71
707 7238
8
Jan'31
9812 N & C Bdge gen guar 4345_1946 Ii 9614 ---- 96
723
s
2
12
35
_
100 Mar'30
4
123 193 1312 Dec'30
4
NYB&MBletcongbe_.1935 AD 100
13
3412 N Y Cent RR eon, deb es 1935
15
Jan'31
16
25
106 4 22
,
N 10612 Sale 10618
2 4 10
3
514 63
4
5
97
6
23
963 Sale 9518
4
121
1998 FA
Consol de merles A
8752 97
9512
9512 Sale 9512
1
91
Ref & Imp 610 series A..2018 AD 10112 Sale 10138 102
10014 Apr'29
108
51
2013 A0 10712 Sale 106
Oct'30
-04 161; 11 Bet & Impt 5s serne C 1997 Ii 845s 8538 8412 8.532 7
9114 90
86 Y Cent it Bud RI,M 8345
9412 9814
9612 9712 9612
965
8
3
8214 Dec'30
8
1997
' 823 85
3
Registered
7412 c82
8014 Sale 8018
81
20
1934 MN 10014 Sale 10014 100h 37
Debenture gold 4e
93 104
100 10012 993
4 101
16
,
9712 9812 97 4
9812 35
1942 .5
30
-year debenture de
05
8818 09712
145
,
843
4 20
8412 83 4
9438 Sale 9414
Lake Shore coil gold 310.1998 FA 83
8652 9612
9412
9214 94
9412
1
821
8412 8214
35
1948 FA 82
Registered
8514 92
92 Sept'30
____ 86
8514 18
,
,
Mich Cent coil gold 3155-1398 FA 83 4 84 4 83
91
88
91 Sale 91
1
95 4
,
8214
8214 14
RegIstered
1998 FA 8112 84
89 89
89 Apr'30
98 12
N Y Chi° & St L let 4a
6
1937 A 0 9818 9912 98
9314 Mar'30
Registered
1937 A 0
Jan'31
100 102
/
1
4
102 103 103
9
14
25
-year debenture 45
1931 M N ioora 1665- 10018 1001s
99 10314
Dec'30
100 10312 100
10012 Nov'30
2d 6s series A B C
1931 M N
7914 8614
8412
86
8
847
8
10139 63
1932 A 0 10114 Sale 10118
6% gold notes
773 8414
84
4
8312 Nov'30
8114 8
Refunding 53.48 series A 1974 A 0 1057 Sale 10518 1064 81
987
1003
8 45
2210152
10014 Sale 10014
Jan'31
106
Refunding tiMe series B....1975 J J
9912 10014
10014 June'30
,
Ref 43ft series C
91 4 344
,
1978 M S 90 8 Sale 89h
103 10714
10178 16S- 104 Jan'31
Y Connect let gu 4 Me A 1953 F A 10114 10214 102
Jan'31
96 10314
963 Dec'30
8
9913 100
105
let guar 5e merlon B
1953F A 105 Sale 105
3
80 4 94
3
88
87
8812 8712
54
8
N Y & Erie let ext gold 415_1947 51 N 917
923 Dec'30
4
Jan'31
86
891s
- - - 86
3d ext gold 4145
100 June'30
193351 S
ioo gale 9878 100 22 9512 104
10514 Sale 10438 10514
2 102 1107s N Y & Greenw L gu g be____1946
9712 9534 Dec'30
N 96
99 106
102 10412 99 Dec'30
N Y & Harlem gold 310_2000 MN 7918
80 Dec'30
863 941 N Y Lack & W let & ref gu be '73 MN 10112 ____ 9718 Oct'29
8
8818
4
4
853 Jan'31
1003* 11112
4
1093 1133 10934 1093
4 -- -4
let & ref gu 43 sec B____1978 MN 1021,____ 102 Dec'30
-is
8712 93
93 Nov'30
N Y & Jersey let be
8
:
1932 FA 1005 101 10012 1005
103140109
108485818
N Y & Long Branch gen 45_1941 MS 8614 ___ 8878 Aug'30
--- 04 Jan'31
101
----9914 .101
101 10112 01
1
NY&NE Boat Term 48_1939 A0
7514 July'29
985 98 s N YNH& H
: ,
10012 10114 987 Sept'30
8
deb 4e_1947
•B 8112 88 88 Dec'30
94 Sale 95
8812 98
95
10
Non-cony debenture 3Me.1947
•B 6418 8212 8218 Dec'30
_
9312
99
99
99 Sept'30
Non-cony debenture 310.1954 A0 74 Sale 74
74
2
9212
923
8
,
871a 94
93
11
Non-cony debenture 4e
1955
' 8414 Sale 83
3
8414 11
10112
-9934 10014 101 Jan'31 3 9914 10212 Non-cony debenture 4a.-_1956 N 8414 Sale 83
8414 52
9712
9912 10012
Cony debenture 334a
75
1956 3
76
74 Jan'31
87
94
15
9258 94 92
973
4
Cony debenture 6a
1948 3J 116 Sale 11412 118
63
9914 100 4
3
4
100
- 993 Dec'30
Registered
110 Dec'30
3
87
54
7114 56
69 Sale 69
Collateral trust 65
1940 AG 1053. gale 1055
4
8 106
32
8912 96
9412 9514 94 Jan'31
Debenture Is •
1957 MN 733 7414 7314
7412
9
4
101 1043
4
let & ref 434s sir of 1927_1967 J O 9312 Sale 93
1033 ---- 10434 Oct'30
4
94
170
9414 99
99
19
Bale 9712
Harlem R & Pt Chas let 41 1954 MN 89
99
Jan'31
92
92
923 9412 N YO&W ref g es__June 1992 M
4
9412 Nov'30
_
4412 Sale 4412
4614 27
2
4
General 4.
995 10112
ioi
_ 101 101
1955 3D 364 Sale 3538
5
363
4
1 10312 108
N Y Providence & Boston 4e 1942 A0 95
1041216E 105 105
Oct'30
92
9912 10612 N Y & Putnam 1st con gu 4a 1933 A0 9234 1
,
4
,
9312
104 4 Sale 104 4 1043
9314 9312
3
95 103
11
N Y Snag & West lit ref 5s..1937 ii 72
102
8
100 8 10118 1007
3
70
3
80
70
911 95
9318
_ 95 Dec'30
:
2d gold 414s
1937 FA ---_ 83
75 Mar'30
65
70
General gold 51
58
1940 P A 55
3
58
58
635 Wil2 65 Dec'30
8
973 1023
:
5
9914 992 Dec'30
Terminal let gold Si
1943 MN 96
9912 102 100 Dec'30
NY
& B let ser I 434i '46 I
8712 98
8738 21
8612 53
85 Sale 8412
88
9014 8614
.
'
Nord Ry ext sink fund 83.48 1950 AD 10618 Sale 106
901s 98
Jan'31 _
10614 39
96
98
95
98 8 100 4 Norfolk South let & ref A 55_1961 FA 36
, ,
5
40
4
100
4012 38
100 Sale 100
Norfolk & South lit gold 515-1941 MN 74
80
80 Dec'30
995 1027 Norfolk & West RR gen 65_1931
8
3
8
N 1007 10114 1007 Jan'31
8
____ 1027 Dec'30
101
Improvement & ext 631_1934 FA 10234 __-- 1041 Aug'30
721g 7714
2
7418
/
4
7412
7412 77
60
71
New River lot gold 8s
10214 June'30
4
1932 AO 10114
67
67
68
67
9714 1001
:
N A 51 RI 158 cons g 41-1996 A0 9812 Sale 98
7
98 12 29
97 ____ 9812 Jan'31
9712 9612 Jan'31
Reentered
90
1996 A
87
868 ____ 8914 Oct'30
8
Ask Low
2512
30
9618
105
101
10434
103
10012 Sale 10012
8
1005 10114 1005
8
9912 Sale 98
55
69
55
Bid
24
19341 3
Mahon Ceal Rlt let 5s
Manila RR (South Ltnes)42_1939 M N
1959 MN
'steal 4e
Manna se 11 W Oolonlea'a Ea 1934 J 13
W 1st 3
.1941 J I
Man 0 14
C Cash 8810. 5 Due February. 3 Option sale
Week'.
Range or
Lan Sale.
Range
for Year
1930.
Low
212
100
100
941e
High
117
8
101
100
975
8
81
98
93%
9614
963
4
90
1410314
913
4
9112
997
2
9112
15 - i11;
13
4114
3
16
8
1512
10
15
8372 92
8512 98533
9132 9912
96 102
793 100
8
91
50
92
9914
2
91
955
923 9912
4
50
80
8512 99
97% 10472
8412 98%
9212 101
88 10812
831a 108
8212
63
89 103
8812 10234
4
87 1123
8914 105
91
95
100 100
95
973
4
971s
84
80
8712
92 8 96
,
961s 104
9414 98
9812
89
8614 901s
:
106 1081
95 10212
77
804
102 109
2
963 10314
89
100
9711
10612
—ill 'Ili
--ei 10
--147 - 3
s 18 4
4
864
8514 8912
9614 101
8614 94
85
92
92 2 97
7
85
94
95- 100
52
87 10053
15
96 10112
89
95
967 10012
s
95
973
4
983 100
4
105 10734
8818 9712
97 1087
8
10392 110
7814 8612
75
85
97 1003
4
93
9814
7514 847
2
7512 8514
7612 85
8012
78
94
9912
931.4 98%
97 102
100 1025
2
99 1033
s
986 108
,
10512 10814
8012 9914
961s 10814
100 10512
89
9418
100 100
95
80
9612
857
s
-584 16114
9912 10114
8811 885
.
-ilia IC
77
83
14
651s 81
797 8814
s
73 5 883
3
4
6215 8114
110 135
110 181
1001s 1063
4
68
8314
85% 978
873 93
s
38
6514
26
114
9012 9312
851a 96
8612
69
75
75
55
79
9412 10014
7714 9234
10212 10712
3014 79
80
99
100 4 10212
3
10314 1043
8
10214 102%
9012 9814
90
9552
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOcK EXCHANGE.
Week Ended Jan. 16,
t
4t,
Price
Friday
Jan. 16.
Rid
Norfolk et West (Coaciatte41)D1.'I let lien & gen g le....1944 J J
Youth C & C joint 4s
1941 3 D
North Cent gen & ref 611 A.,.1974 M S
Gen & ref 4541/ soy a
1974 M 8
North Ohio let guar g 51_1945 A 0
Worth Pacific prior lien 42_1997 Q 3
Ragletered
Q J
Gan lien ry A Id g 3a_Jar, 2047 Q F
Registered.- _ _ .._Jan 2047 Q F
Del & 11:110t 431,series A..2047 J J
Ref &Inlet 6.aeries B____2047 J .1
Ref & 11096 18 garter C..3047 J J
Ref & Inapt 61 series D___2047 J J
Her Pao Term Co let g 14_1933 J .1
Nor Ur of Calif guar g 58_1938 A 0
01 & L Chain Ill go g 4a
J J
Ohio ConnectIng RI 1,14s...,1943 M 8
Ohio River RR lat g ISe
1936 J D
General gold 54
1937 A o
Oregon Rit .1 Na, con g 46_1946 .1 D
Ore Short Line lot conic 5e_1946 J J
Guar stud CODe 5e
.1946 I .9
Oregon-Wash IN & tel 41_1901 J J
Pacific, Coast Co let g 5e___1916 J D
Pao RR of Mu let ext It 4._l938 F A
2d extended gold 5e
1938 J J
Paducab & Illa 1st af g 4 Ha_1955 3 J
Parle-Lyone-Med RR eel,' Ils 1958 F A
Sinking fund external 7e...1958 58 S
Parle-Orleans RR *set 834e-1968 NI El
Faunas Ity lot & ret f 7s. _1942 M 8
Penneylvatua RR cone g 4a_1943 81 N
Congo] gold 4.
1948 111 N
die Norl stud dollar-May 1 194881 N
Registered
Consol sink fund 430.-1960 F A
General 431, settee A--1965 .1 D
General fte aeries B
1968 .1 D
15
-year secured 630
1936 F A
Registered.
40
-year secured gold 6a.. 1964 1.1
Deb g 13
1970 A 0
411
Pa Co gu 8 Hs coll tr A rear I937 M 1
Guar 334, coll treat set 11_1941 F A
Guar 331e trust ctfo 0_1942 .3 D
Guar 330 inert Otis D
1944 .1 D
Guar 16-25
-year gold'4._ _1931 A 0
Our 4e eer E trust otle _1952 M N
Secured gold 4415
1963 M N
Fa Ohio & Del let & ref 434,3,77 A 0
Peorle & Eaatern let COMO 4a_1940 A 0
Income
April 1990 Apr.
Peoria & Pekin Un let 5341_1974 F A
fete Marquette let ger A 542_1956 J J
let 4a series B
1956 J 3
lat g 431. aeries C
1980 rel H
Phila Balt & Waoh 1N g 0_1943 M N
General 5. sulfa B
1974 F A
IVeck's
Range or
Lase Sale.
Ask Low
4101
Range
for Year
1930.
High No. Low
High
983 Sale
9718
106% -- -10112
97 Sale
9512 Sale
92% 97
6914 Sale
65% 70
9934 Sale
112 Sale
10112 105
104 Sale
101% ___ 102%
_ _ _ 79
9514 ---
97%
983
4
4 21
911 90
97
17
92% 97
98
107 Nov'30
100 107
10212 10212
7
98 104
91
19
97
92
9918
9512
143
96
8812 97
95
Jan'31
88% 93%
6712
69% 42
83% 70%
Jan'31
67
62
691e
99
28
100
9512 102
11112 11212 117 109 11512
101
6 10018 107
104
104
104
9 101 106%
10512 10512
1 1034 10512
10418 Oct'30
101 104%
78 Dec'30
83
77
9414 Dec'30 -,
921a 96 4
1024 Dec'30 -- 100 10212
joi 103 10118 Dec'30
99 10318
96 Sale 95
96
9
96
91
10612 108 108 Dec'30
- 104 109
108 10914 108
109
8 103% 109
4
943 Sale 94
95
31
8812 98
____ 50
50
Jan'31
50
624
94
0614 Jan'31
9214 10014
100
100 Dec'30 _
97% 101
9612 10018 Dec'30
98 1014
10458 Sale 10414
104% 92 102 10512
106% Sale 106% 10714 25 10314c10712
103% Sale 102% 103% 79
993 10514
4
90
95
92
92
1
90 103
97 Dec'30
97%
92% 9812
9818 I83- 98
98 12 14
4
925 9918
8
9712 9814 9812 Jan'31
9214 99
9314 May'30
924 93 2
,
104% 10618 106
106%
7
983 10814
4
1023 Sale 102% 1023
4
4 60
9719 10412
Sale 109
1093
4
110 I 20 105% 112%
10914 Sale 10918 1094 68 10718 11112
10812 Oct'30 -- 10814 109
iob Sale 10412 105% 80
9914 105%
973 366
4
973 Sale 96
4
913
8:1015a
90% ---- 95 Sept'30 -00
95
86% -- 8912 Dec'30
87
914
86".... 8734 Dec'30
87% DO
92
88
8912 Nov'30
__
843 893
4
4
10018
10018 1005 10018
1
8
98% 100%
Jan'31
92
__
9218 95
8914 9514
10118 Sale 10014
102
116
95 103
10014 Sale 98% 10014 26
9411 102%
Jan'31
81
83 4 80
3
75
5:04
____ 20
20 Dec'30
20
37%
10214 103 10112 10112
3 101 1044
10514 Sale 10412 10514 16 101 106
__
9414 Jan'31
934 95
90
951s
10012 45
10012 Sale 99
9514 103
97
99
_
994 Jan'31
934 98
10912 Nov'30
100
1064 11018
4
Phillippine ity 1st 30-yr a 1 la '37 2 J 25 Sale 24
25
16
3234 32
Pass Creek reg led fle
1932 2 D 1023
10212 Dec'30 8
102 10312
Pitts & W Vs let 4 He sun A.1958 1 D 9218
- 91 Dec'30 --_
903 97
4
IN M 4He sere* 1.4
1959 A 0 93 - 2 94
637
Jan'31 _
92
06%
1118 58 434a merles C
1960 A 0 04 Sale 94
96
58
92 c9812
F CC & St L gu 414e A
1940 A 0 10118 ____ 10112 Jan'31 _-__
9714 10218
OWN B 43.45 guar
1942 A 0 99 Sale 99
99
2
9611 10212
Berle, C 410 eater
1942 NI N 9812
9712 Dee'28 Serie, D 4e guar
1946 M N 953 _ _ 957
4
8
5
9414 984
958
Series E 83.4e guar gold _1919 F A 8712 ____ 95 June'30 ---93% 95
Serie' F 4. guar gold
1953 J D 97
_-__ 967 Dec'30 -.-8
9684 984
Berle@ G en guar
1957 M N 9614
97 Aug'30.._9884 97
Series H cone guar 4s__ _1960 F A 96
8 988
____ 97 Nov'30 ---4
94
Series 1 cone guar 43•41_1983 F A 102
____ 10014 Nov'30 ---97 105
Series 2 cowl guar 4 He
1964 MI a, 102__ 102 Dec'30 ____
991s 103 2
,
Goners! M Si settee A
1970 J D 109 11012 11018 Jan'31 --__ 1043 11312
4
Registered
J D--------1073 Mar'30 1073 1073
4
4
Gen mige gust Si ger B__1975 A 0 109
110 100
Jan'31 _-__ 105% 112
Gen 43 merles 0
,44
1977 J J 1014 Sale 100
10114 171
96 4 101%
,
Pitts aleK & Y la1 gu 611_1932 J J 102
____ 103 Dec'30 -___ 1014 103
24 guar fie
1934 2 J 10318 ____ 102% Oct'30 -.-- 102% 1044
Pitts SD at L E lit g ba
1940 A 0 1013 ____ 101
Jan'31 ____ 1004 103
lat mince gold 5a
1943 J J 101% -- -- 1003 Aug'29 -4
Pitts Vs & Char let 4.
1943 M N 9234 ____ 923 Mar'30 ---- -924 ---923
4
4
Pitts Y & Ash let 4s tier A1948 J D 9414 ____ 9284 Jan'31 ____
914 98
Jut gen be aeries B
1982 F A 104
105 June'30 -1024 105
1st gen be eerie' C
1974 .1 D 10214
Providence Secur deb 0..
1957 NI N 69
7512 7584 Nov'30 ____
75
824
Providence Term let 4e
1956 IM 5 88
9212 70 Nov'30 ____
70
8684
Reading Co Jersey Cen coil 46 '51 A 0 97
98
9612
97
26
90
964
Gen A ref 414. eerie, A._.1997 J .1 102 Sale 1004
96 10314
10214 51
Gen & ref 410 series B
1997 .1 .1 102 Sale 10118 10212 134
97 103 4
,
Reueeelaer A Saratoga 14
1941 M N --------113
Oct'30 ____ 10918 113
7912 7912 Sept'30 ____
Rich & Meek 1s1 g 41
1948 M N _
7912 7974
17Jcbm 1 erns Ity let gu Se. 1953 J J
___ 103 Sept'30 _-__ 101 103
Rio Grande June let gu 6e1939 J D 1E2'291 100 100 Dec'30 ____
94 10218
Rio Grande Sou let gold 44..1049 J J ____ ____, 7 alay'28 ____
____ ____
Guar 45 (Jon 1922 coupon) '40.8 .1 __ _I 713 Apr'28 ____
_ __ _
Rio Grande West let gold 411.11.139 2 .9 0i --- 92
0414
Jan'31
-ii9772
" "let eon & coil trust 4. A _ _1949 A 0 83 Sale 83
83
8
79
91
RI Ark & Louie let 4 tie_ _1934 111 S 100 Sale 100
100,
4 22
953 1014
4
-Canada lit gu g 4a
1949 J J 61
Rut
7812 78 Sept'30 ____
75
78
Rutland lit con a 4 He
1941 .1 .1 8312 90
854
8512
1
86
94
51 40t At Grand Isl let 4a_1947 J J
1996 .1 J
OS Lawn & AcUr let g 54
1996 A 0
3d gold (15
1931 J 2
01 I. & Cairc guar g iii
St L Ir Mt & S Fell 00111k 53_1931 A 0
Stamped guar 65
1931 A 0
1933 el N
RI' & 0 ley let g 4s
L-Ban Fran pr lien 4a A _1950 2 .1
St
197881 8
Con 54 4. Hal series A
873 ___ 8812 Jan'31 ____
4
80,
8
85
__ 06 Nov'30 ____
96
98
100 103 10413 Nov'30 ____ 101 10412
9358-____
__
9978
__
984 1004
10014 gale- 10014 Dec'30- -34
100%
993 102
4
--------10134
__
98% Sale 983 Dee'29-32 -954 16-4
988
-1
8814 Sale 863
4
883 111
4
78
927
8114 Sale 8014
83
179
71
95%
Whell Iddiled .
-91
Oct'30 ____
89
94
1950 J J 10E1 gale- 10114
Prior lien be eerie' B
1013
4 23
92 c10414
gt Louts & San Fr Ity gen 6e_1931 J J 101_ 1003
9 1001s 102
4
10114
1931 J J 1003 161 10012 10034
General gold Si
_5 100 10112
N W 1st go Se_ _1948 J J 1013 1053 101
4
8
St L Poor &
Jan'31
101 105
5a
.._l931 M S --------997 Dec'30
4
St Louie HOU let fru g 4a.
____
941e 9954
87
853
131 I. 5 W Ida 4e bond ctfo_1989 M N 86
864 24
84% 913
4
26 g 4a Inc bond elf, Noy 1989 J J ____ 7918 824 Oct'30 ___
3
767 847
8
1932 1 D 10014 Sale 09
Cousol gold 41
4 10014 18
9714 1004
terminal & unlfying 58.1962 ./ J 96 Sale 94
let
81 103
9784 22
g
Be Foul ed 13 C Sli Lilt 430_1941 F A 964 Sale 9618
97
21
93
997
1931 1' A 100
1007 Aug'30 ____
8
St Paul & Duluth 1s1 61
10018 100%
.1988 J D 89 let consol gold te
66
80
Jan'31 __
9114 9512
994 9918
St Paul E Or Trk 1s3 434a_ .1047 .9 2 ____ ____ 9918 Aug'30 ____
__ 9812 Jan'31 __
Gt Paul ellen & Man eon 41_1933 2 J
96 1003
1933 7 / 103 2 105 10414 Dee'30 ____ 103 1053
,
99-let control g (le
4
8
es reduced to gold 4342_1933 J 1 1007 Sale 10078
1007
8
9784 104
-..J J --------98 Feb'30
Registered
__
98
98
1937 .1 D 9712 Sale 97
Mont est let gold 45
9712
7
12
99(4
emote ext guar 4,(sterling) 4 3 1 951
'
0
403 Dec'30 __
8984 97
O 10912 10912 2 1047 11012
et Paul Un Dep let & ref 61_1973 1 J 10918 IT
,
94% Sale 93
Ar Pass let gu a Is_ _ _ _1943 1 J94% 26
a Ai
90 8 9678
5
9918 1031,
Banta Fe Pros & Phen 1s1 54.1942 M 1 10312 ____ 103 Dec'30 ____
Hay Fla h Wert lit g 6a......1934 A 0 10312 ____ 106
Dec'30 ____ 103 106
1934 A 0 10012 ___ 10012 Jan'31 ____
lee gold be
993 10314
4
97
94
mow V & N E lot RU It 41 1989 m 111 9312 94
I
see eV.
C Cash Cale. 4 Due May. g Due August. 11 Due June. s Optioa ,tues.
BONDS
3
N. Y STOCK EXCHANGE. .- t
-.0..
Week Ended Jan. 16.
-
467
Price
Friday
Jan. 16.
Week's
Range or
Lad Sate.
Low
High
45
Seaboard AN Line let g 111-1980 A 0
Jan'31
44 514 6i
196
1950'A 0 8143
Gold 45 stamped
47
FA 05
61old
2 :8k 4412
5
8
8
Oct 1949
1912
20
Refunding 4,5
lst & cone de series A __ __1949 M S 1818 Sale 1734
19
5
19 5
61
60
All & Birm 80-yr let g 41_61933
F
M
53
10
593 10
SeaLoazdA II Fla lert gu 6o A _1935
s
10 4
11
a
193 F A 10
5
Jan'31
10 2 12
,
9
90 Nov'30
Seaboard & Roan jut Es extd 1931 3 i
0 l
., .
SAN Ala cone gu g 151
Oct'30
1908% --- 102
6
8
1933
4
Gen cons guar 50-yr 5 —1963 A 0 1093 110 108% Dec'30
,
195%
So Pat! coil 46(Cent Pac coil) 8 49 J D 95 Sale 9312
.
.
10014
10114
lot 4 Ho (Oregon Lines) A _1977 A 15 11003114
;
10214
103
1
1433 1 1,5,.4,
4 ,
cony be
Sale120-r
12 Sale 97
N
981x
Gold 4 He
9814
993
4
Gold 43es with war
19" A
.
96 12
San Fran Term let 414......_1950 m 0 9612 Sale 96
A 0
87 Dec'30
Registered
So Par of Cal let conga g 58_1937 M N 101i8 ----:- 103 Dec'30
.
Elo Pao Coast Int gu g 4s____1037 3 2 974 -- 96 June'30
4
e9712
So ao RR lot ref 48
1955 5 5 97 Sale 953
2 2
95 Sept'30
PRegistered
Stamped (Federal tax)..1955 J J ---- --- 9212 May'30
Southern fty let eons g 41_1994 3 i 16578 glil- 108% 110
e10514 Oct'30
Registered
Devel & gen Is aeries A_1956 A 0 874 Sale 86
88
113
Deed l & ten ele
1956 A 0 111 11314 111
4
4 1173
Develop & gen 6341A 0 1153 Sale 1153
4
1956
Mem Div lot g 5e
5 102 106 100 Dec'30
St Loul Div let g its___ _14191 j i 8912 ____ 8912
90,
4
1 96 56
East Tann reorg lien g 58_1938 11 S 9
1(11 Nov'30
3
Mob A Ohio eon tr 4s
94
93 8
1938 M S 89 -- -7- 93
Spokane Internal let g 5,j9553 J 4478 5012 4412 Jan'31
Staten Island Ry Ist 4 lia
Oct'30
87
1948 2 D
Sunbury & Lewiston lit 4a 1936
96-_._ 05 Apr'28
"
Tenn Cent let 6a A or B
92
90
9114
1947 A 0 90
Term Aeon of St I. lot 14341.1939 A 373 1003 1013 1004 19018
8
4
let cone gold be
105
1944 5 A 105 Sale 105
F I
Gen refund a f g 43
93 Sale 9218
93
1053
Texarkana & Ft S Ist 530 A 1950 9. A 104 Sale 10312 10418
Tex & NO com gold 5a_Aug 1943 2 J 1008 102 10018 1001s
Texas & Pae In gold So......2000 2..D 11278 Sale 11034
11218
.
26 inc56(Mar2Sep ot0D022000."
95
Gen & ref Se series B
99 glie"
" 79
a1
9
Gen & ref 5.4 series 0
1977 A 0 98 Sale 98
979
99
La Div B L let g ter
198i3 J
99% Dec'30
Tex Pac-Mo Pao Ter 53.48_1984 At 9 102 10712 10212 Jan'31
Tol & Ohio Cent lot ffU 6o 1935 J 2 101
___ 101
101
Western Div let g Se
1935 A 0 - _ 10012 Nov'30
jese 1 D
Gen gold da
10212 1007 Oct'30
8
Tol St L & W SO-yr g 4e
1969 A 0 9018 9112 90
Jan'31
Tol WV & 0 gu 4 He A
1931 3 2 100
____ 100 Jan'31
let guar 434e melee B
,
9812 ____ 1004 Oct'30
1933
"
let gust 4, eerie, C
_ 9518
9518
Toronto Ham & Buff 1st g 40 1942 6.1 D 95--- 9112 Jan'31
194 1 S 9212 9314
6
2
c
No. Low
High
40
701a
30
3914 71
1
4
613
4
14
6012
13
211
1034 79
7
45
89
51
7
79
718 72
85
9E14
100s4 103%
1045 1104
8
44
884 954
349
94% 1027
8
14 100 10212
33
9112 100s
,
120
93 210134
8
89
96
87
87
100 104
96
96
103
91
0712
91
06 4
3
924 100
54 103 c112 4
,
10512 10
814
129
803 93
4
9 1081 120
,
36 112 12612
100 108
45
871a 93%
_
95 101
12
904 953
4
44
73
8211 87
2
1
12
20
5
47
17
52
Ulster de Del let cons g 6a___1938 J D 87
9084 905 Jan'31
8
litpd as to Dec'28 & l'no '30031
7614 7912 75
76
let con, &tette of dep
7614 83
704 Jume30
let refundlog g 411
51
56
56
1952
56
2
Union Pao tat RR & Id gr 42_1947 J
9918 Sale 985
8
99 2 114
,
• J
Registered
9484 Dec'30
97 Sale 965
let lien & ref 4I____Junts 2008 M
8
9712 70
8
Gold 454s
4 1013
1967 J J 1013 Sale 1003
8 93
let lien & ref 5s____June 2008 11 S 111 11214 11034 Dee'31
40
-year gold 41
1968 'ID 93 Sale 9214
9312 62
Cr NJ RR & Can gen 44..1944 MS 98 Sale 98
98
2
1
_
100 Sept'30
Utah & Nor let ext Is
1933
Vandalta conic 45 eerie! A_1955 J A 9512
97 Nov'30
MN 9512 _
Cone a f 4e series 13
82% May'28,
1957
534 45
8
Verb Crus & P assent 4349.._1934
4,18
458'
4
VIrgInle Mid 5,eerie.F
__
10018 Dec'30,_..
1931 MS 100
4
(lepers! 5e.
1936 MN 1013 Sale 1003
102141 28
Va fit Southw'n let On es
99
9712 Dec'30
2003 J J 97
80
let cone 60
77
-year bs
1968 A0 75
Jan 31.____
Virginia Ry let Es eeriest A_1962 MN 10612 Sale 106
1073
8 27
let 11 431A merles 13
8
1982 MN 1007 10112 10112 10112
2
N 1037 Sale 10312 101 I 32
Webegh RR 1st gold 5s1939
8
2d gold 56
1939 FA 10212 Sale 10212 10212
1
MS 1008 Sale 9912 10018. 55
Ref & gen et 534e set A
1975
Deb fie aeries B registered_1939 J
_ 984 May. --_29
J 85T4 - 9 2 9412 Jan'31.•____
let lieu 50-yr g term 48- -1
1954
Get A ChM ext let 5e
10012 Oct'30
1941 J J
Dec V10111O11 Div list g 41._1939 J J
90 Dec'30 _ _ _ _
Omaha Div let g 3 Hig
88
874 Jan'31
1941 AO 87
Tol & Chic Div g 4s
1941 af
9184 92% 9214 Dec'30
Wabash RI ref & gen ae B 1976 FA 9412 95
9412
9412
5
Ref & geo 454e seriee C
88
1978 AO 8712 Sale 8614
16
Ref & gen Meet
-tea D
1980 AO 9412 Sale 9334
95 1 100
Warren let ref gus 814s2000
81 Nov'30
Wash Cent let gold 45
___ 917 87 Mar'30
8
1948 Q
Wash Term let gu 331e._.1945 F A 91
913 9114
4
9114
5
F A 96
let 40
-year guar 4e
____ 88 Dec'30
1946
A 0 823 Sale 82
Wesen Maryland let 41
4
8312 85
1952
let & ref 534s aeries A1977•
945, Sale 9114
8
958 26
Welt N Y & Pa lit g 5s____1937
10284 102%
"
1
A 0 94 - Gen gold 4s
9512 93
94 I
3
Western Pao let to ser A
9514 0512 9512
1943 M
6
9512 34
M
Registered
97 Feb'30
West Shore let 48 guar
011.
2361
9112
" 2 gale 9112
Registered
8718 90
90
Jan'31
Wheel & L E ref 4 He ter A-21936661 MS 88
90
9114 Dec'30
j
P.efundlng 58 series B
1014 Nov'30
1966 M S
RR let conaol 4e
1949 M S _ _
6012 89 Dec'30
Wilk h Red let gu a &L....1942
48
427 Jan'31
8
D 43
Will & S F lat gold ba
10353
D 99% ____ 10212 Sept'30
Winston-Salem 8 B 1st 4a
1960
894
00 Nov'30
Wig Cent 50-yr I at gen 4s _....1949
e
5718 Eila1- - 57
23
Sup & Din
& term let 49 88 191 N. 65
Jan'31
79
75
Wor & Conn F.att let 4 He _1948
65
____ 903 Sept'30i
4
INDUSTRIALS.
Abltibi Pow A Pap let ba_ _1953 1 D
Abraham & Strain deb 548_1983
A 0
With warrants
Adriatic Elec Co ettl 7e____1952 A 0
Adams Expreet con tr g 4a__ _1048 Al 8
Ajax Rubber let 15-yr a f 81_1936 3 ID
Alaska Gold M deb 6o A____1925 Al 8
Cony dab de aeries B
A 8
Albany Peen. Wrap Pao 6s--11992186 M 0
Allegheny Corp 001 10 5a
1944 F A
Coll de cony 6e
A o
1949 / D
Coil & cone ba
1950
Allia-Chelment Mfg deb 3e_1937 M N
Alpine-alentan Steel let 74_1955 Al 8
Am Aerie Chem let ref e f 714a 41 F A
Amer Beet Sue cony dab flo 1936 F A
American Cbain dob 4168_1933 A 0
Am Cot 011 debenture 50
1931 193 N
Am Cynamld deb 54
1942 4 CI
.1
4
.
Am h Foreign Pew deb Es 2030
Amer Ices 1 deb its
Amer I G Chem cony 64BL : Mj ND
-1199 93
kus Internet Corp oonv 5411-1949 i J
ling A 0
Am Mach & Ftly a f de
4341 A 0
Amer Metal 534 .notes__ - 44
7
Am afar Gas 6 44 (with war)19421A 0
Am Sm & It 1s1 le-yr 5.4 eer A'47I A 0
73
Sale
73
!
7812 891
05
Sale
95
96141
6
9Ie
9612 Sa212 86
8
0
8
8 Sale
5,4
8
514 9
514
_
86
93
8272 Sale 8214
815 Selo 8112
8
8012 Sale 8014
1013 Sale 10134
4
8614 83 I 86
10412 Sale 104
45
6112 46
983 Sale 9812
4
10012 1008 1007
8
93
95
92
80 Sale 7912
85
84
99 Sale 99
90
10114 Sale 10414
9894
92
9212 9212
4312 Sale 4312
103 Sale 10284
Range
for Year
1930.
!
13
87
99(4
97 10214
c993 106
4
S7 95
14
10018 10712
98%1 101
105 1.1'43
4
-94; 1171;
94 10412
990s 10114
104 108
98 103
98 101
974 101
90
0412
9819 100
984 1003
4
934 95
88
9318
79
67
12
7014
40
93%
9114
9018
8714
7014
55
971
973
3
88% 973
4
96 102
10612 112
87 4 94
,
931a 994
984 100
93
97
98ls
100
95
8314
101
96
997
4
06
91.4
10114
102 4
,
10.112
923
4
10912
10214
1055
8
105
106 4
,
-8'
9012
100 10312
9312
90
8114 8734
884 9338
84 10214
9512
77
84 103%
7211 8212
83% 90
9214
82
8314 98%
74
8812
89 10234
112
98 10:
881s Ws
867 9834
8
97
97
85118
8141
9311
8752 97
3
98 4 10114
87
18 93
40
71
103 10712
864 94
47 8 8314
7
91%
65
4
004 903
68
889
8
89 10312
8912 10012
8212 17! 80
96
1
92
12 j
7, 12
80
Oct'30'____'
54 12
Jan'31'
54 9
Dec'30 _ _ _
85
964
8414 126
63 10414
824 161
61 10412
823 104
62
9918
1023
49
991 103
4
Jan'31,
8212 100
104121 11 102 10512
46 I
1
35
8752
9912
8
97 103
Jan'31
99 101
Dec'30
92 10012
83
217
7412 9012
85
3
797 00
$
103
91
121
18
95 10812
87 10114
10111
7 1033 10618
4
9314 65
85
9934
5112 49
28
92%
10312 63
991s 104
468
New York Bond Record-Continued-Page 5
Price
Frigate
Jan. 16.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 16.
Amer Sugar Ref 11-yr 6o----1937 J J
Am Telep & rolled come0-1936 M S
1933 IN
30
-year cony 630
1948 J D
-year coil It 55
80
J D
Revidered
19603 J
88-yr. f deb 5s
1948 MN
-year Ii 8365
30
1989 J J
Cony deb 45.0
1965 F A
35-yr deb 5.
T7DO Found deb 6ii----1940 A 0
AM Wilt Wks & El eel tr fie--1934 A 0
1975 MN
Deb g 80 series A
19473 J
Am Writ Pan let g fie
Anglo-Chilean 2f deb 79- 1945 MN
Antilla (Comp Aiwa) 710-1939 3
Ark & Mem Bridge& Ter 0_1964 PA S
Armour & Co (Iii) 430---19219 J D
J
Armour & Co of Del 5he---11)43
Associated 0116% gold notes 1938 3,3 S
19473 D
Atlanta Gam L 1,165
Atlantic Fruit 72 cite Sep.
...193480
3 D
Stamped ctts of deposit
At! Gulf& W I SS L col tr de 1969 J J
1987 J J
Atlantic Refg deb fie
Baldw Loco Works lit 5s 1940 M N
Banns(Comp As) 734.-1937 J J
Maarten Pete guar deb 614s 19423
Belding-Hemingway fis--1938 3 J
J
Bell Telep of Pa Be melee B _1948
1960A 0
In de ref 5a series 0
City Elm Co deb )01951 I
Berlin
1969 F A
Deb sink fund 8345
1955 A 0
Deb es
El& Undg8)0-1956 A 0
Berlin Elea
Beth Steel let & ref fin guar A '42 M N
.1938 3 J
80-yr pm dc imp 5110
1950M
Bing d, Bing deb 830
Botany Cons Mills 630-1984 A 0
1984 M S
Bowman-Bat Hotels 7,
B'way & 7th Av let cons fie 1942 J D
Certificates of deposit
Brooklyn City RR lat fis---1941 J J
Bklyn Edison inc goo Se A--1949 J J
19683 J
Bklyn-Man R T sec Os
Bklyn Qu Co & Sub con Ltd fis'41 M N
1941 J J
let be stamped
Brooklyn it Tr let cony g 42_2002 3 J
3-yr 7% secured notes-1921 J
1980 F A
Bklyn Un El 1st 4-86
1950 F A
Stamped guar 4-5a
Bklyn Un Gee let cones 68_1945 M
let lien & ref Se series A-1947 M N
19863 J
Cony deb g 530
1950 3 D
Cony deb Si
Burt it Susq Iron 1st s f 54-1932 J D
1962 A 0
Bush Terminal let 441
19563
Consul fie
Bush Term Hideo 5s gu tax-ex '80 A 0
By-Prod Coke let 5165 A-1948 MN
High No
Low
1048 27
104
9
10012 101
10034 10118 37
10812 113
108
105 Sept'30
jai" 6ife" 10512 107 13
108% Sale 10812 109 252
13038 158
12614 Sale 125
10872 Sale 10512 107 441
5
104 10514 10418 10418
10172 Bale 10134 10214 65
6
4
4
103 1033 10312 1043
3
66
65 68 6358
6812 34
6812 Sale 63
7
20
16
17
18
10114
3
101 102 10114
9134 131
87 Sale 8634
7812 76
73 Sale 73
9
10212 104 10212 10258
101 ---- 10318 June'30 --I Nov'30 -14
1258 May'28 --2
67
65 gif;le 85
10238 38
102 Sale 102
3
10812 107% 10612 10612
5
4712
4712 Sale 4712
9514 203
9434 Sale 9312
26
90
90 Sale 89
10712 107% 10758 10814 15
9
11152 Sale 11118 11158
7338 83
6932 Sale 6938
7
7013
73
71
89
35
68
6414 Sale 6414
74
46
71% Sale 71
36
104
104 Sale 03
36
103
102 Sale 02
83 78 Jan'31
81
35
5
35 Sale 34
1
9812
9812 Sale 9812
518 Dec'30
8
5
_
412
Dec'30
85 Ili 85 Jan'31 -4
8 10678
108% Sale 065
100 Sale 9912 100 381
2
6418
641s Sale 64
1
6612
87% 69 6612
9212 June'28 -1814 Nov'29
5518
8634 40
4
883 May'30
0
0714 10758
18 Dec'30
18 Jan'31 -10234 10414 116
98 Jan'30 - _
83 Jan'31
88
1
99
99 100 99
8
10218
102 103 102
17
102
101 Sale 101
Rig
104%
101
101
10614
Cal & E Corp unit & ref0-1937 MN
1940 I
Calif Pack cony deb fis
CalPetroleumoonvdebll 5.1939 F A
1938 M N
Conv deb a f g )411
Camaguey Sue 1st s f g 7i1942 A 0
Canada SS List& gen 8s 1941 A 0
Cent Dist Tel lat 80-yr 54-_1943 S D
Cent Foundry lat a f 6s Mai 1931 F A
Cent Hud 0 & E 5e-Jan 1957 M S
Central Steel ist g f 80-.1941 MN
Certain-teed Prod 630 A-1948 M
caged°,Sugar Co lift f 730'39 M
Chic City & Conn Rye Sc Jan1927 A 0
1937 J J
Ch0L& Coke lst gu g ba
Chicago Rye let Si INN rct lb%
principal and Aug 1930 Int__ F A
1943 A 0
Childs Co deb be
Chile Copper Co Co deb Sa._19473 J
1968 A 0
CinG&Elstm0A
Clearfield Bit Coal let 0-1940 I J
1938 4J
Colon 011 cony deb Os
1943 F A
Colo F & I Cogan•f 15a
Col Indui lit & colt be gn-_1934 F A
Columbia0& E deb fie May 1982 M N
Debentures 5s--Arir 16 1982 A 0
Columbus Gas let gold 6s-1932 J J
Columbus RIP & L lst 444,1957 J J
1934 MN
Commercial Credit Si6o
19363 J
Col tr s 510 notes
CommlInvest Tr deb 8a1948 M S
1949 F A
Cony deb 630
Computing-Tab-Rea I f 6s 1941 J J
Conn By & L 1st & ref g001951 J J
1961 J
Stamped guar 41.0
Como! AgrIcul Loan 634s..1968 J D
Consolidated Hydro-Eleo Works
of Upper Wuertemberg 711_1958 I J
Cons Coal of Mil Mare!64_1980 J D
Consol Gas(NY)deb 534e_1945 F A
Consumers Gas of Chic gu fie 1938 J D
Consumers Power let 5i......1962M N
1948 J D
Container Corp let Os
11143 3 D
18-yr deb as with wart_
Copenhager Telep fie Feb 16 1954 F A
Corn Prod Refit lirt 28-yr if fie'34 MN
Crown Cork & Seal f 6.--1947 J I)
Crown Willamette Pap 86_1951 .1 J
Crown Zellerbach deb 85 ww 1940 M
Cuba Cane Sugar cony 7s_ A930 J
Cony deben stamped 8% _1980 J J
Cuban Am Sugar 1st coIl 82_1931 M E3
Cuban Cane Prod deb 6e-1950 3 .1
Cuban Dom Bug let 730-1944 MN
Striti with purch war attached- -Cumb T & T 1st & gen 6s 1937 J J
Cuyamel Fruit let of fla A....1940 A 0
Denver Cons Tramw lat fie-1938 A 0
Den Gas & N L lit & ref sf55 '81 M N
Stamped as to Pa. tax-1981 MN
Dem(D 0)Corp 1st f 7, 1942 M
24 72 stud Sept 1930 coupon -Detroit Edison lit toll it 55.19833 3
0
let & ref Si series A-3U17 194 M
Gen & ref Si series A.- 1949 A 0
4
-ROY 10 0 M
let & ref 8,series B.
19553 D
Gen & ref Be series B
1962 F A
Gen & ref 53 series C
Del United let con a 4345 -.1932 ii
1940 MN
Dodge Bros deb Ss
Dold (Jacob) Pack let 6s-1942 MN
Dominion Iron & Steel 64_1939 MS
1942 33
Donner Steel let ref Ti
Duke-Price Pow lot 8s set A-1966 MN
A1967 *0
Duquesne Light let 4345
East Cuba Bug 18-yr s f g 734s'87 MS
3
'
Ed El IL Skin let con g 4m-1939
I
Ed Elea(NY 31s1 eons g 6e_1995
Edith Rockefeller McCormickTrust coil it 6% notes--1934 J I
C Ca9h sale.
a Option sales:
Range
for
for Year
1930.
Wears
Range or
Last Sale.
Ask
Sale
Sale
Bale
Sale
_ 103%
10358
9812 113.;103 9818
4
963 9714 9714
10012 Sale 10012
40
45 40
55
5814 55
_ 105
105
50 16 7912
10452 106 104
112 11378 11178
3338 Sale 3318
59 63 59
5312
10313
Jan'31
99
9818
101
40
5514
105
Nov'30
Dee'30
112
3658
59
Mar'30
10312
70
69 Sale 65
81
8014 Sale 8014
9414
9312 Sale 9314
925
8
92 Sale 92
7512 ___ 77 Dec'30
6014
60 Sale 58
9812
9812 Sale 9712
9414
94 Sale 94
10014
9812 Sale 98
10114
99 Sale 98
96
4
983 987 96
8
9634
8
9518 957 95
99
99 Sale 99
9358
5
52
93 Sale 93 8
4 1043
4
10434 Sale 1043
95
9412 Sale 9212
10512 Sale 10518 10612
99 Dec'30
9912
_ 10014 Jan'31
0012
7158
70 Sale 6712
82 Sale 82
2514 Sale 2514
106 Sale 105%
10212 10312 9512
10512 107 10472
85 Sale 85
6212 Sale 62
97 9712 97
10212 Sale 10212
98 Sale 978
9512 Sale 9512
8412 Sale 83
30 41
28 41772
99 Sale 95
812 ell 9
18
18
17 Sale 18
10314 Sale 10314
103 104 104
78
4
101 1023 10112
10112 Bale 10112
61
5
012 3
103 Sale 10212
10514 Sale 10513
10538 10012 105
10512 Sale 105
8
10558.1065 l05l8
8
1057 Sale 1055e
99 9714
9714
8712 Sale 8712
70 66
66
01
94
94 101
Sale 10272
103%
10414 Sale 1038
36 31
31
3
9914 Sale 98 4
11518 --- 11814
10112 Sale 10113
"el; ITO"
too 10312
106 1074
44 91
92 954
67 901s
102 c10812
7
103501122
66 /9714
6818 98
12
63 83 4
3
67 98
100 c107
9712 104
83 92
33 67
97 108
3
3 4 44%
414
78 88
10312 1083
1
94 1017
2
64 c80
c81 c82
82 94
88% 8912
103 10812
114 11814
232 306
100% 10104
96 96
14
87 93%
94 102
99 104 4
5
12
1004 106
100% 105
4
933 9912
94 10012
9812 103
33 60
97
58
10212 10511
7914 86
10012 106
4 1101 125
,
51
25 81
1
50 7814
884 6312
3 100 106%
45 84 85
12
7812 92
78 87 9814
49 86% 93%
-_
83 77
69
41
1
89 4
8 94 100%
12
84% 98
361
98% 1034
48
9834 10352
9
95 10112
30 90 98
93% 100 4
5
85 100
49
88 108
59
88 98
14 10114 106%
9512 100%
5
9315 1003
49
8512 90
iiE
69
40
1
10
5
14
85
4
28
143
108
Jan'31
2
1048
2
85
7
6212
11
98
2
10212
9878
9
9618 25
8434 20
Mar'30 _Dec'30
9914 185
10
55
Dec'30_
17
12
10312 85
14
104
Dee'29 10112
2
10214
6
Oct'29
Dec'30
10312 38
10514
1
4 22
1053
10534 46
106
29
8 14
1073
9712 11
9012 60
1
66
Apr'30
1
94
10312 16
10412 68
17
41
7
9914
31111.31
4
1013
High
Low
1
1017 106%
9452 10112
991 105
1.03 1064
103 105
100% 10754
1048810918
116 19812
10010108
103 107
991s 103
9955 108%
5214 84
88
9812
14 85
9814 105%
2
8412 c943
4
863
71
10154 10452
101% 1081,
% 1
18
80 c951,
22 68
105 108
9812.10312
1024 108
83% 9654
59% 87
9154 100
9712 103%
94 10412
9412 103
73 98
351, 4118
2778 4314
9212 10014
5 885
2
15 47
14
4012
4
1001 106
4
1021 105
-oars 113 2
-198% 104
3 47
10014c104
101 1064
1014 106%
105 108%
102 107%
1024 1074
96 101
75 On
65 78
100% 101
927
8510412
10112 10612
0104%
961
30 87
94% 9912
109 11852
100
5
102 4
BONDS
N. Y. STOCK EXCHANGE,
Week Ended Jan. 16.
•
glee Pow Corp(German7)6341110 111 S
let f 6365
1953 A 0
Elk Horn Coal let & red )01931 J 0
Deb 7% notes (with warr) 1931 J D
Etna Gas Light let con fie-1932 IN El
Ernesto Breda Co let m 71-1954
F A
With ink pureh warrants
S
Federal Light & Tr let 58-1942
let lien s f 5s stamped ___1942 M B
1942 M
1st lien 62 stamped
1954 J D
-year deb &liveries B
80
1939 J D
Federated Metals.f 7e
1946 J J
Fiat deb 76 (with warr)
Without stock Dumb warrants.....
1941 &FS
Flak Rubber let f Si
Fmmerican Ind Dev 20-yr 7)042 3 3
Francisco Sugar let at 7)0-1942 M N
French Nat Mall SS Lines 741949 J D
9
1943 F A
Gannett Co deb 8e
3094 3 D
Gas& El of Berg Co cone g
Gelsenkirchen Mining 8e_1934 M
Gerd Amer Investors deb 50_1962 F A
Gen Baking deb if 5)0-.1940 A 0
1947
J
Gen Cable let if 630 A
Gen Electric deb g 8He1942 F A
Gen Eleo (Germany)7s Jan 16'45 J J
8 f deb 630 with warr_1940 J
Without warr'ts attacIrd_1940 J D
MN
20
-year•1 deb tie
Gen Met Accept deb 8e-......11993487
A
N
3
9
343_1 3 F A
Gent Petrol 1st s f 86
4
90
Gen Pub Sem deb
Gen')Steel Cast 63-0 with war'49
Gen Theatres Equip deb Be.1940 A 0
Good Hope Steel & I see 7e 1948 A 0
J
Goodrich (B F)Co let )0_1947
Cony deb 88
1945 3 D
Goodyear Tire Rub let 58-1957 M N
Gotham Silk Hosiery deb 88_1938
Gould Coupler 1st f 66
1940 F A
Ot Cons El Power (Japan) 761944 F A
lot & gen s f 6)0
3
Gulf States Steel deb 530-193° D
1 42
J
Hackensack Water let 0_1962
Harpen Mining 85 with ilk punch
war for corn stock or Am she'49
Hansa 58 Linea(is with warr..1939 AO
Havana Elea consol g 5e.._1952 FA
Deb 6141, series of 1928_1951 MS
Hoe(R)& Co let6)0err A _1934 A0
Holland-Amer Line Os (fla)-1947 M
Houston Oil sink fund 5)0-1940 MN
Hudson Coal 1st f 52 set A-1982 3D
MN
Hudson Co Gas let g
Humble 011 & Refining 610-1932 J J
Deb gold fie
1937 *0
Illinois Bell Telephone 5e-1950 3D
Illinois Steel deb 4365
1940 AO
finder Steel Corp mtge fla -1948 P A
Indiana Limeetone let of 6a-1941 MN
Ind Nat Geo & Oil 8e
1938 MN
Inland Steel let 4)0
7
19 8 A s
31931 m O
Inspiration Con Copper 6)6
Interboro Matron 4)0__19s8 A 0
Interboro Rap 'Fran let 68-1966 3 3
J J
Stamped
Registered
ms
A O
10
-year 88
10
19 2
-year cony 7% notes_1932
lot Aerie Corp let 20-yr 155 1932 MN
Stamped extended to 1943___
Int Cement cony deb 5s_.-1948 M N
Internet Hydro El deb 68_1944 A 0
Internat Match, f deb 59_1947 MeN
Inter Mercan Marines f fis-1941 A 0
Internall Paper fis ser A & B_1947 J
1965 MI S
Ref a f 6s series A
Int Telep & Teleg deb g 4%s 1952 J J
1939
Cony deb 430
Deb 5a
9
4
- : 1
Kansas City Pow & Lt 5e _1C1 1 t
1957 J
let gold 430 series B
Kansas Gas & Electric 410_1980 I D
1943 MN
Karstadt (Rudolph) ele..
Keith (B F) Corp let fla
1948 M
Kendall Co 536s with warr._1948 M S
Keystone Telep Co 1st 5s-1936 J I
Kings County El dk P g 5s -1937 AO
A0
Purchase money (to
Rings County Kiev 1st g 4s-19 9
1997
4
gust
49
19 F 3
31_1934 3 A
4.Lighting
Sta ead
Kingsm ount
Pint & ref 030
3
Kinney(OR)& CO 714%notes116 I 0
1934
Kresge Found'n colt tr 84-1938 I D
Kreuger Is roll lie with was',,i959 M
Lackawanna Steel 1st Ifs A 1912) M S
Led Gas 01 81 L refttext 50_1934 A 0
Col & ref 8)0 serlee 0-1983 F A
Coll & ref 6)0 ser
F A
Lautaro Nitrate Co cony 841.1984
Without warrants
J J
Lehigh C & Nay s f 4341 A _1954 I I
Lehigh Valley Coal let g be__1933
J
1st 40-yr gu int red to 455_1933 J J
let & ref
F A
fie
lat & ref f
1944 F A
1st & ref f 541
1984 F A
let & ref s f
1964 F A
lat & ref f fie
F A
A o
Liggett & Myers Toba000 7e-11944974
8e
Loew's Inc deb fie with warr-19 1 F O
4
3 A A
Without stocks march warrants A 0
Lombard Elee let 7. with war '52 J
Without warrant.
J D
Lorillard (P) Co 7e
1944 A 0
Si
1951 F A
Deb 5)0
19873 J
Louisville Gas & El(Ky)fis..1952
N
Lower Austria Hydro El Pow-let el 610
McCrory Storm Corp deb 5%114 F D
1 1J A
McKesson &Robbins deb 6)0'80 N
Martell Sugar 1st f 7)0-1942 A 0
Manhat By(N
COM g 4s-1990 A 0
2d41
2013 J D
Manila Elea Ry & Lt of 0_1953 M S
Mire Tr Co MN of partici in
A I Namm & Son 1st 84_1913 J D
Marion Steam Shovel. f 86_1947 A 0
Market St Ry lacer A-Aprll 1940 Q J
Mead Corp Os with warr....1945 A 0
Merldlonale Elea lift Ti A 1957 A 0
Metr Ed let & ref 54, ser 0-1953 .1 .1
196894 S
de
Molt West Side E (Chic) 4a 1938 F A
1stif‘M8i
Ming Mill Mach 7a with war_1988 D
Without warrant,
jD
Price
Friday
Jan. 18.
Week'.
Range or
Last Rale.
Range
for Yea
1930.
Ask Low
High No Low
High
7878 11
783 78
72 9712,
4
13 693 94%80
77 76
4
7914 Dec'30
79 98
57 6012 Oct'30
5012 75
10114 102 10134 10114
5 903 10111
4
Bid
78
76
Sale 63
Sale 91
93 92
Sale 101
Sale 9612
9714 9413
Sale 793
4
8112 8112
38 28
Sale 0478
65 61
03
77 Sale 77
-- 03
10314
90 Sale 90
87 Sale 8614
9638 Sale 9638
92
"oK 16" 95
9784 Sale 95
91
91 Sale 903
4
8378 Sale 83
10314 Sale 10234
10212 Sale 102
94 943 9312
4
9412 Sale 94
6413 Sale 80
8813 0284 90
10152 Sale 10158
7014 Sale 7014
89% Sale 88
78 76
78
6812 72 6812
9678 Sale 9612
87 Sale 86
89 9112 89
90
64
93
92
10112
9678
9518
7934
7912
3214
105
58
6512 21
58 84
93
7
94 10012
92
5
92 10012
10112 21
92 108
4
967
e
921s 10012
Jan'31.
93 103
7
7412 my
8014
4
82
74% 94 2
7
1
28 89
28
10512 44 103 109
1
61
72% 97
Nov'30
10212 10412
80 92%
21
80
2
997 10312
Dec'30
82
62
91
98%
801.4 92
10
87
4 70 95% 9912
983
2 93 103%
92
_
98
94
Nov'30
9784 19
89% 108
Dec'30
91 124
4
91
8412 101
29 80 9714
85
10314 81 100 106%
10212 27
9972 1023
4
9312 11
89 103
9412
9 89 10814
6638 518
50 10014
9312 62
81 5103
10212 24
957 1077
1
2
264
76
63 79
8912 280
82% 96
76
6
78
9712
Jan'31
88% 8472
9738 14
91 10112
8 34
885
83 98
8918
2 89 100%
90
2 85 91%
8012
Sale 78
Sale 7412
77
51
60 51
2712
4
283 2478
73 65 Jan'31
80
80 60
923
4
9058 Sale 9058
5512
5412 Sale 5218
10438 1001 105 Jan'31
:
10212
10238 Sale 102
1013
4
101 10112 101
1063
4
10614 Sale 106
10214 Sale 10214 10278
7618
75 Sale 7414
5012
50 Sale 50
100 Dec'30
100
97
8
985 Sale 9538
99
99 9913 99
912
912
912 20
4
693
6818 69 69
4
693
69 Sale 6814
7358 Sept'30
55
54 66 53
9114
8912 Sale 8914
9834 99 9812 Dec'30
76 Sale
99
9514 Sale 9514
93
8934 Sale 8934
9913
9234 Sale 9212
9512
95 Sale 95
77
75 Sale 74
89%
6614 Sale 6614
8152
7834 Bale 7834
9012
8612 Sale 86
86
84 Sale 8312
2
10558 Sale 0434 1055
10214 -- 0115 102%
C9633
9538 Sale 9414
88%
81 Sale 61
781
78 Sale 76
55
50 Sale 50
82
82 Sale 74
033ii 10338
1034 _
34 Jan'31
13312
81
81 Sale 81
8014 May'30
_
10512 10512
jai
.- 117 Dec'30
118
89 13 85 Dec'30
10212
10214 Sale 102
4
923
8912 Sale 8912
102
102 10212 102
10312 Sale 10314 10312
10212 103 10213 10314
1024
10212 Sale 102
14
22
51
431
5
10
22
85
94
77
70 92
841250
2112 6611
85 90
5812 92%
89Ia 9714
48% 73
1011. 107
101 103
9934103
103 1083
4
97 102167 93
45
Mila
100 10112
91 99
99% 10112
818 911
61
7814
61 7614
6054 7352
44% 68
84 9512
9810100
724 7911
91 10115
2
76 106
94 103
92 1025
4
72 9212.
59% 94
, 8712 94
774 1293
4
73 99%
103 1064
9512 103
904 971t
3
86 4 83%
91
74
30 93 4
3
78 9312
100% 10414
128 138
12 88
78
76% 84
10012 108
114% 11912
85 10714
101% 108
897s 100%
100 106
99 103%
100 10814
30034101
5612 182
5518 Sale 49
99
9912 22
9912 101
10138
101
10138
7
9714 -- 9712 Mar'30
_ 9912 Dec'30
9938
78
78 gilts 7734
10
5912 66 Aug'30
---- 5978 70 May'30
50 60 Mar'30
12018 121 12078 121
20
10478 Sale 10412 10514 25
103
100 Sale 100
24
98
23
9712 Sale 9712
8312 Sale 8312
8512
8812 19
8812 Sale 83
108
5
10614 108 108
4 26
883
8614 Sale 85
9412 108
94 Sale 9314
10413 Sale 0412 10533 15
8712
38
944 10012
99% 102
ofit2 973
4
8112 100
4
783 88
74
66
7814
70
78
60
117,
1 126
99% 106%
100 180
4
913 10112
70 99%
7118 99
101 11112
77% 9114
84 971e
100 10812
80
7514
50
2118
65
9
33
6
142
21
45
70
28
18
35
66
1
1
49
116
_
4
28
12
136
128
697
18
29
15
47
214
117
14
20
152
121
5
3
25
1
8134 Sale
9412 Sale
8114 Sale
3878
30
5514 Sale
4712
47
98 100
82
7814
9512
9414
8412
8114
38
40
5514
5514
48
48
95 Dec'30
7
5
58
7
20
2
14 91
72
4
933 10012
93
78
2312 88
44 00
64
42
4
993
90
9414 9612
____ 47
96 Bale
8813 Sale
93
92
10412 105
4
4
1003 1013
7512 76%
6412 71%
64 Sale
94
9414
48 Jan'31
98%
9412
90
89
9214
2
903
0414 10438
gips 101
7513
7512
65 Jan'31
65
64
2
34
25
8
4
81
1
92 100
46
4
883
4
973
88
9012
89
9412 103
101 10812
974e10234.
66% 8118
78 97
67 90
4
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE.
t
Week Ended Jan. 16.
•-•
H
Price
Friday
Jan. 16.
reel;
Range or
Last Sale.
•1
g
o)
Range
for Year
1930,
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 16.
469
Price
Friday
Jan. 16.
Walk's
Rance Or
Last Sale.
RId
4111. Lcve
High No. Low
Mee
BO
High No
Ad Low
Midvale St & 0 coil tr et be 1936 in
10112 Sale 101
10214 132
993 103
4
Rhine-Ruhr Wet Bar 6._ _ _1953.0' 65
69
69
69
1
atilw El Hy & Lt rid A exs 648'81 .9.1
993 Dec'30
_
4
974 101
RAchfle,d Oil of Calif 68_ _1944 MN 5114 Sale 41
191
59
General Ai ref 54 serial! A_1951 J
10514 Oct'30
_
994 105,33 Rims Steel lets t 78
8.5
1955 FA 8512 86
Jan'31
lit & ref Si series B
1961 J D 100 Sale 9912 10112 110
9614 194
Rochester Gas & El?.ser B_1945 MS 107 Sale 10518
107
20
Montana Power let 541 A
1943 J
10414 Sale 10414
1043
8 13 100 1047
4
Oen mtge 54eseriee C
10512 10512
1
1948 MS
Deb& genets A.
J D 100 10114 1003
4 41
8 1003
05 1044
4
Gen mtge 414e series D
1977 MS 973 9912 10018 Nov'30 _ _ _
Montecatini Min & Agrio- 1962
(loch & Pitt. C &Iola 158_1946 MN ____ 90
85 Dec'30 - - _ _
Dab 7e with warrants__ 1937 • J 9312 96
2
9314
89 10812 Royal Dutch est with warr-1945 AO 90 Sale 90
9314
913 445
8
Without warrants
.9.1 9312 94
9412
4
9314
873 102
Montreal Tram lit A ref 56.1941 J
9912 11
99
9912 99
95 101
8
St Joe Ry Lt H & Pr lit 14_1937 MN 997 100
9978
983
11
4
Gen & rot et 63 series A.__1955 AG 92
93
4
914 96% St L Rock Mt & P50 stmpd_1955 J J 47
903 Jan'31
55
47
47
2
Gen dr ref e 15e ser B
1955 AO 92
9178 963 St Paul City Cable cons 58-1937• J 873 90
4
8
963 Sept'30
873
4
8
87313
4
Gen & ref s 1 44e ser C _1955 AO 84
86
8412 4914
8412 Dec'30
92
883 92
8
Jan'31
_
Guaranteed M
1937 J
Gen & ret et 5eser D
1955 AO 92
9114 Dec'30
9114 9512 San Antonio Pub Ben.let 51_1952 J
10714 10814 106
107
4
Morrie & Co let if 434i_
.1 80 Sale 80
24
82
79
854 Saxon Pub Wks (Germany) 7.'45 FA 813 Sale 7912
1039 .1
4
813
4 48
Mortgage-Bond Co 48 ear 2_1955 AO 70
90
73 June'30
73
734
4
Gen ref guar 63-4i
7534 29
1951 MN 753 Sale 72
10-25 year dis series 8
1932 J .1 0712 98
Jan'31
97
9812 100
60
1
Schulco Co guar 6lis
1948 J J 60 Sale 60
Murray Body lit 648
9512
1984 J o 95
957 95
8
5
ag 100
_ 9114 Jan'31
Guar if 648 series 3L
1916 AO
Mutual Fuel Gee let jug 58_1947 M II 105%
1057 Jan'31
8
994 106
90%
6
Sharon Steel Hoop if 54e-1048 P A _ _ _ _ 8912 90
Mut Un Telgtd 6sext at 5% 1941 M N 10318 ---- 10314 Nov'30
985 10314 Shell Pipe Line 1 deb 15s
4
9234 122
.
19343 M N 911 Sale 91
Shell Union 01181deb 5i
8812 136
1947 MN 8514 Sale 8514
:Imam (A I) & Son_ _See Mfrs Tr
115
90
Deb Se with warn
1949 40 88 Sale 8714
Nassau Elee guar gold 4._1951 • I 4318 50
50
444 595 Bblnyeteu El Pow let 6 34....1952 3D 877 Sale 83
8
5012
3
8
883
8 20
Nat Acme let if 6,
1942 J O 88
9712 95 Dec'30
95 1024 Shubert Theatre es_June 15 1942 J D 20
__
23
22
22
17
Nat Dairy Prod deb 534e_1948 P A 1003 Sale 9978
8
100% 596
943
4e10112 Siemens A6He
D ne t 11alske f 7g
6
963 Sale 96
4
9718
s
1935 J
Nat Radiator deb 63-60
1112 Sale 1113
1947 F A
1412 11
14
40
90
98
887
73
e
1951 111 S 88
Newark Congo' Gas cone 58.1948 J O 10438 105 104
Jan'31
102 1074 Sierra & San Frau Power 58_1949 FA
7
-- 10218 103
A0 9012 95
Newborn,'(JJ)Co 54% notee'40
93
95
8
81
99
Silesia Elea Corp if 614s_1946 FA 10212- 75
6
71
71
70%
New Engl Tel & Tel Si A
1952 J D 109 Sale 109
109
17 10311 110
Silesian-Am Corp ooll tr 76_1941 FA 6214 Sale 6214
6412 28
10 g 44e genes 13
1961 SIN 106 Sale 10414
105
35
984 10514 Sinclair Cons Oil 15-yr 7._ _1937 MS 997 Sale 9934 10014 105
8
New ON Pub Sere let 58 A _ _1952 AO 88% Sale 8314
89
29
81
95 2
3
let lien 648 series B
9814 19
1938 J D 9712 Sale 97
Finn & ref Sc series B
1955 3D 8814 89
8814
89
5
95
83
Sinclair Crude 0115 Iis ear A_1938 .1
102 Sale 101
172
102
Y Dock 50
853 8212
4
4e....1951 P A
-year let g
8412
3
8014 85 4 Sinclair Pipe Line ii Si
3
2
10014 20
1942 AO 997 Sale 99
Serial 5% notes
797 80
8
1938 AO 79
80
7
86
70
Skelly Oil deb 514.
84
53
1939 MS 8112 Sale 8012
N Y Edbion let A ret 6341 A.1941 AO 11478 11514 11418
11518 20 1111s 115
Smith (A 0) Corp lit 6).0_1943 MN 103 104 1023
4
4
103
932
let lien & ref 158 eerie. B _ _1944 AO 1053 1057 10534
8
8
106
15 1024 106
Solvay Am Invest 56
MS 9612 Sale 9614
9714 46
R Y Gas El Lt Ilk Pr g 5s_ _1948 Jo 10812 110 10878
109
14 10418c11012 South Porto Rico Sugar 7s 1941 J
105 Nov'30
_
Purchase money gold 411_1949 P A 98 Sale 98
98 1s 28
923 983 South Bell Tel et Tel let a 1 tis'41
4
4
1
'3 16,- E8 gale 10412 10514 37
NYLEAW Coal et RR 544'42 SIN
100 112 Sept'30 - - _ _
99 102
S'weet Bell Tel let A ref 5e._1954 P A 106 Sale 106
10612, 8
NYLE&WDock &Imp 54'48 .1
101-0
2
96
- 96 Dec'30
997 Southern Colo Power 6e A 1947 ii 10314 Sale 1023
8
4 10314! 17
54
Y Rio let R E & ref 4s.. 1942 ▪ J 40 4318 Oct'30
431 43% Stand 011 of NJ deb 5e Dec 15'46 L A 1043 Sale 104
.
8
Certiticates of depoeit
40
_- 40 Dec'30 _ - _ _
43 8 Stand Oil of N Y deb 43'60 1951 J O 9912 Sale 9912 105 I 97
3
60
10038 144
30
1
-year ad) Inc las_ __Jan 1942 AO
- -78 212 Dec'30 - - _ _
4
21: 434 Stevens Rotel let 14 ser A.__l943.1, 6312 66
6312
68
10
Certificates of deposit
1 July'29
14
_
-- -Sugar Estate,(Oriente) 71,_ _1942 MS 16 Sale 16
16
2
412 212
N Y Rye Corp Inc 51Jan 1965 Apr
3 -- 318 29
2
9 Syracuse Lighting 181 g 5s-_1051 '3D 10718
107I Dec'30
Prior 11e0 6s lerfes A
'
3 5014 53
45
5212 19
50
734
1965
N Y & itiehm One Jet 68 A _ _1951 MN 10512 _
10612 10612
2 10312 10314 Term Coal Iron & RR ten 54_1951
'
_ 105
3
105
1
N Y State Rye let eons 4 340_1962 M 11
7
8
3 c25
1
812 812
Tenn Cop A Chem deb 5s B_1944 M
9614 9713
105-- - 95
4
9714
Registered
N
6 Dec'30
5
17
Tenn Elec Power let 68
1947 3D 10612 Sale 10614
1061 2 46
Certificate8 ot depoeit......
7
83
4 5 Dec'30 - _ _
5
20
Texas Corp cony deb 56
AO 9812 Sale 9814
l944
10212 1144
7
50-yr let cone 6 lie series 141962 MN
20
3 82414 Third Ave Ry let ref 4.1
612
612
3
1960 J J 49 Sale 47
49
66
PT Y Stamm 1st 25-yr C.ear A 1947 M N 10712 Sale 10712 1073
4 14 1054 109
Ad)inc Si tax-ex N Y Jan 1950 •0 3014 Sale 3018
303
8 35
let nacre be
9912 104
10218 10
1951 MN 102 Sale 10134
Third Ave RR let g 58
1037 J , 943 96
4
95
95
3
N Y Telep let & gen e t 4)0_1939 MN 1023 Sale 1013
53
8
9838 10313 Tobo Elec Power let 7e
4 103
1955 MS 957 Sale 9312
8
96
76
30-year deter. of 6e._Feb 1949 FA 11112 Sale 11112 11212 40 1104 112
6% gold noted
99 Sale 9812
1932
99
18
30
-year ref gold 6n
4 107
.
132 105 4 10812 Tokyo Elee Light Co. Lo3
1941 AO 10678 Sale 1063
N T l'reo Roc). let 63_ _ _1946 ii, 95 Sale 05
7
06
94 104
la Se dollar Renee
1953 J D 88 Sale 8614
83
122
Niagara Fails Power let 54_1932 .1 .1 1013 Sale 101
8
10138 20 10014 10413 eranscort 01184s with war _1933 J J
109% Dec'30
Ref & gen 66
Jan'31 - _ 10012 10412
Jan 1032 A0 102 103 103
Without warrants
10018 Dec'30
relag Lock & 0 Pr let 158 A__19515 A0 10414 10514 104
105
10 101 10518 Trenton 0 A El let g Si.., _l949 MS
_ _ 10412 Nov'30
Niagara Share deb 5
96
- _ _1950 MN 92 Sale 9134
59
87 104
Truax-Traer Coal cony 641_1943 MN 10338- 72
7214 72
72
4
Nordileu oche Lloyd 20-yr it64'47• N 8511 gale 84
85 4 22
3
8111 9312 Trumbull Steel 1st it 60_,.,l940 MN 9412 Sale 9412
963
2 50
Nor Amer Corn deb 634e A _1940 M S 45
46
4314
41
463
4 13
70
Twenty-third St Ry ref 53_1962• J 20
2812 2613
2612
1
No Am Edison deb 6R ear A11857 MS 10214 Sale 101% 1021
% 30
99 10411 Tyrol Hydro-Elec Pow 7 49_1955 MN 95
98
95
96
4
Deb 5t4.ear 13 _ __Aug 151981 FA 103% Sale 10318
994 10414
10312 73
4
Guar see f 7e
1953 P A 873 8812 8734
8812 11
Deb Si series C._ _Nov 15 1969 MN 9814 Sale 9734
1007 231
8
944 1024
Nor Ohio Trac A Light 88_1947 MS 10312 103% 10312 104
6
98 108
Erilgawa F.lee Pow of 7a _ _1445 M 8, 983 100 93%
4
983
4
2
Nor States Pew 25-yr 58 A __1941 A0 1033 Sale 1033
4
21
4 104
99 4 1044 Union Mee Lt Pr ('lo) 6.3.1,32 m N 101%
3
1933 5.1 S'
10112 13
- - 10138
let Cc ret 5-yr 68 eer B _ _ _1941 Al) 1053 -- 1053
4
10614 18 1025
4
4411012
10118 Sale 101
Ref & eat 54_
10114
13
North WY lot hi g 448 gtd _1934 1
10018
10014 Jan'31
__
98 1004 11(3 F.' LA P
lug 54e A 1934 J .1 103% Site 10318 104
12
Norweg Hydro-El Nit 51 6_1957 MN 9814 gale 98
4
9912 122
884 9312 Union Eley Ry (Chic)58.-1945 0 60 4 7414 70
,
Jan'31
Union 011 let Ilan if
1014 Oct'30
1931
J
Onio Public Service 74e A __1946 AO 11012 1103 11038
4
1113
4
3 110 11212
4
30-yr 65()erica A
May 1912 F A i6-34 107 107
107
9
let A ref 74 Saba B
112
1947 P A 111 Sale 111
3 110 115
let lien sf55 ser C _ _ _Feb 1935 A 0 10018 Sale 9912
101
8
Ohio River Edison let 88
10712 Dec'30 - _ 105 c109
1948 J
Deb 5s with warr__ Apr 1045J D 95 Sale 95
9614 29.
Old Ben Coal let 6e
1944• A 49
30
50
4
484 803 United Biscuit of Am deb 61-1912 M
50
8
10314 10412 10314
10314
Ontario Power N F let 5s. _1943 P A 10418
105
_ 10418
6
9914 105
9814 Sale 98
United Drug 25-yr 15s
SI
100
241,
Ontario Transmission let 50_1945 MN 1001.4 1033 100
Jan'31 _ _ _
98 1033 United Rye St L let is 4th-1 53
_- 3
4
613 60
8
S 59
J
193
94
60
51
Oriental Devel guar es
1953 MS 0614 Sale 9618
92 100
43
97
United SS Co 15-yr (lo
10138
1937 M N 10114 Sale 10114
5,
Han deb illie
MCI 0012 Sale 893
8518 9314 En Steel Werke Corp 6145 A _19M .1 I) 713 Sale 713
105
8
1958
91
8
8
747
8 65Oslo Gas & El Wks extl 5e_1963 M
963 Sale 957
4
90
963
4 72
9812
8
Sec et 6 41. perlee
72
70
73
75
181
Otte Steel let Si C. ear A
99 Sale 96
1941 M
94 104
993
4 20
S tdeb8)isser A
70 Sale 70
73
45'
United Steel Wks of Burbeeh19
1 -5021
9
D
.1
10312 55 100% 1043
Pacific(388 & El gen & ref Se 1942 .93 10314 Sale 10234
8
,
Esch-Dudelange it 7e_._195t A 0 105 8 --- 10512
106
151
Pacific Tel & Tel let 5s
5 100 106
1937 .3.1 104% Sale 10412 104%
US Rubber lot & ref Meer A 1917.9 .1 72% gale 72
733 1041
4
Ref mtge Si eerie. A
1952 MN 10612 10712 106
8
7 1013 10712
1063
4
Pau-Amer P A T cony i I 68_1934 MN 10112 Sale 10112 10212 45 10114 1073
4 Universal Pipe & Rad (lob 681935 I 0 50
60
61 Nov'30
Pan-Am Pet Co(ofCal)eonylle '40 3D
___ 70
70
76
7512
12
9813 Unterelbe Pow &
74
71
74
1953
75
15
Paramount-Wway let 512e _ _1951 .1
i0213 Sale 10212 10314 50
99 10314 Utah Lt A Trac Lt fle 58_1944 A 0 943 Sale 943
8
A 0
8
let & ref
9512 45'
Paramount-Fam'e-Lasky 84..1947 J O 953 Sale 95
4
96
20
89 1034 Utah Power & Lt let 5s
1944 F A 100% Sale 10012 1013
_
4 81
eels Sale 8718
Paramount Publlx Corp 54s 1950 F V
8818 181
76% 947g Utica Elec L&Plititg5.1980 J J 10214
10812 10714 Oct'30
Park-Lea let leasehold 64111A95 .1 .1 0012 65 6012
6012
1
60
3
861e Utica Gas & Elm ref &
ext 5e 1957 J J 10918 Sale 10918
10918
2.
Parmelee Trans deb Cl
1944 AO 36 Sale 36
36
35
15
9184 1
/111 Power & Light 514.
1947 J D 78 Sale 78
823
4 35
Pat & Teased° G A El cone 611949 MS 10512 --- 10512 Jan'31
101 1.07
Deb 58 with warrens._1959 17 A
7012 Sale 704
Pathe Ricoh deb 78 with warn 1937 MN 57 Sale 5218
7512 91
57
29
85
80
Without warrants
F A
Penn-Dixie Cement 6e A_ _ _1941 Sc S 7012 Sale 7018
71
9
5512 85
Vertientes Sugar let ref 71_1942 J 0 43 Sale 43
43
Peep Gas & C let cone g 66.1948 A0 112% 115 11312 114
2
12 11012 11514 Victor Fuel
let s f 53
20
24
20 Nov'30
Refunding gold 151
1947 M S 10618 10578
106
36 101 c10512 Va Iron
Coe! A Coke let KIM 1049 2 8 7112 78
95 M 1
3
80 Dec'30
Registered
MS 101
_ 102 Dec'30
1007 103
e
Va Ry & Pow let & ref be
1934 J .3 1017 Sale 1017
8
8
Phila Co mac Si set A
1967 J o 99% Sale 9934
10212 10
10114 179
9512 103%
Mile Elm Co let 44e
1967 MN 103 10312 102% 1027
8 10
97 103 4 Walworth deb 644,
3
with war 1935 A 0 70
943 70 Dec'30
4
8134 Sale 8134
pblla & Reacting C & I ref 6e_1973 .1 ..1
823
4 50
75% 883
3
Without warrant/
90
85 Nov'30
1949 M
Cony deb 68
79 Sale 79
83
134
68 110
let sink fund 6e series A_ _1945 A0
-phillIps Petrol deb 514e
1939 3D 87 Sale 87
76
12
9214 57
8214 9713 Warner fire. Pict deb 58_1939 M S 75 Sale 75
693 Sale 693
4
Pierce Oil deb.1 8e_Dee 15 1931 J
4
7412 101
10312 10812 10312 Dec'30
103 107
Warner Co 111 6,with warr_1944 A 0 96 Sale 96
Pillebur7 Fl 51111. 20-yr ele 1943 AO 104 Sale 1033
96
1
4 105
3 10213 10614
Without warrant.
A
96 Dec'30
Pirelli Co (Italy) cony 78_1952 MN 9612 Bale 95
9612
5
933 1133 Warner Sugar Rahn let 78-1941 J 0 10414
4
D
2 10 - 10312 10312
-0
Pocah Coo Colderiee let 8158 'Si
1
'
3
_ 91
93 Nov'30
93
95
Warner Sugar Coro lit 71_1939 J J
1712 10
1712 Sale 15
Port Arthur Can dc Dk 6. A_1953 FA 102 105 104
104
1
98 106
Stamped Jan 11031)COUD on '39
1712 2912 15
1953 P A 100
let M 6e genes B
Jan'31
__
102
Jan'31
10113 105
Warner-Qutnian deb 158_1939 M -S 4614 5
-- Portland Ry L & P let ref 56_1942 P A 105
52
23
_ 105
Jan'31
° 4714
98 10511 Wash Water Power a f 58_1939
10318 105 10318 Jan'31
J
let lien & ref 74e set A _ _1946 MN 1063 10i 1063
4 4
1063
4 18 10413 10912 Westchester Lta bs
stpd gtel_1950 J D 107 10814 10718 Jan'31
Portland Gen Elea let 5e_1035 .1 .1 10134 102 10112 101% 24
9814 10312 Wait Penn Power ear A 51_
1948 159 El 10518 10512 1043
4
4 1047
8
FOrt0 Rican Am Tob cony 6e 1942 .1.1 6212 6512 6412
6512
9
60
98
let 5.8 series ,
1
10538
1963 M
10612 10612
2
Foetal Teleg & Cable colt 50_1953'.9 70 Sale 67
70
122
50
9612
let 5448 El0f109 F
1953 A 0 10512
10512 106
4
Pressed Steel Car cony g 58_1933 .1 .1 80
8618 80
80
2
74
94
1st eec 5s series G
1043 10512 1043
8
8 10512 15
Pub Sere Corp NJ deb 430_1948 P A
190
Jan'30
181 194
Western Electric d
seb
9
4
5°j O
5._ 1944 A D 1013 Sale 1043
4 10518 33
)
- 4
Pub Sere Elk Gas let& rel bs '85 J D 11 18 1053 105
10514 24 1024 108
Western Union cell Mint 15s.1938 J .7 10312 Sale 10312 104
17
1967 J o 103 Sale 102
let & ref 434i
103
43
95481033
4
Fund & real eel g 440_ 19950 F N 1003 Sale 10034
4
11963 M A
0 MS
10118 17
1970 P A 103 Sale 10214
ref 434e
let &
103
49
9513 10318
15-year 6)4e
108 Sale 108
1083
4 19
4212 1212 June'31
7
PUMA Alegre Sugar (lob 71-1937'.9
818 55
25-yr gold 58
ea
D 102 Sale 1003
4 10414 105
1951
Certificates of depont
3 _
12
12
5
33 55
8
30
-year Si
10212 Sale 10012 10312 408
A 9318 Sale 9318
.
Pure 011 1 5/4% note.
1937
95
8514 10013 Westphalia tin El Pow 69_1933 J J 69 Sale 63
18
713
4 73
1910 MS 9112 Sale 91
S f 514% notc3
933
8 59
8612 100
Wheeling Steel Corp let 54111948 J J 10012 101 10012 102
10
Purity Bakeries s t deb 50-1948.93 93% 9412 93
94
18
8512 973
4
1.1k ref 448 series B__ _1953 A 0 9012 Sale 39
91
34
White Engle 011A Ref deb 54837
Remingtot Arms let if 58.. _1937 MN 95 Sale 94
9534 17
934 100
With stock punch warrant.
M S 10212 Sale 10212 10278 48
Rem Rand deb 54e with war '47 MN 8914 Sale 89
92
39
8214 101
White Sew Mach 65 with warn '36
J 3312 36
3512
2
3512
no 10014 Sale 99
Rapid)I AB 10-30-yr Si e
10014
5
934 10314
31
J .1
Without warrant.
34
3512 34
6
Ref & gen 534s series A-1953• J 8714 89
89
89
14
797 1047
e
4
2114 30
Panic et deb 69
30
30
1
Revere Cop & Br Be__ _July 1948 M S 100 101 100
100
3
98 10514 Wickwire Span Sal let 78
9
137 10
1949 J
9 M
65
8
4
10
82
86
Itheinelbe Union 7. with war1946 j
87% Jan'31 ____
70 10712
7
CU dep Chase Nat Bank____
18
73
4
8
3
'3 85 Sale 8412
Without elk purch warr-1946
873
4 68
76
99
7s(Nov 1927 coup on)Jan 1935 MN
8
26
8
1
Rhine-Main-Danube 78 A1950 MS 92 Sale 92
9312 21
87 1031s
8
Ott deo Chase Nat Bank__ _
812 8
812
3
4
RhIne-Weetphalla El Pow 791950 MN 913 Sale 913
4
93
13
81 104
95
Willys-Overiand Cf 41
96
1933
96
96
14
1952 MN 8078 Sale 78
Direct mtge 68
81
34
74
9512 Wilson & Co let 25-yr if ele..1941 A 0 10018 Sale °Os 10012 51
7712 Sale 76
COne M 6.01'28 with war. 1953 L A
78% 33
7312 9412 Wineheeter Repeat Arno 7)44'41 A 0
7978 83
Jan'31
817 7812
8
L A 80
Without warrants
79
2
79
94
1023- Sale 10212 10314 88
4
Youngstown Sheet & Tube 5i'78 J
Con m as of 1930 with war ma A 0 76 Sale 7612
783
4 28
70
933
8
c Cash sale 8 Option sake
Ringe
for Year
1930.
Low
15814
bl
79
105
1044
97
85
8614
High
89
9814
9714
11018
108
1013
4
85
92
94
9934
45
64
80 c92 •
88
92
102 1091.
7314 100 4
3
667 c99
s
45
80
45 c95
85 100
80% c997
8
71
9914
72% 10213
94
88
181s 6912
974 104
87 108
96% 10312
82
9018
6514 c97
91 105
9012 10418
944 1023
4
9412 1023
4
75
97
10113cIOS
937e 10114
103 107
1013 1057
e
8
102 10613
99 c107
10034 1043
4
95 1003
4
61
90
12
48
10312 1074
101 105
8912 10213
103 8 108
5
96 2 106
3
4212 5512
22
35 4
3
92 100
9212 1004
9512 10012
9212
81
96 1107
s
8712 10112
102 10412
9413
72
88 10478
23
497
g
92 102
82% 95
97 10112
WO 103
100 103
10012 105
8312
68
9912 1013
4
105% 110
963 103
4
9 3 10112
04
99 1043
4
90 101
12
60
74
9612 1013
4
6811 92
6818 92
867 9112
8
102
08
10712
8814
60
63
67
91
9114 993
4
974 10278
99 1074
1024 110
71
95
62
02
- 34
20
70
993
4
62
3()
8()
103
70 10913
85
9614
6134 9314
60 113
93 10013
89
9912
98 107
101s 5612
5112
10
45
95
10012 106
1033
48109
1013 10614
4
102 1067
s
104 10612
1017 10612
s
10113 10512
10013 10512
95 1024
1053 11012
e
100 10514
100 107
91
62
96 1043
4
854 9312
100 1083
4
29
90
27
86
21
8018
8
40
8
714 393
5
41
618 39%
91 C105
9614c1027a
100 104
9912 10434
For,. 132.
FINANCIAL CHRONICLE
470
Outside Stock Exchanges
-Record of transactions at
Exchange.
the Boston Stock Exchange, Jan. 10 to Jan. 16, both inelusive, compiled from official sales lists:
Boston
'Stocks-
Stock
Sales
Friday
Last Week's Range for
IVeck.
,
a Prices.
Sale
Par. Price. Low. High. Shares.
Railroads
100
Boston & Albany
1110
Boston Elevated
100
Preferred
100
Pint preferred
2d preferred
Boston it al/due
100
Pr. pref. !Led
101'
Clam A pref
100
Class 13 lskpref
Boston & Providence 100
Conn & Pass River pref _100
Ry Co
East Ms,.
100
1st preferred
Adjustment
NY N El & Hartford-100
100
Old Colony
Pennsylvania RR_ _
Provid & Worcester_ .,100
Range for Year 1930.
High.
Low.
175
69
80
100
87
181
71
81
103
88%
153 17314 Dec 19434
Dec 8434
276 66
June 94
115 81
Dec 110
68 90
Oct 9934
154 88
10214 102
62
62
100
180
103
103
624
100
180
103
310 98
15 56
55 94
20 165
100 101
8%
34
83%
129% 125
59
60
180
10
4
8734
130
61%
180
7
35
1%
220
388 6734
76 125
2,755 53
32 171
177
70
100
ellscollaneous4%
American Founders Corp..
10
Amer& Conti Corp
214
Amer Pneumatic Service..
Preferred
First preferred
100 183%
Amer Tel & Lel
Arnoetteu Mfg CO
Aviation Sec of N E
Bigelow Sanford Carpet..
18
Boston Personal Prop Truss
Brown Co pref
211
Brown Durrel Co
-----Columbia Urapaophone
Continental See. Corp. - -----Crown Cork Internet Corp
2
East Boston Land
is%
East (Sal & Fuel Amen
100 81
434% preferred
100 93
6% preferred
.28 22
Eastern 88 1 Mee Ins..
100 94
First preferred
IOC 24935
Edison Elea Blum
Empl Group Assoc T C.
Galveston Houston Elec Pt
(The) Georgian Inc
Preferred Class A
General Alloys Co
32
General Capital Corp
Gillette Safety Razor
Greenfield Tap & Die
21
Hygrade Lamp Co
Internet Hydro-Elec
Jenkins Television
Libby, McNeil & Libby__
8%
loew N E Theatres
434
Mass Utilities Assoc•$0..
ManenthaIer Linotype10
National Leather
Nat Service Co eom she.._
New England Pub ServNew Enid Tel & TeL __100 -138-North American Avis
Northern Texas Elec pref_ _
100 --1834
Pacific Mins
Public Utll Holding oom__
Railway Light
Reece Buttonhole Mach Co 15
1434
Shawmut Assn T
Stone & Webster
• 284
Swift dr Co. new
• 43%
Torrington Co
Tower Mfg Co
Union Twist Drill
71(
United Founders Corp oom
1:1 8 Shoe Mach Corp P1-25
United Shoe Maoli Corp_25 554
5
U S Elec Power Corp.
Utilities Equities Corp pre
Venezuela Holding Corp _ _ _
2
Venezuela Me! MCorp 10
Waldorf System Inc
Waltham Watch pref
Class B common
Warren Bros Co new.
Convertible preferred_
214
we/wield Nile '0
Whittlesey Mfg class A
------
------
------
------
434 5
934 10
234 233.
734 7%
4334 43%
17934 186%
834 935
4%
3
27%
27
17% 18
5336 58
24 214
7% 84
18% 184
734 7%
234 214
184 19
81
80
92
9314
1934 22
94
94
246 254
1734 19
534
5
9
434
32
24%
535
2034
24
234
10%
9
434
34
284
53-4
21
25%
zy,
114
8% 934
44
4
874
87
75c
75e
3% 34
20
19
135 139
6% 7
134 14
isy, 22
6% 64
45
42
15
15%
14% 1514
4234 454
29%
28
434 4635
14
70e
194 2234
734 9%
31
31
5534 5735
44 5
6934 70
80c
80e
3
2
224 22%
48
48
17
17
28% 2934
40% 404
2134 214
15c
15c
Dec
,
De
Dec
Dec
Jan
Aug
Mar
Apr
Feb
Mar
1114 Apr
7834 Sept
Mar
130
Oct
183
Oct
106
Jan
Dec 48
Dec 284 Mar
Deo 127% Apr
Sept
Jan 144
Dec a754 Apr
Jan 1784 Apr
Dec 82% Jan
3
614
814 Dec 814 Apr
590
Jan
Oct
2
9
150
Dec 2434 Jan
7
100
Mar
50 3734 Dec 52
3,647 170% Dec 2744 Apr
6% Oct 1834 Feb
875
Apr
134 Dec 12
65
Jan
40 2334 Dec 80
Apr
467 1634 Dec 28
Jan
Dec 85
75 50
1
Dec
7 June
34
734 Dec 374 Apr
30
Mar
Dec 63
15
35
6;4 Nov 1214 Mar
10
4% Apr
1% Dec
5
Apr
Dec 41
259 15
Jan 854 Sept
281 76
May
Dec 99
83
372
Apr
545 1734 Oct 36
Apr
Oct 100
80 92
Mar
Nov 276
1,389 225
Dec 274 Apr
405 16
Jan
3% Dec 24
145
25
90
409
3,099
250
580
466
30
66
65
1,642
120
38
810
98
223
140
50
3,261
100
86
50
1,531
938
366
240
3.330
135
2,437
82
975
345
101
100
295
100
25
20
56
7
25
200
8
434
254
1734
6
16
934
134
931
734
34
85
25c
3
15
127
434
50c
144
5
34
14
12
3714
27
40
45e
18
6
80
504
34
84
250
134
2334
39%
15
27
40
20
10c
Mar
11
14% Apr
Apr
60
105% Jan
1914 Mar
Apr
34
Apr
53
9% Apr
26% Apr
Mar
12
Mar
12
1084 Feb
2% Feb
8 June
Jan
92
1604 Apr
154 Apr
4 Jan
3
Feb
30
2714 Apr
904 Apr
16% Apr
21% Mar
11334 Apr
344 Jan
Jan
67
Mar
3
51
Jan
44% Mar
Mar
32
68% May
23
Jan
9134 Apr
634 May
7854 Jan
31% Apr
85
Feb
45
Feb
189
Apr
July
50
274 Jan
234 Feb
Oct
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Dec
Dec
Dec
Oct
Dec
Dec
Dec
Oct
Dec
Dee
Dec
Nov
Dee
Dec
Dee
Nov
Jan
Nov
Dee
Jan
Dec
Dec
Dec
Dec
Dec
Jan
Dec
Oct
Nov
Dec
Dec
Nov
MIning191 Jan
1% Jan
25
1% 1;4
5
Arizona Commercial
734 Dec 821( Jan
290
814 9%
25
Calumet & Heel*
54 Dec 16% Jan
815
6% 7
7
26
Copper Range
134 Jan
840 40c Aug
14 134
134
Eon Butte Copper Mine- _
43( Nov 124 Jan
10
5
5
Isle Royal Copper
234 Feb
30 950 Dec
1
1
25
Copper
Heweenaw
Jan
1
Jan
100 360
90c
900
25
La Salle Copper Co
514 Jan
1
Sept
7,745
134 2
14
2%
North Butte
1% Dec 104 Jan
100
3
3
25
Old Dominion co
Oct 4414 Apr
540
714 8
25
Gainey
Jan
Dec zs
6
100
734
734
St Mary's Mineral Land.2$
34 Mar
July
1
175
1 1-16 PH
5
Utah Apex Mining
950 Mar
Oct
50 20c
25c
25c
1
Utah Metal & Tunnel
Feb
Bowes-Oct 84
72 $10,000 71
72
Amoskeag Mhz 6s____1948
Jan 102% July
931;4 933-4 4.000 86
Jan 102% July
ChlojctRy& U Yd 4n'40 93% 101% 101%
2.000 98
1940
56
2,000
32
32
Chic Mil& St Paul adj--1.000
31
31
31
Mar
Dec 48
5s
294 3.000 20
26
Feb 10034 Oct
E Male St Ry ser A 4-s'48
7,000 97
9931
994 99
58_
Jan 100% Sept
Kan City Mem & Birm
2,000 98
10014 10034
Mass Gas Co 445_ __ _1931
v, 14,000 9914 Jan 10234 Best
nu
Jan
Jan 78
New Engi Tel.4 Tel 5s_'32 101%
66% 6634 10.000 7131
Ruhr Chemical Corp 68 '48
1.000
69
• 69
Oct
Jan 120
Second Internist Sec 55 '48
100
1,000
112 112
P C Pocahontas 7s_ _ _1936 112
5.000
99
99
Texas Power & Light 58 '56
5,000 994 Feb 10114 July
10134
19112 10134 101
Western T & T Es
•No par value. 6 xx-etririeno.
Record of transactions at
Chicago Stock Exchange.
inclusive,
Exchange Jan. 10 to Jan. 16, both
Chicago Stock
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par, Price. Low. High Shares.
Abbott Laboratoriescorn.'
Ani1MP hifa
5
36
36
1954 20
50
180
Range for Year 1930,
Low,
3334 Dec
Dec
18
I
High.
4634 Mar
May
87
Sales
Friday
Laze Week's Range for
Week.
of Prices.
Sale
Stocks (Continned) Par. Price. Low. High. Shares.
9
9
9
Ainsworth Mfg Corp coral0
134 1%
134
Allied Motor Ind. Inc corn'
174 1734
Allied Prod Corp A
5%
Amer Equities Co oom_ •
92
'92
Amer Pub Nary Co pf 100
6
731
0%
Appalachian Gas Cor corn.'
4
5
Art Metal Wks Inc coin_ •
6534 67
Aissoe Tel de Tel el A
87
884
•
$6 pref with warr
21% 23
Assoc Jet vitil Co corn • 22
13
13
Backstay Welt Co com •
Bendlz Aviation 00111- _• 18% 174 19%
23
Borg-Warner Corp com_10 224 21
91
9234
100
7% preferred
1235 124
Brach & Sons(E J)
Brown Fence & Wire
534- 6
•
Class
20
20
Bruce(E L) Co
10 17% 1734 17%
Bunte Bros corn
134 2
Burnham Tract Corp coal'
6% 734
Preferred
5%
20
Butler wooers
66
6634
Canal Con.st cony pref. •
4
4
43-4
CeCo Mfg lac common__•
23% 25%
24
Cent Illinois See Co alfs__
• 9334 9134 9334
Central III P 8 pref
81
78
Cent Ind Pow pref__ _100
16% 17%
Cent Pub Berv class A__ • 17
17
17
•
Common new
i.sii corn new..' 1934 174 1914
Cent s
• 9134 91% 9134
Preferred
• 9534 9434 95%
Prior lien pref
80
80
Cent States Pow & Lt pfd.'
824 82%
Cent States Util $7 pref •
35% 3534
Chain Belt Co corn
2734 2734
Cherry-Burrell Corp corn •
& eons ItsChic
•
34
14
Part share common_
414 4%
Panic preferred
5
5
Certificates of deposit___ -----12
12
.5 12
Chicago Flex Shaft corn.
234 234
24
Chic Invest... corn corn •
2634 27
Convertible pre:
Chic \ 14,5 MIN,
24 24
100
Common
5834
58
Prior lien preferred . list
80
80
Chicago Towel Co corn pf_*
1534 174
• 17
Cities Service Up corn
3
3
Chub Aluminum Uteri Co'
Coleman Lamp & Stove
•
1234
12
Common
CornmouwealthEdison_1016 234% 232 235
1334 1334 1314
Rights
Community Tel Co
16% 16% 16%
Cumulative partIcip___•
10% log
Constr Mat'l Corp com- •
2834 30
•
$34 preferred
Consumers Co
44
3
a
Common
454
45
100
6% prior pref A
41
40
100
Preferred
% 1
5
Warrants
Coot Chicago Corp
64 734
•
Common
64
38%
37% 37
Preferred
635
635
Cord Corp
55
52
Corp See of Chic allot etf.• 55
16% 1834
• 17
Common
40%
40
25 40
Crane Co corn
117 1174
100
Preferred
6
6
•
Curtis Light Inc coin_
De Mets Inc pref w w--.•
Decker(Alb&Cohn Ine_ •
Dexter Co (The) com____5
El Household UM Corp_10
Empire 0 & F100
7% preferred
Fitz Simmons & Connell
•
D & D com
5
Foote Bros (I & M Co
Gardner-Denver Co corn •
General Candy Corp A.-5
Gen Theatre Equip
•
Common new
•
Preferred
Gleaner Coin Huy corn...
Great Lakes Aircraft A_ •
•
Great Lakes D & D
Grigsby-Grunow Co com_•
Hall Printing Co corn._.10
Harnischfeger Corp corn_ •
•
Hormell & Co A
Houdaille-Hershey Corp A•
•
Clam B
25
Minot' Brick Co
.100
Illinois Nor Util prof.
Inland Ut41 Inc class A__•
Insull UM Invest Ine____.
•
2d preferred
•
Inv Co of Amer corn_
1
iron Fireman Mfg Co• a•
•
Jefferson Elea Co tura_
1
Katz Drug Co
Kalamazoo Stove corn.,..'
Kallogv SwItchb'd corn_ _10
100
Preferred
Ken Had Tube & Lt A___•
Keystone Steel & W corn •
50
KY Util 1r rum PM
Leath & Co cumul pref..*
Common
Libby McNeill & Libby-10
Mnaoln Printing um._ •
Lindsay Light Co
10
Preferred
•
Edon Oil Ref Co coraLynch Corp common...,.'
McCord Rad & Mfg A..'
•
McQuay-Norris Mfg
4taleatio Househ Utll com •
Manhattan-Dearborn oom•
Marks Bros Theat cony pf•
Marshall Field Co corn.'
•
Meadows Mfg Co
Mark MA's See Co Acorn.'
$flekelberry's Food Prod
1
Common
Middle Western Tel corn.'
,ddie West Utilities new•
•
cum Preferred
Warrants A
Warrants B
M'dland Nat Gas part A.*
Midland United Co Pm...*
•
Preferred
•
Warrants
14
244
14
14
7
7
10
10
2334 26
Range for Year 1930a
Low.
High.
150
100
50
100
110
1,300
1,000
120
70
2,000
10
25,600
32,150
250
50
84
1
11
34
93
5
234
59
86
184
13
1434
15
8834
10
Dec 3334
Dec 19%
Oct 49%
Dec 22
Dec 100
Dec 14%
Dee 2734
isn
70
Nov 97
Dec 2914
Dec 32%
Nov 6734
Nov 60%
Dec 101
Oct 18
Apr
Feb
Mar
MM
Apr
May
Pao
Sept
May
Pen
Jan
ADO
Mu
Apr
Jan
100
400
10
1,700
650
2,100
100
850
2,290
570
110
2,750
120
6.100
150
250
20
30
50
10
5
20
1634
134
414
4%
34
14
21
90%
78
114
17
139-4
894
944
80
80%
3234
24
Dec '31
Oct 59%
Oct 28
Dec 174
Dec 36;4
Dec 17%
Oct 11%
Dec 20su
Dec aa
Dec 97
Dec 95
Dec 42%
Dec 404
Dec 21
Dec 100
Dec 105
Dec 96
Oct 96
Dec 484
Dec 40
Apr
Apr
Feb
Apr
Apr
Jan
Apr
Jan
Feb
Mae
Jan
ADo
May
Mos
Mar
Apr
Mar
Jan
Apr
Jan
250
300
100
50
450
150
34
4
5
14
1
26%
Dee
Dec
Dec
Felt
Dec
Dee
214
20
18.4
16
10%
41
June
Mar
June
Jan
Ape
Apr
10
90
50
30,700
200
2%
58%
84
13%
24
Dec
Deo
Feb
Dec
Dec
9
98
90
44%
7
Feb
Jan
July
Apr
Apr
Jan
100 12.4 Dec 40
Apr
Dec 358
1,875 220
25,550 10% Dec 12% Dec
150
100
450
1,050
50
50
600
11
7
22
234 Dec
45
Dec
Nov
40
3( Oct
5
11,400
2,750 35
34
21,250
1,250 44
12,550 14
478 39%
60 113
5
50
20
110
50
4,330
Dec
Dec
Dec
30
24
49
Apr
Apr
Apr
Feb
8
Aug
64
Jan
66
814 Feb
Dec 25
Deo 494
Dec 1734
Dec 7214
Dec 334
Nov 444
June 118
Nov 22
Apr
Oct
Mat
Apr
Aug
22
16
16
274
May
Mar
Jan
API
12
Dec
54 Dec
934 Dec
214 Oct
Aug
Feb
7634 73%
3%
104
4
24
334
16%
27
1334
54
4
33%
84
15%
33
4
334
50
15
114
10%
1614
814
25%
2034
2%
21
404
150
75
Dec
97% Apr
26
2614
34 44
33
33
334 331
550
1,750
10
350
19
2
30
24
Dec
Dec
Dec
Sept
64%
22
64%
7
7
104 1,300
100
244 244
34 5% 6.500
300
1% 14
234 25% 2,000
314 434 13,100
700
16% 17
150
13
15
150
28
27
3,800
114 14
43( 5% 1,400
50
15
15
10
984 9814
1,100
4
3
66,200
3214 35
800
82
84
50
64 614
900
1534 17%
250
21
20
300
174 18
750
31
34
650
44
4
10
51
51
150
34 314
150
11
1134
510
494 50
270
15
15
20
14 114
10% 11% 3,000
500
214 2234
6
24
434
1
19
234
16
7
24
84
314
11)4
95
1
274
72
54
144
134
154
2334
3
43
234
10
49
12
10
6
16
15
38
44
164
734
254
134
1734
20
10
250
634
250
1634
270
25%
50
38
64 13,250
500
1734
160
814
4,100
31
500
24
1,300
19
104
44
10%
20%
30
434
15
4
24
1
154
Dec
Dec
Dec
Oct
Dee
Dec
Dec
Dec
Dec
Oat
Dec
13
17
1934
95
1%
2%
235
20%
384
1
50
13
200
1934
21% 88,450
950
99
200
14
100
24
550
3
2234 1,000
404 2,250
50
1%
11
17
144
9334
1
14
1%
14%
3534
4
15% Sent
Dee
Dec 26% Jan
Dec 384 Are
Dec 1084 Mar
Nov
51i Ave
Feb
Dec
8
Dec 1814 May
Dec 294 Feb
Dee 494 Aug
Mar
it
Nov
Mar
Apr
Feb
May
89-4 Dec
Dec
Dec 2834 Dec
Dec 8634
Dee
8% Fen
Dee 814 Jake
Dec 27% June
Dee 314 Mat
Dec 3034 Apr
Dec 3634 Jan
Feb
Dec 31
Dec 28% APP
Jae
Oct 27
June
Jan 101
Dee 4414
Dec 70% Feb
Dec 9944 Mar
Dee 5694 June
June
Dec 29
.
Dec 56 4 Apr
Nov 424 Feb
Dec 84% AP/
8% API
Dec
July
Dec 53
Dec 154 Apr
Jan
22
June
July
Dec 52
Jan
Dec 37
1% Dec 12 Mar
Dec 2714 APP
9
1734 Oct 2934 Apr
Dec
API
Apr
Mar
Jan
Apr
(
401 Mar
1634 Feb
5334 Feb
41( Feb
May
86
104
2914
31%
37
504
Sates
Friday
Last Weeks. Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par.
Low. High. Shares
Midland Util1% prior lien
100
Miner & Hart Inc cony pL•
MIMI Val Mir
Prior lien preferred_ ___•
7% Preferred
•
Ido-Kan Pipe Line oom- _b
&iodine Mfg sem
•
Mohawk Rubber Co corn •
Monlithan Mfg Corp A.-•
Morgan Lithograph corn •
Mower Leather Corp com •
Muskegon Mot Spec con A•
National Battery Co pref.•
Nat Else Power A oars •
Nat'l Family Stores eom_•
National lenther tyan
22
634
19
5
25
535
953-4 96
2211
21
92%
94
5%
36
535
19
5
8
10
25
2234
4%
Ili
Nat Pub Ser $314 cony pf•
Nat Rep Inv Tr allot etf •
Nat Samar Invest Co oorn-•
•
Certificates
•
Nat'l Standard corn
Nobiltt-Sparts Ind eom__•
North American Car corn.•
No Amer Gas & Elea A--•
No Am Lt & Pr Co nom_ •
N & S Am Corp A corn_ •
Northwest Bancorp oom_50
Northwert UM
100
7% preferred
Parker Pen (The)Co eomlb
Penn Gas & Elea A com *
Peoples Oas Lt & Coke 100
Rights
Perfect Circle (The) Co__*
Pines W Intearono corn
5
Polymet Mfg Corp com...•
Potter C. (The -our_
•
Process Corp corn
•
Pub Serv of Nor
eom •
Common
100
Rights
6% preferred
lOn
1% preferred .
lnn
Q-R-S De Vry Corp (The)*
Quaker Oats Co
Common
•
Preferred
100
Railroad Shares Corp nom •
Rath Packing Co com _ _10
RaytheonlidfgCo t a itom•
•
Reliance internal Corp A •
Rollins Hoe Mills cony of..
Ryerson & Son Inc eon). •
Sangamo Electric Co_ __ _*
Seaboard PS Co $6 pref __•
$331 cony pref w w_ ___•
Seaboard UM Shares Cori •
Signode Steel corn
•
Preferred
30
SOuColo Pow Elea A eom25
Itotith'n Union Gas 000%._•
Southwest Lt dr Pr pref__'
Standard Dredge eom___•
Convertible pro _ _ •
Studebaker Mail Order
Common
•
Class A
Super Maid Corn coin_
•
Swift International
IS
swift & Co offs
28
471
FINANCIAL CHRONICLE
JAN. 17 1931.]
5
64%
2834
424
62%
324
4034
304
4%
64
2714
39%
29
11
62%
811
32%
40
400
150
95
150
97
8% 22,400
100
36
50
534
50
19
400
535
330
8
450
10
110
2534
250
2334
8,300
6
100
1
20
40%
100
30%
950
5
65% 1,250
29% 1,650
4331 4,950
300
30
400
1214
200
624
1,500
9
1,800
36
Range for Year 1930.
High,
Low.
924 Dec 113
Dec 40
18
91
93
4%
32%
434
10
34
6
10
18
19%
214
34
39%
324
4%
65
21%
81%
22
11
60
7
3034
Mat
Mar
Jan
Feb 96
Dec 9834 May
Dec 3634 June
Dee 72% Apt
May
Dec 16
July
Jan 24
Dec 22
Apr
Jan
Jan 10
Oct 24% Apr
Jan
Dec 31
Dec 3834 Feb
Dec 20
Apr
Dec
21,4 AM'
Mar
Dee 50
Dec 52
Jan
Dec 26% Mar
Dec 101% Mar
Nov 64
APT
Mar
Oct 59
Dec 551( Apr
Dec 28% Apr
Nov 84% &Pr
Dec 25% Apr
Dec 55% Jan
Dec 98)4
10 85
88
88
Dec 45%
150 15
19
20
100
114
9% Dec 1914
10
Dec 201
150 186
222 225
11,000
11% 13
854 Dec 10%
150 22% Dec 4414
28
26
De
45
500 12
18
1714 17
1% Deo 18%
650
2% 3
3
Oot 204
850
834 8%
3)4 Nov 15
100
5
5
22134 22634 1,125 186% Dec $38
225
375 18634 Dec 33234
224 226
225
Dec 17%
10,600 13
20% 20% 21
Jan 142
50 115
12234 126
124
Jan 148
20 120
130 1344
231 Dec 22
300
2% 2%
215
Feb
Mar
Mar
Dec
Deo
Apr
Jan
Apr
Mar
Jan
API
Apr
Dec
Dee
Nov
Feb
275 150
160 110
8%
1,950
200 18%
2%
950
2
58
150 274
200 22
100 23
200 65
255 45
3
4,450
5
100
10 17%
200 20
900
260 82
4
200
50 10)4
Dec 293
Feb 122
94
Nov
Dec 28
Dec 35
Nov
164
Dec 65%
Dec 36%
Dec 40
Dec 8611
Dec 47%
Dec 10
Dec 15%
Oct 25
Dec 28%
Dec 25%
Jot
95
Dec 32%
Dec 3334
Feb
May
Jan
Mar
Apr
Apr
mar
Jan
Feb
Apr
Sept
Apr
Apr
Mar
5111'
July
Oct
Mar
Mar
5
10
35
1,800
2,00
Dec
Dec
Dec
June
Dec
8
18
54
3814
8334
Mar
Jan
Mar
May
Feb
2 100% Nov 103
Nov 55
52
25
Dec 17
6
350
GOO 23% Dec 47%
150 14% Dec 3214
Dee 284
2
450
Dec 18%
1
600
4)4 Dec 20
1,200
8% Nov 2254
700
511 Oct 23%
50
Nov
Oct
June
Mar
Apr
June
May
API
Apr
Apr
Dec 24
300 13
2,150 31% Dec 58
60 114% Mar 125
5
Dec 20%
200
Jan 31%
8
2,750
2
Dec 10%
1,000
4% Dec 233.4
2,550
1,300 14% Dec 29
May
erg
Aug
Mar
Sept
Tel Bond & Sbare 1st pi 100
Class A
•
Tenn Prod Corp nom.._*
Thompson J RI corn
25
Time-0-Stat Contr pf A _ _•
Transformer Corp of Am 100
Twin Stave wri,e rl,o, DI A •
United Amer Util Ina oom •
Class A
•
United Corp of Amer pf_•
United Ptrs & Pubs
Convertible preferred...*
U B Gypsum
2G
Preferred
100
U B Lines Inc pre
•
U S Radio & Telev nom•
Ulan Radio Prod corn ..•
Utli & Ind Corp nom_ _ •
Convertible preferred •
Utilities Power & Lt Corp
Class A
•
Common non-voting_•
Viking Pump Co
Preferred
•
Vortex Cup Co_
Claps A
•
Wardle' Corp
•
Convertible pref
Ward (Montgomery) & Co
A
Wayne PUIIII) Co
Common
•
Convertible Preferred,
Waukesha Motor Co corn.*
Western Grocer Co com _25
Western Pow Lt & Tel el A•
Wextark Radio Store:. corn•
WiebolCit Stores Inc oom_e
Wisconsin Bans She corn 10
-Amer Maeh part pf •
Yates
(Chic)*
Yellow Cab Co Inc
zenith Radio Corp corn_ •
156 162
156
11534 115% 11634
434
1914 19%
6%
5
5
314 334
3434 36
2534
25
25
25
25
6934 79
73
45
4735
3% 44
4
5
5
17
17
19
2134
734 835
834
89
88
88
7% 8
7%
15
16
15
1
1
3
3
414 4y,
35
37
2834 294
102
524
5
26
18
103
53%
6
28
18
254 314
131 2
6
8
124 14
8% 8%
40
6
1635
2%
634
1734
14
3834
120
6
15
234
631
1734
15
40
124
6
16%
3
734
1835
734
22%
914
2214 2434
914 104
1,150
750
26
1911
25%
26
26
194 19%
25% 26
10
100
400
10
10
20
96
96
96
165
21%
131
634
23
594
12
21
1
615
Bonds
Appalachian Gas 6s_ _ A945
194.5
68 series B
Chicago City Rye 58 _ _1927
Certificates of deposit _
Chic Railway
1927 69%
1st mtge 58
let nitre Is arts of dep '27
COmmonw Edison
1954
Is series B
1943
let lingo 58
Ineull Ut11 Inv as_ _ 1940 89
Kresge(S S)& Co 5s_ A945
Metro WS Elev hit 41938
Extension 48
1938
1978
Nat Pub Serv 55
Northern Util Co 6s A 1943
Northwestern Elev 58 1941
Pub Serv Corp let ref Be'56
let & ref mtge 5346_1962
Public Service Sub Corp
1949
514s A
Southwest Nat Gas 66_1945
Swift & Co 1st s f g 58 1944
Texas Gas Util 6s__ _ _1945
United Amer Util 68_ _1940
•No par value. •EN-411vIdcmds
634
23
624
1234
22%
2
14% 1434
634 6%
554
22
22%
254 3
10
20
30
140
125
4,600
100
1,100
100
150
750
1
2
29
27
20
8
MAT
Fe
Feb
Dee
Dec
45% Apr
Mei
28
25
Jan
18% Nov
22% Nov
294 Apr
29% Apr
34
APT
10
25)4 Apr
Dee
94% Dec 130
534
19
40
11%
20
11
12
5%
2%
20
2
Toronto Stock Exchange.
-Record of transactions at
Toronto Stock Exchange Jan. 10 to Jan. 16, both inclusive,
compiled from official sales lists:
Jan
Dec 191) June
Dec 35
May
Dec 140
Apr
Jan
June
17
Dec 31
Aug
Dec 24
Jan
Nov 34 June
Dec 11% Jan
Dec 1734 Feb
Mar
Dec 31
Dec 16% June
Stocks-
Abitibi Pr dc Paper com_. 12%
1014 1211
Atlantic Sugar corn
1634 1734
16%
7914 7934
Preferred
100
20
18
20
Beatty Bros corn
Bell Telephone
100 142% 14111 143
12
12
Blue Ribbon Corp corn..*
31
30
50 31
634% preferred
21
21
Brantford Cordage 1st p125
2111 241£
24
Brazilian T L & Pr corn..
3% 334
B C Packers common__ •
20
20
Preferred
100
B C Power A
3534 35% 36
11% 11%
British Empire SU 2d pf 100
34 34
23
24
Building Products A
• 23
414 42
Burt F N Co com
25
715
734
Canada Bread corn
735
95
95
1st preferred
100
12% 13
* 13
Canada Cement corn
92%
Preferred
100 92% 92
Canada Wire dc Cable B__• 2934 2934 2935
9
9
Canadian Brewing Corp_ *
13
134
Canadian Canners corn
*
1314 14
Cony pref
• 14
91% 92
1st preferred
100 92
Canadian Car & Fdy corn * 18% 1814 1834
3134
Candn Dredg & Dock corn • 314 30
60
6
Candn General Elec pf__50
234 34
Candn Indus Alcohol A.*
2% 334
234
2214
22% 20
Canadian Oil corn
Canadian Pac Railway_100 4114 384 42%
60
City Dairy corn
• 60
60
sy, 8% 10
Cockshutt Plow corn
•
Conduits Co pref
100 92
92
94
Consolidated Bakeries_ _ _*
8
9%
9
Cons Food Products com_*
2
2
2
Cons Mining & Smelting 25 14836 144 14814
Consumers Gas
100 184
183 184
91
Cosmos Imper Mills pf_100
92
Domes Mines Limited...* 960
940 1015
Dominion Stores coin_ _ __• 1534
15% 18
Eastern Steel Prod pr pf100
98
98
Fanny Farmer corn
11)) 11%
Ford Cool Canada A__ • 23% 23
24
Goodyear T & Rubb pf 100 104
102 104
Gypsum Lime & Alabast_* 12
11% 1214
Honing Cons Gold Mines 5
7.10
7.10 8.05
Hunts Limited A
•
19
19
7734 $9,000
62% 9,000
694 1,000
70
16,000
69
67
70% 24,000
70
12,000
105% 105% 1,000
106 106% 11,000
87
90 213,000
98% 994 18,000
7511 78
6,00
74
74
3,00
7234 72% 15,000
71
71
1,000
7934 79% 5,000
103 103
12,000
105% 107% 9,000
9214
64%
103
73
68
924 2,000
65% 11,000
103% 16,000
75
3,000
68
1,000
I EX-rights
91
65
6234
69%
Sept 104% May
Dec
Dec 65
Dec 85
July
Feb 8414 July
140
220
20
15
340
85
70
220
6,774
270
10
550
25
100
65
35
320
10
20
35
95
10
90
175
141
55
670
80
45
95
84
2,378
7
145
16
660
2,185
26
115
95
1,820
827
2
73
1,497
182
492
5.555
10
Range Since Jan. I.
High.
Low.
10%
13
79%
18
141
12
30
1934
20%
3
18
35
11%
3
2234
40
7
95
12%
91%
29
9
12
13%
91
1814
2534
60
214
214
18
384
57
834
92
8
2
144
1804
91
920
14
98
1134
21
102
1051
6.20
19
Jan 12
Jan 17%
Jan 82
Jan 20
Jan 143
Jan 12
Jan 30
Jan 20
Jan 25
Jan
Jan 20
Jan 38
Jan 11%
3%
Jan
Jan 24
Jan 42
Jan
Jan ioo
Jan 13
Jan 92%
Jan 30
9
Jan
Jan 13%
Jan 14
Jan 92
Jan 18%
Jan 3115
Jan 6014
3%
Jan
334
Jan
Jan 23%
Jan 4214
Jan 60
Jan 10
Jan 94
94
Jan
3
Jan
Jan 150
Jan 184
Jan 92
Jan 1015
Jan 1534
Jan 98
Jan 114
Jan 25
Jo 104
Jan 1214
8.05
Jan
Jan 19
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
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 101
Jan 1651
Jan 35
Jan
5
Jan
Jan 25
Jan 41
Jan 11%
Jan 11
Jan 10%
Jan 23
Jan 17%
Jan 10834
34
Jan
Jan 109
Jan 21
Jan 5634
Jan 85
Jan 22
Jan 13
Jan 15
Jan 1031
Jan 3334
Jan 92
Jan 41
Jan 36%
Jan 13
3
Jan
1.12
Jan
814
Jan
Jan 17%
Jan 31%
Jan 86
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Internat Milling 1st p1.100
101 101
11
Internal Nickel corn
* 1531
1454 16
7,964
Intermit Utilities A
*
34% 35
115
B
*
60
734 714
KelyInator of Canada com*
210
354 5
Lake Shore Mines
1 244 2434 25
1,250
Laura Secord Candy corn."
3934 40
2
Loblaw Groceterias A _ _ _ _* 1154
11
1134
29
B
• 1054
175
107-4 11
18
93,4 10
Massey-Harris common_ •
McIntyre Porcupine M_5 23
2154 23
1,07
Moore Corp common__ _ _* 174 17
9
1734
A
100 10814 105 10834
10
Muirheads Cafeterias com •
3
334
87
109 109
National Grocers bit pf _100
20
21
6
Oat Equit Life 10% pd_100 20
Orange Crush 1st pref _100
5634 5834
3
125
84
85
Page-Hershey Tubes corn_* _ _84
.58
19
22
Photo Engrav dz Elec._ _ _ _• 21
• 1254
Pressed Metals corn
1234 124
65
14
15
Riverside Silk Mills A. •
15
10
St Lawrence Corp A....50
100
1054
3334 334
10
Simpsons Ltd B
• 3334
120
Preferred
92
100 8934 89
Steel Co of Can corn
3914 41
131
•
Preferred
364 3634
20
25
Tip Top Tailors corn_
13
13
50
•
Traymore Ltd corn
100
214 24
•
World Consol Mines__ _1
1,12 1.12
500
714 814 13,499
Walkers-Gooderham W__•
7/4
West Can Flour M corn_ •
so
1754 1734
Weston Ltd Geo corn_
314 3114
25
•
Preferred
15
100
86
86
101
14%
334
714
34
23
3934
11
10
9%
20.65
1614
105
2
109
20
5634
82
18
10%
12%
10
3334
89
39%
36%
13
24
1.12
63-4
1734
30
85
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
225
21934
217
279
318
272
217
Jan
Jan
Jan
Jan
Jan
Jan
Jan
230
220
225
286
325
280
231
Jan
Jan
Jan
Jan
Jan
Jan
Jan
206
290
37
231
108
Jan
Jan
Jan
Jan
Jan
209
300
37
235
108
Jan
Jan
Jan
Jan
Jan
100
100
100
100
100
100
100
22934 228
220
220
223
285
285
320
31934
279
279
228
Loan and Trust
Canada Perm Mtge_ _.100 208
Central Can L'n & Say.
_100
Economic Invest Trust..50
Toronto Gen Trusts_ __100
Toronto Mortgage
50
• No par value.
268
300
37
231
108
230
222
225
286
325
278
231
245
48
47
9
13
23
66
208
300
37
231
108
24
40
25
2
5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Toronto Curb.
-Record of transactions at Toronto Curb
Jan. 10 to Jan. 16, both inclusive, compiled from official
sales lists:
Stocks-
74
61
6934
6634
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par, Price. Low. High. Shares.
Friday
Sales
Last lVeek's Range for
Week.
Sate
of Prices.
Par. Price. Low. High Shares.
Can Bud Breweries corn.*
Canada Malting Co
•
Can Pay dc Supply corn...
Canada Power & Paper...*
_•
July Canada Vinegars com
63
Dec 84
July Canadian Marconi Co.
.$l
Dec 83
68
Canadian Wineries
Dec Can Wire Bound Boxes A•
103
Apr 105
•
101% Feb 10811 OCt Carling Breweries
DeForest Crosley Radio..
78% Dec 112% Mar
994 Nov 994 Nov Distillers Corp Seagram_•
•
65% Feb 83% Aug Dominion Bridge
Oct Dorn Tar & Chem corn •
SIM
714 De
Durant Mot of Can corn 10
Apr English Elec of Canada A *
81
Aug 90
72% Dec 89% Sept Goodyear Tire & It corn _ _*
•
Sept Hamilton Bridge com_
9834 Feb 104
•
104% Apr 10714 Sept Honey Dew pref
Imperial Tobacco ord_ _5
95
July 95% July Montreal L H & P cons_ •
99
June 100 June National Steel Car Corp.*
Sept Power Corp of Can corn.•
100% Feb 103
103
Apr 10634 Apr Service Stations corn A..*
100
Preferred
80% Sent 9314 Mar
Stand Pay dc Mans corn •
13
2%
4%
4
104
10%
43-4
92))
56
90
934
13
234
3
20
3
314
15
2
10%
10
52
9
434
34
9234
1434
56
9
55
3411
62
32%
89
14%
10
1334
234
4%
20
3
4
15)5
3
12
1214
52
9
6
34
99
16
5634
954
55%
34%
52
32%
90
15
45
22
25
155
so
200
140
100
60
600
844
10
25
130
10
90
260
45
450
80
35
5
675
61
211
Range Since Jan. 1.
Low.
851
13
234
3
19
3
334
15
2
1034
10
52
9
414
34
90
1434
55
9
55
3411
52
32
89
14%
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
High.
Jan
10
13% Jan
2% ;Jan
4% Jan
;. Jan
20
Jan
3
Jan
4
Jan
16
3 E Jan
12
Jan
12% lJan
52 t Jan
9
Jan
6 1Jan
34
1-Jan
99
Jan
1714 )
Jan
56)4 tJan
93.4 t Jan
56% Jan
35% Jan
52
Jan
82% Jan
90)4 Jan
15
Jan
472
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Thayers Limited pref____.
Toronto Elevators cora- --*
United Fuel Invest pf_100
Oils
Ajax 011 & Gas Ltd
1
British American 011
*
Crown Dominion Oil Co-*
Imperial 011 Ltd
International Petroleum-4
.
McColl Frontenac 011 corn*
Preferred
100
Nordon Corporation
North Star 011 corn
5
Preferred
5
Royalite Oil Co
•
Supertest Petroleum ord_ _•
Union Natural Gas Co....*
25
65
15
451
17%
15%
1754
3156
25
10
60
25
10
65
1%
14%
451
1731
1434
1734
73
3474
6
4.90
17
30%
14%
115
1514
5
18
15%
22
80
35
6
4.90
17
30%
15%
5
215
10
300
2,961
310
1,971
2,336
2,450
25
500
110
5
10
435
143
Low.
High.
18
9%
60
Jan
Jan
Jan
25
10
65
Jan
Jan
Jan
134
14%
434
17%
1434
17
73
34%
6
4.90
17
28%
14%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1%
16%
5
18%
1534
22
80
35
6
4.90
17
32%
16
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Jan. 10 to Jan. 16, both
inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
6
34
34
54
Almar Stores
2934 3034
Amer Foreign Securities
38
38
* 38
American Stores
1934 20
Bankers Securities pref_ _50
Bell Tel Co of Pa pref_100 11651 11651 11636
6
6
Bontot Inc
415 451
*
416
Budd (E G) Mfg Co
934 1031
1034
Budd Wheel Co
1834 1856 19
Camden Fire Insurance_ _ _
255
,
216 234
Central Airport
Consol Traction of N J_100 4034 4016 4034
Electric Storage Battery100
5234 5336
154
154
Empire Corporation
134
1734 1914
Fire Association
10 1834
Horn&Hardart(Phila)com*
155 155
3434 3434
Horn&Hardart(N Y)com*
10034 10054
Preferred
100
8414 5474
Insurance Co of N A_ _ _10
7
Lake Superior Corp_ _ _100
7
734
Lehigh Coal & Nay new w 1 2434 2414 2634
Manufacturers Cas Ins_ ___ ..-25
2534
12
Mitten Bank Sec Corp--1314
. 1216
Preferred
1334 1334 13%
Bonds
Como!Trac *NJ 1st 581932
Elee As Pen tr ctfs 48_1945
Inter-State Rye coll tr4s'43
Lehigh Nay cons 4568 1954
Lehigh dr New Eng 58 1954
Lehigh Pr Sec Corp 682026
Peoples Pass tr cgs 48 1943
Philo, Co 5s
1967
Phila Elec (Pa) let 5s 1966
let lien & ref 5558_ _1947
Phila El Pr Co 5345.. A972
Strawbridge & Cloth 58 '48
York Rye lot 58
1937
8234 8234
3334 34
2634 2634
99
9934
10456 10434
1023410434
45
50
101 103
10734 108%
10631 10654
10634 10634
9556 9556
97% 9834
Range for Year 1930.
Low.
$4,000
8,500
1,000
32.000
5,000
21,000
3,000
6,000
11,500
7,000
6,000
3,000
7,000
74
5
53
9836
30
42
20
20
32
3434
3%
434
256
154
34
54
2114
21
24%
96%
716
3
931
8154
3074
2511
9434
10334
100
38
98
10334
104
10454
9334
91
Dec 7916 Oct
Dec 1616 Feb
Dec 8534 Nov
Feb 10436 Oct
Aug 3334 May
Dec 62 May
Nov 4036 Apr
Dec 44
Jan
Oct 4435 Apr
Nov 4054 Apr
Nov
036 Apr
June 18
Jan
Dec
915 Apr
Dec 1534 Nov
Jan 53% Mar
Dee
234 Jan
Dec 3134 Apr
Dec 3016 Apr
Nov 493.4 Apr
Jan 10434 Oct
Dec 2634 Apr
Dec 1734 Apr
Aug 20
Feb
Dec
Dec
Jan
Oct
Aug
Dec
Dec
Dec
Jan
Feb
Feb
Jan
Jan
9034
44
2734
99
10334
10331
54
101%
10834
10834
10651
100
100
June
Mar
June
July
Aug
Feb
Feb
Nov
Aug
Nov
May
Oct
Oct
*No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Jan. 10 to Jan. 16, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last 1Veek's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
•
Arundel Corp
Atlantic Coast L(Conn)_50
Baltimore Trust Co_ _ _ _10
Black & Decker common.*
Ches & Po Tel of Balt pf100
Commercial Credit pref_25
25
Preferred B
Consol Gas, E L & Pow...•
6% pref series D_..-_100
534% pref wiser E_-100
100
5% preferred
Consolidation CoaL....l00
Emerson Bromo Seitz Awl
Empire 38th St Corp p1100
25
Equitable Trust Co
Fidelity & Guar Fire_ _ - _10
50
Fidelity dr Deposit
Finance Co of Agaer A...._*
First Nat Bank w 1
41
4015 40
108
10674 111
30
30
30
12% 1334
13
117 117
2334 2334
23
2334
85
8374 82
110 11051
10934 10911
102% 10334
2
2
3134 32
40
40
4456
4455 42
2634
25
13735 13336 137
1015
10
10
4316
43
Mfrs Finance 1st pref__ _25
25
2d preferred
Maryland Casly new w 1_ _
Maryland Tr Co new w L4.
Mercantile Trust
50
Merch dr /Miners'Isransp__*
Wonon W Penn P S pref_25
Mort Bond dr Title w 1_ _ _ ..
Mt V-Wdby Mills v t _100
100
Preferred
Sew Amsterdam Cas Ins__
Penn Water & Power__ ...
50
Union Trust Co
Jolted Rys & Electric_50
LT 13 Fidelity dr Gu new_ _10
West Md Dairy Inc
o----- .,, 6...
12
12
434 431
2855 31
303-4 3014
395 395
3234 33
33
25
24
7
73.6
7
514 515
60
60
3434
2954 29
59 , 61
62
58
5
4
5
2931 31
94% 95
RC
12
451
2956
463
112
250
660
10
5
50
420
11
5
76
20
160
25
30
144
180
445
192
Range for Year 1930.
Low.
353.4
9954
29%
10
11354
20
20
80
109
10534
995g
1
30
40
4436
21
1253.4
911
38
16 10
3
19
706 2215
140 30
5 409
220 33
.5 1251
5
300
5
9
40 60
401 303.6
135 57
12 50
334
133
1,045 23
167 85
on SO
Dec
Dec
Dec
Dec
Jan
Dec
Dec
Dec
Mar
Jan
Feb
Nov
Jan
Dec
Dec
Dec
Dec
Aug
Dec
Bonds
Baltimore City bonds
4s Jones Falls
1961
4s School
1961
48 Second Sewer (cpn)'56
4.8 Pitying Loan_ _ _ _1951
45 Sec Water Serial_1949
1980
3165
Bait Spar Pt & Ch 41581953
Bait Trac N Bait Div 58'42
Benesch (I) dr Sons w 11939
Ga Sou dr Florida 5s__1945
Maryland Lateral dr Post
Road Loan 415s.._ _ _1935
Md Elec Ry1st & ref 6348 ser A _1957
United Ry & El 1st 4s_1949
Income 4s
1940
Funding 581
1936
let 68
1949
Wash Bait & Annap 581941
High.
473-5
175
4434
56
119%
2534
2674
136
11134
10954
105
15
3334
84
161
49
190
13
5136
,
Mar
Mar
Apr
Mar
Aug
Apr
Apr
May
Oct
Sept
Oct
Feb
Feb
Apr
Mar
Feb
Apr
May
May
Nov 20
Dec 17
Dec 46
Dec 3474
Nov 485
Dec 47
Oct 26
Dec 20
Dec 17
Dec 86
Dec 43
Dec 95%
Dec 7431
Dec 1335
Dec 49
Oct 95
Oct 4134
Apr
Apr
May
Sept
June
Jan
Feb
Jan
Mar
Mar
Apr
Mar
Jan
Feb
Apr
Nov
Jan
mg
10035
100%
10034
100%
8816
50
50
7734 7734
70
90
100%
100%
100%
10051
10051
89
50
7734
70
90
101% 101%
24%
41
60
29%
55
4434
21%
3831
58
29
Range for Year 1930.
Low.
High.
100 97
3,700 98
1,000 100
1,300 98
100
2,900 90
3,000 53
1,000 83
1,000 75
Feb
May
Nov
Apr
Oct
Dec
July
Jan
90
68
85
85
Oct
Jan
Mar
Jan
96
Jan
98
Apr
3,000
10136 Sept
Oct
101
100
Nov
10154 Dec
1,000
55
3,000
4731 19,000
2415 15,000
41
13,000
60
5,000
30
7,000
59
40
19
3254
50
22%
Dec
Dec
Dee
Sept
Dec
Dec
86
68
9%
5
84
68
Mar
Sept
Feb
Apr
Jan
Apr
* No par value.
Pittsburgh Stock Exchange.
-Record of transact ons at
Pittsburgh Stock Exchange, Jan. 10 to Jan. 16, both inelusive, compiled from official sales lists:
High.
1,610
54 Dec
435 Feb
100 2934 Jan 9934 Feb
800 3654 Dec 49
Apr
200 1234 Dec 49
Apr
Aug
450 11315 Jan 118
300
6
Aug 10
Jan
1,200
334 Dec 1634 Apr
1,300
716 Nov 1431 Feb
1,200 16
Dec 28% Apr
100
2
Nov
7
Apr
100 41
Jan 5234 Apr
240 4834 Nov 7831 Feb
1,815
36 Dec 14
Feb
2,900 12
Dec 4315 Mar
20 137
Oct 189
Apr
200 2234 Oct 4634 Feb
10 9734 Feb 105
Apr
700 4511 Dec 8535 Nov
,
1,100
6
Nov 1534 Feb
800 20% Dec 49% Nov
300 22
Nov 42
Apr
1,100 1234 Jan 20
Jan
2,060 1334 Dec 20
Jan
Penn Cent L&P turn pref * 80
80
80
10
Pennroad Corp
656
635 754 11,200
Pennsylvania RR
50
5834 61% 6,400
101% 10234
Phi's Elec of Pa $5 pref___ ---500
1,900
Phila Elee Power pref-25 3234 3215 3231
50
Phila Insulated Wire
4534 4554
500
Phila Rapid Transit_ _50
2034 2031
7% preferred
50 25
24
25
700
3235 33
300
Phila Traction
50
32
32
100
Certificates
416
4
431
700
Railroad Shares Corp
6
634
400
Reliance Insurance
10
Seaboard Utilities Corp..-376
334 4
1,200
134 2
425
Shreve El Dorado Pipe L 25
4131 43
25
Tacony-Palmyra Bridge_ ..*
1
Tonopah Mining
%
54 2,000
2231 23
1,223
Union Traction
50
2254 2234
100
Certificates of deposit__
United Gas Impt corn new* 2834 2751 2931 17,600
9836 10134 2,900
Preferred new
*
U 8 Dairy Prod com cl B_* 11
11
11
135
5% 634
Victory Insurance Co
300
14
14
100
Westmoreland Corp
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High.
Range Since Jan. 1.
*No par value.
Stocks-
[Vo . 132.
FINANCIAL CHRONICLE
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Range for Year 1930.
Low.
High.
Allegheny Steel
*
Aluminum Goods Mfg.._.*
American Austin Car......8
Amer Vitrified Products_50
Arkansas Nat Gas Corp_ •
10
Preferred
Armstrong Cork Co
*
*
Blaw-Knox Co
Carnegie Metals Co
10
•
Clark(DL)Candy
Harbison Walker Ref_ _ _ _•
*
Horne (Joseph) Co
Jones & Laugh Steel pfd 100
Koppers Gas dc Coke p1100
40%
1456
1%
131
75
6
634
2474 23
2574
2
2
1116
13
4034 40
32
120
9931
46
15
115
75
634
7
26
27
23.4
13
41
32
12054
10054
133 39
Dec 72
170 1335 Nov 24
734
245
1
Dec
Nov 1534
20
9
585
474 Dec 1834
821
8
634 Dec
835 20
Dec 62
1,155 2134 Jan 4134
325
1
Dec
8
2,340 1034 Dec 1974
960 3951 Dec 8111
50 3134 Jan 3734
110 1183-5 Jan 123
75 9715 Dec 104
Apr
Jan
Jan
Apr
Mar
Feb
Jan
Apr
Mar
Apr
Apr
Sept
Apr
Oct
Lone Star Gas
*
Mesta Machine
5
Penn Federal Corp
*
Peoples Say & Trust_ _20
Phoenix 011 Co corn.... _ _25c
PittabUggh Brew pref___50
Pittsburgh Forging
•
Pittsburgh Plate Glass_25
Pittsburgh Screw &Bolt_ *
Plymouth Oil Co
5
Reymers Brothers
*
Ruud Manufacturing....*
Shamrock Oil dr Gas
*
Standard Steel Springs.....'
Westinghouoe Air Brake- _*
25
26
2434
26
2
130
20e
12
9%
911
40
14
17
1715
23
716
25
331-6
3315
26
26
2
130
20e
12
11
40
1454
17
1755
2331
734
25
34
4,957 1934 Nov 5615
560 k2334 Nov 3234
76
1
Aug
536
36 140
Sept 170
500 k25c Dec 80c
25
534 Jan 1434
2,965
831 Dec 25
245 3234 Dec 5974
255 14
Dec 23
145 1614 Dec 2736
525 17 June 19
75 29
June 38
100 k7
Oct 2716
25 2054 Dec 58
100 3116 Dee 5056
Apr
Apr
Feb
Mar
Apr
Dec
Mar
Jan
Jan
Feb
July
Mar
Apr
Apr
Feb
Unlisted
Lone Star Gas pref_.100
-100
Mayflower Drug Stores..'
WaaRt PliblIr Ran, v t,, •
1
11
60 10436 Jan 110
10416 105
175
1
1
1
Dec
5
10.A 1236 10.060
934 Nov 33
Apr
Apr
Anr
* No par value. k Includes also record for period when in Unlisted Department.
x Ex-dividend.
-Record of transactions
Cleveland Stock Exchange.
Cleveland Stock Exchange, Jan. 10 to Jan. 16, both in
elusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range for Year 1930.
Low.
High.
Bess Limest dr Cem cl A _ _*
Canfield Oil common_ _100
Preferred
100
*
City Ice dr Fuel
Cleve-Cliffs Iron pref____*
Cleve Elec 1116% pref__100
Cleve Ry etfs deposit_ _100
Cleve Securities P L pfd__*
Cleveland Trust
100
Clev Wore Mills corn_ _100
Cleve & Sandusky Brew100
City Ice B
*
Dow Chemical common....'
Preferred
100
Federal Knit Mills com_ •
Ferry Cap & Set Screw- *
Fostoria Pre SU
*
General T & R corn_ -25
6% pref series A_ _ _100
Glidden prior pref
100
Godman Shoe common....'
Harbauer common
•
Harris-Seybold-Pot corn.*
Higbee 2nd prof
100
India Tire & Rubber com_•
30
90
10255
3631
93
113
70
2
320
5
355
79
45
102
30
6
1134
95
83
773.4
774
18
3%
9734
955
30
90
10216
37
94
11354
72
2
325
5
3%
7934
49
10534
30
6
1134
95
85
80
754
19
316
9734
10
30
105
25
274
300
126
214
302
122
100
345
114
258
20
50
40
50
40
81
44
129
20
25
20
59
25
8834
100
3351
9134
110
66%
2
315
334
111
80
48
103
25
434
11%
99
76
65
874
15
1
97
814
Nov
June
July
Dec
Mar
Jan
Dec
Nov
Dec
Dec
Jan
Oct
Oct
Feb
June
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
Jan
323.4
110
102
47
96
114
9334
334
501
1634
8
83
100
1063.4
38
1934
147-4
163
91
105
33
25
11
105
2535
Feb
Mar
Dec
Apr
July
Dec
Feb
Feb
Jan
Feb
Oct
Nov
Apr
Apr
Mar
Feb
Nov
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Apr
Interlake Steamship coin.*
Jaeger Machine common_*
Kaynee common
10
Kelley Isl Lime & Tr com..•
McKee, Arthur 0& Co
*
Class B
Medusa Cement
•
Metropol Pay Brk corn.. •
Midland Bank indorsed 100
Mohawk Rubber corn_
•
National Acme common_10
National Carbon pref_ -100
National City Bank _100
Nat Refining common-25
Preferred
100
National Tile common.._*
Nestle-LeMur common...'
Nineteen Hun Corp el A_ •
Ohio Brass B
*
Packard Electric conk. •
Packer Corp common..
..s
Patterson Sargent
*
Rellance Mfg common......*
Richman Brothers com__•
Selberling Rubber corn....'
Preferred
100
Selby Shoe common
•
Preferred
100
Sherwin-Williams corn--25
A preferred
100
•
Stand Text Prod coin_
A preferred
•
B preferred
*
finInn Matn1 Alfa rnm
•
58
14
25
34
60
14
2534
34
225
80
265
110
59
14
25
3436
Dec
Nov
Aug
July
87
2914
32
45
Mar
Feb
Jan
Mar
4634
6511
28
269
535
8
134
324
2074
135
7
234
2331
6834
1134
11%
27
1954
60%
5
35
1234
90
62
109
116
20
7
•O..
47
70
26
275
534
8
134
324
2014
135
7
251
2351
5934
1131
1114
2714
20
62
536
35
123-4
90
63
109
1%
23
7
591,
115
66
100
70
28
50
1
20
15
12
105
102
20
204
40
30
45
360
720
225
50
5
25
819
20
30
106
22
10
44
64
21
270
434
6
129
324
1734
130
5
155
2311
60
974
8
21
17
50
4
30
1054
90
57
105
1
24
9
30
Mar
Dec
Nov
Dec
Dec
Dec
July
Dec
Dec
Jan
Dee
July
Dee
Nov
Dee
Mar
Nov
Nov
Dec
Oct
Oct
May
July
Dec
Jan
Aug
Dec
Dee
rIne
59
106
32
403
60%
2651
138
350
34
134
29
10
25
7634
25
1374
29
50
99
1834
78
20
95
85
109
334
58
35
45S4
Mar
Mar
Feb
Jan
June
Feb
Nov
Feb
Jan
Nov
Feb
Feb
Jan
Apr
Apr
Feb
Mar
Apr
Feb
Feb
Feb
Jan
Apr
Jan
Apr
Jan
Feb
Feb
Ane
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Costluded) Pox. Price. Low. High. Shares.
Union Trust
25
Van Dorn Iron Works com•
White Motor Sec pref _ _100
Youngstown 8 & T pf__100
Bonds
Cleveland Ry 5s
Steel & Tubes
Inca f deb Ils
• No par value.
70
5
104
101
75
5
104
101
Range for Year 1930.
1931
92
95 'Jan
Apr
11
1064 June
103% Feb
Caterpillar Tractor
Clorox Chem A
Cons ChemIndus A
Crocker First Nat Bank_
Crown Zeller Corp pref A
Jan 10031 Mar
Voting trust etfs
Emporium Capwell Corp
Fageol Motors corn
Fireman's Fund Ins
Food Mach Corp corn
Foster & Kleiser corn
Nov
Oct
Jan
June
98
9974 9971 $10,000
92
High.
Low.
908 67%
3
20
57 101
133 974
1943
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
9334 Dec 1014 June
1,000
.Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange, Jan. 10 to Jan. 16, both in'elusive, compiled from official sales lists:
Stocks-
yrtaay
oases
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
14
444
32
9
4934
54
60
55
113
1,902
13
46
100
40
1234
424
29
9
49
571
60
Jan
Jan
Jan
Jan
Jan
Jan
Jan
14
45
35
914
494
7
60
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1024 10254
Champ. Fibre pref..- -100
Churngold Corp
134 1334
•
Cin Gas dr Elea prat_ _ __100 10134 10134 10234
an Street Ry
50 3841 384 3934
Cin & Sub Tel
964 97
SO
Cin Union Stock Yards
25
26
*
Cin Postal Term pref_ _100
108 1084
-City Ice & Fuel
37
• 364 36
Preferred
794 794
32
Coca Cola A
32
•
Col Ry Pr 1st pref
108 108
100
B preferred
108 108
100 108
Crosby Radio A
5
5
*
'Crown Overall pref... -100
102 102
Dow Drug corn
1071
10
•
15
20
391
816
617
15
140
32
71
5
19
2
55
35
93
1024
13
10054
3741
964
23
108
36
7934
32
108
108
444
102
974
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1024
1434
1024
40
974
26
10831
37
80
32
108
108
54
102
103'1
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
534
5
380
Eagle-Picher Lead com -.20
54 551
Jan 24
Early &Daniel com
24
4 24
24
•
165 2731 Jan 28
Formica Insulation
• 274 274 2734
8
74 Jan
300
*
Gerrard S A
8
8
Gibson Art corn
103 344 Jan 38
*
3734 38
Jan 33
•
Gruen Watch corn
107 32
324
32
21 108% Jan 109
Preferred
100
10834 103
Jan 41
Hobart Mfg
130 35
38
35
•
Kroger corn
194 20
137 184 Jan 204
•
Jan 12
Leonard
' 117 10
12
10
«
Jan 32
25 31
Lunkenhelmer
r
314
31
14
511
Magnavox
134 Jan
14
4
22 347 Jan 35
ManIschewitz common_ ..•
3474 35
Jan 20
McLaren Cons A
53 19
20
20
• 20
Jan 14
Moores Coney A
15 14
14
14
• 14
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
•
849 634 Jan 664
75 1054 Jan 1084
Jan 85
169 75
Jan 101
54 100
19 134 Jan 1334
22 434 Jan 4441
110 154 Jan 16
Jan 50
653 46
30
34 Jan
334
Jan 1064
14 106
2934
134
4374
29
9
49
534
60
134
Proctor & Gam corn new.* 654 6334 664
5% preferred
100 1084 108 1084
Pure 011 6% pref
85
84
100 84
8% Preferred
100 101
100
Randall A
•
13S1 134
Rapid Electrotype
4334 4431
*
Richardson common
• 154 154 154
US Playing Card
46
464
10 51)
Waco Aircraft
34 34
331
•
Whitaker Paper pre_ __100
106 106
* No par value.
Stocks--
Bank and Trust
First National Bank_ __20
Mere
-Corn Bk&Tr Co _ _100 194
Miss Valley Trust Co _ _100 215
Miscellaneous
Bentley Chain Stores, corn*
1
Brown Shoe,corn
100
Chic Ry equip pref
25
Coca-Cola Bottling Co ___1
Consol Lead dr Zinc A_ _ •
.. 3
•
Dr Pepper corn
Ely es W DryGdsIst pf _100
Common
25
Fulton Iron Works,corn_ •
Globe-Democrat prat_ -100
Indep Packing corn
•
Intemat Shoe corn
•
Preferred
100
Johnson-S-S Shoe
•
Laclede Steel Co
20
Landis Machine, corn...25
68
194
215
1
354
19
394
3
29
684
198
215
24
36
19
40
3
29
95
92
17
17
Si
4
115 115
4
4
474 474 48
107 108
32
35
314 314
29
29
McQuay-Norris
•
38
38
Marathon Shoe,corn_ .25
8
6
Mo Portland Cement___25 2634 264 27
•
Nat Candy COM
21
2134
Rice-Stix Dry Gds cam-- _•
84
8
84
100
1st preferred
92
92
Securities Inv, corn
27% 2741
Southw Bell Tel prat...100 120
11934 120
144 15
Mix, Baer & Fuller corn_ ..•
234
234 234
St Louis Pub Serv com_...•
17
Wagner Electric corn_ ...100 17
1734
Street RallwaiCity & Suburban P II 53.'34
• No par value,
67
684
73 68
217 191
25 210
Jan 694 Jan
Jan 198
Jan
Jan
Jan 215
Jan
Jan
Jan
Jan
Jan
Jan
Jan 95
Jan 18
Jan
4
Jan 115
Jan
4
Jan 49
Jan 108
Jan 37
Jan 33
Jan 29
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
50 38
Jan 3834
20
6
Jan
6
265 2434 Jan 27
100 21
Jan 22
275
734 Jan
854
60 92
Jan 924
58 26
Jan 2734
317 1174 Jan 120
51 144 Jan 15
um
174 Jan
24
791 17
Jan 1734
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
35 90
140 17
100
4
15 115
65
4
526 471.1*
73 107
70 32
20 314
25 264
7.000
67
Jan
6834 Jan
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Jan. 10 to Jan. 16,
inclusive, compiled from official sales lists:
both
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High Shares.
34 4
Armour & Co A corn
4
44
4
ABBOC Insurance Fund- -- -64 7
Atlas Imp Diesel Eng A...
249 250
250
Bank of Calif N A
534
Byron Jackson Co
16
Calamba Sugar 7% prof... ------ 16
541 5%
Cotton Mills corn....
Calif
47
43% 43
California Packing
Range Since Jan. 1.
Low.
200
314
800
34
315
64
130 249
1,230
571
100 143-i
25
2.647 43
High.
Jan
434
44
Jan
Jan
7
Jan 250
Jan
6%
Jan 16
Jan
54
Jan 474
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
989 11
10 101
230 10231
110
9
405 42
285 40
1,858 24
200 17
14
500
130 10
70 1034
13-4
4,54
150 13
10 894
8
162
50 82
9
660
Jan 14% Jan
Jan 10441 Jan
Jan 105
Jan
Jan
Jan
o
Jan 444 Jan
Jan 4134 Jan
Jan 2834 Jan
Jan 174 Jan
ig Jan
Jan
Jan 104 Jan
Jan 105
Jan
Jan
131 Jan
Jan
Jan is
Jan 90
Jan
Jan
8
Jan
Jan 8334 Jan
Jan 1134 Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1
35
19
38
3
29
12% 144
1044 1044
103% 1044
9
9
43% 44%
40
40%
26%
24
17
17
14 14
10
10
105 105
14 14
15
15
8934 894
8
8
82
82
9% 114
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
SJL & P7% pr pref
10 1154 Jan 117
117 117
6% prior preferred
22 1014 Jan 104
1024 103
SehlesIngerdsSons(BF) corn
4
32
Jan
4
4
4
Shell Union Oil corn
734 Jan 10
5.788
9
8% 10
Sherman Clay & Co pr pref
45
1
Jan 45
45
45
So Pac Golden Gate A
183 124 Jan 1341
124 124
Spring Valley Water
3 10 Jan 10
10
10
Standard of Calif
464 Jan so
14,85
47
464 49
834
Tide Water Assoc Oil corn.
1,357
634 Jan
74 8
6% preferred
195 5634 Jan 6934
61% 64
Transamerica
13
124 1341 39.335 1234 Jan 1454
2,001 22
Jan 2434
Union 011 Associates
23
24
3.557 224 Jan 2534
Union Oil of Calif
2231 2254 25
34 Jan
334
500
Union Sugar corn
371 354
100 2034 Jan 204
7% preferred
204 2034
Jan 275
64 270
270 275
Wells Fargo Bk & U T__ _
--1634 14% 1844 9.793 1431 Jan 194
Western Pipe & Steel
High.
24
36
19
43
3
29
1.639
200
14
15
70
31
High.
Jan 324
Jan 204
Jan 2134
Jan 350
Jan sag
Jan 534
Jan
674
Jan
7
Jan
134
Jan 88
Jan 25
634
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Range Since Jan. 1.
Low.
Low.
9,585 274
361 18
19%
305
15 350
170 45
86 43
5
3,865
532
634
1
950
27 84
115 234
5
350
Jan 104
223
Oliver United Filters B....
9
104 104
14 Jan
24
Pac Gas& Electric rights_ _ I 13.16
82.159
1
2
Pac Gas & Elec corn
7,249 4554 Jan so
464 45% 48
6% 1st preferred
1,053 26% Jan 28
27
27
2734
Jan 65
Pac Lighting Corp corn._ _ _ 53)4 52
534 2,069 51
Preferred
145 1004 Jan 10241
100% 10041 102
Pat Pub Service A.,
4,532 1854 Jan 2034
19
18% 20
Jan 125
Pac Tel & Tel corn
71 118
123
121 124%
6% preferred
50 12031 Jan 123
123 123
Pamffine Co corn
Jan 404
680 42
4431 464
Pig'n Whistle Pref
170
634 Jan
9
634
Pac Gas & Elec 54% pref. 25
257 25
Jan 2534
25
25
RyEquip & Realty let pfd_ 12% 12% 13
300 1234 Jan 15
Rainier P &P
Jan 11
770 10
10
10%
Richfield Oil corn
23.4 Jan
64
234 54 55.671
334
34 Jan
7% Preferred
5
731
344 6% 19,545
Roos Bros corn
120 1634 Jan 174
16% 164
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Jan. 10 to Jan 16, both inclusive,
compiled from official sales lists:
Sales
Friday
Last Week's Range for
Wed.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
3034 294 31%
19
18
19% 20
350 350
544
51.
51
534
64 6%
634
64 7
-----14
1
88
85
244 24%
5
6
Golden State Milk ProdGt West Power 6% lard---104 7% preferred
Hale Bros Stores Inc
Hawaiian C & S Ltd
43%
Hawaiian Pineapple
Honolulu Oil Corp
26
Jantzen Knitting Mills.... -----Kolster Radio Corp corn._ _
Leslie Calif Salt
10
L A Gas & El Corp pref._
Magnavox Co
131
Magnin & Co corn
6% preferred
Marchant Calif Mch corn.. -----NoAmer Inv 6% pref__ _ _ 82
North Amer Oil Cons
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Aluminum Industries Inc.*
Amer Laund Mach corn.20
Amer Rolling Mill com _ _25
Amer Thermos Bottle A •
Preferred
50
Baldwin corn
20
Baldwin new preferred_100
473
FINANCIAL CHRONICLE
JAN. 17 1931.]
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange,Jan. 10 to Jan. 16,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Frtday
Last lVeak's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
25
Barnsdall 011 A
10
Bolsa Chica Oil A
Broadway Dept Store
Prof ex-warrants_ --100
•
Byron Jackson
California Bank
25
Central Investment Co 100
Claude Neon Elea Prod..*
Douglas Aircraft Inc
•
Emseo Derrick & Equip..*
Gilmore 011 Co
•
Globe Grain & Mill corn 25
Hancock °Scorn A
25
Home Service 8% pref _ _25
Internat Re-insurance- -10
1354
163-4
2731
200
124 124
944 144 10.000
75
6
85
94
1434
144
6
164
204
84
20
27
75
6
85
94
1531
1474
6
1641
2034
854
20
33
Lincoln Mtge prof
241 3
•
Los Ang Athletic Club__10
634 64
Los Ang Gas & Elea p1100 10454 1044 105
Los Ang Investment Co 10
104 104
MacMillan Petroleum_ _25
4
44
44
Pacific Clay Products Co •
25
25
Pacific Finance Corp com10
1174 1234
Preferred series A_ -10
94 104
Pacific Gas& Elea com--25 4634 4636 4711
Pacific Lighting corn
•
524 53
Pacific Mutual Life Ins_10 54
523.1 57
Pacific Western 011 Co_ __•
574 874
734
Petrolite Corp Ltd
• 174 174 174
Pickwick Corp corn
10 1.20
1.20 1.30
Rights
1.85 1.95
Richfield 011 Co com___ _25
Preferred
25
Rio Grande Oil corn..-.25
San Joaquin Li. es Power
7% prior preferred___100
6% prior preferred __100
Seaboard Nat Bank_ _ _25
.
Seaboard Nat Sec Corp_25
Security First N B of LA 25
Shell Union Oil Co com_25
Signal Oil & GM A
25
So Calif Edison corn_ _ _..25
• Original preferred_...25
25
7% preferred
25
6% preferred
25
534% preferred
Rights
So Calif Gas ser A prat--25
25
6% preferred
So Counties Gas 6% Pt 25
Standard Oil of Calif----•
25
Superior Oil corn
Trans-America Corp__ __25
Union 011 Associates_-25
25
Union Oil of Calif
Union Bank & Trust--100
Western Pipe & Steel. -10
Bonds
L A Ry 1st 54
Miller & Lux 6s
•No par value.
34
54
634
24
34
534
25
100
50
144
500
900
200
1,400
150
400
250
2,300
Range for Year 1930.
Low.
High.
1034 Dec
99
Feb
334 Mar
1.50 Mar
Sept 72
Dec 2334
Dec 120
Jan 99
Dec 45
Dec 22%
Dec 23
Jan 20
2034 Dec 2636
73.4 Dec 144
20 Sent 2431
Oct 4954
32
70
44
78
90
1134
1134
5
13
Nov
Feb
Jan
May
Feb
Apr
Jan
Aug
Jan
Aug
May
Mar
Dec
3
300
63-1 Mar
gg Jan
8% Jan
131
Sept
177 1004 Dec 111
9
Dec 204 Feb
800
Apr
Dec 31
3
500
Nov 314 Apr
100 25
Jan
Dec 43
1,600 12
94 Oct1156 APT
100
1,000 4031 Dec 7374 Mar
Dec 10534 Mar
700 49
Apr
Oct 94
1,800 50
Dec 1934 Apr
6
4,700
300
14 Dec
84 Jan
2,600
4,000
54 112,500
32,500
7
67-4 3.300
44 Dec
Dec
6
43-4 Dec
52 1114
1154 1154 11634
8 100
103 103
90 3734
40
40
%
90 37
40
40
1,550 7734
89
86
88
63-1
834 934 1,300
700 15
15
15
464 4854 8,200 4034
47
25 53
55
55
2931 2954 1,100 2734
264 264 264 1,500 2444
2554 1,000 224
25
25
141 1.85 7.400
1.85
49 244
254 2534
177 2434
2541 254 26
27 964
100
100 10014
4634 4934 8,600 4254
47
140 1254
21
21
1241 1354 14.000 10
13
2134 244 4,600 194
8,400 204
2274 224 25
62 320
325 325
325
300 18
16
1854
274 Mar
2234 Oct
2534 Apr
Mar 1244 Sept
Jan 109X Oct
Dec 548 Jan
Jan
Jan 54
Mar
Dec 118
Dec 2254 Apr
Dec 384 Apr
Dec 714 Apr
Apr
Dec 70
Jan 304 Mar
Jan 28 Sept
Sept
Jan 26
Feb 2674 Sept
Jan 27 June
Feb 103 Sept
Dec 7434 Apr
Sept 25 Sept
Dec 4754 Feb
Dec 4834 Apr
Dec 4974 Apr
July 325
Jan
Oct 2834 Feb
$3,000 91
91
91
Feb95
1938 91
Sept
1945 1024 10231 10251 2,000 1014 May 1013.4 May
474
New York Produce Exchange Securities Market.
-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
.08
434
151
9731
331
331
634
Low.
.05 Dec
.15 4,500
410 8034 Aug
4836
Dec
3
451 4,000
100 2834 Dec
21
.10 Dec
.15 1,500
Dec
1
1,600
1%
Nov
100 90
9834
Dec
200 30
34
.85 4,500
.40 Dec
200 6231 May
7231
141
1
Dec
400
6
6
1,700
Dec
9934
900 7734 Dec
200 443( Dec
48
200
351
231 Dec
400
634
234 Dec
200
34 Dec
35
Jan
100 12
451
3334
400
531 Dec
631 1,300
Dec
334 2,200
3
100
631 Dec
631 634
130 14031
80
400
131 Dec
5
531
1931 29
1,200
4631 48
600
473 473
10 431
Dec
100 6051 Nov
5134 54
631 7
200
514 Dec
2
300
2
34 Dec
531 551
200
45
94 4,800
.32 Dec
1
1
100
234 Sept
RA
RAU
ono 20
Mar
.06
4751
4
21
.15
1%
9834
34
.68
7131
134
494
95
4734
331
531
35
434
2934
6
334
High.
2.00 Feb
8551 July
93j July
Apr
43
.83 May
731 Apr
10134 Sept
4051 Sept
3.00 Jan
72
Sept
Feb
91
14% Sept
17934 Mar
85
Apr
9
Jan
1951 Feb
2
Aug
1336 May
931 June
831 Apr
834 Sept
15
May
530
Oct
61
Nov
2051 June
210 Aug
3.00 Feb
834 May
59&.<
TS ra r
hales
Last Weer. Range for
Role
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Jenkins Tellvislon
*
Hildon Mining
1
Lautaro Nitrate
*
Macfadden
•
Macfadden preferred_ _ .*
.
Magnavox new
1
Manhattan (Bank)
20
Manufacturers Trust _ _ _25
National City (Bank)_ _20
.
Natl Fire (Insurance)_ _ _10
National Liberty Ins
5
North Amer Finance A_ •
North Amer Trust Shares
North Butte Mining__2.50
Petroleum Conversion.. _•
Phoenix Oil
25
Photocolor
•
Public Fire Ins
5
Public Utll Hold new pf *
Radio Sec A
5
Reliance Intl pref
*
3eaboard Fire Ins
10
•
3hepard Stores
to Calif Edison rts w L.
3plitdorf Bethlehem
•
3pringfield Fire Ins
25
iylvestre Utll
*
Frustee Std 011 A
B
Yrent Process
*
['win City Scrip
Jtil Hydro w w
•
.Villiams Alloy
•
Ning Aero
10
Ienda Gold
1
Bonds,„• x ..ii....... d 1Zo
,
m I
731
251
83
4234
9534
6
634
934
134
3
634
34
.17
231 234
7
851
134 234
15
15
4834 4831
154
154
82
4234
9131
53
8
2334
6
1.75
6
.25
1
634
2834
8731
44
9836
58
8
2345
634
2.00
634
.26
2
634
2834
134
3436
931
.50
134
191
92
231
614
634
34
50
434
534
7
.17
131
3434
10
.50
134
3
98
231
634
754
34
50
434
531
7
.17
15032 iorm
10111
gOCCOOCC00400000C
000000.1
.
.000000000
CINN..WON.NM ,
OCIC!
E
.
.
M
Aero Klemm
5
Aetna Ins(Fire)
10
Amer Corp
*
Am Util gen pref w w_
*
Andes
*
Appalachian Gas warrants_
Allot elf. uts
Atlas Util $3 pref
•
Bagdad Copper
1
Banes Commerciale 500 lire
Bank of U. S. units
British Can
•
Chase Bank
20
Chemical Bank
10
Chemical Research
•
Claude Neon Lights
1
Comm'l Credit cond'I war_
Consolidated Indemnity _ _5
Continental Casualty_ -10
•
Corp Trust Shares
Detroit St Canada Tunnel•
Diversified Trust Shares C•
Fidelity & Dep Co(Md)_50
10
Fuel 011
Gen'l Baking new w I__ •
10
Glen Fails Ins
Guaranty Trust
100
Guardian Detroit
20
Home Fire Securities_ _ _ _10
Hutto Eng
•
Independence Ind
10
1
Intl Rustless Iron
Ironrite
•
rt•l/i110 .
. 1.1112t
1
in
Range for Tear 1930.
mans
CO00000000000000000
000000!..00 0000000000
,
,..-10,.... NNMNMC..nWq.ON.-.
.
06.
N.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Jan. 10 to Jan. 16,
both inclusive, compiled from official sales lists:
Stocks-
[VOL. 132.
FINANCIAL CHRONICLE
Range for Year 1920.
Low.
High.
Apr
2
4
134
1434
4031
134
64
24
Dec
934
Nov
434
Dec 1051
Dec 27
July 5334
Nov
154
Dec 153
Dec 154
534
2235
634
1.00
534
.22
134
6
28
Dec
Nov
Dec
Dec
Nov
Nov
Dec
Dec
Dec
1934
2334
1031
5.50
1331
.85
831
17
46
Apr
Dec
Apr
Jan
Jan
June
Aug
May
Sept
134
3034
8
.06
Dec
Nov
Dec
Dec
5
36
2034
3.00
Mar
July
Apr
Jan
151 Dec
1
6
674
34
50
431
5
6
.11
Aug
Dec
Doc
Dec
Dec
Nov
Dec
Sept
Dec
Nov
Apr
Feb
Dec
Nov
mar
Mar
534 Mar
334
931
11
331
55
1134
15
1236
1.75
AP1'
July
June
Feb
Dec
May
Aug
June
Feb
* No par value.
New York Curb Exchange-Weekly and Yearly Record
for
the
in the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
week beginning on Saturday last (Jan. 10) and ending the present Friday (Jan. 16). 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. 15.
Stocks-
Indus. & Miscellaneous.
Acme Steel common__ _25
38
38
Aero Underwriters
8
774 8
•
Affiliated Prod
• 1434
14%
14
Agfa Ansco Corp corn.
5
9
1034
Preferred
100
68
68
Ainsworth Mfg com_ _10
9% 934
Air Investors. coin•t a_ •
134 131
Warrants
%
%
Ala Great Sou RR ord_ _50 75
75
75
All Amer Gen Corp_ _20
9% 10
Allied Aviation Industries
with stock mach warr_ •
34
34
Allied Mills Ina
•
4% 4%
Aluminum Co corn
• 145
14034 15334
100
6% preferred
107 107
Aluminum Ltd 6% pref.100
91% 9135
Series A warrants w I__ _ _
30
30
3335
Series B warrants w L
29
3131
29
Series C warrants w
33
33
33
Series D warrants w
35
35
35
Amer Arch Co corn
24
29
Amer impair, Car COM
131
1%
134
Amer Brit & Cont Corp_ •
5
5
Am Brown Boveri El Corp
Fornder•share._
4
4
5
Amer Capital Corp corn B.
5
30
30
$3 preferred
• 30
65
Amer cigar C cub . 100
6534
8% 9
Amer Cyanamid corn A. *
Common B
835
•
836 934
Amer Dept Stores Corp- •
American Eanitle. nom
•
Am Fork & Hoe new com _•
Amer Founder. Corp
•
Am Hard Rubber com_100
Amer Investors el B own •
Warrant.
Amer Maize Products come
American atfg corn---100
American Meter
•
American Thread pref.- -5
Am Util & Gen el B•t c_ _•
American Yvette Co corn_•
•
Amoskeag Mfg corn
Amsterdam Trading Corp
American shares
,
Anchor 10 1 Fore cont. •
Anglo Chi! Nitrate Corp_
•
Arcturaa Radio Tithe_
•
Armstrong Cork corn
Art Metal Works corn... •
5%
434
534
131
28
434
134
5
131
531
2134
434
51
531
134
28
2234
40%
334
4
131
755
1%
5%
23
5
51
536
2
28
25%
4034
3%
4%
114
754
14%
4
10
6
26%
434
1634
434
10
6
26%
5
50
800
2,600
1,200
100
400
500
1,000
100
200
Atlantic Secur Corp Coro_•
Atlas Plywood Corp
•
•
Atlas 1811114. Corp corn..
Warrants
Automatte trot Mum corn •
Cony prior partiostock.•
Aviation Corp of the Amer*
Axton-Fisher Tob corn A.10
Babcock & Wilcox Co__100
•
Bahia Corp common
Bellanca Aire corn •t c.._•
Bigelow-Sanford Carpet- •
Blue Ridge Corp corn_ - •
Opt 6% °any pret---50
Bohack (H C) Co corn...*
•
Boudoir; Ins
•
Brill Corp slaw •
British-American Tobacco
Am den rots ord beseer El
Am dep rcts ord reg__El
British Celanese Ltd
Am dep ret. ord reg---Bulova Watch $334 pref •
40
4% S%
155 1%
3944 41%
44
31
6% 634
1031 1034
431
4
4
134
1%
1%
334 334
834 8%
23%
23% 23
36% 3631
107% 110
134 2%
2
334 3%
28
28
3% 4
3%
31
307.4 3234
76
75
674 6%
3% 354
Low.
High.
Dec 7034 Apr
32
5'Nov 2394 Mar
914 Dec 2045 Sept
Apr
Sept 34
16
Nov 8514 May
68
Oct 33% Apr
5
;4 Dec 934 Apr
231 May
51 Oct
Dec 13214 Mar
79
934 Dec 2335 May
600
34
434
600
1,875 140
500 :104
200 85
441
9
42
27
600 18
2,200
1
100
Dec
3
Dec 1534
Dec 556
Dec 11136
Dec 99%
Apr
Feb
Apr
Sept
Sept
4834 Apr
7
Aug
836 Mar
Dec
Oct
Dec
Sept
Dec
13
1334
40
00;4
38
37
Apr
Apr
Mar
Mar
May
Mar
Dec
Dec
Oct
Dec
Dec
Dec
Nov
Nov
Dec
Nov
June
Dec
Dec
6
22
2736
6%
81
1634
74
4034
en%
7734
3%
1534
735
Feb
Mar
July
Nov
Apr
Apr
Mar
Apr
Mar
Apr
Feb
Apr
Jan
200 nw, Dec
500
334 Dec
800
734 Dec
3
Dec
100
100 z20 Dec
200
336 Dec
2836
ofiaa
43%
23%
8034
2734
Feb
Feb
May
Mar
Feb
Feb
200
314
5
2,100
100 zz2634
200 ti()
1,700 14
9,300
63-4
500
1,100
200
2,000
150
2,800
700
100
425
25
1,000
3,400
300
100
1,000
200
800
1,900
134
3%
20
3
30
314
145
2536
3231
45
3
331
1
4,4 Dec
8
Ayr
35 Dec
634 Mar
3134 Dec 60;6 Apr
Dec 11-16 Apr
454
400
834
300
356
700
3%
100
600
114
5%
900
1,300 1654
100 3531
125 100
1%
1,500
2%
100
100 23
2%
6,400
3,400 80
500 60
334
100
234
200
1936
1934
19% 23
19% 2051
9;100
600
154
24
1% 1%
2334 24
400
200
Dec 20
Apr
Dec 26
Mar
Dec 14% May
Dec 1434 May
Nov
834 Feb
Nov 1736 Feb
Dec 66
AM
Dec 4931 Mar
Dec 141
Mar
Nov
734 July
Dec 1834 May
Dec 73
Mar
Dec 1514 Mar
Nov 44 34 Apr
Nov 85
May
Oct
854 Apr
Dec 141; Feb
Dec
23
2454 Aug
2814 Jan
28% Mar
134 Sent
551 Apr
46
Mar
20
Bales
Fr day
Last Wows Range for
Week.
of Prices.
Sale
Stocks (CorUfnual) Pot. Price. Low. High. Shares.
Burro Inc
e% cony pf with warr_50
Warrants
Bum& Corp Am Ana rts
Cable Radio & Tube v t c.•
Carnation Co corn
•
Carreras Ltd
Am dep rots for Bard...
Celanese Corp part pf_100
Centrifugal Pipe Corp....'
Chain Store Stocks Ins •
Chatham & Phenix Allied.
•
Chicago Nipple Mfg cl A50
Childs Co pref
100
Cities Service common..'
Preferred
•
Preferred B
•
•
Cleve Tractor corn
Colombia Syndicate
Colts Pat Fire Arms Mfg 25
Dee
Dec
Nov
Assoc Fie., Industries
Amer den rcts rird .hs_£
Associated Rayon corn_ •
6% cum cony pref--100
Atlantic Fruit & sugar..,.'
Range for Year 1930.
Nov
2291
3
50
50
• 6
6
8
8
1434
1436
1
10634
17% x1534
8234 81%
731
731
5-16
Columbia Picturescom. •
Common vol trust title_•
Consol Automatic
Merchandising cora•
to'
Consol Dairy Prod com_ •
Condit Laundries corn_ • 1234
Conseil Retail Stores com.
•
4%
Continental Shares pf B 100
Convertible pref___ _100 4334
Coop-Bessemer Corp cora • 1831
Cord Corp_
634
Corporation See of Chic..' 17
Corroon & Reynolds com_•
$6 preferred claaa A_
•
Crocker Wheeler com_
•
Crosse & Blackwell
$3.50 pre: with warr_ •
Crown Cork Internal el A _•
Cuban Cane Prod warr___
Cuneo Press Inc corn_
•
Curtis Airports Corp• ei•
Curtiss-Wright Corp wart.
DaytonAirplane Eng con)*
Deere & Co corn
•
De Forest Radio com
•
Detroit Aircraft Corp.•
Doehler Die
-Casting 00[0.•
Donets.tin-raft Inc._
•
Dow Chemical corn
•
Dreamer(SE) Mfg Cool A •
Claes B
•
Driver-Harris Co corn .10
DubIller Condenser Corp.'
Durant Motors Die .____•
Durham Duplex Razor
$4 pr pref with warr •
Duval Texas Sulphur....'
East UM Invest corn A..*
Maier Electric corn
•
Elea Power Associated OM.
Class A
•
*Cleo Shareholdings nom •
Emerson Bromo Seitz A_ •
ItIrmir• Corporation corn.'
Empire Steel Corp corn...'
Employers Reinsur Corp 10
European Elec Corp el A 10
Option warrants
Fabrics Finishing corn
.
•
Fageol Motors corn
10
Fajardo tinear
let,
Fansteel Products
•
Federated Capital corn...5
Fist Amp/ don ret.
Film Inspection Machine_*
Fire Aesn of Phila
10
Fischman (I) & Sons cl A •
Fiintkote Co COM A
•
Fonts-Fisher Inc oom____•
34% 34%
34
34
2
2
134 1%
22% 2434
2%
3734
2
1%
34
531
934
41
e4
Jan
Jan
H Jan
934 Mar
33 4MaY
300
9,100
100
100
400
5%
34
1934
1534
14
Dec
Sept
Dec
Dec
Dec
35%
,0
32
65%
5431
1%
4
1234
3%
50
43
18%
6%
17
314
43
8%
1%
4
1334
434
51
5436
20
6%
18
4
45
934
34
100
234
400
1,100 10
334
900
200 35
1,575 3734
1,000 17%
331
2,000
500 c14
334
500
300 40
6
1,700
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
134 Mar
19
Jan
10
Mat
15
Feb
80
July
89
July
May
1734 Atd
27% May
20% Apr
02
Apt
34
API
10
OH
34
16
34
is
Oct
Nov
Dec
Sept
Dec
Dee
3931
1251
1
51 1-5
133(
634
Jan
May
Apr
June
Apr
AP
134 Dee
834
254 10,400
4031 2,000 s293‘ Dec 162;4
8%
% Dec
2% 5,000
1% Dec
9
294 8,100
6
Dec 23
631
100
400 11% Deo 23%
1534
Oct 100
500 49
47
500 2834 Dee 5614
33
21
500 18% Dec 4414
Dec 10834
21%
100 14
2
r.et t
1334
4
800
7
1% 4,300
134 Des
Feb
AD/
ADS
JI11111
100
2494 24%
100
744
734
500
Si
Si
100
30
30
154 1%
100
54
54 13,000
234
134
331
22
Dec
Dec
Dec
Oct
Nov
10%
%
20%
18
18%
15
15
234 2%
336
454
1436
1431
10
3434
;6
114
54
2234
11195.
10
5-16
20%
18
1834
4
134
19%
Low.
100
3
Oct 00
50 48
Feb
50
451 Jan
800
934 !Aug
6
5•• Dec
925
17
Mar
9
1,100 s13% Dee 25
Apr
1434
136 June
1,000 5-16 June
1
10 106
Dec 114
May
10634
1751 88,200 z1334 Dec 443-4 Apr
900 7831 Dec 9314 Apr
83
Apr
500 z734 Dec
9
734
134
3734
1%
1%
654
15
45
3234
19
21%
3%
1%
45
100
200
100
100
1,600
Range for Year 1930.
3%
434
14
1334
9%
3134
1%
3,31
22
7
1%
31
134
40
5
274
11
154
19%
5
9%
1%
434
5%
16
14%
11
3134
1%
331
23
7
134
34
1%
40
531
2%
1154
154
19%
5
934
1%
600
300
800
2,300
2,200
2,400
800
100
3,400
100
110
200
600
3,900
300
50
700
500
1.100
100
50
100
600
300
Jtlfl
Apr
Apr
Mar
Apr
Apr
APr
Apr
Ayr
Alm
June
Mir
JIB
Jan
10
2
Dec
Oct
Mar
20
20% Apr
134
4
11
10)4
734
3054
ft
234
2036
634
136
St
31
20
3%
2
10)4
31
14
6
7
134
Dec
Dec
Dec
Dec
Dec
Jan
Dee
Dec
Dec
Dec
Dec
Deo
Dec
Dec
Dec
Nov
Dec
Mar
Dec
Dec
Dec
Dec
18;4
28
3954
37
82%
3331
834
13%
30
23
9
934
534
61131
13
1134
22
5%
42
49,
2734
914
Apr
MU
Are
ApI
Mar
Mar
Jul!
Jan
May
Mar
Mar
May
Feb
Mu
Feb
June
Apr
Apr
Apr
Feb
Jan
Apr
JAN. 17 1931.]
Friday
Sales
Last Week's Range for
Sate
Week.
of Prices.
Stocks(Cosfisixed) Pa. Price. Low. High. Shares.
Hord Motor Co LtdAmer der. rats ord reg_ 3_
Ford Motor of Can ol A__ •
.
Class B
•
Ford o f France Am del/ rcts
Foremost Dairy Prod com •
Cony preferred
3
Foundation CoForeign shares class A_
Fox Theatres class A oom.•
Franklin(H H) Mfg eom-•
Range for Year 1930.
High.
Low.
Bales
Friday
Last Week's Range for
Week.
of Prices.
Mt
Stocks (Continued) Par Price. Low. High. Shares.
y.‘
m
Morris Cons nun •
.
Philippe (I-ouls) cern B ___• 133$ 1354 1354
2834 3234
Pie Elakeries of Amer cl 41.• 32
334 334
Pilot Radio & Tube al A_..•
Pitney Bowes Postage
834 7
64
•
Meter Co
107 107
_50
Pitta & L E RR corn
3754 3734
Pratt & Lambert Co
•
1
14
Prince &Whitely Trod com•
ga ,on• Ow A
144 1434
•
3
3
PropPer-McCallum Hos_ _*
3
84 934
Prudential Investors oom-•
9
Public Utility Holding CorD
634 634
654
Com with warrants. •
554 534
Coro without warrants-- ---- _
4 1
Warrants
2
2
Radio Prod Corp com_ •
4
4
Railroad Share. Corti •
234 234
Rainbow Lum Prod A___•
234
•
Common class B
134 134
40
Raymond Concr Pile pref *
40
351
3
Kenauee iidernat coui A •
%
"i
Common /3
•
451
4
Reliance Management
-•
934
9
Reliable Stores com
•
44
34
Repetti Inc
5
234 3
Rey barn Co
10
234
Reynolds Investing oom_.•
154
1
151
Rike-Kumler Co cam_ •
23
23
Roosevelt Field, Inc
2
2
•
Romia International
3
3
•
3
Ruberold Co
3534 3734
•
Ryerson (Jos T)& Son__ -•
2554 2534
Philip
17
2314
26
8
14
3
57,800
1534 18
2234 2434 3,900
26
26
50
734 8
400
1
134 2,300
3
3
300
104
1834
21
64
34
134
Jan
Oct
Dec
Jan
Dec
Dec
2334
3814
58
1234
1034
18
Aus
Apr
Jan
May
Mar
Jan
234 3
434 434
6
6
200
2,400
100
14 Dec
24 Jan
Dec
4
734 Jan
1734 Apr
Jan
24
Garlock Packing com. •
16
16
General Alloys Co
434
44 431
•
General Aviation Corp...*
6X
6
734
General BakingNew corp when issued.-- 174 1734 204
Gen Baking f'n ” com ---5
,
34 1
%
Corn etfs of deri
54
4
Preierrml, _ . - ___. .• 29% 28
3331
154
General Cable Corp warr.
134
Capital Corp corn •
32
General
32
Gen Elea Co of GI Britain
American deposit rots_ El
1034 1034
General Empire Corp__ •
1434 1434
General Fireproofing com •
2434 25
Gen Laundry Mach'y corn •
4
5$
54
General Theatre Equip pf • 2534 2134 2534
General Tire & Rubber_ _25 90
90
90
Gleaner Comb Ilarvester_•
4
574
4
Olen Alden Coal
•
5834 60
Globe Underwrli Etch ._ •
7
7
7
Golden State Milk Prod_ •
1534 1534
Goldmar.-Elaohs TradIng-•
6
651
631
34 1
Gold Seal Electrical Co- •
Gotham Inc22
23
Preferred with warr_. •
%
14
Gotham Enittiae Marti_•
Gil All & Pao Tea
185 194
• 187
Non vot oom stook
118 118
7% first oreterred _ 100
6
6
Greenfield Tap & Die com •
Genets" eic"re.. pr.," . ,...•
314
351 34
Guenther(Bud) Russ Law5 18
18
18
Habirshaw Wire & Cable..*
15
15
Handley-Page Ltd2
2
Am dep rcts for pref____ --.
Hartman Tobacco oom 10
1
1
1
154 15-4
Helena Rublnalein Inc, •
14
Heywood-Waket lst pf _100
254 2531
Houdaille-Hershey pref A •
12
12
Hydro-Elee Bee corn
• 2234 2234 23
HYECrade Food Prod com_•
251 24
200
200
3,000
1434 Nov
Dec
6
434 Dec
3334 Apr
1454 May
124 Oat
10,400
86,800
100
16,000
100
100
234 Dec
14 Oct
26
Dec
434
fi Dec
4,600
934
100 14
300 2334
2,400
54
36,200 224
10 100
1,300
5
400 50
1,500
64
100
23,100
434
800
4
150
100
100
500
100
50
100
2,100
200
Mar
Apr
Jan
Oct
Mar
Apr
Jan
Feb
Dec
Dec
AD?
Apr
4634
6
Nov 260
Jan 122
Dec 20
i 414
Deo
Dec 294
Jan 25
231 Dec
34 Doc
134 Nov
Dec
10
204 Dec
234 Sept
54
37
251
59
1074
21
11
2
1834
934
2
134
2,000
100
200
200
500
600
200
200
100
200
500
2,600
34
33
134
60
534
1634
954
151
1614
8
134
4
Sept
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Nov
MrioMarr Storm 'no
•
Mapes Consol Mfg
•
Marlon Steam Shovel com•
Mavis Bottling Co of Am_•
Mayflower Amoriates leo.*
McCord Bad & Mfg B_ •
•
Maid Johnson & Co aom.
Merritt Chap & Scottcorn•
Mesabi Iron Co
•
Metal & Mining Stis oom.•
Metropol Chain Stoma. •
Midland Royalty pref__ _ _•
Midland Steel Prod 2d pf..•
Midvale Co
•
•
Miller (I) & Soca oom
Montecatini Min & Agri
Stock warrants
Mtge Bank of ColombiaAmerican shares
851
3254
134
31
40
84
784
1434
1
34
134
134
1434
60
14
9
33
2
%
4234
834
7834
1434
1
%
2
1434
144
60
14
500
300
1,100
3,100
300
100
300
100
1,100
1,800
200
800
100
400
100
851
32
14
14
35
4
5554
1434
34
14
14
134
14
5034
1474
Dec 2454
Dec 4934
Dec 1754
Nov
34
Dec 714
Oct2074
Feb 90
Oct 20
234
Dec
Dec 1634
Dec 30
Jan 2454
Dec 22
Feb 62
Dec 3334
51
51
200
2134 2134
100
51
43.4
5
474
4%
20
5
5
12
534 • 534
351
20
1634 1534
2934
154
234
72
2334
27
734
2034
1
41
351
314
3034
9
654
134
154
234
log
72
7034
19
2354
93
234
2654
731
4
19
5
54
1
3854
34
5
3
314
30%
9
634
Apr
Aug
Mar
Apr
May
54
37
234
59
10
2054
11
2
1854
9
131
1%
34
Feb
30
55
15
50
1,200
100
1,400
50
500
2,500
200
24
200
100
1,000
1,100
200
100
100
200
100
14
Mar
Jao
Mar
34 Apr
Jan
15
714 Mar
8
734
5434
34
8234
5514
8
63.4
56
4
10
3
2934
834
14
234
834
37-4
34
ADC
3974 May
34 Feb
8
534
54
3331
8214
547.4
7
634
56
4
10
254
27
834
151
2354
651
334
33
Jan
Oct 14
Dec 2934
Nov 3734
Dec 1054
Dec 3734
Oct 160
Dec 36
Dec 12134
Nov 1674
18
Dec
14 Oct
320 153
10 1144
6
300
2
3,700
500 1734
100 1934
434
6414 Jan
1434 Jan
Apr
59
India Tire & Rubber com _•
Indus Finance cam•t '3_10
6
7% cum pref
100
Instill Utility Investre ._.
• 34
$6 Pref 2d ser with warr_•
Maur Co of North Amer_10
Insurance Securities_ _ _ _10
8
Interooast Trading eom_.•
Interlake Steamship
Internat Products corn_ •
Internet Safety Razor el B•
Interstate Equities corn.,•
254
Convertible preferred- •
Irving Air Chute cote _-•
831
Warrants
Johnson PubiLshing eom.10
Jonas & Naumberg pref_ *
Klein(H L) & Co pref__20
Kolster-Brandes, LeaAmerican shares
Ll
54
Lackawanna Securities_ •
Lao Fdry & Mach
•
Landers Frary & Clark_ _25
Lefcourt Realty corn
• 10
Preferred
•
Libby McNeill& Libby_10 11
Liberty Dairy Prod
•
Lily-Tulip Cup common_ •
Loevrs Boston Theatres_25
Loaves Ine stock puronwarr
134
Louisiana Land & Explor•
134
Nal American Co lne.....-•
•
Nat Aviation COM
Nat Bond & Share Corp-•
Nat Family Ssores nom- •
$2 pref with warr____25
•
Nat Investors earn
•
Nat Rubber Machy
Nat Screen Service Corp.*
Nag Short Term Sec A....._•
National Sugar Refg____•
•
Nat Union Radio 0003.- Nauheim Pharmacies Lif-•
•
Nebel (Oscar) Inc
•
Nest Inc class A
•
Nehr Corp 1st pref
Neisner Bros 7% pref__100
Neptune Meter class A--.•
Newberry (.. J) Co cam_ •
loo
Preferred
New Mexico & Arts Ld 1
N V Hamburg Corp....50
Niagara •iriare of Md..- 10
Warrants
Niles-Beml-P0110 oom •
•
Noma Elm Corp com _
-.
5
Nordon Corp Ltd
No Amer Aviation warr Novadel Agape Corp corn..'
Outboard MotCorP sons B•
•
Cony pro Maas A.
Overseas Securities Co--..•
.
coin •
Penmen'.,,ab Mfg
..•
Parke Davis .f, Co...
- .-Fender(D)Grocery c113 •
Panama (Dory ewe • a e •
,
475
FINANCIAL CHRONICLE
5
55
2754
71
4534
534
6
Dec
Dec
Dec
Dec
Dec
Dec
Dec
2934
7014
71
9834
8534
23
2334
Ain
Apr
Feb
Mar
Mar
Mar
Apr
234
934
2
26
6
54
June
Sept
Dec
Dec
Dec
Dec
754
144
14%
46
254
934
Mar
Oct
Mat
534 Dec
Dee
8
51 Dec
24
Dec
ADC
Apr
Apr
Jan
22
204 Mar
2
4334
12
70
254
377-4
27
3254
8034
8
2034
5
Al)?
Feb
Feb
Mar
Mar
Jan
Apr
Apr
MILY
Dec
May
Jan
Jan
June
Apr
May
May
Feb
Aug
Feb
Jan
May
Jan
May
Mar
Sept
Mar
231 Feb
33
June
814 Dec 1234 Jan
4% 1,100
5.51
1,600
34 Deo 2151 Ape
3014
800 26
Dec 514 Apr
600
24 Dec 20
534
Mai
12
100 1034 Dec 26
Jan
534 1,800
34 Dec
10
Vet
4
30
:154 Sept 274 Apr
2034
300 1234 Oct 3234 June
1634 2,800 15
May
1654 Sees
3054
900 2551 Dec 35
May
114 1,200
134 Dec 104 AM
154
100
154 Dec
651 Apr
254
200
154 Dec 1454 Apr
104
loci 10
Dec 2654 Apr
72
100 6931 Dec 75
Dec
75
75 69
Dec 12554 Apr
1931
300 17
Feb 2234 ADC
2354
200 2254 Nov 49
Mar
50 z9151 Nov 101
93
Feb
200
234
154 Dec
754 Feb
400 153.6 Jan 37 May
27
74 3,100
534 Dec 2114 Apt
1
600
214 1,800 1734 Nov 4534 Mi.a.
534 1.100
454 Dec 213" star
lio Dec
54 1,500
134 Sept
It
154 8,600
% Dec
Apr
41
800 2254 Jan 42
Dec
2
Oct 13
334 2,800
Mao
434 Nov 1854 Mar
400
55-4
3
100
24 Dec 1934 Apr
4
634 Nov 1331 Jan
800
3034
2834 Nov 4214 Jan
50
9
200
454 Dec 3534 Feb
Deo 11114 Pea
5
74 19.400
,
Safety Car Heat & Lt--100
St Regis Paper Co oom.-10
3 303 Ce coin
13
•
Schletter & Zander v t o•
Cum cony preferred_..*
Schulte Real Estate Co- •
Schulte-United lio to $1 St•
7% cony pref
100
Seaboard Uttl Shares
•
Securities Corp General_ •
Seeman Bros corn
•
Segal Look & Hardware_ •
Selberling Rubber Co coin*
&domed I odustrim nom_ .•
Full paid stamped
$54 prior stock
•
Allot Me let & 2nd paid
Serridge Provincial Stores
Am dep rcts ord shs..31
Sentry Safety Control__ •
Service Stations Ltd A_ •
flaenandoah Corp corn__ _•
6% cony prof
50
Sherwin-Wms Co Can corn*
Silica Gel Corp oom•t c •
Singer mfg
100
Singer Mfg Am dep rcts___
Smith (A 0) Corp com__•
•
Southern Corp corn
South Amer Air Lines Dom*
Southwest Dairy Prod come
Spanish & Gen Corp Ltd
Am dep rcts reg shs31
Solegel-May-Stern pfd_100
Stand Invest pref
•
-nand Motor comas_ _ Pio
Standard Screw Co_ _100
Starrett Corp com--.....•
6% oum preferred- -50
Stein Cosmetics corn
•
Stein (A) & Co com_ •
64% cum pref
100
Strauss-Roth Storni com_•
Sluts Motor Car new
Sullivan Machinery
*
Swift & Co
143
Swift International
15
Technicolor Inc corn
•
Thatcher Securities
1
Timken Det Axle prof...100
Tishman Realty & Constr•
Tobacco & Allied Stocks_ •
Tobacco Prod Exports_ •
Todd Shipyard Corp.. •
Itansoont Alr TransP----•
Trans-Lux Plot Screen
•
Class A common
hi
-Continental Corti warr
Tri Utilities Corp com___•
Trunk Pork Stores
•
Tubise Uhatillon Corn.
Common B v t o
•
Uncerleider Mao Corp_ •
Union Amer Invest com__*
1434
84
151
6
54
134
34
434
34
5356
High.
Low.
%
10
2034
254
Jan
Dec
Jan
Deo
AIM
May
Jan
AD,
Dec 204
Dec 130
Deo 5734
Oct 1534
Oct 66
Dec 20
Dec 23
5
2,500
50 9834
200 s35
34
2,300
1,100 12
3
500
1,200
734
2
2151
3534
1534
Apr
Apr
Jan
Apr
Are
Mar
Mar
7,200
1,000
7,900
200
500
1,700
1,200
100
800
700
600
200
100
1,600
1,500
100
200
1,100
500
100
434
A
%
134
z354
2
134
45
134
X
254
734
34
1
34
20
154
24
33
23
Dec
Deo
Dec
Dec
Dec
Dec
Deo
Nov
Nov
Dec
Deo
Sept
Dec
Deo
Dec
Deo
Dec
Nov
Dec
Dec
2734
1034
934
27
914
1454
734
53
16
334
664
2054
274
634
84
3034
554
114
643(
36
AM
Oct
Apr
Mar
Ape
Sept
Feb
June
Apr
May
Apr
May
Apr
Aug
Me7
Feb
Mar
Apr
Ape
Apr
25
88
88
9,100
14
15
734 e851 4,600
151 134
500
1,200
8
6
600
354 331
10,900
31 1
2,100
134 3
100
374 334
1934 194
200
z34 :34
200
1,300
454 5
5
100
5
3,200
334 4
5354 5354
100
52
55
600
53
5651 1,700
8534
1034
6
31
354
34
34
2
351
1434
32
334
A
2
Dec 147
Dec 34
Dec 1714
Dec 1234
Dec 25
Dee 1434
434
Dec
Dec 25
Dec 104
Dec 75%
Dec 4334
9
Dec
Oct 1754
Dec 134
Apr
AW
Sept
Jan
Jan
Mar
A01
Ape
Apr
APT
Atlii
May
Feb
API
2
2
154 134
33
33
4
351 434
3054 3054 3034
6134 63
7
7
333
333 333
334 314
374
135
135 14051
4214 Dec
4454 Dec
100
134
1,700
34
25 3134
1,200 24
3,100 30
150 58
334
100
10 336
200
334
120 1204
714 Apt
3434 Mal
254
Nov
Dee
94
Dec 40
Dec 20
Nov 4834
Dec 85
Dec 3434
Dec 560
64
Oct
Dec 250
Jan
Mar
June
AN
API
Api
Mal
API
Api
Arm
334
24
134
334
234
234
34
1454
45
54
9034
10
22
43-4
1351
8534
3
184
19
2854
3454
34
16
45
34
95
1234
2234
5
1434
8554
4
2031
20
29
37
4
200
350 1254
-50 35
400
34
250 93
1,400
7
600 1734
200
354
900
9
150 81
1,200
5
2,600 1634
125 18
500 27
goo z2834
Dec
434 API
Dec 8214 Pet
Dec 8231 API
334 Aix
Jan
Dec 15954 Mai
Dec 574 Ma
Deo 6834 Ma
Dec 2354 API
Ma
Dec 21
Feb 87 Jun
Oct 224 Mal
De
Dec 19
All
Dec 52
Dec 3454 Jai
July 3834 Met
734
734 831
254 234
102 102
37
37
2634 2636
34
54
464 4634
4
431
534
3,400
300
2
120 102
100 35
100 1834
1,200
34
100 4534
34
1,600
Deo 8634
Oct
534
Nov 110
Dec 454
Nov 4354
254
Nov
Dec 63
Dec 1054
734
734 754
234 354
2854 2934
1231 1354
700
1,400
400
200
44
:2
22
1234
Dec
Dec
Dee
Dec
DM
9
5874
26
354 454
2234 2354
1754 1734
1,100
1,500
2,800
8
13
14
Dec
Oat
Dec
2234 Ar
8634 Fe
Al
42
600
%
34
451 434
300
16
400
1734
851 2,200
8
2,900
254 3
51,000
74 9
154 134
100
14
4
14
6
154
8
151
Boot
Oct
Dec
Dec
Dec
Dec
May
1
1614
44
3034
834
44
2
4
Jo
Ja
Fe
Al
11
Mt
.
4
234
634
5451
174
1054
6
634
40
154
37%
6
47
654
71
184
100
800
100
2,400
200
300
800
300
1,300
100
900
250
600
350
400
354
6
5054
154
8
554
s3
31
1
28
5%
41
354
68
134
Dec 2954
954
Dec
Dec 6834
Dee
634
Dec 2634
Dec 30
Dee 7634
Dec 58
Nov8
Dec 75
Dec 2034
Dee 84
Dec 22
Dec73.4
Dec29%
Ja
Ma
Ma
Ja
Al
Al
Ms
Al
Ai
Mi
MI
lila
Al
Di
Fl
24 234
314
3
6
655
1834
18 %algresn
400
700
1,100
500
14
154
451
14
Dec
Dec
Dec
DecD
134
15
10%
334
2031
2851
29
1251
4
Union Tobacco oom
•
United Carr Fastener com •
434
United Chemicals pref _ -• 164
Caned Corp warrants
8
United Dry Docks com......•
3
Bolted Founders corn. _ •
754
United Profit Shaeg com_•
United Molasses Ltd
Amer dela rcts ord reg.£1
United Retail Chem pref_•
United Shoe Mach'y com 25 5474
United Storm Corp com_•
U S Dairy Prod 13
• 104
US Finishing corn
•
r 8 Foil claee B.
•
US Gypsum corn
50 40
ti 13 & 'menial Sec corn...'
First pref with warrants*
•
6
08 Lines prof._1.
U S Playing Card cam IO 46
Utility Equitiee Corp- •
Priority stock
71
Utility & Ind Corp pref_..*
Van Camp Pack cow
•
7% preferred
25
Vick Mancha' Corp-10
Co oommon- --•
Walker(Hiram)Goodsell=
& Worts common
•
Watson(j Warren) 00,....•
•
Wayne Pump Co
Convertible preferred_ •
Welch Grape Juice com__•
Western Air Express -_10
Western Auto Sup cornA..•
Western Md By 1st pref100
West Va Coal& Coke•
Wheatsworth Inc com____
Wheel& L E Ry pr lien_11111
100
200
4,000
200
Range for Year 1930,
234
234
6
5451
131
1051
6
6
40
151
3751
5X
4534
6
7031
18
754 fix
134 134
656 634
22
22
5034 5034 524
13
15
1734 174 1754
80
80
34
4
4454 4454 4454
120 120
sq
634
500
1,500
4,500
134 Dec
t134 Dec
Dec
1
551
6,800
200
1
4
500
100 17
100 50
1,800
934
100 15
30 55
34
200
100 2854
10 100
834 Feb
Oct
5
Mai
13
Ma
AP
An
Jai
ME
AP
Jun
AS
AO
AD
Ma
Ja
16 MI
16 Mg
931 31
61
Ji
Oct 1354 Al
Dec
6
I&
Dec 19 Jo
Dec 35 MI
Oct 66
1
Dec 4614 A
Oct 394 F
Nov 125
M
Deo
234 ju
Nov 3434 A
Dec 137
A
476
Friday
Sates
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Wheeling Steel com_ __100
Williams (R C) & Co....*
Wil-low Cafeterias corn
•
Preference
•
Winter (Bann Ins corn
EonIle Products Corp corn•
8%
Rights
Associated CI & El deb dB_
2%
Stock rights
Commonwealth Edison_ _ _
13%
Flat
Pacific Gas & Elec W I__
174
Pub Serv Corp of No HI
- -----Sou Calif Edison w I
2
Range for Year 1930.
Low.
22%
2544
7134
10
aig
1034
34
774
Aug
Nov
Dec
Oct
Dec
Dec
72
20
1534
35
634
21
1,800
234 234
234 234 1,100
1334 13% 3,900
400
34
34
31,000
134 2
1,400
20% 21
2,600
1% 2
1
34
1034
%
Dee
Dec
Dec
Ott
1134 Mar
434 Sept
1434 Oct
334 Feb
115%
2134
2334
98%
%
334
34
13% Dec
%
%
374
1834 18%
91%
91
1534 18
16% 17%
1734
19% 1934
10
9% 10%
5534 55%
97
97
8134 81%
48% 50
235 238
4334
13,4
8
8234
15
534
42%
99%
14%
21
Aug
Jan
May
May
Feb
Apr
Nov
Nov
9% Mar
Mar
Nov 49
Dec 28% Apr
Dec 2834 Mat
July 11234 Apr
Dec 76% Feb
Nov 157
AP(
July 1094 Mar
Nov 8934 Apr
Dec 194 APT
Deo 39% Apr
Dec 10214 Sept
Dec 9734 June
Dec 14% May
Oct 33
Mar
Nov 110
Oct
Dec 5154 Mar
Dec 4834 Jan
Dec 95% Oct
Dec 47% Apr
115%
50 14034 Dec 157% Feb
24% 10,600 19)4 Dec 6234 APT
25% 1,100 244 Jan 2534 Sent
99,34
500 9634 Dec 98
Dec
18%
1%
834
High.
25
200
500
100
200
3,400
30
30
10% 1035
3
331
12% 12%
1% 134
8
9
Public Utilities
11‘
1,300
2% 3
Allegheny 0.4 Corp Oom-•
3
500 27
3334 3434
Amer Cities
d L el A • 34
4%
Class B
634
62 7% 3,900
/
1
3,700 10
12% 13
am Com'w1th P tom A..' 13
25 110
111 111
Am Dist Tel N J 7% PI-100
27,600 11%
14% 18
1535
Amer & Foreign Pow waT71,200 7434
Amer GAS & Elea com--__• 73% 70% 7334
7034 77% 6,600
Common new
100 104
• 10434 10434 104%
Preferred
44%
500 40
44
25
Amer L & Tr com
2
3% 4
1,000
3%
Amer Nat Gas oom v t 0..'
9
46,000
1034 11
Am Superpower Corp corn• 1034
• 92
92%
1,100 80
91
First preferred
200 7534
•
88% 8834
$6 cum prof
5
5% 7% 33,700
734
Appalachian Gas nom__ •
20
100 25%
20
Arizona Power com_ _100
140 100
Arkansas P & L $7 Pf ---* 104% 104% 105
• 19
19
2034
1,500 11%
Assoc(ies&El corn
1934 2134 40,100 13%
2134
Class A.
87% 89
210 86
89
$5 preferred
175 65
$8 lot bear allot ctfs---- 8234 8234 85
20
2035 1,900
20
Allotment errs
34
34 3,600
Warrants
34
100
Bell Telep of Can
Brasillian Tr Li & Pow ord•
Buff NW!& East Pr Di_ _25
•
lot preferred
Cables & Wireless Leda= dep rets A ord she gI
Am dep re% B ord she /1
Am Dcp rcts pre( shs_ .C1
Cent Hod G&Eyt
Cent Ill Pub Serv $O Pf--*
Cent Public Serv corn- •
•
Class A
Cent St Souwest Litll corn _•
Cent States Elec corn__
100
Cony prof new
100
7% preferred
Cities Serv & P L $6
Cleveland Elec Ill corn..'
WM:a Edison Co -100
Com'
Comm'wealth & Son CornWarrants
Community Water Sexv--•
Cowl0El& P Bali corn •
Consol Gas Util class A__•
•
Class Byte
Consol Traction of N .7_100
Cont0& E 7% pr pref_100
*
Dixie Gas & Dill corn_
200
44
500
34
234
100
100 14
20 9034
300 17
7,200 1134
600 14%
7,900
7%
25 44;4
50 90
100 82%
400 45
60 21734
1% 30,000
8% 6,000
83%
700
15%
300
534
100
4334
150
99%
25
1434
200
1%
7%
78
13
434
45
9634
10
Aug
3%
Dec
2
Oct
43‘
Dec 38%
July 93%
Dec 4034
Dec 43%
Dec 31%
Dec 89%
Dec 105
Dec 162
Dec 91
Nov 93
Dec 335%
Jan
Jan
Jan
Apr
Dec
May
Apr
Feb
Apr
Apr
Sept
May
Apr
APT
Nov
614 Ate
Dec 19% Apr
Dec 136% MAY
Den
3044 Mar
Oct 14% Mar
Nov 47% Oct
Dec 108% June
July 26% Oct
100
Duke Power Co
4%
Duquesne Gas common..'
East Gas & F Associates.* 1934
East States Pow B oom_ •
Eastern Mil Assoccom_ •
Convertible stock
Edison Elec (Boston)_-100
• 41%
Mee Bond & Se Co corn• 103
Preferred
ao
$5 cum prof w I_
Eleo P & L 2d Prof 01 A- *
22
Warrants
Empire G & Fuel 7% p1100 7734
6
Empire Pub Sere Cl A....*
Fla Pow & Lt $7 Pref____• 100
Gen Oas & Elve SO pf B_ _• 65%
70%
Gen Pub UM $7 pre1
Gen Water Wks & El corn •
•
Georgia Power 26 pref_
122 125%
Dec 209
100 111
344 444 6,700
234 Dec 17
19
19%
500 14% Dec 42
14)4 15
1,000 10% Dec 44
500 2834 Dec 43%
3134 32
Dec 17%
734 8
500
6
253 256%
Dec 275
30 240
40
44 205,200
37% Dec 11734
102% 10334 1,700 10034 Dec 109;4
420 88
Dec 98
91%
90
200 88
964 97
Dec 107
2134 23
600 16% Dec 7834
200 75
77;4 7734
Dec 98
434 Dec 25
734 1,200
6
600 100
100 100
Jan 105
60
68% 1,400 37% Dec 97%
250
67
7034
34% 1534
400 14% Dec 30%
300 9434 Dec 103%
99
9934
APt
MAY
Apr
Apt
Apr
Mar
June
Apt
May
Sept
Mar
Aug
Apr
Feb
Apr
Apr
Illinois P & L $6 prof....'
100
6% preferred
Ind'polis P & L636% p1100
Int Hydro El 83.50 PL..* 41
• 21%
Internet Superpower - Intermit Utilities cl B____•
634
Warr for class B stock_
Interstate Pow $7 PI
• 86
Dalian Super Power el A-*
1
Warrnnts
Jersey Cent P Si L 7% p1.. 107
p1.100 111
Long Island Ltg
6% pref series B_ - _100
Marconi Internat MarineCom m tin Am dep rots- ______
274
Maroon1 Wire' Tot Can_..)
Mass Utilities corn vto
-• 10
Memphis Nat Gas- Met Edison $6 pre( C. •
Middle West Utiloom-- --• 20%
2
B warrants
Mid-Woes states Util ei A • 21%
Mohawk & End Pr 1st pi_•
•
Second preferred
Montreal Lt Ht & Pr corn_*
89% 90
89M . 89%
100% 10134
41
43
21% 23
634 634
2% 2%
86
85
2% 3
1%
1
107 107
109% Ill
102% 104
Dec 9236
150 85
150 89% Nov 94
Jan 10654
75 98
110 4534 Dec 52
Dec 4634
600 20
4
Dec 19%
2,100
1% Dec 10
100
40 82% Dec 9134
114 Dec 18
2,200
34 Dec
2,400
0%
50 100% Jan el09
210 103% Dec 11334
325 100
Nov 107
Nov
Nov
Sept
Oct
Mat
Apr
May
Oct
Apt
Feb
June
Sept
Sep,
Nat Pow & Lt $8 prat----• 9751
Nat Pub Service class A- •
100 843(
7% preferred
0
N Engl Pr Assn 6% P1-10
N Eng Pr Assoc 6% p1_100 8134
N Y Pow Lt $6 pref__ _ _• 101
100
7% preferred
N Y Steam Corp cum_ •
NT Teiep 634% pref.-100
Niag & Hod Pr (new oolln
10 1034
CATAIMOD
2
Class A opt warrants.Class B opt warrants-- ______
Clam C warrants
Nor Amer Mil Sec corn- •
N Ind Pub Serv 6% PI-100
Nor States P Corp corn _100
Ohio P S 7% 1st pf A_ _100 10334
Faca0e0as & El lit prei_20 2734
Pacific Ltg 26 prof
•
Patin% Pub Seer, ol A enm •
Peninsular Teter)7% P1.100 100
Pa Pow & Lt $7 mut
• 10834
Pa Water & Power
•
Peoples Lt & Pow elan A.* 22
[VoL. 132.
FINANCIAL .7,EIRONICLE
June
May
Feb
934 934 1,400
734 Oct 13
2% 334 15,600
934 AP?
134 Dec
4
500
3% Dec 10% Apr
4
11% 3,800
10
7% Dec 3234 AM
25 10074 Oct 10534 May
9734 97%
7,000 14% Dec 38
1944 21
Apt
200
1% Nov
Feb
2
7
2
700 18
Dec 294 July
2134 21%
100 103
Nov 108% Oct
102 102
Feb
400 94
Dec 110
99 101
May
50 55
Oct 64
58
58
9751 9834
17% 17%
84% 85
8274 85
8134 81%
101 101
109% 10934
48
48
114% 114%
400 9334 Dec 10434
100 1634 Dec 26%
125 82
Dec 9634
320 76% Dec 93%
20 76% Dec 9334
25 9334 Dec 104%
100 10534 Jan 117%
Dec 5434
100 41
Nov 117%
75 112
Oct
Mar
Sept
Sept
Sept
Oct
Sept
Oct
June
2434
634
1534
7%
10%
103
183%
109
29%
105
39%
109
111
95%
46
Apt
May
Apr
July
Apr
Sept
Feb
Oct
lisot
Mar
Ave
May
May
Mar
Mar
83‘
10% 10% 22,700
1%
1% 234 6,400
4;4
600
534 5%
13.4
100
2% 2%
234
400
2% 234
100 94%
99
99
800 120
123% 125
40 looli
103% 10334
2734 27% 1,800 2534
25 98
102% 102%
100 1934
1934 1944
20 107
100 100
200 107
10841 109
200 67
5934
59
500 16
22
23%
Dec
Nov
Nov
Dec
Dec
Nov
Nov
Jan
Dec
Dec
Dec
Mar
Nov
Den
Dec
Friday
Sales
Last Week's Range for
Public Utilities
Sale
of Prices.
Week.
(Caudated)
Pat. Price. Low. High. Shares.
Public Serv Corp of No 111
•
Common
Corn $100 par stock_100
Puget Sd Pr & Lt 6% p110
Ry & Light Secur com____.
Rockland Liget & Pow. 10
Sierra Pac Elec 6% pi_ _100
South Calif Edison pf A_25
25
Preferred B
25
534% prof class C
Southern Colo Pow A._ _25
Souwest Bell Tel 7% of 100
Southwest Gas Util com-_•
Standard P & L corn B •
Preferred
•
Swiss Amer Elea prof
•
Tampa Electric Co
Twin States Nat Gas el A.'
Union Nat Gas of Can.....
United El Serv Am She
Purchase warrants
United Gas new oom.____*
Prof non-voting
Warrants
United Lt & Pow coin A...•
•
Common class B
6% oom let pref
United Public Service__ _ _*
U S Elec Pow with war?..'
Stock purchase warr____
•
UM POW & Lt ooze
•
Claes Byte
Virginia P S 7% pref_ _ _100
•
Wen Mass Cos corn
223 226
22034 226
98% 99
43
43
16%
16% 1734
86
86
829 829%
2634 2634 27
25% 2534
19
19
11934 119%
4
43% 43%
9934 9935
81
84
.52
50
134
134
14
Range for Year 1930.
Low.
200 195
125 196%
200 98
100 34)1;
1,100 15
20 86
1,300 28%
1,200 2474
100 2234
100 19
100 117%
5,300
334
100 33
50 90
200 80
900 4034
1
100
14
934
34
834
89
334
2334
6934
94%
6
434
1%
9%
2334
99
56%
10
9134
3%
25
69%
95
6
534
1%
10%
2344
99
5634
Former Standard Oil
SubsidiariesChesebrough Mfg Conso125 1103i 110%
Galena 011 Corp
234
Humble Oil & Rfinfing--26 60
5934
imperial 011(Can) Corp • 17% 17%
National Transit... _12.50
1334
10 14%
New York Transit
1334
Ohio 0116% cum pref.-100 102% 102
11034
234
6434
1834
1334
1434
102%
25
Penn Mex Fuel
South Penn Oil
25
Standard 011 (Indiana)....25
Standard Oil(KY)
10
Standard Oil (Neb.). _25
Standard 011(0) corn..
.23
100
5% =caul Prof
20
Venom Oil
200 12
1534
500 1634
2234
27,400 30
38
2234 8,600 18%
500 34
36%
1,200 4334
56
100 102
103
62% 7,900 45%
Other 011 Stocks
Amer Maracaibo Co
5
Arkans Nat Gas Corp own•
Class A
•
Preferred
10
Atlantic Lobos Co cora_ •
Gant,Syndicate oom
Colon 011 Corp, corn
Colum Oil & (lama v
Consol Royalty 011
1
Closden Oil common
•
Creole Syndicate
Darby Petroleum cora.. •
nerby Oil& Re(corn
•
General Petroleum
Gull MCorp of Penna__36
Indian Ter Ill 01101 A....
•
Class B
Intercontinental Petrol...1U
•
Internet Petroleum
Leonard Oil Develop__20
•
L100 011 Redoing
•
Lone Star Gaa Corp
Margay Oil Corp
Magdalena Syndicate-- -1
Mich Gas & 011 Corp....
MiddleStates Pet 01 A vta•
Claes Byte
•
Mo Kansas Pipe LIne
15
CI B. vot trust etis
I
Mountain Prod Coro-10
New Bradford 011 Co.
-5
North European 011.
Nor Central Texas 011-- •
Paciflo Western Oil
•
•
Panden 011 Corp
Petrol Corp of Amer warr_ _
Plymouth Oil Co
5
Prrxi'leers Royalty Co_ •
Pure Oil Co 6% pref._ _100
Red Bank 011
•
RAM, Foster 011 Corp...'
Richfield 011 Co prof_ __-25
Royalty Corp of Am p1_10
Ryan Consol Petrol
•
Salt Creek Consol Oil__ _10
Salt Creek Produoers- _10
Southland Royalty Co...'
Sunray Oil
5
reran Oil& Land Co....'
Union 011 Associates
_25
Venezuela Petroleum____P
34
89
334
23%
6
5%
13%
2234
3534
21%
36
5034 49%
103
5634 56
1334
22%
36%
22%
4
1
5%
534
534
334
28%
67%
15
14%
9-16
1434
6%
2534
7%
1%
6%
34
5%
1%
614
34
-1634
134
13g
5%
64
334
10
1%
153.1
934
13
1,100
300
2,300
82,000
1,800
2,100
13,400
100
400
100
6,100
100
4,900
400
25
100
49
Dec
68
100 10034 Nov 184%
7
100
234 Jan
3,900 57% Dec 119
Dec 80
4,600 15
100 1134 Dec 22%
600 10% June 21%
400 100% Dec 108
4%
200
334
900
1,000
29
75% 4.800
900
15%
400
15
% 11,600
15% 12,300
1,200
34
634
500
25% 1,100
234
2
2334
58%
1233
12%
34
11%
34
414
19%
4
34
734
3
134
5
Si
5%
134
76
234
200
4%
1,000
34
8%
500
4
3,000
1%
800
834 35,100
34 13,500
534 1,900
134
800
800
%
2%
100
3
Apr
Apr
May
Ape
Ant
.155
May
May
Dec 32
Apr
Dec 4514 Mar
Dec 5914 Ayr
Dec 60% Alit
Dec 48% Mar
Dec 10814 Mar
Dec 103% Oct
Dec 97% Apr
34
434
4%
634
%
34
134
3%
2
134
3
434
3
2834
6634
1434
1434
34
1434
H
634
25
3,800
1,300
200
400
BOO
30
100
600
3,300
200
2,500
200
2.000
9,000
6,200
400
600
4,100
Sept
Nov
Apr
Apr
Apr
Mar
Sept
Sept
Mar
Mar
Oct
Apr
Apr
Apr
May
Mar
May
Deo 35
Ma,
Dec 17% Feb
Oct
Feb
Dec 28% Mar
Dec 99% Sept
Dec 11% Mar
Dec 56
May
Dec 99% Mar
Dec 119% Apr
Nov 19
Jan
Dec 22% Feb
Dec
634 June
Dec 28
Mar
Dec 6834 Apr
1,900
1
3,700
6
11,400
6
100
6.
4
7
200
34
600
31
1% 2,900
634 2,900
700
2%
244
600
354 3,500
6%
5-16
134
17
234
83
2%
134
734
33(
234
I%
7%
7%
434
10
2334
134
25334
240
10114
90%
20%
97
3
074
2834
26%
2634
122
2034
80
107
98%
98
15%
13%
81g
ii
634
81%
2%
19%
56
87
6
3%
134
7;4
13%
34
534
5%
634
34
4£
134
534
2%
2%
3
/
1
2
534
Si
1%
1634
1%
8234
2%
1%
334
334
2
134
7
64
3%
10
21%
114
Dec
Den
Dec
Dec
Dec
Dec
Jan
July
Jan
Dec
Jan
Dec
Dec
Dec
Dec
Dec
Dec
High.
Dec
Dec
Nov
Dec
Dec
Jan
Dee
Dec
Dec
Dec
Dec
4%
1634
16%
8%
23(
84
21
54
745'
754
May
Apr
Apr
Apr
Apr
Ape
Feb
Apr
Jan
Jan
June
Dec 21% May
Dec 11
Apr
Dec 37% APT
Dec 106% Apr
Dec 47% Arm
Dec 5334 Apr
Oct
134 Mar
Dec
24 Apr
Dec
45.4 Apr
Deo 29
Apr
Dec 65% Apr
Dec
„ Dec
16
Apr
34 Apr
234
%
5
54
334
134
34
2%
Nov
Dec
Dee
Dec
Dec
Dec
Dec
Dec
1134
6
86%
6
1214
334
414
1134
Apr
Apr
Jane
May
AD?
Mar
May
Apr
534
34
34
1634
334
8174
134
34
634
534
2
36
534
6
2
8
19
34
Dec
Sent
Dec
Dec
Dec
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Dec
Dec
Dec
1934
234
5%
2714
8
99
1034
5%
2334
12%
8%
235
159.4
17
10
1934
47%
AIM
Mat
Apr
Feb
Sent
June
May
APT
Jan
Aug
May
Mar
Apr
Ayr
Apr
Sept
Apr
Mar
48
Dec
95% Jan
Mining Stocks
Bunker Hill& Bull
10
433.4 43%
B'wana M'kubwa Cop Min
American shares
134 1%
Chief Consol Mining
1
34
14
mnsol Copper Mines._ _a
3
3%
334
Consol Mln&Smelt
(Can)25 144
144 144
Cresson Cone Cl M & 51.-1
34
14 5-16
Cus1 Mexicans Mining_ ..l
54
34
34
Engineers Oold Mines__ ..6
34
Si
')olden Centre MInes.....11
1
1
1%
Gold Coln Mines
1
%
%
Heels Mining Co
25e
7
7
Hollinger Cons Gold
5
7%
736 834
Hui Bay Mln & Smelt...*
434
434 434
I%
1,200
34
100
2
1,400
10 140
•yi
700
34
1,400
200
ig
4,500
34
700
674
500
5
7,200
Sig
4,600
Mining Corp of Canada...5
Newmons Mining Corp_10
New Jersey Zino
_26
NY & Honduras Rosario 10
Niplasing Mines
No:sada Mine:JUNI
•
Ohio Copper...
PremierGold Mining_ _1
St Anthony Gold MInes__1
Shattuck Deno Mining. •
Tack Hughes
United Verde Extension 600
Utah Apex Mining
5
Wright Hargreaves Mines.*
iS Oct
3% Feb
1,800
2,300 37% Dec 141% Apr
Dec 91% Mar
600 45
9 June 16
Jan
100
1% Mar
400 10-16 Oct
3,300 11% Dec 4534 Mar
14 .Pin
34 Oct
1.600
34 Nov
1% Jan
500
11• May
31 Feb
2,500
9., Jan
234 Oct
500
434 Jan
734 June
3.400
6% Oct 1634 Mar
2,400
334 Mar
34 Dec
100
274 June
1% July
200
134
45
51
15
3,‘
634
934
1
134 2
43
4834
50
51
11
11
13( 13‘
1434 15
31
34
Si 13-16
1-16 1-16
3% 334
6% 634
8% 934
1
1
1%
174
75
Dec
534
June
1 ,4
4
8%
Sept
Nov 240
34
July
Dec
2
2%
Oct34
Oct
7
Dec
534
Dec 14
Jan
7
Nov
1454
Jan
Feb
Feb
Mar
Jan
Feb
Feb
Feb
June
Feb
Apr
Feb
Bonds
-
477
FINANCIAL CHRONICLE
JAN. 17 1931.]
Sales
Friday
Last Week's Range for
1Yeek.
of Price?.
Sale
Price. Low. High.
Range for Yew 1930.
Low.
Abbotts Dairies deb 6s1942
Alabama Power 430-1967
5s_
1068
1st & ref 55
1956
Aluminum Co s f deb Is '52
Aluminum Ltd 51
1948
Amer Aggregates 8s_1943
With stock purch wart-Amer Comith Pr 6s_ _ _1940
Amer G & El deb as._ _2028
Amer Gas & Power 6s_1939
American Power A Light
65. without warr_2018
Amer Radiator deb 450'47
Amer Roll Mil deb 56_1948
454% notes_ _Nov 1933
Amer Seating Corp 85-1936
Appalachian El Pr 52_1956
Appalachian Gail 6e 19415
Cons deb 6s B
194e
Appalachian Pr deb 65 2024
Arkansas Pr A Lt 55-19515
Is new
1956
Associated Eleo 430_ _1953
Associated Gas A Electric
4.14v ewes c'
1949
Deb 4545 with warr_1948
ee
1950
Os
1968
53411
1938
5141
1977
Assoc T & T deb 545 A '55
Assoc Talmo TUB 8344_1944
Atl Fruit & Sugar 8s....1949
9931
99% 98
101%
103
10234 102%
10334 10334
9844
99% 9,000 97
99 $86,000 93
103% 62,000 99
102% 4,000 100
104% 38,000 10034
99% 24,000 96%
37554
378
80
97% 9754
85
85
753.4 5,000 :72
81% 60.000 68
99 274,000 9334
4,000 84%
86
Bell Tel of Canada 50_1957
1ir1 M 5s aerie. A
19515
Is series C May 1 1960
Birmingham Gas 50 _ _ -1959
Boston Consol Gas 58_1947
Boston A Main.. RR eri '53
Biyn Borough Gas 58_1967
Burmeister&Wain (Copen)
15
-year Os
1940
Canada Nat By 70_ -.A935
Capital Adrn deb 54 A _ 1955
With warrants
Without aarrant.
Carolina Pr & Lt 5s_ _1956
Caterpillar Tractor it. 1935
Central German Power
Os
etfa
1934
Cent Pow & Lt 5s_ _ _ _1956
tient Settee Eleo 50_1948
Deb CO--Sept. 15 1954
Cent States P & LI 549'58
Chic Dist Else (lee 410'79
Deb 634s._Oct 1 1931
Chic Rye Is etfs dep _1927
Cigar Storm Realty
634. series A
1949
Cincinnati St By 530 A'52
69 series B
1955
011ie. Service Si... _1966
Cobs deb Is_ _.. _1950
Cities Service Gas534s 1942
Cities Sem Gas Pipe L 6s'43
,
Cities Sem P & L 534.1952
Clay Elee. deb 7s ,.1941
Cleve Term Bldg 623_ _1941
Commander Larabee
Common und Private
Bank 8141
1937
Com'wealtb Edison1st m 430 set D..1957
4%.series F when lee '811
4%s series G
1969
Collard G LAP (Haiti-530series E
1952
Consol Textile 1st 83..1941
Con/tumors Power 1150.'58
Cont'l & El 55
195$
Continental Oil 5340_1937
Continental Occur 55_ _1942
With warrants
Crane Co 10-yr 51--1940
Crucible Steel fie
1940
Cuban Teleph 734s_,...1941
Cuban Tobacco 55. _1944
Cudahy Pack deb 55491937
0.
1946
10331
10354
104
9554
10454
Deny & Salt L 65 A.-1950
Income 13s series A1960
Pet City this de see A_1947
lst 5s ser B
1950
Detroit lot Bdite 644-1962
26-yr f deb 7.
1952
Dixie Gulf Gas 644s-1937
With warrants
Duquesne Gas let 66..1945
% notes
1935
East Utilitlea Inv es
With warrants
1954
Edison El(Boren)85_1933
4% notes
Nov 1 '32
Elie Power & Light51_2030
Empire On & Berg 645'42
Ercole Marelli El M1g6145 with warrants _1953
European Flee 0348 1965
Without warrants
Eon Mtge & Inv 7.0.1987
1950
734s series A
Fairbankr Mom Co 551942
Federal Water Fiery 534s'54
/Finland Residential Mute
.1961
Bank 65
Firestone Cot Mills 54.1948
Firestone Tire & R 58_1942
First Bohemian Glass Wks
75 without warrants 1967
1931
Flat Rubber 836e
Florida Power & Lt 51_1954
Gatineau Power 50....1956
1941
Os series 11
1941
Deb gold es.
Oen Bruns Corp(env Se'40
Gen Laund Mach 6348
cell Public Serv 5s_ _1953
Gen Pub 17111 cony 68_1931
1948
Gen Rayon as
Gen Vending Contes with wino. Ace 181037
Gen Water Wks Gas & El
1044
13s series B
Georgia Power ref 06_19117
1953
Geefuel deb es
With warrants
Without warrants
Gillette Safety Razor 5e '40
1935
Glidden Co 54n
High.
100)6
100
1044
104
104%
102
Sept
Oct
Oct
Aug
Sept
Sept
Dec 88
Dee 9934
Jan 101%
Des 9634
May
Mar
Sept
Jan
109
100
101
100
81
102%
14834
101
108
10114
Mar
Sege
Mar
Nov
Feb
Sept
May
May
Oct
Sept
May
Feb
Jan
Jan
Dec
Dec
104% 1035: 10534 92,000 984 Dec
101 101;4 23,000 9644 May
95% 9534 9654 50,000 90% Dee
Dec
51,000 96
97% 9754 98
Dec
58
5934 6,000 54
99% 9934 10134 93,000 94% Dec
78% 7234 7834 613,000 655: Dec
5954 116234 377,000 4834 Dec
62
10334 10354 12,000 10054 Dec
Dec
9734 assi 134,000 93
98
98
98
30,000
90
8834 90 235,000 7934 Dec
923, Sept
8534 70 135,000 53% Dec 87
75
7634 12,000 694 Dec 124
76 232,000 z63% Dec 88
71% 71
Dec 88%
76% 57554 78 1505000 63
Dec 87
72% 7234 7654 72,000 59
9534 13,000 804 Dec 105
94% 94
Dec e9434
41,000 82
87% 8751 90
Dec 108
84% 88454 8634 147,000 67
a
1
Dec
3
2,000
3
6534
103 10434
10334 10434
10334 104
95% 9734
104% 104%
10134 101%
104% 104%
112,000
40,000
21,000
8,000
2,000
13,000
2,000
100
100
102
9434
10034
100
103
10054 10034 10034 5,000 98
108% 3107x 108% 80,000 106
10154
9654
98%
62%
67%
91
10034
69
72
74%
82%
88
82%
106%
40
8134
Feb
Jan
June
Dec
Feb
Dec
June
Mar
Jan
Sept
SeV1
Mar
Mar
Sent
Vet
Apr
10534 &In
105% Oct
Oct534
•-•
10034 8501
1043: Sept
10354 Aug
10554 Aug
Jan 10154 Oct
Dec 110 Sept
8054
74
985:
92
Dec 9454 Apr
Nov
Jab 85
Oci
Jab 104
Dee 10534
89
Dec
55
58
74
8454
9814
6254
Dec 84
Mar
Dec 894 Mar
Dec 92% Sept
Dec 96% Oct
Dec 1013S Sept
Dee 8435 July
82
8434
82
82
% n1025:
9634 9934
20,000
10,000
65,000
79,000
93
98%
61%
s6744
83
9054
100
8634
93
984
64
6936
8334
91%
101
70
3,000
2,000
115,000
115,000
2,000
41,000
67,000
14,000
7234
89
95
72
72%
82
88
81%
10(1
84
40
7351
90
95
7434
77%
83
89
82%
10634
8534
41
Mar
7,000 6214 Jan 89
Jan
Dec 97
25,000 85
Nov e(1914 Apr
7,000 92
31,000 645: Dec 884 Mar
1427000 8451 Dee ilse
Mar
19,000 7854 Dec 92% Oct
Dec 974 Oct
11,000 86
Dec 944 1141
91,000 75
Jar.
10,000 105% Dec 101.1
Nov 99
Sept
4,000 80
Dec 6934 Jab
22,000 41
80% 82
51,000
78
Dec
99
91
Sept
Mai
10114 10134 10114 61,000 934 Feb 1024 Oct
9634 Dec 10114 01
10034 995: 10054 124,00
Feb 105H Sept
1043: 104 10434 13,000 100
Jan 109
Dec 72
Feb Ing
Dec 94
Dec 98
Dec
Jan
Ban
Mar
Mar
85
85
10134 102
102
9814 9854 9954
10254 10454
4634 47
97
98
98
1013: 10154 10234
Dec 89
3,000 68
34,000 9914 Dec 1024
65,000 9634 Dec 102
5,000 10114 Oct 109
15,000
40,000 94% Dec 99
5,000 98% Jan 1024
May
Sens
MN
Mar
100
69
10851 106
10034
101
2634 26
234
254
3,000 99
7,000 48
44,000 104
37,000 9754
30,000 1734
1
25,000
Jan
Feb
July
Oct
Mai
Mal
4,000 106
10734 108
108
3,000 28
25
25
25
1015: 10054 10154 213,000 9134
8354 295,000 7834
8234 82
5,000 90
94
95
60
58
100
73
107
101
29
4
87% 8734 1,000
56
70% 327,000
53
61
86,000
61
60
67 204,000
10154 101% 10234 38,000
100 1004 15,000
86% 85% 87% 281,000
79% 79% 8034 38,000
65
6334 65
70
83
68
8234
99%
97
80
15,000
70
26,000
83
23,000
99% 1,000
97
3,000
81
7.000
76
80
23,000
81%
31,000
8514 864 16,000
mi
86
78
1744
85
9334
924
92% 924
58
58
20
884
944
96
51
52
85%
93%
11
100
76
77
8854
9135
11
794
18
85%
9444
9244
9314
58
20
84
96
53
11
10,000
29,000
65,000
53,000
20,000
10,000
3,000
4.000
1,000
17,000
9,000
8,000
69
s65
4,000
9954 10054 199,000
75
73
88%
90
Oct 102
Nov 85
Dec 107%
Feb 1011%
Dec 89
Dec 75
Mat
Oct
68
80
40
Jan 9954 June
Dec 10954 May
Dec 10534 May
49
99)4
994
78
7544
mar
Dec gy
Jan 10234 Sept
Dec 1005' Nov
Dec 0434 Mar
Dec 90
62
Dee
Sept
87
64
Dec 8134
8234J Dec 91
98 May 102
9234 Jan 99%
74
Dec 97
7214 Dec
734 Nov
8334 Dec
78
12
80
91
88
90
57
30
81
95
51
11
88
Mar
94
Apr
9634 Mar
Oct 84
Dee 7254
Nov D2
Feb 99
Dec 9934
Dec 101
Dec 99.4
Nov 664
Nov 90
June 9554
Dec 80
Dec
Apr
Aug
Sept
Feb
Sem
Apr
34
Jan
Fes
ate(
Oct
Sept
Mar
May
June
Apr
May
Mar
Feb
75
Nov 96 May
9454 Jan 10214 sew
7834 22,000 69
78% 66,000 69
90 368,000 :81
92% 54,000 8934
Dec 9434
Dec 924
Dec 8754
Dec 10034
May
June
Dec
July
Bonds (Costtsued)
muss
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Gebel (Adolph)650_1935
79%
75
with warrants
75
Goodyear TA R 5545_1931 9934 99% 100
Grand (F & W) Properties
74
71
Cony deb Ils_Deo 15 '48
106% 107%
Grand Trunk By 6345.1936
102 102
Gt West Pow (Calif) 5s '46
25% 2854
Ground Gripper Shoe Os'44
Chat 011ol Pa fis
1937 101% 10134 102%
102% 103%
Sinking fund deb 50_1947 103
Gulf States DUI 50_ _1956 97% 9794 99
80
8234
Hamburg El& Und 530'38 81
Hanna(M A)deb 65_1934 9934 9934 99%
62
60
Hood Rubber 534s._ 1936
7s
1936 78% 37734 78%
88
87
Houston Gulf Gas 613_.1943 87
88
87
Deb gold 654s
1943 87
86
86
Hod Bay Min & Smefis '35
7834 79
Hunger Ital Bank 7481963
51
51
aygrade Food fis A-1949 51
50
50
6s series B
1949 50
III Pow & Lt 544s Der B
Sinking fund5545 May'57 9044
Indep 011 & Gas deb 6s '39 99
P & L 58 ear A '57 100%
!mull Utility Investment
de set B without ware '40 89
Interoontinents Pow 651948
With warrants
Without warrants
Int Pow See 75 Mr 8_1957 9454
Internat Securities 56-1947 72
leteratate Power 5.- _1957
Deb da
1952
Inter-State P S 430-1958
Investment Bond & Share
5s with warrants_ _1947
Invest Cool Am 55 A_194;
With warrants
Investors Equity 5s__1947
without warrants
723:
.1515093
lowa-Neb L & P 0...
Iowa Pow & It 4345 A 1958
Isere° Hydro Else 70-1952 7934
Issotta Fraschini 78._ _1942
With warrants
6254
Without warrants
61
sane n Superpower ot Del
Dab, As without ware '63 63
Jersey C P & L550 A-1945 102
Ist & ref 5.B
1947
Kansas Gas & Elec 652022
Kansas Power as A-1947 95
Kelvinator Co 193-19313
Without warrant.
Kentucky HUI 1st 50._1969
lot 5s
1981
Koppers &0deb 54_1947 9954
610
196n 102
Kresge(85)Co let 58-1945 99
Laclede Goa 530
1935
Leh Coal dc Nay 444s C '51 9934
Lehigh Pow %our 66-2028 10254
Leonhard Tlets 7345_1946
Without warrants
Lexington Util 1st 59_1952
.tbby. McN & Libby 85 43 9054
Lone Star Gas deb 55_1942
Long Island Ltg Oe-1946
onlioana Pow & 1.1 IS 1957 9754
Man Power 5165 A_ _1951
Mansfield Min & Smelt 75
With warrants
Without warrants
Mass Ga4 Cos 5348_1946
51
........ .. 1965 9954
Mass UM Assoc 58 A.1949
McCord Bad A Mfg 80.'43 53
Memphis Pr & Lt 55 A..'48
Middle West Utll 59_1932 9954
Cony 434% notes...1943
5
Gone 6.v notes____1933
Cony 5% notes....1934 9534
Cony 5% notes....1035 9534
Mid-States Petrol 83401945 4934
Milw El By & Lt 55..1971 10054
Milw Gas Light 440-.1967 102
Minn Gas Light 410.1951.1
Kinn Pow & Ll 484_1978 9334
1tise Power & Lt 50._ _1957 9454
Mies River Fuel 0.Autt18'44
With warrants
10354
Without warrants
94
Montreal LB AP ool 5s'51
5s series B
1970 10234
grarraganeets Elea 5. A '57
Nat Food Products 60_1944
Nat Pow & Lt es A
2025
58 series B
2030
Yet Public Service 56_1978
National Tea Co 55_ -1935
Nekiner Bros cony 69_1948
Nevada Calif Ed 5.--1956
Nebraska Pow deb 60.2022
8I E Gas& El Amu 81-1957
-1948
5e
loco
NJ Power A Lt 5s_ -1956
Y & Foreign invest
5345 A with warr_ _1948
If Y
L Corp let He'67
Magma Falls Pow 8e-1950
VIDpon Mee Pow 634s 1953
Nor Cent UM 534s A_1948
lorth Ind Pub dery 5.1966
tis series D
1989
lst & ref 430 ser E..1970
Nor Oblo Pr & Lt 5 Hs 1951
Nor Ohio Tr & LI 50_1956
No Ells Pow 634% noses .33
1940
534% notes
1st Hen Os series A_ _1948
1st lien 554s ser B..1950
Nor Texas Utilities 70_1935
With warrants
Without warrants
Northwest Pow 6.5 A__1980
onto Edition 1st 54-1960
1952
Ohio Power 5s B
&Hs series 11_
1956
Okla One ttr Elm'60. _19541
Osgood Co Os with warr '38
Oswego Riv Power 6.1_1931
Sac Gas & El let 630-1957
1941
1st es ser B
1st & ref 5141 0-1952
lat & ref 4448 F____I980
436s series F new_ _1960
Paelfie Invest deb 5s-1948
Without warrants
Si
12,000
25,000
45,000
53,000
19,000
137,000
8634 90
209,000
55
54
95
73
8434
78
89
Low.
75
9934
5,000 70
14,000 105
1,000 1013:
6,000 20
48,000 9934
28,000 99
30,000 925:
28,000 76
8,000 97
5.000 5654
14,000 71
13,000 87
6,000 84
5,000 8334
5,000 76
16,000 45
4,000 49
10034 10134
9054 9334
9734 99
10014 10154
51
53
93%
72
8234
876
89
Range for Year 1930.
14,000
2,000
49,000
21,000
46,000
13,000
5,000
97
85
93
964
78
45
90%
44
68%
79
70
854
High.
Oct 9916 May
Jan 1014( Oct
Dec
Apr
Dec
Dec
Jan
Dec
nui
Dec
Jan
Dec
Nov
Jan
Jan
Nov
Jan
Dec
Dec
92
109
103%
70
1P4
104
102
90
1004
91
98
98%
100
108
92
713:
81354
May
Sept
Nov
Apr
Sept
Aug
Oct
Mar
June
Ave
Mar
Sept
June
June
Mu
APT
Apr
Dec 1044 Sept
Deo 9714 Oct
Dec 11034 Apr
Jan 10114 Sept
Dec 11241 Moo
Dec s98
June 94
Dec 101%
Dec 87
Dec 9834
Dec 9241
Dec 94%
May
Nov
Jun.
Mar
Mu
Mar
Oct
9331 Apr
68
68
2,000
74
De
81
81
1,000
82
Dec 10334 Apr
72%
92%
93
71
7234 5,000
9334 26,000
5,000
94
79% 17,000
70
88
92
6434
Jan
De
Aug
Dec
Mar
80
9834 Oct
98
Sept
94% Mar
63
65
Dec
Dec
924 May
89
Apr
6234 6234
61
66%
59
101%
100
a10434
95
1,000
4.000
63 139,000 z4954 Dec 80
102% 67,000 99% Nov 104
10034 9,000 98 May 102
10434 1,000 10014 Jan 107%
Dec 99
5,000 94
95
Mar
Sets
Nov
June
Bens
693:
95
97
955(
119%
9844
974
9744
98
Jan
Dec
Nov
Jan
Tom
Dec
Dec
Nov
Dec
9344
9914
97
1014
1033:
10044
10144
994
10734
Elotil
Nov
Nov
BOLA
July
Nov
June
Oct
Mar
89
1,000 76
89
92
5,000 95
92
90% 91% 24,000 90
17,000 9634
974 98
105% 105% 1,000 10234
9634 ash 67,000 92
14,000 94
9434 95
Nov
Aug
Dec
Mar
Dec
is,
Dec
100
97
97
100
106%
10144
101%
Mar
Oct
Atli
Oct
Sens
Sept
Oct
98
77% 7734 1,000 7334 De
7718 77% 1,000 73
Oct 95
10234 10334 22,000 1004 Dec 108
98% 100 194,000 95
Dec 10146
94% 94% 2,000 964 Nov 964
51
53
11,000 50 Nov 8714
102% 102% 4.000 100% Oct 104
99
99% 11,000 984 Dec 102
96
1,000
96
96% 97
20,000 9214 Dec 100
95% 90
22,000 92
Dec 100%
9434 98
20,000 91% Dec 994
4934 49% 3.000 40
Dee 76%
100 100% 117,000
102 103
Jan 104
11,000 95
90% 91% 44,000 8454 Dec 9574
9334 9434 42,000 88
Dec 97
9334 96% 55,000 8834 Dec 9931
Jan
May
Apr
Oct
Nov
Mar
Nov
Nov
9034
98
98
9956
102
99
100
98%
102%
91
98
98
10034
1033:
994
100
99%
1044
5,000
15,000
9.000
40,000
51.000
3,000
3,000
39,000
86,000
Sept
July
Sep.
May
Sept
Oct
Oct
Oct
10354 57,000 95
94
9,000 88
10254 5.000 98%
10234 5.090 1004
Dec
Dec
Jan
May
122
10144
1044
104%
Mat
Oct
Sept
Sept
100,000 97
15,000 ao
39,000 97
64,000 80)4
90,000 654
1.000 95
6,000 80
9,000 89
5,000 104
446.000
80,000 834(
94.000 80
1,000 100
Jan
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Dec
Dec
Dec
Apr
103%
88
10844
95
8654
100
95
933(
111%
.8
95
"184
10334
Ose
Feb
Sept
Sept
Mai
Oct
Mar
Dee
Oct
May
Dec
Get
Oct
6,000
77
77
95% 9634 253,000
10534 10634 10,000
10.000
84;4 86
7,000
7234 75
100% 10134 45,000
101% 10234 43,000
90% 92 113,000
46,000
100% 101
94
96% 31,000
101% 10234 8,000
99
99% 18,000
10434 10534 17,000
18,000
10234 104
75
9054
105
82
72
ti
9834
8854
96
90
10034
98
10314
10134
Dec
Dec
Apr
90
9814 Oct
07
194 Jun.
:0 0
51
4 0
105 105
95
95
5,000
95
95
99 101 310,000
100
7.000
10234 102 103
9654 9734 102,000
70,000
10054 100 101
5734 573.4
MOO
100% 1003i 1003-4 2,000
9734 9834 442,000
98
11034 11034 21,000
105 10534 29,000
105
9734 9854 610,000
98
98
9834 42,000
98
7534 75341 5,000
7534 7534 5.000
97
9144
94
9544
9834
91
97
57
99
9344
1074
104
95
10234
9254
10254
10254
10254 1015: 10254
48
50
49
10334 10454
8854 8854 9054
7334 s7154 73
9834 98%
78
75
92% 9234 93%
108 10834
8734 8634 88
9134
905: 89
8534 8534 8734
102% 102%
96
86
7214
101%
10144
9144
10054
954
99
104%
10334
80
76
Nov
6
Aug 185
0
0
A05
et
Deo 102m
Dec 05Aug
Nov
Oc
4i
: 10400
Debo 031 JDui
Fc
Dec 10214 Oct
Dec
1055( Oct
Oct 1035: Deo
Nov
Feb
Dec 10111 Aug
03
Dec 116 A Sept
Dec
Jon ; Ee
1 8eas
e
Jan
9
O
Dec 10214 AU.
Oct
Feb
Jan 1013 Nov
Feb
Dec 110% Oct
Dec 105%?Noy
Dec 99% Sept
104:S
Oct
a54
wr
[Vol.. 132.
FINANCIAL CHRONICLE
478
Bonds (Continued)
Pao Pow & Light 51_1959
Pacific Western Oil 834s'43
Penn Cent L & P 4548_1977
1979
11: 5s
Penn-Ohio Edison 68-1950
Without warrants
1959
534s
Penn Dock & W (is w w'49
Penn-Ohlo P & L 514s A *54
Penn Pr & Lt 18t ref 55 B'52
1st & ref 5s ser D
1953
Penn Telep 58 ser C_..1960
Peoples Lt & Pow 5:3-1979
Phila Flee 170a 1 SIR 107?
Phila Rapid Transit 681962
Phila & Sub Counties
& E let da ref 4%81957
Piedmont Hydro-El Co
1960
6348 class A
Pitts Coal deb (is
1949
Pittsburgh Steel 68_1948
Poor & Co cony fla____1939
Portland Gen El 4 kia_1961)
Potomac Edison 58_195e
544s series D
1949
Power Corp of Can 424s 59
Procter & Gamble 4I4s
Pub Ser of N Ill 4346_1980
Deb 5s
1931
434s series D
1978
Pub Serv of Okla 58_ _1957
Pugetilound P & L 530 4
9
lat & ref Se C
196e
Queens Borough G &E
1952
524s series A
Ref 4%a
1958
Reliance Bronze & Steel
1944
68
Reliance Management
55 with warrants__ 1954
Rochester Cent Pow 58..'53
Ruhr Chemical 6s A__1948
Ruhr Gas 654.
1963
Ruhr Houn'g Corp 634s '58
Ryerson (Jos T)& Bons Inc
15
-year deb 55
1943
fit L Das & Coke 68_1941
Ban Antonio Pub Serv56'138
Saudis, Falls 1st Ss_ ___1955
Saxon Pub Wks 5s. _1932
Sextet Co 1st cony 68 A '45
Schulte Real Estate 6s 1935
With warrants
Without warrants
Scripps tE W)634o__3043
1948
Serval Inc 56
Shawinigan W & P 434.'87
1968
434s series 13
1970
1st be ger C
1970
let 4344 see D
1931
glhawsheen Mills 7s
Sheffield Steel 5348_1948
Sheridan Wyo Coal 68_1947
_1932
snider Pilau ea
Sou Calif Gas Co
1st & ref 5348 sec 13_1952
Southeast P & L
Without warrants
Sou Calif Edison 5s___1951
1962
Refunding 5s
1944
Gen & ref bs
Sou Cal Ges Si Corp -1937
Southern Natural Gas 58'44
With privilege
Without privilege
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
•
High.
Sept
9834 141,000 NH Dec 101
Dec 97
Aug
8434 183,000 z75
Dec 9634 Oet
94% 50,000 89
2,000
100
102
102
98
98
81
80
10234 102%
102% 102
10234
96% 9534
66
64
s105
7134 7154
10334
9834
81
10334
102%
103
971i
68
10634
7144
10244 102%
79
99
101%
9554
8734 s87
100
99
101%
Jan 10534 Apr
10,000 99
Jan 10424 July
56,000 90
Dec 9824 Mu
11,000 82
Nov
32,000 10234 Dec 104
Sept
8,000 99% Feb 104
17,000 9934 Feb 10434 Sept
66,000
Nov 9334 Mar
72,000 65
42,000 104% Feb 106% Mar
Sept 9324 Jan
2,000 65
6,000
96% Mar 102
81% 13,000 69
9934 4,000 96
10231 2,000 100
6,000 89
96
89 174,000 80
100% 30,000 94%
2,000 102
10434
85
85
101 s10134
95
9634
100% 10034
9534 9554 9544
97
97
101% 100% 101%
98
97
9824
96
4,000
19,000
101,000
12,000
9,000
1,000
49,000
97,000
81
9534
91
99
93
9634
99
94
Oct
92
10224
104
1104
93+A
103
102
May
Mar
May
Feb
Sept
Oct
Dec
Feb 92%
Feb 10134
Dee 98
Dec 10134
Dec 9424
Nov s9934
Dec 10034
Dec 101%
Oct
Sept
Oct
Aug
Deo
Nov
Sept
Sept
Dee
Deo
Nov
Oct
Dec
Jan
Dec
10134 101% 10154
2,000 1004 Jan 10424 Oct
100% 10034 25,000 94
Jan 102% Sept
39% 42
34,000
19,000
19,000
8,000
41,000
26,000
92
38%
91
9934
87
75
Oct
Jan 98
Dec 83
Mar
Jan 101% Oct
Mar 103
Aug
Dec 98
July
Dec 100
July
61
60
8654
71
9554
95
10334
94%
101%
101%
65
37'4
1,000
49,000
10,000
6,000
162,000
28,000
60,000
137,000
44,000
2,000
1,000
3,000
51
53
78%
64
90%
90
98
904
9634
9734
63
3144
Jan 87
June 8534
Dec 93%
Feb 72%
Feb 98%
Feb 984
Feb 106
Dec 97%
Jan 101%
Feb 104
Dec 79
Dec 75
102% 102%
95
77
67%
97
7244
99
6134
7434
102
10134
76% 79
77
77
65,000 z63
1,000 64
63
66
9444 95%
93
94
63 u6531
103% 104
97
97%
9834 101%
9734 100%
97% 10045
13,000 41
40,000 89
18,000 90
87,000 49
8,000 100
17,000 97
181,000 98
101,000 9534
51,000 95
7634 8044 7,000
s78% 80
17,000
96% 098
93,000
69
65
58%
101%
9834
103
99%
73
6634
61
102
100
103%
100%
09 100
100 100
99
99%
9434 95%
7534 78%
6734 69%
95% 97%
371
75%
98% 9934
60% 63
73
7434
102 11k3
101
1(MX
95
84
83
21924
843/
Mar
Mar
July
Mar
Aug
Sept
Sept
Aug
Sept
Sept
Sept
Sept
Oct
July
Sept
Feb
Apr
1,000 101% Dec 102% Nov
102% 10434 86,000 96
103
10444 10434 10454 70,000 11934
10434 10434 10434 15,000 994
103 10434 15,000 100
9144 9334 30,000 89
92
8754
77% Mar
96
4944
97%
103
92
82
61
55%
9434
94%
103
94%
10154
Dec
36,000
165,000
16,000
43,000
5,000
95
95
48% $4794
s96%
102%
9134
82
80
61
5534
85
70
394%
94%
10234
93%
101
101%
65
373e
38
June
Dec
Nov
1Dec
Dee
8334
70
6934
77%
71
6934
6934
8,000
70
49
60
6934
65
8244
6234
673.4
74%
69
So'weet Dairy Prod 830'38 6534
Southwest G & E 56 A 1957 9435
Southwest Lt & Pr 58 A '57 93%
Elo'west Nat Gas Sa___1945 6534
.2022
Ho'west Pow & Lt Os.
Staley Mfg Co let 64_1942 97
Stand Gas & Elec es_ _1930 9954
1951 9734
Debenture 6e
Debenture ge Dee'l 1966 98
Standard Invest 54-1937
Without warrants
1939 7894
5318
Stand Pow & Li Os....._1957 97,4
lithines(Hugo)Corp
11001 1'36 without warr 72
75 without warr_ _ _1946 65
Strauss (Nathan) 6s_ _1938 5835
10311
Bun 011 534s
Sun Pipe Line Co 5s_ _1940
Swift & Co In m s f as 1944 103
1940 10021
Se when issued
Tenn Elea Pow 58_-_ _1956
1956
58 new
Tennessee Power 55._ _ 1962
Tenn Public Service 55 1970
Terni Hydro-Mee 634s '53
Texas Cities Gas bs___1948
Texas Lice Service 51_1961,
Texas Gas UM 6s_ _ - _1945
Texas Power & Ll 5s-1956
Trl Utilities Corp deb be '711
194*
Ulan Co fis
Union ElLecP5s B___'67
Union Gulf Corp be Jul 150
United Else Service 75
With warrants
Without warrants_ _195e
United Indus Corp 63.4e '41
United Lt & Pow 64_1975
1974
Deb 63411
1959
5348
United Lt & Rye 548_1852
let & ref 58_June 1 1932
1952
fis series A
Un Rye of(Hay)748_1936
U S Rubber
-year 6% notes--1933
2
Serial 634% note.--1931
Serial 634% notes_ _1932
Serial 634% notes_ _1938
Utah Pow & Lt 48_ _ _1944
Van Sweringen Corp 6e_'35
1955
VaEl&Pr58A
Vai Public fiery 5348 A,,1946
1946
Os
Waldorf-Astoria Cori"
1954
1st 7s with warr
1937
Ward Baking 85
Wash Was Pow be wi_1960
Webster Mitts 834s--1933
West Penn Elec deb 55 2030
West Texas UM Si A_1957
be ser A w 1 new_1957
Low,
9644 96%
734 6544
9324 93
100
100
79
75
75
93
19,000 59
14,000 58
9,000 45
22,000 99%
16,000 9834
21,000 102
108,000 974
18,000
1,000
6,000
61,000
49,000
42,000
67,000
17.000
41,000
83,000
28,000
14,000
43,000
Dec
Jan
Feb
Feb
Dec
10834
105
104%
104
96
Sept
Sept
Sept
Oct
Sept
Dec 105
Apr
Dec 8634 Sept
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Dec
91
99%
99%
99
1093.4
99%
10314
1034
103%
Jan
Sent
Oct
June
Sept
Arc
Aug
Sept
Sept
Dec 91
Sept
Dec 94
Apr
Dec 10234 Sant
Dec
Dec
Oct
Dec
Dec
July
Aug
90%
86%
81
1024
1004,
103
1013/
June
July
Mar
Mar
Oct
Aug
Sept
974 Dee 100
Dec
98
90%
7234
65
924
55
93
49
734
9934
99
Dec
Oct
May
Apr
Aug
Ayr
Oct
Mar
Mer
Oct
AUll
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
June
98
9834
87
8834
1004
10734
10234
100
9454
104%
1024
11,000 z7724 Dec 10334 Apr
28,000 77% Dec 973.4 ALP
22,000 68
Dec 92% Apr
Dec 97% Get
50,000 90
4.000 954 Dec 10034 Oct
15,000 85
Dec 96
Dec
Dec 9434 Sept
125,000 75
Deo
2,000 994 Dec 101
14,000 944 Dec 104% Sent
Dec 107 June
1,000 80
s8034
81%
76
91%
98%
9434
85% 8434
10094
99%
101
78
78
86
86
77
93%
9944
95%
87
100%
101
78
85
100
8031
75
94
94
81% 81
10344
94
s88
88
100
81%
75
94
83%
103%
96
90
24,000
22,000
2,000
1,000
2,000
79,000
12,000
20,000
15,000
7734
9834
84
80
90
64
974
93
884
Oct
Jan
Dec
Dec
Dec
Dec
Jan
Doe
Dec
7044 73%
100 100
1024 1034
----- 9634 9631
89
87
88% 88% 89%
8834 s8834 8924
15,000
3,000
96,000
17,000
7,000
21,000
12,000
7134
99%
9834
851
4
8134
84
86
Oct 1034 Jac
Dec 101)4 Nov
Sept
Jan 105
Jan 97% Apr
Deo 93% Mar
Sens
Dec 97
Dec 89% Dec
76
92
9934
85
70%
Sales;
Friday
Last Week's Range for
of Prices., Week.
Sale
Price. Low. High.
$
Range for Year 1930.
100
101
100
96%
973e
10034
104%
9934
91%
May
Mar
Apr
Apr
Sept
Apt
Oct
Col
Dec
Bonds (Concluded)
Western Newspaper Union
Cony deb ile
1944 68% 58
101
Westvaco Chlorine 534s '37
Wise Pow & Lt 5s E___1956 101
101
Wise Pub Serv 65 A ___1952 105
105
Foreign Government
and MunleipalitlesAgric Mtge Bk 78 A&O '46
Esti s f 7s
J&J 1947
'nano. aires(Provi 7345'47
Canada 30-yr 4s_Oet 1 1960
Cauca Valley (Dept) Repot
Colombia extl s f 7s '48
7.ant Bk of German State &
Prey Banks Os B___1951
let 6s serles A
1052
Niniah flans Mimic 848'56
Danzig Port & Waterway
Externals f 634s-- _1952
4,rman Cons Manic 78 '47
fis
1947
Hanover (City)7s
1939
Hanover (Po,v) 9 545 19415
indus Mtge of Finland
let 'Imre coils? 7s _1944
Lima (City) Penn 6%81958
Maranhao (State) 78.1958
Medellin (Colombia) 78 '51
Mendoza (Prov) Argentine
External 7%s s f g-1951
Mortgage Bank (Bogota)
7s issue of '27(M&N)'47
75 issue of 1927 new 1947
Mtge Bank of Chile 60_1931
Mtge Bk of Danmark 55'72
Newfoundland 59
1952
Parana (State) Brasil 75 '58
Rio de Janeiro 6%s_ _ _1959
Resole ii GovernMent1929
625s
6%e certificates_ _ _ .1919
Saar Basin (counties) 7s '35
Saarbruecken (City) 7s'35
Santiago (Chili) 7s_ _ _ _1949
Santa Fe (City) Argentine
External 75
1045
9336
8834 59,000
6534 39,000
8734 13,000
9334 211,000
51
51
53
68
69
6754 70
9934 100
69%
79
7034
4534
93
4944
44
68
9694
9934
34
13.4
Dec 9234 Mar
Feb 10354 June
June 10334 Aug
Dec 10644 Dec
Dec 9534
Dec 8944
Deo 192
Dec 9534
10,000
51
Dec
18,000
5,000
8,000
Dec 864 Mar
82
6334 Dec 8634 Mar
9734 Jan 101% Aug
6,000
5,000
89
July
Apr
Apr
Got
Apr
Dec
Dec
Dee
8534 Mar
9(% Mar
Mar
91
8434 Deo
Dec
75
9874 Mar
Apr
95
65
74
66
Dec 10134 Sept
94
22,000 503
Feb
493.4 2,000 6534 Oct 83
Apr
Dec 85
21,000 44
47
Dec 92 WMay
4,000 65
71
5744 61
63
65
9634
9924
High.
6034
60
80
9154
6934 69% 5,000
824 41,000
79
4
703.4 735 41,000
8634 8634
80
80
94
Low.
68% 15,000 47
8,000 101
102
10136 34,000 99
2,000 104
105
76
6234
85
9334
76
65
Range for Year 1930.
231,000
3,000
63
7,000
6.5
21,000
97
9934 2,000
6354 Dec
9414 Mar
Dec 83 May
50
July
544 Deo 84
Aug
Dec 101
95
9534 Jan 10034 Oct
9934 9934 4,000
36,000
39
34
34,000
52
47
97
34
51
Mar 10134 Sept
Deo 823(; Mar
Apr
Oct 85
5,000
3
3
19.4 2% 40,000
3,000
9444 95
5,000
9954 100
83% 8334 2,000
234
1
9234
98
84
8
Deo
7
Dec
Dec 101
Feb 103
Dec 99
Jan
JAI
Apr
Sept
Apr
71
Dec
94
Mar
7154 7134
1,000
•No par value. 1 Correction. et Listed on the Stook Exchange this week, where
additional transactions will be found. • Sold under the rule. a Sold for cash.
s Option sales. I Ex-rights and bonus. w When issued. s Ex-div. v Ex-rights
Ex-dividend of 34 share Beatrice
t Ex-first dividend paid in liquidation.
Creamery stook.
e "Under the rule" sales as follows:
Amer. Commonwealth 6s, 1949. Jan. 22, 33,00055 106-107.
Associated Telep. & Telep., deb. 5345, 1953, Oot. 28, 326,000 at 95
Blaw-Knox Co., Jan. 2, 68 shares at 31.
Bureo Co.. Jan. 26, 50 warrants *1 454.
Cincinnati St. Ry. Os B. 1955, June 6, $19,000 at 100.
Coon(W. B.) Co., Oct. 9, 100 at 76.
Donner Steel Feb. 27. 50 shares common at 33
General Was. Wks Gas & Elec. 68, 1944. Jan. 29, 51,000 at 9034
Gerrard (S. A.) Co.. Jan. 2. 105 shares corn, as 24.
Gorham Mfg. corn v to. April 23, 1 at 4334.
Happiness Candy Stores corn.. Feb. 3, 100 at 114
Houston Gall Gas, Mar. 3, 2 shares at 19.
Jersey Central Power & Light 7% preferred, Sept. it, 50 at 103.34.
Kopper Gas & Coke pref.. May 6. 26 at 10234.
Mohawk & Hudson Power. Feb. 8. 75 sham 211 pref. as 112,
Neve Drug Stores, May 18, 20 shares at 2
Russian Govt. 6345, 1921 Ms.. Feb. 7. 88.000 at 7
Singer Mfg., Ltd., Feb. 18. 100 shares at 8.
s -Optional" sale as follows:
Air Investors cony. pref. Deo. 18,200 at 334.
American Capital Corp. $3 Pref. Dec. 18. 100 at 25.
American Aggregates deb &I. 1943. Oct. II. 11.000 as 70
Associated Gas St Elec. 58, 1950 Dec. 18, $8.000 at 83-8334.
Associated Laundries, Feb 17. 100 at 4.
Atlas Plywood deb. 5345, 1943, Nov. 12, 51,000a: :
155
Cuban Telephone 734s, 1941, Oct. 15, 81,000 at 131
Gillette Safety Razor Se, 1904 Dec. 17. $10,000 at 8031.
Industrial Mtge. Bank of Finland 7s, 1944, Dec. 20, $1,000 at 9234.
Intercontinents Power deb. 6,5, 1948, with war.. July 11. $35,000 at 97
Italian Superpower tia, 1963, without warrant, Dec. 22. 510,000 at 49.
Leonard Tiets 7148 1948 with warrants. May 12, 53,000 at 115.
Montreal Lt., Ht. & Pow. Cons.. Feb. 10, 100 shafts at 138
Morris & Co. 7%m, 1930. June 30, 52.000 at 1014
Pacific Western Oil 624s, 1943, Dec. 30, 55,000 at 7334.
Public Serv. of Okla. 5e, 1957. gen. D, Nov. 11, 510.000 at 1004
Railroad Shares Corp., corn. Dec. 30, 500 at 334.
Southern Natural Gas 68, 1944, Deo. 18, $2,000 at 51.
Swift & Co. 6d, Oct. 15 1932, Jan. 18, $5.000 at 38916
Swift International. earn.. July 10. 100 at 2834.
TM-Continental Corp., warrants, Dec. 29, 100 at 174.
United Rico. Service 7s, 1956. with warrants, Dec. 23, 55.000 at 77.
CURRENT NOTICES.
Hemphill, Noyes & Co., members of the New York Stock Exchange.
announce the retirement of J. Stanley Davis from general partnership in
the firm as of Jan. 12 1931. They also announce that Harold Deuel has
been appointed manager of their Albany office.
-The Central IIanover Bank & Trust Co. has been appointed transfer
agent for 9,000 shares of the common stock voting trust certificates of
the Better Products, Inc., 48 Wall St., N. Y. City.
Burton, Cluett & Co., members of the New York Stock Exchange,
120 Broadway, N. Y., announce that Robert Volkening is now associated
with them in charge of their statistical department.
-John T. Cusack and Harold M. Donahue announce the formation of
the firm of Cusack & Donahue to transact a business in over-the-counter
securities with offices at 25 Beaver St., N. Y. City.
-J. J. Hindon Hyde, formerly with the Now York office of the First
Detroit Company, is now Manager of the Trading Department of S. R.
Livingstone & Co., 52 William St., N. Y.
Hamershlag. Borg & Co., 39 Broadway, N. Y., are distributing a
graph showing market fluctuations by classes of 687 stocks from the highs
of 1929 to the end of 1930
JAN. 17 1931.]
FINANCIAL CHRONICLE
479
Quotations for Unlisted Securities
Par Bid
sk
Par Bid Ask
Par Bid Ask
Par Bid Ask
N.V.Bank Stocks (Cond.)
Industrial Stocks (Cond.)
Aeronautical Stocks
Public Utility Stocks
170
Queensboro National___100
55
Franklin Sty Supply $4.—• 50
50
Alexander Indus8% pref__
Alabama Power $7 pref_100 11312 115
80
Seward Nat Bk & Tr —_100 75
4
6
14
Fuel Oil Motors Corp corn..
1
Am Pub Util Co corn__ _100 95 _ _ _ _ American Airports Corp...
26
Sterling Nat Bk & Tr___25 21
99
2124
12 Gamewell Co $6 cum Prof.' 96
86
Aviation See of New Eng-Arizona Power 7% pref _100 81
Strauss Nat Bank & Tr_100 125 140
dl
5
Gen Fireproofing $7 01_100 108 113
Central Airport
Ark Pow & Lt $7 pref....--• 101 106
55
50
Textile Bank
5
•
1
212 Graton & Knight cora_
Cessna Aircraft corn
48
Assoc Gas & El orig pref--• 44
Trade Bank
100 150 160
100 - - - _ 50
2
1
$7 preferred
Curtiss Reid Aircraft corn_
91
$6.50 preferred
• 89
85
Union Bank of Bronx Co_50
Great Northern Paper $3_25 3512 37
12 2
Consolidated Instrument..'
97
• 93
preferred
65
5 Washington Nat Bank_100
...100
12 2
Hale & Kilburn pref.
Federal Aviation
Atlantic City Elec 86 prof.' 10212 105
World Exchange
75
100
75
-Mary Safe 100 50
17
1812 Herring-Hall
Aviation 1st pref_ _ _
General
Bangor Hydro-El 7% pf_100 117 119
Yorkville(Nat Bank of).100
87
9
6
Kinner Airplane & Mot new. 1114 15 Howe Scale
_ _ 93
Binghamton L,H & P $6 Pf•
Trust Companies.
29
100 22
dl
3
Preferred
Lockheed Aircraft
-Birmingham Elec 7% pref_* 106 108
American Express
100 195 225
3
Hudson River Nay com_
63
10
8
Broad River Pow 7% pf_100 85 _ _ _ _ Maddux Air Lines
Bence Comm Itallana Tr 100 252 26t
650 60
Preferred
Buff Niag & E pr pref___-25 2512 2534 New Standard Aircraft corn
32
Bank of Sicily Trust
20 28
5
•
7
Industrial Accept cora_
5
Sky Specialties
108 110
Carolina Pow as Lt $7 prof.'
84
Bank of Europe Trust— -25 64
52
100 45
$7 preferred
10
Southern Air Transport.._. d5
96
Cent Ark Ry & Lt 7% prof.. 91
Bank of New York & TrAo 555 575
23
1
100 20
4
Internet Textbook
dl
Swallow Airplane
96
Cent Maine Pow 6% pref100 94
10 11112 1141sBankers
3
_12
! 3 2 Jessup & Moore Paper
,
Is preferred
Warner Aircraft Engine
7% preferred
100 103 106
36
39
4
Broadway Plaza Trust
2
Whittelsey Manufacturing.._
Cent Pow & Li 7% pref _100 99 102
20 43
48
Bronx County
8
Karl-Keen Mfg Co
90
• 85
Cent Pub Serv pref
100 490 505
Brooklyn
38
633
King Royalty Co Corn
Cleve El Ilium 6% pref__100 108Chain Store Stocks.
20 247 252
Central Hanover
90
100 685
$7 preferred
Bohack (H C) Inc.
Col Ry,P & L6% 1st pf _100 106 idi
8
25
10
Chelsea Bank & Trust_
102 ____ Lanston Monotype NI $6 100 101 105
7% 1st preferred
6J.5% Preferred B__-_100 107 109
50
Chemical Bank & Trust 10 48
55
50
2
Lawrence Portl Corn $4 100
Butler (James) common__ _
45
Consol Traction N J____100 41
93:
100 83
Clinton Trust
3
•d
corn
Liberty Baking co
04
Preferred
100 4....25
Consumers Pow 6% pref 100 10412
s
Continental Bk & Trust_10 2012 231
25
100 6
Preferred
94
-0 -1- Diamond Shoe pref with war
1 -5 2
100
.
6 60% Preferred
Corn Exch Bk & Trust--20 122 126
23
Locomotive Firebox Co...* 19
6
12
Edison Bros Stores corn....
Dallas Pow & Lt 7% pref 100 109 _ _ _
34
25 31
County
5 1512 17
Ma6 prdferred
cifa e enPublict
corns
658 _
Preferred
Dayton Pow & Lt6% pf _100 109 110
20 5712 601s
Empire
* 4812 52
31
$
Fan Farmer Candy Sh pf_• 27
Derby Gas & Elec $7 pref..* 82 86
100 400 450
Fulton
76
...100 72
Merck Corp $8 prof.
_ _ 20
314 314 Fishman
M)Storm corn_
Detroit Canada Tunnel
-100 479 484
Guaranty
* 80 90
National Casket $4
_ 103
312
1
Preferred
Erie Railways
•
100 100 110
Hibenshz Trust
• 107 110
$7 Preferred
48
Gt All dr Pac Tea pref__100 11512 118
100 40
7% Preferred
20
International Madison_ -_25 15
26
National Licorice corn. _100 620
18
Kobacker Stores corn
• 12
Essex-Hudson Gas
100 157
25 15
20
International Trust
934 1012 National Paper & Tyne Co 630 50
Kress(S H)6% pref
90
Foreign Lt& Pow $6 pre!__Irving Trust
10 3514 371,
50
New Jersey Worsted
_ _ _ 95
_ Lerner Storee
% Pref w w
Gas & Else of Bergen-100 101
Kings County
100 2550 2750.
105
Yeast_prof. Nthwern _ _100
.
Lord & Taylor
100 4175 275
9
Gen Gas & El part ctfa
Lawyers Title & Guar 100 230 240
7
Nye Incinerator com
95
Hudson County Gas____100 157First preferred 6%__ 100 90
25 43 45
Manufacturers
25
Units
Second preferred 8% 100 92 100
10812 lid Idaho Power 7% pref
M idwood
100 80
85
88
100 _
Okonite Co $7 pref
88
MacMarr Stores 7% pf w w 284
Illinois Pow & Lt 6% p1_100 8812 9012
Mutual Trust of W
100 350 400
18
15
Parker Wylie Mfg Co corn—
Melville Shoe Corp
84
Inland Pow & Lt 7% Pt100 74
New York
25 149 154
84
80
1st pref 6% with warr_100 685 89•
$7 Preferred
88
Interstate Power $7 pref.-• 85
20
6
Petroleum Conversion
53
4 612 Times Square
18
• 15
Miller (I) & Sons corn
51
Jamaica Water Supp pi_ _50 50
Title Guarantee 41 Tr.
-_20 133 138
212 5
Petroleum Derivatives
50
Murphy (G C) Co corn...* 35
Jersey Cent P & L 7% p1_100 106 108
Trust Co of N A
100
200
Photomaton Inc class B........ 1
100 680 100
8% cum pref
112
_
Kansas City Pub Service--•
Underwriters Trust
25 19
35
23
10
Nat Shirt Shops corn
• 6610 Pick (Albert) pref with warr
Preferred
•
United States
100 3025 3225
Poole Eng & Mach class A-- _ 6
80
_
100 475
Preferred 8%
Kansas Gas & El 7% p1.100 105
4
Westchester
100 925 1025
1
2
Class B
Nedick's Inc corn
•
Kentucky Sec Corp C0111.100 325 _ _
Westchester Title & Tr__20 100 110
62
Publication Corp $3.20 corn* 58
76
Neisner Bros Inc prof 7%100 670
92
6% preferred
100 88
Chicago Bank Stocks.
$7 let preferred
Newberry (J) Co.7% pf 100 693 96100 98 104
Kings County Ltg 7% pf 100 10612 _ _ _
Central Trust Co of 111.100 259 263
Reming'n Arms $7 1st p1100 80 85
11
* 10
NY Merchandise com
Long Island Lt pref A 100 108 _ _ _
• 65
Continental Ill Bk & Tr_100 390 397
88
10
Robinson(D P) 1s1 $7 p1100 80
Los Aug Gas& El6%p f_100 10412 10612 Piggly-Wiggly Corn
100 500 504
First National
Reeves(Daniel)Preferred 100 97 _ __ Rockwood & Co $4 cons___• 30
Metro Edison $7 prof B--• 103 107
100 412 416
Forman National
100 62
$8 preferred
Rogers Peet Co cora- _100 680 100
$6 preferred C
98 100
4
Harris Trust & Savings..100 550 565
Rolls-Royce of America....
20
Schiff Co corn
• 15
Miss River Power prat_ _100 105 _ _
6
Nat Bank of the Republic 20 73 75
100
Preferred
Silver (Isaac) as Bros pf _100 6573
Mo Public Service 7% p1100 91
94
100 487 492
Northern Trust Co
Roxy Theatres unit
Southern Stores 6 units-- __ __ 25
1712 19
15
Mountain States Power...' 10
112 2
Peoples Tr & Say Bank_100 360 370
Common
1
3
7% preferred
U S Stores cons
100 95 100
18
Strauss Nat Bank & TY.100 230 235
17
435
Preferred A
Nassau dr Suffolk prof
40
First preferred 7%
103 105
Union Bank of Chicago-100 160 165
5
Rubel Coal & Ice Co com
Nat Pub Serv 7% pf A.100 81
86
24
Sugar Stocks.
Preferred
Nebraska Power 7% pref 100 109 111
Realty. Surety and
100 33 38
40
Ruberold Co $4
Fajardo Sugar
100 35
Newant Consol Gas _ _ _100 101 _ _
Mortgage Companies.
I
3
Safety Car Heat & Ltg_100 87 90
Haytlan Corp Amer
New Jersey Pow & Lt $6 Pf• 92
97
Bcovill Manufacturing ___25 331 3512 Bond & Mortgage Guar-70 90 93
New Orleans PS 7% p1.100 91
5
10
New Niquero Sugar--100
96
Empire Title & Goal..
.10090 100
• 64 68
Singer Manufacturing. _100 332 342
Savannah Sugar corn
NY & Queens EL & P p1100 9912
14
100 80 86 Smith (A 0) Corp N D 52• 135 142 Franklin Surety
Nor N Y Utility prof.
...100 102 i66"
7% Preferred
21
Guaranty Title & Mortgage 200 225
4
Nor States Pow(Ms)pref._ 97 100
8
Smith-Corona Typewr $1 • 19
Sugar Estates Oriente pi 100
49
Home Title Insurance— _-25 44
9
7
7
Nor States Pow (Del) corn A 122 123
10
13
Solid Carbonic Ltd
United Porto Rican cons____
14
6
3 International Germanic Ltd_
4
20 25
Southern States 011
Preferred
Preferred
103 107
45
112 214 Lawyers Mortgage
20 43
Nor Texas Elec corn...
..100 15
20
Splitdort Beth Else
5
Vertientes Sugar prof.
.100
Lawyera Wes Mtge & Ti_100 190 220
100 90 100
Standard Screw Co
Preferred
10
100
58
Ohio Pub Serv 7% pref_100 10312 105
National Title Guaranty 100 51
Tobacco Stocks.
Standard Textile Prod-100 - - - - 2
35
State Title Mtge
100
Okla Gas & El 7% pref_100 106 _ _ _ _ American Cigar 6% Pref_100 465 85
85
100 75
$7 class A
15
100
Pao Gas & El $1.50 pref--25 2614 27
72
Suffolk Title & Mortgage-- 62
Union Cigar
class B
$5
50
Pm Northwest Pub Serv.-* 80 90
Investment Trusts.
4
Union Tobacco Co class A _ _
Stetson(J B)Co $6.25 com_• 44
60
33
.
)
25 31
Young(J Id) Co 10%: :11 100 98
Pee Pow & Lt 7% pref_100 97 100
follo wing page
6 f. 50
A( Britaf o& con4 5 p.
0,
tere
$2 preferred
1101
23
100 101 jai- Taylor Mill Corp $2.50com• 19
Pa-Ohlo Pow & Lt 6% pref. 99 101
7% preferred
8
6
Amer Composite Tr Shares_
Taylor Wharton Irdz St com•
7% preferred
7
712
109 111
32
Industrial Stocks.
100
Pa Pow & Lt 7% pref
Amer Founders CorpPreferred
10812 110
0
Tenn Products Corp $4 pf 50 -4 - - 43
Convertible preferred—. 274 _ _ _ _
Piedmont Northern Ry_100 635
45
3
4
12
42
98
Adams Millis $7 pf w w__• _
75
6% preferred
237
Trent Process Corp
Pun Else Pow 8% pref..100
100 29
40
35
24112 __ ____ i
Tubize Chatillon $7 Pf El 10 430
Aeolian Co $7 prof
Pub Serv Co of Col 7%pf 100 93 _ _ _
0
4
8
Aeolian Weber P&P corn 100 dl
6
7% 9referred
1-40tha
Unexcelled Mfg Co 700_10
Rochester & E7% pf B 100 102 105
8
99
100 44
75
Preferred
: :
C 1 0
C
United Business Pub $701100
6% preferred C
100 96
1-70ths
12
Alpha Portl Cement pf_100 116 120
Sioux City G & E 7% p1_100 100 103
United Publishers $7 Pi-100 __ __ 86
Warrants
3
Somerset Un Md Lt ...100 75 _ _ _. Amalgamated Laund corn.. 61
60
U 8 Finishing $7 prat..100 - Amer & General see 6% Pref 4
012 ---100 87 95
South Calif El $1.50 pref_25 26'22714 American Book $7
10
13
Walker Dishwasher corn_ •
Class A
7
30
Amer Canadian Properties_•
1
$1.75 preferred
25 29
3
Welch Grape Juice corn_ • 50 55
Class B
IN
2212 Amer Hard Rubber $4-100 625
So Colo Pow corn A
25 19
30
$7 preferred
100 99
Amer Insuranstocks Corp.'
6
10
American Hardware
•
7
25 50 53
100 100
7% Preferred
10
Amer Util & Gen Corp A 20 _ _ _ _ - - -Westland 011 Corp
100 24
Amer Mfg 4% corn
93
Southwest Lt & Pow pref' 91
28
W Va Pulp & Paper $2 corn• 32
•
35
Preferred
Tenn Else Pow 6% pref_100 96
5% preferred
100 50 65
98
$6 preferred
Amer dr Continental Corp.' 9
11
100 9712 100
7% preferred
American Meter new
*
100 107 109
44
Assoc Standard Oil Shares-Wheatsworth $8 pref
• 107 110
63,1 714
Texas Pow & Lt 7% pref 100 10914 110
Babcock & Wilcox 7% -100 106 109
39
4
Wheeling Steel $4 com_100 29
33
Atl & Pee Intern Corp units 1414 16
Toledo Edison pref A_ _ _100 10834 110
Baker (J T)Chemical corn.* 10
14
$8 preferred A
Common with warrants—
1N 2
100 100 112
United G & E(Conn)01 100 9112 _ _ _ _ Bancroft(J)&Soas$2.50com•
8
13
$10 preferred B
1212 14
100 105 115
Preferred with warrants__
United 0 & E (N J) p1100 71 _ _
7% preferred
100 78 83
White Rock Min Spring—
Atlantic Securities Corp Pf • 34
37
11
Bliss (E W)$4 lat pref-50 56 __ _ _
United Public Service units. _ _ _ _ 47
$7 let preferred
100 102 106
Warrants
le 1
26 preferred B
UtahPow & Lt $7 pref_-_-• 10512 10712
10
9
$20 2d preferred
100 190 _ __- All America Investors A
812 918
Utica Gas & P.17% pref_100 102 10312 Bohn Refrigerator 8% p1100 85 90
Willcox & Gibbs $5 cons-- 41
50
BanljeraNat Invest'g Corp• 16 --,.
96
Bon Ansi Co B corn
Util Pow & Lt 7% pref-100 94
35
Woodward Iron $4
35
Bansicilla Corp
100 25
612 812
Virginian Sty corn
100 110 120
Bowman-Biltmore Hotels..
e
5
4 13 Worcester Salt $5
4
92
Basic Industry Shares
10
87
•
63
a 7
1a
Washington Sty & El corn100 410
let preferred
100 18
•
618 718
23
British Type Invest
100 9712 100
2d preferred
5% preferred
2
5
100
New York Bank Stocks.
Chain Store snareown Inc. 133 1418
a
Western Power 7% pref_100 98 102
Brunsw-Ballce-Col $7 Prof.' 83 88
2
3
Chain & Gen'l Equities Inn'
39
Western States Gas & El.
Bunker Hill & Sull $3 coin 10 41
45
America
2
60
63
654% preferred
7% preferred
Burden Iron prof
98 102
440
_ American Union
10
45
60
Chain dtore Inv Corp....' 6--- _50_32_
100 -4
-•
7 5
Canadian Celanese corn.... 10
1112 Bank of United States units
114 3
14
Preferred
Teleph. & Telegr. Stocks
Preferred
100 61
63
i
Bank of Yorktown
140
100
Chartered Investors corn__i
• 677
85
Carnation Co $1.50 corn_ • 24
Am Dist Tel of NJ $4
27
Brooklyn National
75
78
50 59 64
Preferred
7% preferred
100 115 11612
$7 preferred
100 10212
_ Bryant Park
30
Chelsea Exchange Corp A—
14 1
20 20
Bell Tel(Can)8% prof. 100 140 143
Chestnut Smith corn
1
4
1
Chase
Class B
20 9612 9912
Bell Tel of Pa 6'5% pref 100 115 11612
Preferred
70
75
Chatham-Ph Nat Bk &Tr 20 76
Corporate Trust Shares
5 4 612
3
79
98
Childs Co $7 pref
& Sub Bell Telep----50 96
100 106 109
City (National)
Crum dr Foster Ins sn99
20 96
Cuban Telephone 8%
115 _ _ _ _ Clinch fteld Coal Corp_ --100
10 34
37
512 Columbus Bank
Common B
100 165 195
88
92
7% Preferred
$7 preferred
100 667 _ _ _ _ Comral Nat Bk & Tr 100 285 300
100 9812 100
Preferred
66
Empire & Day State Te1.100 460
Color Pictures Inc
42
112 212 Fifth Avenue
100 2200 2400 Crum & Foster Inc corn B-- 40
44
Franklin Teleg $2.50—__100 440
Columbia Baking cons _ ___* 41
10412 107
3
8% preferred
First National of N Y-100 3950 4150
lot Ocean Teleg 6%--100 692
97
1st preferred
•
5
Cumulative Trust Shares—
712 Flatbush National
7
14 7 8
100 125 140
3
4120
26 preferred
Lincoln Tel & Tel8%
1
2
Deposited Bank & Tr Shares
Globe Bank & Trust Co_100 95 110
140 143
Mtn States Tel & Tel
Colts Mfg Co $2
19
21
Series N Y
Grace National Bank
100 600 __- New England Tel & Te1.100 13512 13812 Congoleum-Nairn $7 pf 100 99 __ _ _ Harbor State Bank
7
7
% 814
8t
8
Series B-1
65
25
100 620
25
NY Mutual Tel
Crosse & Blackwell com
112 3
Harriman Nat Bk di Tr_100 1515 1615 Diversified Trustee Shares A
161 1512
45
: 7
Northw Bell Tel pf 6%-100 108 110
Crowell Pub Co $3 corn new 70
B
75
Industrial Bank
100 150 170
16
Teleg U 1% __25 613
$7 preferred
Pao & At
C
103 110
Kingsboro Nat Bank
53
4 614
100 119 125
23
Deep Rk 011&Ref $7 p1100 450 60
Peninsular Teleph $1.40—• 420
24
28
Equity Investors Corp corn_
27
Lafayette National
25 24
100 100 104
De Forest Phonofilm Corp_
7% preferred A
Units
1
75
60 _ _ _ _
3
Lebanon
100
_ _ _ _ Dictaphone Corp com____• 20
(185
Porto Rico Telep
Federated Capital Corp pf . dI55 18
25
25
59
714 714
Liberty Nat Bk & Tr-100 49
58 Preferred
Koch Telep $6.50 let pf.100 107 110
100 100 105
Manhattan Company ____20 3312 8612 First American Corp
20
25 415
Dixon (Jos) Crucible 58.100 130 140
So dr Atl Teleg $1.25
Fixed Trust Shares A
100 98 108
• 151a
Melrose National
Doehler Die Cast 7% pf 60
0
So & N E Gelep 8%-----10 161 166
• 1314
_ 35
100
Merchants
$7 preferred
•
S W Bell Tel 7% prof. 100 118 121
Fundamental tr Shares A__
ndamental
10
15
65
20 99 199B
6 a 78
Midtown Bank
7
3
'Fri-States Tel dr Tel $6 -• 150 ____ Douglas Shoe $7 pref_ —100 55
714 73
4
31
Shares B
60
Nat Exchange Bk & Tr 25 26
10 10
103 Draper Corp $4
4
$.60 preferred
100 55
General Equity class A--10
-100 30 40
60
Nat Safety Bk & Tr.
212 4
Driver Harris $7 pref_ _WO 80
pf_100 11112 _ _ _
Wisconsin Telep 7%
80
Granger Trading Corp...' 10
100 70
88
Penn Exchange
Dry-Ice Holding Corp
100 300 360
Gude-Winmill Trad Corp.* 30 40
30
45
Peoples National
Elsemann Magneto corn....
4
8
12
10
13
Incorporated Investors...,' 3
Port Morris
$57g
$7 preferred
90
100
Incorp Investors Equities—
Public Nat Bank & Trust 25 57 60
5
Independence Trust Shares
CI
I New stock.
d Last reported market.
•No par value.
Ex-diyldend•
Ex-rIghts.
;7
85
[VOL. 132.
FINANCIAL CHRONICLE
480
Quotations for Unlisted Securities-Concluded-Page 2
Par Bia
Par Bid
Ad
Ask
Investment Trusts(Cone.)
2 ____
4
188 - - - - U 8 & Brit Internet class B.
x1314 ____
Class A
2
x40
Preferred
8812
3
3
US Elec Lt & Pow Shares A 28 4 30 4
8312
712
7
B
4712
3
5 8 618
Universal Trust Shares
12 812
7
7
9 8 1178
Insurance Companies.
3712 4018
95 100
Aetna Casualty dr Surety.10 75 80
10 481e 5012
Aetna Fire
3
8s
58
6
10 5
s
61s 63 Aetna Life
25 87 100
538 6
Agricultural
Major Shares Corp
10 22 26
34
American Alliance
• 32
Mass Investors Trust
17
21
4
Mohawk Investment com_. 43 443 American Constitution
12
9
5
612 American Equitable
5
Mutual Inv Trust class A...
21
17
3
com_• ____ 2 4 American Home
MutualManagement
18
5 17
American of Newark
49
American Re-Insurance.... 44
Nation Wide Securities Co- 4612 7
33
10 29
7
6 8 American Reserve
2
63
Nat Industries Shares A..-83
25 79
4 614 American Surety
53
No Amer Trust Shares
4
4
10 293 333
Automobile
100 118
Northern Securities
11
2 Baltimore Amer Insurance,5 10
818 83
N Y Bank Trust Shares
25 100 115
12 2
Bankers & Shippers
North & South Amer B corn
100 510 550
Old Colony Trust Assoc Sh • 3012 3312 Boston
812 912 Bronx Fire
25 63 70
Old Colony Invert Trust corn
15
23 27
Brooklyn Fire Insurance_ _5 12
011 Shares Inc units
5 216 20
Camden Fire
10 23 25
15
Carolina
Petrol &'Fred's Corp cl A 25 10
38
10
10
9
Central Fire
Power & Rail Trustee Shares
11
8
12 714 Chicago Fire & Marine__10
6
Public Service Trust Shares
100 245 270
, 25 __
City of New York
Research Investors corn912 1212
10
62
Colonial States Fire
Units
Second Internet Sea Corp..- 19 - -- - Columbia National LIfe_100 320 370
4
13 Connesticut General Life_10 110 115
Common B
4
3
3 4 53
4012 - - - Consolidated Indemnity....
8% preferred
10
5
10
Constitution
Securities Corp Gen Pref.-- 30 85
311 Continental Casualty-___10 3012 3212
51s 5
Selected American Shares-414 614
12
8
10
Cosmopolitan Ins
Shawmut Bank Inv 'Frust_•
4
4
5 123 133
• 2414 2512 Eagle
Spencer Trask Fund
312 512
5
8 714 Excess Insurance
67
Standard Amer Trust Shares
59
66
64
10 54
Federal Insurance
State Street Inv Corp
14
2 7 Fidelity & Deposit of Md_50 134 138
67
Super Corp of Am Tr She A
612 67 Firemen's
8
20 28 29
25 83 88
8 71a Firemen's Fund
63
Selected Income Shares
26
5 24
912 1018 Franklin Fire
Standard Collet Trust Shs
24
20
8
8 63 General Alliance
53
Trust Shares of America
10
8
_ _ Germanic Insurance
10
6
Trustee Standard 011 She A
50
10 48
4 71s Glens Falls Fire
63
17
8 718 Globe Insurance
63
10 14
20th Century Fixed Tr She_
4 812 Globe & Rutgers Fire.--100 640 690
73
Trusteed Amer Bank Shares
2612
414 Great American
4
10 25
Investment C
Trustee Stand
7
3 8 418 Great American Indem'y_10 2012 2412
19
10 17
Two-Year Trust Shares- 2038 2278 Halifax Insurance
612 7
60 200 300
Hamilton Fire
United Fixed Shares series Y
32
10 30
10c 13c Hanover
Unit Founders Corp 1-70ths
8
10 2414 2614
United NY Bank Shs ser C3 123 1314 Harmonia
10 6012 6212
United NY IDS She series F 1018 1118 Hartford Fire
624 Hard Steam Boll Ins&Irui 10 55 60
6
United N Y OnShs series H
Investment Trusts (Conc.)
lot Sec Corp of Am corn A...
Common13
6 % preferred
8% preferred
Invest Trust Associates
Investment Trust of N Y..
Investors Trustee Shares
Jackson &CurtisInv TrAsso•
Jackson&CurtisSCorp pf100
Leaders of Industry A
Par Bid
Par Bid
Ask
Insurance Co.,(Con.)
10 35 36
Home
37
Home Fire & Marine_ __ _10 32
612 712
Home Fire Security
16
10 14
Homestead
4
1
10
Hudson Casualty
10 22 27
Hudson Insurance
39
Importers & Exp of N Y-25 29
10
7
5
Independence
8
5
Independence Indemnity_10
912 1212
Industrial of Akron
100 800 900
Kansas City Life
22
5 18
Knickerbocker corn
28
10 23
Lincoln Fire
412 612
10
Lloyds Casualty
412 612
Voting trust certifs____10
7
4
10
Majestic Fire
32
25 28
Maryland Casualty
84
25 74
Mass Bonding & Ins
Merchants Fire Amur corn 10 49 54
13
Merch & Mfrs Fire Newark 5 10
26
10 22
Missouri State Life
100 120
Morris Plan Ins
18
10 16
National Casualty
57
10 55
National Fire
714 814
5
National Liberty
5 165 175
National Union Fire
4
4
New Amsterdam Casualty10 323 343
10 23 25
New Brunswick
37
10 30
New England Fire
10 45 50
New Hampshire Fire
50
20 45
New Jersey
5 25 30
New York Fire com
10 3512 39
North River
25 75 85
Northern
Northwestern National... 90 100
25
_10 20
Occidental
25 110 120
Pacific Fire
412 512
Peoples National Fire.-5
69
-10 66
,,
Phoenix
20 4812 5112
Preferred Accident
Providence-Washington-10 4312 4512
8
6
5
Public Fire
8
4
Reliance Casualty N .1
10 1212 20
Republic Dallas
18
10 14
Republic (Pitts)
25
10 20
Rhode Island
48
25 42
Rochester American
St Paul Fire & Marine-25 161 171
9 12
Seaboard Fire & Marine-35
10 30
Security New Haven
Springfield Fire & Marine 25 96 106
50 100 150
Standard Accident
25 35 40
Stup.esant
100 375 1475
Sun Life Assurance
10
Sylvania Insurance
9
7
Transportation Indemn'y 10
4
834 103
Transportation Insurance 10
100 1000 1050
Travelers Fire
Ask
Insurance Co..(Cond.)
25 4612 5112
U 8 Casualty
U 8 Fidelity & Guar'y Co 10 2814 311,
10 4414 49
US Fire
US Merch & Shippers_ _100 270 300
10
4
8
Victory
Virginia Fire & Marine. .25 80 90
10 39 444
Westchester Fire
Industrial &Railroad Ilds.
Adams Express 4s, 1947J&D 83 86
102
Amer Meter 6s, 1946
Amer Tobacco 4s, 1951 F&A 89
Am Type Fdrs 6s, 1937 M&N 10212
Debenture 6s, 1939_M&N 10212
Am Wire Fabrics 1st'42 M&S d95
Bear Mtn-Hudson River
Adr0 96 - _ _
Bridge is. 1953
Biltmore Comm 7s '34 M&S 98 102
Bos & Alb RR 58 Oct'63 .1&I 4107
Boa & Me RR flis 1933..f&J 4100 101
Chicago Stk Yds le. 1961-- 84 86
Clyde steamship 5s.'31 F&A 99 75
Canso'Coal 44s,1934 M&N 60
54
Consol Mach Tool 75, 1942 d50
Consol Tobacco 45. 1951_._ 485 _ __11
4
Continental Sugar 7s, 1938
88
Equi Office Bldg 58, 1952._ 86
Fisk Tire Fabric 6145, 1935 _-._ 78
F & W Grand Prop
75
J&D 15 d71
69, 1948
Hoboken Ferry 5s,'46 M&N 90 94
82
Internat Salt is, 1951.4440 76
Journal of Comm 6145, 1937 489 93
,
Kansas City Pub San 614s_ 40 44
Little (A E) is, 1942__A&O 450 60
Loew's New Brd Prop
95
J&D 93
6s, 1945
Mallory Steamship 5s,'32J&J 99
Merchants Refill; 6s, 11)37... 97
NO Or No RR Is. '55 F&A 6412 66
NY & Bob Ferry 5s,'48 J&D 86 NY Shipbldg Is, 1946 M&N 89
Piedmont&No Sty 58,734 J&J 89 92
Pierce. Butler & P 6 k..s, '42 40 50
Realty Assoc Sec 68,37 J&J ____ 95
45 _ -Securities Co of N Y 4s.....
94
61 Broadway 514a,'50 A&O 92
76
So Indiana Sty 4s, 1951 F&A 73
Stand Text Pr 64s,'42 51.1rS 50 55
Struthers Wells, Titus94
vine, 6348, 1943
Tel Term RR 4 M s,i57 M&N 94
114 ......
U S Steel Ss, 1951
Utah Fuel 55, 1931_ _M&S 99 _.
Ward Baking 6s,'37 J&D 15 100 101M
Witherbee Sherman 6s. 1944 35 40
Woodward Iron 5s,'52_ _J&I .... 89
Quotations for Other Over-the-Counter Securities
• No par value.
CURRENT NOTICES.
of Directors" containing
-The 1931-32 edition of Walker's "Directory
20,000 Individual officers and directors of
the names of approximately
over the 984 individuals
California corporations, an increase of 20-fold
years ago, has been published. In addition to
listed in the first edition 21
principal business, and various corporate connections of
showing address,
lists 4,200 principal California cordirectors, the current directory also
personnel of officers and directors.
porations, giving addresses and official
all banks and building and loan associations
The same data is also given for
and proprietorships are included in a
In the State, while partnerships
security dealers. Founded by H. D.
section enumerating the principal
number is the 19th edition to be published,
Walker in 1910, the present
of its type in the United States. Until
and is the second oldest publication
as a division of "Walker's Manual" of
1926 it was published annually
1927 it has been Issued biennially as a
Pacific Coast Securities. Since
separate volume.
firm of Lyon, Clokey & Co. as of
-Following the dissolution of the
of the formation of a co-partnership
Jan. 16 1931. announcement is made
to
membership on the New York Stock Exchange,
of the same name, with
stocks. Partners are W. Wallace
to deal in bank and insurance
continue
and Edmund W. Nash. member
Lyon, Theodore B. Lyon, Gerald Clokey
-P.
Nash, formerly of G. M.
New York Stock Exchange. F. Aubrey
stock department. Offices
Murphy dr Co., will have charge of the listed
Street.
will continue to be located at 120 Wall
partner of the firm of Farnum,
-John Coleman Jr. heretofore a general
1931.
Winter & Co., becomes a special partner as of Jan. 1
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
4.4
4.70
4.40
4.60
6.00
4.30
4.50
4.60
5.00
5.00
4.50
4.25
4.60
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 BO
Ask
4.- _
0.Clt 01 0.CR 4.4.• Cnkt. IA 0.01 A PA oi. 0.A. Cn
...-.7.:
Short Term Secur's(Conc.)
10338 Railroad Equip'nt (Cond.)
Mass Gas Cos 5345 Jan 1946
10112 Illinois Central 4345 & 58_
Proc & Gamb 434s July 1947
Equipment 6s
9912
4
1013 102
Sloss-Sheff S ,34 I 434s__1931
10038
Equipment 79 & 634s
10312 104
Union Oil ber 1935____F&A
10012 Kanawha dr Michigan 65
9212 9312 United Drug is 1932-A&O
10012 Kansas City Southern 534s_
101 10112
Debenture is 1933.-A&O
Louisville & Nashville 6s..
9512 9614
Equipment6 Ms
4
1013 102
Michigan Central Se
Railroad Equipments.
10312 104
Equipment 6s
101 1015e
4.60 Minn St P & SS M 414s & 58
Atlantic Coast Line lis
9712 98
4.25
Equipment 630 & 7s-Equipment(Ilis
4.50 Missouri Pacific (Ilia
Baltimore & Ohio Ss
10012 101
4.35
Equipment 68
Equipment 4145 & 58---8
997 10014
4.25 Mobile & Ohio 16
Buff Roch & Pitts equip 6s_
4
1013 102
4.50 New York Central 4.145 & Is
Canadian Pacific 4..14s & Os.
4.50
Equipment 6s
10012 ____ Central RR of NJ 65
4.50
Equipment 7s
. Chesapeake ar Ohio 68
10012 _ __
4.331 Norfolk & Western 4345Equipment 634s
10012 ___
4.25 Northern Pacific 75
Equipment bs
10014 __ _ _
4.50 Pacific Fruit Express 7s
_ .
10014. . Chicago & North West Ss-4.40 Pennsylvania RR equip 58_ _
Equipment630
100 ____
4.25 Pittsburgh 44 Lake Erie (iAs
Chic RI &Pan &Ks it 5s_._
4.60 Re.sding Co 41.0 & bs
Equipment es
10112 10212
4.60 St Louis & San Francisco bs
Colorado & Southern 68-......
10212 103
4.60 Seaboard Air Line 534s & 6s
Delaware & Hudson 6s
4.70 Southern Pacific Co 4345.
4
Erie 434s & bs
993 100
4.75
Equipment 75
Equipment Os
100 _ _ _ _
4.50 Southern By 434s & Se
Great Northern Os
4.25
Equipment 6s
Equipment fie
3
100 e _ _ _ _
4.25 Toledo & Ohio Central 6*....
Hocking Valley 54
4.60 Union Pacific 78
Equipment 61
s Ex rights.
x x-dlvidend.
reported market.
888888888...8.88,11818888
Allis Chal Mfg 58 May 1937
Alum Cool Amer 5e May '52
Amer Metal 5345 1934 Art0
Amer Bad deb 4345 May '47
Am Roll Mill deb 5s_Jan '48
Amer Wat Wks 581934 A&O
Bell Tel of Can Is A Mar'55
Baldwin Loco 5348 '33 M&S
Cud Pug deb 5348 Oct 1937
Edison Elec III Boston354% note Novi'31 M&N
4% notes Nov 1 '32 M&N
5% notes Jan 16'33....J&J
General Motors Accept5% ser notes___Mar 1931
5% ser notes___Mar 1932
b% ser notee-Mar 1932
6% ser notes-Mar 1934
5% ser notes-Mar 1935
5% ser notes__ _Mar 1936
Gulf OS Corp of PaDebenture bs-_Deo 1937
Debenture 58_ __Feb 1947
Koppers Gas dc CokeDebenture Eis_June 1947
Mag Pet 414s Feb 15 '30-'3.5
Marland 011Serla15% notes Junel5'32
Bid
Bid 'Ask
1 0”0.44
Short Term Securities.
Ask
.. 1
0,07,00.0=0
CD001."C.4
CO 0
Ma
Ask
Investment Trust
Stocks and Bonds.
(See also preceding page.)
8 914
82
All America Investors A_ ___
11
9
American & Continental....,_
4
514 52
Amer Invest Trust Shares_ _
1514 18 4
Beneficial Industh Loan tom
,
37 43
Preferred
28
Central National Corp A_ -- 22
8
3
Class B
20
19
Colonial Investor Shares__
212 __
Continental Metropol Corp_
Continental &cur Corp.
60
Preferred
Devonshire Investing corn-- 3614 38
24
18
Inter Germanic Trust
724 Pe
Invest Fund of N J
Leaders of Industry ser C
53
4 614
North American Trust She.
Old Colony Inv Tr 4 i.i % bds 811
1412 15
Shawmut Association corn_
11
9
Shawmut Bank Inv Trust._
1942 78 82
CO
84
1052 80
bs
1952 110 -- - 13s
71e 814
Standard Corporations
6s. -Standard 011 Trust Shares A
4
8 63
57
Class B
The January 1931 Issue of the "Financial Diary," published by Benjamin, Hill & Co., members New York Stock Exchange, 39 Broadway.
N. Y. City, contains an article "The Depression-the Way In and the
Way Out," a contribution by S. 8. Fontaine. The article originally appeared in the "Business Bulletin" of the College of the City of New York.
Extending his series of articles on the "Stock Exchanges of tho World.'
Herrmann Herskowitz, C.P.A., writes a comprehensive history of the
Chicago Stock Exchange.
-John F. Fowler Jr., formerly of American Trustee Share Corp., distributors of Diversified Trustee Shares, announces the formation of his
own firm to act in the capacity of consultant to investment trusts In respect
of their organization and sales promotion. Mr. Fowler will maintain
offices at 26 Broadway.
Harris, Small & Co., Detroit, have announced that on Jan. 15 1931
they discontinued their New York Stock Department and are devoting
their efforts to the investment banking business. They will, however.
continue their business on the Detroit Stock Exchange and maintain the
Statistical Department as heretofore.
-J. K. Rice Jr. & Co., 120 Broadway, New York, announce that
Schuyler Neilson Rice, Brainerd D. Lindsay, William I. Ewing aicd William
M. Haas have been admitted to their firm and that Frank Y. Cannon.
John Stephan and Frank J. Nelson have retired as of Jan. 15.
-McMichael & Co., Inc. of Boston, have opened a Pacific Coast office
In the Russ Building, San Francisco, Horace C. Lansing Is resident
manager.
-Jenks, Gwynn° & Co., members of the New York Stock Exchange,
have been elected to membership on the Philadelphia Stock Exchange.
Current Carning5
Abut*,
pearly.
uarterip anb lbalf
Below will be found all returns of earnings, income and profits for current periods, whether monthly,
quarterly or half-yearly,that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, covers merely the companies whose returns have come to hand since
the Jan. 16 issue of our "Monthly Earnings Record" went to press, and is presented with the view simply of
making it easy for subscribers to the "Monthly Earnings Record" to find the new statements.
Issue of C'hroniele
Issue of Chronicle
Name of CompanyName of CompanyWhen Published Paso
When Published Page
Jan. 17._ 481 North American Aviation Inc
American Hide & Leather Co
Jan. 17._ 483
Jan. I7__ 482 Oklahoma Natural Gas Corp
Hammond Clock Co
Jan. 17.... 483
Jan. I7__ 482 Paramount Publix Corp
Incorporated Investors
Jan. I7__ 483
Jan. I7__ 483 Southern Canada Power Co., Ltd
National Steel Corp
Jan. I7__ 483
American Hide & Leather Co.
El Paso Electric Co.(Delaware).
Dec. 13 '30. Dec. 14 '29
24 Weeks EndedOperating loss after charging repairs, depreciation,
interest on loans and reserve for taxes
$32,457prof$205,427
Reserved-for revaluation of inventories, securities
owned, &c
500,000
Total loss
$532,457prof$205,427
10
-Last complete annual report in Financial Chronicle Aug.9 1930, p. 941,
and Aug. 16 1930, p. 1100.
Baton Rouge Electric Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of November- -12 Mos. End. Nov. 301930.
1929.
1930.
1929.
$119,881
$118,447 $1,362,851 312,33,228
681,002
64,568
61,704
604.769
4,124
66,028
6,388
67,799
11,812
8,517
128,200
115,317
Net operating revenue
$39,377
Income from other sources*
Balance
$445,341
11.298
Birmingham Electric Co.
$224,966
76,050
8,948
$266,310 $2,964,555 $3,732,547
76,598
917,557
926.085
4,622
70,527
74,876
Balance
$139,968
Dividends on preferred stock
$185,090 $1,972,122 $2,735,935
410,018
410,618
Balance
$1,562,104 $2,325,317
l'
Last complete annual report in Financial Chronicle Apr. 12 '30, p. 2576
Blackstone Valley Gas & Electric Co.
(And Subsidiary Companies)
-Month of November- -12 Mos. End. Nov. 301930.
1929.
1930.
1929.
$578,651
$577.005 $6,400,081 $6,608.187
3,149.799
3,051.551
258,006
225,299
273,412
244,269
21,186
19,148
424,176
430,463
37,260
31,795
Net operating revenue $302,407
Income from other sources_a
$260,551
Net income
$2,568.296 $2,656,876
539.333
563,851
Balance
$2,028,962 $2,093,024
a Interest on funds advanced to Montaup Electric Co.
x Interest charges on bonds and dividends on outstanding pref. stock
of The I'awtucket Gas Co. of New Jersey,
r. "Last complete annual report in Financial Chronicle Apr. 26 '30, p. 2959
Cape Breton Electric Co., Ltd.
(Including Leased Property)
-Month of November- -12 Mos. End. Nov. 301930.
1929.
1930.
1929.
Gross earnings
$46.279
$60,984
$622,501
$682,490
Operation
31,560
37,169
378,947
400,382
Maintenance
5,031
6,925
82,458
91,807
Taxes
1,756
2,377
28,242
32,353
Net operating revenue
$7,930
$14,511
$132,853
$157,947
Interest charges
68,946
69,067
Balance
$63,906
$88,880
Eastern Utilities Associates.
(And Constituent Companies.)
-Month of November- 12 Mos. End. Nov. 30
1930.
1929.
1930.
1929.
$819,081
Gross earnings
$824,382 39,224,385 89,316.861
$311,769
Operation
$360,952 84,255,895 84,406,608
Maintenance
27,449
32,297
366,220
406,419
68,595
Taxes
61,534
818,803
791,135
$369,598 $3,783,465 $3,712,698
Net operating revenue $411.267
69.363
Inc. from other sources79,398
14.033
6,292
$341,904
Balance
$290,199 $3,797,498 $3,718,990
amortization
Interest and
864.315
749,141
Balance------Divs. On wit:stock of constituent companjes_
----
Balance
Amount applic. to coin. stk. of constituent cos. in
hands of public---------------------
$2,933,183 $2,969,848
127,152
127,152
$2.S06.031 82 842 696
"
94,466
136,522
Bal. aPPllc. to res. and Eastern Utilities Assoc- 52,711,564 $2.706.174
larLast complete annual report in Financial Chronicle Apr. 26'30, p. 2961
$134,072 $1,634,108 $1,488,589
103,619
59,456
Balance
Deductions
$1,737,727 $1,548,046
303,548
459,773
Balance
Interest and amortization
$1,277,953 $1,244.497
9,423
10,403
Balance
$1,268,529 $1,234,094
*Interest on funds for construction purposes.
la"Last complete annual report in Financial Chronicle May 1 '30, p. 145
Fall River Gas Works Co.
-Month of November- 12 Mm, End. Nov. 30
1930.
1930.
1929.
1929.
$88,202
$90.257 $1,024,823 $1,010,189
Operation
Maintenance
Taxes
841,864
6,033
14,487
343,033
5,721
7,727
$501,516
69.833
150,379
$533,390
64,822
154,062
Net operating revenue
$25,817
* Income from other sources
$33,774
$303,093
798
$257,913
$303,892
27,251
$257.913
24,354
Balance__
5276,640
* Interest on funds used for construction purposes.
$233,559
Net income
Interest charges
Federal Light & Traction Co.
-M19o3not. of November- -12 Mos. End.Nov.30h
1929.
1930.
$734,995
$759,114 $8,526,944 $8,92 ,
1 479 145
7
397,869
419,672 4,818,866
5,026,896
Grossearnings
Oper.,admin. exp. & tax
Total income
Interest and discount
$337,126
107.581
8339,442 53,708,078 $3,450,249
108,492
1.319,709
1,227,579
Net income
$229,545
$230.950 $2,388,369 $2,222,670
Preferred stock dividends:
Central Arkansas Public Service Corp
104,857
104,850
New Mexico Power Co
1,550
1,204
Springfield Gas & Electric Co
69,981
69,687
Balance after charges
$2,211,981 $2,046,929
It2§ -Last complete annual report in Financial Chronicle Mar.1'30, p. 1456
,
$2,673,796 $2,760,798
1,577
$2,673,796 $2,762,376
105,500
105,500
Balance
Interest and amortization
Net operating revenue $154,564
Income from other sources*
Gross earnings
(National Power & Light Co. Subsidiary)
-Month of November- -12 Mos. End. Nov. 301930.
1929.
1930.
1929.
Gross earns, from oper_ $656,317
$742,764 88,333,475 39,622,743
Oper. exp. & taxes
462,180
510,378
5,758,787
6,209,085
Net earns, from oper_ $194,137
$232,386 $2,574,688 $3,413,658
Other income
30,829
33,924
389,867
318,889
Gross earnings
Operation
Maintenance
Taxes
Gross earnings
ration
aintenance
Taxes
$346,883
*Interest on funds for construction purposes.
Total income
Interest on bonds
Other bat. & deductions
(And Constituent Companies)
d. Nov. 30-Month of November- -12 Afos.
1930.
1929.
1930.
1929.
$313,751 $3,653,761 $3,509.453
$320,531
1,528.533
1,531,448
127,912
138.124
200,115
190,452
16,149
15,751
292,213
297,752
25,403
22,303
$456,639
109,756
$360,571
Balance
Interest and amortization
$487,620
14,205
$501,825
141,254
$41,837
Issue of Chronicle
When Published Page
Jan. 17__ 984
Jan. 17._ 484
Jan. I7__ 484
Jan. I7__ 484
Name of CompanyUnited Paperboard Co
Western Grocer Co
Wheatsworth, Inc
White Rock Mineral Springy
Federal Water Service Corp.
12 Months Ended Nov. 30Operating revenues
Net after depreciation and ordinary taxes
Other income
1930.
1929.
$16,407,216 $15,872,207
8,795,379 8,544,831
733,594
606,059
Totalincome
$9,528,974 39.150,890
Net inc. after int., Fed, taxes, subs. diva., &c___- 3,042,381
3,300,064
Preferred dividends of Federal Water Service_ -- _
983,118
949.928
Surplus
$2,059,263 $2,350,136
Shares class A stock outstanding
560,278
522.787
Earnings per share under participating provisions_
$2.85
33.28
Earnings per share if applied directly
$3.67
$4.49
rirLast complete annual report in Financial Chronicle Mar. 22'30, p. 2018
Galveston-Houston Electric Co.
(And Subsidiary Companies.)
-Month of November- 12 Mos. End. Nov. 30
1930.
1929.
1930.
1929.
Gross earnings
$376,202
$427,169 $4.784,452 $5,252,163
Operation
$183,190
$201,106 $2,267,947 $2,407,253
Maintenance
54,779
714.993
747.362
58,932
Taxes
29,772
397.501
16,366
350,814
Net operating revenue $108,460
$150,764 $1,450,697 $1.699,650
* Income from other sources
926
Balance
51.451,623 $1,699,650
Interest and amortization
811,656
851,946
Balance
$639,966
$847.703
* Interest on funds for construction purposes.
fat
-Last complete annual report in Financial Chronicle Mar. 29 '30, p. 2206
Gulf States Utilities Co.
Gross earnings
-Month of November- 12 Mos. End. Nov. 30
1930.
1930.
1929.
1929.
5521.754
5520,210 $7.088,081 $6,487,002
$265,494
20,360
40,845
$246,630 $3,176,811 $2,725.758
27,640
293,118
302,707
20,014
519,946
446,521
Net operating revenue $195,053
* Income from other sources
$225.924 53.098,205 $3,012,015
25,406
34,176
Operation
Maintenance
Taxes
Balance_,.
Interest and amortization (public)
$3,123,611 $3,046.192
980,020
739,744
Balance
Interest(E.T.E.Co. Del.)
$2,143,591 $2,306,448
69,630
176.991
Balance
* Interest on funds for construction purposes.
$2.073,960 52,129,456
[VOL. 132.
FINANCIAL CHRONICLE
482
(Byron) Jackson Co.
(Adolph) Gobel, Inc.
(And Subsidiaries)
44 Wks. to -Calendar Years
1928.
1929.
PeriodNov. 1 '30.
Net sales
$38,215,048 $46,032,417 $21,244,819
Cost of sales, selling, delivery, general
and administrative expenses
37.233.407 45.123,498 20,221,722
197,354
351.514
374,841
Depreciation
2,487
118.637
130.578
Other deductions
$823,257
$438,769
$476,222
Total profit
Interest on funded debt, including
88,191
137.472
179,947
amortization of discs. and expense..
85.535
32,662
41.375
Provision for Federal taxes on income
$649,531
$268,635
$254,901
Net income
86,199
137,336
115,519
Subsidiaries' preferred dividends
$563,332
$131,298
$139,382
Balance, surplus
503,554
1,G81,146
1,359,518
Surplus at beginning of period
16,269
Adjustment of reserve contingencies
Equity in surplus of Jacob E. Decker
136,043
.!z Sons, Jan. 1 1929
Dr2,009
11.030
Dr137.092
Miscellaneous surplus adjustments..
$1,361,808 $1,359,518 $1,081,146
Total surplus
Hammond Clock Co.
3 Months. 9 Months.
Period Ended Dec. 31 1930$383,765
$252,963
Net income after all chgs., incl. deprec. & Fed.tax_
$4.19
$2.77
shs. common stock
Earns, per sh. on 91,040
Haverhill Gas Light Co.
-Month of November- 12 Mos. End, Nov. 30
1930.
1929.
1929.
1930.
$717,982
$739,071
$65,751
$59.588
Gross earnings
$35,610
3,054
5,931
$40,399
2.574
5.752
$450,629
23,278
78,976
$462.340
25,769
76.394
$14,992
Net operating revenue
•Income from other sources
$17,025
$186.187
$153,478
1,775
$186.187
5,886
Jacksonville Traction Co.
-Month of November- 12 Mos. End. Nov. 30.
1930.
1929.
1929.
1930.
$92,573 $1,042,922 $1,143,880
$81,250
Gross earnings
47,093
533,932
39,191
589,904
Operation
140,630
14,252
10.140
168,783
Maintenance
13.102
15,311
176,404
177,688
* Retirement accruals
7,787
96,540
4,284
106,590
Taxes
$95,415
$12,322
$10,338
Operating revenue_ _ _
$100.913
City of So. Jacksonville
6.075
510
6,173
461
portion of oper. rev__
$89,339
$94,739
$11,812
$9.876
Not oper. revenue_ __
151,937
157,430
Interest and amortization
def$62.598 def$62,690
Balance
* Pursuant to order of Florida RR. Commission, retirement accruals on
the entire property must be included in monthly operating expenses.
WLast complete annual report in Financial Chronicle Feb. 22 '30, p. 1274
Jamaica Public Service, Ltd.
(And Subsidiary Companies).
-Month of November- 12 Mos. End. Nov. 30.
1930.
1929.
1929.
1930.
$827,263
$759,969
Gross earnings
$68,541
$66.657
493,459
441.225
36,027
Oper. expenses & taxes
38,723
$3333,803
$318,744
Net earnings
$30.629
$29.1117
92,536
78,279
Int. & amertiz. charges_
6,094
9,403
Balance for reserves,
$241,267
$240,464
retire, and divs_ _ _ _
$24.535
$20,413
The above figures converted from E Sterling at rate of $4.86 2-3 to El.
Beginning with the month of April 1930, the current year's earnings
and expenses include operations of St. James Utilities, Ltd. The 12
months figures include these earnings from Jan. 1 1930.
'Last complete annual report in Financial Chronicle April 26 '30, p.2961
Or
$155,253
5,264
$180,301
Balance
* Interest on funds used for construction purposes.
1930-9 Mos.-1929.
Period End. Sept.30- 1930-3 Mos.-1929.
$489,404 $1,008,000
$114,178
Net prof. after all charges
$82,259
Earns. per sh.on 356,176
shs. corn, stock out$1.37
$2.80
$0.32
$0.23
standing (no par)____
larDast complete annual report in Financial Chronicle May 10 '30, p. 3366
$149,989
Operation
Maintenance
Taxes
Balance
Interest charges
-Month of November- -12 Mos. End. Nov. 30.1929.
1930.
1930.
1929.
$274,652 $3,120,961 $3,378.970
$247.209
1,485,010
1,597.862
130.524
117,247
496.125
478,899
38.383
39,015
284,469
250.143
10.742
21,107
$906.908 $1,000,512
8,666
10,720
$94,371
$70,471
Net oper. revenue_.Income from other sources
•
Balance
Interest and amortization (publlc)
$917,628 $1,009,179
339.766
331.807
Balance
-H. E. Co.)
Interest and amortization (G.
$585,821
35.186
$669.412
59.806
$550,635
$609.606
Balance
-H. E. Co.
•Interest on funds advanced G.
Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary).
-Month of November- 12 Mos. End. Nov. 30.
1929.
1930.
1930.
1929.
$704,809 38,811,174 $7.900,233
$717.978
Gross earns,from oper__
4,155,158
381,970
358,592 4.597.726
Oper. exps. and taxesNet earns,from oper-Other income
$336.008
2,686
$346,217 $4,213.448 $3,745,075
53,176
31,200
2,177
Total income
Interest on bonds
Other int. and deduct
$338.694
86.679
6,484
$348,394 $44,266,624 $3,776.275
1,014,594
894,594
78.346
8.674
83,404
137,277
$245.531
Balance
Dividends on preferred stock
$261,374 $3.168,626 $2,744,404
328,833
255,000
_
$2,839,793 $2.489.404
Balance
Idaho Power Co.
(Electric Power & Light Corp. Subsidiary.)
-Month of November- 12 Mos. End. Nov. 30
1930.
1929.
1929.
1930.
$332,115 $4.136,391 $33.826,302
Gross earns,from oper_- $340.812
2,004.532
173.161
164.947
1,840,118
and taxes___
Oper. exps.
Net earns, from oper_
Other income
$175,865
5.583
$158,954 $2,131,859 $1,986,184
82,155
74,633
6,637
Total income
Interest on bonds
Other int.& deducts
$181,448
54,167
5,382
$165,591 $2,214,014 $2,060.817
54,167
650.000
650,000
72.605
81.520
6,783
$121.899
Balance
Dividends on preferred stock
$104,641
$1,491.409 $1.329.297
385,518
342,083
$1,105,891
Balance
$987,214
Illinois Bell Telephone.
-Month of November- 11 Mos, End. Nov. 30
1930.
1929.
1929.
1930.
$84,937,472
Telep. oper. revenues.- $7,598.540 $7,852,873 59.371.276 $83,096.156
5,253.325
57.354.918
Telep. oper. expenses___ 5,334,910
2,599.548 $25,566,196 $25,741,238
Net telep. oper.revs-- 2,263.630
381,732
412.350
32,421
48,177
Uncoil oper. revenues-8,964,630 8,861.715
875.181
788,032
Taxes assignable to oper.
$16,189,216 $16,497,791
Operating income.-- $1,427,421 $1.691,946
Chronicle Feb.22'30, .1274
a"Last complete annual report in Financial
Incorporated Investors.
Earnings for 3 Months Ended Dec. 31 1930.
expenses, including
Net earnings from dividends and interest after
$260,665
management fee of $34,653
263,855
Undivided earnings Oct. 1 1930
$524,519
earnings prior to dividend
Undivided
stockholders
Dividend payable Jan. 15 1931-at 35c. per share to
284,303
of record Dec. 22 1930
$240,216
Undivided earnings Dec. 31 1930
$0.32
Earnings per share on 814,202 no par shares
-Month of November- -12 Mos. End. Nov. 301930.
1929.
1929.
1930.
$226,279
$227,741
$19,215
$18,154
8,257
94,990
103,247
7,560
1,266
19,859
21,896
1.124
19,342
19.523
1.568
1,933
Gross earnings
Operation
Maintenance
Taxes
Houston Electric Co.
Gross earnings
()motion
Maintenance
Taxes
The Key West Electric Co.
$7,536
Balance
$8,123
$92,087
28,235
$83,073
28,622
$63,851
Net operating revenue
Interest and amortization
$54,451
Louisiana Power & Light Co.
(Electric Power & Light Corp. Subsidiary.)
-Month of November- -12 Mos. End, Nov. 301930.
1929.
1929.
1930.
$488,288 $6.067,145 $5,189,884
Gross earns,from oper__ $556,807
234,918
3,177,046
Oper.exps.& taxes
276,070
2,668.337
Net earns, from oper_
Other income
$280,737
3.621
$253.370 $2,890,099 $2,521,547
6,484
81,525
116,206
Total income
Interest on bonds
Other int, and deducts
$284,358
60,417
6,831
$259,854 $2,971,624 $2,637,753
657.225
52,083
617,500
123,878
8,224
107,239
Balance
$217,110
Dividends on preferred stock
$199,547 $2,190,521 $1,913,014
345,000
313.333
Balance
$1,845,521
$1.599,681
Mackay Companies (Postal Telegraph-Cable Co.)
-Month of November- 11 Mos. End. Nov. 30
1930.
1929.
1929.
Teleg.& cable oper. revs. $2,019,188 $2,267,896 $25,366,579 $26.819,923
222,187
1.764.231
2,334,112
149.273
Repairs
2,302.516
2,313,647
248,619 -545,727
All other maintenance
1,922.562 20.468,983 20,417,758
Conducting operations... 1.751,586
809,737
-36,920
943,316
Gen. & miseell. expenses -43,083
Tot. teleg. & cable oper.
1,562,103 25,479,045 25,875,255
2,106,395
expenses
Net teleg.& cable oper.
-$887,207
revenues
Uncoil. operating revs._
5,000
Taxes assign. to opera
38,000
$705,793 -$11.2,467
10,000
70,000
30,000
394,000
$944.668
110,000
450,000
Operating income
Non-operating income
-$130,207
15,063
$665,793 -$576,467
27,748
286,131
$384,668
184.117
Gross income
-$115,144
Deducts, from gross inc.
177.804
$693.542 -$290.336
1,696,580
92,367
$568,785
826,375
Not income
-$292,949
$601,174-$1.986,916 -$257,589
IN-Last complete annual report in Financial Chronicle Feb. 22'30, p. 1274
Memphis Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of November- -12 Mos. End. Nov. 301930.
1930.
1929.
1929.
Gross earns,from oper__ $605,512
$561.869 $6,783.173 $6,074.188
Oper. expenses & taxes
356,894
3,672,336
342,578
3,994,184
Net earns, from oper- $248,618
$219,291 $2,788,989 $2,401,852
Other income
15,147
345,275
13,873
286,252
Total income
$263.765
$233,164 $3,075.241 $2,747,127
Interest on bonds
63,285
661,660
52,952
730.357
Other int. & deductions_
7.263
88,211
12,551
88,223
Balance
$193 217
$167,661 $2,256,661 $1.997,356
Dividends on preferred stock
271.124
339.642
Balance
31,917.019 $1,726,232
tziLast complete annual report in Financial Chronicle Apr. 10 '30, p. 2769
Mississippi Power & Light Co.
(Electric Power & Light Corp. Subsidiary.)
-Month of November- 12 Mos. End. Nov. 30
1930.
1930.
1929.
1929.
Gross earns,from oper__ $494,890
$4440,830 $5,074,957 $3,972,184
Oper. exps. and taxes__
3,328,092
305,935
2,562,647
260.871
Net earns, from oper_
Other income
$188,955
19,337
3179,959 $1,746,865 $1,409,537
294.473
167,650
15.855
Total income
Interest on bonds
Other int, and deducts
$208,292
68,192
15,073
$195,814 $2,041,338 $1,577,187
574,749
450,000
37,500
370,326
329,935
34,247
Balance
$125.027
Dividends on preferred stock
Balance
$124,067 $1,096,263
293.485
$797,252
150,000
$802,778
$647.252
JAN. 17 1931.]
FINANCIAL CHRONICLE
National Steel Corp.
Earnings for 9 Months Ended Sept. 30 1930.
Gross profit
$10,770,913
Depreciation and depletion
1,949,413
Interest and discount
558,137
Minority interest in subsidiaries
1,753
Federal taxes
908,031
Net profit
$7.353,579
Dividends paid
3.181,031
Balance, surplus
Earns, per sh. on 2,149,734 shs, common stock (no par)
$4,172.548
$3.42
Net earns, from oper_
Other income
$534.805
4,321
$541,059 $6,301,309 $5,856,457
950
21,091
62,313
Total income
Interest on bonds
Other int. & deducts_ __ _
$539.126
236,048
23,124
$542,009 $6,322,400
236,796
2,836.795
17,698
332,136
$5,918,770
2.861.548
178,372
$287,515 $3,153,469 $2,878,850
554,243
554,243
Balance
$2,599,226 $2,324,607
North American Aviation, Inc.
9 Months Ended Sept. 30Interest, dividends, drc
Profit on securities sold
Profit of subsidiary companies
1929
1930.
$155,766 $1,079,923
608,878
265,485
516,749
1,367,308
Total income
Office expenses
Corporate expenses
Taxes
Provision for income taxes
$1,788.560 $2,205,550
130.902
f165,396
185,132
{51.894
f 13,502
1242,094
Net income
$1,571,270 $1,833.920
Sirs. cap. stock outstanding (no Par)
2,100,000
2,000.000
Earns. per share
$0.91
$0.75
farLast complete annual report in Financial Chronicle Mar. 29 '30, p. 2224
Northern Texas Electric Co.
(And Subsidiary Companies)
-Month of November- -12 Mos. End. Nov. 30Gross earnings
$175,374
Operation
102,898
Maintenance
32,643
Taxes
14.660
Net operating revenue
$25,171
Inc. from other sources*
Balance
$25,171
Interest and amortization
Balance
*Rental of Oak Cliff property.
$219,441 $2,383.634 $2,722:939
115.350
1,431,279
1,347.735
25,802
413.953
389.000
8.183
190,841
176.758
$70.105
$686.865
8470,339
12,500
150.000
75,000
$82.605
$836.865
$545,339
445.752
375.371
$169.968
$391.113
Northwestern Electric Co.
(American Power & Light Co. Subsidiary)
-Month of November- 12 Mos. Ended Nov. 30
1930.
1929.
1930.
1929.
Gross earns. from opera $315,575
$335,106 $3,701,908 $3,627,089
Open caps. and taxes_
211,225
219,845 2.202,430
2,262,488
Net earns,from oper'n $104,350
$115.261 $1,499,478 $1,364.601
3.454
8,290
Other.ineams
55,278
97.379
Total income
$123,551 $1,554,756 $1,461,980
$107,804
Interest on bonds
35,654
35,654
427.848
427,848
Other int. & deductions_
37,034
348,031
28,181
248,494
Balance
$35.116
$778,877
$59,716
$785,638
Dividends on preferred stock
336.260
336.216
Balance
$442,617
$449.322
Oklahoma Natural Gas Corp.
12 Months Ended Nov. 301930.
1929.
Gross revenues
$10,513,436 $10,840,464
Oper. expenses, maint. & taxes other than Fed_ _ _ _ 6,091,622
6,288,353
Net income
$4,421,814 $4,552,111
Int. on funded & unfunded debt. deprec. & deple.
& miscellaneous charges
2,404,131
Balance available for dividends
$2,017,682
Preferred dividends
697,250
Balance
$1,320.432
Pacific Telephone and Telegraph Co.
-Month of November- 11 Mos. End. Nov. 30
1930.
1929.
1930.
1929.
Telep. oper. revenues-- $5,249,418 $6,247,984 $64.507,376
Telep. oper. expenses.._- 3.663.740 4,322,167 44.500,479 $67,104,617
46.916,717
Net telep. oper. revs-- $1,585,678 $1,925,817 $20,006,897
$20,187,900
Uncoil. open revenues-49,200
38.500
500.500
485,400
Taxes assign. to opera.-470,309
502,260
5,589,229
5.348,960
Operating income.... $1.066,169 $1,385,057 $13.917,168
ra"Last complete annual report in Financial Chronicle Mar. 22 $14,353,540
'30, p. 2028
Paramount Publix Corp.
(And Subsidiary Companies)
Period End.Sept.30-- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Consol. net Inc. after
charges & Fed taxes-- $5.104,976 $4.601.000 813.546.188
$9,731,000
Average she, corn stk.
outstanding (no par)- 3.180.636 12.647,326
2,948.397
2.366,180
Earnings per share.-- $1.61
$1.74
$4.60
$4.11
x Actual amount outstanding.
l'Last complete annual report in Financial Chronicle Apr. 5'30. p. 2432
Pawtucket Gas Co. of New Jersey.
(And
SubsicFary Company)
-Month of November-.-12 Mos. End. Nov. 301930.
1929.
1930.
1929.
$126,601
$124.730 $1,451,652 $1,478.761
51,423
57,438
669,176
660,068
8.390
8,968
82.092
92.855
6.373
7,156
85,126
84,502
Gross earnings
Operation
Maintenance
Taxes
25,
Not operating rev
Interest charges (public)
$60,413
$51,166
___________________ ___________
.• Balance
Interest charges (1.1. V.0.& E. Co.)
Balance
___
Ponce Electric Co.
-Month of November- -12 Mos. End. Nov. 30-1930.
1929.
1930.
1929.
Gross earnings
$34,090
$28,955
$382.152
$339,428
Operation
13,629
11,805
164,585
150,095
Maintenance
1,891
1.685
20.739
23,913
Taxes
3,710
2,761
38.016
28,527
Net operating revenue
$14,858
$12,704
$158,810
8136.892
Interest charges
2.649
6.737
Balance
$156.160
$130,154
Postal Telegraph-Cable Co.
-Land Lines System.
New Orleans Public Service Inc.
(Electric Power & Light Corp. Subsidiary.)
-Month of November- 12 Mos. End. Nov. 30
1929.
1930.
1930.
1929.
Gross earns,from oper_ - $1,479,906 $1,357,988 $17,596,509 $16,098,685
Oper.expenses & taxes__
945,101
816,929 11,295,200 10,242,228
Balance
$279,954
Dividends on preferred stock
483
$615,256
56.883
$641.334
56.717
$558.373
175,494
$584.617
189.386
$392,879
$395.230
Earnings 11 Months Ended Nov. 30 1930.
[Filed with the Interstate Commerce Commission.)
Telegraph operating revenues
$25,366,579
Telegraph operating expenses
25.479,045
Net telegraph operating deficit
Deductions
$112,467
464,000
Operating deficit
Non-operating income
$576,467
286.131
Gross deficit
Deductions
8290.336
1,696,580
Net deficit
81.986.916
The above figures represent telegraph land line operations of the Postal
Telegraph-Cable Co. only and do not include the operating results of the
cable and radio companies associated with it in the Postal Telegraph &
Cable Corp. Furthermore, the statement does not include the results of
the Postal Telegraph-Cable Co. (Minnesota) the gross revenues of which
were $546.797 and net deficit $22,270 for the period.
Procter & Gamble Co.
(And Subsidiaries)
6 Months Ended Dec. 311929.
1930.
Net profit after interest, depreciation, Federal
taxes and special introductory work
$12,194,732 511.639,819
Earns per sh. on 6,410.000 shs. corn. stk.(no par)
$1.75
$1.84
la"Last complete annual report in Financial Chronicle July 26 '30, p. 642
Purity Bakeries Corp.
-12 Weeks Ended- -Years Ended
PeriodDec. 27 '30. Dec. 28 '29. Dec. 27 '30. Dec. 28 '29.
Netincome after interest,
deprec., Fed.taxes, &c $831,467 $1,390.478 $4,130,872 $5,652,285
Shs.corn. outst.(no par)
805,044
805,062
805,062
805.044
Earnings per share
$1.03
$1.73
$7.02
$5.13
tarLast complete annual report in Financial Chronicle Feb. 1 '30, p. 791
Railway & Utilities Investing Corp.
6 Months Ended Dec. 31x Dividends
Interest received and accrued
1930.
$56,349
2,414
1929.
$52.435
22,806
Total income
General expenses
Interest paid
Taxes
$58,763
13,999
875.241
15,259
7,827
20.380
Operating income
Profits on securities sold
844,764
loss61,947
$31,775
97,231
Net income
Preferred dividends paid
loss$17,183
73,822
$129,006
40,922
def$91,005
506,845
$88,084
253,321
Surplus for period
Surplus June 30
Surplus Dec. 31
$415,840
$341,406
x Stock dividends not included.
larLast complete annual report in Financial Chronicle Aug. 9 '30, p. 955
San Diego Consolidated Gas & Electric Co.
-Month of November- -12 Mos. Enaed Nov.301930.
1929.
1930.
1929.
$606.078
$582.869 87.380.797 $7,328.596
299,306
272.043 3.695,080
3.502.959
302
5,240
8.951
26,676
Gross earnings
Net earnings
Other income
Net earnings, including other income_ _ - $299,609
$277,284 $3.704.032 $3,529,635
Balance after interest
2,819,505
2,986,818
t2i"Last complete annual report in Financial Chronicle April 26'30, p.2963
Savannah Electric & Power Co.
-Month of November- 12 Mos. End. Nov. 30.
1929.
1930.
1930.
1929.
5186.756
$193,496 $2J97.608 $2,211.500
64,587
69,457
819.726
853,418
10,759
143.938
11,109
135,636
18,905
13,612
210.902
202,765
Gross earnings
Operation
Maintenance
Taxes
Net oper.revenue....
Interest and amortization
$92,503
$99,315 $1,023,041 $1,019,680
432,375
442.865
Balance
8576,815
8590.665
tgrpast complete annual report in Financial Chronicle Mar. 1 'SO, p. 1458
Southern Canada Power Co.
-Month of December- -3 Mos. End. Dec. 311929.
1930.
1930.
1929.
$215,102
$584,685
$620,387
$205.739
202,391
225,954
73,054
72.334
Gross earnings
Operating expenses
Net earnings
$394,433
$132,685
$382,294
$142,768
arLast complete annual report in Financial Chronicle Dec. 13 'SO, p. 3877
Southeastern Express Co.
RevenuesExpress-domestic
Miscellaneous
-Month of October- -10 Mos.End. Oct.311929.
1930.
1930.
1929.
$600,616
$745,609 $5,668,439 $6,651,439
67
81
1
Charges for transport_
Express privileges-Dr..
$600,714
281,089
$745,609 85.668.521
354,164
2,462,591
Rev,from transport
Oper. other than transp_
$319,624
10.038
$391,445 $3,205.929 $3.465.256
12,395
94,280
114.261
Total oper.revenues
Expenses
Maintenance
Traffic
Transportation
General
$329.663
$403.840 $3,300,210 $3,579,517
Operating expenses...
Net oper. revenue
Uncoil,revs,from transp
Express taxes
$315.709
13,954
162
9.000
Operattng income
15,958
3,138
273,811
22.800
$4,701
16,595
6,108
302.398
25.376
143,964
78,775
2.740.261
224,419
86,651,441
3,186,184
169.851
64,699
2.927,093
235.058
$350.480 $33,187,421 $3,396,702
53,360
112,788
182,815
32
1,407
822
10.000
83,000
94,000
$43,327
$28,381
$87.993
[voL. 132.
FINANCIAL CHRONICLE
484
Wheatsworth, Inc.
Sierra Pacific Electric Co.
(And Subsidiary Companies).
-Month of November- 12 Mos. End. Nov. 30,
1929.
1930.
1929.
1930.
$124,190 $1,489,890 $1437789
$129,151
$581,198
$581,359
$56,109
$56.529
83,026
82,236
6,552
6,211
166,894
174,854
14.270
15,953
Gross earnings
Operation
Maintenance
Taxes
Net oper. revenue_ _ _ _
Interest and amortization
$50,455
$651,440
52,362
$47,259
Southern Ice Co.
-Ice and coal
Net sales
Delivery, selling & general expenses
Taxes
Operating income
-Net
Non-operating income
Gross income
Interest charges
$142.994
457,452
$250,755
364,034
Total surplus
y Retirement reserve
$600,446
105,000
$614,789
95,000
Balance
Net direct credits
$495,446
15,791
$519.789
13,123
Total surplus
Preferred dividends
$511.237
70.102
$532,912
75,460
5457,452
$441,135
Earned surplus
x Gross sales less cost of products sold. y Amount set aside by the directors during the 12 months' period.
Sweets Co. of America, Inc.
1930-12 Mos.-1929.
-Month-1929.
Period End. Dec. 31- 1930
Not earns, after all chges.
$132,035
$132,165
$8,897
$3,566
but before Fed. taxes_
OrLast complete annual report in Financial Chronicle Mar. 15'30, p. 1845
$126,937 $1,617,932 $1,466,130
47,932
51.819
$1,566,112 $1,418,198
Balance
accruals for
* Pursuant to order of Florida RR. Commission, retirement
the property must be included in monthly operating expenses
a large part of
and such an accrual is included for the entire property.
'30, p. 1276
tarLast complete annual report in Financial Chronicle Feb. 22
United Paperboard Co., Inc.
Nov. 29 '30. Nov. 30'29. Nov. 24'28. Nov. 26 '27.
6 Months Ended$2,632,359 $4,422,645 $4,519,965 $4,684,880
Total sales
(including
Gross earnings
507,604
279,243
304,155
loss38,673
other income)
40.000
Taxes and insurance_
59,658
45,965
50,982
53,812
Administration expenses
$233,278
$407,946
$253,172
loss$92,486
x Net earnings
Earns. per sh. on 120,000
$1.61
$3.07
$1.78
Nil
shs. corn.(par $100)
income taxes and depreciation,
x No deduction has been made for Federal
which will be deducted at end of fiscal year.
Aug. 30 '30, p. 1414
12T'Last complete annual report in Financial Chronicle
Virginia Electric & Power Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies).
-Month of November- 12 Mos. End. Nov. 30.
1929.
1930.
1929.
1930.
$1,471,737 $1,477,865 $17,173,065 $17,018,194
6,747,660 6,437,327
539,745
536,510
1,394,182
1,528.884
119,721
91,836
1,403,452
1,303,340
74,984
104,807
$738,583
Net oper. revenue--__
* Income from other sources
$743,414 $7.727,881 $7,648,529
16.170
52,356
Balance
Interest and amortization
$7,780,237 $7,664,700
1,847,813
1,775,588
$6,004,649 $5,816,887
Balance
purposes.
* Interest on funds for construction
report in Financial Chronicle Mar. 1 '30, p. 1459
'Last complete annual
Wesson Oil & Snowdrift Co., Inc.
(And Subsidiaries.)
1929.
1930.
Quarter Ended Nov. 30
$13,907.562 $18,238,601
Net sales
12.971.887 17,305,757
Costs of sales
247,606
248,400
Depreciation
$685,238
$687,275
166,359
Operating profit
117,038
Other income
$851,597
$804,313
93,420
Total income
97,000
Federal taxes
$758,177
$707,313
400.000
Net profit
365.700
300.000
Preferred dividends
300,000
Common dividends
$58,177
$41,613
$0.59
Surplus
$0.57
stock (no par)_
Earns. per sh. on 600,000 atm corn.
18 '30, p. 2551
Financial Chronicle Oct.
rarLast complete annual report in
Western Grocer Co.
1929.
1930.
$199,409
6 Months Ended Dec. 31$168,663
Net profit after charges & Federal taxes
$1.57
$1.27
Earns, per sh. on 105,000 shs.com.stock (par $25)Sept. 30, p. 1730
a'Last complete annual report in Financial Chronicle
i
Western Union Telegraph Co., Inc.
1928.
1927.
1929.
x1930.
$
I
$
$
12 Mos.End. Dec.31a133,269,598 148,449.854 139,387,320 134.460,816
revenues
Gross
619,476.061 22,944,995 21,263,700 20.867,193
Maintenance
Other oper. expenses_ _ _c99,425,925 106,419,901 99,046,556 94.978,839
19,084,958
3,610,065
14,367,612
Net earnings
Deduct-Int. on bd. debt 5,047,578
19,077,064
3,609,405
18,614,784
3,584,331
9,320.034 15,474,893 15.467,659 15,030,453
Net income
a Including dive, and interest. b Repairs and reserve for depreciation.
C Includes rent of leased lines and taxes. x Month of Dec. estimated.
lG'Last complete annual report in Financial Chronicle Mar. 29 'SO, p. 2252
Wil-Low Cafeterias, Inc.
1930.
1929.
3 Months Ended Dec. 31$87,680
$89,480
Net profits after charges, deprec., amortiz. & taxes
$0.45
$0.47
sh. on 101,420 shs. corn. stk.(no par)__
Earns, per
'
IcarLast complete annual report in Financial Chronicle Nov. 15'30, p. 3223
White Rock Mineral Springs Co.
Tampa Electric Co.
(And Subsidiary Companies).
-Month of November- 12 Mos. End. Nov. 30.
1929.
1930.
1929.
1930.
$388,809 $4,606,898 $4,582.866
$388,986
earnings
Qross
1,921,246
1,845,178
155,210
142,687
Operation
321,180
307,942
34,861
24,105
Maintenance
555,826
517,058
51.249
45,449
*Retirement accruals318,482
318,786
20,550
26,664
Taxes
$150,079
Gross earrdngs
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-12Mos End.
-Month of November
Nov. 30 '30.
1929.
1930.
$197.115 $2,388,701
$209,535
99,147
1,273,297
106,614
6,095
96,417
8,364
2,878
150,246
Cr.733
$868,738
$94,751
$95,290
Net operating revenue
14,372
Income from other sourCes.
1929.
1930.
$1,222,125 $1,345,777
$883,111
Balance
759,937
636,586
222,121
(public)
73,766 • Interest and amortization
74,909
$660,990
Balance
$833,703
$711.495
199,414
456,388 Interest (E. T.Z. Co. Del.)
458,947
67,449
50,574
$461,575
Valance
* Interest on funds for construction purposes.
$309,864
$201,973
-The present company is a consolidation of the Northern Division
Note.
7,903
7,954
of the former Western Public Service Co. and the Nebraska Electric Power
Co. Previous year's operations are not comparable, and therefore will
$317,767
$209,927
67,012 not be shown until May 1931.
66,933
Balance
Prior earned surplus
Net oper. revenue_ _
Interest and amortization
The Western Public Service Co.
$606,670
70,765
$535,904
$599,078
Balance
O"Last complete annual report in Financial Chronicle Mar. 1 '30, p. 1458
12 Months Ended Nov. 30Gross sales and earnings
x Net sales
-Ice
-Coal
x Net sales
9 Mos.
3 Mos.
Period Ended Sept. 30 1930$323,453
$139,248
Net profit after depreciation & Federal taxes
$1.06
Earns, per sh. on 121,000 shs. corn. stock (no par)..
0
$2 73
June 7 '30, p. 4.29
WLast complete annual report in Financial Chronicle
1930-12 Mos.-1929.
Period Ended Dec. 31- 1930-3 Mos.-1929.
Net income after deprec.
$334.395 $1,315.394 $1,229,872
$325,757
& Federal taxes
Earns. per sh.on 250,000
$4.42
$1.22
$4.78
$1.18
shs. corn. stk. (no par)
parLast complete annual report in Financial Chronicle May 10 '30, p.3374
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis Si St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Previous Inc.(+)or
Year
Dec.(-).
Current
Year
Period
Covered.
1st wk of Jan
1st wk or Jan
let wk of Jan
3d wk of Dec
1st wk of Jan
let wk of Jan
1st wk of Jan
1st wk of Jan
3,697,284
2,695,000
20,600
269,483
248,918
2,986,847
436,638
303,013
2,775,684
2,422,000
20,850
226,798
175,140
2,354,174
279,200
268,508
-821,600
-273,000
+250
-48,685
-73,778
-632,673
-157,438
-34,504
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Length of Road.
Gross Earnings.
Month.
1929.
1930.
January
February
March
April
May
June
July
August
September
October
November
Inc. (-I-) Or
Dec. (-).
486.628,286
475,285,483
516,620,359
513,733,181
537,575,914
531,690,472
557,522,607
586,397.704
566,481,331
608,281,555
498,882,517
450,528,039
427,231,361
452,024,463
450,537,217
462,444,002
444,171,625
456,389,950
465,70(1,789
486,828,791
482,712,524
398.211.453
1930.
1929.
-36,102,247
-48,034,122
-69,595,796
-63,195,964
-75,131,912
-87,518,847
-101,152,657
-120,896,915
-99,634,540
-125,569,031
-100.671,064
Aides.
242,350
242,348
242,325
242,375
242,156
242,320
235,049
241,548
242,341
242,578
242,618
Miles.
242,175
242,113
241.964
242,181
241,758
241,349
242,979
242,444
242,322
241,655
242,625
Net Earnings.
Month.
Inc. (-I-) or Dec.
1930.
January
February
March
April
May
June
July
August
September
October
November
1929.
Amount.
94,759,394
97,448,899
101,494,027
107,123,770
111,387.758
110,244,607
125,495,422
139,134,203
147.231,000
157,115,953
99,528,934
117.764,570
125,577.868
139,758,091
141,039,848
147,099.034
150,199,509
169,240,159
191,197,599
183,486,079
204.418,348
127,125,694
--23,005,178
-28.128,987
-38,202,084
--34,815,878
--35,711,276
-39,954,902
-43,753,737
-52,063.398
-36,255,079
-47,300.393
-27.598,760
Per Cent.
--19.55
-22.40
--27.48
-24.54
-24.22
--26.58
--25.85
--27.21
--19.75
--23.13
-32.35
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.
JAN. 17 1931.]
FINANCIAL CHRONICLE
Tr -Continental Corporation.
-Year Ended Dec. 31 1930.)
(Annual Report
Earle Bailie, President,in his remarks to stockholders says:
General Public Service Corp.
Fifth Annual Report Dec. 31 1930.)
S. B. Tuell, President, says in part:
-The net earnings for the year amounted to $1,027,223. InResults.
come from cash dividends increased from $773,119 in 1929 to $1,018,797.
On the other hand, net profits from the sale of securities were unusually
small in 1930, as contrasted with record ones in 1929, and no special income
item, such as the $385,887 shown in 1929 (see footnote on income statement), was received during the year.
IPA The market value of corporation's investments plus cash and reacquired
debentures, which at the end of the year amounted to $25,882,867, decreased 26.8% during the 12 months °pried and on Dec. 31 1930, the asset
value of the common stock was $12.65 per share, compared with a book
value of $18.26 per share and with an average paid-in capital of $13.51
per share.
On Dec. 31 1930, investments carried on the balance sheet at cos'
amounted to $20,765,531, cash and reacquired debentures at cost amounted
to $8,881,876 and earned surplus was $3,783,465. On Sept. 30 1930,
investmen s amounted to $30.758,357, cash $1,084,279 and earned surplus
$5,633,114. Substantially all of the increase in cash and of the decrease
in book value of investmems and earned surplus during the last quarter
of the year was the result of the directors' conviction that under existing
conditions the conservative course was to strengthen the cash position of
the corporation and at the same time to reduce the unrealized depreciation
in investments by the sale of certain securities, the cost of which was in
excess of the market value. Accordingly sales were made during the last
quarter which increased cash by more than $9,250,000, and the losses of
approximately $1,800,000 realized as a result of such sales largely offset
the substantial profits taken earlier in the year, with a corresponding
reduction in earned surplus and in book value of investments.
Part of the proceeds of these sales was used to purchase $1,028,000 of
corporation's debentures at prices below the original issue prices of these
debentures. As of Dec. 31 1930 the market value of assets including cash
was less than the book value of $28,681,341 by $3,764,540 or 13.1%; earned
surplus was $3,783,465 and cash amounted to $7,926,211.
The number of stockholders of corporation was 5,340 at the end of 1930,
compared with 4,897,at the end of 1929.
COMPARATIVE INCOME STATEMENT FOR CALENDAR YEARS.
1928.
1929.
1930.
Calendar Years$577,934
$1,018,797 a$1,159,006
Dividends on stocks
95,417
Int. on bonds. notes and cash
117,735
65,583
Profit on sale of securities, after de621.649
2,244,236
104.225
ducting all Federal taxes
Total income
$1,188,605 $3,520,979 $1,295,002
40.469
50,798
81,292
Salaries and administrative services
34,951
81,156
76,854
Other expenses
2.931
3.134
Taxes (other than Federal taxes)
3,236
$1,027,223 $3,385,890 $1.216,650
Balance
233.242
520.652
830.907
Interest and amortization charges--$983,407
$196,314 $2,865.237
Net profit
1,541.700
Earned surplus at beginning of year - 4,120,316
1.779.013
Total
$4.316.630 $4.644,250 $2,525,107
60
1.753
Net direct charges
Cr.554
Balance
$4.317.184 $4.642.497 $2,525,047
147.744
147,774
147,840
Dividends-Preferred, $6
1,348
1,511
1,540
Preferred, $5.50
192.490
10,168
Convertible preferred, $7
404,451
362.727
c384,341
Common (in stock)b
Earned surplus at end of year
$33,783,465 $4,120,315 $1,779,013
542.539
627,256
665 116
Conunon shares outstanding
$1.19
Earnings per share
$4.31
$6.07
Note.
-Stock dividends as and when received are not treated as income
the effect of such stock dividends on the corporation's books is solely to
reduce proportionately the book value per share of all the stock owned in
the company in question. When any stock is sold (whether acquired
originally by purchase or as a stock dividend), the profit or loss resulting
from the sale is computed in accordance with U. S. Treasury regulations.
The market values at end of the respective periods of unsold stock dividends received during the periods but not included in income were as
follows: 1930, $259,174; 1929, $431.970; 1928, $207,123.
a Includes cash dividends of $773,119: plus $385,887 representing the
market value of rights received by the corporation to purchase or subscribe for securities other than stock of the company issuing the rights
(whether sold or exercised), and credited to dividend income in accordance
with U. S. Treasury regulations.
Is 38.434 shares in 1930, 36.273 shares in 1929, 40,445 shares in 1928,
capitalized out of earned surplus at the rate of $10 per share.
COMPARATIVE BALANCE SHEET DEC. 31.
1929.
1930.
1929.
1930.
LiabUUtesAssetsPreferred stock a__ 2,305,258 2,304,240
Investmls (cost)•s
Common stock b.- 9,007,561 8,628,961
Corn.stks.& op50,280
56,120
Com,stock scrip__
tion warrants:
5% cony. debs__. 4,972,000 4.972,000
Utilities
Holding _-_ 9,470,932 10,615,545 514% cony.debs__ 9,999,000 9.999,000
14,233
9,957
Operating__ 7,004,153 9,105,913 Accounts payable_
Industrials_ __ 2,537,486 4,747,332 Acct.s not yet due:
216,983
3,225
Tax liability. _ _
1,278,452 3,051,517
Banks
37,329
37,345
Divs. declared__
504,926
Investm't cos.
14,135
25,345
645,771 Unadjusted credits
Foreign stocks
Earned surplus.... 3,783,465 4.120,316
Bonds, notes and
657,059
474,508
pref. stocks
456,452
7,926,211
Cash
Treasury securs y_ 955,665
32,500
50,116
Int. & accts. mole
1,896
1,896
Special deposits_ _
Unamortized debt
535,447
Meet. & expense 498,846
1,010
3,089
Unadjusted debits
30,199,275 30,357,477
Total
30,199,275 30.357,477
Total
x The market value of investments, Dec. 31 1930 was $17,000,991 and
Dec. 31 1929 was $34,923,121. y Represented by: 9192,000 principal
amount convertible debentures 5%, 1953 and $836,000 principal amount
%, 1939, reacquired.
convertible debentures
a Represented by: 24.640 shares $6 dividend preferred (1929=-24.629
shares) and 280 shares $5.50 dividend preferred (1929-280 shares), of no
par value. b Represented by: 665,116 shares common (1929-627,256
shares) of no par value.
ANALYSIS OF INVESTMENTS DEC 31 1930.
Percentage Annual
Current Percentage
of Total
of Total
Cash
Market
Market
Income.
Income.
Value.
Value.
Corn.stks.& opt. warrants:
31.44
$241,793
$7.874,633
31.59
Utilities (holding)
37.97
U,ili les (opera ing)---- 6,318,740
292,030
25.35
13.14
101,100
1,866,468
Indus rials
7.49
3.30
25,400
598,375
2.40
Banks
3.85
29.520
342,775
1.37%
Bonds, no es & pref.stocks
Total investments
Cash
917,000,991
7,926,211
31.80%
$689,843
79,262x
10.31%
$24,927,202
$769,105y 100.00%
100.00%
Total
x Figures at 1%,the current rate of interest on bank deposits. y In addidividends are paid on certain stocks. On the basis of
tion regular stock
present holdings of securities of these companies and current dividend rates
the annual values of such stock dividends, at market prices Dec. 31 1930,
are as follows:
$178,725
l
Utilities (holding
38,350
Utilities (operating)
9,475
Industries
Total
$226,550
A list of securities held in portfolio is contained in the
-V. 131, p. 3884, 3716.
annual report.
485
-The year was one of great uncertainty in business and
The Year 1930.
of wide fluctuations in security prices. The sharp recovery of business
during the spring from the low levels of the closing months of 1929 promoted a rapid advance in security prices based on a general belief that a
permanent recovery from the depression was under way. By June,
however, it became evident that this belief was erroneous, and security
prices declined until July. After a short period of stabilization, the stock
market moved moderately upward until early September,in the expectation
that recovery from the depression would commence in the autumn. The
failure of fall business to attain even the usual seasonal expansion was
followed by another drastic decline in security prices, beginning in September and continuing almost without interruption until the end of the year.
During the early months of the year your management, believing that
the business outlook did not justify a continued advance in the prim; of
common stocks, sold substantial amounts thereof. In August and early
September your management likewise concluded that the level of stock
Prices was not justified by business prospects and again sold substantial
amounts of common stocks. During the weakness in the final quarter
of the year part of the proceeds of these latter sales was invested in common
stocks of those companies deemed best able to continue dividends in the
event of a prolonFed business depression. These investments were made
at prices substantially below those obtaining in September. At numerous
times during the year sales of certain stocks and purchases of others were
made when changing conditions in a particular company Or industry made
such purchases and sales advisable.
-During the year your management
Development of the Investment Staff.
Proceeded further with the development of an investment staff adequate to
and detailed investigation of the leading industries.
permit continued
The members of this staff keep in constant touch, through close personal
relationships, with current developments in these industries. They have
from time to time visited leading business executives in various parts of the
country. From such visits they have brought back not only the views of
these business men but also more detailed and timely information concerning current business operations than could be obtained from publlshed statistics. It was the result of such direct investigation which
decidedyr u
septembeo. r management to sell common stocks during August and early
-Many investment companies have
Merger with Other Investment Trusts.
found during the year that the maintenance of such an investment staff
is more expensive than the amount of capital at their command justifies.
This has already brought about the consolidation of several investment
companies, and it seems probable that this trend toward larger units will
continue. Your management is discussing this matter with several such
companies and has recently completed arrangements to purchase the assets
of the Wedgwood Investing Corp., subject to the approval of the latter's
stockholders.
Purchases of,Own Preferred and Common Stocks and Warrants.-Durig
the past year the preferred stock of the corporation has been selling sufficiently below its par value to make it profitable for your corporation to
Purchase substantial amounts in the market. Of the stock so acquired,
a substantial portion was resold to investors in this country and in England
at a profit. Of the remainder, 33.650 shares were retired, and 81,366
shares were held by the corporation at the end of the year. Of the latter,
about 28,000 shares are reserved for the transaction with the Wedgwood
Investing Corp. and the remainder, about 53.000 shares, is available for
similar transactions, for sale to investors, or for retirement.
At the close of the year corporation held 27.900 shares of its own common
stock purchased below liquidating value, which are reserved for use in
connection with the Wedgwood purchase previously mentioned. It also
held 20,625 warrants to purchase the corporation's common stock, which
are reserved for certain employees of the corporation, payable to them
over a period of years as part compensation for their services.
-Income from interest and cash dividends.
Operating Results of the Year.
exclusive of dividends on the corporation's holdings of its own preferred
stock, amounted to $3,301,047. Profits from syndicate participations
amounted to $137,898 and from miscellaneous sources *to $28.445. Stock
dividends received during the period taken at closing prices on the dates
received had a market value in excess of $260,000. The practice of the
management has been to sell stock dividends on the dates received and any
profit or loss derived from such sales is included under the head of profit
on sale of securities and is not reflected in the statement of income. Profits
on the sale of securities amounted to $2,817,681. This amount has not
been considered income but has been credited directly to surplus.
The expenses of the corporation for the year amounted to $428,809.
Of the latter amount over $100,000 represents the New York Stock Exchange listing fee and the standard fees paid to transfer agents and registrars, as a result of the active market dealings in the securities of the corporation. The dividends on the corporation's outstanding preferred stock,
excluding that held by the corporation, were $2,365,386. The corporation's income from interest and cash dividends was substantially more than
sufficient to pay dividends on its own preferred stock and to cover its
expellees and taxes.
At the end of the year, taking investments at market and the corporation's own stock at cost, the unrealized depreciation was $14,753,117.
At the beginning of the year the unrealized appreciation of investments was
$533,813, so that the total depreciation during the year was $15,286,930.
Setting off against this depreciation $6,000.684, the aggregate of net income,
realized profits from sale of securities, and miscellaneous credits to surplus.
the net loss for the year would be $9,286,246 before payment of preferred
dividends, and $11,651,632 after payment of such dividends, these results
being respectively 12.33% and 15.47% of the corporation's net assets of
$75,302,881 at the beginning of 1930. In view of these results, the directors have set up a general reserve of $10,000,000. At the end of the year
the net assets of corporation were equal to $150.72 per share of preferred
stock,and the liquidating value of the common stock was $10.04 per share.
Corporation ends the year in a strong cash position; with a diversified
portfolio of carefully selected securities; with a large general reserve; with
its preferred stock well covered as to assets; and with its preferred stock
dividend more than covered by the corporation's income from interest and
cash dividends, and further safeguarded by substantial amounts of the
surplus available for the payment of such dividends.
A list of securities held is given in detail in the report.
STATEMENT OFINCOMEFORPERIOD JAN.1 TO DEC.311930.
$1.063,492
Income-Interest
Dividends (excl. dividends on corporation's own pf. stk.hcld) 2,237,555
137,899
syndicate participations
Profit on
28,446
Miscellaneous
$3.467,392
Total
9234,509
Taxes
428,810
Expenses
$2,804,074
Net income
Statement of Surplus Dec. 31 1930.
$26,353,693
-At organisation
Paid-in surplus
160
On exercise of warrants
$26,353,853
$2,804.073
-Net income for the year
Earned surplus
Profit on sale of securities:
2,752,953
Based on average cost
64728
Based on cost of individual purchases
Adjustments-Divs. declared in 1929 received in 1930, &c____
Difference between cost and capital value of 33,650 shares
of corporation's 6% preferred stock retired
$5,621,755
176,747
202.182
$378,929
$32,354,537
Total
-Preferred dividends declared, $2.601,900; less diviDeduct
2,365.386
dends on corporation's own pref. stock held, $236,514
10.000,066
Transferred to general reserve
sheet
$19,989,151
Surplus, as per balance
on investments was $533,813'
On Jan. 1 1930 the unrealized appreciation
$15,286reciation was $14,753,117; a
on Dec. 31 1930 the unrealized do
toai.931
depreciation for the year of
486
[VOL. 132.
FINANCIAL CHRONICLE
before the public. It has supplied limestone for buildings constructed in a
BALANCE SHEET DEC. 31 1930.
number of the larger cities of the United States and Canada.
Assets
Liabilities
The consolidated net earnings of the George A. Fuller Co. and its subCash in banks, on hand and
Reserves for expenses & taxes $243,423 sidiaries for the
year, while not as great as those of the previous year, were
656,753
at call
$8,193,568 Dividends payable
very satisfactory considering the circumstances and the widespread conShort term advances
1,483,735 Due for secs loaned agst cash 2,309,450 ditions of the building industry. The participating dividend earned on the
102,245
Investments at cost
a59,585,696 Due for securities purchased_
11,169 43,505 shares of cumulative and participating prior preferred stock of the
Participations in syndicates
Corporation's own stocks held,
239,439 George A. Fuller Co. outstanding at the end of the year amounted to
at cost
c7,902,951 Foreign exch contr (contra)
per share. The participating dividend earned on the
pref stock ($100 par)40,000,000 $48,183 or $1.11cumulative and
Receivable for scour sold_ _ _
690 6% cum
participating second preference stock of
b5,050,395 36,500 shares of
lot and diva receivable__
539,191 Common stock
10,000,000 the George A. Fuller Co. outstanding at the end of the year amounted to
Special dep for divs (contra)
656,753 General reserve
28,106 or $.77 per share. No participating dividend was earned on the
19,989,151
Foreign exchange contracts_ _ d239,439 Surplus
750,000 of cumulative guaranteed and participating preferred stock of the
$78,602,027 George A. Fuller Co. of Canada, Ltd.
Total
$78,602,027
Total
During the year,the work executed by the George A. Fuller Co.amounted
a The market value of investments on Dec. 31 1930 was $14,753,118 to more than $39,000,000. At the end of the year, the balance of the work.
less than cost. Above also includes syndicate participations. b Repre- to be done on unfinished contracts amounted to $33,000,000.
sented by 2,020,158 no par shares. There are reserved unissued 1,008,642
COMPARATIVE INCOME STATEMENT.
shares for the exercise of warrants to subscribe at any time to Common
stock at $22.50 per share. c Pref. stock $7,647,721 (81,366 slim.), com[Including George A. Fuller Co. and Subsidiaries.]
mon, 255,233 (27,900 shs.). d Amount receivable upon delivery.
-V.131.
Year Ended 8 Mos. End. -Years Ended April 30-.
p. 2393.
Dec. 31 '30. Dec. 31'29.
1929.
Real est., net oper. inc-- $2,542.978 81,653,306 $2,511,606 $2.499,060
U. S. Realty & Improvement Co.-Geo. A. Fuller Co. Less int. on mortgages__
537,784
527,264
342,687
(27th Consol. Report-Year Ended Dec. 31 1930.)
Chairman R. G. Babbage reports in substance:
Net income
All other income
The total net income for the year amounted to $4,890,113. After deducting cumulative and participating dividends of the George A. Fuller Co.,and
of the George A. Fuller Co. of Canada, Ltd., amounting to $540,962,
there remained $4,349,151 which is equal to $4.42 per share on the 983,578
shares of capital stock outstanding.
The net income for the current year is reduced due largely to the falling
off of business and lower interest rates.
,The accounts of all fully owned subsidiaries are included in the consolidated statements submitted. Previously, it was customary not to include
the accounts of certain of the less important ones. Changes in accounting
methods and in accounting have been made on the recommendation of the
company's present auditors, Arthur Andersen & Co., following an audit.
If allocated to the years to which they relate these changes would affect
the earnings carried to surplus in those years. They have been aggregated
in a present charge to surplus of $4,295,579, of which $2,740,021 represents
a write-down of investment account and $1,523,591 represents a write-off
of expired bond discount and expense.
During the year, the George A. Fuller Co. purchased 1,495 shares of its
cumulative and participating prior preferred stock in accordance with the
sinking fund provisions of that stock. This stock will be held for retirement and will not be reissued.
The company also purchased 865 shares of cumulative and participating
Prior preferred stock, and 1,852 shares of cumulative and participating
second preference stock of the George A. Fuller Co.for investment, and for
future sinking fund requirements. It now owns 9,365 shares of cumulative
and participating prior preferred stock, 1.852 shares of cumulative and
participating second preference stock, and the 30,000 shares (entire issue)
of common stock of the George A. Fuller Co. held at the end of last year.
No substantial purchases of the capital stocks of the Plaza Operating Co.
and of the Savoy-Plaza Corp. were made during the year, the ownership in
the Plaza Operating Co. remaining at 24,625 shares of preferred and 33,808
shares of common or 98.23 of the total outstanding capital stock, and the
ownership of the Savoy-Plaza Corp. now being 39,898 shares or 79.79% of
the outdtanding preferred stock and 95,000 shares or 100% of the outstanding common stock.
-story store, mercantile and office building,
The Fuller Building, a new 40
located at the northeast corner of 57th St. and Madison Ave., has been
operating since Jan. 1 1930. The result of this operation is not included in
the net income but the excess of interest charges over net operating income
for the first year have been charged to the cost of the project.
In connection with sinking fund operations, $1,026,500 of outstanding
bonds of the company's subsidiaries were purchased during the year in
addition to $121,500 held at the beginning of the year. The balance sheet
reflects these purchases by showing full reductions in the respective amounts
outstanding. The sinking fund retirements of these bonds for the year 1930
amounted to $619.000, and the excess of the purchases over this amount
will be used to take care of future requirements.
Mortgages on real estate owned by the company amount to $36,178,640
which is lass than 45% of the cost of the real estate and buildings (including
leaseholds) shown on the balance sheet.
The National Hotel of Cuba, located in Havana, Cuba. was completed
and opened for business Dec. 15 1930, and will be operated under the
management of the Plaza and Savoy-Plaza Hotels in New York. While
the company does not own a controlling interest in this project, it does have
a substantial financial Interest. It is the finest hotel in Cuba, and should
enjoy a patronage commensurate with this and the high type of its management. The fact that the Cuban Government gives the use of the land for a
period of 60 years, should favor the success of the project.
The Rockwood Alabama Stone Co., the George A. Fuller Co.'s limestone
subsidiary, with its plant and quarries in Rockwood, Ala., has now been in
operation long enough to place the high quality and beauty of the stone
82,542,978 $1,310.619 $1,984,342 $1,961,276
3,193,115
4,897,426 4,197,908
5,922,739
Total income
$8,465,717 $4,503,735 $6,881,768 $6.159,184
Deductions
Depreciation
59,258
42,361
61,366
303,884
General and corp.exps
186,861
280,790
170,880
229,307
Interest charges, &c.(net) 2,458,783
Federal and State taxes224,968
318.011
254,721
583,630
Net
$4,890,113 $4,035.772 $6,314,644 $5,595,053
G.A.Fuller Co.pr.pf.div
270,000
67,500
266,800
202.500
Geo. A. Fuller Co. 2d
109,500
preferred dividend_ _ _
164.250
219,000
Geo.A.Fuller Co.of Can.
45,000
11,250
33,750
6% pref. dividends_ _ _
45,000
2,932,408
2,932,408
3,731,168
Common dividends
4,474,401
($4)
($4)
Rate
($3.75)
($4.50)
Res. for partic. diva. of
G. A. F'uller Co. and
G. A. Fuller Co. of
223,960
174,630
Canada, Ltd
76,290
Divs. arinlic. to pref.stks.
of Geo. A. Fuller Co.
held as investment
Cr613,129
df.$125,250 df.$270.525 $2,733,775 $2,583,895
Balance, surplus
733,102
733,102
994,978
Shs. com.out.(no par)
983,578
$7.72
$7.52
$3.52
Earns, per share on com$4.42
and non-recurring income of $914,955 received
a Including extraordinary
as beneficiary of life insurance policy.
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31
[U. S. Realty & Improvement Co. and Subsidiaries.]
1930.
1929.
1929.
1930.
Liabilities$
$
Assets$
$
Accts. payable. 3,194,137 1,045,736
Cash At mark'ble
131,257
133,500
securities_ _ _ _ 13,614,979 15,120,053 Dividends payBills receivable_
1,415,903 10-yr. 5ii% 5. L
gold debs____ 6.599,000 6,928,500
Accts. rec., incl.
15-yr. 6% s. 1.
amts. due on
bldg. contracts 4,537,581 2,339,074
gold debs____ 2,957,000 3,000,000
Taxes & int. accr 1,358,204 1,242,635
Inventories ___ 584,867
Building, plant,
Adv. Day, on
contr. & rents
equipment,&c 5,159,794 4,169,677
490,363 1,157,976
Deferred charges
& def. credits_
unexp. limn,
Mtges. on cos.
Stc
2,378,652
real estate.__ 36,178,640 36,912,868
665,050
Sink, fund dep.
42,573
Geo. A. Fuller
Mtges. receivle,
Co., Can., Ltd
6% preferred_
750,000
sec. of and
750,000
adv. to const.
G. A. Fuller Co.
. 4,350,500 4,500,000
of atilt. cos.
prior pref.__
and inv. In
G. A. Fuller Co.
other stocks &
$6 preference_ 3,650,000 3,650,000
bonds, at cost 15,818,036 23,003,272 Int. in Plaza Oper.
& Savoy Plaza 1,145,848 1,280,135.
Real estate and
80,447,593 81,123,070 Capital stock_ _850.274,208 50,274,208
buildings
Reserves
6,385,676 6,837,653
Leasehold and
5,939,158 10,701,809
578,925 Surplus
improvement_
819,915
123,403,991 128,415,025
Total
123,403,991 128,415,025
Total
a Represented by 994,978 shares of no par value of which 11,400 shares.
are held in the company% treasury.
-V.131. D. 3222.
Oenerat Corporate anb linbegtment jaetuti.
STEAM RAILROADS.
41
Container Car Legality Argued.-Legallty of the container car as an instrumentality of railroad freight service was debated in oral argument before
-S. C. Commission. "Wall Street Journal," Jan. 15, p. 7.
the I.
-Class 1 railroads on Dec. 31 had 706,538 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the car
of the American Railway Association announced. This
service division
was an increase of 57,224 cars compared with Dec. 23, at which time there
were 649,314 surplus freight cars. Surplus coal cars on Dec. 31 totaled
251,358, an increase of 20,214 within a week, while surplus box cars totaled
380,603, an increase of 32,823 cars for the same period. Reports also
showed 31,355 surplus stock cars, an increase of 1,758 cars above the number reported on Dec. 23, while surplus refrigerator cars totaled 15,655, an
increase of 1,057 for the same period.
k Matters Covered in the "Chronicle" of Jan. 10.-01) Germany has to sell
railroad holdings; 215,232,000 in pre . stock goes to insurance company;
experts hold world crisis
first sale to private firm; financial of headache," p. 209; (b)calls for conRail express
structive ideas, not "confirmationarbitration board report opposes partupheld;
employees' pay demand
-S. C. Commission to speed
I.
,
time labor plan in wage dispute,p. 226. (c)
(d) Receivers
rail merger study; awaits roads' formal application, p. 226. (e) Railroads
salaries, p. .226.
of Seaboard Air Line By. get $50,000 letter from executives to Interplan of consolidation;
submit four-party
allocation of Eastern trunk lines,
State Commerce Commission sets forth
P• 226.
Abilene & Eastern Ry.-Authority To Construct 43 Miles
of Road Denied.
denied the company's application for
petition in like manner. The Chesapeake & Ohio,it was stated,had signifie
its intention of following the lead of the Baltimore & Ohio, and the Penn
sylvania was considering the plan.
Denial of the application followed close upon protests from carriers in
the Southwest against the establishment of a 2
-cent-a-mile rate on passenger
coaches of the St. Louis-San francisco, to become effective Feb. 1 unless
an investigation is ordered by the Commission.
The protests were filed on behalf of the Missouri-Pacific, St. L ouls
Southwestern and Missouri-Kansas-Texas roads.
Asks Authority To Issue $3,000,000 Equipment Trusts.
Authority to issue and sell $3,000,000 of 4%% equipment trust certificates, series G, was sought Jan. 10 by the company In an application filed(
with the Inter-State Commerce Commission. The certificates have not
yet been offered for sale, but when sold will be used to pay in part for rolling
stock costing a total of $4,193,560.
It is proposed to purchase 2 Mountain Type locomotives, 2 Mallet Type
locomotives, 1,000 all-steel gondola.cars and 1,000 all-steel boxcars.
No arrangements have been made for the sale of the certificates. They
will be dated Feb. 15 1931 and payable Feb. 15 1932 to 1936.
The company has also asked the Commission for permission to issue
$2,728,000 of 5% refunding and general mortgage bonds, series D. The
road also asked permission to issue a like amount of its Toledo-Cincinnati
division first lien and refunding mortgage 6% bonds and pledge them as
security for an issue of a like amount of refunding and general mortgage
bonds. The refunding and general mortgage bonds, which mature March
1 2000, will be held in its treasury to be used as security for short term
notes the road may desire to issue.
-V.132. p. 122.
Abandonment of Four Miles of Road.
-
The 1.-S. C. Commission Jan. 6 issued a certificate authorizing the company to abandon operation over the line of railroad of the Washington,
-S. C. Commission Dec. 26
The I.
Annapolis Electric RR. from a point of connection with its
line of railroad from Abilene southeasterly to Baltimore & branch at Fort
authority to construct a
George G. Meade Junction to a point at or
Taylor and Callahan Counties, Washington
Cross Plains, approximately 43 miles, all in
near Rogue Harbor Run, approximately 4.2 miles, all in Anne Arundel
Texas.
County, Md.-V. 132, p. 122.
-Commission Denies Petition for
Baltimore & Ohio RR.
-Day Notice on
Emergency Rate-Refuses To Waive the 30
Through Charges to Coast Points.days' notice
establish on less than 30
Ik The application of the company to
C., to Pacific Coast points
through passenger rates from Washington, D.on the ground that no emer-S. C. Commission Jan. 14
was denied by the I.
existed to warrant their establishment. prohibit the establishment
gency
Denial of the application, however, does not
-day
under the 30
of the rates desired, since the application may be filed
provision.
Southeastern carriers had proposed
The company stated that since the
involving
the establishment of similar through rates to Mississippi gateways,
lower passenger fares west of those points, it proposed to meet the corn-
Boston Revere Beach 8c Lynn RR.
-Dividends.
During the year 1930, the company paid a total of $7.60 per share on its
capital stock, as follows: $1 each on Jan. 15 and April 1; $2 on June 25;
$1 on Sept. 2: $1.50 on Oct. 1; 80c. on Oct. 22 and 30c. on Dec. 24.
This compares with a total of $8 per share paid in 1929 as follows: $4 on
Aug. 30 and $4 on Dec. 30.-V. 131, p. 2890.
Canadian National Rys.-Places Ordersfor Equipment.
Orders have been placed by this road with the Eastern Car Co.of Trenton,
-ton composite
-ton composite general service cars and 500 70
N.S. for 500 50
drop-end gondolas, it was announced by R. O. Vaughan, Vice-President
charge of purchases and stores for the Canadian National System.
In
-V. 132, p. 122.
JAN. 17 1931.]
FINANCIAL CHRONICLE
Cape Fear Rye.,Inc.-Operation of Eight Miles.-
The I.-S. C. Commion Dec. 26 issued a certificate authorizing the
company to operate the line of railrod within the Fort Bragg Military
Reservation and the line extending from that reservation to a connection
with the Atlantic Coast Line RR. at Fort Bragg Junction, a total mileage
of about eight miles, all in Cumberland Co., N.0.-V. 131, 931.
P.
Chicago Great Western RR.
-Promissory Notes Author.
The I.
-S. 0. Commission Jan. 7 authorized the company to issue not
exceeding $461,550 promissory notes payable to the order of the Lima
Locomotive Works, Inc., in connection with the acquisition of six freight
locomotives.
-V.132. p. 307.
Chicago & North Western Ry.-Abandonment of Nine
Miles of Road.
-
The 1.-S. C. Commission Dec. 29 issued a certificate authorizing the
company to abandon its so-called Moingona Line extending from a point
near milepost 204,southerly and westerly to a point at or near mllespot 213,
a distance of approximately nine miles, all in Boone Co., Iowa.
-V. 131.
P. 3526.
Cleveland & Pittsburgh RR.
-Definitive Bonds.
-
Definite gen. & ref. mtge. 4%% bonds, series A, due Feb. 1 1977, are
now ready for delivery on surrender of temporary bond at the office of the
Treasurer of the Pennsylvania RR. Co.. Room 1846, Broad Street Station
Bldg., Philadelphia, Pa., or 380 Seventh Ave., N. Y. City.
To facilitate prompt delivery, all exchanges made by mail or express
should be forwarded direct to the Treasurer of the Pennsylvania RR. at
Philadelphia.
-V.131, p. 4049.
Elmira & Lake Ontario RR.
-Acquisition and Operation.
The I.-S. 0. Commission Jan. 2 issued a certificate authorizing (a) the
company to acquire the railroad properties of the Marion Railway Corp.,
which railroad extends from a connection with the Elmira at Newark in a
northwesterly direction to Marion, 8.38 miles, all in Wayne Co., N. Y.,
and (b) the Pennsylvania RR. to operate such railroad properties under
an existing agency arrangement.
The Commission also granted authority to the Elmira & Lake Ontario
It. to assume obligation and liability in respect of $45,700 of 1st mtge.
5% gold bonds of the Marion Railway Corp. in connection with the purchase of the physical properties and franchises of that company.
-V. 130,
P. 4412.
Florida Central & Gulf Ry.-Abandonment of 29 Miles.
The I.
-S. 0. Commission Dec. 27 issued a certificate authorizing the
company to abandon, as to Inter-State and foreign commerce, its entire
line of railroad, extending from Inglis, Levy Co., in an easterly direction to
Rockwell Jct., Marion Co., thence southerly to Hernando, Citrus Co.,
together with a connection between Rockwell Jct. and the Atlantic Coast
Line RR., toe whole comprising 29.54 miles of main line, all in the State
of Florida. Authority was also given to abandon operation, under trackage
rights, over a connecting line of the Seaboard Air Line Ry. between a
point south of Dunnellon and a point on the Florida's line known as Standard
'
and Hernando Jct. a distance of 4.33 miles, in Citrus Co. In addition
to the main track Mileage, the proposed abandonment includes 8.29 miles
of industrial tracks and 5.98 miles of yard tracks and sidings.
-V. 131,
13. 3202.
Lehigh & Hudson River Ry.-Omits Extra Dividend.
-
487
Columbus to Cherokee Junction, Kan., together with numerous branches.
-V. 131, p. 3706, 3526.
The line serves large zinc and lead mines.
Northern Pacific Ry.-Committee Seeking To Link Great
Northern and Northern Pacific Gives Up Project.
The attempt to merge the Northern Pacific and Great Northern Ry.
companies has been abandoned after three years of effort by a committee
headed by George F. Baker, Chairman of the First National Bank, and
comprising Arthur Curtiss James, J.P. Morgan, Louis W. Hill and Stephen
Birch. The committee formed to receive deposits of the stock of both
companies under the merger plan first formulated in 1927. It had receieved
deposits of 70% of the stock of each company consenting to the project.
The obstacle which the committee was unable to overcome was the
stipulation of the I.
-S. C. Commission in consenting to the merger that
the two Northern lines must divest themselves of joint control of the
Chicago, Burlington & Quincy RR.
Since the Commission granted permission for the merger subject to that
requirement in February 1930, the depositary committee has held several
meetings, together with representatives of the three railroads, in an
attempt to comply with the stipulation and retain rights to an entrance
Into Chicago.
Official announcement of the abandonment of the project was made
Jan. 10 by R. C. LeMngwell of J. P. Morgan & Co., a director of the
Northern Pacific, who gave out a letter to the holders of certificates of
deposit for stock of the two Northern lines signed by Francis T. Ward as
Secretary, reading in part:
-S. C. Commission reported to you on March
"Since the decision of the I.
21 1930, the committee, in conjunction with the railway executives, have
been earnestly endeavoring to formulate a practicable plan for the separation of the Burlington, but in spite of every effort they have now reluctantly
concluded that they can not under present conditions devise a plan for
the segregation of the Burlington which they can recommend to stockholders. Accordingly, the unification application which has been pending
since July 5 1927 is to be withdrawn.
"The committee desires to express its appreciation of the continued confidence of certificate holders. Notwithstanding the free right of withdrawal
accorded to them during nearly six months past, about 60% of the capital
stock of each of the Northern lines now remains with depositaries.
"Outstanding certificates of deposit should be surrendered to the proper
depositary in whatever form held. Depositaries will issue stock without
charge in the same Time as that in which the surrendered certificate of
deposit is registered.
See also V. 132, p. 307.
New York Central RR.
-Argues for "Fair Return."
The high-spot of the joint hearing of the Transit Commission and the
Public Service Commission into the request of the New York Central
for a 40% increase in commutation rates in and out of Grand Central
Terminal has been the testimony presented by the road showing that It
nf t 92o
oo learning a "fair return" of
% as allowed by the Transportation
Ac
Counsel for the road brought out that Central return on its valuation
since the road was returned to private control was as follows: 1922, 4.92%;
1923, 6.19%; 1924, 5.29%; 1925, 5.36%•, 1926, 5.37%; 1927, 4.51%;
1928, 4.39%; 1929. 4.24%; 9 mos. 1930. .07%2
The returns as above were not admitted as evidence, Chairman Maltbie
of the Public Service Commission reserving decision until the company
is able to prove that earnings figures for the entire Central system are
relevant to the commutation case.
-V. 132, p. 123.
Ae:
The company on Dec. 31 1930 paid the regular quarterly dividend of 2%
Pennsylvania RR.
-To Continue Dividend at Regular Rate.
o holders of record Dec. 23.
It was stated on good authority that the company will not omit or reduce
An extra of4% was paid on Dec.31 1929, 1928. 1927 and 1926.-V. 130,
its regular quarterly dividend on the capitalstock. This information dispels
1). 2574.
rumors current in Wall Street the last few days that the company would
discontinue or cut its dividend rate at the next meeting of the board of
Ligonier Valley RR.
-Tentative Recapture Report.I.The I.
-S. C. Commission has issued a tentative recapture report and order directors.
directing this company to pay to the Government 510,964 as the unpaid
Operation and Construction.
balance of its excess net railway operating income amounting to $74,129,
the
The I.
as computed in the report, for the period March 1 1920 to Dec. 31 1926.- company-S. C. Commission Jan. 3 issued a certificate authorizingNew
(a) to operate under trackage rights over the railroad of the
V. 123, p. 1500.
York, Chicago & St. Louis RR., between Farmdale and Wesley Jct. a
distance of 5.89 miles, all in Tazewell Cto. III., and (b) to construct and
Long Island RR.
-Revised Plan for Terminal Rental.
Haute &
..This company and the Pennsylvania RR. have submitted to the I. C. operate a connecting track between the railroad of the Terre railroad Peoria
-S.
of the
by the Pennsylvania under lease, and the
Commission for its approval a revised plan for increasing the rental to be RR. operated approximately
1,080 feet in length, at Farmdale, Tazewell
paid by_ the Lend Island for the use of Pennsylvania terminal facilities Nickel Plate,
in N. Y. City, to supersede the present agreement and also to take the Co., Ill., to enable the Pennsylvania to operate under the trackage rights
-V. 132 p. 307 123.
place of a proposed contract dated Dec. 13 1928. which the Commission as above referred to.
declined to approve, on various grounds, on March 18 1930. The CommisPittsburgh & West Virginia Ry.-Renewal of Notes
sion objected, among other things to the proposed payment of a rental
based on 6% interest on a proportion of the investment in tne terminal Asked.property and the revised agreement provides for a rate of 531% and omits
The company has asked the I.
-S. C. Commission for permIssion to is.S110
from the investment all of the terminal building above the track level. It $2,200,000 of promissory notes in renewal of notes already issued. The
is also proposed that the operating and maintenance expenses of the terminal application said the money was to be borrowed to finance and carry 56,800
be apportioned on a fixed percentage basis representing the proportionate shares of common stock of the Wheeling & Lake Erie RR.and 8.400 shares
use, as determined by a time study, one-fifth to the Long Island and four- of preferred stock of the same road which the Pittsburgh & West Virginia
fifths to the Pennsylvania, instead of on a wheeiage basis, as in the former purchased.
agreement.
The notes are to be given to pay the
National Bank $1,700,000
The supplemental application states that the rental to be paid by the due on Jan. 30 and $500.000 due Feb. Chase
bear not to
Long Island annually on the proposed basis is $3,413.000. as against $2.- exceed 4%% interest and are to be for 28 1931. They are to months to
terms ranging from six
372,000 on the present basis and $3,969,000 on the basis of the agreement two years.
-V. 131, p. 3527.
which the Commission declined to approve. The plan was opposed by the
Long Island Commuters' Association on the ground that tne increased
Rio Grande Southern RR.
-Deposits of Bonds.
rental would pave the way for a possible effort of the Long Island to increase
of
-S. C. Commission with regard
its fares. The original application was for a certificate authorizing the Long to Reconsideration of the ruling the the I.
a request that the property of
company be acquired by the Denver &
Island to operate over the tracks of the Pennsylvania Tunnel & Terminal, Rio Grande Western RR. will be
applied for by a committee. headed by
which is leased to the Pennsylvania, under the proposed trackage rights
agreement. In support of its request for approval of a rate of 53j% the Arthur Coppell, chairman, which is requesting the deposit of additional
1st mtge.5% gold bonds of Rio Grande Southern on or before Feb. 14 1931.
application refers to the "deliberate conclusion" of the Commission in the In a
notice to holders of these bonds, the committee says:
general rate case that 53j% is a fair return on the value of railroad
A
and states that if the Pennsylvania kept the whole for its own use property than substantial majority of the outstanding 1st mtge 5% bonds (other
it would
be entitled to earn 531% on it,so that it ought not to be compelled to accept with those held by the Western Pacific Railroad Corp.) has been deposited
the bondholders' conunittee. The property of the Rio Grande
less. It also pointed out that as a matter of fact that interest is to be based
In this case on original cost, which is less than the valuation placed on the Southern RR. is now in the hands of a receiver appointed by the U. S.
District Court for the District of Colorado. The Denver & Rio Grande
property by the Commission -V.131, p. 4212, 3362.
Western RR. Co. having filed with I.
-S. C. Commission an application
for authority to acquire control of the Denver & Salt Lake Ry. the comMarion Ry. Corp.
-Properties Sold.
mittee intervened in this proceeding, requesting that the Denver & Rio
See Elmira & Lake Ontario RR. above.
-V. 130. p. 4412.
Grande Western RR. be required to acquire the property of the Rio Grande
Soutnern. This request of the committtee has recently been denied by the
Missouri Pacific RR.
-Car Loadings.Carloadings on the Missouri Pacific RR. during December 1930 totalled Commission, but it is the purpose of the committee to apply to the Commission for a reconsideration by it of this ruling.
113,431 cars, according to President L. W. Baldwin. Of this total
In connection with the application, it is important that a sufficient
76,266
cars were loaded locally and 37.165 cars received from connections. In additional
amount of bonds should be deposited with the committee to
December 1929 total loadings were 129,423 cars, of which 87,988 cars
constitute, with those already deposited, a majority of the entire issue.
were loaded locally and 41,435 cars received from connections. Total The
carloadings for the 12 months in 1930 were 1.622.757 cars as compared done committee therefore requests all bondholders who have not already
so to deposit their bonds on or before Feb. 14, with one of the dewith 1,781,811 cars for the corresponding period of wag.
Local loadings on the Internationa-Great Northern RR. for December positaries of the committee, namely, in New York, Central Hanover
were 7,862 cars as compared with 7,377 cars In that month of 1929. Bank & Trust Co.. 70 Broadway. N. Y. City, and in Denver, Colo, the
1930
Total carloadings in December were 16,1)34 cars as compared with 17,848 International Trust Co. of Denver.
The committee consist of Arthur Coppell. Chairman, Theodore G. Smith
Cars for that month in 1929. The total carloadings for the 12 months of and F. J.
Lisman, with Charles E. Sigler, Sec., 70 Broadway, New York,
1930 were 225,916 cars compared with 260,699 cars during year of 1929.
-V.129, p.3798.
On the Gulf Coast Lines local loadings totaled 9,810 cars for the month N. Y.
with 10,873 cars in December 1929. Total carloadings on the
as compared
Roscoe Snyder & Pacific Ry.-Proposed Recapture Report.
Gulf Coast Lines in December were 17,527 cars as compared with 18,947
The
public
ears same month of 1929. Carloadings totaled 235,702 cars for the 12 R. T. I.-S. C. Commission has madeof this a report proposed by Examiner
company's property by years
Boyden as to the valuation
months of 1930 as compared with 239,434 cans for the corresponding period for
the period March 1 1920 to the end of 1927, and recommending findof 1929.
Local loadings of the San Antonio, Uvalde & Gulf RR. for December ings by the Commission that the company has earned excess net railway
operating income for
were 2,485 cars and receipts from connections 1,975 cars making a total conclusions are reached that time amounting to about $275,000. These
for
after a statement of
of 4,458 cars as compared with total of 2,984 cars for that month in 1929. considerably less than those claimed by thevaluationsandthe various years
after a readjustcompany
of which 1,698 cars were loaded locally and 1,286 cars received from con- ment of its reported net railway operating income. The cost of reproducnections. For the 12 months of 1930 total carloadings numbered 50.218 tion new is estimated on the basis of period prices and the report omits
compared with 47,870 cars in 1929
cars
the tables as to estimated original cost less depreciation which have been
used in many reports to average with the cost of reproduction less depreNow Owns 74% of Texas & Pacific Ry. Stock.
of Texas & Pacific Ry.,in his letter to bankers ciation, but the final figures indicate that the same method has been used.
J. L. Lancaster, President
The report contains a new feature in that it includes recognition of a conin connection with the sale of $13,000,000 bonds of the latter company, tention made by the carrier in this case and by other
states that Missouri Pacific now controls over 74% of the capital stock of cases that, if the usual basis for deducting depreciationcarriers in other
is used
the Texas & Pacific. At the close of 1929 Missouri Pacific held 69% of mating the valuation, the net railway operating income should be in estireduced
the capital stock of the Texas at Pacific.
by the difference between the amount of depreciation found by the Commission and the amount already charged to income on its books. The
Would Acquire Stock Control of Oklahoma Road.
company had contended
-S. C. Commission for authority to acquire it to charge to operatingthat the Bureau of Accounts had not permitted
The company has asked the I.
expenses depreciation on certain road accounts
stock control of the Northeast Oklahoma RR., a 70
-mile electric line, upon which depreciation is computed and deducted from
cost of reproducwhose main tracks extend from Columbus, Kan.,to Miami, Okla.,and from tion new by the Bureau of Valuation, and through its
witness H. J. Saun-
488
FINANCIAL CHRONICLE
[VOL. 132.
gas,
of these properties is derived from the sale of
dere, consulting engineer, had prepared an estimate of the annual depre- fourths of the grossthe remainder from the sale of electricity. natural
and a large part of
ciation in each road and equipment account, except land.
Supervision of the properties will be under the direction of Fred W.
While the examiner reported that these figures were excessive, he said Seymour as President of Dominion Gas & Electric Co., while operations will
that the Bureau of Accounts had not permitted the respodnent to charge
under the management of C. J. Yorath, Vice-President and
to operating expenses depreciation in roadway accounts, and that as the continueManager.
values found for its property reflect depreciation computed on all roadway General
made in net railway
accounts as well as equipment "adjustment should be
President Frank T. Hulswit, Jan. 10, in a letter to the
operating income in order that the sums found herein to be rdcapturable
shall include no sums properly chargeable Up operating expenses." An stockholders, further says in part:
In a communication addressed to you, dated Aug. 7 1930 (V. 131, p.
adjustment was correspondingly made.
The report recommended that the Commission should find that the record 1252), we informed you that a contract had been entered into by your
does not justify the omission of any part of the salaries of the President, corporation to purchase from the then owners, International Utilities Corp..
or Vice-President from the operating expenses during the recapture periods. all of their holdings of public utility properties, both gas and electric located
Counsel for the Bureau of Finance had questioned the justification for In the Provinces of Alberta, Saskatchewan and British Columbia in the
increasing these salaries to $12,000 a year in view of the fact that these Dominion of Canada.
We also informed you that for the purpose of financing and operating
-V. 124. p. 369.
officers had other business interests.
the new acquisition, we had caused to be formed the Dominion Gas &
Is Electric Co., under the laws of the State of Delaware, and that it would,
St. Louis Southwestern Ry.-Right to Intervene
upon performance of contract, acquire the common stocks and other securiGiven to Stockholder-Application Growing out of Effort of ties of Canadian Western Natural Gas, Light, Heat & Power Co., Ltd.;
- Edmonton Utilities, Ltd_.•. Northwestern Utilities, Ltd.; Canadian Utilities,
Southern Pacific To Control St. Louis-Southwestern Granted.
Duncan Utilities. Ltd. and Nanaimo Electric
of Ltd.; Union Power Co.. Ltd.;Ltd.,
operating 860 miles of electric transmisAuthority to intervene in proceedings growing out of the application
Light, Power & Heating Co.,
the Southern Pacific Co. to acquire control by purchase of capital stock of sion lines, and 807 miles of natural gas mains and distribution lines.
Jan. 15 to Lucius R. Eastthe St. Louis-Southwestern By. was granted
We are now pleased to advise you that payment in full was made on the
-S. C. Commission.
man, preferred stockholder by formal order of the I.
contract of purchase and all securities to which American Commonwealths
In his application for leave to intervene, Mr. Eastman said that his Power Corp. became entitled were delivered to it on Dec. 30 1930 and your
holdings and those of
interest in the case was to protect his preferred stock with his own holdings organization took over the management of the properties as of opening of
other stockholders associated with him, who together
1930.
about 26% of business Dec. 31securities were issued by American Commonwealths Power
own 14,000 shares of "Cotton Belt" preferred, constitutingthan the stock
No additional
the total outstanding preferred stock of that carrier, other
Corporation in acquiring the controlling interest in the stocks of Dominion
by the Southern Pacific Co.
•
owned or sought
Gas & Electric Co.
The Commission's order granted Mr. Eastman authority to participate
The board of directors of the Dominion company will include, among
In oral arguments in the case and to file a brief, bearings already having others,0. R. Seagraves and E. G. Diefenbach, representing the substantial
been concluded.
holdings of American Utilities & General Corp. in the 2nd preferred and
Referring to the Southern Pacific Co. as the applicant, Mr. Eastman common stocks of the Dominion company (the control of which is held in
said in his application to intervene:
the Treasury of American Commonwealths Power Corp); P. M. Chandler.
already acquired 35% of the stock of the said representing International Utilities Corp. and Fred W. Seymour. C. J.
"The applicant herein has
-S. C. Commission in this proCotton Belt and seeks authority from the I. capital stock
Yorath, Frank T. Hulswit, David A. Belden, Albert Vermeer, Paul R.
the
ceeding to acquire an additional 23% ofthe applicant andof said company Johnson and Alva F. Traver, representing American Commonwealths
Kuhn, Loeb &
under an agreement executed between
Power Corp.
Co. As appears from the record in the proceeding, the applicant withheld
in the opinion of independent engineers, total gas reserves amount to at
any announcement of its policy with reference to the making of provision haat 175,000,000.000 cubic feet and. in addition the probable reserves of
for the other holders of stock in the Cotton Belt until the hearing therein. prospective gas acreage situated near the pipe line system should develop
"The applicant then for the first time publicly stated that it did not reserves of several hundred billion cubic feet of natural gas. These comBelt.
intend to make any provision for other stockholders in the Cotton make panies own 807 miles of main and distribution lines and 40 producing wells.
Your petitioner believes that because of the failure of the applicant to con- The total estimated population of the territory served with natural gas is
for minority stockholders as aforesaid, the terms and
any provision
approximately 185,000.
ditions on which the acquisition of stock for which authority is sought
We anticipate including the earnings of the Dominion company in the
herein are not 'just and reasonable in the premises.'
consolidated earnings statement of American Commonwealths Power Sysaccordingly desires to intervene in this proceeding to tem for the 12 months ended Dec. 31 1930, and if this is done, the gross
"Your petitioner
application of
ask that the Commission should make the granting of the
revenues of the Commonwealth's corporation and affiliated companies, will
the Southern Pacific herein conditional upon said Southern Pacific making exceed, on an annual basis, $32,000.000.
fair and reasonable provision for minority stockholders of the preferred
Since our last communication to you,there has been a substantial addition
stock of the Cotton Belt."
In number to the preferred and common stockholders of the Commonwealths
corporation and your corporation's stocks are now represented by holders
Issue Additional Notes.
Asks Authority To
in every State of the Union and also include substantial holdings in the
The company has applied to the I.-S. C. Commission for authority to Dominion of Canada, as well as England, France, Holland and Switzerland
assume obligation and liability of $9,000,000 of notes maturing not later and the Insular Possessions of the United States.
than July 1 1932. It is proposed to deposit and pledge as security for the
Both the output and sales of electricity and gas,distributed by the subsidnotes first terminal and unifying mortgage bonds at a ratio not exceeding iaries of your corporation, continue to show increases and will reach a high
$110 of the bonds at their market price at the time of pledge for each $100 watermark as of the close of business, Dec.31 1930.-V. 131, p. 4214.
of the notes.
"By action of the board of directors," said the application. "the com-Acquisition.
American Electric Power Corp. (Del.).
pany has authorized the creation of an issue of serial mortgage bonds,
$100,000,000
The corporation has acquired control of the Newport (R. 1.) Gas Light
approved by bankers, and presently limited to not more than of its floating
Corp.
-V. 130, p. 3156.
things, to provide for the discharge
and designed, among other
debt, the ultimate retirement of its first terminal and unifying mortgage
-Earnings.
American Superpower Corp.
bonds, and the payment of its first consolidated mortgage bonds which
1928.
1927.
1929.
mature June 1 1932.
1930.
Calendar Years"From statements submitted by the company's comptroller it appears Cash dividends &
$6,144,726 $3,392,654 $4,056,623 $2,876,133
952,355
that in the first half of the year 1931, the company will be required not Prof. on sales & com'ns- 2,581,247 47,042,569 3,109.124
Bank of the
only to renew or retire said notes held by the Chase National
City of New York but also to provide cash in excess of its estimated income
Total income
$8,725.973 $50,435,223 $7,165,747 $3,828,488
$2,000,000. To meet these financial re- Expenses in re issue and
to an amount of approximately
quirements the company respectfully asks that the Commission authorize
transfer of stocks and
68,394
27.447
295,314
it to issue additional notes maturing not later than July 1 1932,in an amount
105,217
rights,legal exp.,&c
. 4.777
5,489
16,693
of $2,000,000 and from time to time to issue like notes in renewal thereof All other expenses
22,271
and (or) in renewal or discharge of the notes outstanding." market condi- Taxes, incl. reserve for
stated: "At the present time,
425,935
114,699
5,340.888
Continuing, the application
385,011
income taxes
renewal
tions for temporary financing are favorable, as shown by the recent interest
,
$8,213,474 $44,782,327 $6,666,641 $3,680,852
by the company of $5,000,000 of its 4.16% notes at the reduced
Bal, applic. to dive
2,859,998
1,317,245
4,115,737
5.052,579
rate of 4%.
and other market Divs. on pref. stocks
"As the Commission is aware however, money rates sudden and unexconditions are subject to changes which are frequently
Bal. app, to corn. stk- $3,160,895 $40,666,591 $3,806,643 $2,363,608
change
immediate
pected and while the company does not anticipate any. . .nevertheless, Stock dive. received (at
which will require it to finance on less favorable terms
mkt. price at time of
notes
by way of abundant caution, it asks for general authority to issue its
receipt), not incl. in
not
$17,208
$374,358
$2,211,436 $4,148,562
to an amount not exceeding $9,000,000, maturing 6% later than July 1
above income
-V.
per annum."
interest at a rate not to exceed
1,068 840
8,243,005 1,616,015
1932, and bearing
(no par).. 8,293,005
Com.stis.outst.
S.21
$2.35
$4.94
$0.38
132, p. 308.
Earnings per share
and
The corporation
Seaboard Air Line Ry.-Court Fixes Salaries of Receivers. U. S. Governmenthas no debts and its current assets, including cashowns
it
securities, exceed $17,000,000. In addition,
-See last week's "Chronicle," p, 226.-V. 132, p. 308.
pref. stocks which have a present market value in excess of $15,000,000.
The principal investments of corporation consist of shares of common
stock and-or option warrants of the following corporations:
Southern Ry.-New Director.
New York, has been elected a director, succeeding Commonwealth & Southern Corp. Brazilian Trac., Lt.& Power Co..Ltd.
Ell B. Springs, of
Associated Telephone Utilities Co.
-V. 131. p. 3873.
United Corporation
F. S. Wynn.
Electric Power & Light Corp.
Electric Bond & Share Co.
Virginian Ry.-State Port Authority of Virginia Opposes Consol,Gas Co.of New York
American Gas & Metric Co.
Italian Superpower Corp.
United Light & Power Co.
Allocation of Road.
American Power & Light Co.
Niagara Hudson Power Corp.
proposed four-system plan of consolidating the Eastern National Power & Light Co.
Opposition to the
of the
railroads, with particular objection to the "suggested division" & Ohio
It also has minor holdings in several other companies.
Virginian By. between the Norfolk & Western and the Chesapeake of VirAt the date of this report (Jan. 6 1931) the assets of corporation had a
passed by the State Port Authority
has been voiced in resolutions Norfolk.
market value of $153,915,046.
ginia at its monthly meeting in
Balance Sheet Dec. 31.
given out regarding the railroad consolidtaion disThe only information
1929.
1930.
Assetscussion was the following resolution:
as
Virginia
$3.663,135 $32,774,953
That the State Port Authority of by the record itselfthe Cash
"Resolved,
executives of
United States Government securities (at coat)___ _ 13,448,063
program suggested
opposed to the consolidation Pennsylvania Hit., the Chesapeake & Ohio- Interest and dividends receivable
New York Central RR., the
& Ohio RR., providing for the Preferred stocks (at cost)
7.285.064 16,892,616
Nickel Plate system and the Baltimore railroad systems, specifically in Common stocks (at cost)
100,862,2391173,190,289
formation of four independent Eastern
Option warrants (at cost)
8,882.013f
particulars:
the following
Wabash RR. and the Miscellaneous assets
8,888
4,900
-The allocation to the Pennsylvania of the
"First
Norfolk & Western Ry.
Total(market value Jan.61931.$153,915,046)S134,575.400E223.198.321
allocation to the Chesapeake & Ohio-Nickel Plate system
"Second-The
Liabilities1929.
1930.
of the Erie RR.
of the Virginian By. between the Norfolk 1st preferred stock $6 (no par)
$59,500,0001 206,465,022
"Third-The suggested division Ohio; and belt further
$6(no par)
25,970.500
& Western and the Chesapeake &taken to prevent the putting into effect Preference stock(and surplus)
x45,449,806
"Resolved, That such steps be under the authority vested in this body Common stock
-Income tax & accr. diva,on pf.&prefeece 1,654.370 16,732,385
Reserves
of such proposals as may be taken
-V. 131, p. 3873. 1252.
General contingencies
2,000,000
the resources at its command."
and with
914
722
Miscellaneous
PUBLIC UTILITIES.
-Acquisition
Commonwealths Power Corp.
American
of Canadian Utilities Completed.
for the acquisition
announces that the deal
President Frank T. Hulswit
Utilities Corp. of all their holdings of gas
from the owners of International
Saskatchewan and British
properties in the Provinces of Alberta.
that as of
and electric
Canada has been consummated and CommonColumbia in the Dominion of have become a part of American
Dec. 30 1930 these propertiesnewly acquired properties will be known as
The
wealths Power system.
additional securities were issued by the
Dominion Gas & Electric Co. No
acquiring the controlling interest
American Commonwealths Power Corp. inthe electric and gas properties of
companies,
In the stocks of the Dominion
communities of the Provinces
which serve a population ofover 250.000in 102Edmonton.
mentioned including the cities of Calgary and in the 12 months ended Nov.
companies
Gross earnings of the Dominion
after operat30 1930, amounted to $4.505,942,and net earnings $2,204.176,
Approximately threeing expenses, maintenance and Canadian taxes.
Total
$134.575.400$223,198,321
x Represented by 8,293,005 shares (no par) and includes earned surplus
of $38,838.977.-V. 131, p. 3204; V. 130, IL 2387.
-Earnings for
American Telephone & Telegraph Co.
1930 Estimated at $10.40 a Share
-No New Financing Contemplated.President Walter S. Gifford says:
"While final figures in respect of the financial results of the company
for 1930 are not yet available, preliminary summaries indicate earnings
of approximately $10.40 per share.
"A net gain of 125,000 telephones added to the Bell System during the
Year was much below normal growth, but not unfavorable when compared
with the level of general industrial activity.
"Construction expenditures for additions and betterments during 1930
approximated $600,000,000. The operating companies of the Bell System
generally carried out their programs as planned at the beginning of the
year, thus assisting in the stabilization of employment and at the same
JAN. 17 1931.]
FINANCIAL CHRONICLE
489
time constructing facilities available for prompt use as general business investment buying, both domestic and foreign, by individuals and instituconditions improve."
tions which have perspective and whose investment experience dates back
In 1929 net income on average outstanding 13,113,746 shares were to the financing of equities of the great American railroads, has not been
$12.67 a share, whereas the $10.40 figure will be on approximately an sufficient to halt the forced and, to some extent, reckless selling which has
average of 16,000,000 shares for 1930.
been based largely on the mistaken theory that nothing is much good except
The station growth has been the smallest in many years, since only a money in the bank or hoarded, even though it brought no income to the
net gain of 125,000 telephones for the Bell System was shown for 1930. owner.
The company installed 165,000 telephones in the first six months of 1930,
This general downward tendency of all stocks has carried Associated
so that in the final six months the company lost considerable business. In class A stock along with it. The decline in the class A stock was accelerated,
1929 station growth aggregated about 900,000 instruments.
perhaps, by the large amount of stock sold in 1929, some portion of which
The construction expenditures for additions and betterments during probably was purchased with borrowed money. On the other hand, there
1930 as given by Mr. Gifford as about $600,000,000 are exclusive of West- has been a pronounced increase in the number of class A stockholders during
ern Electric expenditures.
the past year, indicating constant and persistent buying by investors whose
Rumors current recently that the company was contemplating a bond sense of values has not been warped by stock market hysteria. This buying,
issue are unfounded, it was reported. It is doubtful that the company however, has not been sufficient to stem the t.de of selling co-existent with
will do any new financing this year because the funds raised last year the general market decline; in fact, nothing but a general upward movewill be sufficient, it is expected, to meet practically all of the 1931 re- ment will completely overcome it.
quIrements.
We have been asked continually during the past few months to give stockOpens New Transmitting Station for Ship-to-Shore Service. holders an opportunity to acquire additional amounts of stock at present
prices so as to enable them to average the cost of their holdings down to a
Another contact between the Bell System and ships at sea was put into point more nearly in line with the current market price. Until, however.
operation Jan. 15 when the new radio telephone transmitting station of there appeared to be signs of stabilization in the general stock market and
this company at Ocean Gate, N. J., went into service. The station was in until
acquisition of additional properties had become more
communication during the day with the Leviathan of the United States fully the results of our not appear either wise or desirable to comply with
established, it did
Lines and the Majestic and Homeric of the White Star Lines. The Ma- such requests. With the elimination of end-of
-the-year "tax loss' selling,
jestic was three-quarters of the way across to Europe while the Homeric and earnings of the company showing a moderate Increase over 1929,
was a few hundred miles off the coast of Ireland.
exhibiting the stability and firmness characteristic of the industry, we feel
The Ocean Gate station is also endeavoring to keep in communication
with the Belgenland of the Red Star Line, far out on the Pacific and bound We should now assist the stockholders in their desire to average down the
for the Orient on a round-the-world cruise. In this endeavor, Bell System cost of their holdings.
engineers have set up a special antenna array at Ocean Gate which has it The class A stock is selling at levels below anything ever approached since
was originally issued. The dividend has been regularly paid in class A
marked directional characteristics and capable of rotation in azimuth.
During the construction of the Ocean Gate station the transmitting end stock at a rate fixed from time to time by the board of directors.
of ship-to-shore telephone service on the American side has been handled to The primary purpose of this letter Lt not to raise additional money, but
permit stockholders to take advantage of the present low market prices.
by the experimental radio station of the Bell Telephone Laboratories at
Deal Beach, N.J. It was this station that inaugurated ship-to-shore service The class A stock will be sold to you on the basis of the closing price on the
in December 1929 with the Leviathan, handling a record volume of holiday day on which your order reaches us. You may remit the estimated amount
be sent
traffic while that vessel was approaching New York just before Christmas. required on the basis of newspaper quotations, and a statement willamount
You refunding
Through it service was also opened with the Majestic. the Homeric and necessary, as any excess payment or requesting the additional
the case may be. If it is desired, stock may be purchased on
the Olympic, and several conversations were handled to and from the the
partial payment
be allowed on
Belgenland, including a broadcast by Albert Einstein when the Belgenland partial payments. plan. Interest at the rate of 5% will will be issued all
as
Permanent certificates for the stock
was off the coast of Central America in the Pacific.
soon as the final payment has been received.
The receiving station for ship-to-shore service on the American side is at
A booklet on the Associated System has just been completed.
Forked River, N. J. a few miles from Ocean Gate. This station's antenna
arrays also have directional characteristics.
System Winds Up 1930 With Increased Outputs.—
Ocean Gate and Forked River are connected to Bell System telephones
Increased demand for public utility services rendered in its territory was
through the long distance centre of the American Telephone & Telegraph reported by the Associated System for the 12 months ended Dec. 311930,
Co. at New York. By means of this link the four trans-Atlantic liners and in this accomplishment new
records were established in electric
are in touch, throughout the greater part of a voyage, with all telephones output of 3,018,579,597 kwh. of high
electricity, 18,333.433,900 cubic feet of
in the United States, Canada, Cuba and Mexico.—V. 132, p.123.
gas, and 5,803,953,780 gallons of water. The increase in electric output
over 1929 was equal to 1.2%; the gas production was 1.8% greater; and
Appalachian Gas Corp.—Extends Texas Pipeline System. water gallonage exceeded that of the preceding 12 months by 11.9%•
Further extension of its pipeline system in the rapidly-growing Winter Production activities of the Associated System for the past two years comGarden district of Texas has commenced with the work of laying another pare as follows:
new lateral line, through which La Pryor will be served with natural gas.
—Increase—
Cal. Years—
according to announcement by officials of the Texas Gas Utilities Co.,
Amount.
1930.
%
1929.
wholly-owned subsidiary of Appalachian Gas Corp. Work was simultane- Electric (kwh.)
34,466,299
3
1.2
2,984,113,298
,018.579.597
ously commenced on the construction of a distribution system for the supply Gas (cubic feet)
18,333,433,900 18,004,878,400 328.755.500
1.8
of domestic, commercial and industrial consumers. The new line taps the Water (gallons)
5,803.953,780
5,504,177.440 299,776.340 11.9
company's Uvalde-Crystal City-Carizzo Springs line at a point about
Not only were the Associated's 1930 production totals in excess of those
25 miles south of Uvalde.—V. 131. p. 4214.
of the preceding year, but the month of December also showed gains over
the corresponding month of 1929. Electric output of the system increased
Aransas Pass-Rockport Light, Ice & Power Co.— 2.2% to 269,768,489 kwh.; gas production gained 1.4% to 1,719,223.300
cubic feet, while the demand for water jumped 3.2% during the closing
Bonds Called.—
The holders of the 1st mtge. bonds, dated June 11928.are hereby notified month of the year to 411,931,927 gallons
The above figures include all properties now owned for the full two years
that all of the outstanding bonds of said issue have been called for redemption
regardless of the fact that some of the properties may not have been in the
under the option reserved in the bonds, and will be redeemed at 102 and
upon presentation of the bonds with unpaid interest coupons attached, at system for that period, thus being on a true comparative basis.
The fact that its 1930 operations resulted in increased demand for service
the Mercantile Bank & Trust Co., in Dallas. Texas,on or after June 11931,
throughout the broad area served demonstrated to the Associated manageafter which date the bonds will cease to bear interest.—V. 132. p. 123.
ment that its policy of diversification was well hued, having stood the test
of the
Arkansas Power & Light Co.—Bonds Offered.—Offering the business depression year of 1930 especially in view of the fact that
country's production of electricity' all purposes fell slightly behind
for
of an additional issue of $3,000,000 1st & ref. mtge. gold the 1929 record-breaking output.
bonds,5% series due Oct. 1 1956,is being made by a banking
Exchange of
group composed of Harris, Forbes & Co.; W. C. Langley Stock Purchase Common Stock Purchase Warrants for Optiona
Warrants.—Secretary M. C. O'Keeffe says:
& Co.; Bonbright & Co. Inc.; the First National Old
The company announces that it has extended for a limited time to the
holders of common stock purchase rights which expired Sept. 1 1930 and
Colony Corp.- Tucker, Anthony
& Co. and John Nickerson Jan. 1 1931, the privilege of exchanging
their
& Co. The '
bonds are priced at 98 and int., yielding 5.14%. Purchase warrants on the basis of five optional"Rights" for optional stock
stock purchase warrants for
each common stock purchase right.
Bonds are dated Oct. 1 1926.
Each five optional
purchase
Issuance.—Subject to authorization by the Arkansas RR.Commission.
Data from Letter of L. H. Parkhurst, Vice President of Company.
Business
.—Company supplies electric power and light service, through
extensive transmission and distribution systems aggregating 3,962 miles,
to a large part of the State of Arkansas. Among the 200 communities
supplied with electric power and light service served by the company are
Little Rock, Pine Bluff and El Dorado. Company also owns and operates
transportation systems in Little Rock and Pine Bluff and does some natural
gas, steam heating, water and ice business. Total population of the territory served is estimated at 365,000.
Security.—Bonds are secured by a first mortgage on the major portion
of the company's physical property and by a direct mortgage on the remainder of its physical property, subject to two closed issues of underlying
divisional bonds. Only $2.000,500 of these divisional bonds, which mature
In 1933 and 1938, are now outstanding with the public. Mortgage provides for the issuance of additional bonds upon conditions therein stated
and contains provisions permitting modifications with the assent of the
holders of not less than 85% in aggregate principal amount of the outstanding bonds.
Capitalization Outstanding upon Completion ofPresent Financing.
Common stock (no par value)
1,000,000 shs.
$7 preferred cumulative stock (no par)
98,132 shs.
$13 preferred cumulative stock (no par)
50,000 shs.
1st & ref. mtge. gold bonds,5% series due 1958 (incl. this Issue) $33,000.000
Underlying divisional bonds (mortgages closed)
*2,000,500
* In addition, $2,126,000 underlying divisional bonds of these issues are
held by the trustee under the 1st & ref. mtge. and $873,500 are held alive
In sinking funds.
Purpose.—Proceeds will be used to reimburse the company for property
additions and acquisitions and for other corporate purposes.
Earnings 12 Months Ended Nov. 30 1930.
Gross earnings from operation
$8,778,867
Operating expenses, maintenance and taxes
4,757,819
Net earnings from operation
Annual int. on $35,000,500 bonds to be outstanding with the $4,018.848
public (including this issue)
1,760,210
Balance for other interest, depreciation. &c
$2,258,638
Of the gross earnings as shown above for the 12 months ended
1930, approximately 79% was derived from electric power and lightNov. 30
service,
9% from transportation service, 7% from water service and about 5%
from natural gas and miscellaneous business.
Supervision.—Company is controlled through ownership of all of its
common stock (except directors' shares) by the Electric Power & Light
Corp. Electric Bond & Share Co. supervises (under the direction and
control of the boards of directors of the respective companies) the operations of the Electric Power & Light Corp. and the Arkansas Power &
Light Co.—V. 130, p. 1652, 1455.
Associated Gas & Electric Co.—Stockholders Given
Opportunity to Acquire Additional Class "A" Stock.—
Vice-President Howard R. Cobb, Jan. 7, in a letter to the holders of
class A stock, says:
The steady, unceasing decline in price of practically all stocks during the
last year has been a matter of much concern to the holders. No corporation
has been exempt. In many instances prices have declined to such a point
as to amply justify the statement that intrinsic values have been utterly
disregarded—so much so that the stocks of a number of successful companies have recently sold at a market value less than their net current
assets without taking any account of their fixed assets or good will. Pure
stock purchase warrants entitle the holder to
3-6 share of class A stock and 3. share of common stock, or one share of
class A stock or 1 share of common stock at the rate of 445 per full share to
and including Jan. 2 1932 and at the rate of $50 per full share after Jan. 2
1932 to and including Jan. 2 1941: or five shares of common stock class A.
of General Gas & Electric Corp. at $18 per share to and including Jan. 2
1932 and at $20 per share after Jan. 2 1932 to and including Jan. 2 1941.
In other words, these are a 10
-year right at prices well within prices to
which these stocks have sold during the past two years.
This offer is also accorded the holders of the extended common stock
Purchase rights and those holding "rights" bearing the rubber stamp endorsement of extension.
On account of the step-up in price of the common stock purchase rights,as
heretofore extended, the optional stock purchase warrants will shortly
represent a more attractive call on the common stock than the common
stock than the common stock purchase rights, in addition to which the
stock purchase rights, in addition to which the optional stock purchase
warrants receivable in exchange carry an optional call on the class A stocks
of both the Associated company and General corporation. It is for this
reason, and in furtherance of the desire of the company to lessen the number
of outstanding issues wherever it can be done without loss to the company
or detriment to the security holders, that this exchange is now being offered
Holders of common stock purchase rights desiring to take advantage of
this offer should immediately forward their rights to the company at Room
2016, 81 Broadway, N. Y. City, with advice as to the name (first name in
full) and the address in which the optional stock purchase warrants are to
be issued.
Rochester Central Power Corp. Debenture and 6% Preferred
Stockholders Offered Exchange Privileges—May Acquire Similar
Issues of Parent Company.—
Further steps in simplifying the capital structure of the Associated
Gas & Electric System were taken on Jan. 16 with the announcement
that holders of Rochester Central Power Corp. 6% cum. pref. stock and
5% gold debentures, series A, due Sept. 1 1953, were offered the opportunity of exchanging their holdings for $6 div. series pref. stock of theAssociated company and for Associated's cony. 5% gold debentures, due
1950,respectively. Both of the Associated issues offered in these exchanges
are qualified for investment by life insurance companies in New York State.
The Manufacturers Trust Co., W. C. Langley & Co., and Bonbright &
Co., Inc., the bankers who originally offered both the pref. stock and
debentures of Rochester Central Power Corp., have advised the Associated
company that they approve each of these offers and will recommend the
exchange to their customers.
The Rochester Central Power Corp. 6% cum. pref. stockholders may
exchange their present holdings for Associated $6 div. series pref. stock
on a share for share basis. Dividends are payable quarterly on March 1.
June 1, Sept. 1 and Dec. 1, and upon delivery, pursuant to the exchange
outlined, dividends will be adjusted as so to be continuous but not overlapping. The $6 div. series pref. stock offered in exchange is of equal
rank with all other pref. stocks of the Associated company and is preferred
over the cumulative preference stock, class A, class B and common stocks
of Associated Gas & Electric Co. as to assets and dividends.
Exchange of Rochester Central debentures for those of Associated will
be effected on a par for par basis. Accrued interest will be adjusted so
as to be continuous but not overlapping. The cony. 5% gold debenture
s
due 1950, offered in exchange, are direct unconditional obligations of the
Associated company and rank equally with its other debenture issues.
Consolidated net earnings of the Associated company and its subsidiaries,
after depreciation and interest charges on all debt, whether funded or
unfunded, of this company and its subsidiaries and dividends on preferred
stocks of all its subsidiaries (assuming the exchange of all the debentu
and of 94,200 shares of Rochester Central preferred under the
offers) for
•
490
FINANCIAL CHRONICLE
the 12 months ended Oct. 31 1930. were equal to more than six times the
annual dividends on all series of the Associated company's preferred stocks,
a ratio much higher than the earnings ratio on a similar basis for Rochester
Central preferred.
For the 12 months ended Oct. 31, consolidated net earnings of Associated
and subsidiaries, after depreciation and assuming the acquisition of all
Rochester Centrals debentures and outstanding preferred stock, were
equal to 2.08 times the interest charges on all Associated's debt, funded
and unfunded, excluding obligations convertible into stock at its option,
and interest charges on all debts and preferred dividends of its subsidiaries.
In making known these offers the Associated management stated that
the.company would not be obligated to make any exchange of preferred
stock unless at least 48,000 shares of Rochester Central preferred were
deposited up to the close of business April 16 1931, when the offer expires
unless extended. The debenture offer is subject to the condition that the
Associated company will not be obligated to make any exchange unless at
least $10,000,000 of the Rochester Central 5% debentures, shall be deposited on or before April 16 next. In each instance, The Chase National
Bank of the City of New York will act as depository.
Gas Output Continues To Show Gains.—
[Vou 132.
town company. The agreement provides for the issuance of 8.500 shares
of additional capital stock of the Boston company at $100 a share in exchange for 34,000 shares of the stock of the Charlestown company at a
Par value of $25 a share. The Department determines: "That the
facillties for furnishing and distributing gas will not thereby be diminished
and that such purchase and sale and the terms thereof are consistent with
the public interest."—V. 131, p. 627.
Chicago City Ry.—Interest on Bonds.—
Funds for the payment on Feb. 1 1931, of interest for the preceding 6
months' period on the 1st mtge. 5% bond issue of the Chicago City Ry.
and the Calumet & South Chicago Ry. have been deposited with First
Union Trust & Savings Bank, trustee.
As no coupons representing such interest are attached to the bonds, it
will be necessary that such bonds be presented to one of the following:
First Union Trust & Savings Bank, 33 South Clark St., Chicago, Ill.;
Bankers Trust Co., 16 Wall St., New York, N. Y.; Mercantile Trust Co..
200 E. Redwood St., Baltimore, Md., for endorsement thereon for such
interest payment.
Certificates of deposit representing bonds deposited with the protective
committee should not be presented. Interest on such bonds will be paid
to the committees and checks will be sent by them or their agent to registered holders of certificates of deposit without the surrender of the certificates.—V. 131, p. 3874, 2694.
Gas output of the Associated system for the week ended Jan. 3 1931 was
391,140,600 cubic feet, 26,854,600 cubic feet (or 7.4%) more than last
year. Only one unit in the system showed a decrease in gas production
as compared with last year, and its loss was about 1-10,000th of 1% of its
Chicago Distiict Electric Generating Corp.—To Issue
total production. Normal increases on other units ran from 3-10ths of
1% to 35.9%. The increase in the use of gas developed over the year 1930, $6 Cumulative Preferred Stock.—
as shown by these figures. in a period during which business has suffered
The corporation in a petition filed with the Indiana P. S. Commission
one of its severest depressions, is remarkable.
shares of $6 cumulative preferred stock of
Electric output of the Associated system for the week ended Jan. 3 1931 asks authority to issue 30,000 asks permission to sell it at not less than
or 1-10th of 1% no par value. The company
amounted to 55,850.718 kwh., an increase of 82,572 kwh.
$61 a share to yield not less than $2,730.000.
over the same week of last year..
The money obtained from the issue will provide funds for part of the
IllyWater gallonage for the week was 97,465,059 gallons, or 8.9% higher estimated capital expenditures of $10,006,000 to be made during the year
than in the same week of last year.—V. 132. p. 309.
in completion of the first unit of the company's station on the shore of
Lake Michigan at the Illinois-Indiana state line in Hammond, Ind., and
Atlantic Gas Co.—Expansion—Change in. Name.—
in construction of the second section of the station which will house two
Expansion of this company into a new corporation to be known as more generating units.
National Public Utilities Corp. was announced in Philadelphia on Jan. 15
The generating unit of the station at present has a capacity of 208,000
by President N. H. Gellert. Through an exchange of securities the new kilowatts. Two additional generating units which are expected to be
corporation has also acquired the Great Lakes Utilities Corp. The corpo- placed in operation about July 1 1932, and July 1 1933, will add 257,000
ration's main offices will continue to be in Philadelphia.
kilowatts to the capacity of the station.
The announcement further states:
This corporation, which formerly was known as the State Line GeneratThe National Public Utilities Corp. will have assets of over $7,000,000 ing Co., is controlled either directly or through subsidiary corporations by
and gross earnings of over $1,000,000. It will operate through 19 sub- the Commonwealth Edison Co., the Public Service Co.of Northern Illinois,
popula- the Northern Indiana Public Service Co. and the Interstate Public Service
sidiary companies serving either manufactured or natural gas to a
tion of approximately 197,000 in 44 communities in 11 states.
Co. These public utility operating companies have contracted for the
1111•The subsidiaries which the corporation will operate are as follows: entire output of the station—V. 131, p. 2062.
Maryland—Elkton Gas Co., Grisfield Light & Power Co., Chestertown
Gas Co., and Havre de Grace Gas Co.; Pennsulvania—Berwick Gas Co.
Chicago Local Transportation Co.—Approval Given to
and Williamstown Gas Co.; New York—Fulton Fuel & Light Co.; North Plan by Security Holders.—An overwhelming expression of
Carolina—Elizabeth & Suburban Gas Co.Henderson & Oxford Gas Co.;
South Carolina—Rock Hill Gas Co.; Ohio—Ohio Gas Light & Coke Co.; approval of the Chicago Traction Plan is indicated by the
Michigan—Gas Corporation of Michigan; /111nois—Paxton Gas Co. and
holders' committees covering the two
Rochelle Gas Co.; Iowa—Independence Gas Co. and Peoples Gas & Power report of the security
weeks' period since the publication notices appeared, Halsey,
Co.; Nebraska—Citizens Gas Co.; South Dakota—Watertown Gas Co.
Management of the new corporation will be in the hands of Albert E. Stuart & Co., Inc., reorganization manager, declared in
Peirce & Co. Omar P. Stelle, Executive Vice-President of that company,
has been elected Chairman of the board of National Public Utilities Corp. a statement issued Jan. 4.
N. H. Gellert, who was formerly President of Atlantic Gas Co., will conThe actual figures show that in this period $2,619,360 in principal or
tinue as President of the new corporation.—V. 131, p. 4214.
liquidating value of securities have been deposited, while only $2,200 have
been withdrawn. The rate at which deposits are coming in has been gainBoston Consolidated Gas Co.—Acquisition.—
ing momentum, deposits for the second week being almost four times those
of the first week. A total of $545,460 in securities were deposited during
See Charlestown Gas & Electric Co. below.—V. 131, p. 3707.
the first week, with no withdrawals.
"These figures. naturally, are small in relation to the total of securities
-2%
Brazilian Traction, Light & Power Co., Ltd.
outstanding," the statement said, "for a substantial majority of all the
Stock Dividend.—Secretary A. W. Adams, Jan. 14, says:
securities involved were deposited prior to publication of the final plan.
"In view of the continued unsettled business and financial conditions in As indication of this, the figures show that practically 70% of the first
Brazil and elsewhere and in order to maintain a sound cash position, the mortgage bonds of the surface lines are now on deposit. More significant
board has decided that at this time it is in the best interests of the com- than the deposit figures are the withdrawal figures. These show plainly
pany and its shareholders to declare a stock dividend for the current quarter that the security holders have no intention of giving up their opportunity
as was done for the preceding quarter, and accordingly notice is hereby to participate in the plan which provides the key to the solution of the
given that the board has declared a stock dividend on the ordinary shares difficulties under which the separate traction companies have been struggling
of no par value at the rate of one fully paid share for each fifty fully paid for so many years. The same expression of popular approval for the plan is
shares held by shareholders of record Jan. 31 1931. The shares comprising being voiced as was apparent when an overwhelming majority of the voters
such stock dividend will rank for dividend as from March 2 1931. but no endorsed the ordinance last summer. The rate of deposit should show
dividend will be paid in respect of a fractional part of a share. When such further increase for the deposits made in the past two weeks come almost
fractions are converted into whole shares the latter will then rank for all entirely from a great number of holders of moderate amounts of the securidividends payable after the date of such conversion. Definitive certifi- ties. Now reports indicate that several large institutions, which have not
cates and-or fractional certificates representing the stock dividend will be yet taken action, will recommend deposit of their substantial holdings.
forwarded to shareholders on or about March 2 1931.
"The security holder who has not as yet taken action should be prompt
se "Holders of fractions can either sell the same or purchase sufficient in doing so, for there is only a limited time in which to act. Certainly if
additional fractions to make up a whole share and should arrange for such the attitude of the large group of security holders who have studied the
adjustments through their bankers or brokers as soon as possible after plan carefully can be taken as a criterion, the security owner who has not
receipt of the fractional certificates. Where necessary fractional certifi- as yet acted will be very prompt in depositing."
cates may be split into smaller denominations, and to facilitate distribution
Solution of Transportation Problem up to Security Holders.—
whole shares may be split into fractions, but no splits of whole shares will
be allowed after April 30 1931. Applications for splits must be made to In an advertisement this week under the above heading,
transfer agent, National Trust Co., Ltd. Toronto or Monthe company's
treal, but for the convenience of European shareholder; applications may Halsey, Stuart & Co., Inc., state:
be sent through the London agents of the company under conditions
After years of controversy, Chicago's transportation problem nears soluparticulars of which may be obtained from the agents. Fractions resulting tion. Necessary State legislation has been enacted. The traction ordifrom the above stock dividend may be combined with outstanding fractions nance providing for unification of present facilities, and for extensions,
In respect of the Dec. 1 1930 stock dividend, but not with outstanding including subways, has been passed by the City Council. The people of
fractions in respect of the March 1 1930 stock dividend, unless the right Chicago voted nearly 6 to 1 in favor of this ordinance. The plan governto accrued dividends applicable to the latter fractions when converted ing the financial reorganization of the various properties involved has been
.
into whole shares is waived. Forms of waiver for the purpose. as previously approved by the committees whose sanction is necessary to declare the
announced, can be obtained from the National Trust Co., Ltd. —V.131, plan operative.
3528.
Now the security owners themselves must sanction the reorganization
P.
plan. Unless this action is taken, the ordinance may be nullified, the work
Brooklyn Union Gas Co.—Withdraws Petition.—
of years undone, and Chicago's "traction muddle further complicated.
'
The New 'York P. S. Commission has discontinued proceedings on the Unbiased opinion warns against sacrificing the benefits of the reorganizapetition of this company to transfer its coke-oven gas plant to the Brooklyn tion plan and resuming the chaotic uncertainty that has heretofore existed.
-Products Corp., a subsidiary of the Koppers interests, as the
Coke & By
As reorganization manager, we recommend that holders of securities
deposit their securities and thus approve the reorganization plan. Only
petition has been withdrawn.—V. 131, p. 473.
those who deposit their securities get the benefits which the plan very
Canadian Western Natural Gas, Light, Heat & positively holds out to them. The Federal Courts and the Illinois Commerce
Commission must finally pass on the plan before it can be consummated.
Power Co., Ltd.—New Control.—
Wm. Hughes Clarke Advises Against Approval of Plan.—
See American Commonwealth Power Corp. above.—V. 131, p. 2535.
Wm. Hughes Clarke of Chicago has issued a circular letter covering the
Div.—
Central & South West Utilities Co.—Increases common status of Surface first mortgages under the protective committees. In it
The directors have voted to increase the annual dividend on the dividend he states that the notices pub,ished by the committees of their own approves
submission to
stock from 6% to 7%. payable in common stock. The increased of record forCo., Inc. for the depositors of the plan promulgated by Halsey, Stuart
&
merging the Surface Lines with the Elevated System,
15 to holders
will be effective with the quarterly payment Aprildividends of) % each give plain warning: that unless
depositors are alert and protect themselves
3.
March 31. On July 15 and Oct. 15 1930 quarterly
on this issue. A special stock distribution of 6% was by withdrawing their bonds before Jan. 25 from the depositaries, then
in stock were paid
committee members acting for the merger, will trade out depositors from
made on Jan. 15 last.—V. 131, p. 4052.
their fully secured first mortgage bonds, into lower grade bonds and preCentral Public Service Corp.—Gas Sales.— the month of ferred stock dependent for payment ofits dividends on directors to be elected
and C shareholders who will be given about 61% of the
subsidiaries in
Sales of gas by this corporation's operatingyear, while for the 11 months by common II The circular
voting power."
further says in part:
November increased 5.04% over the previous
The destiny of all bonds left on deposit, will be governed by any 60%
announced. Gas output has shown
of 1930 the gain was 1.04%, it was
may fall
increase in the last few months principally in the South where who by neglect stock, in to reject preferred stock, or by choice might really
steady
want preferred
growth.
settlement.
natural gas consumption is registering rapid 1.145,611,838 cubic feet in
Immediate withdrawal of deposited bonds is the only sure method of
The total sales of gas by the properties was
1,090,647.950 in 1929. For the 11 months ended with obtaining any further cash payments.
November against
Before deciding for himself or for a client, to accept or to reject the
compared with 11,522,November sales totaled 11,642,556,584 cubic feet
Insull-Stuart proposal, prudent investors will consider: (a) What they now
404.220 the same period of 1929.
operating units except the foreign properties have; (b) what is offered in exchange, (c) and what they can get without
These figures include all
statistics have not yet been delaying consolidation.
of Southern Cities Public Utility Co., which
The Surface first mortgages total $81,191,750 bonds against more than
received.—V. 132, p. 309.
$166,050,517 (the city purchase price) assets including $18,256,395 cash in
This
excess
Co.—Larger Dividend.—
with about $3,300,000
Central West Public Service dividend of 2% on the cum. pref. surplusreserves. cash iscash together by receivers and Pledged accumulated
earnings
held in trust
for Payment
The directors have declared a quarterly 1 to holders of record Jan. 15. of the bonded debts.
stock, series A, par $100, payable Feb. distributions of 1 % on this
Surface net earnings every year since 1907 excepting only 1919 have
made quarterly
Previously the company
been more than twice first mortgage interest. For the 10 months ended
issue.—V. 131. p. 3707.
Nov. 30 1930, net earnings were $7,464,741 and again over twice the $3.(Mass.) Gas & Electric Co.—Merger.—and 546.693 first mortgage interest. variously be 1st. 2nd, 3rd and 4th liens on
Charlestown
-year 5 % bonds will
The 30
the property
The purchase by the Boston Consolidated Gas Co. of
serves only the properties.
franchises of the Charlestown Gas & Electric Co.. which
The prior $7 preferred will occupy either a 5th or 6th pies° as to seniority
the Massachusetts
Charlestown residents, was approved on Dec. 30 by
in the assortment of bonds, notes and stocks, subject to the issuance of
Department of Public Utilities.
the plan for the bankers
The merger was approved under an agreement by which one share of $25,000,000 notes or debentures as authorized in to the City Council.
Charles- to underwrite in fulfilling their May 19th promise
the Boston company's stock will be exchanged for four shares of the
JAN. 17 1931.]
FINANCIAL CHRONICLE,
Although the Surface Lines continue prosperous, it is known the Surface
Lines and Elevated system total net earnings for the current year to Jan.
31 1931 will fall more than $3,500,000 below the 217,107,608 figure as
adjusted for last year in the plan.
Holders of withdrawn bonds may join with present holders of free bonds
to obtain cash payments in full, out of the cash now on hand plus the cash
Proceeds from the foreclosure sales, without delaying consolidation.
Time Limit Extended.
-
491
in December 1929, a decrease of 19,620,000 kwh.. or 3.82%. Total output for the year ended Dec. 31 1930 was 6,023,717,000 kwh., as compared
with 6.377,203,000 kwh. for 12 months ended Dec. 31 1929, a decrease of
353,486,000 kwh., or approximately 5.54%•
Preliminary reports indicate gas output of the corporation's properties
in December was 813,347,000 cubic feet as compared with 842,855,000
cubic feet in December 1929, a decrease of 29,508,000 cubic feet or 3.50%•
Total output of the year ended Dec. 31 1930 was 9.394,641,000 cubic feet
as compared with 9,668,060.000 cubic feet for the 12 months ended Dec. 31
1929, a decrease of 273,419,000 cubic feet or 2.83%.-V. 131. p. 3875.
Following the unanimous vote of the committee on
transportation,
the Chicago City Council has voted to extend to Maylocal
22 from Jan. 31 the
period in which the new company, Chicago Local Transportation Co.,
Community Water Service Co.
-Stock Dividend.
must accept the ordinance which would consolidate Chicago surface and
The directors have declared a semi-annual dividend of3% on the common
elevated lines into a unified system.
-V. 132, p. 309.
stock, no par value, payable in common stock on Feb. 2 to holders of
distribution
Columbia Gas & Electric Corp.
-$50,000,000 Deben- record Jan. 10. A131, p. 2694.of like amount was made on Feb. 1 and on
Aug. 1 1930.-V.
tures
Offered.
-A group headed by the Guaranty Co. of
New York and including the Union Trust Co. of Pittsburgh,
J. &W.Seligman & Co., W. E. Hutton & Co., Coggeshall
& Hicks, and Field, Glore & Co., is offering $50,000,000
gold debenture bonds, 5% series due 1961, at 98 and int.,
to yield 5.13%.
Consolidated Gas Co. of New York.
-Expansion.
-
Ten million cubic feet were added to the city's daily gas supply on Jan.15
when President George B. Cortelyou put into service the first of a battery
of 37 new ovens at the company's Hunt's Point plant.
-foot stack which they necessiThe new furnaces and the plant's third 250
tated bring the total cost of the Hunt's Point plant to 226,000.000. it was
said. Its total daily capacity is now 30,000,000 cubic feet of gas, more
-V. 131. p. 627.
1
Dated Jan. 15 1931; due Jan. 15 1961. Interest payable J. & J. in N.Y. than 15% of the company's total daily capacity.
City. Denom. c* $1,000 and r* 31,000, $5,000 and
Detroit Edison Co.
-A banking
-$34,984,000 Bonds Sold.
able in whole or in part at any time on 30 days' notice,$50,000. Redeemup to and including
Jan, 15 1036 at 105%; thereafter to and incl. Jan. 15
104%; there- group headed by Coffin & Burr, Inc., and including Harris,
after to and incl. Jan. 15 1946, at 103%; thereafter1941, at incl. Jan. 15
to and
1952, at 102%;thereafter to and incl. Jan. 15 1958, at 101%;and thereafter Forbes & Co.; Spencer Trask & Co.; Bankers Co. of New
at 100%; plus int, in each case. Guaranty Trust Co., New York, trustee. York; Otis & Co.; and First Detroit Co., Inc. Jan. 12
Data from Letter of Philip G. Gossler, President of the Corporation. offered at 100 and int. $34,984,000 gen. & ref. mtge.4%
Business.-Oorporation, through its subsidiaries (substantially
over100%
owned), is engaged in the production, transmission and distribution of na- gold bonds, series D, due 1961. The issue has been
tural and mixed gas and the production, transmission and distribution of subscribed. Bonds are dated Oct. 1 1924 and mature
electricity. Operations also include a street railway and other related Feb. 11961.
kr4
-44 -4 "
e •
minor public utility services.
Listing.-ApplIcatIon will be made to list these-bonds on the NevrYOik
Gas or electric service is supplied to more than 1,200 communities in
Ohio, Pennsylvania, New York, West Virginia, Maryland, Kentucky and Stock Exchange.
Indiana, having an aggregate population estimated at 5,400,000, all such
Data from Letter of President Alex Dow, Dated January 10.
communities being so interconnected as to form one completely integrated
Business.-Oompany was incorp. in New York Jan. 17 1903 and was
operating System. The System has more than 1,300,000 gas and electric admitted
to do business in the State of Michigan on Jan. 29 1903. It
customers directly connected.
Substantially all of the oil and gasoline properties previously owned immediately took over all the local electric companies in Detroit which
companies had
were transferred, as of Jan. 1 1930 to Columbia Oil & Gasoline Corp. All does the entire a record of continuous service beginning in 1881. Company
commercial electric lighting and power business in the City
of that company's preferred stocks, amounting to 675,000 shares ($6 dividend), are owned by Columbia Gas & Electric Corp., and all of the common of Detroit, the cities of Ann Arbor, Dearborn, Ferndale, Hamtramck,
Highland Park, Lincoln Park, Monroe, Mt. Clemens, Port Huron, River
stock, in the form of voting trust certificates, has been distributed to the Rouge,
common shareholders of Columbia Gas & Electric Corp. of record May 24 orated Royal Oak, Ypsilanti and 10 smaller cities, and also in 84 incorpvillages and 130 townships, forming a compact area, tributary to
1930.
Detroit, of 4,582 square miles with a population of 2,279.162, according to
Expansion of Gas Business.
-Contracts have been made to supply natural the Federal
gas at wholesale to the gas companies serving Washington,ID. C. and through one Census of 1930. The whole area is served by the company
inter-connected electric system which receives and distributes
York, Pa. A 20-inch pipe line to Washington from the existing lines of the
the System in southern Pennsylvania has been practically completed and a output of all of the company's power plants. Company also conducts
steam heating business in the central area of the City of Detroit, and a
will be placed in operation in the near future. This will be the first secticn gas
business
of a large high pressure main pipe line system planned to be completed this Clair and in in the cities of Port Huron, Marine City, Marysville and St.
seven villages.
year from the gas fields in Kentucky and West Virginia to Washington.
CapitalizationThis new line will supply the intervening territory in West Virginia, Virginia
Outstanding,
Authorized.
Stock
and Maryland and connect with the existing lines in southern Pennsylvania.
$150,000,000 $127,060,100
debs. due Dec. 15 1932(cony.into stk. until
In anticipation of further expansion of the System's gas business in the
June 15
near future.0Jlumbla Gas & Electric Corp. has made advances to Columbia
133.900
)
Oil & Gasoline Corp. to assist the latter in its acquisition of a substantial General and refunding bonds
-x
Series A-5% due 1949
interest in a pipe line being constructed to transport natural gas eastward
26,016,000
Series B-5% due 1955
from the producing fields in the Panhandle districts of Texas and Oklahoma
23,000.000
Series 0-5% due 1962
and in southwestern Kansas. In turn, arrangements have been
20.000,000
for
the purchase of a substantial supply of natural gas from this madeline
Series D-43'% due 1961 (this issue)
34,984,000
pipe
First mtge. 5% due Jan. 1 1933
by the subsidiaries of Columbia Gas & Electric Corp.
Closed
10,000,000
, Purpose of Issue.
-Proceeds of these bonds are to be used to reduce the Eastern Michigan Edison Co.
First mtge. 5%
outstanding $66,044,636 bank loans of the corporation, incurred in making
Closed
4.000.000
such advances to Columbia Oil & Gasoline Corp. and in providing funds
x Limited only by the restrictions of indenture as summarized in part
for capital expenditures and other corporate purposes.
herein.
Earnings (Consolidated) Year Ended Dec. 31 1930.
Capitalization Outstanding with Public After Giving Effect to This Issue.
Gross earnings
$53.706,926
Subsidiary Companies
-Funded debt
$56,072,700 Operating exp., taxes & retirement reserve (depreciation)
36.565.946
Preferred stocks
48,624,200
Minority common stocks and surplus applicable thereto
780,388
Net earnings
$17,140,980
Columbia Gas & Elec. Corp.
-5% gold debenture bonds,due'52 53,319,700
Annual int. on mtge. bonds (to be outstanding upon the comGold debenture bonds,5% series, due 1961 (this issue)
50,000,000
pletion of this financing)
5,725,080
Preferred stock-6% series
94,731,400
5% series
3,929,600
Balance
$11.415,900
Common stock (no par)
11,684,220 slut.
Above net earnings 2.99 thnes annual interest on above mortgage bonds.
Provisions or Issue.
-In the indenture under which these bonds are to
-These $34,984,000 bonds ofseries D are being issued to provide
Purpose.
be issued as the initial series, the corporation will covenant that it will not
mortgage or pledge any shares of stocks of subsidiary companies (controlled funds for the redemption on Mar. 1 1931 of all outstanding 1st & ref. mtge,
by majority voting stock ownership) or any fixed properties, now owned or bonds of the company, of which $34,984,000 are held by the public. Upon
hereafter acquired, unless the bonds issued under the indenture are secured completion of this financing the 1st & ref. mtge. will be cancelled and the
equally and ratably under such mortgage or pledge. This covenant shall outstanding underlying and divisional bonds will be reduced to only $14,not in any way restrict the issuance of securities by subsidiaries and shall 000,000 of which $4,000,000 will mature on Nov. 1 1931 and $10,000,000
not apply to purchase-money liens or to the acquisition of property subject will mature on Jan. 1 1933.
to then existing liens.
Property.
-Company owns and operates 4 large modern steam power
Consolidated Earnings (Corporation and Subs.) 12 Mos. Ended Nov. 30 1930. plants having a total rated capacity of 837,000 kw. and 5 small hydroelectric plants with a total capacity of 7,850 kw. All plants are interGross revenues
$98,045,390 connected with each other and with the territory served, by a
Operating expenses, maintenance and taxes
comprehen58.663,394 sive system of transmission and distributing Lines, the output being disReserved for renewals, replacements and depletion
8.277,490 tributed through 155 sub-stations. The Delray plants (197,000 kw. present
installed capacity)
Net operating earnings
-acre site on the
$31,104,506 4 miles west of the are located on a 33 Detroit. The Detroit River about
Other income, including net income of von-public utility subcenter of the City of
ultimate capacity of
the Delray plants will be 397.000 kw. The Connors Creek plant (180.000
sidiaries and preferred dividends of Columbia Oil & Gasoline
Corp
-acre site on the Detroit River, just below Lake St.
4,688,270 kw.) is located on a 65
Clair. at the east end of the City of Detroit. The Marysville plant (160,000
Gross corporate income
kw.) is situated on a 54
-acre site on the St. Clair River about 5 miles south
$35,792,776 of the City
Annual interest charges, lease rentals and preferred dividends of
of Port Huron. The Trenton Channel plant (300.000 kw.).
subsidiaries
-acre site on the Trenton Channel of the Detroit River about
5,332,297 located on a 66
Proportion of earns, applicable to minority common stocks16 miles south of the center of Detroit, uses pulverized fuel exclusively.
Annual int, charges on funded.debt and notes payable of corpo- • 43,037
The heating system In the business section of Detroit is fed by 4 modern
poration. after giving effect to this issue
6.025,985 boiler plants having an aggregate capacity of 39.462 boiler h.p. The as
transmission and distribution system connected with the Marysville
Balance
gas plant
324,391,457 Including has been extended until it now covers an area of 554 square miles
Listing.
-Application will be made to list these bonds on the New
4 cities and 7 villages.
-V. 132, p. 309.
York
Stock Exchange.
Balance Sheet Nov. 30 1930. After Giving Effect to this
Dominion Gas & Electric Co.
-Acquisitions.
-Financing.
(Corporation and Subsidiaries.)
See American Commonwealths Power Corp. above.
-V.131, p. 1255.
AssetsLiabilities
Property, plant & equip--$593,291,644 Funded debt of
Engineers Public Service Co.
-Electrical Output.
Property purchase contracts 3,300,000 5% debenture subsidiaries. $56,072,700
The company reports electrical output for the month of December of
0
Investment Demurs. owned._ 44,571,172 5% debs.(thisbonds, 1952_ _ 53,31970
issue)
50,000,000 177,995,000 k.w.h., which is an increase of 5.8% over the corresponding
Cash
10,939,695 Notes dr accounts payable__ 25,302,119 month of 1929. Substantial increases are shown in power use in the LouisiNote, receivable
'
29,621,512 Accrued liabilities
8,636,026 ana and Texas group due partly to sales to the Standard Oil refinery at
Accounts receivable
9,786,020 Divs. declared and accrued_
338,971 Baton Rouge, A 7% increase was shown in Virginia, while a 6% decrease
Materials and suliPlies
6,827,372 Securities reserved for propwas shown in the Puget Sound properties.
I
Marketable securities owned 4.076,974
erty purchase contracts__
Total output for the year 1930 was 2,089,820,000 k.w.h., showing an
3,300,000
Miscellaneous
309,225 Customers deposits, &c__
increase of 9.1% over the year 1929.-V. 131, p.3876.
4,020.493
Cash impounded Pending
Contingent earns, pending
rate decisions
2,528,510
.
rate decisions
-Earnings:
5,113,748 6 Federal Water Service Corp.
Prepaid accounts, unamortRenewals, replacements and
For income statement for 12 months ended Nov.30 see "Earnings Depart!zed discount & expenses,
depletion reserves
-V. 131. P. 4053.
121,660,304 ment" on a preceding page.
&c
12,887,183 Other reserves
7,605,214
Great Lakes Utilities Corp.
Preferred stocks of subs..., 48,624,200
-Acquired.
Minority corn. stks of subs_
See Atlantic Gas Co. above.
-V. 131, p. 2893.
1780.388
Preferred stock (lees amount
in treasury)
Interborough Rapid Transit Co.
-Fare Appeal To Be
6% series
94.731,400 Heard March 3.
5% series
3,929,600
The company's appeal from adverse decisions in the two pending suits
Common (11,684,220)j abs.
no par)
181.947,984 for higher fares on its subway and elevated lines will be heard by the ApSurplus
52,758,460 pellate Division on March 3. One of the suits concerns the company's
efforts to obtain a 7
-cent fare for its combined subway and elevated system.
$718,139,307 Total
Total
-cent fare on the elevated lines alone.
8718,139,307 The other is the litigation for a 10
V. 132, p. 125.
x Including proportion of surplus applicable thereto.
-V. 132. D. 306.
International Utilities Corp.
-Sells Holdinge of Gas
Commonwealth & Southern Corp.
-Electric and Gas
and Electric Properties in the Provinces of Alberta, Saskatchewan
Output.
Preliminary reports indicate electric output of the corporation's properties and British Columbia, Canada.
iniDecember was 491,105,000 kwh. as compared with 513,725,000 kwh.
See American Commonwealths Power Corp. above.
-V. 131, p. 2894.
492
FINANCIAL CHRONICLE
[veL. 132.
Net earnings before depreciation and interest for the five years ended
Manhattan (Elevated) Ry.-Hearings Postponed.
Sept. 30 1930 were over four times, and for the 12 months ended Sept. 30
Hearings on the proposed removal of the Sixth Avenue elevated line 19;30 were approximately 3 2-3 times, interest on funded debt for the respechave been adjourned indefinitely at the request of attorneys for the Sixth tive periods.
Avenue Association. Counsel for the Interborough Rapid Transit Co.
The annual interest requirements on the total funded debt to be outand the Board of Transportation agreed to the adjournment.
standing in the hands of the public upon issuance of these bonds will be
In asking for the indefinite delay, counsel for the Association pointed $3,371,825. Net earnings, as shown above, for the 12 months ended
out that the pending question of unification took precedence over any- Sept. 30 1930 were $10,566,450, or approximately 33i times such annual
thing else before the Transit Commission and it would be hardly worth interest requirements. Appropriations from earnings for depreciation
while to pursue the matter of the removal of the Sixth Avenue elevated reserves (in addition to actual expenditures for maintenance) in the 12
until the unification question were settled. The hearing can be renewed months ended Sept. 30 1930 amounted to $2,929,675.
-V. 132, p. 125.
at three days' notice, it was agreed.
More than 60% of operating revenues, and more than 77% of net earnings as shown above but after depreciation, for the 12 months ended Sept.
electric light and
Market Street Ry.-Operating Permit Approved. charge of 30 1930 were derived from important part ofpower business.
the North American System.
-Company is an
Control.
Announcement is made by HaHord Erickson, Vice-President in
has been under the control
operation of the Byllesby Engineering & Management Corp., that the Since organization of the company in 1896 it
California State Assembly has concurred with the State Senate in the ratifi- of the North American Co.
-Subject to authorization by the Railroad Commission of Wigwhich gave to the Market
Issuance.
cation of the recent election held in San Francisco
onsin,-V. 131, p. 3876. 3206.
Street By. Co. a 25-year operating permit or franchise in lieu of franchise
on individual streets expiring at various times. The election proposition
-Dividend.
which was known as Amendment 35, which carried by a substantial maMid-West States Utilities Co.
cents
jority, was supported by many local business and civic organizations. franThe directors have declared the regular quarterly dividend of 43f
A stock, payable Feb. 1 to holders of record
in view of the ratification of the
Mr. Erickson further stated that
or 2M % in stock on the class
-V.131. v. 3876.
chise extension by the State Legislature and in accordance with construc- Jan. 15. A similar distribution was made on Nov. I last.
tion expenditures provided for in the Market Street By. Co.'s budget, plans
-Employee Ownership.
National Public Service Corp.
will move forward in the very near future for the improvement and betterSix subsidiaries of this corporation now have 100% employee ownership of
ment of service by that company and the addition to the company's systo supplement and improve existing service pref. stock, it is announced by President Harry Reid.
tem of sufficient new equipment
During the past year, eight subsidiary operating companies have been
facilities. The Market Street Railway Co. is a subsidiary of the Standard
-V. 131. p.3043.
offering their pref. stock to employees, Mr. Reid stated. In addition to
Gas & Electric Co.
now
the six companies with complete employee ownership, one company
Petition.
has 98.5% of its employees listed as stockholders and the other 81.5%.
Midland Natural Gas Co.-Receivershipbeen filed in Federal Of a total of 3,600 employees,94% are now investors in their own companies.
Petitions asking the appointment of a receiver have
both NaFor the National group as a whole, including subsidiaries of employee
District Courts in Pittsburgh and at Clarksburg, W. Va. The concern
Electric Power Co.,
has gas and oil properties in Kentucky. Pennsylvania and West Virginia. tional Public Service Corp. and Nationalfigure covers 14 of the largest
at 85%. This
participation now stands
-V. 132. p. 125.
out
operating companies in the group, with 5,936 employee stockholders
-Company Retires at Indianapolis of a total of 7,005 regular employees.said, "ownership of pref. stocks by
Midland United Co.
"Within the past year," Mr. Reid
85%. We are
When City Leaders Reject Service-at-Cost Plan.
employees in the National group increased from 51% to increase in emfrom this
As a result of the rejection of the service-at-cost principle by the Indian- already beginning to observe gratifying results
benefits which accrue
polls city administration and the mayor's special committee, the Midland ployee participation. In addition to the financial
benefiting from increased emnited Co. has withdrawn as prospective managers and suppliers of capital to the employees, the companies are also p. 310.
-V. 132,
to effect immediate rehabilitation of the Indianapolis Street By. Samuel ployee interest and co-operation."
Insult Jr., President of the Midland United Co., made the following
-Acquisitions.
National Public Utilities Corp.
statement:
-V. 131, p. 4216. 2895.
See Atlantic Gas Co. above.
"The Midland United Co. resumes the position of one among many
It will cooperate in any joint effort originated by already
security holders.
-Control.
Newport (R. I.) Gas Light Co. -V. 130.constituted representative committees of all security holders.
P. 4417.
See American Electric Power Corp. above.
"On Oct. 4 1930, I stated that the Midland Co. felt that successful reit had consequently agreed
organization of some kind was desirable; that
-Expenditures in 1930.
Co.
New York Telephone
through underwriting, to purchase enough common, convertible preferred
improvements
Approximately $100,000,000 was spent for plant additions, review for the
and prior preferred stock to put the plan through.
by this company,according to a
"The underwriting mentioned was elsewhere explained as being con- and replacements during 1930
two-thirds of this sum
tingent upon the adoption by the City of Indianapolis of some form of Year issued by President J. S. McCulloh. Nearly
was expended in New York City.
service-at-cost franchise.
of every other year with the exception
The year's aggregate exceeds that
"The obligation to see to the supply of capital and to give management
the 1929 figure, which was the largest
for the rehabilitation of the property and service of any street railway of 1929, and is only slightly below history of tne company. Expenditures
the
company involves grave responsibilities. The position of many units in spent for plant construction in years in the company's territory, comprising
the street railway industry has been described by a well-known, indepen- for this purpose in the past five
have considerably exceeded,
dent statistical analyst as continuing a desultory, downward trend. To Now York State and Greenwich, Conn.,
reverse such trend at Indianapolis would require the co-operative, quasi- $400,000,000.
completed in 1930,
Ten new buildings and additions to nine others werebuildings by 1,332,partnership effort of three groups: old security holders, new management
increasing the aggregate floor space in company-owned feet. The company
and the city.
9,000,000 square
"The rejected principle of service-at-cost was one element of such effort 000 square feet to a total of more than in New York City. 57 in the metronecessary to the plan under which, under present conditions, the Midland now owns 218 buildings. 85 of which are
occupies leased quarters in 341 others.
United Co. thought it could secure capital and furnish management for a politan suburbs and 76 upstate, and
construction, including the 27-story Long
comprehensive rehabilitation. We claim possession of no fountain heads Eight new buildings are under Willoughby St., Brooklyn. Two 26
-story
Island headquarters building on
no exclusive sources of capital.
of street railway knowledge,
-story addition now being made to the long distance
"As nearly as it could estimate, new capital furnished to the street rail- extensions and a 2
enlarge its aggregate floor space
will
way would earn the Midland Co. a fair return; no more we were sure: building on Walker St., Manhattan, than double the present area.
no less we hoped. Midland stockholders, therefore, have neither lost nor by nearly 700.000 square feet, or to more West 50th St., a 19-story building
In Manhattan, a 16-story building on
gained by the rejection of the franchise and the plan. Midland manage-story addition to the building on lower Second
ment nad endeavored to reconcile, insofar as they were divergent. Interests on West 18th St., and an 8
year. These increased the companyof old security holders, new capital and city. City authorities are bound Avenue were completed during the 20%. the total now being more than
to refrain from unduly committing the city in future. Transportation owned floor space in this borough by
are always on the gradual change; no one can foreteli 4,000,000 square feet.
conditions, however,
the year,
An important project undertaken and largely completed duringtelephone
the exact status at any future date. Consequently, if an ideal future
was the construction of a
plan is sought, no present plan will ever be adopted; it will always be just involving unusual engineering problems, Second Avenue, Manhattan,and
subway under the Harlem River. between local and long distance cables.
-V. 132. p. 125.
around the corner."
Lincoln Avenue, the Bronx, to carry both diameter from seven feet to
614 feet long and ranging in
-315,000,000 The iron pipe,inches, contains two of the largest sections of iron pipe ever
Milwaukee Electric R. & Light Co.
nine
and encased in
-Public offering of a new issue of $15,000,000 eight feethas been placed 27 feet below mean low water levelconcrete casing
Bonds Offered.
cast. It
The
fitted with 148
1st mtge. gold bonds, 5% series of 1971, made its appear- concrete, and is now being iron pipe from cable ducts.
mechanical injury.
to protect the
ance in the investment markets Jan. 10. The bonds, was placednew central offices, including nine in New York City. were inTwenty
territory to
service
in 1930.
priced at 100 and int., were offered by a group comprising stalledA total ofbringing the total inmade toin the company's
existing switchboards and 11
132 additions were
Dillon, Read & Co.; Harris, Forbes & Co.; Chase Securities 494. switchboards were replaced with new equipment.
other
the company
The wire mileage interconnecting the telephones served by
Corp.; National City Co.; Spencer Trask & Co.; Blyth
1930 by 948.000 .the present total being approximately 13U
& Co. Inc., and Stone & Webster and Blodget, Inc. Bonds wasincreased inAll but 6,000 miles of the wire added were placed in cable.
million miles.
about 13A
'
are dated June 1 1921 and mature Jan. 1 1971.
bringing the total mileage enclosed in protective sheathing toin cable are
of the additional wire placed
Legal Investment for life insurance companies in New York, Pennsyl- millions. About 785,000 miles close of 1930 some 11,518.000 miles were
underground, so that with the
vania, New Jersey, Massachusetts and Connecticut.
below the surface. This sub-surface plant comprises 2,677 miles ofsubway,
Data from Letter of President S. B. Way, Dated Jan. 9.
containing over 14,600 miles of duct.
electric light and power
The toll wire system of the New York Telephone Co., totaling 1.391,500
-Company does the entire commercial
Business.
year, all in cable. The
and central-station steam-heating business in the City of Milwaukee and miles includes additions of 275,500 miles during the 500 to a total of nearly
entire street railway business in this 2,11 underground conduit mileage was increased by
to700
suburbs, as well as substantially the
territory. It also furnishes most of the interurban transportation service
wire,
In New York City, which is now served by some 9,400,000 miles ofcity's
throughout an extensive surrounding district, which includes the cities of
the
Port Washington
Racine. Kenosha, Burlington, Waukesha. Watertown. railway system in about 495,000 miles were added in 1930. Manhattan leadswere added
boroughs with a total of 3,734,000 miles of wir,of which 254,000
and Sheboygan, and owns and operates the local street
Racine. Electric power is supplied to nearly all of the public utilities in during the year.
Mr. McCulloh points out that despite the recession of the past year, the
the southeastern section of the State of Wisconsin. The territory served
2,625,600. only
directly by the company has an area of more than 3,300 square miles and present total of telephones in service is approximately at the beginning
about 14,800 less than a year ago, but 155,000 higher than
a population estimated to exceed 1,350,000.
output was
the 12 months ended Sept. 30 1930 electriccarried and 1,114,- of 1929 and nearly 600,000 above five years ago.
During
1,446,In 1929 the daily average of telephone calls originating in the company's
823,920 kwh.. 155,844.436 revenue passengers were electric service was
territory had for the first time reached and exceeded 12,000.000 in the
222,200 pounds of steam were sold. On Sept. 30 1930
State and 8,000.000 in New York City. During 1930 the daily average
223,345 customers.
being furnished to
though failing to
-Electric properties owned by the company include steam traffic has continued above these figures in both cases
Properties.
year.
9,825 kilowatts,
generating stations with an aggregate installed capacity of and distribution attain the record totals of the previous
an extensive transmission
numerous sub-stations and
Acquisition of Easton & South Cambridge Telephone Co.
under lease the Lakeside
system. In addition, the company operates present installed capacity
-S. C. Commission Jan. 2 approved the acquisition by the comThe I.
Power Co., the
power plant of Wisconsin Electric purchases power from Wisconsin Michi- pany of the properties of the Easton & South Cambridge Telephone Co.
of which is 243,100 kilowatts, and
& Light Co. Other properties of -V. 131, p. 4216. 3711.
gan Power Co. and Wisconsin Powerlines with approximately 535 miles
North American Co.
-Construction Budgets of Public
the company include electric railway
railway cars and buses, extensive car
of track, more than 1,100 electric office building in Milwaukee in which Utility Subsidiaries in 1931 Total 351,000,000.
-President
station and shop facilities, and an are located.
Frank L. Dame estimates that expenditures by the company
the general offices of the company
Railroad Commission's valuation of the physical property public utility subsidiaries for additions to plants and systems
The Wisconsin
together with subsequent capital exof the company, as of Jan. I 1914, $112,281,610(exclusive of$2,638,123
during 1931 will be approximately $51,000,000. Mr. Dame
penditures to Sept.301930,aggregates
hand) compared with a total of $66.136,500 of says:
of materials and supplies on
the public upon issuance
bonds to be outstanding in the hands of
mortgage
Long range requirements for additional service facilities, as well as imof these bonds.
funds provided by it for the re- mediate needs are taken into consideration from year to year in planning
-To reimburse the treasury for at maturity on Jan. 1 1931 of public utility construction budgets. The lessened industrial activity.
Purpose.
demption on Dec. 1 1930 and the payment for expenditures for property which temporarily interrupted the normal increase of demand for electricity
underlying bonds totaling $8,282,000 and
by industrial customers, has not affected the policy of North American subadditions.
five years ended Sept. sidiaries to maintain existing plants and distribution systems at the highest
-Results of operations for the period of
Earnings.
standard of efficiency and to provide additional facilities needed to meet
30 1930 have been as follows:
future demands. Inasmuch as the completion of large power plants re12 Months Ended Sept. 30
quires about two years from the time of their design, it is necessary for a
1926.
1927.
1928.
1929.
1930.
utility company to go ahead with its development program in order to be
$
$
$'
follows a period of
$
$
Gross revs., incl.
27,282,794 26,263,537 prepared for the rapid business recovery which normally
incl. other inc_31,737,180 31,590,479 28,852,804 8,780,260 8,737,655 depression.
_10,566,450 10,379,656 9,735,599 2,048.866 2,214,588
expenditures during 1931 of $51.a Net earnings_
The construction programs provide for
in progress
mt.on fund.debt 2.884.674 2,463,850 2,195,539
000,000 for extensions and additions to be completed this year or
of, and
for completion during 1932. These programs are in continuation
7,915,806 7,540,060 6,731,394 6,523,067 supplemental to, those carried out during 1930 with the expectation of
7.681.776
Balance
a After rentals and all taxes but before depreciation and interest.
U
JAN. 17 1931.]
FINANCIAL CHRONICLE
consistent growth and development of territories notwithstanding temporary
business declines.
In 1930 construction expenditures by public utility subsidiaries of The
North American Co. were approximately $70,000,000, excluding those of the
California companies which were sold to Pacific Gas & Electric Co. last
June. Expenditures by the same subsidiaries during 1929 amounted to
145.192,052. In order to take advantage of weather conditions unusually
favorable to construction work, particularly on the large hydro-electric
development on the Osage River in Missouri, certain work originally scheduled for 1931 was advanced, with the result that expenditures in 1930
exceeded earlier estimates. Acceleration of this
as of the conas
struction of the new steam electric generating work, at well
Ashtabula. Ohio,
of additions to Lakeside plant at Milwaukee,plant of new buildings
and
at
Washington, D. C., largely increased the employment of
the companies the advantage of lower prices of materials. labor and gave
Major construction programs during 1931 include the completion of the
Osage hydro-electric development, the addition of a generating unit in the
Denning plant at Washington, and the beginning of work on the new Port
Washington plant in Wisconsin. Other expenditures
to electric and gas distribution systems in the variouswill be for extensions
territories, gas plant
additions in Wisconsin and the Missouri-Illinois area, and transportation
mprovements in Milwaukee and Washington.—V. 131, p.4054.
Northwestern Utilities, Ltd.—New Control.—
See American Commonwealths Power Corp. above.
--V. 131. P. 1257.
Ohio Edison Co.—Bonds Now Available.—
Definitive engraved 1st & consol. mtge. gold bonds,
are now available for temporary bonds at the office of5% series, due 1960.
the trustee. Bankers
Trust Co.. 16 Wall St., New York City.—V,
131, P• 3369.
Oregon-Washington Water Service Co.—Stock
Increase.
The company on Dec. 31 filled a certificate at
the authorized capitalization from 35,000 shares Dover. Del., increasing
of no par value to 67,500
shares of no par value.—V. 131, p. 1565.
Pacific Gas 8c Electric Co.—$25,000,000 Bonds Offered.
—The National City Co.' Blyth & Co., Inc.; American
Securities Co.; H. M. Byllesby & Co., Inc.; E. H. Rollins
& Sons, Inc., and Peirce, Fair & Co. are offering at 98 and
int., to yield 45 %,an additional issue of $25,000,000 1st &
A
ref. mtge. 43% gold bonds, series F. Bonds are dated
June 1 1930 and mature June 1 1960.
All 1st & ref. mtge. gold bonds heretofore issued are legal investments
for savings banks in California, and application has been made to
have
these additional bonds so certified. All such bonds heretofore issued
are
also legal investments for savings banks in Conn., Mass.,
New Ramp., Rhode Island and Vermont, and application, Maine, Mich.,
where necessary,
will be made to have these additional bonds so listed.
Issuance.—Authorized by the Railroad Commission of the State of
California.
Data from Letter of President A. F. Hockenbeamer,
Dated Jan. 10.
Company.—Organized in California in 1905. Is
public service corporations in the United States. Its one of the foremost
properties, for years
have been operated as a well-co-ordinated
of central and northern California, withsystem extending into 38 counties
an
61,000
and a population of approximately 2,500,000.area ofterritorysquare miles
This
includes the
cities of San Francisco, uakland, Sacramento, San Jose, Stockton,
Berkeley,
Fresno and approximately 350 other cities and towns, together
with an
extensive and well populated rural area. The business is
largely based
upon the development of the valuable hydro-electric power
resources of
the State of California. the first water-powe
having been made 36 years ago. Company r installation of the system
has recently engaged in the
distribution of natural gas, of which an ample and well assured supply
is
available, to substantially all of the cities and towns on its system formerly
served with manufactured gas. Climatic conditions in this
territory are
unusually favorable to the use of gas for heating purposes,
diate and potential market for tuts fuel for industrial, and the immecommercial and
domestic uses is very large. It is confidently anticipated that
sales of
natural gas will, witnin a relatively short period, far
the past of manufactured gas. Tue electric business exceed the sales in
of the company or
of its predecessors has been in continuous and
successful operation for
.52 years, and the gas business for 77 years.
Recent Acquisitions.—on June 12 1930 the company made
additions to its system through the purchase from the North important
American
Co. of its controlling interest in the Great Western
San Joaquin Light & Power Corp., Midland Counties Power Co. of Calif.,
and their subsidiary companies. This purchase wasPublic Service Corp.,
effected through the
issuance of common stock. The acquired companies own .and
operate
Interconnected electric generating systems with an aggregate installed
capacity of 582,619 h.p. and 14.000 miles of transmission and distribution
lines, serving a connected load of 1.430,000 h.p. together with a
natural
gas uistributing system in the lower San Joaquin Valley. They have an
aggregate gross revenue exceeding $23,000,000 annually and furnish service
to more than 196,000 customers. The acquisition of these California
public utilities, all of which operate in territory within or
already served by the Pacific Lies it Electric Co.. places theadjacent to that
latter in control
of one of tne largest interconnected electric and gas systems under
single
management in the United States, having assets
and present gross revenues exceeding $87,000,000 exceeding $670,000,000
annually, derived from
service to upwards of 1,232,000 customers.
Purpose of Present Financing.—The funds derived from the
sale of these
bonds will be used to retire certain bond issues bearing a
higher interest
rate, with a resultant saving in annual fixed charges, and for
additions and
betterments to the company's properties.
As a result of the policy of financing the substantial
construction expenditures and important property acquisitions of recent years
primarily through
the issuance of stock and from surplus earnings, the
proportion of capitalization represented by funded debt has decreased from
59.4% at the close
of 1926 to 52.3% at Sept. 30 1930, including the present
issue of bonds.
In the three years and nine months ended Sept. 310
1930, $118.000,000 of
preferred and common stocks have been sold for cash
acquisition of properties, in addition, the Railroad or exchanged in the
State of California has authorized the company to issue Commission of the
of common stock (see below). This represents the and sell $14,185,000
sixth offering similar
at approximately annual intervals.
Securoy.—Mortgage is a direct first mortgage on the Pit
River power
plants and high-tenslon transmission lines and all
other properties of the
Mt. Shasta Power Corp., a subsidiary, which
& Electric Co. in execution of the mortgage. joined with the Pacific Gas
Mortgage is also a direct
mortgage on all properties of the Pacific Gas & Electric
Co.
hereafter acquired, subject to the prior liens of underlying now owned or
mortgages.
The gen. ac ref. mtge. has been closed as to
the issuance of additional
bonds to the public but kept open to the extent
under it and pledged with the trustees of the 1stthat bonds shall be issued
&
provision, $59,598,000 gen. & ref. mtge. bonds are ref. mtge. Under this
now pledged under the
1st & ref. mtge., representing 62% of all gen. & ref. mtge.
bonds issued
and outstanding.
Capitalization Outstanding Sept. 30 1930, Including
This Issue.
Common stock,issued and subscribed
$141.855,332
Preferred stock, issued and subscribed
92,404,307
First and refunding mortgage gold bonds:
Series B,6%, due 1941
20,000,000
Series C,5%.due 1952
45,000,000
Series D,5%, due 1955
20,000,000
Series E,4 A %,due 1957
35,000,000
Series F,4 A %,due 1960 (including this issue)
50,000,000
General and refunding mortgage bonds
x35,785,000
Underlying and divisional bonds
Bonds of Sierra & San Francisco Power Co. (not assumed by y30,970,700
Pacific Gas & Electric Co.), whose earnings are included in
statement below
20,456,000
x Does not include $59,598,000 of these bonds deposited with the
trustees of the 1st & ref. mtge. y In addition, $13,213,600 underlying
and divisional bonds are held alive in sinking funds and $1,243,500 are
In the company's treasury.
Value of Propertg.—The appraised value of the tangible properties of
the company and its affiliated companies (but not including properties
recently acquired from North American Co.). taken on the basis of presentday values, exceeded $486,000,000 as of Sept. 30 1930. This appraisal
makes no allowance for recognized elements of value such as water rights.
493
going value, patents, &c., items of an intangible character but of large
aggregate value with respect to these properties, nor for the investment of
part of the proceeds of this issue.
From the beginning of 1925 to Sept. 30 1930, the investment position
of the company's bonds was fortified through the addition of approximately
$156,000,000 to the physical assets subject to the lien of this mortgage.
During the same period the amount of outstanding bonds of the company,
Including all underlying liens, but before giving effect to the sale of this
issue, increased only $58,398,000. This substantial increase in the physical
equity behind the company's secured obligations was brought about largely
by the issuance during the above period of more than $37,939,000 of first
preferred stock and $99,000,000 of common stock. Company's policy
of offering periodical subscription privileges to common stockholders results'
in a continuing increase in the earnings and equities supporting its senior
securities. On the basis of present market quotations, the equity above
the funded debt of the company, represented by the outstanding common
and preferred stocks, is approximately $370,000,000. Ownership of these
stocks is distributed among 65,000 investors, of whom more than 80%
reside in the territory served.
Earnings for Calendar Years.
Interest
Oper.Exps.,
Charged to
Net
Maint., Taxes
Gross
Years.
Earnings. de Rentals. Earnings. Operation.
Balance.
1920
$34,985,791 $23,457,640 $11,528,151 $4,511,251 $7,016,900
1921
37,509,707 24,279,084 13,230.623, .
5,148.614 10,639,116
39,204,605 23,416,875 15,787.730
1922
39,971,743 23,493,411 16.478,332 6,165,817 10.312,515
1923
1924
44,934,683 28,203.096 16,731,587 6.261,528 10,470,059
1925
48.066,897 28,898,712 19,168,185 7.078,183 12,090,002
7,926,006 13,545,509
1926
51,125,990 29,654,475 21,471,515
1927
58,395.812 30,596,845 27,798,967 10.472.974 17.325.993
1928
61.788,079 31,759,205 30,028,874 10,130.901 19,897,973
9,848,565 23.724.539
1929
64,820,894 31,247,790 33.573,104
9.524,929 25,425,278
*1930
64,349,856 29,399,649 34,950,207
* 12 months to Sept. 30. Except for $867,932 interest on advances
and dividends on stocks received since June 12 1930, these earnings are
exclusive of those of recently acquired companies, the income from which,
on the basis of 1929 results, and before making allowances for economies
to be effected through consolidation, will add approximately $4,400,000 to
the net earnings available for payment of interest on company's bonds.
The net earnings for the 12 months ended Sept. 30 1930. as shown by
the foregoing statement were $34,950,207. Annual interest charges on
$257,211.700 bonds of the Pacific Gas & Electric Co. and affiliated companies (other than recently acquired companies) to be outstanding, including the present issue, amount to $12,872,758.
Gross earnings of the company are particularly diversified and well
balanced in their source, about 67% resulting from the sale of electric light
and power, for a variety of purposes, 29% from the sale of natural and
artificial gas, and 4% from minor activities and miscellaneous income.
Sinking and Reserve Funds.—The mortgage requires the company to
deposit semi-annually with one of the trustees, as a sinking fund, an amount
in cash at least equal in each case to the excess, if any, of A % of the aggregate principal amount of all underlying bonds and 1st & ref. mtge. bonds
outstanding in the hands of the public, over the then current sinking fund
requirements of underlying mortgages. Moneys paid into the sinking fund
of the 1st & ref. mtge. are to be utilized in the acquisition and retirement
of bonds issued thereunder.
The mortgage also requires the company, annually, either to expend,
or in lieu thereof to deposit cash with one of the trustees in the aggregate
not less than 4% of the total amount of underlying bonds outstanding in
the hands of the public and 1st & mtge. bonds issued and outstanding
at June 30 of each year. This amount may be expended only for maintenance, repairs, replacements and renewals, for the purchase of underlying
bonds or 1st & ref. mtge. bonds, or for extensions, enlargements and additions, or retained in the business as additional working capital, but on
account of which in any case no bonds shall have been or may be issued.
Rights To Subscribe to $14,185,000 Additional Common Stock.
The company has been authorized by the California Railroad Commission to issue and sell 567,400 shares of common stock (par $14,185,000
to common stockholders in the ratio of one share of new stock at $25 for
each ten shares now held. Proceeds of the issue are to be used to reimburse
the company's treasury in part for capital expenditures.
The company proposes to mail subscription warrants evidencing the
right to purchase additional stock on Feb. 11 to holders of record Jan. 26.
Rights will expire March 11.
In a letter to common stockholders, A. F. Hockenbeamer
President, says: .
The funds derived from this offering will be applied to cost of additions
facilities to be constructed in 1931 to meet continuing growth of company's business.
Attention is directed to earnings statement covering practically entire
period during which the company's policy of offering rights has been in
effect. This statement shows not only substantial increases in gross, net
and surplus earnings from year to year, but also shows that common stock
dividend requirements including dividends on additional issues of such
stock resulting from the granting of rights to common stockholders from
time to time during this period have been earned by increasing margins.
Consolidated balance sheet as of Sept. 30 1930 indicates strong financial
condition of your company.
A schedule of installment payments has been embodied in this offer for
use of stockholders who might otherwise find it inconvenient to subscribe
for shares represented by their rignts and thus lose opportunity arising
out of their present stock ownership of securing a sound investment yielding
at present cash dividend rate of 8% per annum exclusive of value of subscription rights which may hereafter be offered.
The following is condensed from the earnings statement:
Balance
Surplusfor
Common
(Undistributed
Common
Stock
Year—
Surplus).
Stock.
Dividends.
1926
$1.20.390
$5,370,360
$4.119.970
5
1927
2.108,840
7,001.192
4.892,352
1928
3,250,134
8,800,078
5,550,574
1929
4,708,029
10,899,921
6,191.892
1930 (12 mos. to Sept. 30) 13,531,119
4,963.640
8,567.479
Income statement for the 12 months to Sept. 30 1930, includes earning
of Great Western Power Co. of California, San Joaquin Light & Power
Corp., and Midland Counties Public Service Corp. for only 33 months,
these properties having been acquired as of June 12 1930.
The company states warrants will be mailed to stockholders on or before
Feb. 11 1931, and subscription rights must be exercised by March 11 1931.
no subscriptions, however, being accepted before warrants are issued.
Two methods of payment are provided, namely, in full at time of making
subscriptions, or $5 per share with subscription and four additional installments of $5 each, due respectively May 11, July 11, Sept. 11 and Nov. 10
1931. Subscribers availing themselves of installment plan may at any
time pay one or more or all of unmatured installments thus placing themselves in a position to secure their stock certificates before the expiration
of installment period. Interest will be paid at the rate of 6% on all subscription payments until full payment has been made after that 8% interest
will be allowed until the stock itself begins earning 8% for the holder.
It has been the company's experience with past offerings that almost 90%
of the subscriptions are paid in full. This is. of course, advantageous to
stockholders as such complete payments draw 6% interest—V. 132, p. 311.
125.
Pennsylvania Water 8c Power Co.—Tenders.—
The Irving Trust Co., 60 Broadway, N. Y. City, has notified holders
of 1st mtge. sinking fund 5% gold bonds. due 1940, that it will receive
tenders for the sale of these bonds to the sinking fund to the extent of
$100.515 no later than noon Jan. 16 1931.—V. 131.9. 3531.
Peoples Gas Light & Coke Co.—To Increase Stock:—
The stockholders at the annual meeting Feb. 24 will be asked to vote on
increasing the authorized capital stock to $100,000,000 from $75,000,000.
Of the present authorized stock, $62,540.000 was outstanding on Dec.
31 1930, and an additional $6.254,000 was subject to subscription on the
basis of warrants issued prior to that date, making a total of stock to be
outstanding $68,794,000.
The purpose of the additional stock is to provide for the issuance of stock
subscription rights by the company as and when its business may necessitate
linvestment.
adTdihtelo
stockholders
ll
khpita
en o ersalso will
asked to reserve 10,000 shares of stock
ld
as
for
sale to employees of the company and its subsidiaries.—V.
132, p. 311.
494
FINANCIAL CHRONICLE
-Expansion.
Public Service Co. of Northern Illinois.
That the 1930 rate of increase in gross business of this company Is double
that for electric light and power companies throughout the United States
Is shown by a recent report of the Public Service company's statistical deyear
partment, which compares the local company's figures for the pastLight
with a statement from the headquarters of the National Electric
Association.
According to figures recently released by the Association, consumption of
electricity by the average residential customer increased during toe year
from an annual rate of 500 kwh. to 550 kwh. The average consumption
for the company's household customers rose from 534 kwh. to 585 kwh. of
The company has also made considerable progress in the electrification
farms, the report shows. During 1930, the number of its farm customers
increased 42%, as compared with an average increase of only 18% for the
7
entire country. Although only 121 of the farms of Illinois are located in the
1929 the company had on its lines 28.5%
company's territory, at the close 01°
of all the farms of the State which receive electrical service from central
station companies.
Several major construction projects were completed or begun by the Public
Service Co. during 1930. A fourth unit, of 65.000 kilowatts capacity, was
completed and put into operation at the company's Waukegan generating
station on June 1; there is now under construction a fifth unit, of 115.000
kilowatts capacity. When unit 5 is cut 1111.0 service, the capacity of the
generating
station will have been increased to 290.000 kilowatts. Thethe year by
capacity available to the company was further increased during
additions to the Powerton station, near Pekin, of which the Public Service
Co., through its subsidiary corporation, owns a substantial interest.
Work was started in October on a new service headquarters, near Glencoe, to form a base for operations in the North Shore communities which
the company serves. Plans for another service headquarters, at Crystal
Lake, to facilitate the company's operations in that section were announced
in December. These new projects will serve to centralize work and promote
efficiency in serving customers. Three such service headquarters now are
maintained, located at Waukegan, Maywood and Harvey.
The new northern service headquarters west of Glencoe will house 200
employees and serve as headquarters for 400. To provide for anticipated
future growth, space amounting to 63 acres has been reserved for four times
the present development.
A substantial increase in the company's gas business also is revealed in
the report. Despite the noticeable stack in home-building activity, 350
house-heating customers were added to the company's mains during 1930.
In spite of a decided falling off in industrial gas business generally the total
gas sales for the past year probably will exceed those for the previous year by
nearly 2%,says the report. The total gas send-out on Thanksgiving day
this year exceeded by more than 4% the total send-out for Thanksgiving
day, 1929.
-inch gas main between the North Shore holder of the Peoples
A new 48
Gas Light & Coke Co., of Chicago, and the Niles Center gas station of the
Public Service Co. was completed during 1930, making available to many
of the company's North Shore communities the combined gas generating and
-V. 132, p. 312.
reserve capacity of the entire Chicago area.
-Has
Public Utility Holding Corp. of America.
-See latter
Acquired 702,000 Shares of U. S. & Overseas Corp.
-V.131, p. 3370, 3043.
company under "Industrials" below.
-An
-Notes Offered.
Puget Sound Power & Light Co.
issue of $9,000,000 1-year 43% secured gold notes was
offered Jan. 13 by Stone & Webster and Blodget, Inc.;
Lee, Higginson & Co.; Chase Securities Corp.; Harris,
Forbes & Co.; Bancamerica-Blair Corp.; Brown Brothers
Harriman & Co. and Estabrook & Co. The notes were
4
priced at 993 ,to yield over 4.75%.
Dated Feb. 2 1931: due Feb. 1 1932. Prin. and int.(Aug. 1 and Feb. 1)
payable at office of Chase National Bank of the City of New York, trustee.
Denom. c* $1,000 and r* $10,000. lied, as a whole on 30 days' notice
at any time up to and incl. July 31 1931 at 100% and thereafter to maturity
at 100; plus int.in each case. Interest payable without deduction for normal
Federal income tax up to 2%.
Data from Letter of Wm. E. Wood, Vice-Pres., dated Jan. 12.
-Company (a Massachusetts corp.), which is a constituent
Business.
the
company of Engineers Public Service Co., owns and operates one of the
most extensive and important electric power and light systems in
United States, doing the greater part of the commercial light and power
business in the western part of the State of Washington except for that supplied by the municipalities of Seattle and Tacoma. The population served
by the electric light and power facilities is estimated at over 1,000,000 in an
comarea of over 29,000 square miles. Principally through subsidiaries, the
pany also does a portion of the transportation business in the territory
The street railway lines in Seattle are owned and operated by the
served.
City which purchased the system from the company in 1919 for $15,000,000
City of Seattle Municipal Railway 5% bonds of 1919, of which $8,336,000
are still owned by the company.
-The light and power properties of the company comprise elecProperty.
installed capacity of 352,196 h.p., of which
tric generating plants with an and 150,150 h.p. is steam; the transmission
202,056 h p is hydro-electric
and distribution systems include more than 10.483 circuit miles of overhead
construction and 138.5 miles of submarine and underground cables. Company has recently completed a steam plant of 107,240 h.p. located near
Renton at the southern end of Lake Washington. It also owns gas properties located at Bellingham and Wenatchee. The street and interurban
railways comprise 96 miles of equivalent single track. Auto.bus and stage
lines operate over a total of 502 route miles. The Federal Power Commission on Jan. 21 1930 granted a license to Washington Electric Co., a subsidiary of Puget Sound Power & Light Co., covering the construction of a
The initial
dam and power house at Rock Island on the Columbia River.h.p. with an
capacity of this plant, now under construction, will be 80,000 the stream
ultimate capacity of 240,000 h.p. Due to the diversity between
flow in this watershed and that in the watersheds of streams on which the
company's other plants are located, the addition of this plant to the company's hydro-electric system in 1932 will prove of distinct advantage.
Consolidated Capitalization Outstanding as of Nov. 30 1930.
and to present financ(Giving effect to common stock financing Jan. 2 1931 funds or Treasury.]
ing and excluding bonds and notes held in sinking
$36,255,000
%
1st & ref. mtge.5s series A 1949
x9,000,000
1st & ref. mtge. 66 series C 1950
7,367,000
Divisional underlying bonds
2,232.000
bonds of subsidiaries (assumed)
Mortgage
9.000,000
notes (this issue)
One yeari% secured gold
y3,000.000
-year 5 % gold coupon notes (unsecured)
10
110,000 shs.
Prior preference $5 cum.stock (no par)
y282,000 shs
Preferred $6 cum.stock (no Par)
1,318,388 slut.
Common stock (no par)
amount of Series C bonds to be
x Not including $10,000.000 principal
y Include
pledged as security for these notes. cumulative$36.700 10 Year 5%% gold
pref. stock, owned and held
coupon notes and 5.660 shares of $6
Co., a subsidiary of the
for sale by Puget Sound Power & Light Securities
company.
the sale of the notes nwo offered will be
-The proceeds from
Purpose.
Puget Sound Power & Light Co.
applied toward payment of $4,425.500 toward the discharge of obligations
1 1931,
1st and ref. series B 5s due Feb.toward further additions to plant and (or)
incurred for additions to plant,
for other ccrporate purposes.
trustee of $10,000,000
-Specifically secured by deposit with the bonds series 05% due
Security.
gold
Puget Sound Power & Light Co. 1st & ref. mtge. Series A) are, or will be a
bonds (together with
May 1 1950. The Series C
the first and refunding mtge.
direct obligation ofcompany and secured under
light and power and certain
by a direct lien on substantially all electric
the company, subject only to divisional
other properties owned directly by
of $7,367.000 and
underlying bonds on parts of the properties to the amount
City of Seattle
are, or will be,further secured by a first lien on $8,336,000 unimportant
with one
Municipal Ry. 5% bonds of 1919. The mortgage,
the company.
does not cover electric railways now owned by present market
exception,
-Based on the
Equity--Additional Common Stock Issued.
of $25 per
prices of the securities in the hands of the public and a value Co. which
held by Engineers Public Service shares on
share for the common stock
507,072
is the price at which the common stockholders purchased
bonds
Jan.2 1931,the equity in the properties junior to the 1st & ref. mtge. this
including the $10,000,000 series C bonds to be pledged as security for
[vol.. 132.
note issue is valued at more than $72.000.000. Dividends are being paid
on all classes of stock.
Consolidated Earnings (Co. and Subs.) 12 Months Ended Nov. 30 1930.
$17,145,888
Gross earnings
9,690,069
Oper. exps., maint., deprec. of equip. & taxes
'T i
c et
Inion eleifintOlZte're=rucees
$7,455,819
703,703
$8,159,522
Balance before provision for retirements &c
Total annual interest requirements on these notes and on the outdebt of the company and its subsidiaries
standing bonded
3,330,665
(exclusive of bonds pledged as security for these notes)
Balance of consolidated earnings before provision for retirements, &c.,
as shown above,for the 12 months ended Nov.30 1930, namely,$8,159,522
(of which $7,303,494 was derived from the mortgaged properties and pledged
these notes
securities) was 2.44 times the annual interest requirements on subsidiaries
and on the outstanding bonded debt of the company and its
(exclusive of bonds pledged as security for these notes). The balance after
For this
such requirements amounted to over 28% of gross earnings.and power
period 777,, of gross earnings was derived from electric light
service, 15% from transportation, 4% from steam heat and 4% from miscellaneous sources.
Consolidated Balance Sheet Nov. 30 1930.
(After eliminating inter-company items, adjusted to give effect to common
stock financing Jan. 2 1931 and to present financing.)
Liabilities
Assets$65,758,000
5116,559,714 Bonds
Plant and property
0
5; 58:001
h,. Coupon notes 4%s,Feb.19329070
Investments:
3.000,000
payable0
Accounts5HFe.194
Sd. Elec. Ay. &
Puget
698,189
'
4,966,487
subsidiary cos
1,143,550
City of Seattle,st.Ity.bds. 8,336,000 Accounts not yet due969,956
1,199,697 Dividends declared
l unds
k
klisceilaneousk
4,817,786
Retirement reserve
,
Sinking
87
104 141
7 :600
4,451,813 Accrued deprec.road & equip.
Cash
105,044
145,092 Operating reserves
Notes receivable
3,265,151 Unadjusted credits
Accounts receivable
1,138,178 Prior pref., pref. and corn.
Materials & Supplies
66,932,614
239,413 stock (no par)
Prepayments
2,696,823
97,272 Earned surplus
Special deposits
Unamortiz. debt disc.& exp. 3,206,295
502,077
Unaojusted debits
36,000
Reacquired securities
$155,013,606
y10,000,000 Total (each side)
Treasury securities
coupon
x Includes $598,305 representing $36,700 of 10 year 5% gold & Light
Sound Power
notes and 5.660 shares of6% cum.pref.stock of Puget Light Securities Co..
and held for sale by Puget Sound Power &
Co. owned
series 0
let & ref.
a subsidiary of the company. y P. S. P. & L. Co. % secured 94
gold notes
pledged as security for P. S. P. & L. Co. 1 year
due Feb. 1 1932 (this issue).
-More than 99% of the common stock is owned by
Stock Ownership.
Engineers Public Service Co. See also V. 131, P. 3043, 3711.
-Acquires
Seaboard Public Service Co.
busiCo-operation between a public utility and a community in reviving
this company, a National
ness activity, has recently been furnished by the Delgado Mills, a large
purchasing
Public Service Corp. subsidiary, in
approxitextile plant at Wilmington, N. C. and thus assuring relief forcommunmately 1,000 persons from the depressed conditions existing in that
ity for the last six months.
a
Sale of the Delgado Mills, which had been forced into receivership as
result of the business slump, was authorized on Dec. 22 1930 by the Superior
company's offer was a total of
Court of North Carolina. The Seaboard
$680,000 to re-equip the mills; to furnish sufficient working capital; to pro-year debenture
vide an organization and contingent fund: and to issue 20 of creditors of
bonds in an amount not to exceed $200,000 to satisfy claims
-V. 132, p. 129.
the mills.
-Rights.
Southern California Edison Co., Ltd.
The company has authorized the issuance of rights, pending approve
of the California RR. Commission, to original preferred and common
stockholders to subscribe to additional common stock at par ($25 per
share) on the basis of one new share for each ten shares held, on Feb. 27.
Total stock to be issued amounts to 312,000 shares with a par value of
$7,800,000. Warrants will be delivered March 27. Rights expire April
30. The new stook will share in dividends from April 21. Funds realized
from the sale of the stock will be applied to the company's $28,000000
budget for 1931. The balance of the money required will be obtained
through Issuance of preferred stock and bonds.
The company plans to add 350,000 h.p. additional customer connected
load to its lines during 1931. Long Beach steam plant will be expanded
-V. 131. p. 4056.
by an additional 134,000 h.p. unit.
-Gas Sales.
Natural Gas Corp.
Southern
In connection with the report of this corporation showing for the first
out
time monthly sales of natural gas for the last half of 1930. it is pointed
that since the turn of the year there has been a marked quickening of indusit serves, especially in the industrial sections
trial activity in the territory
of which Birmingham and Atlanta are the centers.
For the six months ended Dec. 31, the system's sales of natural gas were
as follows:
July.
August.
September.
October.
December. November.
835,067,000 818,423,000 723,033,000 404,40,000 329,081.000 261,074,000
of industrial operations
Owing largely to a rather general slowing down
during the holiday week, it is pointed out, sales in December did not
maintain the previous rate of increase. Activity was renewed in a number
of industries, however, commencing with the new year. One of the largest
steel companies,for instance, took 110,000,000 cubic feet of gas in the week
ended Jan. 10,and is planning to increase this amount substantially at once.
"There is now every indication," the report continues. that the long
Period of shut
-downs and curtailed operation in Southern's territory has
taken a decided turn for the better, and we expect that urther industrial
-V.132, p.312j
loads willshortly come on the line In substantial quantities."
-H. M.
-Notes Offered.
Standard Gas & Electric Co.
Byllesby & Co., Inc.; Harris, Forbes & Co., Inc.; W. C.
Langley & Co.;A. C. Allyn & Co., Inc., and J. Henry
Schroder Banking Corp. are offering at 100 and int. $10,000,000 6% convertible gold notes.
Dated Jan. 11931; due Oct. 11935. Interest payable (J. & J.) In New
York and Chicago to and including July 1 1935; last coupon payable Oct. 1
1935. Principal payable in New York. Denom. $1,000 and $500 c*
Redeemable as a whole or in part,at any time on 30 days'notice;on or before
Sept. 30 1932, at 103%; thereafter and on or before Sept. 30 1933 at 102%;
thereafter and on or before Sept. 30 1934 at 101%; and thereafter at 100%;
plus interest in each case. Interest payable without deduction for any
normal Federal income tax not in excess of 2% per annum of Such interest.
Company will agree to refund, upon proper and timely application, the
Penn. personal property tax at a rate not exceeding 4 mills, tee Conn.
Personal property tax at a rate not exceeding 4 mills. the Maryland securities tax at a rate not exceeding 4% mills, the California personal property
tax at a rate not exceeding 5 mills, the Iowa personal property tax at a
rate not exceeding 8 mills, and the Mass. income tax at a rate not exceeding
6% per annum, of interest to holders resident in tnose States. Guaranty
Trust Co. of New York. trustee.
-Notes will be convertible at any time prior to maturity, or,
Convertible.
in the event of the redemption of the notes, at any time up to 10 days prior
to the date fixed for such redemption, into the $4 cumulative preferred stock
of the company, as constituted at the time of conversion, on the basislof
16 shares of the present stock for each $1,000 principal amount of notes,
with adjustment of accrued interest and accrued dividends. The trust
agreement will contain provisions designed to protect the holders of the
notes against dilution of the conversion privilege.
-Company's system comprises one of the large public utility
Company.
organizations in the United States, embracing the operation, management
and engineering of utility properties. The subsidiary and affiliated public
utility companies furnish electric power and light, gas, steam heat, telephone, water or transportation service in important commercial, industrial
and financial centers located in prosperous sectionsof the country.e4The
communities served, numbering 1,630, having an estimated population of
6,300,000, located in 20 States, include the cities of Pittsburgh, Minna-
JAN. 17 1931.]
FINANCIAL CHRONICLE
495
spoils, St. Paul, San Francisco, Louisville, Oklahoma City, Muskogee.
Ardmore, Sioux Fails, St. Cloud. Fargo, La Crosse, Eau Claire, Green Bay,
Oshkosh, Sheboygan, Menominee, Wausau, Casper, Marshfield. Kalispell,
Medford, Klamath Falls. Pueblo and San Diego. The company also owns
a controlling interest in Deep Rock Oil Corp. and subsidiaries, having an
established position in the oil industry with complete production, refining.
transportation and distributing facilities.
Capitalization Outstanding (Giving Effect to Present Financing).
$10,000,000
65 convertible gold notes (this issue)
6 gold notes, due Oct. 1 1935
15,000,000
49,000,000
6% gold debentures, due 1951, 1957 and 1966
Prior preference stock (no par) $6 cumulative
100,000 shs.
430,000 shs.
$7 cumulative
756.850 she.
$4 cumulative preferred stock (no par)
2,162.607 shs.
Common stock (no par)
The present subsidiary and affiliated companies, at Sept. 30 1930. giving
effect to present financing, had outstanding with the public $406,720,740
of bonds, debentures and notes, preferred stocks aggregating $217,434,500
par value and 149.031 shares without par value, and common stocks aggregating $42,692,980 par value and 917.811 shares without par value.
Purpose.
-Proceeds will be used by the company to acquire from a subsidiary the direct ownership of all common stock and certain other securities
of the California Oregon Power Co., and for other corporate purposes.
12 Months Ended Nov. 301928.
1929.
1930.
Gross earnings-x
814.281,254 315.388.943 314.983,473
Oper. exps., maint., Fed. &c. taxes- 7,412,565
7.919,873
7,832,881
1,208,628
Prov. for retirement reserve (deprec.) 1,068,609
1.252,672
Net income
$41,445,068
Dividends of subsidiary and affiliated companies paid and
accrued to minority interests:
12.703,967
Preferred stocks
4,362,557
Common stocks
inority interests' shares of undistributed net income of subsidiary and affiliated companies
1,259.957
series due 1956. Bonds are dated Nov. 1 1926 and mature
Nov. 1 1956.
Net earnings
$5.800,080 $6,260,442 85.897,920
Annual int. charges on $46,168,300 bonded dt.
(Incl. this Issue)2.544,188
Balance
$3,353,732
x Includes other income of $2,062 in 1928: $2,378 in 1929, and $10,727
in 1930.
Net earnings for the 12 months ended Nov. 30 1930, as shown above,
after provision for retirement reserve, were 2.3 times the annual interest
charges on all bonds to be presently outstanding,including this issue. Net
earnings, before provision for retirement reserve for the same period were
2.8 times such annual interest requirements.
More than 77% of the aggregate gross earnings and 89% of the net
earnings were contributed by its electric light and power business. The
balance is derived principally from transportation operations, less than
2% of gross and of net earnings, having been derived from the remaining
operations
-water supply and ice manufacture.
Properties.
-The installed electric generating capacity of the company
totals 290.813 h.p. of which 151,703 h.p. is in water power plants and
139,050 h.p. in fuel-electric plants.
The high-voltage transmission lines, which interconnect the electric
generating stations of the system, include 1,606 miles of line on steel tower
Consolidated Earnings 12 Months Ended Sept. 30 1930.
and substantial wood pole construction. The important hydro-electric
[Company and its present subsidiary and affiliated companies, computed and steam stations, other than Hales Bar, and practically all high tension
for that period on the basis of the holdings at Sept.30 1930,and giving effect transmission lines are located on land owned in fee or under perpetual
to present financing.]
easement. The transportation properties in Nashville and Chattanooga
Gross earnings
$173,972,420 comprise 173 miles measured as single track, 311 railway cars and 34 motor
Operating expenses, maintenance and taxes
96.539,799 buses.
-Company is controlled, through ownership of more than
Management.
Net earnings
$77,432,621 0834% of its common stock, by the Commonwealth & Southern Corp.
Other income, net
x6,310.424 V. 131, p. 2696, 2538.
Gross income
$83,743,045
Texas Power & Light Co.
-Bonds Offered.
-A group
Deductions for subsidiary and affiliated companies:
Interest (less interest charged to construction)
20,117,386 headed by Harris, Forbes & Co., and including Coffin &
872,002 Burr, Inc.; Bonbright & Co., Inc., and Lee, Higginson &
Amortization of debt discount and expense
2,321,324
Rent of leased properties
18,444,701 Co., is offering at 99 and int., to yield about 5.07%,
Provision for retirement of property and depletion
542,564 an issue of $4,000,000 1st & ref. mtge. gold bonds, 5%
Miscellaneous charges
Listed.
-Bonds listed on Boston Stock Exchange.
Data from Letter of A. S. Grenier, Vice-President of the Company.
Business-Company,incorp.in 1912,owns and operates one of the largest
electric transmission systems in the South, extending through an area in
Texas as large as the combined areas of New York, Massachusetts, ConBalance of income before deduction of Standard Gas &
necticut and New Jersey. In this extensive territory the company supplies
Electric Co.'s income charges
$23,118,587 electric power and light service, directly or indirectly, to 290 communities,
unual interest requirements on the total funded debt of
including Waco, Denison, Sherman, Corsicana, Cleburne and Paris. The
Standard Gas & Electric Co. to be outstanding upon comtotal population of the territory served is estimated at 535,000.
pletion of this financing
$4,440,000
Property.
-The present installed electric generating capacity owned is
a Interest and dividends on outside investments, profits from sales of 63,603 kilowatts. and 2,000 kilowatts additional capacity is leased. Propsecurities (including profits of parent company from trading with the public erty owned includes the Trinidad steam electric generating station, which
in securities of subsidiary and affiliated companies), profits on engineering is designed and partially built for an ultimate capacity of 160,000 kilowatts
and supervision fees (including those capitalized by subsidiary and affiliated and now has an initial installed capacity of 40,000 kilowatts. Upon
installation of a 35,000 kilowatt unit now under construction, this station
companies), &c.
The above balance of income of $23,118,587 is equivalent to 5.20 times will have a total installed generating capacity of 75.000 kilowatts. The
the annual interest requirements of 34.440,000 on the total funded debt of transmission lines are interconnected with those of other companies, includStandard Gas & Electric Co. to be outstanding upon completion of this ing Dallas Power & Light Co., Houston Lighting & Power Co. and Texas
Electric Service Co., with all of which companies interconnection has been
financing.
Collectible earnings of Standard Gas & Electric Co. for the 12 months made for the purpose of interchange of power, thus Insuring greater deended Sept. 30 1930, were $17,147,019, or more than 3.86 times the annual pendability of service.
Security.
-Bonds are secured by a direct first mortgage on a substantial
Interest requirements of $4,440,000 on the total funded debt of the company to be outstanding upon completion of this financing. The collectible portion of the company's property and by a mortgage on the balance of
the physical property subject to the first mortgage bonds. There are now
earnings do not include Standard's proportion of undistributed net income
of subsidiary and affiliated companies, nor any return on the proceeds of outstanding $25,182,000 first mortgage bonds, of which $10,177,000 are
deposited under the first & refunding mortgage. No additional first
the present issue of notes.
-V.131. P. 4056, 3370.
mortgage bonds can be issued except for pledge under the first & refunding
1•••••••••••••,..e.r.l.
mortgage. The property on which these first & refunding mortgage bonds
Tennessee Electric Power Co.
-Bonds Offered.An are secured by a direct first mortgage includes electric generating stations
additional issue of $7,000,000 1st & ref. mtge. gold bonds, with a combined installed generating capacity of more than 44,000 kilowatts
5% series due 1956, was offered Jan. 13 by Bonbright & (to be increased to 79,000 kilowatts upon completion of the new 35.000
kilowatt unit under construction in the Trinidad station).
Co., Inc., at 99 and int., to yield over 5.05%. Bonds are
Earnings 12 Months Ended Nov. 30 1930.
Gross earnings, including other income
810.192.211
dated June 1 1926; due June 1 1956.
Operating expenses, maintenance and taxes
4,823.351
Issuance.
-Subject to authorization by the Railroad and Public Utilities
Commission of the State of Tennessee.
Net earnings
85,368.860
Annual interest requirements on $43,405,000 mortgage bonds
Data from Letter of President C. B. Cobb, Dated Jan. 12.
outstanding in hands of public (including this issue)
2,170.250
Business and Territory.
-Company owns or controls through subsidiary
companies an extensive system of properties engaged primarily in the
Balance for debenture and other interest, depreciation, &c..- $3,198,610
generation, transmission and distribution of electric energy. The high
tension transmission lines of the company are joined with those of other Capitalization Outstanding with Public (upon Completion of Present Financing).
4,000,000 she.
large electric power companies in neighboring States and thus constitute Common stock (no par value)
an important part of the extensive interconnected power system of the $6 preferred stock (no par value)
70,000 she.
South. Connection is made at Alcoa, Tenn., with power system of the Preferred stock (7% cumulative)
$6.500,000
Aluminum Co. of America, at the Georgia State line with that of the Debentures,6% series A,due 2022
2,000,000
Georgia Power Co., at the Alabama State line with that of the Alabama 1st & ref. mtge.gold bonds,5% series due 1956 (incl. this issue) 28,400,000
Power Co., at Pruden on the Kentucky State line with the system of the First mortgage 5% bonds, due 1937
:15.005,000
Kentucky Utilities Co., and east of Knoxville with that of the Tennessee
x Excluding $10,177,000 pledged under the 1st & ref. mtge. No addiPublic Service Co.
tional first mtge. bonds can be issued except for pledge under the 1st & ref.
The field of operation embraces a large part of the State of Tennessee, mtge.
extending nearly 200 miles from east to west and 100 miles from north to
Supervision.
-The operation of the properties of the company is supersouth, and includes Nashville, Chattanooga and 299 other cities and vised (under the direction and control of the board of directors of the•
towns. The population of the territory served Is estimated to be in excess company) by Electric Bond & Share Co.
-V.130. p. 2581.
of 477.000. Company serves 119,188 customers with electric power at
retail and seals energy to a number of local distributing companies. ComToho Electric Power Co., Ltd.
-Bonds Called.
pany owns or controls transportation properties which render trolley and
The company on March 15 next will redeem $275,000 of 1st mtge.(Kansa!
bus service in Chattanooga and Nashville. Water service also Is furnished division) s. 1. 1% gold bonds, series A, due March 15 1955. at 100 and int.
towns and manufactured ice service in 8 towns.
in 12
Payment will be made at the Guaranty Trust Co., 140 Broadway, N. Y.
The company COMIS in addition. a one-half interest in the East
City.
-V. 131. p. 2381.
Development Co. which has applied for preliminary permitsTennessee
to make
surveys for the construction of 11 power dams in the Upper Tennessee basin.
United Gas Improvement Co.
-250,000 Shares of Pref.
The companies now actually controlled by the company through owner-Drexel & Co. and Bonbright & Co., Inc., offered
ship of majorities of their voting stocks make up an unimportant part of Stock Sold.
the system, the properties of Nashville Railway & Light Co.. a former Jan. 14 at $98 per share and div., an additional issue of
subsidiary, having been acquired, Dec. 11930.
250,000 shares of $5 div. pref. stock (no par value, nonbapitalization Outstanding (as of Nov. 30 1930. after Giving Effect to this voting). The issue has been oversubscribed.
nP.
Authorized.
Outstanding.
Common stock (no par value)
425,000 shs. $5Capitalization- par) (incl. this issue)--x5.000,000 she.
div. pref. stk.(no
765.216 she.
First preferred stock-5% cumulative (par $100)
x5,684 shs. Common stock (no par)
35,000,000 she. 23,254.424 shs.
6% cumulative (par $100)
x117.809 slis.
x Dividend rates and redemption terms may be changed (but not to
7% Cumulative (par $100)
81.571 she.
7.2% cumulative (par $100)
x23.407 shs. exceed $8 per annum or $120 per share respectively) in respect to any
First and refunding mtge. gold bonds-Series A(6%,due '47)- $23.092.300 Portion of authorized but unissued preferred stock with consent of majority
5% series due 1956 (including this issue)
stockholders entitled to vote.
12,500,000 ofThere
were also outstanding in the hands of the public as of Sept. 30
Divisional lien bonds
1930, $246.303,900 funded debt (including $2.567,300 held in sinking fund),
Bonds of former Tennessee Power Co.. due 1962
2.256,000 $60.872,005 (par or stated value) preferred stocks, and 340.742.675 (par
Bonds offormer Chattanooga Railway & Light Co..due 1956
2.223,000 or stated value) common stocks of subsidiaries
Bonds offormer gashv. Ry.& Lt. Co.,due variously to 1958
6.097,000
x Includes subscribed but unissued 410 shares 5%.3.855 shares 6% and Data from Letter of John E.Zimmermann,President of the Company.
225 shares 7.2% preferred stock.
Business.
-Company. a Pennsylvania corporation, is among the oldest
Note.-In addition to the divisional lien bonds shown above to be out- public utility holding and investment companies In the United States.
It Is also active in the operation and management of public utility propstanding in the hands of the public, $28.000 bonds of Chattanooga Rys. erties.
During the 12 months ended Sept. 30 1930. the gross operating
are pledged under 1st cons. mtge. Insurance fund, and there are pledged
under the 1st and refunding mtge. the following: $10,045,000 Tennessee revenues of its utility subsidiaries (excluding the Philadelphia Gas Works
approximately 74%
Co.)
Power Co., 1st mtge. 5s: $4.427.000 Chattanooga Ry. & Lt. Co. bonds of from were derivedfrom other sources. from electric light and power. 19%
gas and 7%
various Issues, and $7,273,500 bonds of Nashville R. & Light Co. Of
Company owns over 36% of the common stock of Public Service Corp.
the divisional lien bonds outstanding with the public. $10.091.000 bear of New Jersey, has large stockholdings in Niagara Hudson
Power Corp.
interest at the rate of 5% and $485,000 at the rate of 6% per annum.
-Proceeds will reimburse the company in part for the cost Conunonwealth & Southern Corp., Midland United Corp. and has mis;Purpose.
a improvements, extensions and additions to the company's property cellaneous investments in other companies. New Jersey together own the
The company and Public Service Corp. of
necessitated by the growth of its business.
United Engineers & Constructors. Inc., one of the
entire
-A comparative statement of the consolidated earn- largestcapital stock of
h Earnings of System.
construction and engineering corporations in the United States
ings of the system, including, for each of the three periods, the earnings
-Company's utility subsidiaries serve communities with
Properties.
of certain properties acquired from Southern Cities Utilities Co. in Oct. total population estimated at over 5.500,000. Electric
service Is furnished
1929 is as follows:
In Philadelphia and adjacent territory in southeastern
Pennsylvania:
496
FINANCIAL CHRONICLE
[VOL. 132.
Wilmington and the northern section of Delaware; extensive territory in from gas, 7.86% from railway operations, and 7.36% from other sources.
Connecticut; and in various other communities. Gas serivce is furnished in V. 132, p. 130.
territories which include southeastern Pennsylvania adjacent to Phil-Earnings.
Western Union Telegraph Co.
adelphia; Wilmington, Del., and vicinity: New Haven, Waterbury and
For income statement for 12 months ended Dec. 31 see "Earnings Deother communities in Connecticut: Hazleton, Kingston. Allentown, Bethle-V. 131, p. 4056.
hem, Lebanon, Reading and Harrisburg, Pa.: and Nashville, Tenn. Com- partment" on a preceding page.
pany through a subsidiary manages the municipal gas works of the City • York (Pa.) Rys. Co.
-Dividend Dates.
of Philadelphia.
The extra dividend of $3 per share, recently declared on the common
Purpose.
-Proceeds will be used to retire the company's floating debt stock, was paid on Dec. 31 1930 to holders of record Dec. 22 1930 (not Jan.
and to provide additional capital for general corporate purposes.
regular quarterly dividend of'
-Based on current quotations, the company's outstanding 23,- 15 1931 to holders of record Jan. 5). The -V.132, p.312.
Equity.
254 424 shares of common stock have an indicated market value of over $1.50 is payable on this issue on the latter dates.
$atioc000.
Combined Earnings Statement 12 Months Ended Sept. 30
117. G. I. Co. and subsidiary companies, excluding Philadelphia Gas
Works Co.1
1930.
1929.
Utility SubsidiariesOperating revenues and non-operating income_ _3105,629,527 $110,345,261
62,745,788
62,229,258
Oper. expenses, taxes & renewals & replacements
$43,400,269 547,599,473
Gross income
14,4,19,348
14,843,235
Income deductions
Preferred dividends, minority and former inter7.596,942
9.303.837
ests and other deductions
$19,253,197 $25,083,183
Earnings applicable to the U. G. I. Co
The U. C. I. Co.
325,083,183
Earnings (as above) applicable to U. G. I. Co-- $19,253.197
2,788,053
3,631,048
Earns,of non-utility subs. applicable to U.G.I.-Interest and dividends on investments and profits 8,610,445
9,927,266
expenses and taxesfrom other operations, less
Total applicable to U. G. I. Co. capital stock $31,494,690 $37.798,502
Annual dividend requirements on 765,216 shs. of $5 dividend
3826,080
preferred stock outstanding (including this issue)
$333,972.422
Balance
The above earnings, applicable to the U.(3. I. Co. capital stock, include
from
earnings of subsidiary companies acquired during the period, only
G. I.
the date of acquisition. Non-recurring income of the U.over 9Co. Is not
times the
the amount applicable is
Included. For the 1930 period requirements.
above annual preferred dividend
-The outstanding $5 dividend preferred stock is listed on New
Listing.
York and Philadelphia Stock Exchanges and application will be made to
-V. 132, p. 130.
list these additional shares.
-Balance Sheet Dec. 31.United Corp.
1929.
1930.
Assets56,673,590 $6,673,590
Mohawk Hudson Pow.Corp.2d pfd__ 62,370
Niagara Hudson Pow. Corp. com---1,673,250
Niagara Hudson Pow. Corp."A" option warrants entitling holders to
Purchase following number of shs.
752,460
cora, stock at $35 per share
Niagara Hudson Pow. Corp."B option warrants entitling holders to
27.208,679
1 27,208,691
purchase following number of shs.
corn. stock at an aggregate price of
436,590
for each 334 shares
$50
Niagara Hudson Pow. Corp."C" option warrants entitling holders to
purchase following number of units
(unit consists of 1 share of common
stock and 1-3 class A option war300,000
rant) at $25 per unit
78,461,600 76,061,755
Public Service Corp. of N. J. corn...... 988,271 214,447,420 136,060.112
6,066.223
Gas Improv. Co. corn
United
13,770,000
corn__ - - 340,000
Allied Power & Light Corp.
9,635.509
Columbia Gas & Elec. Corp. corn_ _ _2,424,356 a141,443,487
881,760
25,110
part paid receipts
Common,
Commonwealth & South. Corp. com_1,798,270
Option warrants entitling holders
21,820,000
35,590.010
to purchase the following number
of shares of common stock at $30
1,005.000
share
per
----24,737.429
202,900
Consol. Gas Co. of N. Y. com
12,805,543
23,172,534
Miscellaneous investments
Total cost of seeurities_b
Cash on hand and working accounts
5551.734.761 $304,916.948
18.390,229
3,522,423
INDUSTRIAL AND MISCELLANEOUS.
-Chain stores appeal to the Supreme Court
Chain Stores Appeal Decision.
to test the right of States to impose a separate tax on each store of their
chain within the State. N. Y."Times." Jan. 13, p. 48.
-The General Tire & Rubber Co. has
Tire Prices Drop to New Low.
announced a reduction of 7 % to 12% on all passenger car tires, but no
cut was made on truck tire prices. The B. F. Goodrich Co. also revised
order
its tire prices in Post,. to meet the reductions by competitive companies.
'Jan. 12, p. 17.
N. Y. "Evening
Matters Covered in the "Chronicle" of Jan. 10.-(1) Copper cut to 10 Pi
cents-export price reduced-lead drops 10 points, p. 202: (2) Cut in sheet
and tin wages In Youngstown, Ohio, p. 203; (3) National City Bank renews
loan to Finland-extends 300,000,000 Finmark credit, p. 212: (4) Offering
of new $5,000,000 issue of Federal Intermediate Credit Bank debentures.
p. 212;(5) Offering of $500,000 5% farm loan bonds of Fletcher Joint Stock
Land Bank, p. 212; (6) House passes resolution making appropriation of'
-Senate votes ad545,000,000 to carry out legislation for drouth relief
ditional appropriation of 515,000,000 for food loans, p. 213; (7) Measures in
Senate and House would restrict dealing in grain futures, p. 214; (6) For
future sale curb in dairy products-Warehousemen's group would eliminate
trading before goods are in storage, p. 214: (9) New 'York Stock Exchange
-wants capital and paid-in
seeks to segregate earned surplus accounts
surplus designated as such-seeks to protect investors against misleading
entries on books, p. 216; (10) Market value of listed shares on New York
Stock Exchange Jan. 1, $49.019,878,459 compared with 553.311.859,703
on Dec. 1-classification of listed stocks, p.217: (11) C. W.Hunt desigated
Chairman of Federal Trade Commission for ensuing year, p. 225.
-35c. Div., &c.
Addressograph International Corp.
The company on Jan. 10 paid to stockholders of record Jan. 5 a quarterly
dividend of 35 cents per share. This is equivalent to $1.61 per share on the
old capital stock outstanding prior to the 15.359' stock distribution mane
on Dec. 27 1930 to holders of record Dec. 22 1930. During 1930 the company paid four quarterly cash dividends of 3734 cents per share.
The directors authorized on Dec. 12 1930 the issuance and delivery of
160,405 shares of the common stock of the corporation upon the acquisition
of the assets of the American Multigraph CO., subject to its liabilities, and
determined that the fair value of such assets over and above the amount of
Its liabilities was equal to the amount shown by the books of the American
Multigraph Co.,to-wit: the um of$4$35,814.85; of which value $3,087,728.
will be transferred to declared capital and the balance to capital surplus.
The assets acquired from the American Multigraph Co. will be vested in a
new wholly-owned subsidiary of the corporation, to be named "American
Multigraph Co."
Acquisitions during the past year follow: As of Nov. 30 1930 the corporation acquired the entire minority interest of 2,500 shares of common stock
of Addressograph Co. Ltd. (Canada). As of April 1 1930 the corporation
acquired from Addressograph Ltd.(England) the whole of the latter's investment in the two German companies which were reorganized under the name
of Addressograph G.m.b.H. As of June 1 1930 the corporation organized a
French company under the name of Addressograph S. A., the dividend
upon the preferred stock being guaranteed by the corporation.
The change in the corporation's name to Addressograph Mulltgraph Corp.
-V. 131, p. 4218.
is still held in abeyance.
-New Distributors for Short
Affiliated Dealers, Inc.
Term Trust Shares.
The Frost-Whited Investment Co., Inc., has been appointed distributing
agent for Short Term Trust Shares,sponsored by F. y. Toy & Co., Inc., in
Texas, Mississippi, Arkansas and northern Louislana.-V. 132, p. 313.
-Earnings.
Alliance Investment Corp.
Years Ended Dec. 31Dividends (excluding stock dividends)
Interest on bonds
Interest on call loans and bank balances
1930.
$223,098
25,824
11.586
1929.
$209,948.
28,462
30.111
$260,510
5555,257,184 5323,307,177
$268,522
Total
Total
121.978
128,278.
Liabilities
Interest on debentures
14,410
515.000,000
Interest on bank loans
Demand loan
12,149
12.072
Bond discount and expense
cum. pref. stock, no par value_ _ ..c2.489.065 124,453,233
$3
17.434
10.562
61,802,657
12,360,531
par value
Miscellaneous expense
Common stock, no
1,200
13,000
holders
Reserve for taxes, &c
Option warrants (entitling thewithout
. 323,144.177
pourchase at any time
to
stock at
Operating income
limit shares of common
7,
11 7 7 2
lots?' 8t7
9
°
!27,g8 1
3,732,059
Profit on securities sold
$27.50 per share
346.845,139
179.289
Profit from retire, of debentures
Capital surplus
7.052,577
Earned surplus
163,000
16 : 84
$279 0183146 :97609
103,577
,
3 s
40
$ 130, 840
Total income
Reserve for taxes
stock dividends
5555,257,184 $3323,307,177 Preferred stock dividends
Common
Total
& Gasoline Corp. common
a Includes 49,053 shares of Columbia Oil
597.095
3110,824
above had an estimated
Net profits
voting trust certificates. b The securities listed c Under the provisions
Balance Sheet Dec. 31.
on Dec. 31 1930 of $400,670,738. any dissolution are enmarket value
stockholders upon
-1930.
1929.
Liabilities
1929.
1930.
of the charter, the preferenceplus accrued dividends, or in case of call for
Assets$75,000
$795,058 Weer. int, on debt_ $48,937
titled to receive 350 per share
$55 per share plus accrued dividends. Cash in banks_ _ _ $37,362
38,573
75,000 Div. pay. Jan. 2_
48,937
redemption are entitled to receivestatement for the year ended Dec. 31 Cash for deb int_ __
593
334
Unclaimed (livid's_
Our usual comparative income
Ctts of deposit_ _ 200,000
482
10,042 Unconv. corn, stk _
7,801
1930 was published in V. 132, p. 312.
Am' int. on Invest
- Invests.at cost__ _b5,106,084 5,531,264 Res. for Federal
wth Reviewed.
5,000
38,691
United Light & Power Co. (Md.).-Gro country's largest Bond axe. exp__ 218,614 230,763 taxes,ace
company, one of the
Reserve for dive.
The extensive ramifications of this in a booklet which the company has Furniture &
6,223 against exercise
5,878
less for depree_
public utility systems, are revealed
and those of subsidiaries. In
of stock purch.
Issued describing its outstanding securities
showing the corporate set-up of the
1,801
1,660
warrants
addition the booklet contains charts
classification of gross earnings
1,954,500 3,000,000
5% gold debens
and gives income accounts and a
system
(par $100) 1,000,000 1,000,000
Pref.stk.
the more important companies.
by departments for
since its inception as United Light &
Common stock __a 1,882,437 1,878,746
The growth of the organization, by comparing gross revenue of approxishown
100,000
Rys. Co.(Maine) in 1910, is
in that year with gross earnings of more
515,347
Tot.(each side)_$5,624,677 $6,648,351 Undivided profit': 451,638
mately $800,000 from its properties
$96,000,000 in 1929. expansion began in 1924 at which time The United
187,537 no-par shares. There are also 44,350 shares
than
a Represented by
warrants at $25 perThe company's greatest
Maryland to succeed the original reserved against exercise of common stock purchase
Light & Power Co. was organized in control of Continental Gas & Elec- share to Jan. 2 1932; at $30 per share to Jan. 2 1934; at $35 per share to
that year
United Light & Rys. Co. In United Light & Rys. Co. (Del.), a wholly Jan. 2 1936; at $40 per share to Jan. 2 1938. Of these warrants. 19,350
tric Corp. was acquired by the the same subsidiary purchased substantial aro attached to the 5% gold debentures. b Investments by groups are as
1925
owned subsidiary, and in stock of AMeriCan Light & Traction Co. During follows-Stocks: Industrial, $1,042,754; Railroad $1 115 984: Public
$1,120,443; Insurance, $544,657: Bank and Trust Company,
holdings of pref. and com.
corn. stock of American Light & Traction
year 1928 additional pref. and
the
that company with the $498.776: Chain Store,$292,529; Miscellaneous, 3134,533; Bonds,$356,398.
placing the voting control of
securities owned Dec. 31 was $3,450,744.
Co. was acquired,
(Del.). With this acquisition, gross earnings The market value of a list of the companies in which company has an inThe report contains
United Light & Rya Co. in 1926 to over $96,000,000 in 1929.
$41,000,000
or more Dec. 31 1930.-V. 132, p. 313.
increased from
operating companies acquired prior to 1924, vestment of $10,000
In addition to the group of
controlled through Continental Gas &
-To Continue Business.
Almar Stores Co.
include Kansas City
subsidiary operating companies
American Light & Traction Co.
&
Judge Thompson of U. S. District Court at Philadelphia has signed a
Electric Corp. and
Gas Co., The Columbus By., Power
Wachtel, receivers, to
Power & Light Co., Detroit City
Antonio Public Service Co.. decree authorizing David J. Smyth and Merle C.meantime the receivers
Co., the San
Co.
continue the business for another 30 days. In the
Light Co., Milwaukee Gas Light
Co., and Madison Gas & Electric
continue
Iowa-Nebraska Light & Power the company's subsidiaries include a sub- and committees of stockholders and creditors are to plan is negotiations
consummated
utility investments of stock of The Detroit Edison Co., and a toward the sale of assets or reorganization. If no
Other
common
creditors will be called to deorganized within the next month a general meeting of
stantial interest in the
of Northern Natural Gas Co.,
35% interest in the common stock producing and distributing natural gas. termine what steps should be taken.
in April 1930 for the purpose of
subsidiaries, has constructed pipe
Creditors' Committee Appointed.
and is
This company, through wholly owned
Texas to Iowa and Nebraska
Creditors Jan.8 attended a meeting called by James J. O'Brien, attorney
gas fields in Kansas and in the latter two States.
lines from
and towns
com- for receivers, and appointed a creditors' committee of five members to
serving a number of cities
serves, through subsidiary
represent their interests. Those elected to the committee are Walter G.
The United Light & Power Co. now
approximately 5,750,000 in over 800
Latimer, Philadelphia Association
panies, an aggregate population of Iowa, Kansas, Michigan, Missouri, Cott, General Foods Sales Co.; Thomas ive Co.; Abraham Syder, Standard
Indiana,
of Credit Men;E. Green, Colgate-Palmol
cities and towns in Illinois.
Nebraska, Ohio, Tennessee, Texas and Wisconsin.for the 12 months ended Provision Co.; and Sander Lederer, Monroe, Lederer & Taussig.-V. 131.
The classification of the company's gross earnings of electricitY, 43.83% p. 4057.
Aug. 31 1930, shows 40.95% derived from the sale
JAN. 17 1931.]
FINANCIAL CHRONICLE
497
American Founders Corp.
-Contract.
-
Inability to detect such imitations. Wide varitaions in styles and weaves
and the resultant short runs are part of the same problem. Manifestly,
the effective solution here would seem to Ile in the development of essenAmerican Hide & Leather Co.
tially exclusive outlets, principally on a volume basis. The largest com-Earnings.
For income statement for 24 weeks ended Dec. 13,see "Earnings Depart- pany in the industry would seem peculiarly equipped to develop along
ment" on a preceding page.
such lines.
Carl F. Danner, President, and Claude Douthit, Chairman,state in brief:
The American Woolen Co., with $440.000,000 preferred stock then out"The reserve of $500,000 is adequate to cover the revaluation of inven- standing, paid dividends at the rate of $2,800,000 yearly in every year
tories and securities to cost or market, whichever is lower. We have not from 1899 to and including 1920. In this latter year, the preferred was
taken this as a definite write-down for the reason that our fiscal year closing increased to $50,000,000. and dividends at the rate of 53.500.000 were
is not until the end of June. Conditions may improve by that time, for paid yearly until April 1927. Substantial dividends were also paid on
the prices upon which this reserve is based are as low as they have been in the common stock in the period 1916-1924. inclusive.
-V. 131. p. 3713.
30 years.
Amsterdam Trading Co. (Handelsvereenigen "AmOur financial position is sound. To-day our total bank debt is approximately $1,250,000. After this adjustment our current asset ratio is better sterdam," Holland).
-Smaller Dividend.
than 3to 1 and our net current assets are equivalent to about $30 Per share
The directors have declared a dividend of 24c. per share on the "American
of our preferred stock.
shares," payable Jan. 19 to holders of record Jan. 15. From Jan. 20 1928
"There is reason to hope that there will be some improvement in the
leather industry in the first half of 1931. If this hope is realized,some part to and including July 211930. semi-annual distributions of 75c. per share
were made.
-V. 129, p. 283.
of this reserve will be unnecessary."
-V. 131, p. 2539.
See Instunnshares Corp. of N. Y. below.
-V. 132, p.130.
American Machine & Foundry Co.
-Regular Dividend.
American Trustee Share Corp.
-Diversified Trustee
The directors have declared the regular quarterly dividend of 35c. per Shares now Sponsored by Brown Brothers Harrititatt & Co.
Diversified Trustee Shares, series C,said to be the largest of the cumushare, payable Feb. 2 to holders of record Jan. 22.
A similar quarterly distribution of 35c. per share and an extra of Sc. per lative type of fixed investment trusts, will, through the merger of Brown
share were made on Nov. 1 1930, and,in addition, an extra dividend of 20c. Brothers & Co. and W. A. Harriman & Co., Inc., and Harriman Brothers
& Co., have the sponsorship of the combined organizations, known as
per share was paid on Dec. 1 last.
-V.131, p. 2227.
Brown Brothers, Harriman & Co., according to an announcement by
American Machine & Metals, Inc.
American Trustee Share Corp., depositor and distributor of the shares.
-Registrar.
The Central Hanover Bank & Trust Co. has been appointed registrar for -V. 132, p. 314.
500,000 shares of the common stock-voting trust certificates.
-V.132. P.
Anglo American Corp. of South Africa, Ltd.-Oper.313.
The following are the results of operations for month of December 1930:
American Ship Building Co.
-1930 Dividends.
Total
Tons
The company, in a letter to the stockholders on Jan 15, explained that
Costs.
Milled. Revenue.
Profit.
$35.99 out of the $40 a share capital distribution made by the company Brakpan Mines Limited
£98.172
£45,005
92,800 £143,177
last year was from surplus accumulated prior to Mar. 1 1913, and therefore Springs Mines Limited
144,749
78,496
69,000
66.253
was not taxable as a dividend. The balance of $4.01, the letter said, West Springs Limited
15,531
76,176
60,645
68,100
represented earnings accumulated subsequently to that date.
-V. 132, p. 131.
The quarterly dividends paid on Feb. 1 and May 1 1930 were paid
out of earnings accumulated since March 1 1913, but the remaining quarArmour & Co. (111.).-Obituary.
terly dividends last year were paid from earnings prior to March 1 1913,
President F. Edson White died in Chicago on Jan. 15.-V. 132, P.
and were not taxable as to income.
-V.131, p. 2382.
304, 314.
American Stores Co.
-December Sales.
1930
-Dec.
-1929.
Increase.] 1930-12 Mos.-1929.
Decrease.
$13,287.826 $13.137,730 5150,0961$142,770,476 $143,346,156 $575,680
-V.131, P. 4057, 3879.
American Vitrified Products Co.
-Annual Report.
F. B. Theiss, Chairman of the Board, says:
Company had a small operating loss during the past year. Directors
deemed it advisable not to sell any of its products unless at a profit; consequently, on account of the deplorable condition of the market, and the
business depression generally, sales were nearly $1,500.000 less than last
year. Properties are in first class condition,having spent the sum of $227,719 for maintenance and betterments during the year. Company's total
indebtedness is $123,991 less than last year. The ratio of liquid assets to
indebtedness is 4.3 to 1.
Years Ended Oct. 311930.
1929.
Net loss (incl. subs.)
$119,877 prf$250,198
Profit and loss surplus
1,110,087
1,440,446
Earna, per sh.on 70,000 shs. corn.stock (par $50)_ _
Nil
$2.26
Comparative Balance Sheet Oct. 31.
Assets1930.
1929.
Liabilities1930.
1929.
Fixed assets
x$4,560,846 $4,604,828 Preferred stock_ _ _S1,280,900 $1,315,900
Inv. in assoc. co__ 138,235
143,224 Common stock_ _ _ 3,500,000 3,500,000
Sundry invest_ _
41,170
42,763 Notes payable_ _ .._ 225,000
225,000
Inventory
952,616
999,362 Accts. payable_ _ _
30,053
86,406
Notes& accts. ree_ 293,224
504,287 Prov.for Fed.tax_
20,548
Accts. other co's
190,715
350,002 Accruals
67,421
114,060
Cash
33,759
56,896 Pref.stock divs__ _
22,578
23,028
Deferred charges
25,475
24,026 Surplus
1,110,087 1,410,447
Artloom Corp.
-New General Manager.
-
C. S. Newton, general manager of Barrymore Seamless Wiltons, Inc.,
of Philadelphia, has been appointed general manager of the Artloom
Corp., and will assume his new position Feb. 1.-V. 131. p. 2540.
Associated Apparel Industries, Inc.-Bal. Sheet Nov.30
Assets1930.
1929.
x Land, buildings,
equity, ,te
$1,950,749 51,778,229
Co.'s capital stock 156,350
Cash
486,624
670,197
Notes dr acets ree_ 2,517,216 2,678,353
Inventories
3,518,232 3,690,525
Advances
10,535
25,304
Prepaid expenses_
42,953
32,091
Other assets
159,468
163,342
Prepaid rent dep._ 151,557
Prepaid charges
235,851
227,584
Good-will, &c..
573,037
566,062
Common stock__ y$4,298,847
Funded debt
992,000
1,300,000
Notes payable
Ace'ts payable___. 983,992
Pureh. mon.oblig_
72,000
Accrued accounts_ 328,257
Other liabilities_
Canting. reserve
78.267
1,749,211
Surplus
$4.298,847
1,100,000
1,157,500
783,346
365,173
33,333
128,021
1,965,467
Total
$9.802,575 $9,831,687
59.802.575 89,831,687
Total
x Alter depreciation. y Represented by 207,500 no par shares.
Surplus Account Nov. 30 1930.
-Surplus Nov. 30 1929 (capital $241,723.
profit and loss $1,723,744). $1,965,467; profit for year 1930 (after deducting divs. of $825,986). $202,415; net refund of income tax of prior years.
$15.370: miscellaneous credits, $5,630; total surplus, $2,188.882. Deduct:
Adjustment of sales, commissions and bonuses for prior years, $80,460:
Provision for liquidation of foreign affiliates, $24,484: cancellation of executives' compensation contract, $175.000; payments under agreement to
assist employees in purchasing capital stock (including $20,333 interest).
$93,667; depreciation on appreciation of capital assets and adjustments of
Total
26,236,040 $6,725,391
Total
56,236,040 58,725,391 appreciation on capital assets sold,
x After deducting reserve for depreciation of $2.349,906.-V. 132, p. 131. $439,669. Surplus Nov. 30 1930 $47,052: sundry charges. $19,006: total.
(capital $194,671, profit and loss $1.554.541), $1,749,212.
American Woolen Co.
-Values Behind Pref. Stock
- Our usual comparative income account for the year ended Nov. 30 1930
New President.-Outlook.was published in V. 132, p. 314.
Carreau & Snedeker, members of the New York Stock Exchange, on
Associated Insurance Fund, Inc.
Jan. 6 addressed a letter to the stockholders of the American Woolen Co.,
-Liquidating Value of
recommending the preferred stock and containing a summary of the situa- Stock.tion as a basis for the recommendation. The letter says in part:
Prasident C. W. Fellows has issued a statement declaring the liquidatWe have concluded that the next few years should witness a decided ing value of the company's stock is almost
three times the prevailing market
change for the better in the affairs of the American Woolen Co.
quotation. This company, holding corporation for the Associated Fire &
We have come to regard the major problem of the American Woolen Marine Insurance Co. and for Associated Indemnity Corp.
a paid in
Co. as being the introduction and maintenance of a more flexible and capital of $4,500,000. After deducting organization expensehas 5182,856,
of
efficient system of merchandising, coupled with a closer alinement of the the net paid in was $4,317,144. Since
org.anization, the book value of
manufacturing and selling departments of the business. 110th Lionel J. assets has increased to more than
Noah, President-elect, and William B. Warner (Chairman of the execu- of $5,000,000 invested in banks at $4,700,000. The company has in excess
interest on Nov.30.-V. 128, p. 1732.
tive committee), enjoy reputations, based on the record, second to none
in the merchandising field. Because of the exceedingly strong financial
Associated Security Investors, Inc.
-Preferred Dividend.
position of the company-which, by the way, it is clearly desirable to
The corporation has
maintain-they may apply themselves almost exclusively to the industrial share on the $6 cumul. declared the regular quarterly dividend of $1.50 Per
pref. stock, payable Feb. 1 1931 to holders of record
phases of the problem.
Jan.20.-V.132, p.314.
The summary in part, reads as follows:
As of June 3b'1930. after deducting all senior liabilities, the
Atlantic Refining Co.
corporation
-Acquisition.
possessed:
The company has purchased the assets of the Liberty Pipe Line Co. and
The equivalent of $26 per preferred share in cash.
subsidiaries in the Gulf Coast oil district of Texas. The physical assets
The equivalent of $21 per preferred share in receivables and acceptances. of the Liberty
company include terminal and refining properties on the Gulf
The equivalent of $40 per preferred share in inventories.
Coast
The equivalent of $107 per preferred share in fixed assets (less deprec.). field, at Texas City, Texas, a pipe line gathering system in the Barbers Hill
Chambers County, a 6
-inch pipe line connecting the field with a
The equivalent of $194 per preferred share in total surplus assets.
Under normal business conditions, the company undoubtedly requires a barge wharf at Cedar Bayou, La., oil tanks barges and tug boats. The
large amount of working capital. In the inconceivable event of complete refinery at Texas City includes skimming and cracking equipment with a
daily
liquidation and the equally inconceivable dumping of finished and unfin- also capacity of 4,000 barrels of crude oil. Tanker loading facilities are
available at Texas City. The Atlantic Pipe Line Co. wholly owned
ished stocks on the market, the value of such stocks might be materially
lowered. But for a going corporation, successfully engaged in an essential subsidiary of Atlantic Refining Co.. will operate the pipe line, and Atlantic
Oil Producing Co., another subsidiary, will serve as crude oil purchaser.
industry for nearly a third of a century, whose financial policy has in recent No
definite
years been increasingly conservative, such a spread between equity in cur- operation plans have been made by the Atlantic Refining Co. to resume
rent assets and market value of shares seems little short of preposterous. tracted to of the Texas City refinery. It is reported that the latter has conbuy a largo quantity of crude oil in the Refugio field of southwest
To justify the complete disregard of essential values instanced above,
-V. 131, p. 3210.
it would seem necessary to assume (1) that the business of the American Texas.
Woolen Co. is in the throes of a permanent decline; (2) that the company
Auburn Automobile Co.
-Sales Advance.
is inextricably "locked in" the business: (3) that the assets and equities
Orders from distributors and dealers for Auburn models received during
existing today are necessarily in process of complete dissipation.
automobile show week totaled5,200 compared with 2,390 in the same
What basis is there for any such assumption? The manufacture of
woolens, worsteds, serges, &c., for use in suitings, coatings, robes, auto- period of last year, according to N. E. McDarby, director of sales.
Production of both the Cord and Auburn lines has been increased and
mobile upholstery and innumerable other products is scarcely a "vanishing" by Jan.
industry: and the American Woolen Co., which earned a substantial oper- Auburn 27 the Connersville plants will be producing around 300 new
models daily. The Cord plant at Auburn will be at capacity
ating profit in seven out of the last ten years (the operating profit exceed- Production
by Feb. 1. Mr. McDarby said.
-V. 131, p. 4219.
ing $9,000,000 in,each of three of those years and totaling nearly
000, net, for the full period) is scarcely a vanishing company. $33,000.Autocar Co.
-Increases Production Schedule.
American Woolen Co., far from retrogressing during the long
The
President R. P. Page announced that the company has increased its
extended deflation its industry has suffered, has actually improved its
position. Total assets surplus to the preferred shares have, it is true, schedules for production and shipment over 35% for the first quarter of
declined from approximately $105,600,000 in 1926 to about $97,140,000 1931 as compared with the corresponding quarter in 1930, in line with the
as of June 30 last: but, in the same period, current indebtedness was re- sharp advance in orders and inquiries on their books for the past few weeks.
company will deliver 205
duced from more than $16,000.000 to less than $2,200,000; a considerable to TheCity of New York during special dump trucks of 33i to 5 tons capacity
January and February. This contract,made
proportion of excess plant capacity was sold, leased or otherwise disposed In the
December, is in excess of$900,000 and represents one of the largest orders
progress has been made in the concentration of manufacturing operations ever booked by the company.
of;
and the replacement of hand-operations with automatic machinery.
"Over the past month, we
Aside from the improvement effected within the American Woolen Co., orders for heavy duty trucks have noticed a general pick-up in inquiries and
from large industrial users," Mr.
the industry itself has evidently made important progress. An extended "indicating that some of the purchases delayed during 1930 Page stated,
because ofthe
curtailment of manufacturing operations has led to the reduction of sur- business depression are finally coming into the market.
As a result of our
what are regarded as almost minimum requirements, with increased bookings, our plants have been maintained
plus stocks to
on a full time basis
the result that the industry has entered a period of price-stabilization such since early in December."
-V. 131. p. 1424.
as it has not enjoyed for years. Since year-end inventory adjustments have
been regarded as the controlling factor in the losses reported by all the
Baldwin Locomotive Works.
-Shipments Increase.
leading companies-American Woolen included-in recent years, the imCombined shipments by this company and subsidiaries for the year
ended
portance of this development needs no elaboration.
Dec. 31 1930, amounted to roundly $54,000,000, against $42,796,587
in
The price-cutting problem springs from the comparative ease with which 1929. Figures in both years cover consolidated operations
patterns and styles may be imitated, as well as from the average consumer's Locomotive, Standard Steel Works, Southwark Foundry & of Baldwin
Machine and.
•
FINANCIAL CHRONICLE
498
Midvale Co. Combined orders on books on Jan. 1 1931, amounted to
$6,200,000. Locomotive business continues quiet, although there are some
inquiries in the market and more are expected a little later on. (Phila-V. 131. p. 3210.
delphia "Financial Journal.")
Bankers Bond & Mortgage Guaranty Co. of America.
-Omits Dividend.
The directors have voted to omit the quarterly dividend which would
ordinarily be payable about Feb. 1. From Aug. 1 1929 to and including
-V.131. p. 1424.
Nov. 1 1930 quarterly diva. of 25c. per share were paid.
-Officers ReBankers Mutual Insurance Co., N. Y.
elected-Earnings.
following
[vou 132.
Interests Reported in $2,000,000,000 Combine Disclaim
Knowledge of Deal.
Interests identified with several companies mentioned in the reported
$2,000,000,000 steel merger deny knowledge of any such consolidation.
Reports from Cleveland Jan. 9 mentioned Bethlehem Steel Corp., Republic
Steel Corp., Youngstown Sheet & Tube Co., Jones & Laughlin Steel Co.,
Corrigan McKinley and Otis Steel Co. as participants in the merger.
Cyrus S. Eaton, mid-west steel financier; Eugene G. Grace, President of
Bethlehem, and James A. Campbell, Chairman of Youngstown Sheet &
Tube Co. were reported to be principal interests arraigning the consolidation.
However, the report was styled as "a figment of the imagination,"V. 132, p. 315, 131.
-Larger Quarterly Dividend.
(H. C.) Bohack Co.
At the annual meeting of policyholders of this company, the
The directors have declared a quarterly dividend of $1 per share on the
officers were re-elected: Adam Metz, President; E. A. G. Intemann Jr.,
-President; Florian Mennin- common stock, no par value, payable Feb. 2 to holders of record Jan. 15.
1st Vice-President; Henry Holterman, 2d Vice
ger, Secretary-Treasurer; W. R. Pickens, Asst. Secretary, and Charles F. Previously, the company paid quarterly dividends of 62% cents per share
on this issue, and in addition paid an extra of 62% cents per share on Dec.
Pierre, Asst. Treasurer.
An increase of over 10% in gross assets after deducting $103,160 paid in 15 1929 and Dec. 15 1930.
Net earnings for the fiscal year ended Jan. 31 1931 are expected to com1930 as regular and extra dividends to policyholders was reported, while
pare favorable with 1929-30, which were $6.63 per share, after giving effect
the net income increased over 7 %•
to substantial increases in maintenance, depreciation and other changes
-Plan Adopted.
in connection with the company's expansion program.
Bay Biscayne Bridge Co.
Since Feb. 1 1930, when under the personal direction and at the instigaThe bondholders' protective committee, Alfred C. Dent, Chairman, in
an extensive
entered
a notice to holders of certificates of deposit for the 1st mtge. sinking fund tion of H. C. Bohack, the company oepned, uponearning powerexpansion
of which
the
program, 186 new stores have been
64%, gold bonds, says:
are now a total
of any dissent to
lb. The legal time having elapsed in which notificationP. 4058), we want will be reflected in the earnings for the coming year. There
of 690 stores in operation.
the plan of reorganization dated Dec. 13 1930 (V. 131,
from deposit
The annual report and consolidated statements of the H. C. Bohack
totadvise you that not only have no bonds been withdrawn has been deCo. and the Bohack Realty Corp. for their fiscal year ending Jan. 31 1931
with the committee, but a substantial additional amount
The prin- will be issued on or about March 1. it is announced.
-V.132. p. 315.
promised as an expression of approval of the plan. at
posited and
$1,467,cipal amount of bonds deposited with the committee now stands
-Acquisition.
Borden Co.
000 out of the total Issue of $1,500,000, leaving only $33,000 undeposited.
In exchange for 1,617 shares of the capital stock of Borden Co., together
We therefore wish hereby to notify you that the committee has adopted
the plan dated Dec. 13 1930 for the reorganization of the company." with $44,000 in cash, the Borden Co. has acquired the entire assets and
business of the Elgin Baking & Ice Cream Co.of Elgin, Illinois. The assets
p. 4058.
-V. 131.
baking business have been disposed of,
- of the company employed in thethe ice cream business.
-Suit Against Bonus System.
Bethlehem Steel Corp.
Borden's purchase including only
As of Dec. 31 1930, the Borden company had outstanding 4,233,395
Court Grants Plea.
shares of $25 par value capital stock. Additional stock issued for the
Vice-Chancellor John H. Backes in the Court of Chancery In Newark acquisition of the Elgin company together with 127.001 shares, payable
Jan. 14 directed the officers and directors of the Bethlehem Steel Corp. as a 3% stock dividend on Jan. 15. will bring the total amount of stock outto show cause why he should not grant the application of four stockholders standing currently to 4,361,395 shares. In addition, the company holds
for the refunding of more than $36,000,000 to the company which was paid 20,838 shares in its treasury.
-V.132, p. 315, 133.
in bonuses to the officers and directors.
-Earnings.
The direction further ordered the defendants to show cause why an
Boston Personal Property Trust.
Injunction should not be granted restraining them from paying any further
Calendar Years
the outcome of the suit. In each instance the direction Income received during year
54
bonuses pending
19,827
3
must be answered in Chancery Court by Jan. 27. Judge Backes, however, Commissions, expense and interest
8:392
9
24 5
did not grant the preliminary injunction sought by the four stockholders.
8,992
7,919
of Hoboken, holder of 16 shares; Taxes
The complainants are Camillus Berendt
$227,180
James E. Riley of New York, holder of 30 shares; Benjamin Glickfield of
$307.342
Net income
214,774
New York. holder of 500 shares, and David Tait of Hackensack, N. J., Dividends
260,860
holder of 10 shares.
The defendants named are officers, directors and former executives of
$12,406
846,482
Surplus income for year
complaint avers that the bonuses were Taxes on capital gains paid were
9,862
37,493
the Bethlehem Steel Corp. The
distributed during the war and post-war business period.
Balance Sheet December 31.
The defendants named are Eugene G. Grace, President; Charles M.
1929.
1930.
Liget/WesGrayson
1929.
1930.
AssetsSchwab, Chairman; Percy A. Rockefeller, William C. Potter,
surplus_$5,010,709
M.
-P. Murphy, Alvin Untermyer, Quincey Bent, C. Austin Buck, a former U. S. Securities-- $97,812 $498,750 Capital & payable_ x10.500 $4,991,836
425,963 Accounts
director; H. Edgar Lewis, James H. Ward, a former director; Archibald Real estate secure_ 417.628
Johnson, Frederick A. Schick, John M. Gross, Robert E. McMath, C. It. Public tall. secure_ 1,189,034 1,027,863
Holton, J. M. Larkin,0. G.Jennings, H. G. Dalton and William E. Corey. Railroad securities 1,277,372 1,266,184
Through counsel, George W. McCarter of McCarter & English, the Indus. securities_ _ 1,834,585 1,525,561
203,924
complainants also petitioned the Court to compel each defendant to show Miscell. securities_ 203,924
1
1
cause why, pending disposition of the suit, they should not be restrained Sundry securities_
43,590 Tot.(each side).55,021,209 54,991.836
852
from disposing of their stockholdings in the corporation, excepting subject Cash
x Temporary loan paid Jan. 2 1931 -V.131, p. 2228.
of the Court.
to the ruling
This plea was made part of the complaint to insure that none of the
be
-Omits Dividend.
Boyd-Welsh Shoe Co., St. Louis.
defendants would dispose of stockholdings so that these securities mightthe
available to meet claims of the complainants should they be successful in
The directors have decided to defer action on the quarterly dividend
litigation.
ordinarily paid about Jan. 1 on the no par common stock. The stock
ie• Disclosures last summer that the officers and directors of the Bethlehem paid 75 cents a share on Oct. 1 1930.-V. 119, p. 3014.
Steel Corp. were the recipients of large bonuses in addition to their salaries
-Dividend Outlook.
came in connection with a suit to prevent the merger of the Youngstown
British-American Tobacco Co., Ltd.
Sheet & Tube Co. with the steel corporation.
Sir Hugo Cunliffe-Owen, Chairman of the Board, informed the stockCounty,
Pe The suit was tried in the Court of Common Pleas, Mahoning a bonus holders at the annual meeting in London on Jan. 12 that business of the
Ohio. it was testified that President Grace during 1929 received
company in the last half of the year had shown a considerable decline.
of $1,623,000.
Mr. Referring to future prospects, Sir Hugo declared that black spots very
le Part of the complaint alleges that with a salary of $12.000 a year, of much exceeded good spots and that he could not let the stockholders leave
Grace received from Jan. 1 1925 to June 30 1930 a total bonus payment
the meeting without warning them as to dividends which may be payable
$5,431,684.
during the current year.
Other bonuses were described as being paid as follows:
He indicated that "it was impossible and therefore imprudent" to
Bonus 1st
Bonus
in world condi1924. Half 1930. prophesy how much, in the absence of great improvement considered that
Salary.
j
•
$163,701 tions, the final dividend may have to be reduced, but he
$378,664
$10,000
Mr. Bent
378,664
163,701 shareholders should realize that in all probability a reduced final dividend
10,000
Mr. Buck
375,784
61,146 for the coming year is inevitable.
10,000
Mr. Lewis
"I am afraid I have painted a dark picture," Sir Hugo said, "but I
54.305
23,477
3,000
Mr. Ward
feel that our troubles are only temporary, and when this wave of depression
24,462
10,000
Mr. Johnson
and unemployment has passed, profits in future years will not only equal
216,729
6.000
Mr. Mick
-V. 132, p. 316.
110.077
47,588 but exceed the figure reached last year."
6,000
Mr. Gross
134,538
58,162
6,000
Mr. McMath
-Creditors Receive ProBrockway Motor Truck Corp.
48,923
10,000
Mr. Holton
36,692
10,000
posal
-Asked To Agree To Refrain from Action on Debt for
Mr. Larkin
Chairman Schwab Backs Bonus System.
Commenting on the criticism of the Bethlehem Steel Corp. system of
distributing bonuses to executives, Charles M. Schwab, chairman. said:
is entirely
'The responsibility for the Bethlehem profit-sharing system
submine. In my early career with the Carnegie Steel Co. this system, in his
stance, was introduced by Mr. Carnegie in the management of all
properties, and, as all the world knows, contributed greatly to the development and success of the businesses.
a system, and I
"I there became convinced of the great benefits of such
accordingly established the system at Bethlehem when I bought Bethlehem
in Bethlehem Steel Corp. and all its
Steel Co. It has since been continued
I have been
subsidiaries and is in use in every other company with which
identified, and always with staisfactory results.
shown by the fact that
"The value of the system to Bethlehem is clearly of any other important
less than that
the cost of its executive management is
knowledge, and its value is also
steel company of which we have definite
in manufacturing costs. profit sharing system has been approved
reflected
Bethlehem
"As is well known, the
its operation has been delegated
by our stockholders and, with their consent, in the distributions under the
participated
to me. I have never personally
free from all possible prejudice in fixing
system, so that I might be entirely who were to be compensated through
the relative participations of the men
the system for their efforts.
system through all these years I have
"In administering the Bethlehem continue to do so so long as our stockexercised my best judgment and shall power in me.
the
holders and directors shall continue firm belief that the Bethlehem profit
"I cannot state too strongly my
advantage, and I shall gladly defend
sharing system has resulted to its great
question its pmpriety in any respect."
it with any stockholders who may
11. Steel Hearing Deferred.
for Jan. 12, to determine the fair value
or
The hearing originally scheduled
Co.'s common stock, held by persons
of Youngstown Sheet & Tube with Bethlehem Steel Corp., has been
merger
corporations opposing a
March 10.
until
deferred by Judge David G. Jenkinsin Sheet and Tube decline to comment
Meantime, Youngstown interests next.
as to what move they expect to make
-Youngstown Fusion Contract Extended.
Bethlehem
Steel Corp. was to acquire the
The merger contract which Bethlehem
Jan. 15 to Jan. 27, which
Youngstown Sheet & Tube Co. was extended to the Ohio courts against
may be made
Is the last day on which appeal
previous extension of the
the injunction preventing the consolidation. A
contract expired Jan. 15.
the injuncbeen reached on whether for MahonCounsel said no decision had as yet Court of Common Pleas
tion, granted by Judge Jenkins, of the higher court, and that the extension
to a
lug County, 0., would be taken
PI the contract was only a formality.
Three Years
-Offered 6% Notes.
The creditors committee has addressed a letter to creditors as of Oct. 31
1930, requesting them to sign an agreement to refrain from acting on the
debt over a three year period, subject to further extension if approved by
a majority of the creditors. In return, creditors will receive 6% nonnegotiable notes for the face value of their accounts. The agreement also
will provide for advances from banks totaling more than $500.000 to furnish
working capital enabling the corporation to continue its operations. No
new financing is contemplated.
Indebtedness involved in the proposed agreement includes unsecured
bank Indebtedness of $2.259,138, merchandise indebtedness of $682,148,
foreign paper discounted of 82,275,646, domestic paper discounted with
banks of $214,700, and merchandise debt of Indiana Truck Corp., a subsidiary, of $399,167.
Under the terms of the agreement, the creditors committee will be em- •
powered to terminate the agreement at their discretion at any time.
Members of the committee include E. J. Quintal, Vice-President of Chase
National Bank; George V. McLaughlin, President of Brooklyn Trust Co..
Joseph S. Maxwell, Vice-President of New York Trust Co.; C. A. Dana,
President of Spicer Manufacturing Corp., and H.H. Davidson of the Motor
& Equipment Association.
The agreement provides that indebtedness incurred by the corporation
-V. 131.
after Nov. 1 1930, has priority over all previous indebtedness.
P. 3880.
(Edward G.) Budd Mfg. Co.
-Defers Pref. Dividend.
The directors have decided to defer payment of the quarterly dividend
of $1.75 a share due Feb. 1 on the 7% cum. pref. stock.
An announcement issued by the company stated: "The company's cash
position is strong. It has ample orders on its books but the dividend has
not been earned in the previous quarter, and directors think best to retain
this money in the treasury of the company. Financial condition of the company is in every way satisfactory and its position in the trade is the best it
has been for years. -V. 131. p. 3047.
Budd Wheel Co.
-Contract.
It is reported that the company has closed a contract with the Pierce..
Arrow Motor Car Co. for a new type of wheel now produced by the Budd
concern. The wheel appeared on Pierce-Arrow models in the New York
automobile show. The new type is a demountable, welded, stainless steel
-V.131,p.3880.
artillery wheel having a very large hub and short spokes.
Bunte Bros., Chicago.
-$1 Common Dividend.
The directors have declared a dividend of $1 per share on the common
and the regular quarterly dividend of $1.75 per share on the preferred
stock, both payable Feb. 1 to holders of record Jan. 25. On August 1
1930, the company paid a dividends of 50 cents per share on the common
-V.131. P. 119.
stock, and on Feb. 1 1930, one of $1 per share.
JAN. 17 1931.]
FINANCIAL CHRONICLE
Burns Bros.
-New President, &c.
At a meeting of the directors, Saunders A. Wertheim resigned as President of the company but remains a director.
Noah H. Swayne, Executive Director of the Anthracite Institute, was
elected President of the company. Richard F. Grant, President of the
Lehigh Valley Coal Corp., nd L. R. Close, Assistant to the President of
the latter concern, were dected directors of Burns Bros.
The addition of Mr. Grant and Mr. Close to the board was looked upon
as an indication that the Lehigh Valley corporation had extended its holdings in Burns Brothers and possibly had obtained control of the company.
According to Charles Hayden of Hayden, Stone & Co., who announced the
changes in Burns Brothers, the Lehigh Valley company has had an important interest in the company for some time. Theodore S. Barber of Lehigh
Valley Coal already was a director of Burns Brothers, so that the former
company now has three directors on the latter company's board. Hayden,
Stone & Co. have long been bankers for Burns Brothers and Mr. Hayden is a
member of the executive committee.
The Lehigh Valley Coal Corp. was reported to have held 50% of the
class 13 stock of Burns Brothers for some time and to have increased its
holdings of the company's class A stock recently. It was rumored also
that it was negotiating for a large block of Burns Brothers class A stock.
V. 132, p. 316.
(A. M.) Byers Co.
--Annual Report.
E. M. Byers, Chairman. in his remarks accompanying the report for
the fiscal year ended Sept. 30 1930, says in part:
Changes Relating to Paid in Surplus and Capital Surplus Arising from
Revaluation of Capital Assets.-Referring to the balance sheet, there has
been added to paid-in surplus the net sum of $939,730 and there is a decrease
of $1,284,234 in the capital surplus account.
As of Feb. 5 1925, company materially changed its financial structure
through the redemption of an old issue of preferred stock, issuance of new
preferred and common stocks, and the issuance of bonds. In conjunction
with the reorganization in 1925, the properties then owned by the company
were appraised by an engineer with a national reputation and the values
as determined by the appraisal indicated a substantial increment, which
Increment, for purposes of accounting, was credited to a capital surplus
account. The capital surplus account was also credited with paid in
surplus acquired through an exchange of common stock, charged with the
amount representing good-will carried on the books for years, and charged
with other amounts relating to capital transactions.
Introduction of the Byers new process and building of the Byers new
plant necessitated the abandonment of a considerable part of company's
properties, and it was deemed advisable to restate the accounts so that the
capital surplus account now represents only the amount of appreciation
on properties still remaining in service.
It was therefore necessary for the board to authorize entries whereby a
more accurate segregation was made between paid in surplus, capital
surplus and earned surplus.
Income.
-The consolidated net profit for the year, after making due
provision for depreciation and depletion of properties, for U. S. income
taxes, for amortization of patents, and for contingencies was $1,133,838.
Of the above amount the net income from interest, dividends, and profit
on investment securities, after making due allowance for income taxes and
other charges against this class of income was $191,798, compared with
$493,054 in the fiscal year 1929. This income was derived principally
from temporary employment of funds accumulated for the purpose of
paying for the construction of the Byers new plant and the improvements
at the South Side plant.
Sinking Fund.
-The sinking fund, totaling 8154,806 set aside prior to
Jan. 1 1930, was used to purchase 1,548 shares of preferred stock, which
shares were retired and the amount of authorized and issued preferred stock
reduced accordingly. In accordance with the preferred stock requirements,
a fund totaling $73,028 will be set aside prior to Jan. 1 1931, to be used for
the purchase of preferred stock for retirement.
Therefore, on Sept. 30 1930, preferred stock authorized was $6,456,300,
of which $6,384,200 was issued and $5,674,400 was held by the public.
The par value of issued stock owned by the subsidiary company was
$709,800.
Common Stock -Of the 266,635 common shares issued at Sept. 30 1930,
4,000 shares were owned by the company and 417 shares were held for the
discharge of a specific contractual obligation.
Balance Sheet Sept. 30.
1929.
1930.
1929.
1930.
Assets$
$
7% pref.stock_ _a5,674,400 6,124,400
Land,b1dgs.,mach.
& equipment_ _x18,012,058 10,943,184 Common stock ....y2,366,725 2,666,350
Good-will
1 Cap.sm.,incl. air.
1
Invest. In sub._. _ 500,000
500,000 arising from appraisal of prop__ 1,389,650 2,673,884
Inventories
2,224,627 2,854,057
Accounts payable_ 1,141,586 1,412,575
Adv. pay on ore
Accr. gen. tax &
contracts
7,375
177.187
61,690
expenses
Accts.& notes rec_ 720,855 1,125,481
95,073
Investments
1,216.689 2,959,626 Wages payable _
curr. Fed.
Accrued
Cash on time dep. 500,000
268,681
122,644
taxes
310,882
Cash In banks, &c _ 1,895,590
107,177
99,302
7,800,000 Pref. div. payable_
Call loans
738,821
714,697
931,818 Reserves
Patents
840,909
5,218,176 5,218,454
93,480 Surplus
Deferred charges
36,580
Paid-in surplus_ _ _ 9,070,730 8,131,000
499
Oct. 30 1929, and that sales to the building industry declined 28.6% from
the previous year, while new building in the United States declined approximately 42%.
"That the company's showing is substantially better than the building
industry as a whole is attributable largely to expenditures made in the
past few years for promotion and development of its products and new
uses for them, both in the domestic and foreign fields," he said.
"While it may be that 1931 will see a gradual improvement in business,
the present outlook for any immediate betterment is not promising. In
line with conditions, substantial economies have been effected in both
operating and production costs, yet at the same time we are continuing
an agressive policy so as to maintain and strengthen our position," said
Mr. Dahlberg.
-V. 132, p. 326.
Chartered Investors, Inc.
-Declares Initial Dividend
Liquidating Value of Common $15.18 a Share.
The directors have declared an initial dividend of 50c. a share on the common stock, payable Feb. 15 to holders of record Feb. 1.
The net worth of the company based on the market value of the securities
held at the close of the year is $7,681,016. This compares with the original
paid-in capital of$9,350,000 and net worth at the end of 1929 of $9,707.146.
On this basis, the liquidating value of the common stock at the close of the
year was $15.18 per share.
Earnings for Stated Periods.
Year Ended Jan. 14 '29
Dec.31 '30. to Dec.3129.
Period$445.484
$170,455
Dividends received
66,686
391,666
Interest earned
Total income
Interest allowed on pref. stock subscriptions
Expenses
Federal income taxes
$512,170
73,277
42,667
$562,121
84,660
63,893
79,805
Operating income
Profit from sale of securities
$396,232
355,562
$333,763
463.994
Totalincome
Previous surplus_
Adj.account of previous years'taxes.
$751,795
242,372
1,373
5797,757
$995,540
255,000
312,895
$797,757
148.750
x406,634
Totalsurplus
Preferred divs. paid or accrued
Transferred to investment account
x
Surplus Dec. 31
$242,372
$427,644
Earns, per sh. on 170,000 shs. com.stock (no par)_
$3.82
$2.92
x Consisting of trading profits earned, less Federal income tax applicable
thereto, and also in 1929 less organization expenses written off.
Balance Sheet as at Dec. 31.
1930.
1929.
1930.
1929.
Assets
Cash
$284,015 $403,761 Accounts payable_
$7.161
517,665
Cali loans
1.500,000 Interest payable__
354
a Invest.(at cost).10.272,901 8,204,440 Fed.income taxes_
42,667
79,805
Accrued int. reedy
11,333
9,879 Res.for invest_ ___ 719,528
406,634
Res. for dive. neer.
on pref.stock...
21,250
21,250
$5 pref.stock_ _c 5,100,000 5,100,000
Common stock__b 4,250,000 4,250,000
Tot.(each side).10.568.251 10,118,080 Surplus
427.644
242.372
a At Dec. 31 1930 the market value of the investments was $2,096,627
less than cost, after deducting the offsetting reserve of $719,528. b Represented by 170,000 no-par shares. Of the unissued shares, 34,000 are held
in reserve against option warrants outstanding. c Represented by 51,000
no-par shares at liquidation value
The report contains a list of the 101 securities held in the portfolio.
-V. 130, p. 803.
Chevy Chase Dairy, Washington, D. C.
-Sale.
See National Dairy Products Corp. above.
-V. 131, p. 3881.
Chris-Craft Corp., Algomac, Mich.-Ezport Sales.
-
Total export sales for the three-year period ended Dec. 31 1930, will
run slightly in excess of $1,000,000, it is announced.
According to the report just released by the United States Department
of Commerce for the years 1928 and 1929, Chris-Craft export sales amounted
to 45.13% of the total export sales of motor boats for the United States
during 1928. or $340,735 of a total export volume of $755,020 for the
entire industry.
In 1929, according to the same figures, the corporation's export sales
amounted to 38.13% or $450,770 of a total of $1,181,895.
Chris-Craft 1930 export sales amounted to $141,230, and while the
official figures of the entire industry have not been released, it is reported
that this volume is consistent with Chris-Craft's former percentages.
Chris-Craft sales were widely distributed in 24 different countries, with
-United Kingdom, Argentina, Chile and France being the larger customers.
Chris-Craft officials report that aside from a falling off in the early
25,954,675 27,518,529 part of 1930 of export sales in motor boats, this market offers great promise
Total
Total
25,954,675 27,518,529
for American manufacturers. Sales for the last six months of 1930 and
x After deducting reserve for depreciation and depletion of $1,509,695 business conditions in most
foreig , countries are sh ,vrIng great promise
y Represented by 262,635 shares of no par value.
-V. 131, p. 119.
Our usual comparative income statement for the year ended Sept. 30 of a speedy return to normal conditions.
1930 was published in V. 132. p. 317.
-Initial Dividend.
Canada-America Distributors, Ltd.
City Stores Co.
-Omits Common Dividend.
-
The directors have declared the regular quarterly dividend of 87Ii cents
per share on the class A stock, payable Feb. 2 to holders of record Jan. 20.
In order to conserve the resources of the company, however, the directors
omitted the dividend on the common stock, which in regular course would
have been payable Jan. 15 1931.
-New President.
Canada Cement Co., Ltd.
In a letter to the stockholders, Treasurer L. B. Keiffer states that this
I. D. Johnson has been elected President to succeed A. C. Tagge, who action should have the effect of strengthening the surplus account of the
will remain as a director. Mr. Johnson has been reappointed General company at the close of the fiscal year Jan. 31 1931, as compared with the
Manager, and H. L. Doble continues as Vice-President. Comptroller and close of the last fiscal year.
Secretary-Treasurer.
Mr. Keiffer points out that stores of the company do their largest volume
1929.
1928.
1930.
Years Ended Nov.30both from a quantity and profit standpoint in the last quarter, thus assur$5,187,495 $5,209,833 $4,673,774 ing a sizeable addition to earnings of $726,978 for the nine months ended
Profits from operation
2,038,717
1,598,874 Oct. 31 1930. "The consolidated net earnings for the first 9 months of
2,055,344
Provision for depreciation-----1.100,000
1,100,000 the year, together with the anticipated earnings for the final quarter, will
1,098.167
Bond interest
453,907
454,019
577,950 exceed the amount required to pay the dividends on the class A. stock and
Reserves
16,395
14,062
2.077 dividends at 50 cents per annum on the common shares," Mr.Rotifer added.
Preferred stock sinking fund
-V.131.P.3536.
IN
$1,566,014 $1,600,701 $1,394,874
Net income
1,364,870
1.365,000
1,363,733
Preferred dividends
The directors recently declared an initial distribution of 62 1-10 cents per
share on the Canada-America Trust Shares, payable Dec. 31 1930 to holders
of record Dec. 16 1930.-V. 131. P. 633.
-New Director.
Cluett, Peabody & Co., Inc.
$202,282
$29,874
lialance, surplus
$235.831
Earnings per share on 600,000 shares
$0.34
$0.39
$0.05
common stock (no par)
Balance Sheet Nov. 30.
1929.
1930.
1929.
1930.
AssetsPreference stock_ _20,980,600 20,998,000
Ld', bldgs., equip.
39,897,499 38,988,476 Common stock and
&c
2,411,164 1,892,793 surplus
x6,871,892 6.669,610
Inventories
Accts.receivable 1,087,579 1,053,026 1st mtge. sinking
42.723 fund bonds
60,794
19,600,000 20,000,000
Depos.on tenders_
Accts. payable__ 1.326,697 1,130,515
Deps. under Work
74,937 Bond Int. accr.
75,441
Competes. Coin.
unpres. coupons 113,486
120,586
Govt. bonds and
198.704 Purch.money oblig 1,200,000 1,500,000
other securities. 198,204
500,000 1,000,000 Pref.stk. red.acct.
2.000
19,500
Call loans
1,206,670 1,233,885 Pref. dividend_ ___ 340,925
341,209
Cash
112,659 Reserves
87.094
882,301
1,169,228
Def. chges. to over
6,097,784 7,047,016
Investments
51,622,229 51,644,222
Total
51,622,229 51,644,222
Total
-V.131. p. 4220.
x Represented by 600.000 shares no par.
-Sales Decline-Outlook.
Co.
g Celotex to the stockholders President Bror- Dahlberg pointed out
G.
letter
In a
that total net sales during the fiscal year ended Oct. 31 1930 a $8,557.634
epresented a decline of 17% from the $10,317,640 during the year ended
r
Sidney J. Weinberg, of Goldman,Sachs Sr Co., has been elected a director.
-V. 131, p. 3374.
-Smaller Dividend.
Cockshutt Plow Co., Ltd.
The directors have declared a quarterly dividend of 15 cents Per share
on the common stock, payable Feb. 1 to holders of record Jan. 20. Previously the company paid quarterly dividends of 37M cents per share on
this issue.
12Mos.End. 11 Mos.End.12Mos.End.
Nov.30'30. Nov.30'29. Dec. 31 '28.
Earnings for$875.859
$827,451
Operating profit, after depreciation__ $327,800
142,043
Surp.from sale of Adams Wagon CoTotal income
Provision for taxes, &c
Conversion payments
Provision for doubtful accounts-
$327,800 $1,017,902
10,554
68.247
Net income
Dividends
Transferred to merchandise reserve
$167,246
432.900
$949.655
324,675
100,000
$126,015
216.450
def$265,654
1,004,898
$524.980
479,917
def$90,434
570,352
Balance
Brought forward
$827,451
54,936
x646,500
150,000
Profit and loss surplus
$739,244 $1,004,898
$479,917
xPreference stock conversion payment under plan of capital arrangements.
500
[You 132.
FINANCIAL CHRONICLE
Balance Sheet Nov. 30.
1929.
1930.
1930.
1929.
Assets$
$
Liabilities$
Cash
622,198
375,344
21,077
112,223 Accts. payable
Accts. receivable 3,885,835 2,859,111 Bank loans
1,071,771
Inventories
3,840,491 4,164,058 Unclaimed diva. &
28,624
Prepaid expenses
24,187
29,619
26,509
dive. payable_ __
Securities
80,800
20,000
50,200 Prov.for taxes_
Inv.in MM.cos_ _ _ 660,627
773,267 Common stock_ _x11,465,000 11,465,000
Fixed assets
2,500,000 2,500,000
7,757,896 7,716,150 Reserves
Profit & loss acTot.(each side)_16,195,546 15,701,521
739,244 1,004,898
count
x Represented by 288,600 no par shares.
-V. 130, 2214.
Copeland Products, Inc.(& Subs.).
-Earnings.
Period Ended Oct. 3112 os.'30. 10Mos. .
Net sales
$4,209,189 $3,044,394
Cost of goods sold
2,756,445 2,009,715
Selling, general and administrative, advertising,
engineering, service and purchasing expenses-- 1,196,593
718,071
Other deductions
149,112
107,602
Net profit
$107,039
$209,007
Earns per sh. on 101,991 shs. cl. A stk. (no par)....
$1.05
32.05
Condensed Consolidated Balance Sheet Oct. 31.
Assets1930.
1930.
1929.
1929.
Cash
8119,526
$46,414 Notes payable.
$255,817
Notes & sects
372,836 Accounts payable.
Colonial Bond & Share Corp.
- Inventories rec_ a516,810 329,888 Accrued expenses_ 271,387 123,051
-Defers Pref. Dividend.
443,618
9,694
17,788
The directors have voted to defer the quarterly dividend of 3734 cents
Reserve for continper share due Feb. 1 1931 in the 6% cumulative preferred stock, par $25. Realestate notused b58,745
In business
gencies
61,065
10,000
30,000
The last distribution on this issue was made on Nov. 1 1930.
Officers and emLand contract payThe last quarterly dividend of 1234 cents per share on the class A and
22,572
23,694 able
112,599
ployees' accts._
120,000
Class B common stocks was paid on Aug. 1 1930.-V. 129, p. 966.
Capital stock
e1,045,017
Sundry notes and
937,978
accounts, &c _ _ _
37,602
Commonwealth Casualty Co., PhIla.-Recapitalization. Impts to leased
At the special meeting held on Jan. 8, the stockholders approved the
prop & deposits
plan for changing the capital structure of the company. Under the plan,
7,834
on leases
8,928
the capital stock is reduced to $750,000 from $1,500,000 by dimlolghing Land
28,927
28,927
the par value of the stock to $5 from $10 a share, and all sums in excess Buildings, mach'y
of $750,000 are transferred from capital account to surplus account. The
325,419
and equipment_ c399,031
capital stock is then to be increased to $1,250,000 (250,000 shares of $5 Patterns, dies, Jigs,
par value) from $750,000, and 100,000 shares of the new stock are offered
&e•
d40,120
to stockholders of record Jan. 12, in the ratio of two new shares for each Deferred charges
29,726
31,645
three old shares held, at $10 a share. Payments for the new stock are
arranged in two installments of $5 each, due on or before Jan. 30 and
$1,704.512 $1,228,817
Total
Total
81,704,512 $1,228,817
Feb. 27, respectively.
-V. 131, p. 4059.
a After deducting $35,295 allowance for doubtful accounts. b After
deducting $52,533 for land contract payable. c After allowance for depre-Initial Dividend.
Confederation Investments, Ltd.
The directors have declared an Initial quarterly dividend of 75 cents ciation of $80,584. d After allowance for depreciation of $36,537. e Repper share on the pref. stock, payable Feb. 1 to holders of record Jan. 15. resented by 101,991 class A shares and 234,980 class B shares, both of no
par value.
-V.130, p. 4057.
-V.132, p.318.
Cutler-Hammer, Inc.
-Net Shipments.
Consolidated Retail Stores, Inc.
-Sales Decrease.
1930
-December--1929,
- $2,010,181
$2,256,723
-V.131, p. 4059. 3211.
Decreased 1930-12 Mos.-1929.
5246,5421521,789,362 522,130,768
1930-12 Mos.-1929.
Period End.Dec.31- 1930-3 Mos.-1929.
Decrease. Net shipments
51,936,879 53,171,653 59.342,000 512,370.000
8341,405 -V.131, p. 2385.
Constitution Indemnity Co., Phila.-New Director.
-
George D.Lewis has been elected to the board of directors to fill an existing vacancy. Otho E. Lane, Harry W. Butterworth, Harrison I. Potts
and William A.Law were re-elected directors.
-V.131, p.2702.
Continental Can Co., Inc.
-Status-Earnings, &c.
-
An authorized statement says:
As of Dec. 31 last, the corporation had over $13,000,000 cash and no
bank loans or debts other than current bills. This compares with cash
of $16.025.668 at the beginning of 1930. out of which $5,117,125 was
used during the year to retire all preferred stock outstanding. In addition,
during the year 1930 approximately $5,000,000 was expended on improvements to plants and equipment and in excess of $4,300,000 was paid out
as dividends on the common stock.
Net common share earnings for 1930 were approximately the same as
those for 1929, possibly showing a slight increase, although larger amounts
have been charged off for depreciation. In 1929, net earnings after all
charges and Federal tax were equivalent to $5.02 a common share then
outstanding.
According to President 0.C. Huffman: "The stability of the can making
industry is a direct reflection of the necessary and increasingly important
part played by canned goods in modern life. With the constantly increasing consumption of canned.foods, the industry is not seriously affected by
many of the factors affecting other industries."
-V.131, p.3211.
Continental Motors Corp.
-Annual Report.
In his remarks to stockholders for the year ended Oct. 31 1930, President
W. R. Angell says in part:
From the point of view ofincome,the year has proved to be disappointing.
Judged by the present financial condition of the company and the results
accomplished along the lines of reorganization, changes insuring greater
efficiency and strengthened cash position, it is relatively satisfactory.
The loss from operations was very heavy. The primary cause of this
was the slump in business generally.. Company's sales fell off more than
than 50% as compared with those of the previous year. Business was bad
enough during the first six months, but in the last six months volume
further declined. As a matter of fact, sales for the second half of the year
were 37% less than those of the first half. Due to this, necessarily the losses
for the last six months of the fiscal year were greater than they were for
the first six, notwithstanding the rigid economies that were effected.
A secondary cause contributing to the loss was the necessity for carrying
out the commitments made by the previous management. A further cause
was the change in the accounting policies put into effect during the fiscal
year, whereby allowances for depreciation have been increased materially
and numerous expense items, heretofore deferred as charges against future
operations, are now charged against current operations. Depreciation
alone, all of which has been charged against operations for the year, aggregated $1,022,399, or 50% of the net loss.
The surplus account for the year shows a reduction of $7,416,844 from
that disclosed in the annual report at Oct. 311929.
Notwithstanding all the adverse influences that have beset business in
general and the automotive trade in particular, during the pastyear the
company's cash position has been strengthened materially. As of Oct. 31
1930 the company had in cash and the equivalent of cash $3,276,824, as
against current liabilities of$597,564. Total current assets were 17,028,757,
making the ratio of current assets to current liabilities 11.76 to 1.
Balance Sheet Oct. 31.
1930.
1929.
1930.
1929.
$
Liabilities
Assetsproperty account 012,586,821 16,003,557 Common stock_ _d23,459,645 23,459,645
Res.for condosA°
Patents, good-will,
93,892
trade name, &c- 5,908,316 5,908,316 Accounts payable_ 451,631
846,773
207,335
279,131 Accrued payrolls,
Investments
1,979,892 2,692,711
&c
145,933
Cash
423,098
93,466 Federal tax reserve
Notes receivable_
22,960
751,207 Royalties paid in
Marketable seem% 1,296,931
advance
3,244
Accts. receivable _ b701,612 1,723,736
39,764 Surplus
2,259,523 9,676,367
Accrued int. reel&
c3 050 320 5.794.382
Inventories
Tot.(each side) 26,410.625 34,432,087
679.395 1.145,815
Deterred charges
a After deducting $10,100,670 for depreciation and accruing
renewals,
b After deducting reserve for bad and doubtful balances of $124,371.
C Valued at cost or market, whichever is lower. d Represented by 2,113,000 shares of no-par value.
Our usual comparative statement for the year ended Oct. 31 1930 was
published in V. 132, p. 318.
-Board of Directors.
Cook Paint & Varnish Co.
N. N. Dalton, Vice-President of the Colgate-Palmolive-Peet Co., has
just accepted an invitation to become a member of the Cook board, filling
the vacancy caused by the recent death of P. G. Walton. Prescott,
Judge
Other members of the board of directors are: John A.
M. Cook, L. H.
H. L. McCune, H. P. Wright, George S. Hovey, R. -V.
131.1).2384.
Phister, D.W.Jones, R.B.Caldwell and Charles R.Cook.
-Renews Radio Tube Fight.
De Forest Radio Co. of N. J.
The long-contested case of the De Forest Radio Co. of New Jersey
and the General Electric Co. of Schenectady concerning the validity of
the so-called "Langmuir high-vacuum" patent again gained the attention of
the radio industry Jan. 9 when it became known that counsel for the
De Forest concern had filed a petition for a writ of certiorari in the United
States Supreme Court to review the case. If the Supreme Court entertains the petition it will render a final decision as to the rightful ownership of the idea behind the modern radio tube, of which many millions
are now made and used yearly.
The United States Circuit Court of Appeals at Philadelphia recently
upheld the Langmuir contentions.
The high-vacuum patent No. 1,558,436, was granted on Oct. 20 1925,
on application filed on Oct. 16 1913. The De Forest three-electrode tube
patent (No. 879,532) was issued in 1908 and expired Feb. 18 1925. Four
judges have at various times decided adversely to the Langmuir patent
(in favor of De Forest): one has adhered to the opinion that the Langmuir
patent is valid, and another judge has decided once against and once for
its validity. The Schenectady concern has licensed the Radio Corp. of
America, Westinghouse, the American Telephone & Telegraph Co. and
others to make use of the Langmuir patent.
The radio industry believes that if the Langmuir claims are upheld in
the high court it will pave the way for a virtual monopoly in this country
-(New York "Times.").
on tube-making for radio and other purposes.
V. 131, p. 3212.
De Havilland Aircraft Co., Canada, Ltd.
-Earnings.
Years Ended Sept. 30Net profit after depreciation
Discount on shares
Organization expenses
Income 'ax reserve
$8,920
21,000
6.250
$70,567
10,500
Surplus for year
Previous surplus
Adjustments
def$18,330
60,067
3,238
$60,067
Total surplus
$44.975
$60.067
Balance Sheet Sept. 30 1930.
Liabilities
Assets
$285 Accounts payable
$55,976
Cash on hand
35,248 Accrued charges
3,073
Cash in bank
50,000 Mortgages payable
20,200
Call loan
057,795 Reserve for Dominion income tax 1,600
Accounts receivable
3,385 Preferred stock
300,000
Collector of customs
162,369 Common stock
Stock on hand
e32,839
Land
29,000 Surplus
44,976
b85,823
Buildings
Plant & equipment
c20,202
Roadways & improvements
d12,269
Deferred charges
2,286
Manufacturing rights
1
Total (each side)
$458,665
a After reserve for doubtful accounts of $1,500. b After reserve for
depreciation of $4644. c After reserve for depreciation of $4,371. d After
reserve for depreciation of $6,429. e Represented by 25,000 shares class A
stock and 5,000 shares class B stock, both of no par value.
-V.128, p.4010.
Delgado Cotton Mills, Wilmington, N. C.
-Sale.
See Seaboard Public Service Co. under "Public Utilities" above.
-V.131,
p.1571.
Detroit Bankers Co.
-New Vice-President.
-
D. Dwight Douglas has resigned as President of the First National
Bank in Detroit to become Vice-President of the Detroit Bankers Co.
V. 131, p. 3212.
Discount Corp. of New York -Earnings.Earnings for Year Ended Dec. 31 1930.
Net profits for year
Dividends paid
Balance surplus
Previous undivided profits
Transferred to surplus account
-Sales Increase.
Crown Drug Stores, Inc.
Increase.
Increase.1 1930-12 Mos.-1929.
$3,367,841 $3.484,152
5267,044156,851,993
1,600
1929.
$85,238
7,500
298
6,873
Surp'us for year
Preferred dividend
Common dividend
Undivided profits Dec. 31
Balance Shee
AssetsAcceptances
8175,673,715
U S bonds, trees note(' &
ctfs of indebtedness
-Changes Div. Rate.
94,598,800
(W. B.) Coon Co., Rochester, N. Y.
The directors have declared a quarterly dividend of 40 cents Per share Dep with N Y State Banking Dept
985
1% in stock on the common stock, payable Feb. 1 to holders Prem on U S bonds,Tress
In cash and
1930, the comof record Jan. 14. From Nov. 1 1928 to and incl. Nov. 1 on this issue.
notes & et's of indebted__
934,431
pany paid quarterly dividends of 70 cents per share in cash
Interest receivable accrued_
290,019
V. 128, p. 408.
Int & exps paid in adv.54,113
Cash
2,835,007
-Liquidating Dividend.
Cornell Mills, Fall River.
dividend of $1 per share
The directors recently declared a liquidating
which was paid on Dec. 23 1930.-V. 130, p. 805.
1930
-December 1929.
$615,390
$348.346
-V.131. p. 4059, 3374.
1930.
$18,020
7,500
Total (each side)
-V.132. 13• 319.
$1,290,695
550,000
$740,685
1,018,860
Dr1,000,000
$759,545
Dec. 311930.
Liabilities
$5,000,000
Capital stock
4,000,000
Surplus
759,545
Undivided profits
199,563
Unearned discount
184,577
Reserves
31,025,000
Loans payable
U S Govt dep account... 11,466,000
125,805
Due to banks & customers175,000
Dive payable Jan 2 1931.Re-porch agreements on
13,477,050
acceptances sold
Accept re-disct & sold
129,124,529
with endorsement
U S Govt secs bought
under re-sale & sold under
$274,387,070 re-purch agreements.... 78,850,000
JAN. 17 1931.]
FINANCIAL CHRONICLE
501
-year
Co., and will receive, in settlement of dividend arrears, $300 of 10
% sinking fund gold debentures of the operating company for each 100
shares of pref. stock held. Holders of General Baking Corp. common
stock will receive for each 100 shares, 3 shares of new common stock of the
operating company.
Dolphin Paint & Varnish Co.
-Smaller Dividend.
Consummation of the plan would be accomplished without any increase
The directors have declared a quarterly dividend of 25 cents per share
stock or debenture
on the $2 cum. class A common stock, no par value, payable Feb. 1 to hold- in the operating company s pref.Exchange. The bonds, both of which are
Hated on the New York Stock
committee Plans to ePPIY
L
ers of record Jan. 15. Previously the company paid quarterly dividends
for listing the new common stock of the operating company on the New York
of 50 cents per share on this issue.
-V. 128, p. 1061.
Stock Exchange.
Upon consummation of the plan it is proposed to inaugurate quarterly
Dominion Bridge Co., Ltd. New Director, &c.- dividends on the new common stock of the operating company at the annual
Expansion.
rate of $2 a share. The committee hopes to consummate the plan promptly
C. H. Carlisle of Toronto has been elected a director to fill one of the so that the initial dividend may be paid on April 1 1931. With a proposed
two vacancies on the board that have developed during the past year dividend rate of $2 per share on the new common stock, holders of the $8
through the death of F. L. Wanklyn, Vice-President, and the resignation pref. stock would receive dividends equivalent to the present return of $3
of James Stewart. Julian C. Smith has been appointed Vice-President per share on their present holdings.
and S. W. Campbell Vice-President and Western manager. Other officers
Important stockholders of General Baking Corp. have felt for some time
and directors have been re-elected.
that the original purpose of the corporation as a holding company having
President G. H. Duggan announced that this company has allied itself been abandoned, there is no longer any reason for continuing to maintain
with several foreign companies to produce in Canada products formerly both the holding corporation and operating company.
imported. The Dominion Hoist & Shovel Co. has been incorporated under
The existence of the holding corporation has, by reason of its unsatisfaca Federal charter to manufacture in Canada construction and industrial tory capitalization, become a handicap both to the operating company and
machinery. This company was formed jointly by the Dominion Bridge, to the corporation stockholders. During 1930 the dividend rate on the holdits subsidiary, the Dominion Engineering Co., and the American Hoist & ing company pref. stock was reduced from $6 to $3 per year, and the comDerrick Co.
mittee points out that unless dividends are continued at this reduced rate,
The Hume Pipe Co. (Canada), Ltd.. also has been formed as the result General Baking Co. will be unable to finance from earnings the requireof an agreement between the Dominion Bridge Co. and Steel Pipe & Lining ments of the normal growth of its business.
Co. (Hume's), Ltd. This company will have exclusive license for the use
The capitalization of General Baking Co. upon consummation of the plan
of the Hume patents and processes in Canada. Hume's is an Australian will consist of $7,000,000 10-year 531% sinking fund gold debentures,90,775
company with more than 200 branches.
shares of $8 cumul. pref. stock and 1,594.803 shares of common stock.
Mr. Duggan pointed out that under the "Canada first" policy of the Earnings of the company after all charges, giving effect to the proposed plan
present Government a large proportion of machinery previously imported of capital readjustment would be as follows:
will be made in the Dominion, and the initial two agreements are the first
Avg.Annual
under the company's policy of allying itself with leading British and
.
Yr. Ended Earns.for the
United States firms.
Dec 27 6 Yrs. End.
At the end of the 1930 fiscal year Dominion Bridge stockholders totaled
1930.x Dec.27 1930x
4,115 against 2,682 on Oct. 31 1929 and 67 when the present company was Net earnings
$5.100,000 $6,733,000
Incorporated in 1912.-V. 132, p. 135.
726,200
726,200
Dividend requirements on $8 pref.stock
Diamond Match Co. (Ill.).
-To Dissolve.
-
The stockholders on Jan. 13 approved a proposal to dissolve this company.
-V. 132. P. 135.
(R. G.) Dun Corp., New York.
-Registrar.
The Central Hanover Bank & Trust Co. has been appointed registrar
for 500.000 shares of common stock.
The company was recently organized in Delaware as a holding company
for R. G. Dun Co. and National Credit Office Co.
Durant Motors of Canada, Ltd.
-Control.The company is now owned, controlled and operated by Canadians, It
was announced on Jan. 14 by Roy D. Kerby, President and General
Manager. Mr. Kerby said it was not the intention now to make any
change in management or in the participating contract, under which the
company had operated for ten years.
-V.130. p. 2973.
Eastern Steel Co.
-Receiver To Sell Property.
Arrangements have been made to sell the property of the company,
now in receivership, it was announced Jan. 10 by Roland S. Morris.
Mr. Morris has been appointed master by the United States District
Court.
-V.131, p.4060.
Elgin National Watch Co.
-Smaller Dividend.
-
The directors have declared a quarterly dividend of
% on the capital
stock, Par $25, payable Feb. 1 to holders of record Jan. 15. On Nov 1
last a quarterly distribution of 2% was made. Previously the company
paid quarterly dividends of 2%. V. 131, p. 4221.
-
Empire Title & Guarantee Co.
-Extra Dividend
Estimated Earnings.
The directors have authorized an extra dividend of $1 per share on
the capital stock payable, together with the regular quarterly dividend
of $1 per share, on Feb. 2 1931 to holders of record Jan. 21 1931.
Figures for 1930 indicate that estimated profits, after provision for
taxes and substantial reserves, will exceed $12 per share as compared
with $10.60 in 1929.
Donald C. Foster, general manager, states that all lines of the company's business have shown steady and consistent increases during 1930,
that the sale of guaranteed mortgages in December exceeded $1.000,000
and that total sales for 1930 were more than double those of 1929.
"In spite of depressed conditions generally, the company has substantially increased its business during 1930," Judge Edward A. Richards,
President, stated, "can well afford. to pay the extra dividend, and has
added substantially to its surplus."
The annual meeting of stockholders will be held on Jan. 28 1931.V. 131, p. 2542.
Federal Knitting Mills Co.
-Extra Dividend.
The directors have declared an extra dividend of 1231c. a share and the
regular quarterly dividend of 6231c. a share on the common stock, payable
Feb. 1 to holders of record Jan. 15. Like amounts were paid on Aug. 1
and Nov. 1 1929 and on Feb., May, Aug. and Nov. 1 last.
The directors also declared a further extra dividend of 1231c. a share and
the regular quarterly dividend of 62%c. a share, on this same issue, both
payable May 1 to holders of record April 15.-V. 131, p. 2542.
Financial Institutions, Inc.
-2% Stock Dividend.
The directors have declared the regular quarterly dividend of $1.50 per
share on the preferred, a semi-annual dividend of 25 cents per share in
cash and a special 2% dividend in common stock on the common stock,
all payable Feb. 1 to holders of record Jan. 15.-V. 129. p. 135.
Fire Association of Philadelphia.
-Changes Ratified.
-
At the special Meetings, the Fire Association, Victory Insurance Co..
Reliance Insurance Co. and Constitution Indemnity Co. stockholders
approved changes in the charters of the companies, bringing about a closer
harmony between the written charter and insurance code of Pennsylvania.
It was explained that charter changes made on Jan. 9 give to the companies
no powers which they did not already possess, and take away none of the
existing powers. The Victory Insurance and Reliance Insurance are
affiliated with Fire Association through management, while the Constitution
Indemnity Co. is controlled by stock ownership.
To cure a defect in the notice given to the stockholders of Fire Association
relating to the 1928 stock increase of that company to $10,000,000 from
$3,000,000, the action taken at that time was corrected by the required
60 days' notice to stockholders, and the increase was ratified on Jan. 9 1931.
James G. Maconachy,Livingston E.Jones and John Gribbe!, whose terms
as directors of Fire Association, Victory and Reliance had expired, were
re-elected by the stockholders.
-V. 131. P. 4060.
Fisk Rubber Co.
-Deposits Asked.
Immediate deposit of five-year 534 sinidng fund gold notes is requested
by the protective committe headed by Theodore G.Smith.
-V.132, p.319.
Freeport Texas Co.
-December Sulphur Output.-
A published statement, believed by the "Chronicle" to 13e substantially
correct, says:
Sulphur production in December by this company amounted to over
80,000 tons, one of the largest monthly productions in its history.
V. 131, p. 3537.
-To Exchange Common Stock and
General Baking Co.
Debentures for Shares of Holding Corporation.
-V. 131, p. 279.
See General Baking Corp. below.
-To Dissolve-Stock To Be ExGeneral Baking Corp.
changed for New Common Shares of Operating Company.
-
Balance for common
$4,373,800 $6,006,800
Equivalent per share earnings on 1,594.803 shares
$2.74
of new common stock
$3.75
x Last 5 weeks of 1930 fiscal year estimated.
The directors of General Baking Corp. have unanimously approved the
plan and recommend that all stockholders assent by depositing their stock
with Bankers Trust Co.. 16 Wall St., N.Y.City, on or before Jan. 31 1931.
In addition to its Chairman,B.A.Tompkins (President of Bankers Co.of
New York), the capital readjustment committee is composed of the following: G. E. Rand (President of The Marine Trust Co. of Buffalo), C. H.
Diefendorf (Vice-President of The Marine Trust 00. of Buffalo), R. V.V.
Miller (of White, Weld & Co.. New York), E. H.B. Watson (of New York)
and F. H.Frazier (Chairman of the General Baking Corp.. New York)
131, p. 3214.
General Capital Corp.
-Liquidating Value.
The corporation on Dec.31 had a liquidating value of$43.93 a share. On
that date it had cash and bonds of $1,200,000, of which bonds accounted
for approximately $200,000. It also held 29,432 shares of the outstanding
200,000 shares of its own stock.
-V. 131, p. 2543.
General Electric Co.
-No. of Stockholders Increases.
The number of stockholders increased 56,376 during the period December
1929 to December 1930. At present the total is 116,750, the largest in
the company's history.
Most of these are holders of common stock, of which there were 107.150
on record Dec. 19 last. Of this number, a certain proportion also own
special stock and in addition 9.600 individuals own special stock only.
The increase in stockholders has been accompanied by a further spread
In the geographical distribution.
As of Dec. 31 1929 the total number of stockholders was 60,374, of which
49,882 were common holders, while the number holding special stock only
on that date was 10,492.-V. 132. p. 320.
General Laundry Machinery Corp.
-Receivership.
Normal C. Ellis of Troy, N. Y., and Harry A. Furman of Schenectady,
N. Y., have been appointed equity receivers by Federal Judge Frank
-V. 130, p. 4615, 4425.
Cooper at Utica, N. Y.
-Sales for December.
General Motors Corp.
In December, General Motors sold 68,252 cars to dealers in the United
States compared to 36,482 cars in December 1929, it was announced Jan.
15. During the same month, General Motors dealers sold 57,989 cars to
consumers in the United States compared to 44,216 cars in December 1929.
The total December sales to dealers, including Canadian sales and Overseas shipments, were 80,008 compared to 40,222 in December 1929. These
Increases are largely due to the introduction of new Chevrolet models in
November instead of in January as in previous years.
For the year 1930, General Motors total sales at home and abroad, were
1,174,115 units, compared to 1,899,267 units in 1929.
Last year the corporation sold 1,035.660 cars to dealers, while General
Motors dealers sold 1,057,710 cars to consumers. This compares with the
sale of 1,535,852 cars to dealers and 1,498,792 cars to consumers for the
year 1929. Whereas the corporation sold 37,060 more cars to dealers in
1929 than dealers sold to consumers, the dealers last year sold 22,050 more
cars to consumers than they bought from the corporation.
The following table shows sales to consumers of General Motors cars in
Continental United States, sales by the manufacturing divisions of General
Motors to their dealers in Continental United States, and total sales to
dealers, including Canadian sales and overseas shipments:
Total Sales to Dealers,
United Slates
Incl. Canadian Sales
-Sales to Consumers
-Sales to Dealers-. & OverseasShipments.
930
January_ _ _
74.167
73,689
94,458
95,441 106,509 127.680
February-88,742 110,148 110,904 141,222 126,196 175,148
March_ -_- 123,781 166,942 118,081 176,510 135,930 220.391
April
142,004 173.201 132,365 176,634 150,661 227,718
May
• 131,817 169,034 136,169 175,873 147,483 220,277
June
97,318 154,437
97,440 200.754
87,595 163,704
July
80,147 147,079
70,716 157,111
79,976 189,428
August_ __ _
86.426 151.722
85,610 168.185
76,140 147,351
September,
75,805 124,723
69,901
78,792 146.483
127,220
October
28,253 122,104
57,757 114,408
22,924
98,559
November_
57.257
41,757
68,893
48,155
39,745
60,977
December80,008
57.989
44,216
68,252
36,482
40,222
Total_ _ _ 1,057,710 1.498,792 1 035,660 1,535,852 1,174,115 1.899,267
Note.
-Unit sales of Chevrolet, Pontiac, Oldsmobile, Marquette, Oakland, Viking, Buick, LaSalle and Cadillac passenger and commercial cars
are included in the above figures.
Activities of Northeast Appliance and Delco-Light Consolidated.The Northeast Appliance Corp. and the Delco-Light Co., both subsidiaries of the General Motors Corp., have consolidated their activities
under the name of Delco Appliance Corp. E. A. Halblelb, President and
General Manager of both of the former units, is President of the new
corporation. Products which are manufactured and distributed by the
Delco Appliance Corp. are Delco-Light products, including Delco-Light
individual electric plants. Delco electric water systems, and Delcogas
individual gas units; North East products, including small motors, speedometers, automobile heaters, starting, lighting and ignition systems, and a
new line of products, under process of development.
Dissolution of this corporation after the exchange of its common and preferred stock for common stock of General Baking Co., the operating unit, is
Review of Decision Denied.
proposed in a plan of capital readjustment which has been sent to stockholders of the former corporation by a committee of which B. A. Tompkins of
The corporation has been denied a review by the United States Supreme
Co. is Chairman. This committee was appointed and Court of a lower court decision in the suit Imought by the
the Bankers Trust
Sw8,1111 Carthe plan drawn up at the request of holders of substantial amounts of the buretor Co. to recover royalties alleged to be due under a license
agreement
holding company's stock and of the boards of directors of the two companies. to manufacture and sell automobile manifolds. General
Motors denied
Holders of $6 pref. stock of General Baking Corp. will be entitled to re- that during period complained of, it had manufactured or sold
manifolds
ceive for each 100shares, 150 shares of new common stock of General Baking of type covered by agreement.
-V. 132, p. 320. 137.
502
FINANCIAL CHRONICLE
[VOL. 132.
Warren, President, reports that) earnings' for the company's,' fiscal2year
-Regular Dividend-Earnings.
General Parts Corp.
excess of dividend requirements. Business for
The directors have declared the regular quarterly dividend of 30 cents per ending Jan. 31 will be in less than for the preceding year, but the volume
the past year was slightly
to holders of record Jan. 20.
Share on the pref. stock, payable Feb. 2
of business for the coming year is expected to show a considerable increase
Net profit for the year ended Dec.31 1930 is estimated at around 3140,700
new contracts for largo-volume printing are about to be
after all charges and taxes, equal to about $3 a share on 47,900 shares of since several
-V. 131, . 1264.
closed, Mr. Warren said.
.preference stock. This would compare with the 1929 net profit of $71,581
-V.131, p.3884.
0r4
31.43 a share on 50,000 shares of preference stock.
Hammond Clock Co.
-Earnings.
1.4 For income statement for 3 and 9 months ended Dec. 31 1930,see "Earn--Acquisition.
General Refractories Co.
-V.132, p. 138.
t' The company has acquired the Kier Fire Brick Co.'s plants at Layton ings Department" onZa preceding page.
and Salina, Pa. 13oth plants now are operating part time, but will ho
Home Fire Security 'Corp.
-Complaint Against Insurance
in full operation. Eighty men will be employed at Layton and
m,
han 300 at Salina.
-V. 131, p. 3050.
Company Denied.
President Wilfred Kurth when asked to comment upon the reports
-Sales Increase.General Shares Corp.
appearing In the press of the suit instituted by Kidder, Peabody & Co.
8..leS of Leaders of Industry Shares for December were 68% in excess of against the Home Insurance Co. and some 12 other defendants, stated
November sales, the fourth successive month to show a gain over each pre- that in his opinion"undue importance had been given the matter because the
ceding month,according to August Gatzert, President of the General Shares plaintiffs had seen fit to name the Home Insurance Co. as a defendant. The
Corp., sponsor and national wholesale distributor of these shares. Despite matter in litigation did not concern the Home Insurance Co. The claim is
the comparative dullness of the stock market and the general lack of stimu- really against the Home Fire Security Corp. although some 12 others are
lating business reports, sales during the past two weeks have been particu- joined as defendants. The claim is denied by the Home Fire Security
larly encouraging for an optimistic outlook for 1931, he added-V. 131. P. Corp. and will be contested to the limit. Messrs. Williamson & Baylis
3376.
and Messrs. Shearman & Sterling have been retained as counsel for that
purpose."
-V.-130, P. 2976, 2782.
-New Name, &c.
General Shares, Inc.
Corp. of New York below.
See Insuranshares
Home Insurance Co.-Ba!ance Sheet Dec. 31 1930.
,
al" AssetsLiablaties-Suit.
Graham-Paige Motors Corp.
$24,000,000
$7,700,856 Cash capital
Cash
..The Chrysler Corp. and Graham Brothers, one of its subsidiaries, filed Government bonds
8,823,380 Reserve for unearned prams. 40,721,992
suit Jan. 13 in Detroit against the Graham-Paige Motors Corp. and Ray State & province bonds
6,750,960
3,693,080 Reserve for losses
A. Graham, Joseph B. Graham and Robert C. Graham to enjoin them County & municipal bonds_ 13,453,122 Reserve for unpaid reiruturperpetually from the use of the Graham name in the manufacture and Railroad bonds
981,268
once premiums
12,004,750
and to enjoin them for a period of five years sub- Industrial & other bonds._
sale of trucks and buses
1,750,000
7,674,460 Reserve for taxes
sequent to April 30 1926 from the manufacture and sale of any trucks Railroad stocks
21,647,200 Reserve for miscellaneous acand buses in competition with the Graham Brothers division of Chrysler Bank & trust company stics_
200,000
1,562,470
counts due & unpaid
Industrial & other stocks_ _ _ 27,891,064 Reserve for contingencies &
he Court is asked to require the three Grahams and the Graham-Paige Prems. uncoil., in course of
5,000,000
dividends
Corp. to make an accounting and payment for profits derived
Motors
37,491,906
Net surplus
transmission er in hands of
since December 1929 from the manufacture and sale of trucks and buses
10,715,960
agents
using the Graham name.
655,715
Accrued interest
by the Grahams and Graham-Paige of Other admitted assets
The complaint alleges violation
8116,896,125
Total (each side)
1,013,168
an agreement between the Grahams and Dodge Brothers, Inc., growing out
Note -Securities at actual market values, Dec.31 1930.-V. 130, p.4251.
of the sale of Graham Brothers, a corporation, to Dodge Brothers, Inc., on
agreed
April 30 1926. In connecting with this sale the three Grahams
-New Directors.
Home Title Insurance Co.
not to engage in the manufacture or sale of trucks or buses in competition
Charles E. Warren and Marinus Willett have been elected directors,
with Graham Brothers for five years subsequent to the sale and to refrain
-V.132. p.321.
succeeding William S.Irish and the late Griswold I. Keeney.
forever from using the Graham name in the manufacture and sale of such
products.
-Earnings.
Incorporated Investors.
Dodge Brothers, Inc.,
The bill of complaint says that on Oct. 2 1925
For income statement for three months ended Dec.31 1931 see"Earnings
paid the Grahams $33,000,000 for 51% of the common stock of Graham
Brothers. The Grahams and Dodge Brothers, Inc., entered into an option Department" on a preceding page. in part:
George Putnam, President, says
agreement covering the remaining 49% of the common stock. Dodge
"In times such as we have been through in the last quarter when securities
Brothers, Inc., paid $3,000.000 for this option and agreed to pay a total of
balance sheet such as
was exercised on April 30 prices have been falling almost daily, a coat is very misleading.we used to
510.000,000 for the optioned stock. This option
We have,
submit to you with the assets carried at
1926. Dodge Brothers, Inc.. was acquired by Chrysler in 1928.
therefore, decided to adopt a policy long followed by our manufacturing
President Denies Violation of Agreement with Chrysler Corp. friends and to carry our portfolio on a basis of cost or market whichever is
the lower. Under this sound conservative policy our portfolio is worth more
.7. B. Graham, President. says:
"The filing of the suit by the Chrysler Corp. against Graham-Paige, than the figure at which we carry it on the balance sheet. A hidden profit
entirely welcome to us. Everyone may be sure that is always pleasanter to contemplate than the possibility of a hidden loss.'•
while unexpected, is
neither the Graham-Paige nor Ray A. Graham, Robert C. Graham nor
Balance Sheet Dec. 31.
myself, has violated any rights of the Chrysler Corp. or any other com1930
1929
1929
1930
petitor, and they may feel equally certain that the Graham-Paige has
8
LiabilitiesAssetsnever offered nor will it ever offer to the public, to any consumer or to Cash
446,624 Capital stock_ _ r7,375,696 J42,820,088
611,867
agents, any product that we were and are not fully entitled to Investments ____y27,284,215z44,171,828 Surplus
1 1,476,645
any of our
produce and sell.
149,338 Undiv earnings_ _ 240,216 :147,096
Dividends receiv__ 120,785
"In due course we will answer whatever may have been filed against us
Accrued dividends
Corp. and its subsidiaries, and I have no question but
by the Chrysler
400,955
324,979
Total(ea. side)_28,016,868 44,767,789
whatever alleged complaint may have been embodied in its pleadings by
x After providing for management fee payable Jan. 1 1931. dividend
-V.132,p. 137.
the Chrysler Corp. will be found entirely destitute of merit."
payable Jan. 15 1931. y At cost or market, whichever is lower. z At cost.
-Liquidates all V. 131, p. 4223, 4062.
W.) Grand-Silver Stores, Inc.
(F. &
Bank Loans.
The corporation has paid off all of its outstanding bank loans as of
1930, it is
Dec. 31 1930, which amounted to $4.260,000 as of Sept. 30the current
announced. As a result of the liquidation of all bank loans,
-to-1. Cash
position of the company as of the close of 1930 was shout 5
holdings totaled more than $1,000,000 as against total merchandise liabilities approximating $723,000.
In reviewing the operations of the corporation, George II. Burr & Co.,
bankers for the company, state that "tang into consideration the severe
depression which has existed in both Canada and the United States for
the year 1930, it is probable that the corporation will show only a very
moderate increase for the full year. Looking ahead however, to the
business
year 1931, it is reasonable to expect an improvement in general
conditions in both countries which would find reflection in the corporayear. In addition, profits should reflect
tion's volume for the current
certain benefits and economies to be expected from acquisitions and readjustments which occurred in 1930."-V. 132, p. 320.
--Sales.
Great Atlantic & Pacific Tea Co.
Increase.
1929.
1930.
Period End. Dec. 27581,346.706
4 weeks
1,062,296,331 1,027,914,479 34,381,852
12 months
Estimated Tonnage Sales
9,824
407.339
417,163
December
462,402
4,710,156
5,172,558
12 months
X Decrease.
The average weekly sales for December 1930 were $20.336,677 compared
with $21,815.014 in December 1929, a decrease of $1,478,337.
December against
The estimated average weekly tonnage was 104.291 in-V.131, P. 3885.
101.835 in December last year, an increase of 2,456 tons.
-Earnings.
Greater Buffalo Theatres, Inc.
1930.
Years Ended Dec.31318.990
Net loss for year
def1.426,920
Previous surplus
1929.
512.689
def7,594
1928.
$64,399
146,503
1927.
311,675
114,178
520,283 sur$82,105 sur$102,504
$1,445,910
.Total deficit
Dr2,398
Cr4,683
Miscell. adjustments..
5,000
158,300
Organization expense..
8,735
plan.
Deprec. on refrig.
1,499,999
Good-will & book rights_
Cost of refrig. plant inCr53,678
stalled
Cr49.000
Cr71,000
Cr35,000
Disc, on treasury stock- Cr49.500
Changing com. stock toCr1.499.999
par value
L no
$146,504
def$7,594
$94,853d1$1.426,920
' Profit & loss surplus-Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1930.
AssetsPreferred stock-- $920,000 $986,000
Land, bicles,& eqx31,563,182 $1,599,196 Common stock___
yl z1,500.000
11,298
4,702
Cash
170,000
18,433 Notes payable-- 170,000
15,768
Deferred charges
2,224
1,275
1 Accounts payable_
1
Good-will, &a--1,426,920 Accrued Interest on
5,701
5,701
Deficit
mtges. dce
12,350
12,350
Rent deposits
367,100
Mtg.on real estate 367,100
11,424
Efere;
11.424
Coating. liabilities
94,853
Tot. (each side)31,583.653 $3,053,850 Surplus
Represented by 150.000
$344,802. y
x After reserve for depreciation of
631.
no par shares. z Par 310.-V. 130, p.
-Extra Dividend.
Number One Oil Corp.
Group
dividend of $600 per share and a
The directors recently declared an extra
31 to holders of record Dec.
dividedd of $100 per share, both payable Dec.
10.-V. 128. p. 738.
-Earnings.t (W. F.) Hall Printing Co.
dividend of 50 cents
the
, The company has declared Feb.regular quarterly Jan. 20. Frank 11.
2 to stock of record
on the common stock, payable
-Plan Operative.
Indian Refining Co.
The Texas Corp. has declared effective as of Jan. 14 the exchange of its
stock for stock of Indian Refining Co., on the basis of eight shares of
Indian stock for one share of Texas stock. The exchange offer continues in
effect up to and including Feb. 14 1931.
Fractional shares will not be issued, but fractional interests will be
adjusted on the basis of the mean of the high and ,ow paid for Texas Corp.
stock on the New York Stock Exchange on Jan. 14 1931.-V. 131, p.42
-Extra Dividend.
Insurance Co. of North America.
The directors have declared an extra dividend of50 cents per share and the
regular semi-annual dividend of Si per share, both payable Jan. 26 to
holders of record Jan. 21. A year ago an extra of $1 per share was paid as
-V. 131, p. 123.
against 50 cents extra two years ago.
Insuranshares Corp. of N. Y.-Recai9italization Proposed.
The stockholders will vote Jan. 26 (1) on changing the name of the
corporation to General Shares Incorporated (2) on providing that the number
of directors shall ho not less than three nor more than 21:(3) on increasing
the number of shares to 580,000, consisting of 40,000 shares of $3 cony.
pref. stock without par value; 40,000 shares of class A stock without par
value,and 500,000 shares of common stock, par $1 per share;(4)on changing
each share of the authorized 20,000 shares of 534% cony. pref. stock of
the par value of $100, issued or unissued, into one share of $3 cony. pref..
stock without par value and one share of class A stock without par values:
(5) on changing each authorized share of common stock without par value,
issued or unissued, into one share of common stock, $1; (6) on reducing
the amount of the capital of the corporation from its present capital to
$1,100,300.and authorizing the deduction ofso much of the surplus, whether
created by such reduction of capital or otherwise, as in the judgment of the
board of directors shall be deemed advisable, from the cost of the assets
of the corporation, so that the cost of the assets of the corporation, after
such reduction, shall be carried on the books of the corporation at such
figures as shall be deemed advisable in the judgment of the board, and
authorizing the directors to distribute,from time to time, any or all surplus
remaining after the cost of the assets of the corporation shall have been
written down as hereinbefore stated, to the stock holders, according to
their respective rights by way of dividends or otherwise, all as shall in the
judgment of the board be deemed advisable; (7) on changing the statement
respecting the capital of the corporation, contained in Article Third.
Paragraph (4) of the Certificate of Incorporation, as now amended, to
read as follows:"The capital of the corporation shall be at least equal to
the sum of the aggregate par value of all issued shares having par value,
plus $50 in respect to every issued share of$3 cony, prof. stock without par
value, plus $1 in respect to every issued share of class A stock without par
value, plus such amounts as from time to time, by resolution of the board of
directors, may be transferred thereto."
The holders of $3 cony. pref, stock shall be entitled to receive when and
as declared by the directors, cumulative dividends thereon at the rate of
$3 Per share per annum, and no more, payable quarterly on the 15th day
of Jan., April. July and Oct. of each year, out of any and all surplus or
net profits of the corporation before any dividends shall be declared, set
apart or paid upon the class A stock or the common stock.
Subject to the requirements above, the holders of the class A stock shall
be entitled to receive, when and as declared by the board, non-cumulative
dividends thereon at the rate of $2.50 per annum, and no more, payable
quarterly.
In the event of any liquidation or dissolution of the corporation (whether
voluntary or involuntary),after the payment ofthe debts of the corporation,
the holders of the $3 cony. pref, stock shall be entitled to receive from the
assets of the corporation $50 per share, and an amount equal to all dividends
thereon that have accumulated and remain unpaid, accrued to the date
of such liquidation or dissolution, before any distribution shall be made
to the holders of the class A stock or the common stock. The holders of the
class A stock after aforesaid payment shall be entitled to receive from the
remaining assets, $50 per share before any distribution shall be made to
the holders of the common stock. All of the remaining assets, including
surplus and accumulated profits, shall be distributed ratably among the
holders of the common stock.
The $3 cony. pref. stock and the class A stock shall be subject to redemption on any dividend payment date, in whole or in part, at the option
of the corporation, upon notice in writing given 30 days in advance of the
FINANCIAL CHRONICLE
redemption date to the holders of the $3 cony. pref. stock to be redeemed
at a price of 855 per share, and dividends.
Each share of $3 cony, pref. stock, at the option of the holder thereof,
may be converted at any time on or before Dec. 31 1935, into two shares
of common stock. No adjustment of dividends will be made upon the exercise of the conversion privilege.
Each share of class A stock, at the option of the holder thereof, may be
converted at any time on or before Dec.31 1935 into three shares of common
stock. No adjustment of any quarterly dividend which may then be payable
will be made u n the exercise of the conversion privilege.
[Of the 500,;:i shares of common stock. Par $1, 80,000 shares will be
reserved for conversion of the $3 cony. pref. stock: 120,000 shares reserved
for conversion of class A stock; 100,000 shares reserved for warrants (good
only up to the close of business on Dec. 31 1935) at $1 per share; 193,856
shares to be issued forthwith.]
The stockholders will also vote on authorizing with the UnitediFounders
Corp. and American Founders Corp., whereby upon the completion of the
foregoing internal recapitalization they agree to exchange for 20,000 shares
of $3 cony, pref. stock, and 20,000 shares of class A stock (equivalent to
the amount distributable to the cony. pref. stockholders of Insuranshares
Corp.): 100.000 shares common stock, and warrants representing 50,000
shares of common stock, not less than $1,500.000 in readily marketable
securities acceptable to Insuranshares Corp., having a market value of
$1,500,000, to be increased in the event and by the amountethat the net
assets of Insuranshares Corp. (averaged as of the close of the three business days next preceding the date when the plan is ratified by stockholders)
are in excess of $1,500,000 up to, but at the option of the United Founders
Corp. and (or) American Founders Corp. not to exceed 81,700,000. The
amountiof stocks to be issued and the amount of securities to be exchanged
therefor may be reduced pro rata with the number of shares of cony. pref.
stock not voting for and consenting to the recapitalization. If the approval and consent of substantially all the stockholders is not obtained,
however, United Founders Corp. and American Founders Corp. may
cancel their obligations under the agreement.
In brief, the plan is that the United Founders Corp. and (or) American
Founders Corp. shall have invested in the various stocks of the corporation, as recapitalized, an amount equal to the value of the net assets of
Insuranshares Corp. If the value of the net assets of Insuranshares Corp.
shall be less than $1,500,000 (averaged as of the close of business on the
three business days next preceding the date when the plan is ratified by
stockholders),and ifthe United Founders Corp.and (or) American Founders
Corp. shall refuse to pay in the minimum sum of $1,500,000 in securities.
then the foregoing plan of consolidation of interests is not to be consummated, even though the recapitalization of the corporation may have been
carried into effect.
The Insuranshares Corp. and United Founders Corp. and American
Founders Corp. have agreed upon a basis of valuation for the assets of
Insuranshares Corp. which the latter company's directors consider to be
a fair valuation.
Chairman Edward B. T d ombly, Jan. 8, in a letter to the
stockholders says:
After a long period of negotiations between Insuranshares Corp.(N. Y.)
and Founders General Corp., the wholly owned sales subsidiary of American Founders Corp., it has appeared that the interests of stockholders of
Insuranshares Corp. can be best served by the combination of the personnel of the Insuranshares Corp. and Founders' General Corp., marketing the securities of the Insuranshares Group and the United-American
Founders Group, into one organization. The obvious benefit to stockholders is in the reduction of overhead by combining the two organizations into one and in the marked increase in saleable securities available
for distribution by the recapitalized corporation resulting from such combination. Both organizations have extensive dealer contacts throughout
the country, which in most instances do not overlap, and both organizations have field men in various territories throughout the country whose
territories do overlap and whose efforts can be more economically directed
by the reapportionment of territories, the reduction of personnel, and the
Increase in saleable securities for distribution by the field men retained.
The entire plan has been carefully studied and worked out by a committee of your directors consisting of Edward S. Goodwin, Allan M.
Pope, J. F. Schoellkopf Jr., and Edward B. Twombly. Upon the favorable report by them to the board, the directors voted unanimously in
favor of the plan outlined above, authorized the execution of a contract
to carry out said plan subject to the approval of stockholders, and recommended that all classes of stock take the action necessary to put the plan
into effect at a special meeting of stockholders to be held on Jan. 26 1931.
It is contemplated that the United Founders-American Founders interests and Insuranshares Corp. interests will be both represented fully on
the board of directors of the corporation upon the consummation of the plan.
As of Dec. 31 1930. Insuranshares Corp. had an earned surplus amounting to $339,107 after payment of all dividends on the cony. pref. stock
and the setting up of reserves for taxes up to that date, but the market
value of the net assets (81.346,918) was less than the capital of the corporation largely due to the market depreciation of the securities held in its
portfolio, which are substantially the same as those contained in the statement of Dec. 31 1929. This is a situation which is common to many
companies having large common stock holdings. Due to depreciation in
market value of assets, the dividend on the cony, pref, stock payable
Jan. 15 1931, will be omitted. After recapitalization as planned, it is
believed that the dividend payable Jan. 15 1931, to cony. pref. stockholders and cumulative dividends on the new stock thereafter can be paid.
-V.130, P. 3364,
International Carriers, Ltd.
-Reduction of Stock.
Notice
has been received by the New York Stock Exchange of
tion in the issued stock of the corporation by $2,681,955, through the reducthe
ment of 178.797 shares of such stock; and the reduction in the statedretirevalue
of the remaining shares of issued stock by the sum of 83.106,015, by the
reduction of such stated value to 810 per share.
-V. 131, p. 4223, 4062.
International Cigar Machinery Co.
-Regular Dividend.
The directors have declared a quarterly dividend of 62Hc, per share,
payable Feb. 2 to holders of record Jan. 22.
On Nov. 1 last a similar quarterly distribution was made,
1930 an extra dividend of 50c. per share was paid.-V. 131.while on Dec. 1
p. 2231.
International Match Corp.
-$50,000,000 Debenture
Issue Floated To Finance Expansion Abroad.
-Financing in
connection with a program of expansion in Poland, Germany
and various other foreign countries is being carried out by
the corporation through an offering Jan. 14 of $50,000,000
'
10-year 5% cony, gold debentures at 96 and int., to yield
over 5%%. The offering is being made by a syndicate
headed by Lee, Higginson & Co. and including Guaranty
Co. of New York; the National City Co., Brown Brothers
Harriman & Co.; Dillon, Read & Co.; Clark, Dodge & Co.;
the Union,Trust Co. of Pittsburgh, and Bankers Co. of
New York.
Dated Jan. 15 1931; due Jan. 15 1941. Interest payable J. & J. Prin.
and int. payable at offices of Lee, Higginson & Co., New York, Boston
and Chicago. Donom. $1,000 c*. Int. payable without deduction for
normal Federal income tax up to 2%. Present Conn. and Penna. 4 mills
'and Maryland 4H mills personal property taxes and Mass, income tax up
to 6% refundable. Callable on 30 days notice, as a whole at any time
or in part on any interest date. at 10254 and interest. City Bank Farmers
Trust Co., New York, trustee.
Convertible, at option of holder, at any time, into 12H shares of partic.
pref. stock of the corporation per 81,000 of debentures. In event of call
for redemption of debentures, the conversion privilege will terminate on
the redemption date.
Data from Letter of Ivan.!Gauger, President of the Company.
Business.-CorporatIon, incorporated in Delaware in 1923, owns the
entire capital stocks of, or controlling interests in, companies owning 120
match manufacturing plants in various European and other countries.
It also owns the entire capital stock of Vulcan Match Co., Inc., the sales
company in the United States for products of the Swedish Match Co. and
its subsidiaries. International Match Corp. is controlled by Swedish
Match Oo. through ownership of substantially all of Its common stock.
503
International Match Corp. ancn..Swedish Match Co. with their subsidiaries, together have more than 250 plants in 43 different countries
and comprise by far the largest match manufacturing and distributing
organization in the world. Probably no other group of manufacturing
companies reaches with its product as many consumers as do the constituent
companies of these two concerns.
4/g:dal toesi-I
An Important part of the business of International Match Corp.is:carried
on,jointly with Swedish Match Co., under government-granted concessions
for the exclusive right to manufacture and (or) sell matches in various
countries. Concessions of this character have been obtained in Danzig.
Esthonia, Greece, Hungary, Jugoslavia, LatvM, Lithuania, Poland, Roumania and Turkey and several South American and other countries, and
special agreements have been made with France and Germany.
wt..
The acquisition of such concessions is facilitated by the companies'
ability to offer not only the resources of their technical and commercial
organizations, but also financial assistance, in the form of loans, to the
governments concerned. The prices paid for government bonds so purchased-in some instances, above the current market quotation for similar
securities
-take into consideration the important business advantages and
Profits to be derived by the companies from operation of the concessions.
In the financing of certain of the Concessions, the match companiest have
availed themselves of the services of Kreuger & Toll Co., of Stockholm,
the largest shareholder in Swedish Match Co.
Capitalization to be Outstanding (Upon Completion of Present Financing).
10
-year 5% cony, gold debs., due Jan. 15 1941 (this issue)....- -850.000,000
20
-year 5% sinking fund gold dabs., due Nov. 1 1047
48,241,000
Participating preference stock (par 835)
x1,350,000 shs.
Common stock (no par)
yl 3)00,000 skis.
x Authorized, 2,500,000 shares; reserved for conversion of debentures,
625,000 shares. y Authorized, 1,450,000 shares.
Purpose of Issue.
-Corporation has recently concluded with the Republic of Poland an agreement (subject to ratification by parliament) for the
purpose of broadening the terms of the concession granted in 19251.and
extending its life 20 years to 1965. An issue of Polish Governmenkobnds
Is to be Purchased in this connection, but will not be acquired until 1932
and 1933. As a consequence of the extension of the concession, however.
International Match Corp. will at this time make important new investments in the match industry and related industries of Poland.
The agreement with the German Government provides for the purchase
of 8125,000,000 principal amount of 6% bonds, maturing July 15 1980,
of which the first installment of $50,000,000 principal amount has already
been taken over, in part by International Match Corp. and in part _by
Swedish Match Co. and Kreuger & Toll Co. The remaining $75.000.000
principal amount are to be purchased by May 29 1931 and it is intended
that International Match Corp. shall acquire part of these together with
certain Turkish and other government bonds incident to the acquisition
of concessions.
In Turkey new match factories are being established and in the match
Industry in Norway, Denmark, Portugal, Colombia and other countries
new investments are being made and present holdings increased.
The proceeds of this issue will provide funds for the acquisition of these
new assets and the further development of the corporation's business..
III
Based on the Dec. 31 1929 consolidated balance sheet, total net assets,
after deducting all liabilities other than funded debt and including the
proceeds of this issue of debentures amount to more than $240,000,000,
or over 240% of total present funded debt of 898,241.000, including this
Issue,
Earnings.
-Consolidated net earnings of International Match Corp. and
constituent companies for the 4 years ended Dec. 31 1929 have beekas
follows:
Years End. Dec.311929.
1928.
1927.
1926.
Net earns.,after deprec.,
available for interest--$24.135,266 $22,747,638 $18,218,332 815.396,272
Times interest requirement of
-4.91
4.63
3.70
3.13
Net earns,$4,912.050avail,for di178.820,623,530 819,098,861 $16,618,888 314,586.272
Earned per sh, of partic.
pref. and com.stocks *
$8.77
$8.12
$7.07
$6.20
* Based on number of shares outstanding at end of each year.
Earnings comprise, chiefly, income from the manufacture and sale of
matches and interest and profits on investments and advances made in
connection with match concessions.
Net earnings, after depreciation, available for interest, for the 4 years
ended Dec. 31 1929, averaged 520,124.377, or 4.09 times the $4.912,050
annual interest requirement on total present'funded debt including this
issue. For the year 1929 alone, such net earnings were $24,135,266, or
4.91 times this requirement.
Net earnings available for dividends, for the year ended Dec. 31 1929
were $20,623,530 ,equivalent to $8.77 per share On the combined 1,350,000
shares of partic. pref. stock and 1,000,000 shares of common stock now
outstanding.
Sinking Fund.
-The trust agreement will provide for a cumulative sinkng fund sufficient to retire approximately $9,000,000 principal amount of
those debentures by maturity. This sinking fund will be payable semiannually, first payment July 15 1931, and will be applied to the purchase
of debentures at not exceeding their redemption price, or if not so purchasable, to retirement of debentures through call.
Application to List on New York Stock Exchange.
-The 20
-year 5% sinkng fund gold debentures and the partic. pref. stock are listed on the New
York Stock Exchange and application will be made to list these debentures.
Partic. Preference Stock Listed on Boston Stock Exchange.
-
There have been placed on the Boston Stock Exchange list 1,350,000
shares (Par $35) partic. pref. stock.
Transfer agents: Old Colony Trust Co.. Boston, and National City
Bank of New York, Registrars: The Atlantic National Bank, Boston.
and Guaranty Trust Co., New York, N. Y.
To Authorize New Debenture Issue and Increase Participating Preferred Stock.
-
A special meeting of the stockholders will be held on Feb. 13 to authorize
the proposed new issue of $50,000,000 10
-year 5% convertible gold debentures and also to approve an increase in the authorized number of partic.
preference shares from 1.350,000 to 2,500,000. As the new debentures
are convertible into partic. preference stock at the rate of 124 shares for
each $1,000 of debentures, it will be necessary to reserve 625,000 shares
of the increased stock for possible conversion.
-V. 131, p. 1106.
International Sugar Co., Ltd.
-Stock Dividend.
-
It is stated that the 50% stock dividend, recently declared, was paid
on Jan. 1 last.
-V.131, p. 4062.
Investors Equity Co., Inc.
-Earnings.
---
For income statement for 6 months ended Nov. 30 1930 see "Earnings
Department" on a preceding Page.
The report contains a list or securit es held in portfolio Nov.30 1930.
Comparative Consolidated Balance Sheet,
Nov.30'30. Dec. 10'39.
Nov.30 '30. Dec.10 29.
AssetsLiabilities
Cash
1,525,431
248,189 Accts. pay. tor sec.
Call loans
900,000 joint Dutch.
Invest. (cost)___:25,278.827 29,672,894
115.080 1,209,272
purchase contr.
Special deposits_ _ 116,168
5,958 Accrued expenses.
13,851
21,816
Notes & accts. rec.
2,454 . 111,826 Misc, accts. pay.
1,062
11,959
Int. & divs. rec
57,190
79,367 Acr.int. on debs.,
Real estate, &c_ _ _
10,175
series A & B._ _ 151,592
11,676
52.153
Furniture & fIst..
1
1Dividends payable
301,363
Unamon. disc, on
Reserve for taxes_
443,927
74,289
debentures
200,129 rtes, for conting 21,703,327
5,308
122,809
Funded debt
8,920,400 9,650,000
Pref, stock ser. A_
20,398
Pref. stock *ler. B
47,848
Common stock_ _y14,717,709 14,560,012
Motion Pict. Cap.
Corp. corn. stk.
outst, for which
763.2 shares of
Investors Equity
Co. corn. stk.
are reserved unissued
18,115
173,818
Capital surplus_ _ _ 583 170
582,289
Total(men sicle)26,995,357 31.229,839 Earned surplus_ __ 694,779
x Market value,$15,170,218. y Represented by600,882 no par 4,032,381
shares.
V. 131, p. 4062.
FINANCIAL CHRONICLE
504
-911 Dividend.
International Mercantile Marine Co.
The directors have declared a dividend of $1 a share on the no par capital
ock, payable Feb. 16 to holders of record Jan. 26. In 1930 the company paid $1 a share on both Feb. 15 and Aug. 15.
President P. A. S. Franklin stated that funds for the dividend just
Line
declared would come from the earnings of the Panama-Pacificunder and
the
the Atlantic Transport Line of West Virginia, both operated
American flag. In addition, the company operates under a foreign flag
and the Atlantic Transport Line.
the Red Star Line, the Leyland Line
Mr. Franklin said earnings from ships operated under foreign flags were
-V. 132, p. 321.
not material this year.
-Coal Mined (Tons).Island Creek Coal Co.
Month1930.
January
535,983
February
March
360,600
April
392,681
May
408,634
June
443,373
July
452.761
-V. 131, p. 3885.
1929.
531,941
517,350
462,740
452,881
552,867
503,370
476.529
1930.
Month418,493
August
September-- _ 564,708
591,891
October
499,878
November 413,145
December
1929.
532,817
585,330
637,889
578,549
492,748
Year's total-5,496,499 6,305.012
-Earnings.
(Byron) Jackson Co.
For income statement for 3 and 9 months ended Sept. 30 1930 see 'Earn-V. 131, p. 798.
ings Department" on a preceding page.
-Sales Lower.
Jewel Tea Co., Inc.
•
[Vol,. 132.
Lelands Petition for Reconsideration of Suit for Payment on
Lincoln Stock.
A petition for reopening of the suit by which Henry M. and Wilfred 0.
Leland have sought for several years to compel Henry and Edsel Ford to
pay approximately $6,000,000 to the stockholders of the old Lincoln Motor
Co. has been filed with the Michigan Supreme Court. The previous
amended bill of complaint was dismissed by the Supreme Court because
-V. 131. p. 3718.
of discrimination with respect to stockholders.
Lincoln National Life Insurance Co., Ft. Wayne,
-Shows Gain.
Ind.
"The company has Just closed its biggest year," according to President
Arthur F. Hall. "New insurance in force amounts fo $238,000,000, an
increase of $21,000,000 over last year, which was our best previous year.
Insurance in force now amounts to more than *890,000.000, a gain of about
$80,000,000. Assets increased over $6,000,000 to more than $75,000,000."
-Estimated Earnings.
Lincoln Printing Co.
,
The directors have declared regular dividends of 8736 cents a share on
the preference stock and 50 cents a share on the common stock, both
payable Feb. 2 to holders of record Jan. 22.
President Washington Flexner told the directors that while an audited
report was not yet available, preliminary figures prepared by the company ind'cate that net earnings for 1930, after all charges, w-Il be slightly
in excess of $3 a share on the common stock after all charges and allowing
for dividends on the preference stock, compared with $2.69 similarly earned
during 1929.-V. 131, p. 3051.
Loblaw Groceterias Co., Ltd.-Sales.The company reports that its sales for the four weeks ending'Dec. 27
1930. were $1,220,168, as compared with $1,373,959 for the same weeks
Sales/or 4 Weeks and 28 Weeks Ended Dec. 31.
-1929. Decrease.
In 1929. a decrease of 11.19%. The average number of sales routes for
Decrease.1 1930-28 Wks.
.-1929.
1930-4 Wks
$670,739
the same weeks was 1.278 in 1930, and 1,208 in 1929, an increase of 5.79% $1,393,601 $1,562,767
$169,166 I $9,143.515 $9,814,254
The year ended with 1,280 routes in operation.
In selling units.
-V. 131. p. 2706, 1107.
*Sales for the year 1930 were $15,475,241, as compared with $16,658,765
for 1929, a decrease of 7.66%. The average number of sales routes operated
-Extra Common Dividend.
Loose-Wiles Biscuit Co.
In 1930 was 1,246 and 1.180 in 1929, an increase of 5.59% in selling units.
The directors have declared an extra dividend of 100. per share in addition
1929. % Decrease. to the regular quarterly dividend of 65c. per share on the outstanding
1930.
Weeks PeriodsFour
*1.202,513 *1.181,768 x1.76
First
$12,894,000 common stock, par $25, payable Feb. 1 to holders of record
1,253,678 • 3.76
1,206,490
Second
Jan. 22. Like amounts were paid on May 1, Aug. 1 and Nov. 1 last.
1.23
1,300,901
1.284.869
Third
From Aug. 1 1927 to Feb. 1 1929 incl.. quarterly dividends of 40c. per
4.70
1.319,828
1,257,748
Fourth
share were paid on this issue, while from May 1 1929 to Feb. 1 1930 quarterly
4.42
1.312,256
1,254,320
-V.131, p.3886.
Fifth
distributions of 65c. per share were made.
9.09
1,249,698
1.136,040
Sixth
1.395,288 13.49
1,207,130
Lynch Corp.
Seventh
-1% Stock Dividend.
1,188,728 10.79
1,060,493
Eighth
The directors have declared the usual quarterly dividend of 50c. In cash
4.93
1,156,730
1,099.650
Ninth
payable Feb. 16 to holders of record Feb. 5. Also the directors declared
1,309,120 10.63
1,169.937
Tenth
17, in stock to be paid at the same time.
1,330,339 12.94
1,158,230
-V. 131. P. 2906.
Eleventh
Like amounts were paid on Nov. 15 last.
1.386,470 12.18
1,217,652
Twelfth
-New President.
1,373.959 11.19
1,220.168
Thirteenth
Manning, Maxwell & Moore, Inc.
R. R. Wason has been elected President succeeding C. A. Moore. who
7.66
Year
$15.475,241 $16,758,765
has been made Chairman of the Board. Mr. Wilson has also been elected
x Increase in sales.
-V. 131. p. 3885.
President of the Consolidated Ashcroft Hancock Co., Inc., a subsidiary.
- V. 132, p. 323.
-Smaller Div.
Julian & Kokenge Co., Cincinnati, 0.
The directors have declared a quarterly dividend of 25 cents per share
-Omits Dividend.
Maud Muller Candy Co.
on the common stock, no par value, payable Feb. 1 to holders of record
The directors recently voted to defer action on the quarterly dividend
Jan. 15. The company from Nov. 1 1928 to and incl. Nov. 1 1930 paid ordinarily payable about Jan. 1 on the no par common stock. On Oct. 1
-V.127, p. 2240.
quarterly dividends of43 M cents per share on this Issue.
last, a regular quarterly distribution of 25 cents per share was made on this
issue.
-V. 130, p. 298.
-Fees Allowed to Receivers.
Kolster Radio Corp.
-Forms Two New Subs.
Vice-Chancellor Church at Newark has allowed fees totaling $50,000 to
Merritt
-Chapman & Scott Corp.
receivers for the corporation and their counsel. The court also adjourned
The formation of two new subsidiaries was announced on Jan. 14 by this
-Chapman & Williams
for one week argument on an order to show cause why Koister should not corporation. The new companies are the Merritt
be sold to S. W.Woodard & Co., Inc., of New York. Each of the receivers Corp, affiliated with W. Horace Williams Co., Inc., New Orleans, and
was allowed $10,000. The law firms of Furst & Furst and Lindabury the Merritt
-Chapman & Whitney Corp., affiliated with Whitney Brothers
Depue & Faulka were allowed *10.000 each.
Co., Duluth and Detroit.
George Furst reported that the receivers, since their appointment a year
Net assets in excess of $11,000,000 and plant and equipment valued at
the
ago, had collected $2,083,334 and expended $1,825,000. and that that more than 17,000,000 are available through the new grouping. Although
balance on hand as of Dec. 31 1930 was $198,225. Mr. Furst asked
no public offering of securities is being made at this time, it is likely that
the argument be put over for a week to give the bidder opportunity to work an issue ofshort term notes may be offered in the near future, it is stated.
out a plan for financing and reorganization.
V. 131, p. 2706.
The Woodard plan contemplates putting $4.500,000 into the business.
-Dissolution Approved.
Common stockholders in Kblster willreceive one share in the new company
Michigan Steel Corp.
for three shares in the old. Preferred stockholders will get two shares in
The stockholders on Jan. 15 approved the dissolution of the company.
-V. 131, p. 3718, 1905.
the new company for one in the old.
V.132, p. 141.
-Regular Dividend.
(S. H.) Kress & Co.
-Estimated Earnings.
Mickelberry's Food Products Co.
-Sales Increase.
K,roger Grocery 8c Baking Co.
-Earnings.
Mid-Continent Laundries, Inc.
The directors have declared the regular quarterly cash dividend of 25c. • Pres. E. J. Engel estimates that earnings of this company for 1930 will
per share on the common stock, payable Feb. 2 to holders of record be in excess of $1.50 a share on 131,349 shares of common stock outstanding
of Jan. 20.
after allowing for the dividend on the pref. stock. December was the
A stock distribution in 6% special pref. stock at the rate of 50c. for each second largest month in the history of the company.
common share was made on Nov. 1 1927, Nov. 1 1928 Nov. 1929 and on
Mr. Engel states that sales and profits of the past year will show a subAug. 1 and Nov. 1 1930.-V. 132, p. 322.
stantial increase over 1929.-V. 132. p. 141.
5 Weeks End. 4 Wks.4D'os -12 Months Ended
Earnings for Fiscal Year Ended June 28 1930.
Jan. 3 '31. Jan.3 1930. Jan. 3 '31. Dec.31 '29.
$26,869,933 $267,086,028 $286,611,214 Net sales
$25,404,745
Sales
operations
The company had 5,165 stores in operation on Jan. 3 1931 as com- Cost of and delivery expenses
Collection
pared with 5,575 stores on Dec. 31 1929.-V. 132. p. 138.
Selling, general and administrative expenses
-Stock Decreased.
(B.) Kuppenheimer & Co., Inc.
The stockholders have voted to reduce the authorized capital to 3,800
shares of preferred and 110.000 shares of common stock from 10,800 shares
of $100 par preferred stock and 110,000 shares of $5 par common stock.
The directors had already cancelled and retired the 7,000 shares of pref.
-V. 132, p. 138, 122.
stock.
-Bond Trustee.
Lake Superior Corp.
Bondholders of Algoma Central & Hudson Bay By. and Algoma Centra
Terminals, subsidiaries of Lake Superior Corp., at special meetings in
Montreal and in London, approved the appointment of Royal Trust Co.,
Montreal. as trustee under the respective trust deeds.
Other bondholders' meetings were held Jan. 16 in London to approve
the bond agreement involving settlement of claims of subsidiary group
against Lake Superior Corp., the parent company, for interest arrears of
-V. 132. p. 138.
bonds.
-Trading in Stock Suspended.
Landy Bros., Inc.
The New York Curb Exchange has suspended trading in the class A stock
until further notice. Action was taken because the company has failed to
-V. 132, p. 140.
maintain a New York transfer office.
-Extra Dividend.
Lanston Monotype Machine Co.
cents per
dividend
The directors have declared an extra per share,of 25 common share,
on the
stock.
and the usual quarterly dividend of $1.75 of record Feb. 18. Like amounts
Feb. 28 to holders
par $100, both payable
1930.-V. 131, p.2389.
were paid on Feb. 28, May 31, Aug.30 and Nov. 29
-Defers Div. Action.
Lautaro Nitrate Corp.(Del.).
fact that the negotiations in
The company announces that, in view of thede Salitre deChile(Cosach)New York for thefinancing ofthe new Compania negotiations will have farthat the result of these
have only begun and
policy, it has been decided to defer
reaching effect on the company's future
until the result of these negotiations
the question of declaration of dividend
question will be again considered and a
Is more definitely known, when the
Chairman at the general meeting
full statement made to shareholders. The
year was unsatisfactory because of
on Dec. 16 stated that the result of last
disappointment over the
reduction in volume of sales, lower prices and present only two °Minas
Government bonification from Jan. 1 1930. At
Valdivia," at which the Guggen"Pedro
are working and the new Oficina expected to start producing in June 1931.
heim Process is being installed, is
-V.128,P.4168.
Intelligence.").
(London "Stock Exchange Weekly Official
$2,798,763
1,463.310
533,818
844,952
Operating loss
Other Income
$43.318
61.208
Total income
Other deductions
Interest on 7% gold notes
Depreciation and amortization of note discount and expense_ _ _
$17,890
59.624
84,000
166,984
$292,718
Net loss, after all charges
Balance Sheet June 28 1930.
Assets
Liabilities
$24,091
$48,534 Notes payable
Cash
84,116
219.221 Accounts payable-trade, &c..
Demand loans
823
198,302 Drivers'deposits-net
Notes & accounts receivable_
58,640
.45,949 Accrued expenses
Supplies
Notes payable-due subseSundry securities, employees
.
12,710
3,467
quent to June 30 1931
accounts receivable, &c_ _ _ _
-due
Land, bldga., machinery &
-year 7% gold notes
3
.
1,600,000
equipment
Oct. 11932
1,927,238
Laundry & dry cleaning routes
Participating class A stock_ .....a2,500,000
6422,960
leases, contracts, agencleekc 1,809,491 Common stock
Dr137,b87
Organization expense
201,699 Deficit
Deterred charges
161,852
$4,615,753
Total
Total
54.615,753
a Represented by 100.000 no par shares. b Represented by 84,592
no par shares.
-V. 130, p. 4430.
Miller's, Inc.
-Receivership.
See Schulte-United Inc.. below.
Missouri-Kansas Pipe Line Co.
-Receivership Suit.
Judge Wilkerson of the Federal Court at Chicago Jan. 13, sustained a
motion to dismiss the bill of complaint filed by Cincinnati stockholders
seeking to have a receiver appointed for the company, as far as Missouri.
Kansas Pipe and F. P. Parish & Co. are concerned on account of lack of
Jurisdiction, The two companies are Delaware corporations and complaining stockholders are Ohio citizens and therefore suit should have been
filed either in Delaware or Ohio.
Judge Wilkerson dismissed the complaint against all of defendants and
complainant counsel filed substantially the same bill in behalf of John
E. Williamson, Illinois stockholder of Missouri-Kansas Pipe Line Co. The
new complaint in addition alleged that the company and Frank P. Parish
other charges for
& Co. paid a total of
-December Sales.
Lincoln Motor Co., Detroit. in December aggregated 486, $20,000,000 bond issue $9,500,000 in commissions and Co. to National
on Panhandle Eastern Pipe Line
Total sales of now Lincoln automobiles Detroit dispatch states.
-V. 131, p. 3719.
City and agent.
1929, a
the largest monthly sales since April
daily and plans
The company plant is now producing 20 new Lincolns
-Resignation.
Montgomery Ward & Co.
increased
are being made to increase production. Employment has beenemployed,
S. M. McDonald has resigned as Vice-President, effective Jan. 25.
now being
slightly during the last two weeks. 2,800 workers
-V. 132. P. 323•
the dispatch added.
JAN. 17 1931.]
FINANCIAL CHRONICLE
Moon Motors Car Co.
-Stock Fraud Inquiry.
-
505
Oil Exploration Co.
-Proposed Acquisition.
-
Transactions on the New York Stock Exchange whereby, it is charged.
See Venezuelan-Mexican 011 Corp. below.
small investors lost more than $1,000,000 through wash sales in Moon
Motors stock are under investigation by the Bureau of Securities of the
-Reduces Dividend Rate.
Oilstocks, Ltd.
'State Attorney General's office, an order signed by Supreme Court Justice
The directors have declared quarterly dividends of 10 cents per share
Sedan B. Strong in Brooklyn revealed Jan. 15.
on the class A and class B stocks, payable March 31 to holders of record
Justice Strong's order is directed against five men, three of whom are March 16. Previously the company paid quarterly dividends of 1244 cents
named, accused of having carried out the wash-sales scheme. All five are per share on both of these issues, the last payment at this rate having
directed to appear in Supreme Court, Brooklyn, for examination and to been made on Nov. 15 1930.-V. 131, p. 284.
bring with them all records pertaining to Moon Motors stock, which rose
from about $5 per share to about $15 per share between Nov. 1929, and
Oklahoma Natural Gas Corp.-Earnings.April, 1930. and subsequently declined to about $1.-V. 131, P. 3719.
Fo income statement for year ended Nov. 30 see "Earnings Depart..
me' .n a preceding page.
-V. 132, P. 311.
Moto Meter Gauge & Equipment Corp.
-Stock Option.
Notice has been received by the New York Stock Exchange from this
iver Farm Equipment Co.
-Reclassification Approved.
corporation of authorization of option to purchase during the period from
he stockholders on Jan. 14 approved a plan of reclassification which proJuly 1 1931 to July 1 1932, inclusive, all or any part of 225,000 shares o
des for the exchange of new common stock for the present cony. partic.
common stock at $2 per share,subject to the provision that such option shalt stock and common stock. See details in V. 131, p. 4064.
not be exercisable in whole or in part unless the total aggregate gross sales of
the corporation billed for any previous six consecutive calendar months
-Defers 2d Preferred Dividend.
Pacific Investing Corp.
since Jan. 1 1931, shall have exceeded by at least $600.000 the total aggreThe directors have voted to defer the quarterly dividend of $1.50 per
gate gross sales of the corporation billed for the corresponding six months' share due Jan. 1 on the $6 cum. div. pref. stock, no par value. The last
period of the period commencing Jan. 1 1930 and ending July 11931.
quarterly distribution at this rate was made on Oct. 1 1930.-V. 131, p.1576.
The holders of the option have agreed that on the exercise thereof they or
their successors will pay in addition as interest an amount equal to 5% per
-Bondholders'
Pan American Petroleum Co. of Calif.
annum computed from the date on which the option first could have been
Committee.
exercised until the date of payment for said stock.
-V.131, p.3887.
Referring to the appointment of an equity receiver for the properties
and assets of the Richfield 011 Co. of California. it was announced Jan. 15
(G. C.) Murphy Co.
-Stores in Operation.
As of Jan. 11931, the company had 166 stores in operation as compared at the office of the Bancamerica-Blair Corp. that a committee is being
formed in the interests of the holders of the Pan American Petroleum Co.
with 153 stores on Jan. 1 1930.-V. 132, p. 324.
of California 1st mortgage 6% bonds.
The original issue of
National Bond & Mortgage Corp., Houston, Tex.
- amount of $15,000,000,these bonds, made in December 1925, was for an
which has since been reduced by sinking fund to
Defers Dividend on 1st Pref. Stock.
approximately $9,750,000. The bonds were issued by the Pan American
The directors recently voted to defer the semi-annual dividend of 4% Petroleum Co. prior to the acquisition by Richfield Oil Co. of its interests
due Jan. 1 on the 1st pref. stock.
in that company. Payments of interest and sinking fund on this issue have
-V. 131, p. 3887.
been met in full.
-V. 124, p. 934.
National Cash Register Co.(Md.).-New Manager.
George D. Whitefort, who has been associated with this company for
Paramount Publix Corp.
-Earnings.
the past 25 years, has been appointed manager of the Northeastern sales
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
division with headquarters in New York City, it was announced by J. H. Department" on a preceding page.
Barringer, V.-Pres. & Gen. Mgr. He succeeds D. R. Pierson, North28 New Pictures.
eastern divisional manager for the past 11 years, who now takes over the
Vice-President Jesse L. Lasky announces that this company will promanagership of the New York City office.
The Northeastern sales division of the company embraces New York duce 28 pictures costing several millions of dollars during the next four
-V. 132, p. 325.
State, New England and that part of New Jersey included in the metro- months.
politan area. It is considered the largest division in volume of sales of
Peerless Motor Car Corp.
-Balance Sheet Sept. 30.the National Cash Register American selling force.
-V. 131, p. 4225,
Assets3052 2908.
,
1930.
1929.
Liabilities1930.
1929.
Plant, equip., &c_$3,604,761 $3,620,042 Capital stock.._ _44,276,3901 $5,157,547
Cash, U. B. Govt.
National Dairy Products Corp.
-Acquisition.
0,088,3551
Surplus
securities, Ore.__ 1,702,536 1.046,392 Account payable 390,084
The corporation has purchased the Chevy Chase Dairy. Washington,
596,324
Sight drafts
D.0.-V. 131, p. 3887.
210,788 Accrued taxeo_
172,613
Receivables
178,357
244,926 Prov, for plant reInventories
National Family Stores, Inc.
922,457 1,645,591
-Trustee.
habll.& conting.
900,000
The Chatham Phenix National Bank & Trust Co. has been appointed Invest. & sundry
accts. rec
trustee for an issue of $1,300,000 one-year 53 % gold notes, due Dec. 1
43,375
Deferred charges
294,344
1931.-V. 131, p. 4064.
58,743
Total(each side)56,745,830 $6,826,485
Par $10. z Par $50.
National Licorice Co.
-Larger Dividend.
Our usual comparative income account for the year ended Sept. 30 1930
The directors have declared a dividend of 2% on the common stock, par was published in V. 132, p. 325.
$100. Payable Jan. 22, to holders of record Jan. 2. A distribution a 1%
Management Option.
was made on July 31 last,the first dividend since July 11 1928,on which date
Notice has been received by the New York Stock Exchange from this
a semi-annual payment of 24i% was made.
-V.131.P. 283.
corporation of authorization of a management option on 85,000 shares of
capital stock at $8 per share, which option expires Dec. 311932.-V. 132.
National Steel Corp.
-Earnings.
For income statement for 9 months ended Sept. 30 1930 see "Earnings p.325.
Department" on a preceding page.
-V. 132. p. 324.
Pennsylvania Co. for Insurance on Lives & Granting
National Sugar Refining Co.
-1930 Satisfactory Year.
-Comparative Balance Sheet.
- Annuities.
-
President James H. Post commenting on the company's operations in
1930, at the annual meeting of stockholders, stated: "We have had, we
feel, a satisfactory year; not as much as we should like, and not as much as
in previous years. We paid our regular dividend and we have added a
substantial amount to surplus."
In the year ended Dec. 31 1929, the company reported net income of
$2,954,744, after all charges, equal to $4.92 a share on the 600,000 shares of
capital stock outstanding. Dividends at the rate of $2 per annum are
being paid annually on the stock.
-V. 130, p. 3729.
Nation-Wide Securities Co.
-Larger Dividend.
-
A distribution of 11 cents a share on the trust certificates, series B, has
been declared for the current quarterly period, payable Feb. 1 to holders
of record Jan. 15. A quarterly distribution ors cents a share was made
on this issue on Nov. 1, while an initial quarterly of 12 cents was paid
•on Aug. 1 1930.-V. 132 p. 324.
New Jersey Mutual Casualty Insurance Co.
-Banking
Commission Takes Over Business-Calls Company Insolvent.
State Banking Commissioner Smith of New Jersey took over the property
and business of the company Jan. 14. An examination of the company's
affairs is said to have revealed insolvency.
The company was organized in August 1926 by independent taxicab
operators of the State to provide for them the liability insurance required
by the law enacted that year. It operated upon the mutual plan and confined its operations almost exclusively to the original purpose.
New York & Honduras Rosario Mining Co.
-2)4%
Extra Dividend.
The directors have declared the regular quarterly dividend of
244%
and an extra dividend of 244% on the capital stock, both payable Jan. 31
-to holders of record Jan. 20.
P A special extra dividend of 5% for 1930 on the common stock was paid on
,
Dec. 27 1930. while on Oct. 31, last, the company paid a regular quarterly
dividend of 23-f% and an extra dividend of 1%%
.-V. 131, p. 3887.
North American Aviation, Inc.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 131. P. 4226.
Northern Securities Co.
-Earnings.
Calendar YearsTotal receipts
Taxes_
Administrative expenses
Interest and exchange
Net income
Dividends
1930.
$479,327
20,994
8,847
715
1929.
x$406,808
22,770
8,109
1,352
1928.
$405,647
24,985
7,767
213
Dec. 3130. Mar.29'30.
Assets-Cash dc amt on
dep. with Fed.
Reserve Bank 16,117,451 11,815,595
Clearing house
exchange__ 6,222,895 3,753,203
Due from banks
& items in
process of collection
38,248,665 33,585,419
Loans upon coII _ 116,688,876 110,652,405
Investment see_ 61,580,605 27,187,339
Com. paper__
23,205,303 33,377,743
Res.fund for the
protection of
"cash balances
in trust sects" 7.512.977 6,190,133
Furniture, fixtures & vaults 1.231,766 1,162,940
Misc.assets_ _ 2,230,575 1,719,225
Interest accrued 1.281,952 1,104,631
Bank buildings_ 2,829,962 2,773,604
Customers' IL"
Nifty acct,letters of credit
issued & accept. executed 2,659.849 2,869,649
-V. 131. p. 4065.
Dec. 31'30. Mar.29'30.
Capital
8,232,400 8,232,400
Surplus
34,000,000 37,000,600
Undivided prof_ 2,675,083 2,000,000
Res. for dive_ _ _
617,430
497,250
Res. for building
721,366
661,366
Res. for taxes &
expenses
555,757
549,217
Tress. checks &
clearing house
billsoutstand. 7,797,286 1,014,853
Interest payable
depositors __
674,561
698,109
Misc. liabilities_
206,747
98,019
Letters of credit
Ss accept, executed for customers
2,659,849 2,872,303
Deposits
220,739,127 182,279,643
Res. for conting 1,000,000
Total(ea.side)279,810,879 236,011,887
Perry Fay Co., Elyria, 0.
-Smaller Dividend.
-
The directors recently declared a quarterly dividend of 50c. per share
on the common stock, payable Dec. 31 to holders of record Dec. 24. On
Sept. 30 last, a quarterly distribution of $1 per share was made.
-V. 124.
P. 1990.
Petroleum Corp. of America.
-Decrease in Capital.
-
The stockholders on Jan. 14 approved a proposal to revalue the corporation's security holdings at their approximate market value and to reduce
from $17 to $5 per share the figure at which the capital stock is carried in
the balance sheet.
25c. Dividend Declared.
-
1927.
$404,522
23,653
13.616
174
$448,770
$374,576
$372,681
$367,079
(9)355,851 (9)355,851 (9)355.851 (10)395.390
$92.919
$18.725
$16,830 def$28,311
The directors have declared a dividend of 25 cents per share, payable
Jan.31 to holders of rceord Jan.26. The previous payament was a quarterly
dividend of 371 cents per share on Sept. 30 1930.-V. 131, p. 4226.
Petroleum Rectifying Corp., Los Angeles, Calif.
To Make Distribution in Stock to Shareholders.
-President
D. C. Norcross, Jan. 7, in a letter to the stockholders, says:
Under authorization of the directors, this corporation has become a party
Balance, surplus
to a reorganization pursuant to which Petrollte Corp., Ltd. has been incorEarns, per sh. on 39,540
porated under the laws of Delaware, and has acquired all Of the issued and
sir:.stock (par $100)-$11.35
$9.47
$9.43
$9.26 outstanding stock of Petroleum Rectifying Co. of California. a California
x Total receipts In 1930 include divs. from C. B. & Q. RR., $345,945: corporation, the Tret-O-Lite Co., a Missouri corporation, and the Vez Co..
dive. from Crow's Nest Coal Co., Ltd., $128,506, and int.. $4,876.
a Texas corporation, effective as of Nov. 1 1930.
Comparative Balance Sheet Dec. 31.
The Tret-O-Lite Co. has acquired the business, assets and property of
Wm. S. Barnickel & Co. relating to the manufacture and marketing of a
1929.
1930.
Assets-.
Liabilities1930,
1929.
Tret-O-Lite, which is used
trade name
chemical compound under
$85,048 Capital stock
Cost of charter_ _ _ $85,048
$3,954,000 $3,954,000 extensively throughout the the fields in the of
dehydration or de-emulsificaoil
186,073 Divs. unclaimed &
254,133
Cash
tion of crude petroleum. Such business was conducted for many years by
C.B.dr Q.stock_ _ 2,858,810 2,858,810
unpaid
1,650
1,506 Wm.S. Barnickel & Co.and the transfer of its assets, including inventories,
Crow's Nest Pass
Balance, surplus
3,172,925 3,080,006 relating to such business as mentioned above, was made for the
purpose of
Coal Co.stock__ 3,808,945 3,808,945
carrying out the plan of reorganization. The Vez Co. has also been engaged
97
97
Fmctional scrip_ _
.
for a number of years in the business of manufacturing and marketing
Gt. Northern Ry.
a chemical product for the dehydration or de-emulsification of crude
24,969
I. Co. bonds
petroleum.
95,037
94,927
C.S. bonds
The Tuxedo Corp. which was the owner of the issued and outstanding
1,501
1,645
Suspense acct., &c
Total(each side)17,128,575 $7,035,512
-04.4e Co. and the Vez Co., has, pursuant
tock of the Trot
s
Nate.
-The company on Dec. 31 1930 owned of 0. B. & Q. RR. stock reorganization, exchanged all such stock for an aggregate of to the plan of
146,667 shares
each, shown in balance sheet as $2.858.810. and of the Petrollte Corp., Ltd.. being 55% of the
23,063 shares of $100
authorized and issued stock
Crow's Nest Pass Coal Co. stock 28,557 shares of $100 each, carried In of that company, and your corporation has exchanged all of the
issued and
the balance sheet at $3.808,945.-V. 130. p. 300.
outstanding stock of Petroleum Rectifying Co. of California for
120.000
FINANCIAL CHRONICLE
506
shares of stock of Petrolite Corp., Ltd., being 45% of the authorized and
issued stock of that company. Petrolite Corp.. Ltd., holds all of the issued
and outstanding stock of the Tret-O-Lite Co., the Vez Co., and Petroleum
Rectifying Co., of California.
The plan of reorganization further provides that your corporation will
distribute to its stockholders, the 120,000 shares of stock of Petrolite Corp..
Ltd.,received by Wwithout the surrender of stock of this corporation. As a
result, each stockholder of Petroleum Rectifying Corp. of record at close of
business on Jan. 13 1931, will receive one share of stock of Petrolite Corp..
Ltd., for each share of stock of Petroleum Rectifying Corp. held.
Certificates of stock of Petrolite Corp.,Ltd.. will be available for delivery
by Union Bank & Trust Co. of Los Angeles, on or after Jan. 16 1931.
Accordingly certificates of stock of Petroleum Rectifying Corp. should be
presented or forwarded to Union Bank & Trust Co., 8th and Hill Sts.,
Los Angeles, on or after the above mentioned date.
As a result of the foregoing and following distribution of stock of Petrolite Corp., Ltd., your corporation will have cash, securities and receivables,
equal to approximately $3 per share on the outstanding stock.
No financing for Petrolite Corp., Ltd.,is contemplated, or deemed necessary, at this time.
Application for listing of the stock of Petrolite Corporation, Ltd., on the
Los Angeles Stock Exchange has been made.
The directors of Petrolite Corp., Ltd., have adopted a policy of paying
regular dividends at the rate of $2 per share per annum, payable quarterly,
beginning Feb. 1 1931, and extra dividends when justified. Tire initial
dividend of 50c per share has been declared to stockholders of record Jan. 15
1931.
There will not be any change in management of the operating companies.
Officers and directors of Petrolite Corp., Ltd.. are as follows:
D. C. Norcross, President; T. N. St. Hill and F. H. Penn, Vice-Presi-Treasurer; Sears Lehmann, John V. Janes,
dents; J. S. Lehmann, Sec.
Fred W. Lehmann, Jr., E. S. Dubn and Henry R. Schultheis, Directors;
-Treasurer.
L..1. F. Morison, Asst. Sec.
The main office of the corporation is Security Title Insurance Building,
5'30 West Sixth St., Los Angeles, California.
This consolidation has been under review for a number of years and from
my past knowledge of the business, dating back over a long period, it is my
unqualified opinion that it should result to the best interests of the stockholders.
-V. 131, p. 4065.
[VOL. 132.
Balance 8heet1Dec. 31.
1030.ble 11929.tII
Liabtlfties1929.
1930.
Assets$27,549 Capital stock____x$1,414,109 $1,322,178
Cash
$14,943
50,000 Notes payable.
Secured call loans_ i200,000
2,500
10,500
Securities at cost--y1,688,688 1,334,409 Res.: For Fed.tax.
1,025
1,000
For State taxes_
8,280
115.978
Undivided profits_
70,000
$1,703.611181.411.958 Surplus (earned)_ _ 170,000
Total
x Represented by 61,483 shares. y Appraised value of securitieslowned
as at Dec. 31 1930 was $1,288.097.-V. 131. p. 1116.
-Earnings.
Procter & Gamble Co.
For income statement for six months ended Dec. 31 see "Earnings
Department" on a preceding page.
It Is reported that the company plans to purchase the copra crushingfrnill
properties at Baltimore of the Oil Seeds Crushing Co., the largest mill of
its kind in the country, Procter & Gamble are the largest users of copra,
-V. 132, p. 142.
having a crushing mill at Cincinnati.
--Earnings.
Purity Bakeries Corp.
For income statement for 12 weeks and year ended Dec. 27 see "Earnings
Department" on a preceding page.
Federal Trade Commission Dismisses Complaint.
The Federal Trade Commission, Jan. 10, announced dismissagpf a complaint in the matter of Purity Bakeries Corp., involving the section of
the Clayton Act which prohibits acquisition of capital stock in a competing
-V.131, p.2391. 642.
company.
-Annual Report.
Railway 8c Light Securities Co.
Grow income, excluding profits from sale of securities, after related
Federal tax, during the year amounted to $857.016. After expenses,
taxes, and interest charges this income resulted in a balance of $484,859
available for preferred dividends of $91,872 and for the common stock.
Excluding capital profits the balance for the common stock was, therefore,
$392,987 or $93,149 in excess of the regular common dividend requirements.
Including capital profits, the balance for the common stock was $522,492,
equivalent to $3.49 per share.
As of Dec. 311930. the market value of all securities held in the port-Organized-Initial
Petrolite Corp., Ltd. (Del.).
folio of company was $3,096,501 less than cost or book value.
The asset value of the common stock based on market value of securiidend.-See Petroleum Rectifying Corp. above.
ties owned at the close of the year was $45.22 per share after reserves for
dividends payable Feb. 2 1931.
-Dividend No. 2.
Pierce Petroleum Corp.
A list of the stock in which the company had an investment of over
The directors have declared a dividend of 10 cents a share on the common
stock, no par value, payable Feb. 16 to holders of record Jan. 31. An 810,000 as at Dec. 31 1930 is given in the report.
Income Statement.
Initial distribution of like amount was made on this issue on Nov. 15 last.
1930.
1929.
12 Months Ended Dec. 31-V. 131, D. 2547.
$349,410
$466,280
Interest received and accrued
311.387
507,606
- Cash dividends
-New Stocks Certifs. Ready.
Pittsburgh United Corp.
New stock certificates of this corporation are in the hands of the transfer
$777.667
$857.016
Total income
agents and may be exchanged for stock of the 011 Well Supply Co., at either
the Union Trust Co. of Pittsburgh or the Chase National Bank of New Expenses and taxes (other than Federal tax on
96,264
95,425
profit on sale of securities)
-V. 131, p. 3544.
it is announced.
York,
285,132
276,732
Interest and amortization charges
-Coal Mined (Tons).
Pond Creek Pocahontas Co.
Month ofCoal mined (tons)
-V. 131, p. 3888.
Dec. 1930. Nov. 1930. Dec. 1929.
50,348
79,279
81,330
-Portfolio Changes
Power & Rail Trusteed Shares.
During 1930.
Eight changes in the portfolio of Power & Rail Trusteed Shares, a fixed
trust sponsored by Harming, Conklin & Pidgeon, Inc., are indicated in
the annual report which has been sent out to shareholders. The split-up
In American Light & Traction Co. stock resulted in an increase in unit
holdings of this stock from 1 to 4. Engineers Public Service common,
of which the units held five shares, was exchanged for three shares of Stone
& Webster, Inc. Due to the redemption of National Power & Light Co.
$7 Preferred, that stock was eliminated from the units and the funds were
reinvested in one additional share of North American common, bringing
that investment from three to four shares per unit; an additional share of
Illinois Central RR. common, increasing that investment from one to two
shares, and in one additional share of United Gas Improvement Co. common,increasing that investmentfrom six to seven shares. The Chesapeake
& Ohio stock split-up resulted in the inclusion of four shares of that stock
instead of one.
The report states that no company whose stock is included in Power St
Rail Trusteed Shares units either omitted or decreased its dividend during
1930. 22 of the 46 companies either paid larger dividends than in 1929
or declared extra stock dividends or valuable rights.
A list of holdings showing the changes which have taken place during
the year follows:
Railroad Common Stocks.
Public Utility Common Stocks.
Shares Held 1930,
Shales Held 1930.
Jan. 1. Dec. 31. Company
Jan. 1. Dec.31. Company1 Atch. Top.& S.Fe Ry.Co.
Amer. Gas & Elec. Co.
2
2
1 Allan. Coast Line RR. Co.
1
4 Amer. Lt. & Trac. Co.
I
2
2 Balt. dc Ohio RR. Co.
3 Amer. Power & Light Co.
3
1
4 Ches. & Ohio By. Co.
1 Amer. Tel. & Tel. Co.
1
2 Chic. R. I. & Pac. By. Co.
2
3 Am. Waterwks. & El. Co.
3
1 Delaware & Hudson Co.
1
2
1 Del. Lack. & West.RR.Co.
1
5 Cent.Pub.Serv. Corp."A"
5
2 Illinois Central RR. Co.
I
3 Columbia Gas & El. Corp.
3
1 N. Y. Central RR. Co.
1
1 Commonwealth Edison Co.
1
1 Norfolk & Western Ry. Co.
1
10 Com'w'th & South'n Corp.
10
2 N.Y. N. It. & H.RR.Co.
2
2 Cons. Gas El. Lt. & Pr.
2
2 Northern Pacific By. Co.
2
Co., Baltimore.
2 Pennsylvania RR. Co.
2
2 Consol. Gas Co. of N. Y.
2
2 Southern Pacific Co.
2
1 Detroit Edison Co.
1
2 Southern Railway Co.
2
1 Duke Power Co.
1
3 Electric Bond & Share Co.
3
Public Utility Preferred Stocks.
5 Electric Pow. dr Lt. Corp.
5
2 Amer. & Foreign Pow. Co.
2
__ Engineers Public Service.
5
inc. 57 sec.
7 Inter. Hydro-Elec. Sys."A"
7
2 Amer. Pow. dt Lt. Co. $6
2
3 Internat. Tel. & Tel. Corp.
,3
2 Columbia Gas& El.Co.5%
2
5 ?diddle West Utilities Co.
5
2
2 Consol. Gas Co.of N.Y $5
5 National Pow.& Lt. Co.
5
2 Electric Power & Light
2
10 Niagara Hud. Pow. Corp.
10
Corp. $7
4 North American Co.
3
2
2 Engineers Public Service
3 Pacific Gas & Electric Co.
3
Co. $5 cony.
3 Pacific Lighting Corp.
3
2
2 Kansas Pow. & Lt. Co. $8
2 Penn. Water & Power Co.
2
2
__ National Pow.& Lt. Co.$7
3 Pub. fiery. Corp. of N. J.
3
2 Nor. Amer. Edison Co. $6
2
3 So. California Edison Co.
3
2 Public Service Corp. of
2
2 Standard Gas & Elec. Co.
2
New Jersey 6%
3 Stone & Webster, Inc.
2 Standard Gas & Electric
2
Improvel Co.
7 United Gas
8
Co. of Delaware $4
5 United Lt. & Pow. Co."A"
5
2 United Gas Imp. Co. $5
2
-V. 131, p. 126. 2235.
-Annual Report.
Public Investing Co.
Year.
1930.
$11,654
80.003
4,946
Period Ended Dec. 31
Interest
Dividends
Miscellaneous income
Gross income
Operating expenses
Net income
Profits on securities sold
Total profit for year_ _ _ - - Previous surplus
Adjustment in tax reserves Total surplus
Dividends paid
Reserve for Federal taxes
Reserve for State taxes
Transferred to surplus account
Undivided profits Dec.31
_ _______
__
9X Mos.
1929.
$10,259
26,164
1,351
$96,605
22.171
$74,434
27.827
$102,260
8,280
7.975
$118,515
91,350
11,187
$37,775
4,700
$33,075
88,039
$121,114
$15,978
$121,114
31,334
10,500
1,000
70,000
$8,280
$396,271
1,392,049
Operating profit
Profit on sale of securities after Federal tax
$484,859
129,505
Total profit
Preferred dividends
Common dividends
$614,364 $1,788,320
91,872
91,872
449,757
699,646
$996,802
$72,735
Balance surplus
Earnings per share on common, includ. profit on
$14.91
$3.49
sale of securities
Earnings per share on common, not incl. profit on
$2.68
$2.62
sale of.securities
Note.
-Stock dividends received by company during 1930 but not sold,
profit or loss from
had a market value on Dec. 311930, of $40,544. Net
stock dividends sold, computed in accordance with Federal tax regulations, is included in the item "profit on sale of securities."
-The differences between book and market value of investments
Note.
not sold during the period are not reflected in the above statement.
Balance Sheet December 31.
1929
1930
1930.LiabilitiesAssetses
& not____$4,215,949 $4,047,513 Preferred stock_ .81,530,200 $1,530,200
Bonds
9,963,653 7,234,436 Oblige. to liquidate
Stocks
10 undepos. its.
54,567
22.695
Miscell. securities_
of pref. stock of
1,000,000
Cif. of deposit
1,000
1,000
71,983
1,300,113
predecessor Co_
Cash
6,100,000 Coll,trust bonds__ .5,480.000 5,500,000
Call loans
15,776
15,212
Accounts payable.
Cash pledged with
43,333
43.167
Coupon int. accr'd
trustees under
154,247
21,430
Tax liability
bond indenture_ 518,000
547,685
14,775 Reserve for dive_ 247,847
Accts. receivable__ 116,958
76,644 Common stock_ ...x7,994,682 7,994,682
67,074
Bond int. receiv_.
Earned surplus. _ _y2,245,884 2,173,599
Note and other Int.
7,500
10,367
receivable
Unamortised debt
383.105 Total(each M0)E17,579.422 517990,522
dIset. & expense 364.612
lc Represented by 149.919 no par shares. y Including surplus earned by
predecessor company.
Note.
-The total market value of securities owned Dec. 31 1930 was
-V. 132, p. 326.
$3,096,501 less than their book value.
-Report.
Railway & Utilities Investing Corp.
For income statement for six months ended Dec. 31 1930 see "Earnings
Department" on a preceding page.
George F. Morris, Treasurer, says: "Over three-quarters of this depreciation is accounted for by the decline in the market value of railroad holdings. At the present writing the market value of your investments is
approximately $343,000 above that prevailing Dec. 31, over three-fourths
of which appreciation is attributable to railroad Issues.
Condented Balance Sheet Dec. 31.
Assets1930.
1929.
1929.
1930.
Invest. (at cost).x54,404,974 $4.100,249 Reserve for taxes. $32,995
$41.556
Cash
28,807
315,303 Accrued expenses.
2,250
14,437
Cash diva. roc _
26.972 Cony. pref. stock. 2,226,200 2,228,300
Interest accrued_ _
3,667 Common stock. _ 1,559,390 1,559,330
277,599
. 67,191
Treasury stock._
Prem. on cap. stk. 278,735
341,405
415,839
Surplus
Total
$4,516,410 $4,446,101
Total
51,515,410 $4,448,191
x Approximate market value $2,253,440.
-There are outstanding option warrants, entitling subscription
Note.
to 50,000 shares ofclass A common stock, at the following prices: 10,000
shares at $10 per share up to June 30 1930; 10,000 shares at $10 per share
up to June 30 1931; 10,000 shares at $10 per share UP to June 30 1932:
10,000 shares at $10 per share up to June 30 1933; 10,000 shares at $10 Per
share up to June 30 1934: plus in each case $1 per share for each 12 months
or fraction thereofthereafter.
Classification of Investments Dec. 31 1930 (at Approximate Markel Value).
Railroad securities-Paying cash dividends or interest
$692,025
Non-dividend paying
443,687
Public utility stocks
-Paying cash disidends
749,090
Paying stock dividen
151,562
:
:: :
::::::: ::: : ::::::::::,.,. 217,075
Non-dividend paying-------Total________________________________________________ $2,253,440
•
Cost, as per balance sheet__________________________________ 4,404.975
Excess cost over market value
-V. 131, p. 2709.
$2,151,535
Raymond Concrete Pile Co.
-Smaller Dividend.
The directors have declared a regular quarterly dividend of 50c. per
share on the common stock, no par value, and also the regular quarterly
dividend of 75c. per share on the pref. stock, no par value, both payable
Feb. 1 to holders of record Jan. 20. On Nov. 1 last a quarterly distribution of 7.5c. per share was made on the common stock, ax compared with
$1 per share prevlously.-Y. 131, p. 2548.
JAN. 17 1931.]
FINANCIAL CHRONICLE
Republic Supply Co.
-Earnings.
Earnings for Year Ended Oct. 31 1930.
Profit from operations & other income
Depreciation, interest & Federal income tax
Net income
Profit & loss surplus, Nov. 1 1929
Gross profit & loss surplus__ -_Dividends
$702,007
110,812
$591,195
1.499,972
The petitioners against Schulte United are the Zonite Sales Corp, the
Park View Hat Co., and Joseph Lesser.
Acting on ancillary actions to those filed in New York, Federal Judge
Guy L. -Fake in Newark, N. J., appointed Henry Myers of Passaic and the
Irving Trust Co. receivers for the assets of Schulte-United, Inc., and
Miller's, Inc., in New Jersey.
Scott Paper Co.
-Sales Gain.
-
Calendar Years________________ - __$2,091,167 Sales
600,000 -V. 131, p. 4227.
Profit & loss surplus, Oct. 31 1930
$1,491,167
Earns, per share on 200,000 shares capital stock (no par)
$2.95
Condensed BalanceSheet Oct.31 1930.
AssetsCash
$233,249 Accounts payable
81,001.313
Marketable securities
987,472 Capital stock
x1,000,030
Notes & accounts receivable_- 1,436,066 Surplus arising from revalueInventories
374,639
don of land (1928)
107,853
Investments in sub. co.&c._ 110,800 Profit &loss surplus
1,491,167
Land, bides., mach. & 'equip. 439,674
Deferred charges
18,444
Total (each side)
33,600,314
x Represented by 200,000 no par shares.
-V.130. p. 3895.
507
1930.
$8,468,608
1929.
$7,761,559
Increase.
$707,050
-Distributing Group Formed.
Selected Managements,Inc.
Formation of Selected Managements. Inc. Distributing Group to handle
the National sale of certificates of participation in Selected Managements.
Inc. is announced by Nicol-Ford & Co. and Harris, Small & Co., sponsors
of the latter company.
The Distributing Group is headed by Charles F. Eddy, who has been
prominently identified with Detroit financial institutions for several years.
Associated with Eddy is Ralph Fordon, formerly with the Guardian Detroit Co.
Application for permission to sell Selected Managements, Inc. in New
York.Pennsylvania, Massachusetts,Connecticut,Ohio. Indiana and Rhode
Island has either been made to the securities Commissions of those States
or is in process of being prepared and selling activities will be extended to
other States as rapidly as possible. Application in the Provinces of Quebec
Richfield Oil Co. of Calif.
-Receivership.
The company was placed in the hands of an equity receiver Jan. 15. and Ontario, Canada also are being made. It is planned to build up a
Inability to obtain additional working capital as contemplated under a dealer organization of approximately 35 States as soon as the necessary
recent plan of financial rehabilitation was the reason advanced. Toe legal steps can be taken to have the issue qualified by the local securities
company has total assets of $143,000,000, funded indebtedness of approxi- Commissions.
Selected Managements, Inc. was organized recently as a semi-fixed inmately $35,000,000 and a current debt in the neighborhood of $15,000,000
vestment trust to hold the common stocks of 14 management trusts that
to $20,000
FederalJudge James issued the order on the complaint of the Republic are selling at somewhat less than 80 cents on the dollar of net assets. The
Supply Co., which presented a claim of $275,000. William C. McDuffie, theory behind formation of the trust was that it provided investors with a
recently named-President of the company, was appointed receiver under a high degree of diversification of risk and an exceptionally wide range of
investment management and at the same time offers an opportunity to
bond of $3,500,000.
-line stock market situation that cannot last long
Mr. McDuffie, who is Associate President of the Pacific Western Oil participate in an out-of
Corp. announced that he would not resign from this position. He ex- after the trend of prima becomes definitely upward. See V. 131. p. 4066.
plained that "my interest in Pacific Western is well known and I feel that
Servel, Inc.(& Subs.).-Earnings.no purpose would be served by my resignation, as my interest would still
Calendar Yearsremain."
io Mos.End.
1928.
Period1929.
Oct. 31 '30.
Mr. McDuffie's statement follows:
514 421,470 $9,669,412
"The Richfield Oil Co. of California, finding it impossible to issue series B Gross sales
77,774
8
Returns
1,233.648
Not
1
I
bonds under its present mortgage, which were to be used as collateral for
173,406
107.430
stated
additional working capital, was obliged to recede from its previously con- Commissions
Cost of sales
9,870,850 6,192,076
templated program.
"It being also apparent that large amounts of additional money were
Gross profit on sales •
$3,130,055 $3,209,541 $2,426,155
immediately required to carry on the company's business and that without
1,582,449
such funds being available, the company would be unable to meet its obliga- Advertising,selling &service expenses 1,687,690
1,820,936
344.953
tions, it waa conceded that a Federal receivership in equity would offer the Administrative & general expenses-426,995
387,951
Other expenses
140,627
best solution for the company's difficultues.
"The company's resources will be conserved and an effort toward re.
Net profit on operations
organization will be made, with full consideration being given toward pro$358,124
$961,610
$1,054,414
Other income
tecting the interest of all present security holders and creditors.
107.928
177,311
41,636
"I believe that over a period of time it will be possible to discharge
Total profit
the company's obligations, dollar for dollar, and that the creditors will not
$466,052
$1,096,050 $1,138,921
suffer a loss. The Richfield Oil Co.is a powerful entity in the oil industry Interest accruals
229.654
112,296
88,736
of America. It is hoped to preserve this entity, and to return the company Discounts allowed
163,117
Provision for doubtful accounts, &c
to an even stronger position in the national oil business.
72,278
72,711
"Richfield Oil Corp. of New York, a wholly owned subsidiary, will Extraordinary deductions
1,391.117
375,000
continue its present entity.
Net profit for period
"It is too early to make any statement relative to 1930 earnings other
$236,398
$559.603 loss3599,887
than to say that the losses will be larger than anticipated."
-V.132, p. 142. Earnings per share on 1,729,850shares
common st3ek (no par)
$0.09
Nil
$0.29
Royal Dutch Co.
-Interim Dividend of 10%.
Comparative Consolidated Balance Sheet.
The Chase National Bank of the City of New York, as successor deposiOct 31'30 Dec 31'29
Oct 31'30 Dec 31'29
tary of certain ordinary stock of the company under an agreement dated
AssetsLiabilities
Sept. 10 1918. has received a dividend of ten guilders (F. 110)for each 100 Plant &
property_ 4,463,026 4,205,425 7% preferred stock 870,900
909,400
guilders (F. 100) par value of ordinary stock so held by it said dividend Cash
856,242
431,430 Common stock_ _617,803.486 17,973,702
being the interim dividend over the year 1930. The equivalent thereof
559,001
distributable to holders of "New York shares," $1.3404 cents on each Call loans accep- 2,600,000 1.200,000 Accounts payable_ 454,657
186,906
321.848
Accruals
"New York share." This dividend will be distributed by the Chase National Notes,trade
tancesdraccts.rec. 636,931
676,907 1st mtge. 5% gold
Bank on Jan. 31 1931 to the registered holders of "New York shares" of Inventories
2,399,692 3,497,520
bonds, due 1948 1,911,800 2,168,000
record Jan. 20 1931.
Depos.& advances
44,405
132,000
58,389 1st mtge. 6% bds_
96,000
A year ago,an interim distribution of 10% was also made while on Aug. 13 a Balance
to pay
Res. for conting__ 375,000
a final dividend of 14% was paid.
stock optlotui
21,000
6,829
359,078 Surplus
e504,874
Over 71% of 4% Priority Sub-Shares Exchanged for 5% Deterred charges__ 56,436 246,259
11,260,833 11,260,833 Total (each side)_22,338,565 21,935,839
Debentures-Balance Called for Redemption on Nov. 1 1930.
- Patents, &c
a Balance amount payable on exercise of officers' and employees' option
Holders of 4%% cum. priority sub-shares of f. 200
-from July 16 to
Oct. 15 1930 were given the opportunity to exchange their certificates for to purchase voting trust certificates for 3,000 shares of common stock.
5% debenture bonds of f. 200. The exchange was effected at the Banque b Represented by 1,729,850 shares of no par value. c Capital surplus.
de Paris et des Pays Bas, Amsterdam, and Credit Lyonnais, Paris. Over $413,497; special surplus through appraisal, $70,533; earned suprlus.
71% of the holders of the 4M % cum. priority sub-shares have exchanged $20,844.
their certificates for the debentures.
Transfer Agent.
The 5% debentures are to be redeemed within 50 years, are numbered
The Central Hanover Bank & Trust Co. has been appointed transfer
from 1 to 142,500 and provided with 100 half-yearly coupons for f.5
- agent for 2,000,000 shares of the common and 10,000 shares of the prepayable on Jan. 15 and July 15 in each year. The first coupon is payable on ferred stock.
-V. 132, p. 327.
Jan. 15 1931. The periods of limitation for principal and interest are 30
and 5 years respectively. The company reserves the right to redeem the
Sharon Pressed Steel Co.
-Plant Sold.debentures In the interim wholly or partly, at the rate of 102%%, which
The purchase of the plant at Wheatland, Pa., by Philadelphia interests
rate is also to apply for the redemption at the end of the 50 years.
from Joseph Greenspon's Sons, St. Louis. Mo., has been announced.
On Oct. 15 1930, it was decided to redeem, as of Nov. 1 1930, all priority The plant had been idle since the
years
shares which had not been presented for exchange. It is understood that ago when it was purchased by the close of the World War until two
St. Louis concern. Pipe manufacturing
at the present time over 19% of the unexchanged priority shares have been equipment will be installed it is stated.
-V. 119, p. 950.
redeemed, so that a total of over 90% have actually been withdrawn from
circulation.
-V. 131. P. 3381, 3721.
Skelly Oil
directors
Co.
-Omits Common Dividend.
-The
have voted to omit the quarterly dividend which ordinarily
1930-Docember-1929. Decreased 1930-12 Mos.-1929. Increase. would be payable around March 15 on the common stock,
$448.487
$458.783
$10.2961$4.664,048
$3,936,437
$727,611 Par $25. From Dee. 15 1925 to and incl. Dec. 15 1930,
-V. 131, p. 3220.
quarterly distributions of 50c. per share were made on this
-V. 131, p. 3053.
Schletter & Zander, Inc.
-Defers Preferred Dividend.
- issue.
The directors have voted to defer the quarterly dividend of 87% cents
(A. 0.) Smith Corp., Milwaukee.
a share duo Feb. 15 on the $3.50 corn. cony. preference stock, no par value.
-1930 Shipments, &c.
Sally Frocks, Inc.-Sales.-
The corporation during 1930 shipped 472,000 tons of electrically welded
pipe to all parts ofthe United States, compared with 425,000 tons in 1929.
The 193(1 tonnage, according to Carl C. Joys, Jr., manager of pipe sales,
consisted of about 3,000 miles, or 24,272 carloads. The mileage was nearly
Schulte-United, Inc.
-Receivership.
The company, holding company for the Schulte Five Cents to $1 Stores, the same as in 1929, and the carloads compared with 30,474 in 1929. More
Inc.. operators of 54 Junior department stores in the United States, was heavier pipe was made during the year just closed than in the previous year,
petitioned into bankruptcy Jan. 14 along with its wholly-owned subsidiary, the figures indicate.
In the first five months of the company's fiscal year. Aug. 1 1930 to
Miller's, Inc.
Three creditors who filed the petition estimated the holding company's Jan. 1 1931,shipments amounted to 216,000 tons, or 9,720 carloads, against
126,000 tons and 8,698 carloads the same 1929 period. Increases for the
liabilities at $16,000,000 and its assets at $9,000,000, including $44,000,000
in leaseholds, 32,000,000 in merchandise, $2,000,000 in furnishings and five months' period come 10 71.4% in tons, 11.7% in loads, and 63-4% in
miles.
fixtures, and $900,000 in cash.
Plant expansion was extensive at the A.0. Smith works during the year.
Three creditors also filed a petition against Miller's, Inc., estimating
liabilities at $1,250,000 and assets at approximately $1,000,000. 'Federal Outstanding was the new research and administration building, put up at a
cost of about $1,500,000. Two other buildings were put up by the corporJudge Francis G. Caffey appointed the Irving Trust Co. receiver for both
ation. One of these, a pilot plant for trying out new Smith processes on a
concerns.
M. J. Whitman. a director, issued the following statement in explanation semi-production basis, is now ready for occupancy. The other is a structure
designated by the company as Building No.106. of brick and glass and steel,
of the receivership:
-V. 132, p. 143.
"The receivership of Schulte United, Inc., is the result of a combination the equivalent in height of about 10 stories.
of adverse circumstances, all of which grow out of the general business
-Earnings.
Southern Ice Co.
depression. Conceived and launched in the latter stages of the inflation
For income statement for 12 months ended Nov. 30 see "Earnings Deperiod, the company has contracted long-term leases that call for rentals
-V.131, p. 3546.
which are excessive and fatally burdensome. The steady decline in the partment" on a preceding page.
price of merchandise has resulted in heavy and constant markdowns.
-No Connection with
Standard Oil Co'. of Calif. (Del.).
Normal credits have been denied the company. These and other strains
are too severe for the capital structure.
Colorado Company of Same Name.
"The total investment of all the Sohulte companies in Schulte United
K. T. Kingsbury, President, Jan. 10, made the following announcement:
Five Cents to Si Stores, Inc., is loss than 3100,000, and beyond that sum
"Many circulars are being received by residents of the Pacific Coast,
the Schulte companies will be unaffected by the receivership. David A. issued by Standard Oil Co. of Colorado, offering for sale stock of that
Schulte and his associates own or control more than 90% of the bonds of Company. Owing to the similarity of the name with that of the Standard
the Schulte United Five Cents to $1 Stores, and approximately 40% of the Oil Co. of California, we are receiving numerous inquiries with respect to
preferred and common stock."
the Standard Oil Co. of Colorado. This company. Standard Oil Co. of
Mr. Whitman explained that Schulte United, Inc., mined 54 stores California, deems it proper to state that despite the similarity of name
extending from New England to California. The venture, he said, was there is no connection whatever, direct or indirect, between the two corpopromoted by David Schulte and the United Cigar Stores Co. early in 1928, rations, nor.so far as we are informed, between Standard Oil Co.of Colorado
but the United, he said, does not at the present time own a single share of and any other corporation which was formerly a unit of the so-called
the company's stock.
-V. 132, p. 144, 327.
Standard Oil group.''
This rate had been paid up to and including Nov. 15 1930.-V.130,p.4624,
4434: V. 129, p. 3812.
508
FINANCIAL CHRONICLE
-Earnings.
(A. G.) Spalding & Bros.
1927.
1928.
1929.
1930.
Years Ended Oct. 31Net sales
$28.100,216 $27,886,334 $26,024,700 $23,961,319
17,416.341 17,091.069 16.068,492 15,161,813
Cost ofsales
6,655.557
7,226.106
8,132,320 7,914.531
Admin. & selling exps
542.504
559,007
578,923
618,670
Depreciation
74.488
90.566
108,889
150,010
Royalties
Net operating profit-- $1,782,873 $2,192,921 $2,080,530 $1.526,957
264,583
271,210
322,320
296,627
Other income
Total income
Interest paid
U.S. and foreign taxes
Other deductions
$2,079,500 $2,515,241 $2,351,740 $1,791,540
224,239
242,192
204,595
179,490
234,000
266,100
260,200
222,941
41,585
Net income
$1,635,484 *2.050,446 $1,843,447 S1,333.301
287.703
282,963
7% 1st pref. dividends-260,887
249.673
79,990
80,000
8% 2d pref. dividends-80.000
80,000
296,945
356,424
Common dividends_
538.926
_
695,681
150.000
150,000
150,000
Prov. for red. 1st pref-150,000
$518,662
$974,060
Undistributed profit-- $460,130 *1,020,633
Ste. corn. stk. outstandx59,822
x59,822
349,110
ing (no par)
349,110
$16.14
$24.75
Earns, per sh. on corn _ _
$4.90
$3.74
x Par $100.
Comparative Balance Sheet Oct. 31.
1929.
1930.
1930.
1929.
Liabilities
Assets$
$
Land, bldgs., &c_ _24,980,612 4,502,247 7% 1st pref.stock_ 3,623,000 3,755,000
8% 2d pref. stock_ 1,000,000 1,000,000
Leaseholds, bides.,
& improvementab1,306,447 1,249,267 Common stock_ _ _d9,032,200 9,032.200
711,854
13,542 Accts. payable_ -- 760,674
65,042
Patent rights
406,292
401.885
893,828 1,189,344 Demand loans_ Cash
Accts. & notes ree.c4,304,910 4,160,357 Accr. sal. wages,
501,175
10.200,407 10,377,223 int., taxes, &e__ 455,682
Inventories
264,638
194,650 Res, for inc. taxes.. 224,341
nerd euarges, &c. 239,205
26,296
18,685
753,424 Empl. sub, to stk_
920,307
Investments
99,978
72,382
175,189 Miscell. reserve_ _
125,358
Treasury stock_ _ _
6,247,672 5,804,983
1,268
1,787 Surplus
Cash In sink.fund_
Sure. appropr. for
Employ. cont. for
356,468 red. of 1st pref._ 1,502,564 1,371,083
purch. of stock_ 301,700
[VOL. 132.
Capital Surplus Dec. 311930.
Credits
From reduction in stated value of no par value common stock
from $25 to $10 per share; 115,000 shares at $15
$1,725,000
From purchases:
Company's pref. stock purchased in open market at a discount (3,475 shares)
54,354
Company's pref. stock purchased under plan of Dec. 6 1930
50,000
(25,000 shares)
Total credits
$1,829,354
Debits
Organization expenses written off; balance as at July 1 1930--- $154,851
Losses on securities acquired prior to July 1 1930, sold Dec. 30
101,755
and 31 1930
$1.572,748
Capital, surplus, Dec. 31 1930
Balance Sheet December 31.
1930.
Liabilities1929.
1930.
1929.
Assets$159,229 $110,095 Admin. & statisCash
$2,079
tical exp. Raced_
$4,167
300,000
Call loans
4,651
Taxes pay.& accr_
Accrued int. and
57,537 Accrued dividend
25,563
dive. receivable_
42,500
28,262
a5,534,946 5,865,893 on pref. stock__
Investments
Reserve for Fed'I
49,757
Syndicate particle.
55,208
Income tax
Sec.long in arbit'ge
1,295,797 Preferred stock_ __b2,826,250 4,250,000
acct.(book val.)
197,083 Common stock_ „c1,400,000 2,875,000
Organization exp.
Capital surplus.._ 1,572.748
305,530
Earned surplus_ __ 235,503
Total
96,069,496 97,532,405
96,069,496 87,532,405
Total
a Market value Dec. 31 1930, $3,512,999. b Represented by 56,525
-V.132.P. 144.
to par shares. c Represented by 140,000 no Par shares.
-Sales, &e.
Stutz Motor Car Co. of America, Inc.
Sales of Stutz motor cars at the New York Automobile Show totaled 63,
establishing a new high record, according to President E. S. Gorrell. This
compares with the previous high show sales record of 38 cars established
in January 1927.
For the year 1930 the company sold at wholesale 712 cars and at retail
1,321 cars and stocks of new cars in the hands of dealers currently total 138
compared with 774 a year ago.
Following the recent recapitalization of the company and the completion
23,339,087 22,973,498 of new financing the company's position as regards freedom from heavy cur23,339,087 22,973,498
Total
Total
a After reserve for depreciation of $3.996,557. b Leaseholds, building rent liabilities is excellent. The company has paid off approximately
and improvements thereon, after depreciation and amortization, $1,- $1,700,000 in loans. $800,000 in accounts payable and current accounts
356.447, less mortgage (payable $25,000 annually). $25,000. c Composed payable have been reduced to about $60,000. Subsequent to July 1 1930,
as follows: Accounts receivable $4,238,351; notes receivable $227687; the company has retired $139,000 of its debenture bonds, leaving outstandemployees' accounts receivaole $26,775: total $4.492.812: less provision ing $451,000 of bonds due in 1937. The payment of its semi-annual sinking
for uncollectible amounts of $187,902. dRepresented by 349,110 no par fund on this bond issue has been made or provided for up to April 11932.
With business at nearly 60 to 70% of the average of the years 1926 to
-V. 130. p. 303.
shares.
1929, the company should earn approximately $5 per share during 1931,
-Arranges Through Subsidiaries Mr. Gorrell estimates.
Standard Oil Co.(Ind.).
-V.132, p. 327.
to Make Own Physical Connections with Leases Adjacent
to Its Lines.
Sun Realty Co.
-Omits Common Dividend.
The directors recently decided to omit the quarterly dividend ordinarily
Previously, the company
The company has announced that without waiting for the termination of payable about Jan. 1 on the common stock.issue.
the relief of "stripper" oil well owners in Oklahoma and paid quarterly dividends of Sc. a share on this
negotiations for
The company on Jan. 1 last paid to preferred stockholders of record
Kansas, it has arranged through subsidiaries to make its own physical con% on the preferred stock.
nections with'the leases adjacent to its lines. As a result the company will Dec. 25, the regular quarterly dividend of
soon be taking 12,238 barrels of oil daily from wells cutf off by the action of Par 31.-V. 126, p. 3466.
the Prairie Oil & Gas Co. in discontinuing purchases. The statement of the
Super Maid Corp.
-Omits Common Dividend.
Standard Oil Co., of Indiana, follows in part: "Similar action by other
the
purchasers will provide a market for 15,000 barrels daily from the stripper is The directors have voted to omitand quarterly dividend which ordinarily
Nov. 1 last, quarterly dividends of
payable on Feb. 1. On Aug. 1
wells. The remaining 15.000 barrels are too scattered and too distant from
-V. 131, p. 3054.
purchasing companies' lines to be marketed except through the Prairie 25 cents per share were paid.
gathering lines. Standard of Indiana has been doing everything within
Swedish Match Co.
-Stock Increased.
reason to aid tiansas producers despite the fact that it is losing a market
The stockholders on Jan. 13 approved an increase of the capital
for 30,000 barrels daily, formerly catsled through the Stanolind lines to the from 270,000.000 kronor to 360,000.000 kronor. See also V. 132, p. stock
327.
Sinclair refinery at East Chicago and so needs less oil rather than more.
The Standard of Indiana is also providing a large market for Kansas oil.
-Earnings.Sweets Co. of America, Inc.
Every gallon of gasoline it sells in Kansas is made from Kansas crude oil by - For
income statement for the month and 12 months ended Dec. 31. see
-V.131, p.
Kansas labor at the Neodesha refinery of Standard of Kansas."
-V.131, p. 4067.
'Earnings Department" on a preceding page.
4228.
-Liquidating Dividend.
Stollwerck Chocolate Co.
The directors have declared a dividend of $2 per share, the fourth dividend in liquidation on the 1st ,pref. stock, payable Jan. 15. This brings
total payments in liquidation to $32 a share. There now remain 13 acres of
real estate and further dividends will depend upon disposal of this property.
-V. 131, p. 3221.
-Reduces Preferred Dividend.
Storkline Furniture Co.
The directors have declared a quarterly dividend of 25 cents per share
on the $2 cumul. cony. pref. stock, par $25. payable Feb. 1 to holders of
record Jan. 24. Previously, the company make regular quarterly distribu-V.130, p.4437.
tions of 50 cents per share on this issue.
-Annual Report.Sun Investing Co., Inc.
parraely W. Herrick, President, says in part:
The income statement shows a net loss from operations for the year of
$73,298, of which $68,005 occurred through the sale of securiti ;. The
balance of $5,292 represents the amount by which expenses and pr .. stock
dividends exceeded ordinary income from investments.
The reduction of the stated value of the common stock from $25 a share
to $10 a share and the allocation of the balance of $15 a share to :apital
surplus was approved by the stockholders Dec. 29 1930 and the re uction
effected. A capital surplus of $1,725,000 was thus created and it h s been
specified that the company may charge against this surplus such losses
as may be sustained from time to time from the sale of securities h Id in
the company's portfolio on July 1 1930.
During the first six months $42,232 was applied out of earnings to the
reduction of unamortized organization expenses. The balance of organization expenses, $154,850, has been written off against the newly created
capital surplus. This capital surplus was further reduced by $101,754,
the amount of the losses incurred on the sale of securities acquired prior to
July 1 1930. These losses, however, were offset by a credit to capital surplus of $104,333, which resulted from the purchase of 25,000 shares of
pref. stock of the company at the rate per share of $38 in cash and one share
the
of authorized but unissued common stock, and and purchase in the open
the retirement of the
market of 3,475 additional shares of pref. stock
28,475 shares thus purchased.
estimated that all expenses and pref. stock dividends can be met
It is
the portfolio.
this year from the income from securities now held in 31 1930 was $8.50
The liquidating value of the common stock on Dec. $50 a share for the
the full liquidating preference of
a share, after allowing
share of pref. stock were
pref. stock now outstanding. The net assets per the common stock as of
on that date $71.05. The liquidating value of per share.
approximately $9.70
this date (Jan. 10 1931) is
given in the report.
A list of securities held in the portfolio is
Comparative Income Statement.
Year Ended Apr.24'29
Dec.31 '30. to Dec.31 '29
Period
$70,898
$117,497
loans, &c
Interest on bonds, call
135,430
222,741
Dividends earned
93,102
48,656
arbitrage transactions
Profits from
$346,029
$342,295
Total income
107,124
96.573
Expenses and other charges
Portion of Federal income taxes applicable to net
21,454
on sale of securities
income before profits
$228.002
$235,170
Net income before profits or losses on sales ofsec_
a68,005pr01b247.528
Net lass on sales of securities
$475,530
$167,165
Net income
305,530
Earned surplus Jan. 1 1930
3,271
income tax reserve
Adjustment of Federal
$475,530
6
$475.96
Total surplus
170,000
240,462
Preferred stock dividends paid and accrued
$305,530
$235,503
Earned surplus Dec. 31
a After deducting $101,754 charged to capital surplus. b After deductng $33,754 for Federal income tax.
1
Texas Corp.
-Estimated Earns.for 1930
-Div. Outlook.
President R. C. Holmes.in a letter to the stockholders,says:
There are elements in the canna of the present world-wide depression
which have made it extremely difficult to make comparisons with previous
periods of industrial depression, and as a consequence, impossible at any
time within the last year to forecast with confidence the extent and duration
of the present one.
It has never been the policy or practice of the officers of this company to
predict what the board of directors may find it wise to do in regard to
dividends or to give out to anyone information of the company's activities
except after the annual closing of the books, when a full and detailed statement of the company's financial and operating conditions is published and
distributed to every stockholder.
The apparent lack of confidence in the ability of industry to recover from
this depressed state leads us to make an exception and say to our stockholders
that while our net earnings for 1930, after Federal taxes and all charges, will
be small compared with 1929. probably not more than $15,000,000, or
$1.52 per share, nevertheless our cash, securities and notes receivable as of
Dec. 311930, will be about $65,000,000. In accordance with our practice
inventories are adjusted to lower of cost or market. which to-day is market.
The wholesale prices, both domestic and foreign, on gasoline and other
petroleum products, average lower now than they have at any time in the
history ofthis company,28 years.
Our unbroken dividend record from the first year of operation, 1902, has
been a source of pride and satisfaction to stockholders and officers alike.
Out ofthe bond issue of October 1929. we have made investment expenditures of approximately 354,000.000 during the year 1930. We have no bank
loans.
Our forecast leads us to believe that even if market conditions should not
improve, we would without any borrowing be able to continue the present
dividend rate for at least another year and at the same time maintain ample
cash reserves to meet all necessary construction requirements and maintain
our business and facilities at our usual high standards. The board must,
however, in the best interests of the company, decide from time to time
what dividend payments shall be made.
Exchange Plan for Acquisition of Indian Refining Co.
Stock Declared Operative.
-See latter company above.
V. 131, p. 4067.
-New Director Elected.
Thermoid Co.
-
Gerald P. Kynett of Brooke, Stokes dc Co., of Phildelphia has been
-V.131, p.3221.
elected a Director.
(John R.) Thompson Co.
-Sales Decrease.
-1929.
-Dec.
1930
Increase.? 1930-12 Mos.-1929.
Decrease.
$1,246,121 $1,319,607
$73.486 1314,943,516 $15.742,600 $799,084
-V.133.p.4067,3383.
Tr -Continental Corp.
-Seeking Other Investment Cos.
In making public the annual report, Earle Bane, President, announced
that, in accordance with the trend toward larger units in the investment
trust field, Tr -Continental Corp. is discussing merger possibilities with
the managements of several companies and has already arranged to Purchase the assets of Wedgwood Investing Corp., subject to the approval of
the latter's stockholders. This acquisition is being made in exchange for
shares of Tr -Continental preferred and common stocks.
The report shows that 33,650 shares of the preferred stock have been
retired, leaving 400,000 outstanding, of which 81.366 shares were held
by the company on Dec. 31. Of the shares so held, about 28,000 will be
used in connection with the Wedgwood purchase. The remaining 53,000
shares, the report states, are available for similar transactions, or for sale
to investors or for retirement. The corporation also held 27,900 shares
of its own common stock, purchased below liquidating value, which will
be used in connection with the Wedgwood acquisition.
In connection with the Wedgwood acquisition, it is expected that John
C. Martin, President of Wedgwood, will become a member of the board
509
FINANCIAL CHRONICLE
JAN. 17 19311
-No Interest in
of directors of Tr -Continental. Mr. Martin is Vice-President and Gen.
United Cigar Stores Co. of America.
Mgr. of Curtis-Martin Newspapers, Inc., publishers of the New York
Evening Post and Philadelphia Public Ledger and Inquirer, and a director Schulte Company.
-cent to $1
In connection with the receivership of Schulte-United 5
of the Cease National Bank, the Philadelphia National Bank and the
Curtis Publishing Co.
Stores, Inc., R. W. Jameson, executive vice-president of United Cigar
Outstanding capitalization of Wedgwood consists of 27,769 shares of Stores Co. of America, issued the following statement:
"United Cigar Stores Co. of America has no interest in Schulte-United
preferred stock (par $100) and 165,000 snares of common stock -V. 131.
5
-cent to $1 Stores, Inc., and is not affected by the receivership of that
IL 2393.
company."
-V. 131, p. 4230, 1579.
Trunz Pork Stores, Inc.
-Smaller Common Dividend.
The directors have declared a quarterly dividend of 250. per share on
the common stock, payable Feb. 9 to holders of record Jan. 30. From
Feb. 10 1930 to and incl. Nov. 41 1930, quarterly dividends of 40c. per
share were paid on this issue.
-V. 131, p. 2710.
Union Mills, Inc.
-Balance Sheet Dec. 31.1929.
Assets1930.
Liabilities1930.
1929.
Real estate, maPreferred stock_.$1,500,000 $1,500,000
chinery, &c..-- _$2,996,359 $3,032,429 Common stock_ _ _x3,271,043 3,420,496
46,626
135,876
Merchandise
96,366
299,480 Accts. payable,..
253,186
Cash
1,168,101
858,898 Res.for bad debts_ 234,021
494,185 Reserve for deprecAccts. receivable.._ 169,464
1,481,513 1,438,548
639,739
elation
U. S. bonds, &c
639.739
14,873
14,873
Other Investm ts__
Union Mills pf stk 1,428,300 1,408,500
Total
$6,513,204 $6,748,105
x Represented by 100,000 no par shares.
-V. 130. Ia• 1669.
Union Oil Co. of California.
-New Plant.
The company has placed in operation at its Wilmington refinery a 900-ton
Edeleanu plant, said to be the largest kerosene unit in the United States.
The output of the new plant, which is capable of treating 7,000 barrels of
kerosene stock per day, will be used almost entirely for the production of
kerosene for export trade.
The treating of kerosene stock by the Edeleanu process is by no means a
new undertaking on the Pacific Coast, the Union Oil Co. having built the
first plant, a 125-ton unit, at its Oleum refinery in 1926. The product from
this plant has met with such high favor in the Far East and domestically the
Union Oil Co. was forced to increase its facilities.
The purification of kerosene stock by the Edeleanu process is accomplished by mixing the crude kerosene with sulphur dioxide at a temperature
of approximately 15 degrees Fahrenheit. The undesirable constituents,
such as coloring matter and so-called aromatics, are dissolved by the sulphur
dioxide and settle out of the mixture, while the treated kerosene stock,
accompanied by a small quantity ofsulphur dioxide flowsfrom the top ofthe
mixers. The sulphur dioxide is then recovered from the oils by evaporation,
after which it is compressed,condensed and returned to the mixers for re-use.
The plant equipment, with the exception of the building, which is ofsawtooth construction, 130 feet by 180 feet, circulating water system,structural
steel supports and electrical apparatus, was fabricated in Germany and
shipped direct to the Los Angeles harbor, the shipments totaling approximately 775 tons. The total cost of the plant is reported to have been
approximately $750,000. The motors operating the plant are electrically
controlled and can be started and stopped from one control board. Due
to this simplified control system three men per shift can operate the entire
plant.
-V.132, p.328.
-Earnings.
United Paperboard Co., Inc.
Fox income statement for six months ended Nov. 29 see "Earnings
-V. 131, p. 1414.
Department" on a preceding page.
United States & International Securities Corp.Earnings.
Cash dividends received
Interest received and accrued
Year 1930. Nov. 1928.
to Dec.31'29
$1,947,764
2872.956
489,937
1,305.678
Total income
Less-Interest paid
$2,437,701 52,178,634
62,583
411.898
Net profit
Net loss on securities sold
Profit on syndicate participations
$2,375,119 81,766.736
792,944 1
93.570
Cr. 75,556 j
Total income
Organization expenses
Expenses
Transferred to reserve for contingencies
Provision for Federal income taxes
$1.657,730 $1,860.305
19,607
150.392
218,259
25,000
97,858
Net income
1st preferred dividends
2d preferred dividends
$1,414,471 $1,592,448
1,061,498
1,705,776
250,000
500,000
Period Ended Dec. 31-
def$541,305
$30,950
Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Liabilities$
Assets$
$
172,434 Accts payable_ _
2,561
15,078
Cash
6,566,127
Demand loans
1,450,000 2,500,000 Deposit against
55,500
bonds loaned_
Short-term Cr.
620,000 4,490,000
Res. for conting.
25,000
Accts. rec.,accrd
87,412
785,876 Loans payable_
8,950,000
int., &c
Securities at costa42,176,464 37,067,836 Prov. for Fed.
55,901
Income tax...
First pref. stockb37,823,040 25,690,106
Second pref. stk c500,000
500,000
Special reserve__ d9,475,000 9,475,000
e24,855
Common stock_
24,948
274,164
Capital surplus_ 1,798,626
30,950
Total(ea. side) 50,960,003 45,016,147 Earned surplus_ 1,195,422
a The aggregate value of the corporation's securities, based on available
market quotations or estimated fair value in the absence thereof, was
Unit Corp. of America.
-Sales Increase.
Shipments of excavators by the corporation during the first ten days of less than the above book value by approximately $14,560,000. b Reprethis month equalled those of the entire month of Jan. 1930, according to sented by 393.990 no par $5 div. shares. c Represented by 100,000 no par
$5 div. shares. d Set up out of amount paid in cash by subscribers to 24:1
President W. H. Schmidt.
-V. 131, P. 3547.
preferred stock. e Represented by 2,485,543 no par shares.
-V.131.
A list of securities owned Dec.31 1930 is contained in the report.
United Founders Corp.
-Contract.
13• 492.
See Insuranshares Corp. of N. Y. above.
-V.132, p. 328.
Balance
-Stock Off List.
U. S. & Overseas Corp.
United States & Foreign Securities Corp.
-Earnings.
1929.
Calendar Years1930.
1928.
1927.
Cash dividends received- $1,644,175 $2,123,1041a$1,938,566 a$1,760,781
Int. rec'd & accrued--329,161j
670,111
Total income
Interest paid
Expenses
$2,214,287 $2,452,265 $1,938,566 $1,760,781
64,063
See a
See a
166,220
205,286
144,009
261,324
Operating profit
$2,048,067 $2,182,916 $1,794,557 $1,499,457
Profits from sale of securities
bloss476,392 10,774,887 6,673,029
1,729,225
Total income
$1,571,675 812,957,803 $8,467,586 53,228,682
Transferred to reserve
for contingencies
250,000
814,697
Prov. for Fed. inc. taxes
1,247,713
241,377
Net income
$1,321,674 $11,710,090 $7.652,888 $2,987,305
Previous surplus
6,368,928 4,983,801
22,134,702 12,224,366
Surp.arising fr.retirem't
30,130
of 1st pref. stock
Total surplus
$23,486,506 $23,934,455 $14,021.816 $7,971,106
1st preferred dividends_ 1,854,825
1,499,753
1,497,450
1,302.178
375,000
2d preferred dividends
300,000
300,000
300,000
Surplus Dec.31
$21,256,681 $22,134,702 512,224,365 56,368,928
Earns. per sh. on 1,000,Nil
000shs. corn.stk.(no par)
$9,91
$5.85
$1.39
a After deducting interest paid. b Includes profit of $116,935 on syndicate participations.
A list of the company's holdings is given in the report.
Ernest B. Tracy, President,says in part:
"Net income shown available for dividends, after deducting $593,326
loss on sale of securities and exclusive of stock dividends, the receipt of
which has not been treated as income, was $1,321,674. The income
from interest and cash dividends was $2,214,286, which is in excess of
dividend requirements on both first and second preferred stock. The
aggregate market value of securities owned is loss than their cost.
"During the year 13,300 shares first preferred stock, including those
reported held by the corporation on June 30 1930, have been retired and
given the status of authorized but unissued stock. This action resulted
in the creation of capital surplus of $30,130.
"The average paid-in capital from organization in October 1924 to December 31 1930 was approximately $24,380.000. Regular dividends at the
rate of $6 per annum have been paid on the first and second preferred stock
from time to time outstanding, representing such paid-in capital.
"On Dec. 31 1930 the total paid-in capital of United States & Foreign
Securities Corp. was approximately $27,800,000. On the same date the
total not assets, calculating marketable securities at market and all other
securities at estimated fair value, and assigning no value whatever to
93,000 shares second preferred and 1,987,653 shares common stock of
United States & International Securities Corp., were approximately
078,000, of which cash and demand loans constituted $22,440,187.97.'p38.
Condensed Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets
Liabilities
21,640,188 10,738,228 1st pref. stock__ _523,670,000 25,000,000
Cash
800,000 8,950,000 2d pref. stock -- 1350,000
Demand loans_ _
60,000
General reserve ___c4.950,000 4,950,000
Leans, accqs re850,202 Common stock _
ceivable, &a._ _ _ 486,275
d100,000
100,000
Secure. (at cost)_x17,861,217 24,036,670 Dividends payable 429,975
657,728
Acc'ts payable_ _ _ Syndicate panic
31,863
212,074
Prov.for Fed.taxes
Inv.In U.S.& Int.
1,233,288
Ree've for conting_ 450,000
Securities Corp.
200,000
9,493,112 0,304,063 Surplus
(at cost)
21,256,681 22,134,702
50,938,519 53,880,064
Total
Total
50,938,519 53.880,064
a 250,000 shares (no par) $6 cum. city. b 50.000 shares (no par) $6 cum.
div. c General reserve set up out of $5,000,000 paid-in cash by subscribers
to 2d pref. stock. €1 1,000,000 shares.
* Including 15,000 shs. of common stock of corporation under option
to the President. The aggregate value of these securities and the corporation's interest in syndicate accounts, based on available market quotations or estimated fair value in the absence thereof, was less than the
above book value by approximately $2,455,000.-V. 131, p. 492.
Wit
There have been dropped from the Boston Stock Exchange list the
capital stock of the corporation, 702,000 shares out of the total outstanding issue of 750,000 shares having been acquired by The Public Utility
Holding Corp. of America. The Boston transfer and registration agencies
have been discontinued.
-V. 131, p. 2238.
-New President.
United States Shoe Co., Cincinnati.
James P.Orr,President of the Potter Shoe Co., has been elected President
of the United States Shoe Co., succeeding John G. Honors Jr., resigned.
-V. 131, p. 492.
-Unfilled Orders.
United States Steel Corp.
See under "Indications of Business Activity" on a preceding page.
-V. 132, p. 328.
-Production.
United Verde Extension Mining Co.
Copper Output (Lbs.)1930.
January
4,446,000
February
3,738,000
March
3,362,000
April
4,094,000
May
4,014,000
June
3,580,000
July
3,898,000
August
4,028,000
September
3,772,000
October
3,404,000
November
-3,800,000
December
2,473,000
-V. 131, p. 3222, 3890.
1928.
1929.
4,675,640 3,265,898
4,047,610- 3,247,052
5,207,946 3,397,172
3,208,628
5,364,570
3,448,222
4,464,000
5,020,000 3,340,316
4,470,000
3,585,742
4,592.000 4,054,080
3,513,882
5,140,000
6,038,000
4,129,520
4.776,000 4,265,734
4,741,000
4,688,274
1927.
3,405,972
2,303.758
2.622,908
3,261,292
4,102.776
3,537,228
3,735,848
3,810,180
3,626,830
3,885.500
3,397,360
3,859,318
Venezuelan-Mexican Oil Corp.
-Exchange Offer.-
•
Treasurer J. L. Martin states that he has been working for some months
on a financial plan to obtain for that company an opportunity to expand
Into what may be important new oil developments in Texa
, With the
general slump existing in the oil business during 1930, it nes not been
Possible to acquire, through operations, surplus capital to exercise important rights which he has acquired and for expansion of that company.
The plan consists of formation of the Oil Exploration Co., which has
recently acquired one-half interest in the Denson Oil Co.(owning a 5,000
acre lease in Texas). The Oil Exploration Co. is to be a holding company.
Venezuelan-Mexican stockholders are being offered the right to exchange
their shares plus 50c. per share for a similar number of shares of Oil Exploration Co. which is capitalized for 200,000 shares. Sufficient of the large
Venezuelan-Mexican stockholders have agreed to the plan so that it Is
operative. Control of Venezuelan-Mexican will be lodged in the Oil
Exploration Co.
-V. 131, p. 129.
-Earnings.
-Wamsutta Mills.
1927.
1928.
Years End.Sept.30-1929.
1930.
Gross income
$3,535,325 $4,755,456 $4,201,122 56,245,836
Operating expenses
3,590,408 4,389,363 3,943,501 x5,839,520
95.8631 See x.
174,571
Depreciation
174,680
109,486
124,5431
Taxes
99,985
Net profit
Dividends
loss$329,747
$82,037
$37,215
180,000
$406,316
240.000
$166.316
$82,037 def$142,785
Surplus
loss$329,747
x Includes depreciation and taxes.
Balance Sheet September 30.
Liabilities1930. -,
"r1929.
Assets1929.
1930.
Capital stock
$6,000,000,$6 000,000
Land, buildings &
machinery
$7,202,417 $7,320,936 Notes & sects, pay 1,405.909BR856,657
Deere°.res. for tax
Mdse., materials &
stock in process_ 1,984,138 1,675,306 and improveml. 2,380,508 2,485,653
831,522 Profit and loss_ _ _ 307,058
485,455
Cash & accts.rec
886,918
$10,073,473 $9,827,765
Total
-V. 130, p. 150.
Total
$10,073,473 $9,827,765
-To Merge withilTriWedgewood Investing Corp.
-See latter company above.
Continental Corp.
-V. 130, p.
1300.
Western Grocer Co.-Ear/n/1gs.For income statement for six months ended Dec. 31 see “Earnings
Department" on a preceding page.
-v4131, p. 3891.
510
FINANCIAL CHRONICLE
-Earnings.
Wheatsworth, Inc.
For income statement for three and nine months ended Sept 30 1930 see
-V. 132, p. 329.
'"Earnings Department" on a preceding page.
-Earnings.
White Rock Mineral Springs Co.
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
•
Extra Dividends.
The directors have declared extra dividends of 50c. a share on the
common stock and $2.50 a share on the 2nd pref. stock and the regular
quarterly dividends of $1 a share on the common, $1.75 a share on1the
1st pref. and $5 a share on the 2nd pref. stocks, all payable April to
holders of record Mar. 14.
The last previous extra of 50c. on the common and $2.50 on the 2nd
pref. stock were paid on April 1 1930.-V. 131, P. 3383.
-Earnings.
Williams Oil-O-Matic Heating Corp.
1927.
1928.
1929.
1930.
Years Ended Oct.31$2.787,120 $2,777,798 $2,970,842 $2.274,000
Bales
408.5641
315,884
413,647
sales, allow., &c.
Return.
1,225,1331 2,284,101
1.448,530
1,583,155
Cost of sales
793,885
1,046,752
1.082.764
Selling expenses
$10,101
$33,170prof.$543.260
$292,446
Operating loss
37,858
34.078
47,202
31,559
Other income
$27.757
$577,339
$14,033
def$260,887
income
Total
61,271
899
Federal taxes
1,223
Loss branch
77,861
66.011
8.475
60.292
Other expenses
$51,327
$321,179 surp.$4,658 sur$450.056
Net deficit
Comparative Balance Sheet October 31.
1929.
1930.
Liebman1929.
1930.
Assets-$895,621 Capital & Burp_ -_x$2,714,531 $3,025.490
Factoryprop.,& cy $876,851
98,327
Payable_ ___ 130,252
289,957 Accts.
270,792
Cash
83,361
50,000 Officers accts. pay.
50,050
U. S. Liberty bds_
12.190
14,580
260,000 Dealers'deposits_ 230,000
Coll, demand loans
12,696
25,447
Accrued expenses.
30,000
Stocks & bonds_ _ _
Replacement exp.
Cust're accts. and
10,000
10,000
reserve
notes receivable
8,955
7,232
462,882 Taxes accrued _ - _
(less reserve)_-_ 333,726
942,463
965,419
Inventories
Sundry notes, ac98,626
counts, advs.,&c 138,488
1
1
Patents
166,110 Tot.(each si(le)_ 32,985,452 $3,165,662
Prepd.exp.& sup90,124
x Represented by 430.000 shares of no-par value of which $564.581 Is
surplus. y Factory properties $87 .709 less depreciation reserves of
$228.306 and downtown properties valued at $318,604 less depreciation
reserves of $85,155.
Note.
-Contingent liability with respect to drafts and trade acceptances,
$82,438.-V. 130, p. 819.
-Earnings.
Wil-Low Cafeterias, Inc.
For income statement for 3 months ended Dec. 31 see "Earnings De-V. 131, p. 4068.
Partment" on a preceding page.
[VOL. 132.
extended for the period of time within1which the Woods interests shall
accept or reject the option to be given to them to purchase additional shares
of the new company.)
Under the plan of reorganization the holders of common shares of Ziminerknit, Ltd. will be given one common share of the new company for
every 10 shares of common stock held. Such shares of the new company
will be issued, subject to the voting trust.
Fractional shares will be adjusted by the Issue of warrants or on such
other equitable basis as the directors of the new company determine.
-Now capital will be furnished as follows:
Financing of the New Company.
(1) $250,000 will be realized from the sale or disposal of $250,000 1st
mtge. bonds and 3,750 common shares of the new company on the basis
of $100 for each $100 of bonds and 1% shares of common stock. Arrangements have been made for a substantial part of this amount being provided
of
on the above basis by directors and by certain holders of large amounts in
bonds of Zimmerknit. Ltd., while creditors, will be asked to accept
claims 1st mtge. bonds and common shares of the
satisfaction of their
new company on the above basis.
to
(2) Subscriptions from holders of preference shares under the option
buy common stock above mentioned, should produce some new money,
the maximum being $42,500.
(3)_ $100.000 will be provided by the sale to J. Douglas Woods and (or)
of
the York Knitting Mllls, Ltd., and (or) Woods Underwear Co., Ltd.,
25,000 common shares of the new company for the price orsum of $100,000.
an option, good for five years, to Purchase
These purchasers will be given
thereof
an additional 25.000 common shares of the new company or any part
at the price of $5 per share.
management of the new comManagement of tne New Compang.-The
who
pany will be in the hands of J. Douglas Woods and his associates,
Propose to co-ordinate the activities of the new company and its subsidiaries
on
with companies with which they are now associated and which carry
similar businesses. Operating agreements will be entered into between
certain of his associated comthe new company and Mr. Woods and (or)
panies.
-The common shares of the new company to which holders
Voting Trust.
of preference and common shares of Zimmerknit. Ltd., will be entitled
on the distribution above mentioned, will be placed in a voting trust, and
certificates
the trustees thereunder will issue transferable voting trust continue forin
a
respect of the shares held by them. The voting trust willin the trust to
and the trustees will vote the shares
period of five years
such period.
ensure Mr. Woods' control of the new company during
J. Douglas
Two members of the board of directors will be selected by the shareWoods and the other members will represent the Interests of
holders and bondholders of the new company. as follows: $750,000 1st
The capital structure of Zimmerknit. Ltd.. is
8,600 shares of
mtge. St coll. trust 6% sinking fund gold bonds, series A;31,250 common
and
7% cum. redeemable preference stock, par $100 each,
shares without par value.
business and in addition
Zimmerknit, Ltd., owns and operates its ownshares of Ilavrey Knitting
is a holding company,°wining:(a) 1,105 preferredshares, and 3.986 common
preferred
Co., Ltd., out of a total issue of 1,139
a total issue of 4,000 common
shares of Harvey Knitting Co., Ltd., out ofwhole capital stock of Hosiers,
shares; (b) 1,000 common shares, being the
Ltd.
G. T. Clarkson, receiver and Manager, Nov. 24, in a
letter to the holders of preference and common shares, said:
of
Under date of August 1 1930, the company defaulted in the payment
outstanding,
Woods Brothers Corp., Lincoln, Neb.-10% Stock Div. interest upon $750.000 of 1st mtge. bonds issued by it and thenand manager
receiver
The directors have declared a 10% stock dividend on the common stock, and thereafter I was appointed (on August 14 1930)
payable Feb. 1 to holders of record Jan. 20.-V. 131, p. 1435; V. 130. of the company on behalf of bondholders.
The company owns and controls certain trading and physical assets
p.1132.
the
employed in the conduct of its business, and in addition it is and owner of
Hosiers,
-Earnings.
York Ice Machinery Corp.
the whole of the capital stock of Harvey Knitting Co., Ltd.,
-two subsidiaries. Such shares of capital stock form part of the seLtd.
Year Ended Sept. 30 1930.
Earnings for
estate,
entity behind the $750.000 of bonds, which also cover the realfloating
$1,276,527
Net income
and contain a
364,562 buildings, plant and equipment of Ziminerknit, Ltd.,
Interest paid on 6% 1st mortgage bonds
120,929 charge over its trading assets.
Interest paid on debentures
-proper-with the
For the year ending April 30 1930, Zimmerlmit. Ltd.
546,091
Depreciation
substantial loss, and as of
20,762 writing down of its inventories-operated at a was taken-trading assets
Federal income tax (estimated)
-when a physical inventory
date July 31 1930
$460,706, and current
$224,183 amounted, according to audited balance sheet, to
Net income available for dividends
are hypothecated to the bankers
-The above statement does not Include income from contracts liabilities to $348,676. Such trading assets
Note.
the company and after a careful inspection and valuation of the same,
of
less than 85% completed at Sept. 30 1930.
we (E. R. C. Clarkson & Sons, trustees, receivers and liquidators) are
Balance Sheet Sept.301930.
satisfied that were they to be forced to sale they would not realize more
Liabilities
r
?Assetsthan sufficient to pay the bank claims and expenses of realization. Land,
$537,704 buildings, plant and equipment stood upon the company's books at a de$1,062,391 Accounts payable
Cash
Accrued accounts
329,587 predated appraisal value of $919,200, but on any forced sale it Is unlikely
Deposit for payment of 1st
178,800 Estimated cost to complete
mtge. bond Interest
that they would produce more than $250,000.
. 14,179 contracts entirely billed to
Marketable securities
The whole of the capital stock of Hosiers, Ltd., is owned by Zimmerknit.
83,658 Ltd., and held as security for the bonds issued by that company. As of
Notes & accounts receivable_ a4,765,817 customers
including
44,392 Reserve for installation guarAccrued interest receivable__
date July 31 1930, liabilities of Hosiers. Ltd. to its creditors, $499,247,
anties & repairs
87,799 Zimmerlmit, Ltd., and Harvey Knitting Co., Ltd., amounted to
Cost of uncompleted contracts
Deferred credits
and land, buildings, machinery
billed
244,918 while trading assets amounted to $394,134,
in excess of amounts
-year 6% sinking
251.128 let mtge. 20
to customers
and equipment stood upon the books of the company at a depreciated
4,556,455 fund gold bonds
5,960,000 appraisal value of $470,959. For the year ending April 30 1930, the operaInventories
sinking fund debs. 1,943,000 tions of the company, after the writing down of inventories, showed a
692,094 10-year6%
Investments
b11,451,436 Preferred 7% cumu. cony.
Property
serious loss, and were the undertaking to be liquidated and its assets dis1
capital stock
5,399,700 posed of under forced sale, they could not,in our opinion, be depended upon
Patents
504,659 Common capital stock
c8,954,989 to produce more than sufficient to pay the liabilities of the company in
Deferred charges
full-if that.
Total
$23,521,354
$23,521,354
Total
Zimmerknit, Ltd.,Is the owner of the whole of the capital stock of Harvey
a After reserves for doubtful notes and accounts of $101,297. b After Knitting Co., Ltd., and as of date July 31 1930, trading assets of that
reserves for depredation of $5,221,864. c Represented by 163.011 no par company amounted to $294,679, while current liabilities amounted to $178.-V. 130, p. 4627.
468. Advances of Harvey Knitting Co., Ltd. to Hosiers, Ltd. and Zimmershares.
knit, Ltd., amounted in addition to $366,141, while real estate, buildings,
-Reorganization Plan Approved.
Zimmerknit, Ltd.
plant and equipment owned by the company stood at a depreciated apat The bondholders and stockholders on Dec. 17 approved a plan of re- praisal value of $432,166, and goodwill stood included at 8400,000. Ac-and with the writing down of inventories
organization which provides that a new company shall be formed to take cording to audited balance sheet
- -the operations of Harvey Knitting Co., Ltd.,showed a small loss for the
-proper
over the assets and assume the liabilities of Zimmerknit, Ltd.
subsidiaries as they are for the time being at least) and that year ending April 30 1930. The affairs of Harvey Knitting Co., Ltd.
(leaving the
-year are not involved and are upon an adequate financial footing, but if the
such company shall create and issue. (a) $250,000 1st mtge. 6% 20
sinking fund gold bonds;(b) $500.000 6% 2nd mtge. & coll. trust 6% 30 und staking had to be sold, it is questionable if the claims against Zimmeryear sinking fund gold bonds;(c)$250,0007% preference stock, to be cumu- knit, Ltd., and Hosiers. Ltd. would (on a liquidation basis) produce more
lative after the beginning of the fourth year, and (d) 100,000 shares of no than $50,000, while the appraisal values of physical assets, as above set
par value common stock (34,000 shares to go to present preferred stock- out, are undoubtedly substantially in excess of what would be recovered
holders. 3.125 to present common stockholders and 3.750 to be sold with from them. In our opinion the shares of capital stock of Harvey Knitting
the 1st mtge. bonds). The $250,000 of 1st mtge. bonds are to be employed Co., Ltd. could fairly be looked upon, however, to produce between $250.were
to the extent of approximately $42,500 to pay the claims of the trade 000 and $300,000 to the bondholders of Zimmerknit, Ltd., If their sale
creditors ofZimmerknit,-proper-while the balance are to besold to provide to becorla advisable or necessary.
On the foregoing basis, were the under takings of Zimmerknit. Ltd. and
the new company. Subscriptions to these bonds and
working capital for
-when
the bonds to be taken by trade creditors in settlement of their claims ag- Its subsidiaries to be disposed of on a liquidation or forced sale basis is that
bond- serious shrinkages in values ordinarily occur-the probabability
gregate $210,000, leaving $40,000 of bonds yet to be taken up by on
to subscribe thereto,
a substantial
the bondholders of Zimmerknit, Ltd. would require to accent
holders and other persons who are being asked
134 shares of
loss, while preference and common shareholders of the company would be
basis of paying $100 for a $100 bond and company to common stock.
Zimmerlmit, Ltd., unlikely to receive any return.
The consideration payable by the new 6% 30
-year sinking fund gold
Since the inception of the receivership proceedings, an intimation has
will be: (a) $500,003 2nd mtge. & coll. trust
to purchase
us that
bonds;(b) 2.500 7% preference shares, par $100 each; (c) 37,125 common been given to Harvey there are interests who would be willing at the price
option In favor of holders of the shares of
Knitting Co., Ltd. and Hosiers. Ltd.,
shares without par value, and (d) a one-year
themshares of Zimmerknit. Ltd.. to purchase one common share in of about $250,000 provided the advances between such companies of impreference
opinion
the new company at the price of $5 per share for each preference share of selves and also Zimmerladt. Ltd., be eliminated. In the creditors and
portant bondholders it is not in the interest of bondholders,
Zimmerknit, Ltd.
new
they believe that were
such a sale shall
Those bonds and preference and common shares of the ofcompany will shareholders that serious difficulty be made, butwith in disposing of the
Zimmerknit, it to be effected,
might be met
be distributed among the bondholders and shareholders
Zimmerknit, Ltd. unit
-separately-at an adequate price or within any
follows:
Ltd. as
will receive: $500,000 reasonable period of time-and-further, that with such a sale no certainty
First mortgage bondholders aggregating $750,000
-year sinking fund gold bonds of the new would exist that bondholders would ultimately receive more than 50 to
2nd mtge. & coll. trust 6% 30
preference shares of the new company. This is 60 cents on the dollar of their claims.
company, and 2,500 7%
Ltd., will receive
Investigations made indicate
the losses for the year ending
on the basis that each $300 of bonds of Zimmerknit. preference shares April 30 1930, attributable to a that with degree to the writing down of
$200 2nd mtge. bonds of the new company and $100 ofbonds of Zimmer- inventories, there is justification substantial
for belief that the businesses can be made
the 1st mtge.
of the new company. Overdue interest on
Profitable if adequate capital be provided, fixed and operating expenses be
knit. Ltd., will be cancelled.
a sufficient volume of business be afforded to Zimmerknit.
hold 8.500 7% cum.
Preferred shareholders of the present companypreference shareholders reduced and
-proper-to enable it to operate its mill to reasonable capacity. HavLtd.
redeemable preference shares. Par $100 each. Such
themselves, also, that such was the case. J. Douglas Woods.
of reorganization, to receive 34,000 common shares of ing satisfied and his
are, under the plan
associates. who are interested in York Knitting Mills,
shares
no par value of the new company, being on the basis of four common shares of Toronto.
These
Ltd., and Woods Underwear Co., Ltd., of Toronto, have offered to supply
of the company for each preference share ofZimmerknit, Ltd. of preference $100,000 of new capital by way of the purchase of shares and to take over
In addition tho holders
will be issued subject to a voting trust.
management of the undertakings if a scheme of reorganization can be
shares will be given an option to buy common shares of the new company the
8250.000 of additional capital be provided for the busiat the price of $5 per share on the basis of one common share of the new effected whereby
-he given the voting control over
Ltd. held by them. nesses and they-the Woods interests
company for every preference share of Zimmerknit.
of the new company which would require to be formed,
This option must be exercixed within one year after the distribution of the common stock five years to purchase certain further shares of the new
among the shareholders of Zim- and an option for
shares and securities of the new company
-V. 131, p. 4230.
morknit. Ltd. (Subsequently It has been agreed that this option shall be company at an agreed price.
JAN. 17 19311
511
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL-ETC.
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, Jan. 16 1931.
COFFEE on the spot was firmer at one time with cost and
freights firm or 25 points higher. No. 4 Santos was 93/2 to
4
93c.; No.7 Rio 63 0. and Nos. 7-8s Victoria 63 c. Fair to
%
%
good Cucuta 123/2 to 13e.; prime to choice 143 to 153(c.;
washed 163/2 to 1704 Colombian, Ocana 133 to 13%c.;
Bucaramanga natural 14 to 143/2e.; washed 163 to 17c.;
%
Honda, Tolima and Giradot 173/2 to 173c.; Medellin 183/2
%
to 183 e.; Manizales 179 to 18c.; Mexican, washed 17 to
%
19c.; Surinam 12 to 123/20.; Ankola 23 to 283c.; Mandheling
%
233/2 to 32e.; genuine Java 25 to 260.; Robusta washed 9%
to 93/2c.; Mocha 173/2 to 1834c.; Harrar 173/2 to 183/2c.;
Abyssinian 12% to 133e.; Guatemala, good 163/2 to 17e.;
Bourbon 15 to 1534o. On the 12th a rise of 10 to 30 points in
cost and freight offerings reflected firmer exchange rates,
rather than any special improvement in demand. For
prompt shipment, they included Bourbon 2-3s at 9.85 to
11.30c.; 3s at 9.25 to 10.95c.; %a at 9.30 to 9.750.; 3-5s at
9 to 9.60o.;4-5s at 9.10 to 9.45c.;5s at 8.75 to 9.30e.; 5.6s at
8.90e.; 6s at 8.30 to 8.85e.; 6.7s at 8.500.; Xs at 8.20o.; part
Bourbon 3-5s at 9.05 to 8.85c.; Peaberry 3s at 9.50 to 9.55e.;
%,s at 9.25 to 9.40e. 4s at 9.10e.;4-5s at 8.95c.;5.6s at 9.10c.;
Rio 7s at 5.95 to 6.050.; Xs at 5.85 to 5.90c.; 8s at 5.750.
Victoria Xs at 55c. for February-March shipment. On the
13th later there was a further drop of 3-64d in Santos and of
1-16d in Rio exchange on London; dollar rate at Santos 100
reis higher and at Rio 150 reis higher. On the 13th cost and
freight offers were numerous including for prompt shipment,
Santos Bourbon 2-3s at 9.85 to 10.00c.; 3s at 93/2 to 9.900.;
Yis at 9.30 to 93c.; 3-5s at 9.00 to 9.60c.; 4-5s at 9.10 to
9.45c.; 5s at 9.00 to 9.30e.; 5-6s at 8.90 to 9.00e.; 6s at 8.70
to 8.90c.; Xs at 7.90 to 8.00e.; Part Bourbon 3'5s at 8.950.;
Santos Peaberry 3s at 9.55c.; %A at 9.25c.; 4s at 9.10c.;
4-5s at 8.95 to 9.20e.; Rio 3-5s at 5.85 to 5.9504 Xs at
5.75 to 5.80c.; Victoria 7s at 5.65°. Cost and freight on
the 14th included for prompt shipment: Santos Bourbon
2-3s at 9.65 to 9.90c.; 3s at 9.50 to 10.50c.'; Xs at
9.20 to 9.65o.; 3-5s at 8.95 to 9.40c.; 4-5s at 8.90 to 9.25e.;
55 at 8.80 to 9.10c.; 5-6s at 8.800.; Os at 8.60 to 8.70c.;
6-7s at 8.40 to 8.5004 7s at 8.25o.; 'Xs at 7.90 to 8.00e.;
part Bourbon 3-5s at 8.95 to 9.00c.; 5s at 8.75c.; Peaberry 3s
at 9.35c.; V at 9.05 to 9.50e.; 4s at 8.90 to 9.15e.; 4-5s at
is
8.75 to 9.0504 6-7s at 8.500.; Rio 7s at 5.85c.; 'Xs at 5.75c.;
Rio 8s for January-February-March shipment were here at
5.60e. Victoria Xs for prompt shipment at 5.6.50. and 8s at
5.60e.; for February-March shipment, Victoria 'Xs were
offered at 5.45 to 5.500. and 8s at 5.55°.
-and-freight offerings moderate; 10 points
To-day cost
lower to 10 points higher. For prompt shipment they
included Santos Bourbon 3s at 9.40-75; 3-4s at 9.14-40;
3-5s at 9.00-30; 4-5s at 8.90-9.10; 5s at 8.65; 6s at 8.70-75;
6-7s at 8.50. Santos peaberry 3s were offered at 9.35 and
4-5s at 8.75; part Bourbon 3-5s at 9.05 and 5s at 8.85.
Rio 7s at 5.90; Victoria 7-8s at 5.60 for prompt shipment
and 5.45 for March-May shipment.
Prosperity for the coffee industry will be sought by world
producers when they convene in a coffee congress to be held
in Sao Paulo, Brazil, on March 31 1931, according to advices
received by the New York Coffee & Sugar Exchange from
the U. S. Department of Commerce. London cabled on
the 10th: "Outstanding feature of the Stock Exchange was
the all around advance of 1 to 2 points in Brazilian issues
following the appointment of Sir Otto Niemeyer as adviser
to the Brazilian Government." On the 12th a special
cable to the Exchange reported Rio exchange on London
1-16d. higher than earlier cables at 4 13-16d., or 7-64d.
higher than on Saturday. Dollars 108270. Cables from
Santos to the Exchange here reported unofficial buyers of
coffee at 158500 to 168500 for 26,000 bags. On the 9th
the unofficial buying price ranged from 153500 to 16$000.
On the 13th cables to the Exchange here said: "The Institute
de Cafe de Sao Paulo reported the coffee stocks at Sao Paulo
interior warehouses and railways (including Minas Garaes)
on Dec. 31'at 22,213,000 bags, compared with 22,306,000
bags on Nov. 30. The Santos exchange rate was 4 25-32d.
and the dollar 1015340. Rio exchange was 1-64d. lower at ,
4341. and dollars 30 higher at 1016400. Rio spot 125 higher
%
at 118700 for Nov. 7."
Coffee futures on the 14th inst. advanced 13 to 23 points
on Rio with sales of 18,000 bags. Santos rose 10 to 12
points with sales of 21,000 bags. Rio was active and leading
the rise. Banking interests were supposed to be buying it.
On the 14th the exchange rate at Santos declined 3-64d.
from the opening to 4 11-16d. and the dollar buying rate
advanced 100 reis to 1016550. Unofficial buyers were said
to have purchased 31,000 bags of Santos at 153000 to 168000,
or unchanged from the previous day's unofficial transactions.
On the 14th Santos exchange eased 1-32d. further to 4 21-32
with the dollar buying rate 70 reis higher at 108220. The
Rio exchange quotation remained unchanged from the last
previous at 4 11-16d., or 1-64d. net lower. The dollar
buying rate was 10 reis higher and net 30 reis lower at
108550. Brazil cabled to the New York Coffee & Sugar
Exchange stocks at Rio regulating warehouses as of Dec. 31
were 1,910,000 bags. Latter includes stocks in interior
warehouses, stations and wagons. Also the following:
"Rio receipts from Jan. 16 to 31 will be 18,301 bags daily."
Futures on the 15th inst. were unchanged to 7 points
lower for Santos and 2 to 12 lower for Rio; sales, 21,000 bags
of Santos and 18,000 of Rio. Brazil and the trade sold.
Shorts did the buying.
On the 15th inst. Santos cabled the Exchange that unofficial buyers were reported in that market at 1616000 to
178000 for 35,000 bags, an advance of one milreis over yesterday's cables. The Santos exchange rates eased 1-32d. to
4 39-64 with the dollar buying rate 90 reis higher at 108740.
Rio exchange was 4 39-64d.; dollar rate 108720. To-day
Santos exchange on London advanced 1-64d. to 45 d. with
%
the dollar buying rate 30 reis lower at 108700. Rio exchange was 1-64d. higher than this morning and net unchanged at 4 39-64d. and the dollar buying rate declined
30 reis to 108730. To-day Rio futures ended 3 points lower
to 2 higher; sales 5,000 bags; Santos 2 lower to 2 higher,
with sales of 15,000 bags. A "seat" on the Exchange sold
to-day at $9,750, a decline of $250 from the previous sale.
Trade and foreign selling, together wtih other liquidation,
caused an early decline. Final prices show an advance for
the week of 11 to 18 points on both contracts.
Rio coffee prices closed as follows:
Spot unofficial
March
May
6%
I July
5.95©nom September
5.800nom December
5.73§nom
5.64 P--5.56 nom
Santos coffee prices closed as follows:
Spot unofficial
MarchMarch
May
9
July
September
8.76nom December
9'06iSepte
8 6 1 --5
8..52 nom
8.42nom
COCOA to-day ended 4 to 17 points lower; sales 152 lots
January ended at 5.52c.; March, 5.59c.; May, 5.75°. Final
prices are 62 to 70 points lower for the week.
SUGAR on the 14th inst. the sales are said to have been
fully 100,000 bags of Cuba at 1.38c. c. & f. According to
cables received in the trade here it was rumored that Czechoslovakia has agreed to the Chadbourne plan. Refined was
4.70e. with a moderate business. Receipts at United States
Atlantic ports for the week were 26,833 tons against 22,196
in the previous week and 29,550 last year; meltings 24,482
against 21,941 in previous week and 43,827 in the same week
last year; importers' stock 195,197 against 189,829 in preyvious week and 427,764 in the same week last year; refiners'
stock 68,977 against 72,994 in previous week and 162,046
last year; total stocks 264,174 against 262,823 in previous
week and 589,810 last year. On the 10th 25,000 bags of
Cuban sold at 1.40c., late Jan. shipment, cable &dykes on
Jan. 12 said one or two cargoes of Russian sugar have been
sold to India, but details were not revealed. Berlin cabled:
"German sugar industry to-day agreed to the sugar export
quota." Havana cabled Jan. 12 that steps will be taken
to protect the Cuban sugar cane fields from incendiary fires
and it is understood that drastic orders will be issued to
rural guard and army forces to safeguard the planters from
loss.
Willett & Gray estimated the grand total of cane and beet
sugar for the world for the season 1930-31 at 28,128,441
tons, compared with 26,883,777 tons for 1929-30, or an
increase of 1,244,644 tons. The figure given for Cuba is
3,570,000 tons, to be adjusted when the actual crop restriction is known. Total consumption of all sugar in the United
States for 1930, 5,599,377 tons, against 5,810,980 in 1929.
On the 13th 1,500 tons of Cuban ex-store sold at 3.42c.,
and 10,000 tons ex-store at 3.406.; reported 10,000 bags
Porto Rico January at 3.35°. On the 13th Havana cabled
that in the week ended Jan. 10 arrivals were 37,857 tons,
making total to date 3,864,996 tons. Exports to New York,
18,407 tons; to Philadelphia, 6,594; New Orleans, 124;
interior U. S., 59; Norfolk, 3,352; Charleston, 2,162; to,
U. K., 8,327; Holland, 2,970; Canada, 49; total exports,
42,044 tons; stocks, 658,585 tons. On the 13th London
cabled: "Market dull, waiting. Sellers Feb. Santo Domingos, 6s. 3d. (1.23e. f.o.b.). Chadbourne indisposed.
Reported Cuban political situation may delay ratification."
Other European cables said that the German Fabricand had
accepted the Chadbourne agreement provided finances
could be arranged. Other cables merely stated that the
Germans had ratified the plan and that Java had declined
offers for further large lots and had withdrawn. Buyers
in Liverpool of Jan. were reported at 6s. 3d. On the 13th
London cables reported an easier market due to the Russian
to
business. the Far East, at 7s. 3d. c.i.f., equivalent to
1.570. c.i.f. India. London reported sellers of centrifugals
afloat at 6s. 1%d., equal to 1.20c. f.o.b. Cuba, with refiners
holding back.
Havana on the 13th cabled to the "Times" that a total
of 675,000 arrobas of sugar cane, about 16,750,000 lbs.,
were burned on the 12th on plantations in Oriente Province.
The Secretary of the Interior is said to have announced a
plan for establishing a secret service organization for the
guarantee of rural properties, especially mills and cane fields.
Cables reported an advance of Wi florin in the Java syndicate
sale price, which would seem to indicate that Java will not
attempt aggressive competition with Russia. Sales on the
13th inst. included 10,000 bags of Cuban raw sugar for late
January-early-February shipment at 1.38c., and it was
rumored that 1,000 tons of Cuba ex-store sold at 1.40e.
On the 14th inst. futures ended unchanged to one point
lower in a fit of discouragement among some traders over
the delay in winding up negotiations among all concerned,
though Czecl -i-Slovakia is said to have concurred with
Germany's af.,% .ement. Poland and Belgium remain to sign.
London cabled on the 14th: "Market easier. Sales raws
near at ha.id 5s. 10Md., equivalent 1.15e. per lb. f.o.b.
Java announcement expected to-day. Press reports state
that the Czechoslovakian committee approved the Berlin
sugar agreement." Other cables stated that the Java Trust
has sold 17,00Q tons of whites at 83. florins.
On the 15th inst. prices declined 1 to 3 points despite the
signing of the agreement by Java. Europe and the trade
sold with London lower. The sales were 20,750 tons. Cuban
interests bought causing a temporarily rally. Of actual
sugar sales were reported of 1,000 tons of Porto Ricos due
Jan. 26 at 3.38e. o. i. f. The Java Syndicate sold 12,000
tons of whites at the basis of Mc. guilders and 6,000 tons
of browns at 73i guilders, or unchanged from previous prices.
Russia is seeking another steamer for shipment of sugar to
India. Twenty-six Cuban mills started grinding including
Gomez Mena, Providencia, Agabama, Harmiguero, Guipzcoa, Jatibonico, America, Cypey, Sta. Ana. Palma, Isabel,
Beattle, Jobabo, Dos Roses, Estrella, Carolina, Agramonto,
Vertientes, Sta. Maria, San Augustin, Soledad, Constancia,
Tuinicu, Pilar, Macareno, Rio Canto, Niquero. On the
15th a cable said: "Reported Java Trust agreed. Delegates
gone to Paris to sign." London cabled:"Commenting upon
sugar agreement 'Financial News' says one weakness of the
plan is that it is unable to provide against Russia's exportable
surplus which is expected to be 900,000 tons or about 12%
of world's export. Thus Russia is in a position to profit on
unrestricted production to be sold at prices just below market
as two shipments to India recently sold. Presumably producers hope Russia's internal consumption will revive but
opposite possibility must be reckoned with." To-day
Amsterdam, cabled Dow, Jones & Co: "Java sugar circles
here are becoming optimistic regarding the definite foundation of the Chadbourne plan with co-operation of Dutch
East Indian Government. A delegation of the Javan Committee is now conferring with Mr. Chadbourne in Paris
about details of the plan. Mr. Chadbourne will probably
come to Amsterdam again after returning to the United
States first. Question as to whether Dutch Indian Government will co-operate in the plan will be settled before Feb.
10. Leading sugar circles here believe co-operation probable
despite the opposing minority especially that of Nedorlanische Indisehe Landbouw Maa,tschappy." To-day futures
of 6,750
ended 1 point lower to 1 point higher with salesof 3 to 4
tons. Final prices show a decline for the week
points.
Prices were as follows:
1.43§nom
Spot unofficial
JanuarY
March
May
1July
1.38
1.231nom September
December
1.29
1.36
1.50
1.67
-On the 10th inst. futures closed 15 to 22 points
LARD.
to declines in corn.
lower, the latter on January, in answer
hog run to-day,
Chicago wired on the 10th: "No excessivepackers have an
Chitago,
but enough. Of the 75,000 to they can get all the !legs
excess of 50% direct, showing that
n.points and are in position
they want at country concentratio
price. Ten markets have
to regulate both supply and
Monday. Evidently the
182,000, or 10,000 less than last
Hogs low enough to
country is not in a holding 'pod.
country buying would be
be a good investment, otherwise 12th inst. futures declined
on less extensive scale." On theto 15e., offsetting a rise in
13 to 16 points with hogs off 10
of hogs concorn. Cash lard was weak. The movement
against 82,000
tinued large with Chicago reporting 75,000 against 159,800
points 176,800
a Year ago, and at all Westernfrom New Yor wer „
490
last year. Exports last week
Westlbs. against 3,854,000 the week before. Cash prime
Fork 132.
FINANCIAL CHRONICLE
512
ern, 8.95 to 9.05c.; refined Continent, 9%c.;South America,
4
Me.; Brazil, 103 0. On the 13th inst. futures ended 13
to 17 points higher. On the 14th inst. futures closed 18
points off with hogs down 10c., and the total Western receipts 155,400 against 111,200 a year ago. On the 14th
inst. sales of tallow were reported in the local market at
from the last previous sale, and the current
4%c., off
basis was the lowest in many years. Estimated sales were
250,000 lbs. On the 15th inst. futures declined 2 to 12c.,
with corn and hogs off. Total Western receipts of hogs
were 144,900 against 144,400 last year. Exports of lard
from New York were 698,580 lbs. Cash lard was lower.
Stocks of lard Jan. 15 at Chicago were 21,519,282 lbs.
against 21,493,265 on Jan. 1 and 29,748,252 on Jan. 15 1930.
On Dec. 1 1930 stocks were 6,646,044 lbs. and on Dec. 15
1930 8,342,565 lbs. Prime Western, 8.90 to 9c.; refined
Continent, 9%c.; South America, 9%e.; Brazil, 10%e.
To-day futures closed 10 to 12 points higher, regardless of
the weakness in corn, there being a demand to cover in what
was evidently a short market. Final prices show a decline
for the week of 22 to 35 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
8.37
8.42
8.47
8.60
8.45
8.60
January
8.50
8.62
8.62
8.70
8.57
8.70
March
8.80
8.70
8.77
8.87
8.70
8.85
May
PORK steady but quiet; mess, $28.50; family, $30.50;
fat back, $21.50 to $28. Ribs, 11.62c. Beef dull; mess
nominal; packet, $15 to $16; family, $17 to $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 quiet; pickled hams, 10 to 12 lbs.,
/
16 to 16%c.; pickled bellies, 6 to 12 lbs., 16 to 1730.;
bellies, clear dry salted, box, 18 to 20 lbs., 13%c.; 14 to
/
16 lbs., 133 0. Butter, lower grades to high scoring, 24 to
29c. Cheese, flats, 17 to 22%c.; daisies, 16% to 20e.
Eggs, medium to extras, 18% to 26%c.; closely selected,
heavy,27 to 27%; premium marks, 28%c.
-Linseed was quiet with leading crushers quoting
OILS.
8.8e. for raw oil in carlots, cooperage basis. It was intimated, however, that 8.6c. could be done on a firm bid.
Single tank wagons were 8.6e. and tank ears 8.2e. Cocoanut,
Manila coast tanks, 478c.; spot N. Y. tanks, 5Y.e. Corn,
tanks, f.o.b. mills, 73ic. Chinawood, N. Y. drums, carlots, spot, 7% to 8.4c.; tanks, 6% to 7.2c.; Pacific Coast
tanks, M to 6.70. Soya bean, drums, 9e.; tanks Edgewater, 7).4e.; domestic tank cars, f.o.b. Middle Western
/
mills, 7c. Edible olive, 1.65 to 2c. Lard, prime, 123 0.;
4
extra strained winter, N. Y. 93 c. Cod, Newfoundland,
48e. Turpentine, 40 to 49Xc. Rosin, $4.60 to $8.75.
Cottonseed oil sales to-day, including switches, 3 contracts.
Crude S. E., 67c. bid. Prices closed as follows:
Spot
January
February
March
April
7.25@May
7.25@7.65 June
7.20@7.50 July
7.32 7.36 August
7.39©7.46
7.437.46
7.46i4)7.55
7.55 ___
7.6i(7.67
-The Humble Oil & Refining Co. rePETROLEUM.
duced crude prices 2 to 28 cents in North Texas, Texas Panhandle and the Gulf Coast region. This, however, had
very little effect on either refinery or retail prices for gasoline. In fact, the contrary proved true in the tank wagon
market, when the Texas Corp. raised the tank wagon price
for gasoline 10. in New England and New York State. The
new Boston quotation was 12.50. exclusive of tax; service
station price unchanged at 13.5c. Other companies are
expected to follow the Humble Co.'s reduction in crude prices
in other fields of the Mid-Continent area, especially Oklahoma, where some independents already have posted prices
below those quoted by the large companies. U. S. motor
gasoline tank car prices were left unchanged by East Coast
refiners at 7 to 7%c. f.o.b. refinery and refiners' terminals.
Refined products were in fair demand. Kerosene was very
steady with the movement largely against old contracts.
The recent colder weather caused some new buying. Prices
were 6% to 6%c. for 41-43 water white. Burning oils were
steady but conditions were spotty. Inland reports stated
that some steel mills and other large consumers, including
automobile plants, were taking larger shipments of industrial fuel, but other industrial consumers were not increasing
their needs.
Tables of prices usually appearing here will be found on an earlier page in
our department of"Business Indications," in an article entitled "Petroleum
and Its Products."
-On the 10th inst. prices closed unchanged to
RUBBER.
3 points lower with sales of 150 tons No. 1 standard and 60
tons of old "A." No. 1 standard closed with Jan. 8.450.,
Feb. 8.65c., March 8.64e., May 8.84 to 8.900. July 9.04c.,
Sept. 9.20c. Old "A" ended with Jan. 8.40 to 8.60e.
;
March 8.50 to 8.60c., May 8.70 to 8.80c., July 8.90 to
9.00e., Sept. 9.10 to 9.20e. Outside prices: Plantation,
spot, Jan. and Feb., 83 to 8%c.; March, 8% to 8%c.;
April-June, 8% to 90.; July-Sept., 9 to 9.ic.; Spot first
latex thick, 8% to 8%e.; thin pale latex, 9 to 9%c.; clean
/
thin brown No. 2, 7% to 7 3c.; spooky crepe, 7% to 8%c.;
/
rolled brown crepe, 73 to 730.; No. 2 amber, 8 to 8%0.;
4
No. 3, 7% to 8c.; No. 4, 7% to 73 0.; Paxas, upriver fine,
spot, 120.; coarse, 7 to 8c.• Acre, fine spot, 123,4c.; Caugho
Ball upper, 7 to 8c. On the 10th London opened unchanged
to 1-16d. higher and closed unchanged to 1-16d. off; Jan.,
43jd.; Feb., 4%d.; March, 4%d.; April-June, 4 7-16d.;
-March, 4%d.
-Dec., 44d.; Jan.
July-Sept., 4 9-16d.; Oct.
JAN. 17 1931.1
FINANCIAL CHRONICLE
513
/
7
Singapore closed unchanged to %d. up; Jan., 341.; April- to 7/sc.; No. 4, 73% to 75sc.; Paras, up-river, fine spot,
7
/
June, 43/8d.; July-Sept., 4 5-16d.; No. 3 amber crepe, 338d., 11%c.; coarse, 7 to 8e.; Acre, fine spot, 1130.; Caucho
/
up 1-164. Private cables attributed the late easiness in Ball-upper, 7 to 8c. On the 15th inst. consumption during
Singapore market to bearish dealers' report of stocks, which December was stated at 21,493 tons against 23,400 tons in
totaled 40,434 tons, against 37,688 on Nov.30. Singapore's November. Arrivals were 34,894 vs. 31,765. Stocks on
present stock is 32,240. London rubber stocks for the week hand were 202,246 vs. 189,925. Stock afloat, 56,035 vs.
increased 719 tons to 78,761 tons, against 78,042 tons in 52,538. London closed net unchanged to 1-164. lower,
the previous week and 58,590 tons at the same time a year with January 4 3-16 to 4%d.; February, 45.d.; March,
%
ago. Liverpool stocks increased 298 tons to 41,814 tons, 4 5-16d.; April-June, 43d.; July-September, 4 9-16d.;
against 41,516 tons in the previous week. The British October-December, 4 11-16d. and January-March, 4%d.
Board of Trade report puts the imports in Dec. 1930 at Today new "A" ended unchanged to 10 points lower and
14,691 tons against 13,998 in Nov.; exports, 2,441 against old contract unchanged to 10 higher. Final prices show a
14,248 in Nov.; to United States, 47 against 45 in Nov. decline for the week of 20 points on old contracts. Today
Consumption of crude rubber by American manufacturers London closed with January at 4 3-16d. February, 4%d.;
%
during Dec. amounted to 21,492 long tons, the Rubber March, 4% to 4 5-16d.; April-June, 4 5216 to 43d.; JulyManufacturers' Association announced, compared with September, 4% to 4 9-16d.• October-December, 4% to
23,479 tons consumed in Nov. and 23,531 tons in Dec. 1929. 4 11-16d.; January-March, 4%d.
The year's consumption was 377,231 long tons compared
-On the 10th inst. prices advanced 5 to 10
HIDES.
with 469,116 tons in 1929, 441,337-tons in 1928 and 371,027
with Jan., 8.75c.;
tons consumed during 1927. Dec. consumption of 21,492 points with sales of 480,000 lbs. closingthe outside markets
tons of rubber was the smallest for Dec. since 1921, and the March,9c.; May,9.50 to 9.600. Sales in12 13-16e. to 12%c.
smallest monthly result on record since Nov. 1923, when included 8,000 Jan. frigorifico steers at11%C. On the 13th
the total was 20,437 tons. Total for 1930, 377,231 long and 2,000 Dec. frigorifico extremes at
inst. prices ended 5 to 10 points lower with sales of 2,800,000
tons, against 469,116 in 1929 and 441,337 in 1928.
8.20c.; March, 8.95c.; May,
lbs.
Tire stocks shrunk further. Stocks of pneumatic casings 9.36 Prices ended with Jan.,10.38e.; Dec., 11.25 to 11.30c.
to
on Nov. 30 showed a reduction of 2.1% from Oct. 31, Outside9.38c.; Sept., 10.35 to touching 7c.; 2,000 hides by a
branded cows fell Hc.
according to statistics by the Rubber Manufacturers' Asso- Buffalo packer sold at that price. Other types of hides
organization reports 9,594,732 casings on were steady; 1,800 heavy native steers sold at
ciation. This
unhand Nov. 30 as against 9,802,687 on hand Oct. 30. Ship- changed, and a group of 2,000 butt branded steers at 9%e._,
93.'c.,
ments of pneumatic casings for the first 11 months of this and Colorado steers at 9c. both unchanged. New York
year exceeded production by 4.2% whereas during the same City calfskins 5-7s, 1.30 to 1.35c.• 7-9s, 1.65 to 1.75c.;
period of 1929 the excess was less than 1%. Shipments of 9-12s, 2.25 to 2.350. On the 14th inst. futures declined
'
pneumatic casings for the month of November amounted to •8 to 10 points with sales of 2,000,000 lbs. against 2,800,000
2,834,331 as compared with 3,499,300 in October 1930, and on the 13th; May
at 9.28c.; Sept. at 10.27 to 10.280.;
3,338,671 a year ago. Production of pneumatic casings for Dec. at 11.160. closedlots amounting to 15,000 of heavy
Two
the month of November is placed at 2,653,861, a decrease native steers sold at 9
-Dec. take-off. Also 13,000
of 25.9% under the October figure of 3,582,416. Produc- butt branded steers, He., Nov. at 93c.; 11,000 Colorado
Dec. sold
tion for November a year ago amounted to 3,378,221 casings. steers, Dec. at 9c. and 5,000 heavy Texas steers, Dec. at
Despite the fact that manufacturers contended that even 93'o. all showing unchanged prices. On the 15th inst. prices
the previous price list allowed little profit tire prices were ended 3 points lower to 3 higher with sales of 1,240,000 lbs.
cut by all of the leading makers on the 12th inst. 5%,wiping Jan. ended at Sc.; March, 8.75c.; May at 9.25 to 9.30c.;
out price advances made on Nov. 1 1930 and affecting both and Sept., 10.30 to 10.35c. Sales of light native cows were
primary and secondary lines. The companies that cut prices made at a decline of Hc. in Chicago; 15,000 hides of this
were the B. F. Goodrich Co., the Firestone Tire & Rubber type sold at 73c. Of branded cows 16,000 sold at 7c. and
Co., the General Tire & Rubber Co. and the Seiberling 8,000 butt branded steers sold at
93/2c., unchanged from
Rubber Co. On the 12th inst. London closed with January the previous sale and 10,000 Colorado steers sold at 9c., also
43d. to 4 5-164.; February 4 5-16d. to 438d.; March,43 d.; unchanged. In New York City packers sold 4,500 heavy
/
%
to 4 7-16d.• April-June, 4 7-16d. to 43'd.; July-September, native steers at 9Hc., unchanged. All of these are of the
5%d.; October-December, 4 13-16d.; Jan.
-March, 4 15-164. Jan. production. South American was somewhat firmer.
'
On the 13th inst. prices closed unchanged to 10 points lower; Sixteen thousand frigorifico steers of the Jan. take-off sold
sales 227 tons of old contrast and 100 tons of standard. at Buenos Aires at 12 13-16 to 134e. Of frigorifico light
The trade bought on the decline. Speculation was cautious. steers, Jan. 2,000 sold at 11%c. comparing with 10 13-100.
New contract closed on the 13th inst. with January 8.50e.; for the last sale from the Dec. take-off. To-day prices ended
March, 8.66 to 8.70c.; July, 9.050.; September, 9.20 to unchanged to 9 points higher; sales 8 lots; Jan. 8c.; Feb.,
9.300.; Old contract, January, 8.50 to 8.60e.; March,8.60c.; 8.500.; March, 8.75e.; May, 9.25 to 9.29c.; Selit., 10.30c.;
September,9.10 to 9.20e.; December,9.50c. Outside prices: Dec., 11.24 to 11.28c. Final prices show a decline for the
Plantation, spot, January and February, 83/s to 8%c.; week of 15 to 20 points.
March,8% to 83 c.;April-June,84 to 9c.; July-September,
%
-Grain business was better at one
OCEAN FREIGHTS.
9 to 9%o.; spot, first latex, thick, 8% to 8%c.; thin, pale,
5
latex, 9 to 9%c.• clean, thin, brown No. 2, 7% to 7%e.; time. Later there was a fair degree of activity.
CHARTERS included coal from Hampton Roads to
specky crepe, 7 to 7%c.; rolled brown crepe, 734 to 740.; Naples, one discharge, prompt Jan., $2. Grain, 21,000 Genoa. Savona,
qrs. New York
No. 2 amber, 8 to 83c.; No. 3, 73% to 8c.; No. 4, 73a to prompt Bordeaux-Rotterdam range, 9c. and 9;ic. Grain booked included
Sc.: 3,000 tons
3 2c.;
7%c.; Para, upriver, fine spot, 11/ coarse, 7 to 8c.; 5 loads to Greece at 14c. and 32 loads to Antwerp at 734 and 13 loads MarVera Cruz to Tampico; 5 loans New York-Salonica, 14c.;
Acre, fine spot, 113c.; Caucho Ball-upper, 7 to Sc.
%
-Consailles, 11c.; 6 loads Antwerp, 7c.; 4 loads Genoa, 11c. Tankers
On the 13th London at 2:40 p. m. was quiet, and un- stanza, French Atlantic, 7s. 9d. March; dirty, commencing Jan., 6 trips
to north of Hatteras, 15c.: option Tampico, 17c. Sugar
-Santo Domingo
changed to 1-16d. decline. Jan., 4%d.• Feb. offered at prompt Continent, 12s.•, United Kingdom, 12s. 3d.: Marseilles, 13s. 3d.;
Marsielles,
4 5-16d.• March, 4%d.; April-June, 4'
7-16d.; July-Sept., early Feb., Santo Domingo to same, Dec.13s. 3d. Time-Dec., Hampton
-Jan., 50c.
-Continent. 80c.;
4%d.; dct.-Dec., 4%d. and Jan.
-March, 4 /d. Singapore Roads-U, K.
8
COAL.
-Tidewater business brightened up. The weather
closed dull, and unchanged to 1-16d. advance; Jan., 378cl.;
/
April-June, 4 3-16d.; July-Sept., 4 5-16d.; No. 3 Amber of late has favored retail trade though at one time it was too
Crepe, 3 7-16d., unchanged. On the 14th inst. prices ended mild. The spot market on lump and egg is 260. under
unchanged to 10 points higher. No. 1 standard old closed Western circular and it will take blizzard weather to change
with Jan., 8.50c.; March, 8.67 to 8.72c.; old "A" contract, the spring-like mood of the Western retail trade. Later the
Jan., 8.50 to 8.60c.; March, 8.60 to 8.700.; sales 62 tons. tendency of prices was upward. Wholesalers quoted indeOutside prices spot, Jan. and Feb. plantation 8H to 858c.; pendent buckwheat size of anthracite as high as $3.50 with
/
March, 8% to 8%c. On the 14th London opened quiet at smaller sizes unchanged. Buckwheat advanced on cold
prices 1-16d. decline to 1-16d. advance and at 2:37 p. m. weather. Retail domestic trade is active. At Hampton
prices were unchanged to 1-16d. decline; Jan., 4 3-16d.; Roads good coal was firmer. In the West, central Illinois
Feb., 43(1.; March, 4 6-16d.; April-June, 43 d.; July-Sept., screenings have advanced to 80c. to $1.10 and Nov. 4 Indi%
-Dec., 4%d. and Jan.
4 9-16d.; Oct.
-March, 4%d. Singa- ana vein is well held at $1.25 to $1.50. Southern Illinois
pore closed dull and unchanged; Jan., Wad.; April-June, products were firm at $1.50 to $1.75. Lower qualities are
4 3-16d.; July-Sept., 4 5-16d. No. 3 Amber Crepe, 3 7-16d., dull.
unchanged. On the 14th London closed net unchanged to
TOBACCO has recently had merely a moderate demand
1-16d. higher with Jan., 44d.; Feb., 44d. to 4 5-16d.; here where it has not been actually dull. Madison, Wis.,
March, 4 5-16 to 4%d., April-June, 4 7-16d.; July-Sept., wired the "U.S. Tobacco Journal": 'The Wisconsin Tobacco
8
-Dec., 43d. to 4 13-16d.,; Jan.
4 9-16 to 4/d. Oct.
-March, Pool is now'offering the 1930 crop of Wisconsin tobacco at
4 15-16d.
prices approximately those of last year. Opening series of
15th inst. prices declined 15 to 30 points on a sumatra inscriptions will be held on Friday, March 13, and
On the
December report. The sales were 290 tons of No. 1 others on March 20, April 17, May 1, May 8, June 5,
bearish
standard and 190 old "A." No. 1 standard closed with June 19, June 24, July 3 and July 17. All sales are to be
January 8.35c.; March, 8.44 to 8.46e.; May, 8.60 to 8.64c.; at Amsterdam with the exception of those on May 1 and
July, 8.80c.; September, 9c.; December, 9.36c.• Old "A" June 24, which will be at Rotterdam." Richmond, Va., to
ended with January 8.30 to 8.40e.; March, 8.30 to 8.40c.; the "Journal": "Sales of the week at rising prices for burley
'
May, 8.50 to 8.700.; July, 8.70 to 8.80e. Outside prices: with the general Kentucky State average somewhat above
January plantation, 888 to 8Hc.; February, 83( $18. Richmond led with an average of $20.59; Lexington
/
Spot and
5
-June, 85 to 8%c.; 1% lower. Owensboro's light sale averaged $18.88, about
%
7
to 8%c.; March, 8% to 8%c.; April
A
July-September, 87 3 to 9%c.; spot, first latex, thick, 83 $5 higher than heretofore. Total sales of sun-oured tobacco
to 8Ho.; thin, pale, latex, 8% to 9e.; clean, thin, brown on the Richmond market Tuesday were 7,183 lbs. Shockoe
%
No. 2, 7% to 73 c.; specky crepe, 7% to 73c.; rolled brown Warehouse sold 5,337 lbs., with $10.50 high, and $2.50
s
crepe, 78/ to 79c.; No. 2 amber, 7% to 8%c.; No. 3, 75% average. The grades sold were 1% high, 10% medium,
514
FINANCIAL CHRONICLE
[VOL. 132.
and 89% common." Butler sold 1,846 lbs., with $12 high, New York reports total orders for fabricated structural steel
and $6.11 average. The grade was 100% common. Lynch- as 467,553 tons in the New York district, as against 662,428
burg, Va., sales of dark loose leaf only 15,036 lbs., averaging tons for 1929. These figures include the bookings of non$9. Most offerings were inferior. Farmers, some from 150 members as well as members of the Board of Trade. In
miles away, sold 268,644 lbs. of tobacco at Abingdon, Va., general of late trade has been what it usually is at the openaveraging $20.06." Washington, D. C., wired: "Exports ing of a year. There is no marked increase. Mill backlogs
for eleven months of 1930 517,511,000 lbs., valued at $128,- have been noticeably increased in pipe lines, public works,
570,000, as compared with 499,401,000 lbs., valued at rail contracts and tin plate. Output increased. Jobbing
$127,814,000 in the same period of 1929. The Commerce trade, though not without some good sized orders, has on
Department says exports increased 3.6% during the period, the whole been quiet. New York jobbers quoted steel
while the increase in export value was only .6 of 1%. The sheets lower. Galvanized sheets now sell at $4 per 100
average price per pound dropped .8 of a cent to 24.8 cents, pounds, while black sheets retail at $3.50. Prices of steel
against 25.6 in 1929." Hopkinsville, Ky., sold 5,737,375 out of warehouse are fairly firm at least as firm as could be
lbs. of burley and dark-fired tobacco for $660,000. Frank- expected in view of the quiet conditions. Youngstown,
lin, Ky., sold 4,102,790 lbs. for $309,667. Carthage, Tenn., Ohio, wired that compared with December iron and steel
has maintained the high average for the season, $19.67, on market conditions show a substantial betterment and since
burley. Franklin, Tenn., sold 1,158,500 lbs. averaging Jan. 1 there has been a steady improvement in specificaabove $20. In East Tennessee growers sold 33,d57,753 lbs., tions, principally from the automobile industry.
averaging $19.47 on 11 Tennessee markets. At Bowling
PIG IRON was quiet. There were no inquiries for anyGreen, Ky., sales 187,105 lbs. of burley Jan. 5 at an average thing more than small lots. Nominal prices were as follows:
Springfield, Tenn. on the Foundry No.2 plain, Eastern Pennsylvania,$16.50 to $17.50;
of $19.06. The high was $35 at
same day; 200,000 lbs. sold averaging $12. Clarksville Buffalo, $15 to 1$5.50; Virginia, $17.75; Birmingham, $11.
stronger. Five houses reported lively sales.
to $13.50; Chicago, $17.50 to $18; Valley, $17 to $17.50;
COPPER was reduced to 10.30c. for export late last week Cleveland delivered, $17.50. Basic Valley, $17; Eastern
and there was more activity at that level. The domestic Pennsylvania, $17.75 to $18.25. While trade in regular pig
price remained at 10c. Later on a good export business was iron has been quiet, basic iron is said to be in better demand
reported. On the 14th inst. foreign sales were 2,800 tons, in the Eastern Pennsylvania district. Boston last week
or the largest total for 24 hours in some time past. There is sold it is said 1,000 to 1,500 tons. Basic iron the Atlantic
talk of the possibility of an advance in the export price. seaboard is the only feature of any real interest.
-Prices are reported weak. Demand is moderate.
WOOL.
Domestic business was still quiet. London on the 14th inst.
fell is. 3d. on spot standard to £44 13s. 9d.,• futures up is. Fine wool sells the best. Boston wired Jan. 15: "An in3d. to £44 us. 3d.; sales, 125 tons of spot and 925 of futures. creased activity is being reported on 56s quality territory
Electrolytic unchanged at £47 bid against £47 10s. asked. wools. Only a moderate quantity of this grade has been
On the National Metal Exchange here five lots sold, four sold, but a fairly large number of sample lots are being
March and one June, with March selling at 9.45 to 9.510., taken by manufacturers. Strictly combing territory wools
while June went at 9.58c. New contract ended on the 14th of this quality are bringing 55 to 58e. scoured basis." Boston
inst. with March 9.51c., April 9.54c., May 9.56o., June quoted Ohio and Pennsylvania fine delaine 29 to 300.; %
blood, 26e.;
9.58c. July 9.60c., Aug. 9.63c., Sept. 9.650., to 9.68c., blood, 28 to 283'0.; % blood, 26 to 27c.;
Oct. 9.70c. On the 15th inst. export sales were 2,000 tons. territory, clean basis, fine staple, 69 to 71c.; fine medium
'
Thus far this month they are close to 15,000 tons. Domestic French combing, 62 to 65e.; fine medium clothing, 60 to
blood staple, 64 to 67c.; % blood, 53 to 57c.; %
trade remained quiet with the price 10c. The export quota- 63c.;
tion was still 10.30c. London on the 15th inst. fell 2s. 6d. blood, 50 to 53e. Boston wired a Government report early
to £44 us. 3d. for spot and £44 8s. 9d. for futures; sales, 100 in the week which said; "Strictly cbmbing 64s and finer
tons spot and 400 futures. Electrolytic unchanged at fleeces are tending slightly firmer. Supply is very limited,
£47 bid and £47 10s. asked. At the second session standard and a few mills provide a.steady outlet for these wools.
advanced is. 3d. on sales of 200 tons of futures. On the The more ordinary wools of this grade and class are now
National Exchange here 10 lots or 250 tons sold, including bringing prices recently paid for the choice fine Ohio dethree March at 9.43 to 9.47c., two April at 9.50c., three laines." London cabled Jan. 13:
"The first series of colonial
will commence on
June at 9.60c. and two Sept. at 9.64c. March ended at Total offerings of 171,500 bales wool auctionsfollowing: Australia,Jan. 20.
comprise the
112,300;
9.40 to 9.50c., April,9.50c. bid, May 9.55c., June and July New Zealand, 54,850; Cape, 1,800; South America, 2,100; Kenya, 250;
200. According
the series will close
to 9.650., Aug. 9.61c., Sept. 9.62c., Oct. 9.67c. To- sundries,11. Following areto present arrangements, series held last year:
9.60
on Feb.
the particulars of the six
day futures on the exchange here closed 3 points lower to First series, Jan. 21 to Feb. 6: Total offered, 127,056 bales: carried forward.
bales. Merinos 15 to 20% lower; crossbreds 15 to 20%
12 points higher with sales of 50 tons; March, 9.52c.; May, 65,000African and Puntas 15 to 20% lower. Second series, Marchlower;
South
18 to
9.550.; July, 9.6543.; Sept., 9.67c.
April 9: Total offered, 141,396 bales; carried forward,60,000 bales. Merinos
par to 5% lower; crossbreds 5 to 7; % lower; Falklands and Puntas 734%
,
6
TIN declined to the lowest prices since the plan for lower. 'Third series. May 13 to 30: Total offered, 124,162 bales; carried
restricting experts was announced. Straits tin prompt forward, 50,000 bales. Merinos 7X to 10% higher; crossbreds 5 to 15%
Falklands and Puntas 10
higher; South African,
/
closed on 14th mat, at 255s to 25.700. Demand was small. higher. Fourth series,5 to 10% higher; offered, 104,884 bales;to 15%
July 8 to 23: Total
carried
crossbreds 734 to 10% lower;
On the National Metal Exchange the ending was 10 to 25 forward, 68,000. Merinos 5 to 10% lower; to
African 734 to 10% lower; Puntas 5
734% lower. Fifth series,
points lower with sales of 20 tons, all in March at 25.35e. South 16 to Oct. 7: Total offered, 165,373 bales; carried forward. 80,000
Sept.
down to 25.200. In London on the 14th inst. spot standard bales. Merinos scoured 15 to 25% lower; merinos greasy 5 to 12% lower;
15% lower; Falklands and Puntas
advanced 17s. 6d. to.£114 10s.; futures up 15s. to £115 15s.; crossbreds 15% lower; South African Dec. 13: Total offered, 26,321 bales
10% lower. Sixth series, Nov. 25 to
sales 10 tons spot and 290 of futures. Spot Straits rose 17s. carried forward, 66,000 bales. Merinos extra fine par to 5% higher
merinos good to medltun 5 to
merinos inferior 15 to 20% lower
6d. to £118 10s. Eastern c. i. f. London ended at £120 10s. crossbreds 10% lower; South 734% lower;to 10% lower; Puntas 10% lower
African 734
on sales of 150 tons. At the second London session that day
At Sydney on the 15th inst. the fifth series ended. Selecstandard fell 10s. on sales of 10 tons spot and 150 of futures. tion good.
Demand reported
Later tin was more active. Early on the 15th inst. prompt Continental buyers. Compared brisk from Japanese and
with the opening, best fine
sold at 253.c. while in the afternoon sales were made at merinos were irregular but
25.55 to 25.60c. There were no sales of standard tin futures quality lines were par to 5% about par; good and average
higher, while faulty sorts were
on the Exchange here. Tin afloat is 5,155 tons. Arrivals par to 5% lower.
so far this month: Atlantic ports, 5,426 tons; Pacific ports, The next series will Demand showed much improvement.
begin
65 tons. In London on the 15th inst. spot standard fell£1 10s. ings total 241,500 bales. Jan. 27 and end in March. Offerto £113; futures off £1 7s. 6d. to £114 7s. 6d.; sales 50 tons
SILK to-day ended 6 to 8 points higher; sales 2,350 bales.
spot and 400 futures; spot Straits dropped £1 10s. to £117.
Eastern c. i. f. London ended at £118 10s. on sales of 175 January-February, 2.68; March-April, 2.68 to 2.70; May,
tons; at the second London session spot standard advanced 2.67 to 2.69. Final prices are 15 points higher for theweek.
108.; futures up 7s. 6d.; sales 25 tons spot and 80 futures.
COTTON
To-day futures ended 35 to 45 points lower; Jan., 25.450.;
Feb., 25.50c. ;March, 25.60c.; May, 25.800.
Friday Night, Jan. 16 1931.
THE MOVEMENT OF THE CROP, as indicated by
LEAD was rather quiet at 4.750. New York and 4.55c.
East St. Louis. In London on the 14th inst. spot fell 3s. 9d. our telegrams from the South to-night, is given below. For
to £14 2s. 6d.; futures off 5s. to £14 2s. 6d.; sales, 200 tons the week ending this evening the total receipts have reached
-and 1,100 futures. at the second session in London prices 106,805 bales, against 115,570 bales last week and 122„377
spot
'
fell is. 3d. on sales of 50 tons of futures. In London on the bales the previous week, making the total receipts since
15th inst. lead fell 2s. 6d. to £14 spot and futures; sales, 100 Aug. 1 1930 7,031,658 bales, against 6,900,056 bales for
tons spot and 650 futures; at the second sessron prices de- the same period of 1929-30, showing an increase since
Aug. 1 1930 of 131,602 bales.
clined 2s. 6d. with sales of 200 tons of futures.
ZINC was quiet with prices 4.023'c. East St. Louis.
Receipts atSat.
Mon. Tues. Wed. Thurs, Fri.
Total.
There is a disposition on the part of producers to get higher
Galveston 2,567 2,108 7,613 2,236 3,623 1,666 19,813
prices. Some are out of the market below 4.05c. for Janu- Texas City
-- 1,212 1,212
4,420 6,113 8,455 4:864 2:665 10,441 36,936
ary and February. In London on the 14th inst. spot dropped Houston
Corpus Christi
3
20
471
53
211
30
788
7s. 6d. to £12 12s. 6d.; futures dropped 6s. 3d. to £13 is. 3d.; Beaumont
_
771
--771
sales 50 tons of spot and 500 futures. Later on all producers New Orleans
2,383 3,371 4,:, . 2,730 1,809 5:355 19,992
=14
3
.
1,149
Mobile
9
239 8,220
318 3,465 3,040
were down to 4c. for first quarter tonnage. And there was Savannah
762 1,506 1,595
111 1,247 6,170 11,391
a report that 3.973/2c. was done on one lot for prompt ship- Charleston
1,237 1,069
64
39
80 2,972
483
_
_
2,473 2,473
ment recently. In London on the 15th inst. spot advanced Lake Charles_ _ -- -- o _-N __
Wilmington
ii8
27
Ho
457
tW
is. 3d. to £12 13s. 9d.; futures off is. 3d. to £13; sales 100 Norfolk
430
92
127
517 1,433
171
96
New York
50
tons spot and 650 futures.
.7
.ii297
-Structural sales are said to be increasing some- Baltimore
STEEL.
what. For 1930 the Structural Steel Board of Trade of Totals this week_ 12.980 14.387 23(178 14 RAR 13!l19 28.507 10R.M.
JAN.
FINANCIAL CHRONICLE
17 1931.]
The following table shows the week's total receipts, the
total since Aug. 1 1930 and the stocks.to-night, compared
last year:
1930-1931.
Receipts to
Jan. 16.
This Since Aug This Since Aug
Week. 1 1930. Week. 1 1929.
Galveston
Texas \'Ity
Houston
Corpus Christi.-Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles.--Wilmington
Norfolk
N'port News, &a.
New York
Boston
Baltimore
Philadelphia
Totals
Stock.
1929-1930.
19311030
.
19,813 1,179,883 23,661 1.536.855 656,765 467,501
31,223
49,566
1,212 102,799 2,038 128,443
36,936 2,563.048 24,616 2,377,021 1,471,520 1,114,312
22,852
788 559.725 1,319 377,695 112,000
771
19,244
13,650
19,992 1,021,960 27,621 1,284,305 754.877 510,465
420,859
50,996
445
11,391 577,533
49.050
2.972 255.150
2.473
40,977
457
47,813
1,433 127.099
50
766
661
13,650
207
46,010
9.709 327,834 187,581
26.104
__-1,312
____
737
5,150 411.371 323,172
7.094
2,050 169.802 171,948
-_8.567
15,939
2,191
81,315
95,485
4,800 126,313
8,220
418
50
900
861
73,514
37.325
33,265
75,339
93,247
1,528
1,122
4,963
1,950 228,807
2,536
1.136
1,260
19,278
5.201
586
106,805 7,031,658 104,523 6.900,056 4.077,969 2,513,527
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts
at- 1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
Galveston.-Houston*.....New OrleansMobile
Savannah ---Brunswick
Charleston....
Wilmington...
Norfolk
N'port N.,&c.
All others....
19,813
36,936
19,992
8,220
11,391
23,661
24,616
27,621
9.709
5,150
49,207
44,139
35,632
4.050
7.480
40,175
31,213
26,455
3,397
9,172
102,908
87,450
60,619
4,365
19,998
64.859
39,713
53.641
2,882
13,449
2.972
457
1,433
2.050
2.191
4,800
838
712
2,105
3,435
1,634
3,348
5.945
1,755
5,441
10.230
1.240
8,107
5,591
4,725
7,014
3,386
7,773
9,039
Total this wk_
106,805
104,523
151,177
122,215
296,254
203,160
Since Aug. 1._ 7.031.658 6.900.000 7.384.990 6,412,812 9.364,562 7.116.079
* Beginning with the season of 1926. Houston figures include movement
of ootton prey oualy reported by Houston as an interior town. The distinction between port and town has been abandoned.
The exports for the week ending this evening reach a
total of 95,868 bales, of which 8,577 were to Great Britain,
28,332 to France, 10,803 to Germany, 2,287 to Italy, 25,906
to Japan and China, and 19,963 to other destinstions. In
the corresponding week last year total exports we,
(170,920
bales. For the season to date aggregate exports have
been 4,169,597 bales, against 4,572,584 bales in the same
period of the previous season. Below are the exports for
the week.
Exported to
-
Week Ended
Jan. 16 1931. Great
GerExports from
- Britain. France. many.
Galveston
Houston
Texas City
Corpus Christi
Beaumont
Lake Charles_
New Orleans_ _
Savannah
Charloston
Norfolk
New York
Los Angeles_
Total
Total 1930
Total 1929
4,717
1,695 12,458
1,443
2,162
3,959
1.610
1.063
fJoi
50
200
250
200
2,531
697
491
5.709
471
804
12,134
5,616
"iii
300
1,669
6:iii
100
8,577 28,332 10,803
1,929
Total.
7,639
8,144
,021
.610
1.934
"iii ,511
^ 771
2,473
3.558 20.846
1.610
1,063
250
300
550
2,229
2,287
25,906 19,963 95,868
57,401 29,419 27,998 8,928
33,650 12,782 29,985 18,192
____ 29,903 17,271 170,920
16,383 17,337 128,329
From
Aug. 1 1930 to
Jan. 16 1931. Great
Exportsfrom
- Britain. France
Galveston_ _
Houston
Texas City_ _
Corpus Christi
Beaumont_ _
Lake Charles_
New Orleans_
Mobile
Pensacola_
Savannah_
Brunswick _
Charleston_
Wilmington _
Norfolk
New York_ _
Boston
Baltimore_
Los Angeles_
San Francisco
Seattle
Japan&
Italy. Russia. China. Other.
Exported to
Germany.
Japan&
Italy. Russia. China. Other.
119.882121.080 140,778 57,157
161,364345,789 320,075130,428
9,804 1,42
59.088 127,754 95,518 17,975
3,537 4,796
7,533
300
1,203 10,304
18,973 6.401
109,461 65.908 99,339 60,458
99,960 5,331
58,049 1,162
11,282
37,191 1,000
116,530 1.246 181,285 8,791
7,793
41,257
50,776
263 84,502
4.760
8,093 16,200
33,763 2,347
14,052
591
1,756 4,73
2,281 1,046
201
30
329
105
3,784 1,47
13,650
100
2,280
3.30
50
Total.
144.544 130,501 713,942
3,435 267,186 162,232 1,390,509
2,795 38.304
98.357 41,551 440,243
3,250 19,416
3:iii 1,090 41,117
144,842 53,525 559,375
5.560 2,194 172,256
1,454
200 51,127
26,301 5,563 339,716
49,050
7,879 143,420
2,501
31,604
1,295
525 52,573
657 5,281
15,758
120
950
105
53,830 4:iii
77.211
16 306
985 22,921
10,000
-
800,441 702,5991.136,099 303,132 29,279 773,478 424,5694,169,597
Total
Total 1929-30 941,321 608,415 1,248,470 132,600 78,015807,341 456,422 4,572.584
Total 1928-29 1,246,642 560,440 1,413,572392,019 118,600987,115 479,851 .198,249
-It hat never been our practice to include In the
NOTE.-Erports to Canada.
above table reports of cotton shipments to Canada. the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to
give returns epeeevn1ng the same from week to week, while
reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receIvIng regarding this matter, we will
say that for the month of November the exports to the Dominion the present season
have been 29,174 bales. In the corresponding month of the preceding season the
exports were 31,386 bales. For the four months ended Nov. 30 1930 there were
88,723 bales exported, as against 80,052 bales tor the four months of 1929.
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:
515
On Shipboard Not Cleared for
GerGreat
Other CoastJan. 16 at
- Britain France. many. Foreign wise.
Galveston
New Orleans...
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports *
8,500
4,021
6,000
1,499
5,000 24,000
4,655 5,864
2,000
5,(566 27,(1)(3
-
3.5645
-.
3,500
Total 1931-- 19,521 9.499 14,655 61.014
Total 1930.... 26,426 15,814 16,075 86,135
Total 1929.... 44.376 26.620 23,806 69,619
•Estimated.
Leaving
Stock.
Total.
610,765
738,738
322,972
171,948
7,iH 179,859
95,485
38,666 1,850,141
2,500 46.000
100 16,139
200
200
3,372 108,061 3,969.908
5,016 149,4662,364,061
9,256 173.677 2,081,173
Speculation in cotton for future delivery has been quiet
and little changed, awaiting strike developments in Lancashire, while offerings have been small. On the surface it
seems to some as though bearish factors have been discounted. Prices on the 10th inst. were irregular, ending 1
point lower to 6 points higher on most months, with old
January 6 points off. Liverpool was lower than due, but
not much. Manchester was, of course, dull. Worth Street
as a rule seemed quiet. Spot markets were unchanged to
5 points lower, but generally unaltered at the South. Meanwhile a lockout of 250,000 weavers and possibly 250,000
spinners was impending. Despite this, contracts were not
plentiful on either side of the water. A state of apathy
existed pending developments. Stocks were lower at first,
but rallied. The sales of fertilizers in 13 Southern States
in December were only 77.4% of the total of December 1929
and 65.2% of those of December 1928.
On the 12th inst. prices declined 10 to 15 points, with
stocks lower, Liverpool advices not encouraging, a big lockout looming in England, and the textile figures for December distinctly bearish. The Association of Textile Merchants
stated that the ratio of sales to production of standard
cloths in December (five weeks) was 78% against 88.6%
in November (four weeks), 146.7 in October (five weeks),
160.1 in September (four weeks), 107.6 in August (five
weeks), 108.6 in July (four weeks), and 65% in June 1930;
shipments, 97% in December against 97.1 in November,
118.1 in October, and 127.7 in September; stocks increased
in December 2% against 1.7 in November, a decrease of 11.4
in September; unfilled orders decreased 13.3% in December
against 5% in November, and an increase of 22.9 in October and an increase of 22.9 in October and an increase of
26.1 in September. Production of standard cotton cloths
was 234,052 000 yards for December, or at the rate of 46,810,000 yards per week. This was 23.2% less than in December last year and 9.4% less than in November. And
the domestic consumption in this country in December was
estimated by the Cotton Exchange Service at 415,000 bales
against 415,000 in November and 452,000 in December 1929.
The daily rate of consumption in December was about
18,000 bales against 18,900 in November and,21,500 in December 1929. There is some doubt in the minds of many
as to whether the acreage will be cut enough. It ought to
be reduced some 15 to 20%. It may be cut only 10%. Car
Williams says that a crop over 12,000,000 bales this year
would be a great disaster.
On the 13th inst. prices ended unchanged to 4 points
lower in a dull market. Offerings were small. At one
time the decline was 5 to 12 points. Stocks are large and
consumption lags. The Exchange Service says of it:
"There is no indication at this time of any increase from
the present rate in the near future. If the daily rate in
January should be equal to that in November, 18,900, the
total consumption for January would be 454.000 bales, or
for the first half of this season 2,475,000 bales against
3,314,000 in the first half of last season, a decrease of
839,000 bales. In the second half of last season this country
consumed 2,792,000, or 13% mole than the approximate
consumption in the first half of this season. Domestic consumption had been increasing in 1930 since August. Then
it suddenly fell."
On the 14th inst. prices advanced 5 to 11 points, with
offerings scanty, cables rather firm, and stocks and grain
higher and the British Government making an effort to
prevent a big lockout in Lancashire. The Census Bureau
stated the domestic consumption for December at 406,207
bales against 414,887 reported for November and 452,685
for December a year ago. For the five months ended Dec.
31, consumption amounted to 2,012,244 against 2,738,185
for the period in 1929. Cotton on hand in consuming establishments Dec. 31, 1,659,432, compared with 1,655,071 at
the end of November and 1,841,079 on Dec. 31 1929. Cotton
on hand in public storage and at compresses Dec. 31 was
8,377,720 bales against 8,397,800 at the end of Nov. 30,
5,898,596 on Dec. 31 1929. There were 25,525,820 spindles
active during December compared with 29,047,000 during
December a year qgo. Imports during December, 4,461
bales against 36,190 in December last year. For the five
months ended Dec. 31 imports totaled 18,912 bales against
140,274 in 1929. Co-operatives, it is said, bought October.
Foreign shorts, it is understood, covered March and sold
next crop.
On the 15th inst. prices advanced slightly, with continued
scarcity of contracts and steady trade demand. The cooperatives still bought October. Liverpool acted firm. The
[Vol.. 132.
FINANCIAL CHRONICLE
M6
British Government continued its efforts to prevent a big
lockout. All the world's cotton markets were higher, Alexandria leading.
To-day prices advanced slightly, encouraged by Liverpool
cables, a lack of any pressure to sell, some home and foreign
trade buying, buying to all appearance of October by the
co-operatives, and finally some rally in stocks. In the main,
however, cotton ignored stocks, when they were lower early
In the day, and also the grain markets. It was guided by
the facts of small offerings and a steady demand, even if
it was not large. Not much attention was paid to the weekly
statistics, for in any case supplies are large. Manchester
was dull. But apparently there is to be no lockout on
Saturday, as the workers have decided to take a ballot on
the question whether they will accept the employers' program of eight looms to an operator instead of four as formerly. Spot cotton was slightly higher at some points, but
the sales continue to fall far below those of a year ago.
Worth Street was in the main quiet, and in some cases
prices are lowered in the sharp hunt for business in a dull
period. Final prices are 5 points lower to 4 points higher.
Spot cotton ended at 10.15c. for middling, a decline of 5
points for the week.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
sat. Mon. Tues. Wed. Thurs. Fri.
10.15 10.00 10.05 10.05 10 10 10.15
Jan. 10 to Jan. 16Middling upland
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
Jan. 16 for each of the past 32 years have been as follows:
1923
1922
1921
1920
1919
1918
1917
1916
27.40c.
17.05c.
17.90c.
39.25c.
29.85c.
32.55c.
17.50c.
12.50c.
1907
1906
1905
1904
1903
1902
1901
1900
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Jan. 16Stock at Liverpool
Stock at London
Stock at Manchester
1931.
bales 860,000
195.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1,055,000
592.000
354,000
11,000
117,000
47,000
10.15c.
17.40c.
20.55c.
18.45c.
13.55c.
21.20c.
24.00c.
33.80c.
12.85c.
12.90c.
9.60c.
14.80c.
14.55c.
9.70c.
12.10c.
1914
1913
1912
1911
1910
1909
1908
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
SALES
Spot. Conir'ct Totat.
et,5 pts. dec.... Steady
et. 15 pts. dee_ -- Steady
Monday _ _ _
ady. 5 pts. adv... Steady
Tuesday - _Wednesday_ Quiet, unchanged__ Steady
Thursday _ _ Steady,5 pta. adv__ Steady
Steady, 5 pts. adv__ Steady
Friday
Satuxday. _
ptg
1929.
921.000
95.000
1928.
811,000
85,000
75.000
940.000 1,006.000
886,000
549,000
270,000
6,000
96,000
65,000
602,000
333,000
9,000
117,000
73,000
694.000
250,000
13,000
92,000
41,000
1,121,000
986.000 1.090,000 1.134,000
2,176,000
Total European stocks
India cotton afloat for Europe... 137,000
American cotton afloatfor Europe 309,000
EgyptBraz11,&c.,afloatforEurope 83,000
709,000
Stock in Alexandria, Egypt
714,000
Stock in Bombay, India
4,077,969
Stock in U. S. ports
1,725.164
Stock in U.S. interior towns
22.683
U.S. exports to-day
1.926,000 2,096,000 2,020,000
138,000 159,000 114,000
444.000 514,000 454,000
71,000
86,000
131,000
457,000 470,000 431,000
1.047,000 951,000 651,000
2,513,527 2.254.850 2,380.024
1,456.833 1,161.140 1,217,543
4.000
9.953,816 8.117,360 7.691,990 7,338,567
Total visible supply
Of the above, totals of American and other descriptions are as follows;
American
474.000 394,000 638,000 541.000
54,000
65,000
69.000
106,000
999,000 896,000 1,032,000 1,074,000
309,000 444,000 514,000 454.000
4,077,969 2,513,527 2,254,850 2,380,024
1,725,164 1,456,833 1,161,140 1,217.543
4,000
22,683
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U.S. interior stocks
U. S. exports to-day
10.70c.
12.15c.
7.25c.
13.80c.
Total American
8.95c.
East Indian. Brazil, &c.
8.31c. Liverpool stock
9.88c.
7.62c. London stock
Manchester stock
•
Continental stock
Indian afloat for Europe
MARKET AND SALES AT NEW YORK.
Egypt, Brazil, &c., afloat
The total sales of cotton on the spot each day during the Stock in Alexandria, Egypt
week at New York are indicated in the following statement. Stock in Bombay.India
1931
1930
1929
1928
1927
1926
1925
1924
1930.
845,000
Total East India, &c
Total American
7,713,816 5,777,360 5,664,990 5,720,567
451,000
283.000
270,000
26,000
89,000
90.000
122,000
137,000 138,000
83.000 131,000
709,000 457,000
714,000 1.047,000
20,000
58,000
159.000
86,000
470,000
951,000
21.000
60,000
114,000
71,000
431,000
651,000
386,000
2,240,000 2.340,000 2,027,000 1,618,000
7.713,816 5.777,360 5,664,990 5,720.567
9,953,816 8,117.360 7,691,990 7,338,567
Total visible supply
9.496. 10.636. 10.626.
5.41d.
Middling uplands, Liverpool
17.45c. 20.40c. 19.25c.
10.15c.
Middling uplands, New York
8.906. 15.306. 20.506. 18.858.
Egypt, good Sakel, Liverpool_ __ _
13.756. 14.506. 12.258.
Peruvian. rough good. Liverpool_
7.356. 10.296.
4.266.
9.501.
Broach, fine, Liverpool
8.796. 10.356. 10.20d.
5.11d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 102,000 bales.
The above figures for 1931 show an increase over last
300
week of 30,029 bales, a gain of 1,836,456 over 1930, an
100
increase of 2,261,826 bales over 1929, and a gain of
400 18.800 19,200 2,615,249 bales over 1928.
Total week.
26.549 257,200 283.749
Since Aug. 1
-that is,
AT THE INTERIOR TOWNS the movement
-The highest, lowest and closing prices at the receipts for the week and since Aug. 1, the shipments for
FUTURE.
the week and the stocks to-night, and the same items for the
New York for the past week have been as follows:
corresponding period of the previous year, is set out in
detail below:
Tuesday, Wednesday, Thursday, Friday,
Saturday, Monday.
Jan. 10.
Jan. 12.
Jan. 13,
9,100
4,300
2,200
2,600
Jan. 14.
Jan. 15.
9,700
4,300
2,200
2,900
100
Jan. 16.
Jan. (old)
10.13-10.14
Range__ 10.16-10.17 10.02- 9.99-10.04
10.07 -10.1410.0510.04Closing. 10.16 -10.02Jan.(new)
Range__ 10.00-10.12 9.9540.02 9.83- 9.97 9.93-10.03 9.9740.05 9.99-10.07
Closing_ 10.09-10.12 9.95- 9.96- 9.97 9.96-10.00 10.00-10.02 10.07Feb.
Range..
10.0810.0610.1310.0410.04Closing_ 10.16ifarchRange.. 0.18-10.25 10.12-10.22 10.06-10.15 10.11-10.22 10.14-10.24 10.15-10.24
Closing_ 0.24-10.25 10.13-10.14 10.13-10.14 10.15-10.16 10.17-10.19 10.20-10.22
April
Range._
10.2910.2710.3210.2510.25Closing. 10.36May
Range__ 10.45-10.51 10.37-10.48 10.32-10.39 10.36-10.46 10.36-10.48 10.39-10.47
10.39-10.40 10.4140.43 10.45-10.46
10.38Closing. 10.49-10.50 10.38JuneRange-10.51 10.4910.5510.48Closing_ 10.59 --- 10.47hap-Range.. 10.61-10.72 10.56-10.67 10.51-10.59 10.55-10.65 10.57-10.68 10.60-10.69
10.6240.63 10.65-10.66
10.59Closing_ 10.70-10.71 10.5640.58 10.58duo.
10.70
Range._
10.70 -10.7310.7010.63Closing. 10.75 -10.62Sept.Range.10.7010.70
10.73-- 10.63
10.62Closing. 10.75-
Movement to Jan. 16 1931.
Towns.
Ship- Stocks
ments. Jon.
1Veek. Season. Week. 16.
Receipts.
Movement to Jan. 17 1930,
Receipts.
Shipmerits
1Veek. I Season. Week.
Stacks
Jan.
17.
a
aa -; — -
a
.6
-.Mon
NNO00*N00,
Nc,-Impt.....x.4t.pc
,
..
W C .-.WOMNI Nel. .900
mm4
N
,
.. ..0
e0N.-.WNNW..COVO-0.000VQ0C...0NMODONMO
-.V.0.0.0Nu,
-.N ,
,
..NON....0MW=ONN00-0,0
.
- ,
ON..0 0
.
0.0.-4MONN,
..0200AVOb....4,
N.-1
.-.
32,717 1,426 99,063 1,448 17,517
957 84,656
Ala., Birm'ham
142 5.039
16.763
176
16,246
182 27,862
Eufaula
182 56,463 1,732 31,422
64,008
275 59.780
Montgomery.
94 70,676 2,618 33,000
75,389
391 92,113
Selma
33.342 2,219 116,505 2,752 44,779
226 75.320
Ark.,Blytheville
323 14,790
563 28,595
11,326
98 13,468
Forest City
939 54,583 1,811 20.340
32,134
77 39,747
Helena
602 5,014
187 53,796
9,628
Hope
112 30,846
25,522
904 37,225 1.460 5,202
4,873
61
Jonesboro_
931 92,709
51.930 1,396 119,697 2,906 40,061
Little Rock._
781 6,743
275 50,252
8,257
Newport_ _._
225 26,766
37,186 2,263 176.239 3,745 44,382
Pine Bluff _
923 78,773
6,669 1,410 53,105 1,209 9,790
84 23,489
Walnut Ridge
81 2.494
6.482
1
7.332
3,996
Ga., Albany
2
400 20.517
33,170 2,040 34.280
140 37.811
Athens
2,567 162,483
151,170 8,808 120,342 2,958 94,538
Atlanta
118,365 4.431 262,743 4,491 103,890
Augusta
2.825 272,186
600 4,369
312 22.725
9.237
947 36,100
Columbus_ _ _
682 68,555 1.647 21,417
34,074
477 79,696
Macon
200 18,376
195 22,046
16,537
90 20.121
Rome_
311 141,110 1,046 64,232
84,409
La., Shreveport
264 103,99:
65,563 1,627 176,024 8,649 45,622
463 108,077
Miss., Misdate
330 13,278
250 26,925
15,493
57 23,778
Columbus_ .._
___ 136,141
87,231 3,126 215,437 3,958 79,018
Greenwood
654 8,817
269 49.633
20,874
_
Meridian__ . 1,742 49,943
478 9,491
10,956
22,220
326
105
9,050
Natchez
10.60-10.82 10.73-10.83 10.79-10.85
Range__ 10.70-10.79 10.66-10.75 10.62-10.73 10.74234 33.879
251 9,007
317 30.694
20,341
Vicksburg___
10.7810.8010.69-10.71 10.70-10.72
Closing_ 10.77683 15,417
154 40,468
172 32,299
19,988
Yazoo City__
Mo., St. Louis_ 6,222 146,353
14,787 8,574 188,737 8,295 14,107
-Range..
675 9,260
11,743
378
31,409
10.8510.8110.87- N.C.,Greensb'o 2,177 30,452
10.78Closing. 10.84 -10.76Oklahoma
Dec.78,254 8,178 711,968 10,184 94,256
15 towns*.__ 8.1771 511,427
10.81-10.91 10.76-10.89 10.85-10.95 10.8940.99 10.92-11.00
Range__ 10.86-10.95
68,122 4,130 117,843 3,675 68,718
10.95-10.96 S.C., Greenville 1,7121 100.153
10.87 -- 10.88-10.89 10.93in
,-............. tn ol - as300,401 46,406 1,478.369 45,577434,967
Tenn.,MemphLs 24,49 973.746
609
409
318 27,245
6701 25,062
809
for week ending Texas, Abilene_
____ 1,501
10,849
262 24,003
Austin
Range of future prices at New York
18
1,508
190 4,179
19,016
164 10,316
101
Brenham
6,816
Jan. 16 1931 and since trading began on each option:
6601 135,099
23,950 1,420 102,146 1,054 14.017
Dallas
392 62,274
5,717 1,075 71,120 1,574 6,768
Paris
Range Since Beg nnIng of Option.
48 2,885
27 54,597
Robetown
3 32,693
11,572
Range for Week.
Option for
852
453
96 22,535
156 22,219
1,573
San Antonio_
9.30 Dec. 15 1930 17.18 Feb. 1 1930
561 56,559 1,064 7,968
Texarkana
2651 31,387
7,375
Jan. 1931.. 9.99 Jan. 13 10.17 Jan. 10 9.26 Dees 16 1930 16.03 Apr. 4 1030
824 8,184
58,794
124 100.555
191
Waco
9,688
9.83 Jan. 13 10.12 Jan. 10
New
16.09 Feb. 20 1930 16.65 Feb. 15 1030
Feb. 1931
5,115.008 122,977 456833
9.53 Dec. 16 1930 16.20 Apr. 1 1930
Mar. 1931.. 10.06 Jan. 13 10.25 Jan. 10 11.23 Sept. 25 1930 13.34 June 18 1930 Total, 56 towns 61,0793,840,749 83,924 725164 106,388
•Includes the combined totals of 15 towns in Oklahoma.
Apr. 1931
9.80 Dec. 16 1930 15.00 June 2 1930
May 1931.. 10.32 Jan. 13 10.51 Jan. 10
The above total shows that the interior stocks have
June 1931
Dec. 16 1930 13.82 Aug. 7 1930
July 1931._ 10.51 Jan. 13 10.72 Jan. 10 10.00 Dec. 13 1930 12.15 Oct. 28 1930 decreased during the week 25,695 bales and are to-night
Aug. 1931 10.70 Jan. 14 10.70 Jan. 14 10.44
10.19 Dec. 16 1930 12.57 Oct. 28 1930 268,331 bales more than at the same period last year. The
Sept.1931
1930 12.31 Nov. 13 1930
receipts at all towns have been 45,309 bales less than the
Oct. 1931 10.62 Jan. 13 10.85 Jan. 16 10.22 Dec. 16
Nov.1931..
13 11.00 Jan. 16 10.76 Jan. 2 1931 11.12 Jan. 5 1931 same week last year.
pee. 1931_ 10.76 Jan.
517
FINANCIAL CHRONICLE
JAN. 17 1931.]
The following statement we have also received by teleOVERLAND MOVEMENT FOR THE WEEK AND
graph, showing the height of rivers at the points named at
SINCE AUG. 1.
- 8 a. m. of the dates given:
-1929-30--1930-31Jan. 17 1930.
Since
Aug. 1.
145,568
39,318
1,260
10,198
93,964
240,791
Week.
8,295
7,120
125
1,002
3,993
15,634
Since
Aug. 1.
183,759
38,210
2,136
21,019
99,367
357,911
531,099
30,169
702,402
15,077
7,238
148,252
1,368
382
8.650
23,000
9.107
223,577
5,489
170,567
10,400
360,532
19,769
Jan. 16 1931.
Feet.
0.8
5.4
9.9
8.3
7.5
255,684
Leaving total net overland *-12,791
446,718
Jan. 16ShippedVia St. Louis
Via Mounds, SuVia Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Week
5,598
762
51
438
3,477
7,954
18,280
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c__ _ 347
348
Between interior towns
4,794
Inland, &c.,from South
Total to be deducted
Feet.
10.5
33.1
16.1
19.0
38.1
Above zero of gauge..
Above zero of gaugekbove zero of gauge_
Above zero of gauge_
Above zero of gauge_
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
RECEIPTS FROM THE PLANTATIONS.
Week
Ended
Receipts at Ports.
1930, 1192
9. 1928.
Stocks at Interior Towns. IRectiptsfromPtantations.
1930.
1929.
1928.
1930. I 1929. I 1928.
1
1
555.848437.422 532,796 949.334 726,959 602.9451687.058 590.468 681,488
10._ 509,927 512,983521,837 1,098,865 881,858 706.536655.458 667.882625,428
729.274 896,281
17._ 423,079569.510558,6991,225.720 1.041,622 847.112 U9.934 682,908617,285
24._ 441.613518,799 550.877 1,395,237 1.185.728 - 953.520 611.130
* Including movement by rail to Canada.
535,822 1.503,734 1.305.221 1.034.049,55,6.727 622.7631116.351
3E_ 444,230503.270
The foregoing shows the week's net overland movement Nov.-397.331 403,5141396,00, 1,592.117 1.348,324 1,050,545 485,714 446.617 412.497
this year has been 12,791 bales, against 19,769 bales for
14.... 372,279 350,357,351,467 1,684.197 1,409,376 t,099.92l464,359 . 400,843
294,423 406.968
the week last year, and that for the season to date the 21._ 338,371 262,509 351,505 1,712.633 1,441,290 1,155,384 366,807 275.215 425.558
28__
aggregate net overland exhibits a decrease from a year ago Deo.-298,028268.195365389 1,770.72 1,440.310 1.215.753 356,120
of 86,186 bales.
255,569282,747 388,988,1,797,998 1,451,947 1,223,573 282,842 285.384 396,808
12_ _ 222,908281,398 311,736 1,815,747 1,461,857 1.232,683 240.657 291.308 320,846
-1929-30--1930-31
Since
19__ 210,864 260,772 265.7801,811,062 1,476.699 1,232,436 206.179 275,614 265.553
Since
In Sight and Spinners'
Aug. 1.
Week.
2&_ 161,383 187,785 255.661 1,800,74411.493.015 1,255.901,151,065 204,101 279,131
Week.
Aug. 1.
Takings.
106,805 7,031,658 104,523 6,900,056
Receipts at ports to Jan. 16
1930. I 1929. 1931. 1930. 1929.
446,718 Jan- 1931. 1930. I 1929. 1931.
360.532 19,769
12,791
Net overland to Jan. 16
2 122,377 154,364 188,298 1.777.081 1,476.971 1,240,631 98.714138.320 173,028
Southern consumption to Jan. 16_ 90,000 1.900,000 95,000 2,550,000
115,570 137,699 172,340 1,750,85911,477.3451,203.459 89,348 138.073 135,168
16.. 106,805 104,523 151,1771,725.1641.456,833 1,161,140 81,110 84.011108.858
209,596 9,292,190 219,292 9,896,774
Total marketed
*25,695 1,163,469 *20,512 1,246,914
Interior stocks in excess
The above statement shows: (1) That the total receipts
Excess of Southern mill takings
739,934 from the plantations since Aug.1 1930 are 8,194,477 bales;in
456,964
over consumption to Jan. 1198,780
Came into sight during week-- _183,901
11,883,622
10,912,623
Total in sight
700,862
22,964
573.523
North.spinn's' takings to Jan. 16- 17,473
* Decrease.
Movement into sight in previous years:
Bales.
11,883,622
10,664,888
13,956,605
Since Aug. 1Bales.
198,780 1928-29
186,560 1927-28
403,327 1926-27
Week1929
-Jan. 19
1928
-Jan. 20
1927
-Jan. 21
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
Jan. 16.
Galveston
New Orleans _ - _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock _ _ _
Dallas
Fort Worth
Ctosting Quotations for Middling Cotton en
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
10.00
9.80
9.15
9.54
9.75
10.00
9.31
9.00
9.90
8.80
9.45
9.90
9.68
9.35
9.44
9.63
9.90
9.19
8.90
9.80
8.75
9.35
9.35
9.90
9.68
9.05
9.44
9.63
10.10
9.19
8.90
9.80
8.75
9.35
9.35
9.90
9.73
9.10
9.46
9.69
9.95
9.31
8.90
9.80
8.75
9.35
9.35
9.90
9.73
9.10
9.47
9.69
10.00
9.31
8.90
9.80
8.75
9.40
9.40
9.90
9.73
9.15
9.50
9.69
10.00
9.38
8.95
9.85
8.75
9.40
9.40
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Monday,
Jan. 12.
Saturday,
Jan. 10.
Tuesday, Wednesday, Thursday,
Jan, 13. Jan. 14. Jan. 15.
1929-30 were 8,124,439 bales, and in 1928-29 were 8,108,261
bales. (2) That although the receipts at the outports the
past week were 106,805 bales, the actual movement from
plantations was 81,110 bales, stocks at interior towns
having decreased 25,695 bales during the week. Last year
receipts from the plantations for the week were 84,011
bales and for 1929 they were 78,670 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1930-1931.
Week.
Season.
1929-1930.
Week.
Season.
9,923.787
8,135,464
Visible supply Jan. 9
5,302,014
3,735,957
Visible supply Aug. 1
American in sight to Jan. 16-- 183,901 10,912,623 198,780 11,883,622
Bombay receipts to Jan. 15---.. 153,000 1,147,000 148,000 1,356,000
35,000
342.000
35,000
248,000
Other India ship'ts to Jan. 15-37,000
948,900
56,000 1,078,200
Alexandria receipts to Jan. 14-474,000
16,000
350,000
14,000
Other supply to Jan. 14 *5
Total supply
Deduct
Viable supply Jan. 16
10346688 18,908,537 8,589.244 18.869.779
9,953,816 9,953,816 8,117.360 8,117,360
392,872 8,954,721 471,884 10,752,419
Total takings to Jan. 16_a
239,872 6,237.821 337,884 7,870,219
Of which American
153,000 2,716,900 134.000 2,882.200
Of which other
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
since Aug. 1 the total estimated consumption by
a This total embraces
-30
Southern mills, 1,900.000 bales in 1930-31 and 2,550,000 bales in 1929 takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 7.054,721 bales in 1930-31 and 8,202.419 bales in
1929-30, of which 4,337,821 bales and 5,320,219 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Friday,
Jan. 16.
1928-29.
1930-31.
1929-30.
January 15.
10.00-10.02
January __ 10.04- 9.93- 9.94 9.94 Bld. 9.98- 9.98Since
Since
Since
Receipts at
February _
Week. Aug.l. Week. Aug.l. Week. I Aug. 1.
10.17-10.18 10.17-10.18 10.19March__._. 10.24-10.25 10.14-10.15 10.14April
153,000 1.147.000 l48.0001,356,000 131.000 1.039.000
10.38-10.39 10.38-10.40 10.42-10.43 10.42-10.43 10.43-10.44 Bombay
May
10.49
June
Since Aug. 1.
For the Week.
10.6410.64-10.65
10.6310.6210.68-10.70 10.60July
Exports
August- -Great
Conti- Japan &
Great Conti- Japan&
from
September
China.
Total.
Britain. tient. China. Total. Britain. nent.
10.74 ---- 10.76 --- 10.77 BM.10.80October _ _ 10.77-10.78 10.70November
Bombay
December_
1930-31_- 2,000 10,000 81,000 93,000 71,000 330,000 803,0001,204.000
Jan.(1932)
8,000 72,000 80,000 28,000 301,000 526,000 855,000
Tone
1929-30-987,000
Steady.
1928-29._ 3;666 21,000 63,000 87,000 20,000 340,000 627
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
Other IndiaSteady.
Options_ _ _ Steady.
Steady.
Steady.
Steady.
Steady.
249,000
1930-31__ 21,000 14,000
35,000 67,000 181.000
342,000
35,000 55,000 287,000
1929-30_ - 6,000 29,000
CENSUS • REPORT ON COTTONSEED OIL PRO256.000
19,000 45,000 211,000
1928-29_ _ 3,000 16,000
DUCTION DURING DECEMBER.
-Persons interested
in this report will find it in our department headed "Indications of Business Activity" on earlier pages.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND IN DECEMBER, &c.
Jan. 14 by the Census Bureau, will ibe found in an earlier
part of our paper in our department headed "Indications of
Business Activity."
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that there have been
light to moderate rains during the week in many sections of
the Cotton Belt. Temperatures have been lower and
below freezing in many localities.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Houston
Palestine
San Antonio
New Orleans
Shreveport
Mobile, Ala
Savannah, Ga
Charleston, 8.0
Charlotte, N.0
Memphis. Tenn
e
Rain.
2 days
2 days
5 days
3 days
4 days
3 days
3 days
3 days
4 days
2 days
3 days
2 days
2 days
? days
? days
2 days
Rainfall.
3.12 in.
0.36 in.
0.94 in.
0.72 in.
0.60 in.
0.98 in.
1.35 in.
1.34 in.
2.19 in.
3.11 in.
1.23 In.
3.28 in.
0.63 in.
0.69 in.
0.89 in.
0.28 in.
high 59
high 52
high 76
high 60
high 54
high 60
high 58
high 58
high 60
high -_
high 53
high 60
high 61
high 59
high 47
high 47
Total
1929-30._
1928-29._
23,000 24,000 81.000128,000 138,000 511,000 803.0001.452,000
6,000 37,000 72,000115,000 83.000 588.000 526,0001,197,000
6,000 37,000 63.000106.000 65,000 551.000 627.000 1,243,000
. According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
5,000 bales. Exports from all India ports record an increase
of 13,000 bales during the week, and since Aug. 1 show an
increase of 255,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
Jan. 14.
1930-31.
1929-30.
1928-29.
Thermometer
Receipts (cantars)low 40 mean 50
185,000
280,000
115,000
This week
low 22 mean 37
5,910,246
4,756,079
5,377,789
Since Aug. 1
low 42 mean 59
low 42 mean 51
This Since
This Since
This Since
low 22 moan 38
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
low 26 mean 43 Exports (bales)low 34 mean 46
8,000 77,212 8,000 89,642 ---- 93,770
To Liverpool
low 24 mean 41
- --_ 89,262 ---- 99,170
To Manchester,&n___ 64,521
low 32 mean 46
0
To Continent and India 18,0 0272,856 13,000 249,713 17.500254,757
low -- mean 47
4,261 ---_ 55,208 11,000 84,871
To America
low 24 mean 39
low 35 mean 45
26,000 418,850 21,000 483,825 28.500 532.568
Total exports
low 28 mean 44
Note.
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
low 30 mean 45
low 15 mean 34
This statement shows that the receipts for the week ended Jan. 15 were
low 15 mean 34 185.000 canters and the foreign shipments 26,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is quiet and in cloths is steady. Demand for India
is improving. We give prices to-day below and leave those
of previous weeks of this and last year for comparison:
'dC vmmeica
*In* 000*
0=010
MNNN
8.03
5.98
5.98
5.91
ONNO
N...
MMMW
WWWM
aaaaa
COMMM
WWWW
9 010
834(5 934
83410 9%
8540 9%
N*000
OMMMW
9)401034
93401034
934010%
93401034
e. d.
U. e.d.
d.
U.
5.89 143.401534 13 0 013 2
5.76
5.54
5.73
8.05
8.24
5.70
5.43
5.32
5.31
.;CO
.0
93.4010%
93401034
9 (010
1)340103.4
934010%
mi n onc-co
U.
d.
93401034
1931.
Jan.2____ 8340 934 8 5 (0 9 1
6___. 8340 934 8 5 0 9 1
M.-- 8340 93 8 5 4)) 9 1
834 Lbs. Shirt- Cotton
!nos. Common Middro
to Finest.
UN'S,.
d.
10.20
143401534 13 0
143401534 13 0
143401554 13 0
143401534 13 0
14340153.4 12 8
4013 2
013 0
013 2
013 2
(013 0
10.28
10.28
9.94
9.96
9.88
133401434
133401434
1334 01414
133401434
123
12 2
12 3
12 3
@125
012 4
012 5
012 5
9.58
9.56
9.78
9.59
1.35401434
133.401434
133401434
1334401434
12 3
12 3
12 3
12 3
(012 5
012 5
(012 5
012 5
9.68
9.47
9.36
9.51
1930.
5.33 1314014% 12 2 012 4
5.40 134014ti 12 2 (012 4
5.41 1334014% 12 2 (012 4
9.53
9.58
9.49
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 95,868 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
GALVESTON-To Bremen-Jan.8-Eseherheim, 1,528-Jan.13
• 2,531
-George Pierce. 1.003
535
-Youngstown, 535
-Jan. 13
To Ghent
579
To Copenhagen-Jan.8-Aslaug, 579
83
-Youngstown,83
To Antwerp-Jan. 13
-George
To Rotterdam-Jan. 8-Aslaug, 724. .Jan. 13
991
Pierce, 267
-Torres
-Jan. 12
To Japan-Jan. 7-Tamaho Maru, 6,277.
7,399
bank. 1.122
-TorresTo Ohina-Jan. 7-Tamaho Maru. 3,913_ _Jan. 12
4,735
bank, 822
600
-Mexico,600
-Jan.10
To Mexico
-De la Salle, 2,646- _Jan. 13
-YoungsTo Havre-Jan. 12
3,911
town, 1,265
-Youngs-De la Salle, 516 -Jan. 13
.
To Dunkirk-Jan. 12
806
town, 290
4,851
-Mar Caribe. 4,851
To Barcelona-Jan.8
446
-To Barcelona-Jan. 7-Sahale, 446
NEW ORLEANS
4,619
To Japan-Jan. 13-Fernwood,4,619
100
To Canada-Jan. 8-Abron. 100
1.608
To China-Jan. 13-Fernwood, 1.608
2,997
-West Totant, 2,997
-Jan. 10
To Liverpool
962
-West Totant, 962
-Jan. 10
To Manchester
1,000
-America, 1,000
To Dunkirk-Jan. 9
100
-America, 100
To Copenhagen-Jan. 9
125
-America, 125
To Oslo-Jan. 9
1,275
-America. 1.275
To Gothenburg-Jan. 9
100
To Lapaz-Jan. 10-Tela, 100
100
To Porto Colombia-Jan. 10-Tela, 100
6,102
To Havre-Jan. 12--Syros, 6.102
550
--Jan. 12-Syros. 550
To Ghent
75
To Antwerp-Jan. 12-Syros, 75
687
-gyros, 687
To Rotterdam-Jan. 12
250
-Liberty, 250
-To Havre-Jan. 10
NORFOLK
-To Japan-Jan. 7-ChIchibu Maru, 729-Jan.
LOS ANGELES
1,229
-President Jefferson, 500
12
200
-Jan. 10-Lochgoil, 200
To Liverpool
100
Bremen-Jan. 12-Nletheroy, 100
To
700
-President Jefferson, 700
To China-Jan. 12
-To Bremen-Jan. 9-Harburg, 5.653:
CORPUS CHRISTI
5,709
Barmbek, 56
-Youngstown, 1,076
1,076
To Havre-Jan. 10
1,086
-Youngstown, 1.086
To Dunkirk-Jan. 10
90
-Youngstown,90
To Rotterdam-Jan. 10
13
-Youngstown. 13
To Antwerp-Jan. 10
219
-Youngstown, 219
-Jan. 10
To Ghent
318
-Youngstown, 318
To Genoa-Jan. 10
4,916
HOUSTON-To Japan-Jan. 9-Torresbank, 4,916
843
-West Totant, 843
-Jan. 14
To Liverpool
700
To China-Jan. 9-Torresbank, 700
852
-West Totant,852
To Manchester-Jan. 14
-Bowes
-De la Salle. 6,389___Jan. 13
To Havre-Jan. 10
10.399
Castle, 2,267- _Jan. 14-Hopedene, 1,743
-De la Salle, 575__ _Jan. 14-Hopedene,
To Dunkirk-Jan. 10
2,059
1,034_ __Jan. 14-America. 450
-Mar Caribe, 3,201___Jan. 15-Sahale.
To Barcelona-Jan. 9
3,903
702
220
-America. 220
-Jan. 14
To Gothenburg
-Bowes Castle, 3,060......Jan. 14-1,1ope-Jan. 13
To Ghent
3,169
done, 100
112
To Copenhagen-Jan. 14-America, 112
697
-York,697
To Bremen-Jan. 13
200
-America, 200
To Warburg-Jan. 14
540
To Rotterdam-Jan. 15-Grootendijk, 540
-Jan. 9--Shickshinny, 306
306
CHARLESTON-To Liverpool
757
Manchester-Jan. 9-Shickshinny, 757
To
60
-To Liverpool-Jan.9-Artigas,50
NEW YORK
200
-Jan. 14-Liberty, 200
To Havre
100
Aires, 100
-Buenos
To Barcelona-Jan. 12
200
To Lisbon-Jan. 12-111nnoy, 200
471
-Endicott, 471
BEAUMONT-To Bromen-Jan. 14
300
To Genoa-Jan. 14-Monginevro. 300
900
-Jan. 15-Shickshinny, 900
SAVANNAH-To Liverpool
710
To Manchester-Jan. 15-Shickshinny, 710
1,443
-Youngstown, 1,443
-To Havre-Jan. 13
TEXAS CITY
491
To Bremen-Jan. 8-Eschersheim, 491
1,669
-To Genoa-Jan.9-Maddalena Odero, 1,669
LAKE CHARLES
804
-West Chatala, 804
-Jan. 12
To Bremen
95,868
Total
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &R.,at that port:
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total importg
Of which American
Amount afloat
Of which American
Dec. 26. Jan. 2.
13,000
8,000
7,000
4,000
19,000
830,000
446,000
104,000
71,000
168,000
106,000
33,000
842,000
458,000
55,000
43,000
164,000
93,000
Jan. 9. Jan. 16.
23,000
23,000
15,000
11,000
1,000
1,000
38,000
44,000
843,000 860,000
455.000 474,000
65,000
39,000
52,000
15,000
178,000 161,000
68,000
113,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
uiet.
Tuesday. Wednesday. Thursday.
Quiet.
Quiet.
5.39,1.
5.41d
4,000
2,000
5.32d.
3,000
Good
Inquiry.
5.39d.
5,000
Quiet.
5.37d
3,000
Friday.
Quiet.
5.456.
3,000
Quiet, Q'tunch'd
Quiet,
Quiet,
Quiet.
Futures.{ Quiet,
1 pt.
1 to 5 pts. 2 pts. 4 to 8 pts. 3 to 4 pts.
to 1 point
Market
advance, advance,
advance, advance.
decline,
opened
decline.
Market, I Quiet but Quiet but Steady. Quiet but Steady, Q'tunch'd
4
st'dy, un-st'dy, 1 pt. 5 to 6 pts. st'dy, 1 to 3 to 7 pts. to 2 pts.
P. M. cit'gd to 2 dec. to 2 decline. 2 pts. adv. advance. advance.
Ins. adv. pts. adv.
1
Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Jan. 10
to
Jan. 16.
12.1512.3012.15 4.0012.1 4.0012.15, 4.0012.15 4.1112.15 4.00
p. m.p.m.p. m.p. m.p. m. p. m. p. m.p. m p. m.P. M.P. M.P. M.
d.
d.
d.
d. d. I d. d. d. d.
New Contract. d.
d.
January ______ __ __ 5.23 5.24
5.17 5.19 5.24 5.21 5.22 5.2. 5.26 5.26
February..... __ __ 5.2. 5.26
5.19 5.21 5.28 5.22 5.25 5.2: 5.28 5.28
5.28 5.29
March
5.22 5.24 5.29 5. . 5.28 5.31 5.31 5.31
6.32 5.34
April
5.28 5.2 5.33 5.31 5.32 5.3 5.37 5.38
__ __ 5.38 5.39
May
5.31 5.34 5.38 5.3 5.37 5. 1 5.41 5.41
_ __ 5.43 5.44
5.36 5.39 5.43 5.41 5.42 5.4. 5.46 5.46
June
5.48 5.49
5.41 5, 5.48 5. 5.47 5..1 5.51 5.51
July
5.52 5.53
August
5.4. 5.47 5.51 5. 5.50 5.5 5.54 5.54
__ 5.5 5.56
5. • 5. 5.54 5.5 5.53 5. 5.57 5.57
September_ _ _
_
. __ 5.59 5.60
October
5.51 5.53 5.57: 5.5. 5.56 5.5 5.61 5.60
.__ _ 5.63 5.84
November_ .._
5.- 5.5 5.61. 5.5' 5.60 5.6- 5.64 5.64
5.5. 5.61 5.85 5.63 5.64 5. 5.68 5.68
December --------5.88 5.68
5.61 5.8 5.87 5.65 5.66 5.6 5.89 5.70
_-_ 5.70 5.71
Jan.(1932)
NNOOMN,MOOONNN,,,
Ni4ki0i..2 .
,
NNNNe
WVW.V*.V.40.
0...4[40
'
32s Coy
Twist.
834 Lbs. Shirt- Cotton
tags. Common Midas
Uprds.
to Finest.
Mid.ilpFds
Monday.
1
32s Cop
Twist.
Saturday,
Spot.
Market,
12:15 I
Q
P.M.
Sales
1929.
1930.
Sept.26....
Oct.3---10___
17...__
24......
81._
Nov.
7____
14....
21___
28-- .
Deo.b.__
12._
19._
28._
[VOL. 132.
FINANCIAL CHRONICLE
518
BREADSTUFFS
Friday Night, Jan. 16 1931.
Flour was in fair demand, and steady, with feed firm.
Export business increased somewhat, fair sales being reported. There were stories of a better demand at the West
and Northwest. Clearances on the 15th inst. were 11,000
barrels. Exporters apparently were not doing much in the
United States, but in Canada bought on a fair scale for
shipment via the Pacific Coast. Here prices were steady,
with feed in 48 hours falling $1 to $1.50. Cheap Argentine
offerings in this market hit American feed hard.
Wheat shows little net change for the week, but to-day
there was a report that the Farm Board was selling old May
wheat, and It ended at 82%c. against 84%c. at one time this
week. On the 10th inst. prices advanced 1%c. on new May
on foreign covering, and there was covering of hedges that
contributed to an early rise. A reaction occurred later,
/
with Buenos Aires off % to %c., Winnipeg was 81 0. under
Chicago, and Liverpool declined % to %d. Hedges against
half a million bushels of Manitoba wheat sold for export
tended to steady Winnipeg, and it closed unchanged or only
Ye. lower. Some of the professionals were bullish on July
and bought it. Chicago ended at a net rise of %c. to %c. on
old contract and Ye. lower to %c. higher on the new.
Topeka wired the A. P., Jan. 10: "Losses in grain futures
dealings were held to-day by the Kansas Supreme Court to
be legal debts and not subject to forfeiture on the ground
that they were sustained in gambling transactions in violation of State law. The court held that orders to buy and
sell on the Chicago and Kansas City Boards of Trade
affected inter-State commerce and were not subject to State
regulation."
On the 12th inst. prices advanced on May lc. and July
Tfic. Farm Board prices went to a new high level. May
sold at 84c. and March at 82c. This told. A better export
demand was reported, although the actual sales were only
500,000 bushels of Manitoba to be sent from the Pacific
Coast. The winter wheat belt needed rain.' The Farm
Board was credited with saying that the disappearance of
wheat from Jan.1 to July 1 of this year would be 350,000,000
bushels. France, will try to establish a minimum price for
wheat at around $1.75 a bushel. Brazil proposed to prohibit
further Imports of wheat. Buenos Aires was %c. to %c.
lower.- The visible supply of the United States increased
1,774,000 bushels last week against a decrease last year in
the same week of 3,311,000 bushels; total now 191,038,000
bushels against 172,207,000 a year ago. The total in North
America increased 360,000 bushels; now 278,350,000 bushels.
On the 13th inst. prices ended % to %c. higher, with no
rain in the winter wheat belt, a fair export demand, with
sales of 600,000 to 700,000 bushels. Liverpool closed 1 to
1%d. higher, and Buenos Aires
Australia sold five cargoes to India. Rains are needed in India. Bradstreet's
total world's visible supply for the week decreased 4,667,000
bushels against a decrease last year of 711,000. The total
in sight is 450,194,000 bushels against 448,616,000 last year.
Washington wired that the Grain Stabilization Corp. may
on July 1 own 150,000,000 bushels of wheat in all. positions.
This attracted attention, but was largely ignored.
Chicago wired, Jan. 13: "The trade was interested in
the Washington report that the Grain Stabilization Corp.
would probably hold 150,000,000 bushels by July 1, and that
Chairman Legge frankly stated he did not know how surplus
would be disposed of." On the 14th inst. prices advanced
JAN. 17 1931.]
FINANCIAL CHRONICLE
4
1
/
% to 2 c., new July leading, with a cold wave at the
Southwest, where there was little snow covering. The market acted short. But large Argentine offerings are expected
before very long. Argentine was off at one time 2%c.
Argentine exchange was at the lowest in many years at one
time, but rallied to 30%c. A fair export business was reported in Canadian wheat from the Pacific Coast. Winnipeg
reported good buying by Eastern and Continental interests.
On the 15th inst. the market was dull and lower, with the
Farm Board said to be selling old March and May in Chi2
1
/
cago. Winnipeg was % to 1 c. lower. Liverpool ended %
to %d. off. Export sales did not exceed 500,000 bushels.
-Oklahoma crop reports were favorable. Kansas City
Kansas
wired, Jan. 15: "Fair movement keeps up, but mostly being
taken by Farm Board, although others are in the market
In a moderate way. Corn movement remains small for the
season and local stocks are already being drawn on. The
high point of our accumulation this year so far has been
only 800,000 bushels." Minneapolis wired, Jan. 15: "Mills
bought both May and July here during early part of yesterday's session. Some improvement in flour trade is noted,
and a somewhat better feeling is manifest in the coarse
grain futures. In the cash wheat market Duluth and local
mills are still competing with farm agencies for good quality
wheat. Premiums were advanced about
To-day prices closed 1 to 1%c. lower at Chicago and Ihe.
lower at Winnipeg on rather large trading. May delivery
was liquidated freely, supposedly for Farm Board account.
Also there was general selling of July, supposedly for Eastern and foreign interests. Liquidation seemed to be the
word of order. The idea that the Farm Board was selling
had a depressing effect. Stop orders were encountered on
the way down. Old May dropped to 82c., or within 1c. of
what is taken to be the Farm Board price. July was off
2
1
/
4 c. from the high of the 15th inst. Lower foreign markets
were contributory factors in the decline. Liverpool ended
2
/
2
141.
/ lower. Buenos Aires dropped 11c., with February
there down to 46 c. Export ties of Manitoba wheat were
2
1
/
estimated at 1,000,000 bushels. But on the decline in Winnipeg there was heavy covering, the market acting short and
quite a good upturn occurred from the low point of the day.
That reacted favorably on Chicago: Also the winter wheat
belt had little or no rain or snow. Final prices were %c.
lower to %c. higher for the week, the latter on new July.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
soi so% 9834 9834 97% 9634
No.2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
821 8034
82
March
8134 81q 82
, 82%
83
84
May
84
83
83
66%
67
July inew)
6734 69
6534 66
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
5734 56$ 57
511 5734 57
May
58
58% 57
July
57
5834 58
5934
October
5934 597 5934 58
58
Indian corn declined partly because of weakness in wheat,
more fafbrable weather, competition from Argentine, and a
falling off in the cash demand. On the 10th inst. prices
declined lc., closing at the bottom. Country offerings, however, were still noticeably above Chicago prices. Outside
markets, in general, were above Chicago prices. On the 12th
Inst. prices closed lc. higher, with wheat up and the weather
bad. Some were bearish on the expectation of larger receipts before long and because the open winter has been
allowing pasturing to be done to the saving of corn. The
United States visible supply last week decreased 114,000
bushels against an increase in the same week last year of
2,251,000 bushels; total now 16,276,000 bushels against 12,c.
4
1
143,000 a year ago. On the 13th inst. prices ended /
higher, with wheat up and feeding reports favorable as
country offerings were small. But the expectation of a
larger movement in the near future tended to bring about a
steadier tone.
On the 14th inst. prices ended % to %c. higher. Buenos
Aires was weak, but colder weather in this country was a
hint of a better feeding demand, so that an early decline was
regained and a net advance was established. Yet the Government report indicated that the number of cattle on feed
on Jan. 1 was 10% smaller than on the same date last year.
2
1
/ to 2%c., affected by
On the 15th inst. prices dropped 2
the decline in wheat. Argentine shipments, too, were estimated at 5,315,000 bushels, and the Argentine crop news was
favorable. To-day prices closed / to %c. lower, partly
4
1
under the influence .of the decline in wheat. Moreover, the
weather was favorable. Liquidation was general. Cash
demand was moderate. But the closing prices were about
2
1
/c. above the low of the day, as it turned out that a good
many shorts prefer to cover. In fact, some thought the
market was oversold. But it was not only covering, it was
buying against privileges which tended to stay the decline
and even cause a rally. There was some buying of corn
against sales of wheat. Yet Argentine corn was reported
offered at 60c. duty paid at New York. This, with some
early decline in Canadian barley, tended to prevent any very
marked rally in corn. Final prices show a decline for
2
1
/
the week of 1% to 2 c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
8634 8734 8734 8834 8534 8534
No. 2 yellow
519
CHICAGO.
DAILY CLOSING PRICES OF CORN FUTURES IN Thurs. Fri.
Sat. Mon. Tues. Wed.
6934 7034 7034 71 k 68% 6734
March
7034 70-69%
71% 7134 72
70
May
7134 7134
73
72% 73
71
July (now)
Oats have made little response to the decline in corn,
being in a good position, with receipts small and stbcks
2
1c.
falling. On the 10th inst. rices advanced / on old con4
1c.
tracts, but in general were / net lower in the end. But
covering of hedges and cash sales of 116,000 bushels tended
to check the decline. On the 12th inst. prices advanced %
to %c., with corn up and shorts covering. The United States
visible supply decreased last week 1,319,000 bushels against
265,00 last year; total, 26,907,000 bushels against 26,691,000
4
1
a year ago. On the 13th inst. prices ended / to %c. higher.
4c.
1
On the 14th inst. prices ended unchanged to / higher on
the rise in corn. On the 15th inst. prices declined % to
%c., owing to the drop in corn. To-day prices were more or
2
1e.
less under the domination of those for corn, ending /
2
1c.
lower to / higher, with trading largely of a professional
c.
4
1
4c.
1
sort. Final prices were / lower to / higher for the
week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Thurs.
Tues. Wed.
Mon.
Sat.
No. 2 white43044 43%044 44045 44045 433404434 433404434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
33% 33% 3434 3434 33q 3334
March
3434
May
33% 3434 34% 34% 34
33
33% 3334 3334 33
July (new)
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
2834 2834P28% 2834 2834 28%
2734 27%
July
28% 283428% 28
Rye has declined with wheat in a dull market. On the
2
1
2
1c.,
10th inst. prices declined % to / though at one time /
4
1c.
to / lower. There was selling of rye against buying of
corn to close spreads. On the 12th inst. prices advanced
% to lc., with wheat higher and more pressure to buy.
The United States visible supply decreased 240,000 bushels
last week against an increase of 347,000 last year; total
now 15,328,000 bushels against 14,062,000 last year. On the
13th inst. prices did not show any change. On the 14th
2
1c.,
inst. prices advanced / responding to wheat. On the 15th
2
1
/ to 1%c., under the influence of the
Inst. prices fell 1
4
1
decline in wheat. To-day prices ended / to %c. lower,
mainly because of the weakness in wheat. Final prices
were % to 1c. lower for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
4214 4134 40R
42
413.4 42
March
4234 4334 4334 4334 4234 41
May
42% 4334 4334 4434 4234 42
July (new)
Closing quotations were as follows:
GRAIN.
Oata. New York
Wheat. New York
No.2 white
43%044%
963.4
No. 2 red. f o.b., new
No 3 white
4134042
Manitoba No 1, f.o.b N.Y. 69
-No. 2. f.o.b. New York 4534
Rye
Chicago. No. 1
Corn, New York
85H Barley
No. 2 yellow, all rail
No.2 c.i.f. New York.dom. 5834
835i
No.3 yellow.all rail
41066
Chicago. cash
FLOUR.
$3.90054.30
Spring pat, high protein$5.00 $5.25 Rye flour. patents
23.(3234
4.60 4.85 Seminola, med.. No.3
Spring patents
52.150 2.20
4.50 Oats goods
4.30
Clears, first spring
2.250 2.30
Soft winter straights- - 4.15 4.45 Corn flour
Hard winter straights
4.35 4.70 Barley goods
3.25
Coarse
4.70 5.10
Hard winter patents
Fancy pearl. Noe. 1.
4.00 4.25
Hard winter clears
6.15(36.50
2. 3 and 4
6.30 6.80
Fancy Minn. patents
6.55 7.25
City mills
For other tables usually given here, see page 446.
WEATHER REPORT FOR THE WEEK ENDED
JAN. 13.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Jan. 13, follows:
With the passage of last week's severe storm northeastward, fair and
considerably cooler weather prevailed over the eastern half of the country
at the beginning of the current week, though temperatures were only moderately low. On the 7-9th a moderate depression passed eastward from
the southern Plains to the south Atlantic Coast, attended by rather widespread precipitation in the Southern States, but in the more northern sections mostly fair and warmer weather prevailed. Later a southern "low"
passed northeastward, in conjunction with another from the Northwest
over the Lake region, and these were attended by widespread precipitation from the Mississippi Valley eastward, though, at the close of the week,
the weather was mostly fair and cooler. Over the far Western States high
pressure persisted, with attendant cold weather, while, at this writing,
an extensive "high," with much lower temperatures, is moving southeastward over the northern Great Plains. Rains in the Pacific Coast
States were followed by fair and favorable weather in those sections.
Chart I shows that the week, as a whole, was rather cold in the Southeastern States and also in the Great Basin of the West, with the weekly
mean temperatures in these areas ranging mostly 2 degrees to 5 degrees
below normal; the Southwest and the Northeast had about normal warmth.
From the Lake region westward, however, the week was abnormally warm,
with the temperature averaging from 6 degrees to as much as 14 degrees
above normal. Conditions during the week were quite similar to those for
the month of December; that Is, cool in the Southeast and warm in the
Northwest.
Minimum temperatures were not low for the season, except very locally.
Freezing extended as far south as the interior of northern Florida, but in
the Ohio and lower Missouri Valleys the lowest reported were mostly from
20 degrees to 26 degrees. In the interior of the Northeast some rather cold
weather was reported on the 9th, with Northfield, Vt., having 12 degrees
below zero, while at the close of the week similar readings occurred in the
extreme northern Great Plains.
Chart II shows that rainfall was substantial to rather heavy throughout
the Southern States and in the East as far north as southeastern Virginia
and along the northern Atlantic Coast. From the Ohio Valley northward
light to moderate falls occurred, and rather heavy rains were reported
from parts of the Pacific States. Elsewhere precipitation was generally
light, with many stations reporting no measurable amount for the week.
Unusually mild, open weather for mid-winter continued over the northern
half of the country, with but little snow cover, except in New England,
New York, and the upper Lake region. Much of New England is heavily
blanketed, but most of the interior valleys are free, or practically free,
of snow. In the Northern States the weather remained unusually favorable for outside operations and for livestock, but seasonal farm work
FINANCIAL CHRONICLE
520
was hampered in the South by frequent rains and wet soil. In the Southeast it was also too cold for good growth of winter crops, though in Florida
more sunshine and less rains were helpful for seeding and other activities;
some early melons were planted, and much replanting of potatoes was
accomplished in the Federal Point district, though frost at the first of the
week was somewhat harmful. In general, winter truck crops in the Southern States made fairly satisfactory progress, though strawberries are backward in Texas and were delayed by cold in Florida.
Winter grain crops continue in mostly satisfactory condition, except in
some areas of the Ohio Valley where there are complaints of insufficient
moisture. Notwithstanding recent moderate rains, the subsoil remains
very dry in most places from the Ohio Valley eastward to the Atlantic
Ocean, and wells and streams are still low; it is yet necessary to haul water
in some upper Ohio Valley sections.
Livestock interests continue unusually favored by the mild, open
weather practically everywhere between the Mississippi River and Rocky
Mountains. In the north of this area stock ranged freely, and in the
southern half, from Kansas southward, wheat fields are affording considerable pasturage. However, the week closed with much less favorable
weather in the extreme northern Plains. necessitating considerable housing
and feeding, while rather unfavorable conditions, because of persistent
cold and snow, are still reported from much of the Great Basin. In the
south Pacific sections recent heavy rains, followed by fair weather, have
been exceptionally favorable.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Warm first of week; colder thereafter, with
grains
freezing, though not severe. Favorable for farm operations; also last of
and truck, which are in fair to good condition. Moderate rains
stakes somewhat improved.
week and water
North Carolina.—Raleigh: Temperatures slightly below normal; considerable cloudiness and rainfall rather heavy in east and south near close
of week. Some plowing in southeast; soil mostly too wet elsewhere. Beginning to plant tobacco beds. Little change in hardy truck and small
grains.
South Carolina.—Columbia: Persistently cold and raw,especially nights,
with two rainy periods. Not much crop growth, but winter cereals and
hardy truck satisfactory. Cabbage and spinach shipments continue on
coast and considerable potato-land preparation. Hog killing proceeding.
Georgia.—Atlanta: Rains at beginning and close of week, with temperatures below normal and inadequate sunshine. Very little change in cereal
or truck crops, which remain in normal condition. Marketing winter
vegetables, such as turnips and greens, continues. Very little farm work
done.
Florida.—Jacksonville: Moderately heavy rains last of previous week
unfavorable, but fair weather followed and farm work made good progress.
Much land prepared for tobacco and some seed beds planted. Much replanting of early potatoes in Federal Point district. Rains Monday delayed further work and subnormal temperatures retarded germination and
growth. Frost Wednesday damaged truck. Citrus excellent; much
dropping.
Alabama.—Montgomery: Temperatures alternately much below and
slightly above normal, with occasional moderate freezes in interior; rainfall general near beginning and close. Farm work progressed rapidly in
coast region most of week, with much planting of cabbage and truck; little
work accomplished elsewhere. Oats mostly looking well; growing slowly
account cold. Truck mostly in fair to good condition in more southern
portions and localities of northwest; little growing elsewhere. Surviving
pastures mostly poor.
Mississippi.—'Vicksburg: Mostly cloudy; unseasonably low day temperatures, but without destructive cold. Generally light to moderate precipitation. Slow progress in farm work.
Louisiana—New Orleans: Considerable rain, with heavy to excessive
amounts in some sections, unfavorable for preparation of land, which made
dormant.
little progress. Seasonably cold and vegetation generallyStrawberry
Winter truck doing well; harvesting.and shipping continued.
plants generally in good condition.
.—Houston: Warm until near close of week when cool wave with
Texas
frost to upper coast; precipitation ranged from light in west to excessive in
portions of east. Progress and condition of wheat and oats generally excellent and affording considerable pasturage. Progress of pastures, citrus,
citrus
and truck good to excellent and condition fair to good; truck and
shipments increasing. Strawberries backward. Livestock in fair to good
condition, with but little feeding necessary so far. Plowing well advanced
in central and west.
Oklahoma—Oklahoma City: Moderate temperatures and mostly cloudy,
grains, which
with light to moderate precipitation. Beneficial for winter providing fair
made some growth and are generally in good condition and
to good pasture. Soil moisture fair to good; much plowing done and preparations for spring planting well advanced. Livestock doing well, with only
light feeding.
Arkansas.—Little Rock: Light to moderate rains and temperatures
west-central
slightly below normal. Favorable for farm work, except nearWheat, oats,
border where soil too dry for plowing and for winter crops. Stock good.
meadows, fruit, and winter truck in good condition.
rye,
north;
except where feed short due to drouth. Pastures frozen down in
still good in south and some central portions.
Normal temperatures, frequently attended by
Tennessee—Nashville:
rain and occasionally by light snow, favorable for winter grains, which are
making slow, but strong, growth. Stock continues in good condition.
Kerauckg.—Louisville: Temperatures near normal; precipitation light
atmospheric
tobacco,
and no run-off. Fair progress in handling condition;but apparent inno
moisture insufficient. Winter grains in good
jury from freezes. Some creeks running slightly in east.
THE DRY GOODS TRADE
New York, Friday Night, Jan. 16 1931.
a week in which no essential change occurred in textile
In
market generally, moderate further improvement in the
quickened buying interest which appeared with the advent
of the new year has strengthened the belief in most quarters that the outlook promises better things. Business in
the large majority of instance is slow, a condition which
very often Characterizes the opening weeks of a new year.
However, buyers are in numerous attendance in most markets, and while caution continues to be the keynote of sentiment, as it is in all divisions of commerce and industry,
the comparatively "healthy" state of stocks throughout the
trade, and the long period of delayed public purchasing, are
underlying conditions which are regarded as already preparing the way for stabilization and ultimate recovery.
That the public is currently getting the benefit of a
combination of more efficient producing and lower primary
at
prices is manifest in the excellent values now available
a special
retail. Textile products which were formerly of
and expensive kind are now represented in standard offerings at popular prices. Demand for silks for winter resort
a
and early spring is reported to be broadening, reflecting
better consuming demand for which stocks in retailers' and
cutters' hands are inadequate. Certain important orders
recently placed in the rayon market are regarded as attrib-day guarantees which are accompanying
utable to the 90
offerings by large rayon producers at the reduced prices
recently established. It is hoped that this policy may do
much toward putting rayons on a stable basis and encouraging buyers to contract into the future with confidence.
[Vol,. 132.
DOMESTIC COT'TON GOODS.—Expansion of a slowly
developing but generally progressive character has been
registered in cotton goods activity during the past several
days. However, despite the fact that a gradual continuance of such gains is expected, in view of the wholly inadequate supplies which distributors are known to be committed for, even to meet subnormal requirements, confused
conditions in primary channels have resulted in further
concessions in print cloths. The Association of Cotton Textile Merchants' statistics for December, recently made available, bear out the fact that the fundamental causes which
have been at the root of frequently recurring price weakness in the past year have only been partially relieved by
the extensive curtailment which has been practiced, and
pressure from retailers who maintain that the current attitude of the public necessitates their concentration on very
low-priced goods has accordingly met with a measure of
success. It is revealed that while production of cotton
goods was further cut down by about 9% compargd with
l
November, according to the figures referred to, sale nevertheless were about 22% under the total output. Unfilled
orders decreased some 13%, while stocks on hand advanced
about 2%. However, the less favorable comparisons Which
these figures make with those of other late months in the
second half of 1930 were not unexpected, in view of the
seasonal slump in demand which occurred toward the yearend, and encouragement is warranted by the fact that stocks
on hand were nearly 100,000,000 yards less at the end of
December 1930 than the figure for the end of 1929. The
large number of buyers at present attending the markets,
While they continue to display pronounced caution, are
watching the market with an interest which indicates they
would place comparatively generous orders could they but
get rid of the uncertainties which they feel as a result of
the combination of pressure for lower values from the public
and the still uncertain undertone of the primary market.
Currently, such business as 14„Deing placed is almost entirely
for nearby or spring requirliffients. Curtailment promises
to be continued indefinitely to combat the attitude of buyers, with prospects that large producers will sharply restrict
their output to actual orders rather than accept business
at prices which have been established at concessions through
competitive selling by smaller mills. Small quantities of
print cloths have changed hands at concessions, while a
moderate covering movement from other sources went forward on an unchanged basis. Both narrow and wide sheetings remained dull and unchanged. Measurably more buying interest was reported by fine goods mills, though actual
Improvement in orders was negligible in most quarters.
Combed broadcloths continued to expand conservatively,
strengthening the belief entertained in the market that they
will make a comparatively good showing in 1931. Reports
of large building plans and expansion in the autonlotive
industry are giving rise to the expectation that cotton duck
and automobile fabrics are due for a sharp ingease in
activity. Print cloths 27-inch 64x60's constructions are
quoted at 3%c., and 28-inch 64x60's at 4c. Gray goods 39
inch 68x72's constructions are quoted at 5%c., and 39-inch
80x80's at 7%c.
WOOLEN GOODS.—A rather marked quickening of buying interest in spring goods, translated into substantial
orders in some instances, chiefly emanating from New York
cutters of men's wear goods, who take around 50% of the
total production of such fabrics, has done much to relieve
the apprehension felt in men's wear primary channels refleeting adverse developments in the raw market and skepticism as to whether much remained to be done in the way
of buying of spring goods. While demand for raw wool
has recently been showing a moderate improvement a considerable carryover of the raw product has been contemplated, and with prospects of a somewhat larger Western
clip than in 1930, which in its turn was substantially larger
than that of 1929, the possibility of further resultant price
declines has been freely discussed. Nearly half of the 1930
clip has been brought over into the new year, it is reported,
and price declines ranging from 20 to 25% last year have
rendered prospects of further recessions particularly unpleasant to consider. However, the effects of this situation remain to be felt, and the extent of the declines already
registered is regarded as some insurance of stability at
the lower levels. The demand which has meanwhile developed for men's wear fabrics is a refutation of the recent
predictions that no more volume business in spring fabrics
was to be expected. The current action of cutters is ascribed
principally to the knowledge that stocks in retailers' hands
are light, which has encouraged them to prepare for a
suddenly developing demand for spot goods.
FOREIGN DRY GOODS.—With linens being featured in
various displays as a style fabric, considerable inquiry continues to be received for dress fabrics and suitings, though
volume business remains to develop. Sentiment with regard
to the future is, if anything, more optimistic of a good season than ever. Burlaps have continued quiet and steady.
Low stocks locally and prospects of curtailment in Calcutta
are factors which it is anticipated will exercise a constructive effect in the future. Light weights are quoted
at 3.75c., and heavies at 5.10c.
JAN. 17 1931.1
tate an Txtg peintrintent
NEWS ITEMS
Cisco Tex.
-Bondholders' Protective Committee Issues
Statement on Default Situation.
-In a statement issued to
the holders of bonds of this city on Jan. 12 the protective
committee sets forth the present status of the bond situation
and seeks to give a brief but concise outline of the various
steps which have been and are being taken in order to arrive
at a satisfactory settlement of the financial difficulties that
have beset Cisco since 1929 (see V. 130, P. 3577, 4639).
The text of the statement reads as follows:
To the Holders of City of Cisco, Tex., Bonds, Deposited with the Liberty National Bank ct Trust Co., 50 Broadway, New York City, Depositary,
Under the Te,ms of the Deposit Agreement Dated Jan. 3 1930:
Please refer to the'etter of this committee dated June 12 1930.
This Committee now represents by deposit $1,641,000 par value of
OW0. Tex., bonds or over 35% of the entire indebtedness of the city.
The two suits brought by this Committee in the United States District
Court, Northern District of Texas, against the city of Cisco referred to in
our letter of June 12 1930 have not as yet been disposed of to the satisfaction of this Committee.
The suit in equity requesting the appointment of a receiver to take charge
of the affairs of the city was heard by the above-mentioned court, which
ruled that it had no jurisdiction over this matter. Appeal has been taken
by our attorneys to the United States Circuit Court of Appeals. This
appeal will probably come up for hearing in March 1931.
The law suit requesting a judgment in favor of the Committee against
the city for past due interest and principal represented by the Committee
has been scheduled for hearing several times, but due to a congested court
calendar has not been
It Is now scheduled for hearing at the
regular term of this court in April 1931. Therefore the Committee has
heard*
been unable to c.ollect any money for the bondholders to apply on past due
indebtedness.
Since our letter of June 12 the books of the city have been audited up
to April 1930, thus showing a continuous audit for the two years ended
on that date. These audits show the gross indebtedness of the city of Cisco
to be 54.638,000, to which should be added the defaulted interest, approximately $500,000. making the present indebtedness to be reckoned with
something over $5,000,000.
Duo to the widespread business depression, particularly in the oil business
and in agriculture, the immediate future of Cisco is not bright. Like many
communities especially in the Southwest, it is having difficulty in collecting
its past due and current taxes. However, this Committee has employed
an experienced and capable man in whom it has confidence to investigate
the affairs of Cisco from an independent viewpoint and report to this
Committee on its probable future and ability to pay. He is now making
this investigation.
In September 1930 a meeting of certain officials of the city of Cisco and
some of the bondholders was held at Toledo to discuss the affairs of the city
with a view to possibly settling its difficulties by negotiations. The formation of a committee was proposed and an executive committee to represent such new committee was chosen, and this executive committee has been
negotiating with the city, both direct and through outside parties, on a
plan to exchange the present indebtedness for the water and sewer plants
of the city and a new issue of bonds for a reduced amount. We are informed that this proposed committee has never been formally organized
and does not represent directly by deposit in a formal way, as your Committee does, any of the bonds of the city of Cisco, Tex.
Your Committee, with whom you have deposited your bonds, has never
attended any of the meetings of this Western group and is not a party
to their activities and negotiations.
We are informed by our counsel that no arrangements between other
bondholders and the city can become effectual without the consent of substantially all the bondholders, and that any outside negotiations cannot
affect the legal position of your Committee's claims against the city.
Your Committee is convinced that its pending suits offer the best method
for protecting and enforcing the rights of the bondholders whose interests
it represents and these suits are being diligently pressed. The attitude of
the city of Cisco is such that, as we see it, no satisfactory end can be
achieved except through the aid of a court judgment. Furthermore, even
If the city should change its attitude, which is not to be expected, the facts
already in our possession render conclusive the opinion that information
necessary to a correct final disposition of the matter cannot be obtained
without the aid of a court order. Tangible results of our suits are expected
not later than April.
Some recent rulings of both United States and State courts in connection
with defaults on municipal bonds have evidenced an attitude on the part
of the courts to protect innocent bondholders to the utmost. Some of
the decisions have gone so far as to say in effect that a plea of poverty
Is no defense for repudiation of Indebtedness.
We are diligently pursuing our efforts in your behalf and will be glad to
keep you advised of any future happenings of importance.
Dated New York, Jan. 12 1931.
CHARLES P. BULLARD, Chairman;
JOHN R. BRANDON,
HENRY E. POOR,
ROBERT D. WHITE.
Connecticut.-Governor Cross Inaugurated-Legislature
Convenes.
-On Jan. 7 Wilbur L. Cross, the first Democrat
to take the highest executive office in Connecticut in 18
years, delivered to the State Legislature which had just met
.
in joint convention an inaugural message containing many
recommendations among which were three proposed Constitutional amendments. The Hartford "Courant" of.
Jan. 8 listed the recommendations of the new Governor
as follows:
Unemployment.
-Creation of an emergency committee of relief with wide
powers and an appropriation for pressing needs. Emergency appropriation
for thinning State forests.
Old Age Pensions.
-"I . . . advocate the principle and urge upon
your Legislative Committee to marshal all the facts from the experience
of other States pertinent to the subject with a view to early action after
full and careful deliberation.'
-Four 100-bed units and request for data on
Tuberculosis Sanatoria.
temporary hospitalization facilities.
-Recommends keeping expenditures within income, but does
Finances.
not mention "pay-as-you-go" policy by that name.
-Gubernatorial commission to investigate equalization of tax
Taxation.
burdens. Revision of interest rate on unpaid taxes. Repeal of personal
tax law or exemption of married women.
-Commission should have power to bring proceedings on
Public Utilities.
its own motion. Information of rates to be more accessible to consumers.
Consideration of giving Commission power to prescribe and enforce accounting methods on public utilities companies and power over securities
Issues.
-Merritt Boulevard and an unspecified fund for rural roads.
Highways.
-Nomination of judges of local courts by Governor. Increase
Courts.
in number of Superior Court Judges. Judicial Council's District Court
system proposal approved "in principle."
-Amendment to require two-thirds instead of majority
Constitution.
vote in Legislature to override veto. Extension to 30 days of time following adjournment of Legislature during which Governor may sign bills.
Enactment of absentee voting law.
-Immediate appointment of a Legislative CommisStale Government.
sion to report by March 1 on reorganization of State Government.
Prohibition.
-"I trust you will express your disapproval of National prohibition in ways you deem most appropriate." Memorializing of Congress or
appeal to other States to join in a plea for constitutional convention suggested.
521
FINANCIAL CHRONICLE
-Final Census Figures Puts Population at
Connecticut.
-On Dec. 31 a bulletin was issued by the United
1,606,903.
States Census Bureau giving final figures by counties, cities
and boroughs, showing that this State had on April 1 1930
a population of 1,606,903 persons, an increase of 226,272,
or 16.4% over its population on Jan. 1 1920. In density
of population Connecticut is exceeded only by the States of
Rhode Island, Massachusetts and New Jersey. Hartford is
both the capital and the largest city now with a population
of 164,072, surpassing the 162,655 figure of New Haven,
which ranked first in 1920. The following is a list of the
41 incorporated cities and boroughs with the 1930 and 1920
census figures for comparison:
1930.
City or Borough19,898
Ansonia
Bantam
545
2,365
Branford
146,716
Bridgeport
28,451
Bristol
Colchester
937
22,261
Danbury
Danielson
4,210
10,788
Derby
1,131
Farmington
Fenwick
6
5,981
Greenwich
Groton
4,122
Guilford
1,880
184,072
Hartford
4.436
Jewett City
1,075
Litchfield
38,481
Meriden
24,554
Middletown
14,315
Naugatuck
68,128
New Britain
1920.
17,643
608
2,619
143,555
20,620
913
18,943
3,130
11,238
1,021
13
5,939
4,236
1,612
138,036
3,196
707
29,867
13,638
15,051
59,316
1930.
City or Borough2,372
New Canaan
162,655
New Haven
29,640
New London
482
Newtown
36,019
Norwalk
23,021
Norwich
7,318
Putnam
7,445
Rockville
10,113
Shelton
5,125
Southington
Stafford Springs-- 3.492
46,346
Stamford
2,006
Stonington
26,040
Torrington
2.135
Unionville
11,170
Wallingford
Waterbury
99,902
12,102
Willimantic
7,883
Winsted
Woodmont
531
1920.
1,918
162,537
25,688
426
27,743
22,304
7,711
7,726
9,475
5,085
3,383
35,098
2,100
20,623
9,848
91,715
12,330
3,248
220
-Bondholders' ProtecFarelly Lake Levee District, Ark.
-Under date of Dec. 18 a statement
tive Committee Organized.
was sent out by the recently formed Bondholders' Protective
Committee to the holders of certain bonds of the above
named District now in default, urging them to deposit their
bonds under the terms of the Bondholders' Protective Agreement for their own protection and in order that action may be
instituted by the Committee looking toward a satisfactory
settlement of the situation. The text of the statement reads
as follows:
To the Holders of the Following Bonds of Farelly Lake Levee District Jefferson
and Arkansas Counties, Arkansas.
6% Bonds dated May 1 1915
5M % Bonds dated June 1 1917
Bonds dated Jan
1 1920
5%_
6% Bonds dated Feb 1 1924
6% Bonds dated June 1 1926
Farelly Lake Levee District defaulted in the payment of interest due on
its outstanding bonds in the aggregate amount of 51,636,000 par value.
Upon the occasion of this default, largely resulting from the disastrous
floods in the Mississippi Valley in 1927, receivers for the district were appointed by the Federal Court. Under their supervision levees and floodgates have been practically completed. The recurrence of high waters prior
to the completion of these works, a depressed market for farm products
and general agricultural conditions, resulted, however, in insufficient tax
collections, so that now the district is in default on five semi-annual interest
payments which, with defaulted principal, amount to approximately $250.for your information, Farelly Lake Levee District now embraces about
108,000 acres of land of which approximately 60% can be placed in cultivation capable of producing diversified crops such as cotton, oats, alfalfa,
rice, wheat and hay. lien the district was originally organized it embraced 131.000 acres. The holders of land aggregating 23,000 acres objected
to the inclusion of their land,so to avoid a controversy which might delay
the plans of organization, the district commissioners agreed to exempt these
23,000 acres from levee taxes, notwithstanding the benefits which that
acreage would receive. Under legislation, subsequently enacted by the
State of Arkansas, a drainage or levee district has legal recourse to include
and subject to taxation all land benefitted by its improvements. It is the
Intention of the receivers to apply to the proper courts for such recourse.
There are outstanding against the district five issues of bonds of which two
Issues totaling 51.154,000 bear interest at 5M % per annum,and three issues
totaling $488,000 bear interest at 6%. A par value of $6,000 was paid at
maturity, 1923 to 1927, and the balance $1,636,000 matures serially to and
including 1956. Bonds in the amount of$16,500 and five semi-annual
Interest coupons aggregating $230,975 are in default. The average bonded
indebtedness slightly exceeded $15.00 per acre, whereas the annual tax
was about $1.00 per acre. Under normal conditions this tax would be no
hardship, but under existing conditions tax delinquencies are great.
In August 1928, tax collections were sufficient to pay coupons due Feb. 1
1928. The 1929 tax collections, while sufficient for interest requirements.
were by direction of the courts, appropriated to defray the cost of levee repairs necessitated by high waters. Tax collections during the present Year
have been less than the previous two years: consequently, the district has
has foreclosed on a large acreage from which no tax is being received. The
value of land which has been so foreclosed exceeds slightly $540,000 and the
oss in taxes amounts approximately to $250,000 or equivalent to the prin*Wel and interest in default.
For the reason Farelly Lake Levee District Is subject to overflow by the
back waters of the Mississippi River during flood stages, it comes under the
supervision of the Mississippi River Commission. The receviers were
instrumental in securing the Government's financial aid in making certain
repairs and there are now other repairs necessary at various points. Government engineers have started preliminary surveys. If this supervision did
not exist,the district would be confronted with the added problem of making
these improvements.
Under these conditions it Is, in our opinion, imperative that the bondholders unite for the protection of their interests and the enforcement of
their rights. The undersigned, representing holders of substantial amounts
of bonds issued by Farelly Lake Levee District, have,therefore, consented
to serve as members of a committee organized for the sole purpose of protecting the bondholders' interests under such terms and conditions provided
for within the enclosed Bondholders' Protective Agreement. We urge
you, accordingly, to deposit your bonds under the terms of this Agreement
by forwarding them to the Franklin-American Trust Co. St. Louis, dePOSitarY, accompanied by a signed letter of transmittal enclosed herewith
against which an appropriate certificate of deposit will be issued.
Very truly yours,
H. H. Sears,
R. R.Cravens,
L. M. Vass,
A. Lawrence Mills,
R. E. Simond, Chairman,
L. F. Rodgers,
Committee.
-Income Tax Bill Introduced in Legislature.
Minnesota.
The first bill introduced in the Senate proposed a State income tax, according to the Minneapolis 'Journal" of Jan. 8.
The measure was introduced, it is stated, by Senator R. C.
Bell of Detroit Lakes, who offered it as an amendment to
Article 9 of the State Constitution. If passed by the Legislature it would have to be voted on at the general election
next year. The proposed amendment is said to authorize
the Legislature to impose a tax on incomes, which may be
classified, graduated and progressive. The State Tax Com-.
522
FINANCIAL CHRONTCLE
[Vol,. 132.
mission has recommended an income tax several times, ac- bonds to decide the constitutipnality of the Metropolitan
cording to report, and is expected to do so again this year. Improvement District Act of 1927, of California.
New York City.
-Samuel Levy Elected Borough President
of Manhattan.
-On Jan. 16, by a vote of 20 to 3, the ManBOND PROPOSALS AND NEGOTIATIONS.
hattan members of the Board of Aldermen, with Mayor
ALBANY PORT DISTRICT(P.O. Albany), Albany County, N. y.
Walker, presiding, elected Samuel Levy, Jewish philanBOND OFFERING.
-Thomas Fitzgerald, Secretary of the Port Commisthropist, Borough President of Manhattan to succeed Julius sion, will receive sealed bids until Feb. 5 for the purchase of $1,518,000 not
S. Miller, who was elevated to the Supreme Court.
to exceed 43% imp. bonds. Dated Feb. 1 1931. Due $33.000 annually
on Feb. 1 from 1936 to 1981,incl.
New York State.
-Governor Roosevelt Submits $293,605,ALLIANCE, Box Butte County, Neb.-BOND DETAILS.
606 Budget to State Legislature.
-The annual budget bill, $34.535.68 issue of 43i% coupon semi-ann. Paving District No. 13-The
bonds
-was awarded
which was submitted to the Senate and Assembly by Governor that was purchased by the State of Nebraska-V.132,P. 162
at par. Due on Dec. 15 1940.
Roosevelt on Jan. 15, calls for expenditures, out of the genANAMOSA SCHOOL DISTRICT (P. 0. Anamosa), Jones County,
eral fund, totaling $293,605,606, with resources of $293,- Lowa.-BONDS DEFEATED.
-At
872,616 to draw against, leaving the narrow margin of 11. 131, p.4081-the voters defeated the special election held on Dec. 31the proposal to issue $105,000 in school
$267,010 to balance the 1931-32 budget without resort to building bonds.
new taxation or an increase in existing taxes. The budget
ANDREWS COUNTY (P. 0. Andrews), Tex.
-BONDS VOTED.
the
At the election held
for the year beginning July 1 1931 represents a decrease of proposed issuance ofon Jan. 8-V. 131, p. 4081-the voters approved 209
0
1200, 00 in road bonds by a count reported as
$22,315,336 from the total of last year which called for "for" to 89 "against."
expenditures of $315,920,342, out of the general fund.
ARKANSAS, State of (P. 0. Little Rock).
-NOTE
-The
However, an additional $30,000,000 for construction work $15,000,000 issue of short-term notes offered for sale on Jan.SALE. 132,
15-V.
will be spent this year out of the proceeds of this year's P. 341-was purchased by a syndicate composed of Halsey. Stuart & Co.,
Bancamerica-Blair Corp., E. H. Rollins
allotments from the $100,000,000 bond issue for permanent theJ. Van Ingen & Co. and Darby & Co., all of& Sons, Eldredge & Co.,
New York, the Commerce
B.
Co. of New York, the
public improvements, and the $50,000,000 hospitals and Trust Co. of Kansas City, the Wm. R.
National Securities Co. and W. B. Worthen & Co., both of Little Rock,
prisons bond issue provided by the 1930 Legislature.
as 43s at a price of 100.03, a basis of about 4.69%. Dated Jan. 15 1931.
North Carolina.
-Governor Gardner Issues Statement on Due on July 15 1931.
-The above notes are being
NOTES OFFERED FOR INVESTMENT.
priced to yield
-We give as follows the text of a state- offered for public subscription by the successful syndicatewill
Bonded Indebtedness.
be furnished
3.50%. Legality to be approved by counsel whose opinion
ment recently given out by Governor 0. Max Gardner upon request. They are legal investment for savings banks and trust funds
relative to the present financial condition of the State:
In New York.
State Reducing Debt Materially.
On Jan. 1 1931 the State of North Carolina will pay in New York City
a total of $4,899,844 of bond obligations. This payment will be made
out of the current tax revenue, without any additional borrowing.
Of the nearly $5,000,000 payment, $1,650,000 represents reduction
in the State's bonded debt; $3,249,844 represents semi-annual interest
on the State's debt.
After meeting these obligations. the State Treasurer will still have a
substantial amount of State funds on deposit in North Carolina banks,
amply secured by Federal and State bonds and surety bonds.
During the past year and a halt, and including the payment to be made
Jan. 1, the State will have paid off a total of 17,948000 of its funded debt,
and in addition will have invested in its bond sinking fund a total of $1,534,640 for repayment of bond issues maturing in the future. In the past
year and a half there has been devoted directly to the reduction of the State
debt the sum of $9,482,640. During the same period the State has added
a total of only $1.970,000 to its authorized public debt, effecting a net
reduction in one year and a half of $7,512,540 in the total authorized
Indebtedness of the State.
It is my policy, and I shall so recommend to the coming General Assembly, that no addition be made to the State debt for any purpose. I shall
also recommend that the schedule of repayment now set up, under which a
total of nine and a half million dollars has been paid on the State debt
In the past 18 months, be maintained. The fiscal condition of the State
Is sound in every respect. It is taking care of its obligations as they
mature, and will, of course, continue to do so out of the current revenues.
-Province Shows Surplus of $4,210,140 for Fiscal
Quebec.
-A surplus of $4,210,140.83 in the finances of the
Year.
Province for the fiscal year ended June 30 1930, was announced in the public accounts, tabled on Jan.8 by Hon. L.
A. Taschereau, Premier and Provincial Treasurer, in the
Legislative Assembly,reports a Quebec dispatch to the Montreal "Gazette" of Jan. 9. The total revenue for the year
under review is stated to have been fixed at $43,585,140.83,
with the expenditures placed at $39,374,910.30. A sum of
$2,449,500 for the reduction of the Provincial debt is said
to have been placed apart. The revenues for the Province
from the gasoline tax aggregated $3,972,038.65, while the
liquor law payments totaled up to $8,500,701.76.
-Bond Default
Stokes County (P. 0. Danbury), N. C.
Temporaril.-We have been requested to give prominence
to the fact that this county,"which, through its Sheriff and
County Auditor, after having paid on Dec. 27 interest and
principal, which was in default on Dec. 1, added 6% interest
on $7,000 bonds from Dec. 1 to Jan. 1. Their troubles were
occasioned by all the banks in Stokes County failing. We
understand these were chain banks. These officials went
out personally each day and collected taxes, permitting them
to clear up the default in less than 30 days time.
Summer Lake Irrigation District, Ore.
-Adjustment
-The State Engineer has recently
of Bonded Debt Proposed.
submitted to the State Reclamation Commission a proposed contract between the holders of the $325,300 outstanding bonds of this district, the landowners of the district
and the State, whereby the District would be enabled to pay
off the outstanding indebtedness without overtaxing its
resources. The details of the proposed plan, as given in the
San Francisco "Chronicle" of Dec. 31, are as follows:
The contract provides that bondholders accept $108,400 of 40-year 4%
bonds in exchange for the $325,300 of6% bonds now outstanding. It is also
stipulated that the State of Oregon shall cancel its claim of $104,076 for interest advanced on both the district's bonds and the State's own district
interest bonds.
A reluctIon in acreage from 5.196 acres to approximately 2,550 has
been proposed, with the landowners assuming a fixed portion of the rehas not yet
funding bonds, totaling $108,400. The refunding issue in the event been
that
voted, but is expected to be sanctioned by landowners
contract.
the State Reclamation Commission approves the
under the terms of the agreement, would be dated
The refunding bonds,
would be made
July 11931, and mature 10 40 years. No interest payment to maturity.
from 1934
during 1931, then 3% for 1932 and 1933 and 4% District became operative
Irrigation
Created in 1919, the Summer Lake
unable to
the following year. Some time later its dam broke and it was original
impound sufficient water to serve the entire district. One-half of the acreage
reduction in
acreage was unsuitable for agriculture, but the proposed
has eliminated the undesirable portions. John D. Neale of San Francisco
heads the bondholders.
-Legality of Water System Bonds QuesTorrance, Calif.
tioned.
-Under date of Dec. 30 we are informed by F. R.
Leonard, City Engineer, that a $400,000 bond issue for
water system purposes that was voted on Sept. 25, is now
nvolved in litigation, suit having been entered against the
1
-BOND OFFERING.
ARKANSAS CITY, Cowley County, Kan.
Sealed bids will be received until 10 a. in. on Feb. 9, by Grant M. Acton,
the purchase of a $38,397.51 issue of4;4% semi-ann.refundCity Clerk,for
log bonds. Denom. $1,000, one for $397.51. Dated Feb. 1 19M. Due as
follows: $2,397.51 in 1932, and $4,000 from 1933 to 1941, Ind. The city
has prepared the transcript and printed the bonds. A certified check for
2% of the bid must be enclosed.
-V.
(The original issue which these bonds refund were called recently.
132, p. 162.)
Official Financial Statement.
$15.093,028.00
Assessed valuation
1,705.198.40
Total bonded debt,including this issue
276,500.00
Less water works debt
Net debt
$1.428,698.40
-BOND OFFERING.
-Sealed bids
ASTORIA, Clatsop County, Ore.
will be received until 10 a. in. on Jan. 19, by Geo. Garrett, City Manager,
for the purchase of a $40,761.26 issue of impt. bonds. Int. rate is not to
exceed 6%. payable semi-annually. Dated Jan. 1 1931. Due in 10 years
and optional after one year. All bids shall include the furnishing of blank
bonds in form as the Common Council shall by ordinance prescribe at the
bidder's expense. A certified check for 5% of the amount of the bid, payable to the City,is required.
-Sealed bids
ATLANTA, Fulton County, Ga.-BOND OFFERING.
will be received until 10 a.m. on Jan. 19, by B. Graham West, City Comptroller, for the purchase of the following five issues of 43.1% coupon or
registered bonds aggregating $13,000, as follows:
$3.000 Reeder Circle bonds. Due $500 from Jan. 1 1933 to 1936 and 1938
and 1940.
4,000 Coleman St. bonds. Due $500 from Jan. 1 1933 to 1940,incl.
2,000 Belisle St. bonds. Due $500 on Jan. 11934, 1936, 1938 and 1940.
3.500 Mildred St. bonds. Due $500 from Jan. 1 1934 to 1940, incl.
500 Henry St. bonds. Due on Jan. 1 1940.
Denom. $500. Dated Jan. 1 1931. The entire issue matures on Jan. 1,
as follows: $1.000 in 1933: $2.000, 1934: $1.500, 1935; $2,000, 1936
$1,000, 1937; $2,000, 1938; $1,000, 1939. and $2,500 in 1940. Prin. and
int. (J. & J.) payable at the City Treasurer's office, or at the fiscal agency
of the city In New York. The approving opinion of Reed, Hoyt & Washburn, of New York. will be furnished. A certified check for 2% of the bonds
bid for, payable to the City,is required.
-BOND OFFERING.
ATLANTIC CITY, Atlantic County, N. J.
Harry Bacharach, Mayor, will receive sealed bids until 12 m. on Jan. 26
$3,000,000 coupon or registered not to exceed 5% interest
for the purchase of
bonds, divided as follows:
$1,250,000 Convention Hall bonds. Due Feb. 1 as follows: $25.000 from
1932 to 1939 incl.. and $35,000 from 1940 to 1969 incl.
1,080,000 public improvement bonds. Due Feb. 1 as follows: $40.000 from
1932 to 1939 incl.: $45,000 from 1940 to 1947 incl., and $50,000
from 1948 to 1955 incl.
500,000 water bonds. Due Feb. 1 as follows: $10,000 in 1932 and 1933.
and $15,000 from 1934 to 1965 incl.
170,000 city improvement bonds. Due Feb. 1 as follows: $30,000 in
1932, and $35,000 from 1933 to 1936 Ind.
Each issue is dated Feb. 1 1931. Denom. $1,000. The entire offering
matures Feb. 1 as follows: $105,000, 1932: $110.000, 1933; $115,000 from
1934 to 1936 incl.; $80,000 from 1937 to 1939 incl.: $95,000 from 1940 to
1947 incl.•, $100,000 from 1948 to 1955 incl.; $50,000 from 1956 to 1965
incl.: $35,000 from 1966 to 1969 incl. Rate of interest to be expressed in a
multiple of 34 of 1%. All of the bonds are to bear the same rate of interest.
Principal and semi-annual interest (Feb. and Aug.) are payable in gold at
the Central Ilanover Bank & Trust Co., New York. No more bonds are to
be awarded than will produce a premium of $1,000 over the amount of each
issue. The offering notice states that the proposed financing will create new
debt only to the extent of $150,000,$2,850,000 thereof being for the purpose
of funding outstanding temporary bonds of the city. A certified check
for 2% of the amount of bonds bid for must accompany each proposal. The
purchaser will be furnished with the approving opinion of Clay. Dillon &
Vandewater, of New York, without cost.
ATLANTIC HIGHLANDS, Monmouth County, N. J.
-BOND
OFFERING.
-Ruby E. Hartcorn, Borough Clerk, will receive sealed bids
until 8 p.111. on Feb. 10 for the purchase of $30.000S% coupon or registered
garbage incinerator plant bonds. Dated Jan, 15 1931. Denom. $1,000.
Due Jan. 15 as follows: $3,000 from 1932 to 1937 incl.. and $4,000 from
1938 to 1940 Incl. Principal and semi-annual interest (Jan. and July 15)
are payable at the Atlantic Highlands National Bank, Atlantic Highlands.
No more bonds are to be awarded than will produce a premium of $1,000
over $30,000. A certified check for 2% of the par value of the bonds bid
for, payable to the order of the Borough Collector and Treasurer, must
accompany each proposal.
AUBURN, Androscoggin County, Me.
-TEMPORARY LOAN-The
$350.000 issue of tax anticipation notes offered on Jan.5-V.131, p. 4343
was awarded to the Auburn Trust Co. of Auburn, at a 3.45% discount.
The notes mature Nov. 2 1931.
The National Shoe and Leather Bank, of Auburn, the only other bidder.
offered to discount the loan at 4%.
•
BANGOR, Penobscot County. Me.
-Sealed bids
-LOAN OFFERING.
addressed to the City Treasurer will be received until 9.30 P. m.on Jan. 19
for the purchase of a $200,000 temporary loan. Dated Jan. 19 1931. Due
Oct. 6 1931.
BATTLE CREEK SCHOOL DISTRICT, Calhoun County, Mich.
-The $300,000 school bonds offered at not to exceed
BONDS REOFFERED.
5$ for which all of the bids received on Jan.2 were rejected-V.132, p. 341
are being re-offered for award at 7.30 p. In. on Jan. 19. Rate of interest is
not to exceed 4%. The bids were rejected in the first instance because
the officials decided that the interest rate named In tne offering notice was
JAN. 17 1931.]
523
FINANCIAL CHRONICLE
too high. The bonds are dated Feb. 11931. Due Feb. 1 as follows: $10,000
from 1932 to 1937,incl., and $20,000 from 1938 to 1949,incl. Interest payable at such financial center as the buyer shall designate. Rate of interest
to be same for all of the bonds. Purchaser to pay the expense of engraving
the bonds and obtaining an opinion as to their validity. A certified check
for $1,000, payable to the order of the District Treasurer, must accompany
each proposal. Bidder to indicate in proposal the net interest cost, according to the terms of his bid, of the financing to the District.
Financial Statement as of Jan. 12 1931.
$72,128,825
Total assessed valuation
Total bonded debt (including this issue)
1,438.500
Tax rate per $1,000. $13.36.
Population: Estimated at 43,549.
-The $31,918.26
BEREA, Cuyahoga County, Ohio.
•
-BOND SALE.
coupon sanitary sewer construction bonds offered on Jan.5-V.131, p.4082
-were awarded as 53s to Otis & Co., of Cleveland, at par plus a premium
of $1,079, equal to 103.38, a basis of about 4.75%. The bonds are dated
May 1 1930 and mature semi-annually as follows: $1,500 on May and Nov.1
from 1931 to 1934, incl.; $2,000 May 1 and $1,500 Nov. 1 1935: $1,500 on
May and Nov. 1 from 1936 to 1938, incl.; $2,000 May 1 and $1,500 Nov. 1
1939, $1,500 May 1 and 82,418.26 on Nov. 1 1940. The following is an
official list of the bids received, all of which were for the bonds as 534s:
Premium.
Bidder81,079
Otis & Co.(Cleveland)
1,053
Mitchell, Herrick & Co., Cleveland
751
Guardian Trust Co.
Spitzer, Rorick & Co., Toledo
407
Davies-Bertram Co., Cincinnati
403
Slier, Carpenter & Roose, Toledo
110
BETHLEHEM, Northampton County, Pa.
-V. E. Tice.
-NO BIDS.
City Clerk,informs us that the one bid received on Dec.29 for the purchase
of the $250,000 43.4% coupon (registerable as to principal) sewer funding
bonds offered for sale was withdrawn prior to the time set for the opening
of tenders.
on Jan. 2 from 1932 to 1951, incl. Interest is payable semi-annually on
Jan. and July 2. Legality approved by Chapman & Cutler. of Chicago.
The bonds are issued in accordance with the provisions of an Act of the
General Assembly of Illinois approved and in force March 3 1905. Four
bids were submitted for the issue, as follows:
Rate Bid.
BidderPI
Continental Illinois Co. and the First Union Trust & Savings Bank,
$97.10
et al
96.62
Halsey, Stuart & Co., Inc., et al
96.53
National City Co. et al95.93
Guaranty Co. of New York, et al
Financial Statement of South Park Commissioners, Oct. 31 1930.
ASSETS.
Real estate, improvements, equipment, &c:
$14,152.702.96
Land, cost
72.763,737.39
Improvements and buildings
1.404,699.40
Central plant •
(Power plants,conservatory, barns,office
buildings, &c.)
779,880.26
Miscellaneous equipment
(Vehicles, horses, boats, tools, &c.)
Less reserve for depreciation
$89,101,020.01
106,762.04
Cash,invested funds, &c: Cash, all funds-- $6,784,687.10
84,948.43
Material and supplies
200,660.67
Tax certificates, deeds,&c
105,798.37
Work in progress
2,906,888.24
Taxes receivable
7,544,960.00
Tax anticipation warrants receivable
Bonds on hand not sold (including this issue)
$88,994,257.97
17.627,942.81
1,000,000.00
$107,622,200.78
LIABILITIES.
BOWLING GREEN CITY SCHOOL DISTRICT, Wood County, Bonded indebtedness (incl. $1,000,000 not
$61,035,000.00
sold)
Ohio.
-BOND SALE SCHEDULED FOR SEPTEMBER.
-E. W. Fries,
460,626.88
Clerk of the Board of Education, reports that the issue of $115,000 school Accounts Payable
232,073.56
building construction and equipment bonds voted at the general election in Estimates payable
5.831.00
November 1930-V. 131. p. 3069
-is scheduled to be sold about Sept. 1. Deposits on permits
Sundry deferred liabilities
752,906.34
7,544,960.00
BRIGHTON FIRE DISTRICT NO.5 (Tonawanda) P. 0. Kenmore, Tax anticipation warrants payable
595,813.68
Erie County, N. Y.
-BOND OFFERING.
-Alfred 0. Ousterhout, Deferred income
Chairman of the Board of Fire Commissioners, will receive sealed bids until
$70.627,211.46
Total liabilities
8:15 p.m. on Jan. 28,for the purchase of $30,000 not to exceed 6% interest
36,994,989.32
coupon fire district bonds. Dated Jan. 1 1931. Denoms.$1,000 and $500. Excess of assets over liabilities
interest to be
Due $1,500 on Jan. 1 from 1932 to 1951, incl. Rate of
$107,622,200.78
Total liabilities and surplus
expressed in a multiple of si of 1% and must be thesame for all of the bonds.
Contingent Liabilities
Principal and semi-annual interest (January and July) are payable at the
State Bank of Kenmore, Kenmore. A certified check for $500, payable to Uncompleted contracts
$2,034,265.07
the order of the District, must accompany each proposal. The approving
Assessed valuation: The assessed valuation within the South Park Disopinion of Clay, Dillon & Vandewater of New York, will be furnished the trict for the year 1928 is $1,776,024,198 and the population is estimated
purchaser.
to be 1,250.000.
The South Park Commissioners is a municipal corporation, organized
-The sale in 1869.
-BONDS NOT SOLD.
BRISTOL, Sullivan County, Tenn.
of the $16.000 issue of 5% semi-ann. school bonds previously scheduled for
Jan. 13-V. 132, p. 342
-is reporteirto have been continued for one week.
CHINO HIGH SCHOOL DISTRICT (P. 0. San Bernardino), San
-BOND OFFERING.
-We are informed that
Bernardino County, Calif.
BURLEIGH COUNTY (P. 0. Bismarck), N. Dak.--CERTIFICATE sealed bids will be received intil 11 a. m.on Jan. 19, by the County Clerk,
SALE.
certificates of indebtedness offered for for the purchase of an $18,000 issue of school bonds.
-The $25,000 issue of 5%
sale on Jan. 6-V. 131, p. 4243
-was purchased at par by the City of Bismarck. Due in 6 months.
CHRISTIAN COUNTY (P. 0. Hopkinsville), Ky.-BONDS NOT
-The County Treasurer informs us that the $65,000 issue of 434%
-It is SOLD.
CADDO PARISH (P. 0. Shreveport), La.
-BOND OFFERING.
-was not sold as all the bids
reported that sealed bids will be received until Feb. 16 by the Secretary of road bonds offered on Dec. 2-V. 131, p. 3397
the Police Jury, for the purchase of a $65,000 issue of jail building bonds. received were made on 5% bonds and were rejected. These bonds will be
before July 1 and will still bear interest at 434%. Dated Jan. 1
re-offered
1931. Due from Jan. 1 1936 to 1951 incl.
-Mich.
CALHOUN COUNTY (P. 0. Marshall), Mich.
ELECTION.
-At an election to be held on April 6 the voters will be asked
-Henry
-BOND SALE.
CINCINNATI, Hamilton County, Ohio.
sanction a proposed bond 1138110 of 8110.000, the proceeds to go to the county
poor fund. It is planned to retire the issue as follows: $35,000 in 1934 and Urner, City Auditor, reports that the Board of Sinking Fund Trustees has
purchased $104,681.14 bonds, divided as follows:
1935, and $40,000 in 1936.
$55,000.00 4% Second Ave. refunding bonds. Dated Jan. 1 1931. Due
-BONDS DEFEATED.
CALLAHAN COUNTY (P. 0. Baird), Tex.
Sept. 1 as follows: $4,000 from 1932 to 1944 incl., and $3,000 in
At the election held on Dec. 27-V. 131, p. 3737
-the qualified electors
1945.
rejected the proposed $1,000,000 road bond issue.
49,681.14 Colerain Ave. special assessment impt. bonds.
BONDS RECAMDEN, Camden County, N. J.-$1,065,000 431%
-An $11,000 issue
CLARKSVILLE, Pike County, Mo.-BOND SALE.
OFFERED.
-Phelps, Fenn & Co. of New York. are offering for public inreported to have been purchased by the Mississippi
vestment $1.065,000 431 V coupon or registered gold bonds, dated July 1 of4% refunding bonds is at a price of 89.09. a basis of about 5.28%. Due
°
Valley Co. of St. Louis,
1930 and due serially on July 1 from 1942 to 1969 incl., at prices to yield
4.00% for all maturities. The securities are said to be legal investment for from 1933 to 1950 incl.
savings banks and trust funds in New York, New Jersey and other States.
-At the
-BONDS VOTED.
CLAY
(P. 0.
The assessed valuation of the city in 1930 was $215,676,793 and the net special COUNTY on Dec.Spencer), Iowa.
17-V. 131, p. 3906-the voters approved the
election held
debt $17,761,528, according to report. Population according to the 1930 issuance
of $1,273,000 in primary road bonds by a count reported to have
U. S. census was 117,172. Previous reference to these bonds was made in
been 2,374 "for" to 1,504 "against."
V. 131, p. 2254.
Total assets
-BOND
-G. Wm.
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND OFFERING.
Baumgartner, County Treasurer, will receive sealed bids until 10 a. in. on
Jan. 30 for the purchase of $3,120 4)i% road construction bonds. Dated
Jan. 21931. Denom. $156. Due $156 on July 151932;$156 on Jan. and
July 15 from 1933 to 1941 incl., and $156 on Jan. 15 1942. Prin. and semiCANNON COUNTY (P.O. Woodbury), Tenn.
-BONDS APPROVED. ann. hit. (J. & J. 15) are payable at the office of the County Treasurer.
-On Jan.5 the County Court approved the issuance of$15,000 in bonds for
the purpose of buying right of way for highway improvement.
-COMMISSIONERS
CLERMONT COUNTY (P. 0. Batavia), Ohio.
-The Board of County
CARSON RECLAMATION DISTRICT (P.O. Carson),Taos County, CONSIDERPROPOSED BOND ISSUE OF $75,000.
Commissioners has under consideration a proposal to issue $75,000 in bonds
-Sealed bids will be received by the Board
N. Mex.-BOND OFFERING.
issue
The
of Directors. until 10 a. m. on Jan. 28, for the purchase of a $66,000 issue for highway impt. purposes. burden Commissioners believe that the
almost
will Pot
of 6% coupon semi-ann. district bonds, series A. Dated Jan. 5 1931. $350,000unduly increase theretired of the taxpayers inasmuch as presin bonds have been
during the past three years. The
Due from 1942 to 1950 incl.
ent indebtedness of the County is said to be $350,000.
CASPER, Natrona County, Wyo.-BOND SALE.
-The $300,000
COFFEYVILLE SCHOOL DISTRICT NO. 3 (P. 0. Coffeyville),
issue of refunding bonds offered for sale on Jan. 12-V. 131. p. 4083
-was
-An issue of $100,000 431%
-BOND SALE.
purchased by John Nuveen & Co. of Chicago, as follows: $170,000 as 53,1s. Montgomery County, Kan.
-was PurDated Feb. 11931. Due $10,000 from Feb. 1 1932 to coupon school bonds offered for sale on Jan. 5-V. 132. P. 162
and $130,000 as 5s.
chased by Alexander. McArthur & Co. of Kansas City, for a premium of
1961, incl.
$3,300. equal to 103.30, a basis of about 4.36%. Denom. 81,000. Dated
Aug 1 5
CASPER, Natrona County, Wyo.-BONDS CALLED.
.
-We are in- Feb.. 15 1930. Due in from 1 to 20 years. Int, payable on Feb. and
formed that the entire issue of sewer, fire department, public building,
drainage and cemetery bonds, becoming optional on Feb. 1 1931. will be
called for payment at Kountze Bros. in N.Y. City, with interest on Feb. 15.
-A $17,000
-BOND SALE.
COLUMBUS, Colorado County, Tex.
hall site bonds that was
portion of the
CHAMBERSBURG SCHOOL DISTRICT, Franklin County, Pa.- registered on $25,000 issue of 5% serial city
repOrted to have been purchased
Dec.
SALE.
-The $300,000 04% school building construction and impt. by local investors. 22-V. 132, p. 342-is
BOND
bonds offered on Jan. 15-V. 131, P. 4243
-were awarded to the Valley
National Bank of Chambersburg, at par plus a premium of $19,521, equal
-The 8168,505
-BOND SALE.
COLUMBUS, Franklin County, 0.
to 106.50, a basis of about 3.99%. The bonds are dated Jan. 15 1931 and coupon special assessment road mprovement bonds offered on Jan. 15mature $12,000 on Jan. 15 from 1937 to 1961 incl. The premium offered V. 132, p. 342
-were awarded to Stranahan, Harris & Co., Inc. of Toledo.
bank was about $2,000 in excess of the next highest offer.
by the
as 431s, at par plus a premium of $1,335, equal to 100.78, a basis of about
4.09%. The bonds are dated Feb. 1 1931 and mature March 1 as follows:
CHARLOTTE, Mecklenburg County, N. C.
-NOTE SALE.
-We are $16,505 in 1933: $17.000 from 1934 to 1941, incl., and $16,000 in 1942.
informed that a $50,000 issue of 4% short-term notes has recently been purThe following is an official list of the bids submitted for the issue, all of
chased by the American Trust Co. of Charlotte. Due on March 4 1931.
which were for the bonds as 431s.
Premium.
CHARDON TOWNSHIP, Geauga County, Ohio.
Name of Bidder-BOND OFFER$1,335.00
-Robert S. Parks, Township Clerk, will receive sealed bids until Stranahan, Harris & Co. (purchasers), Toledo
ING.
1,245.25
12 m. on Jan. 31 for the purchase of $2,436,67 534% special assessment Eldredge & Co. New York
1,215.00
road improvement bonds. Dated as of the day of sale. One bond for Seasongood & ayer, Cincinnati
1,180.00
$186.67, others for $250. Due on Oct. 1 as follows: $186.67 in 1931, and Continental Illinois Co., Chicago
$250 from 1932 to 1940 incl. Interest is payable semi-annually. Bids for Otis & Co., Columbus and Wallace, Sanderson & Co., New York,
00
jointly
the bonds to bear interest at a rate other than 534 %,expressed in a mul1:,019 10
172.100
tiple of 3£ of 1%, will also be considered. A certified check for 5% of the C. W. McNear & Co., Chicago
amount of bonds bid for, payable to the order of the Township, must The Guardian Trust Co., Cleveland
1,078.00
accompany each proposal. A complete transcript of the proceedings Braun, Bosworth & Co., Toledo
875.90
Banc Ohio Securities Co., Columbus
incident to the issuance of the bonds will be furnished the purchaser.
Foreman State Corp., Chicago
848 0
800 00
-BOND First Detroit Co. Detroit
0
CHICAGO SOUTH PARK DISTRICT, Cook County, III.
SALE.
-M. E. Connelly, Secretary of the Board of Park Commissioners, Mississippi Valle; Co., St. Louis, and First National Co.,
St. Louis, Jointly
received sealed bids until 3 p. m.on Jan. 16,for the purchase of 81,000,000
527.00
4% stadium completion bonds (second issue), and the award was made to Mitchell, Herrick & Co, Cleveland
38870
60 0
a group of local banks, which included the Continental Illinois Co. and the Halsey, Stuart & Co. Chicago
First Union Trust & Savings Bank, at a price of 97.10, a basis of about Oatis, Hoyne & Co. Chicago, and Provident Savings Bank &
Trust Co., Cincinnati. jointly
4.33%. The bonds are dated Jan. 2 1931 and mature $50.000 annually
134.80
-POSSIBLE BOND
CAMERON COUNTY (P. 0. Brownsville), Tex.
-We are informed that the Commissioners Court has granted an
SALE.
option to the City Central Bank of San Antonio. for the purchase of a
$620,000 issue of road bonds at a price of 95.
524
•
FINANCIAL CHRONICLE
[VOL. 132.
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND SALE.
COMFREY, Brown County, Minn,
-BOND,SALE.
-The $8,000 issue
-The
of5% water works impt. bonds offered for sale on Nov.3-V.131, 2930
- $300,000 issue of 434% coupon (J. & J.) county hospital bonds offered for
is reported to have been purchased by the First State Bank of P.
-was purchased by the Harris Trust &
Comfrey. sale on Jan. 13-V. 132. p. 343
Due $1,000 from 1931 to 1938 incl.
,Savings Bank, of Chicago, and associates, at a price of 105.58. a basis of
about 3.99%. Dated Jan. 1 1929. Due on Jan. 1 as follows: $200,000
COOK COUNTY SCHOOL DISTRICT NO. 62 (P. 0. Des Plaines), in 1946 and $100,000 in 1947. The Omaha National Co. and associates
III.-BOND SALE.
-The First Union Trust & Savings Bank of Chicago, bid 105.31.
is reported to have purchased on Jan. 13 an issue of $120,000 4H% school
bonds at par plus a premium of $2,225, equal to 101.85, a basis of about
DUTCHESS COUNTY (P. 0. Poughkeepsie), N. Y.
-BOND OFFERING.
-Moses Lamont, County Treasurer, whi receive seated bids until
4.26%. The bonds mature serially from 1934 to 1947, incl.
2 p. m.on Feb.2 for the purchase of $300,000 not to exceed 507 int, coupon
CORVALLIS, Benton County, Ore.
or registered highway and bridge bonds. Dated March 1 1931. Denom.
-BONDS CALLED.
-Margaret
E. Lowe, City Treasurer, informs us of the following bond redemption: $1,000. Due $25,000 March 1 from 1933 to 1944 incl. Rate of int. to
"Notice is hereby given that the City is ready to redeem on Feb. 1, at be expressed in a multiple of H of 107 and must be the same
the office of the City Treasurer, the following described improvements bonds. Prin. and semi-ann. int. (M. & S.) are payable atfor all of the
the Fallkill
bonds, to-wit:
National Bank & Trust Co.. Poughkeepsie, or at the Chase National Bank,
Eleventh Street Paving Assessment District No. 44, numbered 34 to 47, New York. A certified check for $6,000, payable to the order of the
both incl. and Tenth Street Paving Assessment District No. 45, numbered County Treasurer, must accompany each proposal. The approving
8 to 16, and Twenty-first Street Paving Assessment District No. 46, opinion of Clay, Dillon & Vandewater of New York will be furnished the
numbered 1 to 4; Lateral Sewer Assessment District No. 83, numbered 1 purchaser.
and 2; Lateral Sewer Assessment District No. 44, numbered 1 to 3.
Financial Statement (Dec. 30 1930.)
All of said bonds are dated Feb. 11924.
"Such redemption will be made on Feb. 1, at which time said bonds The assessed valuation of the real estate and special franchises
will be taken up and cancelled and after said date no interest shall accrue
of Dutchess subject to taxation as it appeared on the 1930 asor become payable on said bonds."
sessment roll is
$116,514,073
(According to the State Tax Commission figures this is 65% of actual
COUNCIL BLUFFS,Pottawattamie County,Iowa.-BONDSALE.- value.)
The $174,000 issue of coupon funding bonds offered for sale at public auction The total bondedindebtedness of the County of Dutchess as of
on Jan. 14-V. 132, p. 343
the date of this statement and including the bonds described
-was purchased by the Continental Illinois Co.
of Chicago, as 4s, paying a premium of $170, equal to 100.097, a basis of
in the within notice is
1,426,000
about 3.99%. Dated Dec. 1 1930. Due from Dec. 1 1933 to 1950 incl.
Population, census of 1930, 105,462.
The following is an official list of the other bids:
FAIRHAVEN, Bristol County, Mass.
-BOND OFFERING.
-William
These three bids are on 4% bonds:
D. Champlin, Town Treasurer, will receive sealed bids until 3 P.M. on
Names of Other BiddersPremium.
Jan. 19 for the purchase of $190,000 407 coupon school bonds. Dated
Council Bluffs Investment Co., Council Bluffs
$165 Nov. 1 1930. Denom. $1.000.
Due $10,000 on Nov. 1 from 1931 to 1949,
*Geo. M. Bechtel & Co., Davenport, Ia
125
Nov.)
Wachob-Bender & Co., Omaha, Neb
110 incl. Principal and semi-annual interest (May and will be are payable at
the Merchants National Bank,Boston,and the bonds
prepared under
Bidders submitting bids on a 4 % interest rate were as follows:
Geo. M.Bechtel & Co., Davenport,Iowa
$4,055 the supervision of and certified as to genuineness by the aforementioned
Continental-Illinois Co., Chicago
4.050 bank. The approving opinion of Storey, Thorndike, Palmer & Dodge of
Wachob-Bender & Co., Omaha, Neb
3,735 Boston, will be furnished the successful bidder.
Council Bluffs Investment Co., Connell Bluffs
3,355
FARIBAULT COUNTY SCHOOL DISTRICT NO. 68 (P. 0. Wells),
White-Phillips Co., Davenport
3,175 Minn.
-BOND DETAILS.
-The $120,000 issue of school building bonds
Ames, Emerich & Co., Chicago
3,060 that was purchased by the State of Minesota.-V:132, p.343-bears interest
Omaha National Co., Omaha
2,950 at 434%, and matures from 1932
to 1950 incl.
Carleton D. Beh Co., Des Moines, Iowa
2,935
H. M. Byllesby & Co., Chicago
2,400
FLINT, Genessee County, Mich.
-HIGH BIDS FOR BOND ISSUES
First Trust Co., Omaha, Neb
2,350 OF $643,000 AND $275,000.
-The First Union Trust & Svaings Bank, of
Iowa-Des Moines Co., Des Moines, Iowa
1,950 Chicago,is said to have submitted the high bid of 100.537 for the purchase
Halsey-Stuart & Co., hicago, Ill
1,850 of the $643,000 sewage disposal plant bonds for which sealed bids were
State Savings Bank,'Council Bluffs, Iowa
1,750 opened on Jan. 15-V. 132, p. 343. The Bank specified a 43j% interest
CR,ESTLINE, Crawford County, Ohio.
-BOND SALE.
-The $28,800 rate. The price offered represents a net interest cost of about 4.18%.
special assessment impt. bonds offered on Dec. 15-V. 131, p. 3565
-were The bonds are dated Jan. 15 1931. Due Jan. 15 as follows: $38.000.
awarded as 53.s to the BancOhio Securities Co. of Columbus at par plus 1932;$35,000 from 1933 to 1945. incl., and $30,000 from 1946 to 1950,incl.
a premium of $907.20, equal to 103.15, a basis of about 4.84%. The bonds A syndicate composed of the First Detroit Co., Detroit; Ames, Emerich &
are dated Sept. 1 1930 and mature Sept. 1 as follows: $2,500 from 1931 to Co. of Chicago. and Braun, Bosworth & Co. of Toledo, is reported to have
submitted the high bid of 100.01 for the purchase of the $275,000 bonds for
1933 incl.; $3,000 from 1934 to 1939 incl., and $3,300 in 1940.
which sealed bids were opened on Jan. 15-V. 132, P. 163. The group
CUBA, Crawford County, Mo.-BOND SALE.
-A $30,000 issue of specified a 411% Interest rate. The Price offered represents a net interest
% water works bonds lir reported to have been purchased at par by the cost of about 4.2407. The offering consisted of $235,000 pavement bonds
and $40,000 sewer bonds. Dated Jan. 15 1931. Due Jan. 15 as follows:
M zississippi Valley Co. of St. Louis. Due from 1932 to 1950 incl.
$20,000 in 1932 and 1933; $30,000 in 1934 and 1935, and $25,000 from
CUSHING, Payne County, Okla.
-BOND SALE.
-The $300.000 1936 to 1942,incl.
issue of electric light equipment bonds offered for sale on Jan. 12-V. 132,
p. 343
FORT BEND COUNTY ROAD DISTRICT NO.12(P.O. Richmond),
-was purchased by C. Edgar Honnold of Oklahoma City, as 58,
paying a premium of $50, equal to 100.01, a basis of about 4.99%. Due Tex.
-BOND ELECTION.
-An election will be held on Feb. 7, according
to report, to pass on the proposed issuance of $330,000 in 534% road bonds.
$37,500 from 1934 to 1941, incl. No other bids were received.
Due in not to exceed 30 years.
CUYAHOGA FALLS CITY SCHOOL DISTRICT, Summit County,
-ADDITIONAL INFORMATION.
FORT EDWARD, Washington County, N. Y.
-BOND OFFERING.
-In connection with the report
Ohio.
-V. 132. Sealed bids addressed to Fred J. Betts, Village Clerk, will be received until
of the proposed sale on Jan. 19 of $350,000
% school bonds
-we learn that the bonds are part of an issue of $500,000 approved Jan. 28 for the purchase of $24,000 5% sewer system bonds. Interest is
p. 343
by a vote of 2,130 to 761 at the general election in November 1929 and that payable semi-annually in Jan. and July. Due $3,000 annually on Jan. 1
the transcript of the proceedings incident to the issuance of the bonds will from 1933 to 1940 incl. These bonds were authorized by a vote of 96 to 56
be approved by Squire, Sanders & Dempsey, of Cleveland, whose opinion at an election held on Jan. 6 1931.
will be furnished the purchaser. The bonds are to be printed under the
FORT LUPTON SCHOOL DISTRICT (P. 0. Fort Lupton), Weld
direction of the Board of Education, according to copy furnished by the
-The $100,000 issue of school
County, Colo.
-BOND DESCRIPTION.
purchaser.
-was awarded to the U. S.
bonds that was reported sold-V. 131, p. 3739
DAVID CITY, Butler County, Neb.-BOND SALE.
-A $32,000 National Co. of Denver, as 4s, at a price of 99.07, a basis of about 4.12%.
Issue of 434% intersection paving refunding bonds is reported to have been Due serially in 17 years.
purchased recently by an undisclosed purchaser.
FORT STOC:KTON INDEPENDENT SCHOOL DISTRICT (P. 0.
-An issue of
DAVIESS COUNTY(P.O. Washington),Ind.
-BOND OFFERING.
-BONDS VOTED.
- Fort Stockton), Pecos County, Tex.
B,0. Chattin. County Treasurer. will receive sealed bids until 2 p. m. on 2100,000 5% school bonds was voted at a special election held on Jan. 3 by
Jan. 30 for the purchase of $16,000 507 highway impt. bonds. Dated a count of 166 "for" to 22 "against." The bonds are reported to be dated
Jan. 15 1931. Denom. $800. Due $800 on July 15 1932; $800 on Jan. Feb. 10 1931 and they mature from 193210 1961.
and July 15 from 1933 to 1941 incl., and $800 on Jan. 15 1942. Int. is
FORT WAYNE,Allen County,I nd.-52,500,000BONDS APPROVED.
payable semi-annually on Jan. and July 15.
-The Public Service Commission recently authorized the city to issue
DAYTON, Montgomery County, Ohio.
-BONDS AUTHORIZED.
- $2,500,000 in bonds to finance the construction of a water filtration plant
The City Commission has authorized the issuance of $54,825 in bonds to and reservoir and to raise its water rates in order to take care of interest
finance the acquisition of property for park purposes.
charges and sinking fund requirements on the bonds. The bonds are to
bear interest at a rate not in excess of4g% and the initial offering of a block
-BOND OFFERING.- of $500,000 is expected to be made during February. The increase in water
DeKALB COUNTY (P. 0. Auburn), Ind.
Meritt Maxwell, County Treasurer, will receive sealed bids until 10 a.m. rates becomes effective Feb. 1. Notice of the Commission's action was sent
on Feb.5for the purchase of the following issues of434% bonds aggregating to William Fruechtenicht, City Attorney.
$11,400:
-TEMPORARY LOAN.
17,400 C. 0. Griffin et al., Wilmington Township highway improvement
FRAMINGHAM, Middlesex County, Mass.
bonds. Denom. $370. Due as follows: $370, July 15 1932: 3370, John P. Dunn, Town Treasurer, on Jan. 9 awarded a $100,000 temporary
loan to the Day Trust Co. of Boston, at 2.54% discount. The loan matures
Jan. and July 15from 1933 to 1941 incl., and $370. Jan. 151942.
4,000 Boyd Jennings et al. Troy and Franklin Townships highway im- Nov. 23 1931. Bids received were as follows:
provement bonds. Denoms. $84 and $116, respectively. Due $200.
BidderDiscount.
July 15 1932: 5200, Jan. and July 15 from 1933 to 1941 incl., and Day Trust Co.(purchaser)
2.54
Salomon Bros. & Hutzler
2.65
$200. Jan. 15 1942.
2.66
Each issue is dated Jan. 15 1931. Principal and semi-annual interest are First National Old Colony Corp
2.70 0
payable at the office of the County Treasurer. Bonds shall be told subject Shawmut Corp
to the examination of transcript of proceedings in the office of the Treasurer.
FREEBORN COUNTY (P. 0. Albert Lea), Minn.
-BOND SALE.
DELAWARE, Delaware County, Ohio.-BOND ORDINANCE The $20,000 issue of drainage refunding bonds offered for sale on Nov. 13PASSED.
-The City Council has passed an ordinance providing for the V. 131. p. 2726
-was purchased by the First National Bank of Albert Lea.
Issuance of $32,000 6% city's portion improvement bonds, to be dated as 4 Hs. Dated Dec. 11930. Due on Dec. 11940.
not later than April 1 1931 and mature $4,000 annually on April 1 from
FRESNO, Fresno County, Calif.
-BONDS OFFERED TO PUBLIC.
1933 to 1940, incl., Principal and semi-annual interest (April and Oct.)
payable at the depository of the City Sinking Fund. In reference to the The $2,520,000 issue of 434% coupon water system bonds that was purdisposition to be made of the issue, the ordinance says: "Said bonds shall chased by a group headed by R. H. Moulton & Co.of Los Angeles, at 104.96,
-is now being offered by the sucbe first offered at par and accrued interest to the Trustees of the Sinking a basis of about 4.17%-11. 132, p. 343
Fund in their official capacity, and if the Sinking Fund Trustees refuse to cessful bidders for public investment at prices to yield 4.1007 on all maturtake any or all of said bonds at par and accrued interest then said bonds ities. Dated Jan. 2 1931. Due from Jan. 2 1941 to 1970 incl. Legality
not so taken shall be offered at par and accrued interest, to the Board to be approved by Orrick, Palmer & Dahlquist of San Francisco. The offerCity School
of Commissioners of the Sinking Fund of thebe offered atDistrict, and such ing circular states that these bonds are legal investments for savings banks
par and accrued and trust funds in California and New York.
of said bonds as are not then taken shall
Financial Statement (As Officially Reported Jan. 8 1931).
Interest to the State Industrial Commission of the State of Ohio, and such
of said bonds as are not then taken shall be advertised for public sale and Assessed valuation
$50,796,370
sold in the manner provided by law, but not for less than their par value Total bonded debt
$2,982,000
Water debt
and accrued interest."
2,520,000
-FINANCIAL STATISTICS.
DES PLAINES, Cook County, Ill.
Net bonded debt
462,000
on Jan.
$48,000
In connection with the report of the proposed salein-V. 19 of343
Population 1920 U. S. Census, 45,086; 1930, 52,588.
132, p.
-we
funding bonds, description of which appeared
%
57,711.178 and a total
FULTON COUNTY (P. 0. Wauseon), Ohio.
learn that the city has an assessed valuation ofof this issue, of
-The
-BOND SALE.
$95.000. following issues of bonds aggregating $115,500 offered on Dec.
bonded debt, including water bonds but exclusive
131,
-were awarded as 4 Hs to the BancOhlo Securities Co. of Columbus,
Tax rate per $1,000, in 1930. $44.20. Present population, estimated at p.3739
at par plus a premium of $138, equal 10 100.11, a basis of about 4.47%:
10,000. All of these figures were prepareU as of Dec. 1 1930.
road imps. bonds. Due on Sept. 1 as follows: $7,800 in 1932;
DIMMITT INDEPENDENT SCHOOL DISTRICT (P. 0. Dirnmitt), $72,800 $7.000 from 1933 to
1939 incl., and $8,000 in 1940 and 1941.
Castro County, Tex.-BONDSREGISTERED.-The $35,000 issue of 5%
42,700 road Inapt. bonds. Due on Sept. 1 as follows: $8,700 in 1932;
serial school bonds that was purchased by the State of Texas on Dec. 29$8,000 in 1932: $9,000 in 1933; $8,000 in 1934, and $9,000 in 1935.
registered by the State Comptroller on Jan. 10.
-was
V. 132, p. 347
Each issue is dated Oct. 1 1930.
Denom. $1,000.
GALVESTON, Galveston County, Tex.
-BOND OFFERING.
-Sealed
DIVIDE COUNTY (P.O. Crosby), N. Dak.-CERTIFICATE SALE.
The $20,000 issue of certificates of indebtedness offered for sale on Jan. 7- bids will be received until 10 a. m. on Feb. 5 by F. A. Quin, City Auditor,
V. 131, P. 4244
-was purchased as 58, as follows: 511,000 jointly to the for the purchase ofseven issues of 5% coupon bonds aggregating 31,655,000,
Inland Investment Co. of Indianapolis and the Northwestern National as follows: $150,000 drainage; $30,000 fire station; $75,000 grade raising;
Bank of Minneapolis and the remaining $9,000 certificates were disposed $300,000 parks and playgrounds; $200,000 paving; $860,000 public school
and $100,000 sewerage bonds. Denom. $1,000. Dated Dec. 1 1930:
of to local investors.
JAN. 17 1931.]
ITNANCIAL CHRONICLE
Due serially on Dec. 1. Prin, and int. (J. & D.) payable at the National
City Bank in New York, or at the office of the City Treasurer. The
official notice says: "These bonds are offered for sale and bids therfor
solicited subject to any and all rsetrictions placed upon the sale of same by
the laws of the State of Texas. and all bids shall be made upon the understanding and condition that the bonds before delivery thereof to the purchaser of same shall be approved by the Attorney-General of the State of
Texas and registered by the Comptroller of such State, and the validity of
the bonds and the sale or sales ofsame shall be approved by Thomson, Wood
Hoffman, attorneys of N. Y. City, whose opinion shall be conclusive, and
shall be furnished by the City of Galveston. Delivery of the bonds shall be
made within a reasonable time after acceptance of the bid..
"Each bid must be accompanied by a certified or cashier's check on a
bank doing business in the City of Galveston in the sum equal to 2% of the
total amount bid as a guarantee of purchase, all checks to be made payable
unconditionally to the City of Galveston."
GATES(P.O. Coldwater), Monroe County, N. Y.
-LIST OFBIDS
The following is an official list of the bids received on Jan.6 for the purchase
of the $100,839 coupon or registered street impt. bonds sold as 58 to the
Union Trust Co.of Rochester, at 100.889, a basis of about 4.87%.-V.132,
p. 344.
Bidder
Int.Rate.RateBid.
Union Trust Co.(purchaser)
_5%
100.889
Sage, Wolcott & Steele, Rochester
101.00
5 %
Central Trust Co
100.00
- 4%
Stone & Webster and Blodgett, Inc., New York ______ _ _5%
100.82
Edmund Seymour & Co., New York
%
100.629
Parson, Son & Co., New York
100.457
54%
Rapp & Lockwood, New York
%
100.839
GEDDES SCHOOL DISTRICT NO. 1 (P. O. Syracuse), Onondaga
County, N. Y.
-BOND SALE.
-The First Trust & Deposit Co. of Syracuse on Dec. 10 purchased an issue of $6,000 44% coupon school building
addition construction bonds at 100.045. a basis of about 4.74%. Dated
Nov. 1 1930. Denom. $500. Due $500 annually from 1931 to 1942 incl.
Int, is payable semi-annually in May and Nov.
GENESSEE COUNTY (P. 0. Flint), Mich.
-3600,000 BOND ISSUE
AUTHORIZED.
-The Board of County Supervisors is reported to have
recently authorized the issuance of $600,000 not to exceed 5% interest
road construction bonds, to mature annually as follows: $50,000 in 1932;
$100,000 in 1933 and 1934; $150,000 in 1935, and $200,000 in 1936.
GLADSTONE, Delta County, Mich.
-53,000 IN BONDS SCHEDULED FOR REDEMPT
ION
.-A total of.830005% generalrefunding bonds,
part of an issue of $55,000 floated in March 1923, will be redeemed by the
city on Jan. 25. The total bonds of the issue then outstanding will be
$31,000, of which $3,000 will be redeemed annually for the next three years
and $5,000 annually thereafter. The city also has outstanding an issue
of $20,000 sewer sinking fund bonds, issued in August 1922 and due Aug. 1
1942. The sinking fund contains $6,000 toward the redemption of this
Issue making the net general city bonded indebtedness $45,000.
525
HUDSON TOWNSHIP (P. 0. Hudson), Summit County, Ohio.
-B. S. Sanford, Townsutp Clerk will receive sealed
BOND OFFERING.
bids until 12 m. on Feb. 7 for the purchase of $7,000 6% fire department
apparatus purchase bonds. Dated Jan. 1 1931. Denom. 81,000. Due
$1,000 on Oct. 1 from 1932 to 1938,incl. Bids for the bonds to bear interest
(A. & 0.) at a rate other than 6%, expressed in a multiple of Yt of 1%.
will also be considered. A certified check for $700, payable to the order
of the Board of Township Trustees, must accompany each proposal.
-TEMPORARYFINANCING
INDIANAPOLIS,Marion County,Ind.
-William L. Eider, City Controller, informs us that the two note issues
-were awarded
aggregating $925,000 offered on Jan. 10-V. 132, P. 344
to a group composed of the Union Trust Co.. Indiana National Bank,
Bank, Indiana Trust Co., Fletcher American NaMerchants National
tional Bank, and the Fletcher Savings & Trust Co., all of Indianapolis,
to bear interest at 4%.
-BOND SALE.
-The $75,000
INDIANAPOLIS, Marion County,Ind.
4% municipal airport bonds of 1931 (first issue) offered on Jan. 14-V.132,
-were awarded to the Fletcher Savings & Trust Co. of Indianapolis,
p. 344
at par plus a premium of $983, equal to 101.31, a basis of about 3.85%,
The bonds are dated Jan. 2 1931 and mature on July 1 as follows: $35,000
from 1932 to 1936 incl., and $4,000 fom 1937 to 1951 incl.
Anfficial list of the bids submitted for the issue follows:
Premium.
Bidder$983.00
Fletcher Savings & Trust Co., Indianapolis (purchaser)
979.00
Harris Trust & Savings Bank, Chicago
858.00
Union Trust Co..Indianapolis
765.60
Fletcher American Co., Indianapolis
-The Na-PRICE PAID.
IONIA COUNTY (P. 0. Ionia), Mich.
tional Bank of Ionia paid a price of par for the purchase of the $12,000
coupon assessment district bonds awarded as 6s on Dec. 22-V. 132, P.
344. The bonds are dated Dec. 1 1930 and mature $2,400 on each April 1
from 1931 to 1935. incl.
IRONDEQUOIT (P. 0. 1340 Ridge Road East, Beechwood Station
-The $15,049
-BOND SALE.
Rochester), Monroe County, N. Y.
coupon or registered street improvement bonds offered on Jan. 8-V. 132.
-were awarded as 6s to Edmund Seymour & Co., of New York, at
P. 164
100.029, a basis of about 5.99%. The bonds mature July 15 as follows:
$1,049 in 1932; 81,000 from 1933 to 1936, incl., and $2,000 from 1937 to
1941, incl.
JACKSON RURAL SCHOOL DISTRICT (P. 0. Lafayette), Allen
-The following is an official list of the
County, Ohio.
-LIST OF BIDS.
bids received on Jan.6 for the purchase of the $80,500 coupon school bonds
awarded as 5s to the Guardian Trust Co., of Cleveland, for a premium of
$862, equal to 101.07, a basis of about 4.87%-V. 132, P. 344:
Int. Rate. Premium.
o
Bidder
Trust Co.(Purchaser)
419 00
.
5 %
Otis & Co., Cleveland
142.48
W. L. Slayton & Co., Toledo
443.00
5
Well. Roth & IrvingCo., Cincinnati
Co
615.00
5
Slier, Carpenter & Roose, Toledo
1,233.00
Spitzer, Rorick & Co., Toledo
91.00
Ryan, Sutherland & Co., Toledo
GREENWICH TOWNSHIP SCHOOL DISTRICT (P.O. Woodbury),
Gloucester County, N. J.
-ADDITIONAL INFORMATION.
-The
$_160.000 school building construction bonds reported sold to the State
-We
-OFFERING DETAIL.
JACKSONVILLE, Duval County, Fla.
Teachers' Pension and Annuity Fund-V. 131, p. 3907
-bear int. at 5% are now informed in connection with the offering scheduled for Jan. 20.
and mature in 20 years.
of the $2,000.000 issue of not to exceed 69' semi-ann. refunding bonds
V. 131, p. 4245- that on account of the inability to print these bonds until
GROSSE POINTE FARMS, Wayne County, Mich.
-BOND OFFER- after the rate of interest they shall bear, and the fiscal agent of the city
ING.
-John R. Kerby, Village Clerk, will receive sealed bids until 8 P.M. at which they shall be payable, have been determined between the sucon Jan. 19 for the purchase of 836,000 not to exceed 5% interest Lake Shore cessful bidder and the City
said bonds will be made
road improvement bonds. Dated April 15 1930. Denom. $1,000. Due to the successful bidders aton Jan. 20, delivery of Commission in Jacksonthe office of the
April 15 as follows: $2,000 from 1932 to 1937, incl., and $3,000 from 1938 ville, at 10 a. m. on Jan. 30, in place of Jan. City previously announced.
21, as
to 1945, incl. Principal and semi-annual interest (April and Oct. 15) are
payable at the office of the Detroit & Security Trust Co., Detroit. A
-BOND OFFERING.
JASPER COUNTY (P. 0. Rensselaer), Ind.
certified check for $500 must accompany each proposal. These bonds Homer A. Lambert, County Treasurer, will receive sealed bids until 1 P. m.
were authorized at an election on March 10 1930.
on Jan. 24, for the purchase of $7,600 4)41 Charles C. Parks et al..
Newton Township road construction bonds. Dated Jan. 15 1931. Denom.
HAMPTON BAYS FIRE DISTRICT (P. 0. Hampton Bays), Suffolk $380. Due $380 on July 15 1932; $380 on Jan. and July 15 from 1933 to
County, N. Y.
-In connection with 1941, incl., and $380 on Jan. 15 1942. Principal and semi-annual interest
-ADDITIONAL INFORMATION.
the notice of the proposed sale on Jan.30 of $30,000 5% fire house site pur- (J. & J. 15) are payable at the office of the County Treasurer.
chase and fire department apparatus bonds
-V. 132, p. 344
-we learn that
the "payment of the prin. and semi-ann. int. is made available through the
-BONDS AUTHORJOHNSTON COUNTY(P.O. Smithfield), N. C.
medium of taxation a real property located within the said Fire District by IZED.
-An issue of $185,000 road bonds was authorized on Jan. 5 by the
the annual levying of a tax upon the assessed valuation of the real property County Board of Commissioners upon request, according to report.
through the town (Southampton) authorities." The Fire District was
-BOND SALE CANKING COUNTY (P. 0. Seattle), Wash.
created by petition of the taxpayers of the Town of Southampton who subsequently voted into office three fire commissioners and a treasurer. "The CELLED.
-The sale of the $1.250,000 issue of hospital bonds to M. M.
Fire Commissioners are authorized by law to expend, for the purposes of Freeman & Co., Inc., and the Seattle Co. of Seattle, as 44s, at a price of
the Fire District, in any one year, no more than $1,000 for each $1,000,000 100.08, a basis of about 4.24%-V. 131. p. 3071-has since been cancelled
of assessed value of real property within the Fire District or major fraction due to an error in the election notice. (These are the bonds that are being
offered for sale again on Jan. 20-V. 132, P. 344.)
thereof without the authority of an apprpriation."
-The
-BOND SALE.
KLAMATH FALLS, Klamath County, Ore.
HARDEMAN COUNTY (P. 0. Bolivar), Tenn.
-CONTEMPLATED
NOTE ISSUE.
-The State Legislature was recently requested by the $29,790.03 issue of coupon sewer improvement bonds offered for sale on
Treasurer, as 5348.
County Court to pass an enabling act for the issuance of 3150.000 in short- Dec. 22-V. 131, p. 3567
-was purchased by the State
at a price of 100.32. a basis of about 5.43%. Dated July 1 1930. Due in
term notes for road financing.
10 years and optional in one year. The only other bid received was all
HASKELL, Muskogee County, Okla.
-BOND OFFERING.
-Sealed offetlafd9
porr on 1 0.07 on 6s, made by the Commerce Mortgage Securities Co. Of
bids will be received until 7.30 p. m. on Jan. 19 by W. H. James, Town
Clerk, for the purchase of a $45.000 issue of water supply bonds. Int.
rate is not to exceed 6%, payable semi-annually.. Denom. $500. Dated
-BOND ISSUE CONKNOX COUNTY (P. 0. Knoxville), Tenn.
Jan. 5 1931. Prin. and int. payable in New York.
TEMPLATED.
-On Jan. 5 the County Court voted to seek legislative
(These bonds were voted at an election held on Dec. 31-V.132, p.344.) authority to issue $500,000 in bonds to replace the funds tied up in the
closed Bank of Tennessee at Nashville. The money is needed to pay the
HASTINGS, Dakota County, Minn.
-BOND OFFERING.
-Sealed county's share of a new bridge being built jointly by the city and county.
bids will be received until 8 p.m. on Feb.2, by Mary Kranz, City Clerk, for
-BOND OFFERING.
the purchase ofa $70,000 issue offunding bonds. Int rate is not to exceed
KOSCIUSKO COUNTY (P.O. Warsaw), Ind.
6%, payable semi-annually. Denom. $1,000. Due in fr3m 2 to 20 years. William Shaffer, County Treasurer, will receive sealed bids until 2 p. m.
Prin. and int. payable at such place as the Council shall later determine.
on Feb. 20 for the purchase of $11,165.50 69" drainage bonds. Dated
Jan. 1 1931. Denoms. $1,000 and $116.55. Due $1,116.55 on Nov. 15
HAYWOOD COUNTY (P. 0. Brownsville), Tenn.
-BOND ISSUE from 1931 to 1940 incl. Int. is payable semi-annually on May and Nov.15.
CONTEMPLATED.
-The County Court recently voted to ask legislative
-PRICE
authority for the issuance of $150,000 in county obligation bonds.
LAFAYETTE SCHOOL DISTRICT, Allen County, Ohio.
PAID -The Well. Roth & Irving Co. of Cincinnati, in securing the award
HINDS COUNTY (P. 0. Jackson), Miss.
-BOND SALE.
-The $150,- of the $34,500 coupon school bonds offered for sale on Jan. 6, paid a
000 issue of court house and jail, series E bonds offered for sale on Jan. 5- Premium of $1,048 for the bonds as 54s,not a premium of $48 as incorrectly
V. 131, p. 3907
-is reported to hay
a,..been purchased by the Merchants reported in V. 132, p. 345. The premium represents a price of 103.03 Per
Bank & Trust Co. of Jackson as 5s. 7
$100 bond, the net interest cost of the financing to the District being about
Dated Jan. 1 1931. Due semi-annually as follows: $800 April
HOHOKUS TOWNSHIP SCHOOL DISTRICT (P. 0. Mahwah), 4.87%. 1
1 1933; $800 April and Oct. 1
Bergen County, N. J.-BOND OFFERING.-Edwin T. Bennett, District and Oct. 1932: $800 April 1 and $1.050 Oct. $800 April and Oct. 1 1936:
1934; $800 April 1 and $1,050 Oct. 1 1935:
Cleric, will receive sealed bids until 8 p. m. on Jan. 26 for the purchase of $800 April 1 and $1,050 Oct. 11937;$800 April and Oct. 1 1938: $800 April
or 434% school bonds. Dated March 1 1931. One
$28,500 43.1„
1940: 3800 April 1 and
bond for $500, others for $1,000. Due March 1 as follows: $2,000 from 1 and $1,050 Oct. 1 1939; $800 April and Oct. 1$800 April 1 and $1.050
Oct.
Oct.
1932 to 1944 incl., and $2,500 in 1945. Prin. and semi-ann. int.(M.& S.) $1,050 1943;11941; $800 April and 1944;11942:
April 1 and 81,050 Oct. 1
$800
Oct.
$800 April and Oct. 1
are payable at the First National Bank & Trust Co., Ramsey. A certified 1945:1$800 April and
1 1946; $800 April 1 and $1,050 Oct. 1 1947;
check for 2% of the amount of bonds bid for, payable to the order of the $800 April and Oct. 1 Oct. $800 April 1 and $1,050 Oct. 11949: $800 April
1948;
Board of Education, must accompany each proposal.
and Oct. 1 1950; $800 April 1 and $1,050 Oct. 1 1951.
The following is a list of tile bids submitted for the issue:
HOMINY, Osage 'County, Okla.
-BOND OFFERING.
-Sealed bids
Int. Rate. Premium.
Bidder
will be received by G. H. Blackwood, City Clerk, until 8 p. m. on Jan. 23,
$1.048
5h5
the purchase of an issue of $150,000 electric light and power bonds. Weil, Roth & Irving Co. (Purchasers)
for
5rt%
Otis & Co., Cleveland
The int. rate is to be named by the bidder. Due $15,000 from Jan. 1 1935
25
1,125
5 %
Slier, Carpenter & Roose, Toledo
to 1944, incl. A certified check for 2% of the bid is required.
(These bonds were voted at a special election on Dec.16-V.131, p.4244.)
-BOND OFFERING.-Mds will
LA FERIA, Cameron County, Tex.
be received by J. A. Raimond, City Secretary, until Jan. 29. for the purHORNELL, Steuben County, N. Y.
-BOND OFFERING.
-Howard chase of
534% bonds. aggregating $30,000 as follows:
P. Babcock, City Chamberlain, will receive sealed bids unt 1 3 p. m. on $14,500 the following issues ofworks; $5,500 refunding, and $2,000 sewer
street; $8,000 water
Jan. 22 for the purchase of $52,504.65 not to exceed 6% interest coupon or
10-V. 131, p.3071.)
registered street impt. bonds. Dated Jan. 11931. One bond for $504.65, bonds. (These bonds were voted on Nov.
-BOND SALE.
-The
others for $1,000. Due Jan. 1 as follows: $5,504.65 in 1932;$4.000 in 1933
LAKE COUNTY (P. 0. Crown Point), Ind.
and 1934; 89.000 in 1935, and $10,000 from 1936 to 1938 incl. Rate of 322,000 5% coupon Frank D. Barnes et al., Calumet Township highway
interest to be expressed in a multiple of 4 of 19' and must be the same for impt. bonds offered on Jan. 5-V. 132, p. 164
-were awarded to the COMall:of the bonds. Prin. and semi-ann. int.(J. & J.) are payable at the office merlcal Bank of Crown Point at par plus a premium of $935. equal to
of the City Chamberlain. A certified check for $1,000, payable to the order 104.24, a basis of about 4.22%. The bonds are dated Nov. 15 1930 and
of the city, must accompany each proposal. The approving opinion of mature semi-annually as follows: $1,100 on July 15 1932; $1,100 on Jan.
Clay, Dillon & vandewater of New York, will be furnished the purchaser. and July 15 from 1933 to 1941 incl. and $1,100 on Jan. 15 1942.
-BOND OFFERING.
-J. W.
-BOND OFFERING.
LANCASTER, Fairfield County, Ohio.
PE HUDSON, Summit County, N. Y.
-Sealed bids
will be received until 5 p. m. on Jan. 29 for the purchase of an issue of Barnes, City Auditor, will receive sealed bids until 12 m. on Feb. 2 for
department apparatus nurchase bonds which were over- the purchase of $47.800 5% bonds issued for the purpose of constructing
$12,000 4 % fire
whelmingly voted at an election held on Jan. 5 The bonds are to mature additions to the Lancaster Municipal Hospital. Dated Jan. 1 1931. One
bond for $800. others for $1,000. Due on Oct. 1 as follows: $3,800 in 1932.
$1,000:annually from 1932 to 1943, incl.
526
[VOL. 132.
FINANCIAL CHRONICLE
and $4,000 from 1933 to 1943 incl. Prin. and semi-ann. bit. (A. & 0.)
are payable at the office pf the City Treasurer. Bids for the bonds to
bear int, at a rate other than 5%, expressed in a multiple of 3 of 1%.
will also be considered. A certified check for 5% of the amount of bonds
bid for, payable to the order of the City Treasurer, must accompany each
Proposal.
In March and Sept. Bids for the bonds to bear interest at a rate other than.
5%, expressed in a multiple of 31 of 1%, will also be considered. Split
rate bids, however, will not be accepted. A certified check for 2% of theamount of the bid, payable to the order of the above
-mentioned Clerk,
must accompany each proposal. Principal and semi-annual interest are
payable at the legal depository of the Board of Education. The favorable
opinion of Squire, Sanders & Dempsey of Cleveland, with a full transcript
-BOND of the proceedings, will be furnished to the successful bidder without charge.
LANSDOWNE SCHOOL DISTRICT, Delaware County, Pa.
-J. Norman Stephens, Secretary of the Board of Directors, Bids must be otherwise unconditional, and the bonds must be accepted and
OFFERING.
will receive sealed bids until 8 p. m. on Feb. 6 for the purchase of $43,000 paid for by Feb. 14 1931.
4X% coupon school bonds. Dated Feb. 2 1931. Denom. $1.000. Due
MEDFORD, Middlesex County, Mass.
-TEMPORARY LOAN.-TheFeb. 1 as follows: $2,000 from 1932 to 1951, inclusive, and $3,000 in 1952.
Interest is payable semi-annually in February and August. A certified Shawmut Corp. of Boston, recently purchased a $400,000 temporary loan
check for $860, payable to C. A. Bonsai, District Tresaurer, must accom- at 2.48% discount, of which $200,000 matures Oct. 26 1931 and $200,000 on
pany each proposal. The bonds will be sold subject to the approval of Nov.2 1931. Bids submitted for the loan were as follows:
BidderDiscount.
Townsend, Elliott & Munson, of Philadelphia, and of Frank A. Moorhead.
Shawmut Corp.(purchaser)
2 48
Solicitor for the Board.
First National Old Colony Corp
2.50
2.53
LA PLATA COUNTY SCHOOL DISTRICT NO. 9(P. 0. Durango), Merchants National Bank
2.57
Colo.
-The following bonds are called for payment Salomon Bros. & Hutzler
-BONDS CALLED.
at the office of Sidle, Simons, Day & Co., of Denver, as of Feb. 1 1931:
-TEMPORARY LOAN.
MELROSE, Middlesex County, Mass.
Nos.A-1 to A-110 for $1,000 each; B-1 to B-100 for $500 each; and C-1
to C-150 for $100 each, dated Feb. 1 1916, due on Feb. 1 1941 and optional S. Homer Buttrick, City Treasurer, on Jan. 14 awarded a $300,000 temporary loan to Salomon Bros. & Hutzler of Boston, at 2.20% discount, plus
on Feb. 1 1931.
a premium of $7. The loan is dated Jan. 15 1931. Denoms. $25,000.
LARAMIE COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Cheyenne), $10,000 and $5,000. Due $100,000 on June 4 1931 and $200,000 on July
-The following notice has been mailed 211931. The Old Colony Trust Co. and (or) the First National Bank of
DETAIL.
Wyo.-BOND SALE
to the prospective bidders on the $340.000 issue of not to exceed 4 % Boston, will guarantee the signatures and will certify that the notes are
refunding bonds, scheduled to be offered for sale on Jan. 19-V. 132. p. issued by virtues and in pursuance of an order of the Board of Aldermen,
the validity of which order has been approved by Ropes, Gray, Boyden &
-by A. S. Jessup, Superintendent:
164
'One prospective bidder has raised the question of when the new refund- Perkins of Boston. The following is a list of the bids submitted for the loan:
Discount.
Bidderbe delivered, since the bonds which they are to replace are
ing bonds would
2.20%
not optional until June 1 1931. Realizing that this might make consider- Salomon Bros.& Hutzler, plus $7 premium (purchaser)
2.27
able difference in your bid. I am giving you this much further information. Merchants National Bank
2.28
"We have been assured by the present owner of the bonds, which is the First National Old Colony Corp
2.33
State of Wyoming, that they will be surrendered immediately upon the Grafton Co
2.34
delivery of the new refunding issue. I suppose it will require a little time, Shawmut Corp
2.39
perhaps 30 to 60 days. to prepare the new bonds after the sale on Jan. 19. F. S. Moseley & Co
I would suggest that if this disturbs you at all, that you might make your Boston Safe Deposit & Trust Co., plus $2 premium
2.37%
Bank of Commerce & Trust Co
bid conditional upon the delivery within a certain specified time.
2.675%
2.70%
- Faxon, Gade & Co
-BOND OFFERING.
LAWRENCE COUNTY (P. 0. Bedford), Ind.
John H. Taylor, County Auditor, will receive sealed bids until 1 p. m.
-Sealed bide
-NOTE OFFERING.
MEMPHIS, Shelby
% road impt. bonds. Dated will be received by G.County, Tenn.
on Feb. 9 for the purchase of 88,000
W. Garner, Secretary of the Board of Education,
Feb. 9 1931. Denom. $1,000. Due $1,000 on July 1 from 1932 to until 2.30 p.m.on Jan. 27, for the purchase of an $800,000 issue of 3,331,
1939 incl. Prin. and semi-ann. int, are payable at the office of the County 354,
, 4, 451, 454. 431 5, 531 or 534% coupon school revenue notes,
Treasurer. A certified check for 3% of the par value of the bonds bid for, series of 1931. Denom. $10,000. Dated Jan. 15 1931. Due on Oct. 1
payable to the order of the Board of County Commissioners, must accom- 1931. We quote from the official notice as follows:
pany each proposal.
"The rate which they shall bear shall be determined by the Board of
-BOND Education of the Memphis City Schools by resolution at the time of making
LAWRENCE SCHOOL TOWNSHIP, Marion County, Ind.
Cleave, Township Trustee, will receive sale of said bonds; provided, however, that no higher rate of the 11 rates
-Henry T. Van
OFFERING.
shall be necessary to procure a sale at
herein authorized shall be used
sealed bids until 2 p. m. on Jan. 24 for the purchase of $53,000 43.6% face value, plus accrued int. tothan of delivery. Said notes shall not be
date
school building construction and impt. bonds. Dated Jan. 31 1931. sold for less than par and accrued int., except by a vote of at least twoDenom. $530. Due $2,650 on June and Dec. 25 from 1932 to 1941 incl.
,
Edcucation, when a price of $99
thirds
Prin. and semi-ann. int. (J. & D. 25) are payable at the Union Trust Co., on the of the members of said Board of said notes shall be evidenced by
$100 may be accepted. The int. on
Indianapolis.
coupons attached thereto. Said notes shall be numbered consecutively
- from one to eighty, both inclusive,and shall be designated as "Series 1931,"
LEE COUNTY SCHOOL DISTRICT NO.92(P.O.Lee Center), Ill.
.-At an election held in the latter part of December the shall mature and become payable on the first day of October, 1931 without
BONDS APPROVED
notes shall be
voters approved of a proposal calling for the issuance of $9,500 school bonds. option of prior payment by said Board of Education. Said of Education,
signed by the President and the Secretary of said Board
The measure passed by a vote of 111 to 27.
and the seal of said Board of Education shall be affixed. They shall be
LINWOOD SCHOOL DISTRICT (P. 0. Visalia) Tulare County, payable at the Union Planters National Bank & Trust Co., Memphis,
-Sealed bids will be received until 10 a. m. Tenn.,or at the option of the holder thereof at the Chemical NBank & Trust
-BOND OFFERING.
Calif.
on Feb. 2 by Gladys Stewart, County Clerk for the purchase of a $7,000 Co., in the City and State of New York, in lawful money of the United
Issue of 6% school bonds. Denom. $500. Dated Jan. 5 1931. Due $500 States of America.
"In preparation and sale of these notes, the legal steps have been taken
from Jan. 5 1932 to 1945 incl. Prin. and int. (J. & J.) payable in gold at
-Law,
the office of the City Treasurer. A certified thec_k for 5% of the amount under the direction of Thomson, Wood & Hoffman, Attorneys-at
of the issue, payable to the Chairman of the Board of Supervisors, must N. Y. City. Their full and final opinion that these notes, when sold and
terms of aforesaid legislation, will constitute valid
delivered pursuant to the
accompany the bid.
Board of Education, will be furnished
legally binding obligation
-NOTE OFFERING.
County,
urrLEToN, HalifaxC. Bobbitt,N. C.Clerk, until 5 p. m.on-Sealed andthe Board of Education. of the
signatures on notes attested by the Union
by
Jan. 29, Planters National Bank & Trust Co., Memphis, Tenn.,and a full transcript
Town
be received by E.
bids will
for the purchase of a $10,000 issue of 6% coupon or registered street impt. of the proceedings by the Board of Education in passing resolutions and sell
funding notes. Denom. $1,000. Dated Aug. 1 1930. Due on Aug. 1, big these notes.
ol
as follows: $2.000, 1931 and $4,000 in 1932 and 1933. Payable in New
Those notes will be delivered in Memphis, in New York,orequivalenti
York in gold. The approving opinion of Reed Hoyt & Washburn of N. Y. New York, at the option of the purchaser. Payment shall be made in
City. A certified check for 2% of the notes bid for, payable to the Town, Memphis or New York funds. Bidder will state in proposal point of deis required.
livery desired, which shall be taken Inconsideration in determining the best
York purchaser, legal opinion will be delivered at
a
bid. In
LOUISVILLE RURAL SCHOOL DISTRICT (P. 0. Louisville), the samecase of asNow
notes, otherwise within four (4) days thereafter. A
times
-BOND SALE.
-A $40,000 issue of
County, Kan.
Pottawattomie
certified check in the sum of five thousand dollars ($5,000) payable to the
school bonds has been purchased by the Prescott, Wright, Snider Co. of Board of Education of the Memphis City Schools, shall accompany the
Kansas City.
proposal."
(A larger issue of notes is also being offered for sale at the same time.
McCURTAIN COUNTY SCHOOL DISTRICT NO.13(P. 0. Idabel),
-The $7,000 issue of school bonds offered for sale V. 132, p. 345.)
-BOND SALE.
Okla.
by R. J. Edwards, Inc., of
-was purchased
on Oct. 28-V. 131, p. 2932
-BONDS REGISTERED.
MENARD COUNTY (P.O. Menard), Tex.
Oklahoma City, as follows: $5,000 as 5s, and $2,000 as 534s. Due $500 The $80,000 issue of 5% serial court house and jail bonds that was voted
from 1935 to 1948, incl.
-was registered by the State Comptroller on
131, p. 2932
-V.
recently
-BOND OFFERING.
- Jan. 6. Denom.$1,000.
McKEESPOET, Allegheny County, Pa.
William V. Campbell, City Comptroller, will receive sealed bids until 2
METOMPKIN MAGISTERIAL DISTRICT (P. 0. Parksley), Ac.
p. m. on Jan. 26 for the purchase of $140,000 4 Si% park bonds. Dated
-The $60,000 issue of coupon school
Jan. 1 1931. Denom. $1,000. Due Jan. 1 as follows: $15,000 in 1936. comack County, Va.-BOND SALE.
-was purchased
and $5,000 from 1937 to 1961 incl. Interest is payable semi-annually in building bonds offered for sale on Jan. 10-V. 132, p. 164
January and July. The offering notice says that the bonds and the interest by Mr. Frank Parsons of Capeville, as 5s, at par. Due $3,000 from April 1
thereon will be payable without deduction for any taxes that may be levied 1934 to 1953 incl. The following is an official list of te bids received:
Rate.
Price Bid.
Name of Bidderor assessed thereon or on the debt secured thereby, under any present or
Par
5%
future law of the State of Pennsylvania. A certified check for 1% of the *Frank Parsons.Capeville, Va
5
total amount of bonds offered must accompany each proposal. The bonds Citizens Saving Bank,Onancock,Va
g8
Par plus
Pus$162
534%
are issued and to be sold subject to the approval of the proceedings by the The Hanchett Bond Co.,Chicago
B 66
uus 18 6
Department of Internal Affairs of Pennsylvania.
6%
W.L.Slayton & Co.,Toledo
64
Well,Roth & Irving, Cincinnati
-BANKERS Ryan,Sutherland Co.,Toledo
MACOMB COUNTY (P. 0. Mount Clemons), Mich.
Par plus
- Ryan,Sutherland & Co.,Toledo
COMMITTEE TO AID REORGANIZATION OF COUNTY FINANCES.
Less $1,690
of Jan. 10 reports that a committee of county Walter. Woody,Heimerdinger, Cincinnati
The Michigan "Investor"
,
S
Par plus 750
bankers under the chairmanship of Hiram J. McGill, President of the Magnus & Co.,Cincinnati
Par
5 %
Citizens Savings Bank. Mount Clemons, has been organized "to make an
* Successful bid.
effort to got the county's financial affairs in better shape." The bankers'
MICHIGAN, State of (P. 0. Laing).
-BONDED INDEBTEDNESS
offer, however, is conditioned upon the acceptance by the Board of County
Supervisors ofa number ofrecommendations,among which are the following: OF THE STATE AND POLITICAL DIVISIONS IN 1930 TOTALED
-In a report made public recently by W. T. Manning.
"That proposed construction of the $662,000 county court-house be $700,000,000.
abandoned for from three to five years or until such time as the county's Manager of the Municipal Bond Division of the State Treasury Departfinances may be adjusted and that the $311,000 now in that fund be left ment, it was stated that the bonded indebtedness of the State and its political sub-divisions at the close of the year 1930 amounted to $700,707,437.
untouched.
"That the poor commission use business methods in dispensing relief The debt of the State itself was placed at $82,500,000. Municipalities
and that that body halt dispensing commodities when $100,000 has been are said to have retired $33.736.826 in bonds during the year but to have
floated new securities totalling $80,945,051, leaving a net gain of $47.208,expended.
"That Macomb County pay back out of current tax receipts Its borrow- 225 in bonded indebtedness. Based upon a 4% interest rate, the annual
cost to the taxpayers in interest on this huge total is approximately $28,the road and drain funds.
ings from
when they meet next October 000,000.
"That the supervisors raise the tax rate the
for
for the purpose of determining the rate current following year, rather than
MIDDLE POINT VILLAGE SCHOOL DISTRICT, Wigs County,
oeprating expenses.
shift funds from various funds to meet
-BOND SALE.
-The State Teachers' Retirement System of ColumOhio.
-BOND SALE.
-The $45,000 bus Is said to have purchased the issue of $24,000 school building construcMANSFIELD, Richland County, Ohio.
-were tion bonds approved by a vote of 341 to 122 at the general election in Nobonds offered on Jan. 14-V. 132, p. 345
water mains construction
at par plus a vember 1930-V. 131, p. 3242. The bonds are dated Dec. 151930. bear int.
Co., of
awarded as 434s to the Richland Trust of about Mansfield,
4.49%. The bonds are at 5% and mature in 10 years.
basis
Premium of $5, equal to 100.01, a
on Oct. 1 from 1932 to 1941 inclusive.
dated Feb. 2 1931 and mature $4,500
MIDDLETOWN, Orange County, N. Y.
-BOND SALE-The
-were
MAPLEWOOD SCHOOL DISTRICT (P. 0. Maplewood), St. Louis $224,000 coupon water bonds offered on Jan. 9-V. 132. p. 4086
-We are informed that an $85,000 issue of awarded as 4.05s to a syndicate composed of Stephens & Co., M.F. Schlater
County, Mo.-BOND SALE.
Mississippi Valley Co. of
a basis of
434% school bonds has been purchased by the 4.47%. Due from 1934 & Co.. and Seasongood & Mayer, all of New York, at 100.149, $8,000 on
about 4.035%. The bonds are dated Dec. 1 1930 and mature
St. Louis, at a price of 100.29, a basis of about
Dec. 1 from 1931 to 1958 incl.
to 1950 bid.
MILES HEIGHTS VILLAGE SCHOOL DISTRICT, Cuyahoga
SCHOOL DISTRICT, Marion County, Ohio.
MARION CITY
-The $69,000 school bonds offered on
-Hector S. Young, Clerk of the Board of Education, County, Ohlo.-BOND SALE.
BOND OFFERING.
-were awarded as 58 to Ryan, Sutherland & Co.
will receive sealed bids until 12 m. on Jan. 31 for the purchase of $450,000 Dec. 2-V. 131, p. 3242
and equipment bonds. Dated of Toledo, at par plus a premium of $417, equal to 100.60, a basis of about
5% coupon school building construction
bonds are
Feb. 1 1931. Denom. $1,000. Duo semi-annually as follows: $10,000 4.94%. The1954 incl. dated Oct. 1 1930 and mature $3,000 on Oct. 1
March 1 and $11,000 Sept. 1 1932: $10,000 March 1 and $11.000 Sept. I from 1932 to
from 1933 to 1941 incl.: 310.000 March and Sept. 1 from 1942 to 1953 incl.
MINNESOTA, State of (P. 0. St, Paul)
-BOND ISSUE CONTEM.
Bonds are part of an authorized issue of $750,000 and are payable from
-In his recent message to the State Legislature, the opinion was
taxes levied outside of tax limitations. Interest is payable semi-annually PLATED.
11 0
JAN. 17 1931.]
FINANCIAL CHRONICLE
-expressed by Governor Olson that a State bond issue for road impt.purposes,
payable out of the gasoline tax, should be floated. We quote from the
Minnesota "Journal" of Jan. 8 as follows:
State road bonds to the amount of $75000,000, the constitutional limit,
•could be financed easily out of trunk highway revenues, State Highway
Commissioner Charles M. Babcock said to-day.
"We could handle interest payments and sinking fund requirements on
:such an amount without any trouble," Mr. Babcock said, "or even on
$100_,_000,000.
"with a rapid development of our paving program, maintenance would
go down,leaving us plenty of money to retire a large bond issue. Since 1921
we have had to use more than $36,000,000 of our funds on maintenance, and
the growth of traffic has been so fast that this charge has not decreased, in
spite of the increased mileage of paving.
"Illinois has issued $160,000,000 for highway construction and is handling
the bonds out of motor vehicle licenses, although the revenue from that
source is no larger than ours. Illinois is not maintaining any unpaved roads
out of State funds. The State does not take a road over until it is paved.
We have had to keep our 7,000-mile system at .
the same time we were
building it, and building much of it out of nothing."
MISSOURI, State of (P. 0. Jefferson City)
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Jan. 21, by the Board of Fund
Commissioners, for the purchase of a $5,000,000 issue of 4% coupon or
registered road, series 0 bonds. These bonds are coupon bonds in the denom. of $1,000 registerable as to prin., or as to prin. and int., and are exchangeable for fully registered bonds in the denom. of $5,000, $10,000,
450.000,and $100,000, which fully registered bonds may again be exchanged
for coupon bonds in the denom. of $1,000 on payment of Si per 1,000.
Prin. and int.(A. & 0.) payable at the Chase National Bank, N. Y. City.
The full faith, credit and resources of the State of Missouri are pledged to
the punctual payment of the prin. and int. of these bonds, which are
payable by an unlimited ad valorem tax authorized by the Constitution of
Missouri, to be levied upon all of the taxable property in the State. Each
bid must be submitted on a form furnished by the State Treasurer and be
accompanied by a certified check on or by a cashier's or treasurer's check of
some solvent bank or trust company for 1% of the amount of bonds bid for,
payable to Larry Brunk. State Treasurer. No bid at less than 95 and accrued interest will be considered. Purchasers will be furnished the legal
opinion of the Hon. Stratton Shartel, Attorney-General of the State, and
also the legal opinion of Benjamin 11. Charles, Esq., of Bt. Louis, approving
the bonds as valid and binding obligations of the State.• Delivery of the
bonds will be made on or before Feb. 4 1931, at St. Louis, Kansas City,
'Chicago or New York City, at the option of the purchaser or purchasers,
provided notice shall have been given the State Treasurer on or before the
30th day of Jan. 1931, stating at which of the said places delivery will be
desired and the aggregate of bonds and the numbers thereof which will be
required at each of said places, otherwise, delivery will be made at the office
•ofthe State Treasurer in Jefferson City, Missouri. Payment of the purchase
price of said bonds will be required to be made in Federal Reserve funds.
Official Financial Statement.
Total bonds issued
$106,100,000.00
'Total bonds retired
18,271,000.00
Total bonds outstanding, Dec.31 1930
$87,829,000.00
Sinking Funds
State road interest and sinking fund
$403,555.17
Soldier bonus interest and sinking fund
1,487,573.33
Certificates of Indebtedness 1902-22 eds.,school funds, 20 to 50 yrs. at 5 & 6%
$3,159,000.00
1891-1922 ctfs.. seminary fund, 20 to 50 yrs,at 5 & 6%--1.239,839.42
* Certificates of indebtedness are provided for by the legislative acts
.and held in trust by the State Board of Education, whereby the State
agrees to pay 5 and 6% interest semi-annually into the State school and
.seminary funds out of the State interest fund. These certificates are not
negotiable or transferable.
Total taxable valuation of the State
$4,972,212,907.00
Population: 1930. 3,620,961.
MOBILE COUNTY (P. 0. Mobile), Ala.
-BOND SALE NOT CONSUMMATED.-We are informed that the sale of the $600,000 coupon
semi-ann. road and bridge bonds that was jointly purchased by the Mer•chants Securities Corp., and the First Securities Corp., both of Mobile,
as 5s at 97.10-V. 131. p. 3909
-was not consummated.
BONDS RE
-OFFERED -Sealed bids will be received until Feb. 9,
by E. C. Doody, Clerk of the Board of Revenue and Road Commissioners,
for the purchase of a $660,000 issue of road and bridge bonds.
The bonds offered for sale are described as follows:
$400,000 road and bridge bonds. Due on June 1 as follows: $8,000, 1933
to 1938, and $16,000. 1939 to 1960, all inclusive. A $5,000 certified check must accompany this bid.
260,000 road and bridge bonds. Due on June 1 as follows: $5,000, 1933
to 1936, and $10,000, 1937 to 1960, all inclusive. A $3,000
certified check must accompany this bid.
Interest rate is not to exceed 5%. Bids are requested on different rates
of interest, and bonds will be sold to the bidder whose bid will result in tne
lowest not interest rate to the County. Said bonds to be sold at not less
than 95% of their face value. Denom. $1,000. Dated June 1 1930.
These bonds are issued under authority of an amendment to the State
constitution. They were voted Stan election held on Sept. 17 1929. Purchaser required to furnish blank bonds. Chapman & Cutler of Chicago
will townie' the approving opinion. Payable at a bank or trust company
to.be selected by the purchaser.
MOBILE COUNTY(P.O. Mobile), Ala.-730ND SALE.
-The $125.000
issue of 5% semi-ann. school bonds offered for sale on Jan. 12-V. 132,
-was awarded to the Provident Savings Bank & Trust
p. 345
cinnati, at a price of 100.875, a basis of about 4.92%. Dated Co. of CinJan. 1 1931.
Due from Jan.1 1934 to 1951 incl.
MOORESTOWN TOWNSHIP (P. 0. Moorestown),
Burlington
County N. J.
-BOND OFFERING.
-Charles Laessle. Township Clerk,
will receive sealed bids until 8 p. m.on Jan. 26 for the purchase
of $77,000
434% coupon or registered general improvement
funding bonds. Dated
Dec. 15 1930. Denom. $1,000. Due Dec. 15 as follows: $5,000
from 1931
to 1943 inclusive, and $6,000 in 1945 and 1945. Principal and semi-annual
Interest (June and December) are payable at the Burlington
County
Trust Co., Moorestown. No more bonds are to be awarded
than
duce a premium of $1,000 over $77,000. A certified check for will pro2% of the
amount of bonds bid for, payable to the
accompany each proposal. The approving order of the Township, must
Camden, will be furnished the purchaser. opinion of Walter Carson. of
MORGAN COUNTY (P.0, Versailles),
Mo.--BOND SALE.
-A $200.000 issue of 4% refunding bonds is reported
to
jointly, at par, by the Mississippi Valley Co of St. have been purchased
&Co. of Kansas City. Dated Feb. 1 1931. Due Louis and Stern Bros.
from 1932 to 1951.
MOUNTAIN IRON, St. Louis County, Minn.
-CERTIFICATE
OFFERING.-Sealed bids will be received until 8 p.
m.on Jan. 19 by J. F•
Mattila, Village Recorder, for the purchase of a
$65,000 issue of certificate
of indebtedness. Due on July 1 1931. A certified check
for 10% of the
bid, Payable to Jalmar Lundgren, Village Treasurer, is
required.
MOUNTAIN LAKES, Morris County, N. J.
-BOND SALE.
-C. A.
Prelm & Co. of New York, recently purchased an
of $258,000 534%
temporary improvement bonds at a price of par issue are
and
reoffering the
securities for public investment at a price of 100.34
and accrued interest,
yielding 4.25%. The bonds are dated Jan. 9 1931 and
mature July 9 1931.
The Borough is said to report an assessed valuation of
$4,071,896 and a
net debt of $110,230. The total debt was reported as
$684,842.
MOUNT HEALTHY SCHOOL DISTRICT, Hamilton
County, Ohio.
-BOND SALE.
-The Clerk of the Board of
issue of $8,000 school impt, bonds, voted at theEducation reports that an
general election
ber 1930 has been purchased by the State Teachers' Retirementin NovemSystem of
Columbus.
527
MOUNT PLEASANT(P.O. North Tarrytown) Westchester County,
-FINANCIAL STATEMENT.
N. Y.
-In connection with the notice of
the proposed sale on Jan. 20 of $443,000 not to exceed 5% interest bonds,
comprising three issues, description of which appeared in V. 132. P. 345,
we have learned of the following:
Financial Statement.
Valuations
Assessed valuation: Real property
$51,887,685
Special franchise
850.657
Personal property
11,500
Total assessed valuation
$52,749,842
Actual'valuation,estimated
65,000,000
Debt
Total bonded debt including these issues
1,934,000
Water district bonds,included above
250,000
Specialstreet improvement district bonds,included above
102 000
Population: 1920 Federal census, 14,004; 1930 Federal census, 20.911.
MULTNOMAH COUNTY (P.O. Portland), Ore.
-BOND OFFE4ING.
Sealed bids will be received until noon on Feb.2. by A. A. Bailey, County
Clerk, for the purchase of an issue of $150,000 coupon Hawthorne Bridge
bonds. Int. rate is not to exceed 5%. Denom.$1.000. Dated March 2 1931.
Due $2,000 from March 2 1937 to 1961 incl. Prin. and int.(M.and 13.)
payable in gold at the fiscal agency of the State in New York, or at the
office of the County Treasurer. The approving opinion of Storey. Thorndike, Palmer & Dodge of Boston. will be furnished. All bonds which may
be sold under tnis issue shall be sold for delivery at such bank at Port and
as may be designated by the purchaser. These bonds have been authorized
by an Act of the Legislature. Unconditional bids only will be considered.
No bid for loss than par value and accrued int. will be considered. A
certified check for 5% of the bid, payable to the County Clerk. is_required.
MUSKOGEE COUNTY (P.O. Muskogee), Okla.
-BOND OFFERING.
Sealed bids will be received until 10 a. m.on Jan. 27, by W. H. Pritchett,
County Clerk, for the purchase of a $250,000 issue of road and bridge
bonds. Said bonds will be sold to the bidder who will pay par and accrued
interest, and who shall stipulate in his bid the lowest rate of interest the
bonds shall bear. Due $12.000 from 1936 to 1955, and $10,000 in 1956.
The bonds will be sold under and in accordance with the provisions of
Senate Bill No. 87, approved Mar. 29 1927. A certified check for 2% of
the bid is required.
NEWBERRY COUNTY(P.0. Newberry), S. C.
-NOTES NOT SOLD.
-The $40,000 issue of not to exceed 6% school notes offered on Nov. 15V. 131, p. 3242
-was not sold. Due as follows: $20,000 on Feb. 20 1931
and $20,000 on March 20 1931.
NEW HARRISBURG RURAL SCHOOL DISTRICT(P.O. Hibbetts),
Carroll County, Ohio.
-BOND SALE.
-J. M. Harsh. Clerk of the Board
of Education,states that the State Teachers Retirement System,of Columbus, has purchased an issue of $17,000 school improvement bonds. The
issue was authorized at the general election in Nov. 1930.
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN-The
City Clerk informs us that a $100,000 temporary loan was awarded on
Jan.8 to the Boston Safe Deposit & Trust Co.of Boston at 2.52% discount,
plus a premium of $2. The loan matures Aug. 20 1931. Bide submitted
were as follows:
BidderDiscount.
Boston Safe Deposit & Trust Co.. plus $2 premium
2.52
Blake Bros. & Co
2.52
Aqueduct National Exchange Bank & Savings Co., Newport
2.63
Day Trust Co
2.69
Faxon, Gade & Co
2.78
Salomon Bros. & Hutzler
S. N. Bond & Co
RIS
NEWPORT NEWS, Warwick County, Va.-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Feb. 9, by A. M. Hamilton,
City Clerk, for the purchase of a $35,000 issue of coupon prison barracks
equipment bonds. Int, rate is not to exceed 5%, stated in
erection and
multiples of 4 of 1%. Denom. $500. Dated Feb. 1 1931. Due on
Feb. 1, as follows: $1,000, 1932 to 1934; 31,500. 1935 to 1941; $2.000.
1942 to 1948, and $2,500, 1949 to 1951. all incl. Prin. and int. (F. & A.)
payable at the National City Bank in New York. The approving opinion
of Thomson, Wood & Hoffman of New York will be furnished. These
bonds are issued in full compliance with the Constitution and Statutes of
the State, especially Chapter 156, Acts of Assembly, 1930. A certified
check for 2% of the par value of the bonds bid for, payable to the City
Treasurer, is required.
Official Financial Statement.
Present bonded indebtedness of the City of NewportNews, Virginia, not
including the foregoing issue, is as follows:
For general municipal purposes
$3.422.500.00
For water works
3,208,000.00
Total
Less:
Water works
Sinking fund
$6,630,500.00
$3,208,000.00
624,868.95
3,832,868.95
Net bonded debt
$2.797,631.05
Estimated actual value of taxable properties _________ -385.000,000.00
Assessed valuation real estate
$30,618,155.00
Assessed valuation personal property
4,558,268.00
Value of city owned property (not including water works)_ _ 35,176,423.00
4,780,500.00
Value of water works
3,470,339.81
Total tax rate, $2.95 per $100 of assessed valuation.
Population, 1930 (U. S. Census), 34,285.
NEW YORK, N. Y.
-TOTAL ISSUE OF $50,000.000 CORPORATE
STOCK SOLD TO THE PUBLIC.
-The Chase Securities Corp. of New
York, as managers of the group which purchased during October an issue
of550,030,000 4% 50-year gold corporate stock and re-offered the Same at a
price of 101, to yield 3.95%-V. 131, p. 2729
-announced on Jan. 15 that
all of the securities had been sold and the syndicate books closed. It is
understood that the most part of the issue was absorbed by institutions.
On Jan. 7 the group announced that all but about 59.000.000 of the stock
has been disposed of
-V.132, p. 346. With the completion of this financing
bankers are inclined to believe that another sale of long-term city securities
may be effected shortly, as short-term note issues aggregating $50,000,000
are scheduled to mature Feb. 2 1931.
NEW YORK,N.Y.
-SHORT-TERM NOTESISSUED IN DECEMBER
;
The following is a list of the short-term issues totaling $55,000,000 sold
by the City during the month of December, in addition to the sale of
and 4% corporate stock and serial bonds to two of the city's
594,140.000334
sinking funds.
-V.132, p. 165.
Various Municipal Purposes Notes.
Dock Improvement Notes.
Amount.
Maturity. Int.Rate. Date.
Amount.
Maturity. Int.Rate. Date,
$1,210,000 Feb. 27 1931 234% Dec. 30 0150,000 Feb. 27 1931 234% Dec. 30
Water Supply Notes.
Tr -Borough Bridge Notes.
1,800,000 Feb. 27 1931 234% Dec. 30
350,000 Dec. 22 1931 234% Dec. 22
Rapid Transit Notes.
Vehicular Tunnel Notes.
14,350,000 Dec. 22 1931 2% Dec. 22
50,000 Dec. 22 1931 234% Dec. 22
10,000,000 Mar. 2 1931 234% Dec. 30
Revenue Bills of 1930.
250,000 Dec. 22 1931 234% Dec. 22 10,000,000 Mar. 2 1931 234% Dec. 30
School Construction Notes,
10,000,000 Mar. 16 1931 234% Dec. 30
1,800,000 Feb. 27 1931 234% Dec. 30 5,000,000 Mar. 9 1931 234% Dec. 30
Financial Statement Jan. 21931.
Assessed valuation for year 1930
$61,918,010.00
Total debt (including these issues)
2,708,500.00
Water debt, included in total debt
359,000.00
Sinking funds other than water
27,302.96
Population, 40,000.
NIAGARA FALLS, Niagara County, N. Y.
-BOND OFFERING.W. D. Robbins, City Manager, will receive sealed bids
until 10 a. m. on
528
FINANCIAL CHRONICLE
Jan. 19 for the purchase of $164,000 not to exceed 4 X% int. (series 0)
coupon sewer bonds. Dated Feb. 1 1931. Denom $1,000. Due Feb. 1
as follows: $20,000 from 1943 to 1949 incl., and $20,000 in 1950. Rate •
of int. to be expressed in a multiple of 1-20th of 19' and must be the same
for all of the bonds. Prin. and semi-ann. int. (F. & A.) are payable at the
Central Hanover Bank & Trust Co., New York. A certified check for
$5,000. payable to the order of the City Manager, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
Financial Statement of City of Niagara Falls.
(As of Jan. 11931)
Assessed Valuation
$139,047.095
Real estate
5,130,576
Special franchise
$144,177.671
Total
Bonded Indebtedness
-5,837,129
*School bonds
1,887,330
Water bonds
2,782,045
Sewer bonds
3,093.255
Miscellaneous bonds
$13,599,759
1,887,330
Less water debt
311.712,429
145,000
Notes payable
Population: 1930 Federal census, 75.306.
school bonds above does not include $1.500.000
* The amount of the
School District of the City of Niagara Falls bonds. The School District
and the City of Niagara Falls are not coterminous. The Schooi District
extends beyond city limits.
-On Jan. 9 a
NORFOLK, Norfolk County, Va.-NOTE SALE.
a group com$2,000,000 issue of tax anticipation notes was purchased byand
Bank,
Hannahs,
posed of F. S. Moseley & Co., the First National as
New York as 4.80s, at par. Due follows: $1,000,000
Bailin & Lee, all of
on June 15. $250.000 on July 15, and $750,000 on Dec. 15 1931.
[VoL. 132.
of tax receipts, at the rate of 1.90 % a year with the Philadelphia National
Bank.
"The loan will run for 48 days,from to-day to Mar.3. It was made under
the law which permits the city to borrow up to 10% of the current budget,
the authorized 1931 outlay is about $89,000,000. in anticipation of tax
receipts.
"The emergency borrowing was necessitated by a shortage of about
$3,800,000 in the 1930 revenues anticipated by the Controller, mainly due
to delinquencies in payment of real estate taxes.
"City Council has arranged to transfer that amount from the 1931
budget to meet the 1930 deficit when the legislative session is held to-morrow. The new funds of $5,000,000 will balance that transfer and also go
toward meeting an additional 54,000,000 deficit in the 1931 budget, caused
by City Council 'tapping' authorized payrolls in an endeavor to keep down
the tax rate.
"City officials expect that collection of taxes in arrears can be stimulated
in 1931 to balance the major part of the deficiencies and to meet the emergency borrowing.
PIONEER IRRIGATION DISTRICT (P. 0. Caldwell), Canyon
-A $16,000 issue of 6% refunding irrigation
-BOND SALE.
County, Ida.
bonds is reported to have been purchased recently by the Idaho Grand
Masonic Lodge. Due in 10 Years.
-BOND SALE.
PORT CHESTER, Westchester County, N. Y.
The following issues of registered bonds aggregating $376,000 offered on
-were awarded as 43s to E. II. Rollins & Sons.
Jan. 12-V. 132, p. 165
and Wallace, Sanderson St Co., both of New York, jointly, at par plus a.
premium of $5,948.32, equal to 101.58, a basis of about 4.02%:
$219,000 local improvement bonds. Due on Feb. 1 as follows: $9,000 in
1932 and $10,000 from 1933 to 1953 incl.
62,000 sewer assessment bonds. Due on Feb. 1 as follows: $8,000 in.
1932, and $6,000 from 1933 to 1941 incl.
56,000 Lyon Terrace pavement assessment bonds. Due on Feb. 1 as
follows: $11,000 in 1932, and $5,000 from 1933 to 1941 incl.
20,000 garage bonds. Due $2,000 on Feb. 1 from 1932 to 1941 incl.
19,000 local sewer improvement bonds. Due on Feb. 1 as follows: $1,000
in 1932 and $2,000 from 1933 to 1941 incl.
Each issue is dated Feb. 1 1931. The following is a list of the bids subNORTHAMPTON COUNTY (P. 0. Charles City), Va.-BOND OF- mitted for the bonds:
4 o
4.Rate.
Rate Bid.
-Sealed bids will be received until noon on Jan. 20, by Helen
BidderFERING.
E. Lowe, Clerk of the County School Board, for the purchase of a $10,000 E. H. Rollins & So and Wallace, Sanderson & Co--43
I01.5&‘
Sons
Issue of refunding bonds. Denom. $1,000. Dated Mar. 15 1931. Due Eldredge & Co., New York
In4t30101.40
$1,000 from Mar. 15 1932 to 1941, incl. Prin. and int. payable at the Marine Trust Co., Buffalo
101.136
at the Farmers & Merchants Trust Phelps, Fenn & Co., New York
office of the County Treasurer, or
101.03
4 X%
Bank in Cape Charles. These bonds are issued for the refunding of $10,000 Roosevelt & Sons and George B. Gibbons & Co.,jointly 4 X%
100.887
Capeville District 6% school bonds, maturing on Mar. 15 1931, which were Stranahan, Harris & Co. and B. J. Van Ingen & Co.,
issued pursuant to Chapter 34 of the Code of Virginia, 1919.
100.79
4X
(This report supplements that given in V. 132, p. 346.)
Co., New York
41%
olntlyBacon
jwey,
Dewey. Bacon
4'I%100.55
First Detroit Co., Inc., New York
-TEMPORARY LOAN. Rutter & Co.and H.L.Allen & Co.,jointly
43.
NORTHBRIDGE, Worcester County, Mass.
100.18
-The Merchants National Bank, of Boston, recently purchased a $25,000 Lehman Bros. and the Manufacturers & Trust Co.
4X%
100.66
temporary loan, dated Jan. 13 1931 and due Nov.2 1931,at 2.73% discount.
(Buffalo), jointly
Bids for the loan were as follows:
Discount.
-BOND SALE.
-The followBidderPORTSMOUTH, Scioto County, Ohio.
2.73
Merchants National Bank (purchaser)
ing issues of refunding bonds aggregating $100,000 offered on Jan. 142.75
F. S. Moseley & Co
-were awarded as 43is to the First Detroit Co.,of Detroit,
V. 132, p. 165
2.89:
Day Trust Co
plus a premium of $879, equal to 100.879, a basis of about 4.32%:
3.125% at par
Bank of Commerce & Trust Co
$54.000 special assessment sewer construction bonds. Due $3,000 on
3.16%
Faxon, Gade & Co
April and Oct. 1 from 1932 to 1940. incl.
46.000 special assessment street and alley improvement bonds. Due semiOVID SCHOOL DISTRICT (P. 0. Ovid), Bear Lake County, Ida.
annually as follows: $3,000 April and Oct. 1 1932; $2,000 April
-It is now reported that the State of Idaho
-ADDITIONAL DETAILS.
and Oct. 1 from 1933 to 1936 incl.; $3,000 April and Oct. 1 1937;
purchased only $8,000 of the $11,000 issue of school building bonds, as
$2.000 April and Oct. 1 from 1938 to 1940, incl., and $3,000
5s, at par, not the entire amount as reported in V. 132, p. 246. Due in
April and Oct. 1 1941.
20 years.
Each issue is dated Dec. 15 1930.
he IB nds
sisd .
boue_
:
following is an official list of the bids
The
-PROPOSED BOND ELEC.
OWOSSO, Shiawassee County, Mich.
submitted-ttedPremiums
TION.-W.W.Wright, Commissioner of Public Improvements,is advocatInt. Rate $54,000
$46,000
a
ing the submission to the voters at an election to be held in the spring
(Each Issue) Issue.
Bidderproposal to issue $50,000 in bonds to start work on the construction of a
43‘
complete sewage disposal plant. At an election on Dec.3 last a proposition First Detroit Co., Detroit (purchaser)
" ° ". 0
77 6
275 5
°4 5
27 9
6 2
to issue $220,000 in bonds to finance the installation of a system was Provident Says. Bank & Tr. Co., Cincinnati-4X
4X
292.00
249.00
Well, Roth & Irving Co., Cincinnati
by a vote of 705 to 700.-V. 131, In 3910.
defeated
202.00
204.00
& Mayer,Cincinnati
Seasongood
5 .00
10 .
0
8 00
431
4
133.00
PAINESVILLE CITY SCHOOL DISTRICT, Lake County, Ohio.- Otis & Co., Cleveland
4X
92.00
-ISSUE REOFFERED.
-The Davies-Bertram Co., Cincinnati
-BOND SALE NOT CONSUMMATED
For Both Issues Combined.
sale on Dec. 16 of $165,000 school bonds as 4s,at a price of par, to the
-apparently was
Int. Rate.
-V. 131, p. 4246
Premium,
-Ohio Securities Co., of Columbus
Banc
3
6
9.
$2 0
not consummated, as a similar issue is being reoffered for award at 7:30 Taylor, Wilson & Co., Inc., Cinch
4t1
4
p. m. (eastern standard time) on Jan. 26. The bonds are dated Jan. 1 W.L. Slayton & Co.,Inc., Toledo
434
1931 and in $1,000 denoms. Due on Oct. 1 as follows: $6,000 in 1932; Ryan,Sutherland & Co., Toledo
4%
4°
341..00
0
$7,000 from 1933 to 1943, incl.; $6,000 in 1944: $7,000 from 1945 to 1954. BancOhlo Securities Co., Columbus
incl., and $6,000 in 1955. Authorized at the general election in Nov. 1930.
Principal and semi-annual interest (A. & 0.) are payable at the Painesville
PUTNAM CITY CONSOLIDATED SCHOOL DISTRICT NO. 1
-BOND
National Bank & Trust Co.,Painesville. Bids for the bonds to bear interest (P. 0. Oklahoma City, Route 4), Oklahoma County, Okla.
X of
-The $25,000 issue of school purpose bonds offered for sale on Dec.
at a rate other than 434%, expressed in a multiple of to the1%, will also SALE.
order of the 13-V. 131, p. 3910
-was purchased by C. Edgar Honnold of Oklahoma
be considered. A certified check for $2,000, payable
Board of Education, is required. Sealed bids should be addressed to Earl Qty.
A. Tucker, Clerk of the Board of Education.
-BOND OFFERING.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
-On Edward D. Stannard, County Treasurer, will receive sealed bids until
PARKERSBURG, Wood County, W. Va.-BOND ELECTION.
Mar. 3 an election will be held to vote on the proposed issuance of El: 12 m. on Jan. 23, for purchase of $225,000 not to exceed 5% interest
250,000 in bonds to be divided as follows: 3500,000 sewer system improve- (Series 26) coupon or registered highway bonds. Dated Feb. 1 1931.
ments; $375,000 city hospital improvement, and $375,000 fire station and Denom. $1,000. Due Feb. 1 as follows: $5,000 in 1932, and $10,000 from
fire equipment bonds.
1933 to 1954, incl. Rate of interest to be expressed in a multiple of X of
1% and must be the same for all of the bonds. Principal and semi-annual
-TEMPORARY LOAN.
-Elmer J. Interest (February and August) are payable at the First National Bank,
PEABODY, Essex County, Mass.
Foley, City Treasurer. on Jan. 15 awarded a $75,000 temporary loan to Brewster. A certified check for $4,000, payable to the order of the County
The loan is dated
S. Moseley & Co of Boston, at 2.49% discount. National Bank of Jan. 15 Treasurer, must accompany each proposal. The approving opinion of Clay,
Boston. Dillon & Vandewater, of New York, will be furnished the purchaser.
1931 and is payable Nov. 10 1931 at the First
$10,000 and $5,000. "Said notes will be certified as to
Denoms. $25,000,
genuineness and validity by the First National Bank of Boston, under
-The $85,000
-BOND SALE.
RHEA COUNTY(P.O. Dayton), Tenn.
advice of Storey, Thorndike, Palmer & Dodge, and all legal papers incident Issue of 5% semi-ann. highway bonds offered for sale on Oct. 27-V. 131,
,
-was purchased at par by Little, Wooten & Co. of Jackson.
to this issue will be filed with said bank, where they may be inspected at p. 2730
any time.
-ROAD DISTRICT NO.7(P.O. Rayville),
RICHLAND PARISH SUB
The following is an official list of the bids submitted for the loan:
Discount. La.
-The $50,000 issue of registered road bonds that
-BOND DETAILS.
Bidder2.49%
was purchased by the Continental Bank & Trust Co. of New Orleans
F. B. Moseley & Co.(purchasers)
2.505% V. 132, p. 346
-bears int. at 6% and was awarded for a premium ot $25.
Warren National Bank,Peabody
2.64%
incl.
equal to 100.05, a basis of about 5.99%. Due from 1932 to 1941, in
Salomon Bros. & Hutzler
2.775% The only other bid received was a premium offer of $1.00 by Ft. E.
Bank of Commerce Sc Trust Co
2.79%
of New Orleans.
Faxon,Gade & Co
RUSH CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Rush
ARGYL, Northampton County, Pa.-BONDPOPFERING.PEN
Secretary, will receive sealed bids until 7:30 City), Chicago County, Minn.
-The $85,000 issue of
-BOND SALE.
E. G. Godshalk, Borough
$40,000 4X % coupon borough bonds. 4 X% school bonds that was voted on Jan.8-V. 132, p. 165
-has since
m. on Jan. 26 for the purchase of
p.
Denom. $1,000. Due Jan. 1 1961; optional Jan. 2 been purchased by the State of Minnesota. (The bonds were approved by
Dated Jan. 2 1931.
interest (J. & J.) are payable at the a count of 345 "for" to 118 "against.")
1936. Principal and semi-annual A certified check for $200, payable to
pence of the Borough Treasurer. accompany each proposal. The bonds
RUSSELL TOWNSHIP, Geauga County, Ohio.
must
-BOND SALE.the order of the Borough,
Department of Internal Affairs of Pennsylvania. Joe E. Otterman, Clerk of the Board of Township Trustees, informs us that
have been approved by the
an issue of $2,096 534% coupon special assessment road impt. bonds has
-The $30,000 been sold at a price of par. Dated Nov. 27 1930. One bond for $296,
-BONDS NOT SOLD.
PERRY, Taylor County, Fla. offered on Dec.29-V. 131, p.4087
- others for $200. Due Oct. 1 as follows: $296 in 1932, and $200 from 1933
issue of6% semi-ann.refunding bondsreceived. Dated Jan. 1 1931. Due to 1941, incl. Interest is payable semi-annually in April and October.
was not sold as there were no bids
Jan. 1 1934 to 1943 incl.
$3.000 from
-Russell E.
SABINA, Clinton County, Ohio.
-BOND OFFERING.
-It is reported Allen, Village Clerk, will receive
bids until 12 m. on Jan. 30
-BOND OFFERING.
PHARR, Hildalgo County, Tex. refunding bonds that was registered for the purchase of $8,000 535% fire sealed
department appartus purchase bonds.
serial
that the $270.750 issue of 5% 3-V. 132, p. 346
-is now being offered Dated Jan. 1 1931. Denom.$1,000. Due $1,000 on March 1 from 1932 to
by the State Comptroller on Jan.
1939 incl. Int. is payable semi-annually in March and Sept. Bids for
for $250.
for immediate sale. Denom. $500, one
expressed in a multiple
the bonds to bear int, at a rate other than
5349''
X of 1%, will also be considered. A certified check for $150, payable
-CITY OBTAINS TEMPORARY LOAN OF of the order of the Village,
Pa.
PHILADELPHIA,
must accompany each Proposal.
Controller, on Jan. 13 obtained a loan of to
-Will Hadley, City
35.000,000.
Bank, repayable in 48 days,
$5,000,000 from the Philadelphia National the Jan. 14 issue of the Phila-WARRANT
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
to
Mar. 3 1931, at 1.90% interest, according made necessary because of a OFFERING.
-Fred P. Crowe, County Auditor, will receive sealed bids until
The loan
delphia "Public Ledger." 33,800,000 was the 1930 revenues anticipated 10 a. m.on Jan.29 for the purchase of $150,000 temporary loan warrants,
in
shortage of approximately
in payment of real estate to be dated as of the date of issue. Rate of interest to be suggested in proby the Controller, mainly due to delinquencies follows:
posal. Due $50,000 on June 1 1931 and $100,000 on Dec. 1 1931. sot
as
taxes. The "Ledger" reported on the action 1931 later this week, City will be payable at maturity of warrants. Denoms.to suit purchaser. Bids
city's books for
"Preliminary to opening the
loan in anticipation must be made upon the form provided by the Auditor. A certified check
Controller Hadley yesterday arranged a $5,000,000
JAN. 17 1931.]
FINANCIAL CHRONICLE
for 3% of the par value of the warrants bid for, payable
to the order of the
Board of County Commissioners, must accompan
y each
conditional bids will be accepted, and an opinion approving proposal. No
the validity of
the loan warrants will be furnished by competent
legal counsel of Indianapolis, at the expense of the purchaser. In regard
to the purpose of the
issue and the source from which it is repayable,
the offering notice says:
The proceeds ofsuch warrants are to be
used
the purpose
appropriations heretofore made and payable out forthe county of covering
of
general fund
for the year of 1931, and saki warrants
are payable out of taxes heretofore
levied for the county general fund for the year
of 1931. which taxes are now
in course of collection. Specificati
ons of said
concerning the same are on file in the office of warrants and information
the auditor and may be obtained on application,"
SALEM, Marion County, Ore.
-BOND OFFERING.
-Sealed bids will
be received until 7:30
Jan.
for the purchase of a p. in. onissue 19 by Mark Poulsen, City Recorder,
$75,000
of
bonds. Denom. $1,000. Dated Jan. 4Si% semi-annual sanitary sewer
1 1931. Due $5,000 from Jan. 1
1932 to 1946 incl. The approving opinion
of Teal, Winfree, McCulloch
& Studer of Portland will be furnished.
issue voted on June 28 1927, of which These bonds are part of a $500,000
$400,000 have been sold. A certified check for 2% must accompany the
bid.
SAN ANTONIO INDEPEN
San Antonio), Bexar County, DENT SCHOOL DISTRICT (P. 0.
-BOND SALE POSTPONED.
-We
are informed by Paul H. Scholz. Tex.
Business Manager of the Board of Education, that the sale of the $1,750,000 issue of school
bonds previously
scheduled for Jan. 20-V. 132. p. 347
-has been indefinitely postponed.
They will be re-offered later.
SAND SPRINGS, Tulsa County, Okla.
-BOND SALE.
-A $53,282
issue of 6% coupon improvement bonds was
purchased recently by the
Ilanchett Bond Co., of Chicago. Denom. $500.
Dated Dec. 15 1930.
Due from Oct. 1 1931 to 1940, incl. Prin. and
int. (A.
the City Treasury. Legality approved by G. A. Paul, & 0.) payable at
of Oklahoma City.
SAN JACINTO COUNTY (P. 0. Cold Spring),
Tex.
-BONDS
REGISTERED.
-The State Comptroller registered on
issue of 5%% serial road and bridge funding bonds. Jan. 10 an $84.504
SAYRE, Beckham County, Okla.
-BONDS
-At the
special election held on Dec. 30-V. 131. p. 4247 DEFEATED.
-the voters rejected tho
proposed issuance of $112.000 in water works system
bonds.
SCAPPOOSE, Columbia County, Ore.
-BOND
-Sealed
bids will be received until 7.30 p.m. on Jan. 19, by E.OFFERING.
E.West, Mayor,for
the purchase of a $4,000 issue of6% semi-ann.impt. bonds.
Denom.$500.
Dated May 1 1930. Due on May 1, as follows:
1937, and
$1,000 in 1938 and 1939. The approving opinion$500. 1934 toJohnson
of Ridgway,
&
Kendall of Portland, will be furnished. A certified check
for 10% must
accompany the bid.
SCOTIA, Schenectady County, N. Y.
-PROPOSED BOND
ING.
-Howard B. Toll, Village Clerk, states that an offering of OFFERbonds, comprising an issue of $90,000 street impt. and $15,000 $105,000
sewers, is
being considered.
SERGEANT TOWNSHIP (P. 0. Clermont), McKean County, Pa.
BOND SALE.
-The $14,000 5% coupon road and bridge bonds offered on
Jan. 12-V. 132. p. 347
-were awarded to the Hamlin
of Smithport, at par plus a premium of $281.25, equal toBank & Trust Co.
102.008, a
about 4.67%. Dated Nov. 1 1930. Due $1,000 on Nov. 1 from basis of
1931 ro
1944 incl.
SHAKER HEIGHTS,(P.0. Cleveland), Cuyahoga County, Ohio.
BOND OFFERINO.-E. P. Rudolph, City Clerk, will receive
until 12 M.on Feb. 5 for the purchase of the following issues of sealed bids
43 % bonds
aggregating $140,595:
$105,725 street improvement bonds. Dated Feb. 1 1931. Due Oct.
1
follows: $9,725 in 1932; $11,000. 1933; 310,000,1934; $11,000 as
in
1935 and 1936: 310.000, 1937; $11,000. 1938; $10,000. 1939, and
$11,000 in 1940 and 1941.
20.260 street improvement bonds. Dated Jan. 1 1931. Due
Oct. 1 as
follows: $1.260, 1932; $2,000 from 1933 to 1940, incl., and $3,000
In 1941.
14.610 street improvement bonds. Dated Jan. 11931. Due
Oct. 1 as
follows: $1,610, 1932; $1,500 from 1933 to 1935 incl.;
1936;$1,590 from 1937 to 1939 incl., and $2,000 in 1940. $2,000,
Principal and semi-annual interest (April and Oct.) are payable
at the office
of the City Treasurer. Bids for the bonds to boar interest
at a rate other
than 4;4%. expressed in a multiple of
of 1%, will also be
A certified check for 5% of the amount of bonds bid for, payable considered.
to the order
of the City Treasurer, must accompany each proposal.
SHELBY, Toole County, Mont.
-WARRANTS CALLED.
-A notice
was issued by A. H. Hart. City Treasurer, calling
general street, sanitary and special impt. district for payments on Dec. 26,
fund warrants.
SHERIDAN PARK FIRE DISTRICT NO. 4 (Tonawanda), P.
0.
Kenmore Erie County, N. Y.
-BOND OFFERING.
-Thomas
coll, Chairman of the Board of Fire Commissioners, will receive A. Drissealed bids
until 8 p. in. on Jan. 28 for the purchase
interest coupon fire district bonds. Dated of $15,000 not to exceed 6%
Jan.
Due on Jan. 1 as follows: $500 from 1933 to 19381 1931. Denom. $500.
incl.; $1,000
to 1950 incl. Rate of interest to be expressed in a multiple from 1939
of
and must be the same for all of the bonds. A certified check ki of 1%
for $500,
payable to the order of the district, must accompany each
proposal. The
approving opinion of Clay, Dillon & Vandewater of
New York will be
furnished the purchaser.
529
STAMFORD (Town of), Fairfield County, Conn.
-TEMPORARY
LOAN.
-Harold S. Nichols, Town Treasurer, on Jan. 16
000 temporary loan to the Shawmut Corp. of Boston at awarded a $200.2.19% discount.
The loan is dated Jan. 16 1931 and matures July 101931. Deno=
$25,000,
$10,000 and $5,000. Notes evidencing the amount.of the indebtedne
ss
will be certified as to genuineness and validity by the First National Bank
of Boston under advice of Ropes, Gray, Boyden & Perkins of Boston.
STEUBENVILLE, Jefferson County, Ohio.
-BOND SALE.
-The
$33,000 North End Field purchase bonds offered on Jan. 15-V. 132, p.
166-were awarded to the Provident Savings Bank & Trust Co. of Cincinnati at par plus a premium of $308.55, equal to 100.935.
Rate of
interest not stated. The bonds are dated Jan. 1 1931 and mature $3,000
on Oct. 1 from 1932 to 1942 inclusive.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BOND SALE.
-A
of $130,516 bonds of the initial offering of $130,516, for which sealedtotal
bids.
were received on Oct.27-V. 131, p. 2731-is reported to have been awarded
as 43.(s to the BancOhlo Securities Co. of Columbus, at par plus a premium.
of $464, equal to 100.35, a basis of about 4.17%. The bonds reported,
sold consist of:
$80,150 road improvement bonds. One bond for $150, others for $1,000.
Due on Oct. 1 as follows: $8,000 from 1931 to 1939, inclusive,
and $8,150 in 1940.
19.000 road improvement bonds. Denom. $1,000. Due on Oct. 1 as.
follows: $2,000 from 1931 to 1939, incl., and $1,000 in 1940.
11.866 road improvement bonds. One bond for $866, others for $1,000.
Due on Oct. 1 as follows: $2,000 from 1931 to 1935 inclusive, and.
31.866 in 1936.
10.500 bridge construction bonds. One bond for $500. others for $1,000.
Due on Oct. 1 as follows: $2,000 from 1931 to 1934, inclusive,,
and $2,500 in 1935.
3.600 bridge construction bonds. One bond for $800. others for $700.
Due on Oct. 1 as follows: $800 in 1931, and $700 from 1932 to.
1935, inclusive.
3.300 bridge construction bonds. Denoms. $700 and $600. Due on
Oct. 1 as follows: $700 in 1931. MO in 1932, $700 in 1933, MOO.
in 1934, and $700 in 1935.
2,100 sewer improvement bonds. One bond for $100, two bonds in.
denoms. of $1,000. Due on Oct. 1 as follows: $100 in 1931.
and $1,000 in 1932 and 1933.
Each of the above issues is dated Nov. 1 1930.
SUPERIOR, Douglas County, Wis.-BOND SALE.
-The $110,000
issue of 4;4% coupon school bonds offered for sale on Jan.
12-V. 131,
-was purchased by Halsey,
P. 4247
premium of $3,816, equal to 103.46. a Stuart & Co. of Chicago. paying a
basis of about
1931. Due $11,000 from Jan. 1 1942 to 1951 incl.4.20%. Dated Jan. 1
The other bids were officially given as follows:
Name of Bidder
Premium.
Ames, Emerich & Co
22,639.00
,
The Milwaukee Company
3,631.00.
The National City. Co
3.336.30
Seipp, Princell & Co
2,244.00
First Wisconsin Co
2,050.00•
H. M.Byllesby & Co
1.936.00.
Kent, Grace & Co
1,706.10
Paine, Webber & Co
1,400.00
Wells, Dickey & Co
1,380.00
R. E. Herczel & Co
1,314.00
TARRYTOWN, Westchester County, N. Y.
-BOND SALE.
-The
$25,000 coupon or registered water supply improvement
bonds offered on
Jan. 12 v. 132, p. 166
-were awarded as 4.30s to the
Bank & Trust Co., of Tarrytown, at 100.097. a basis ofTarrytown National
bonds are dated Dec. 1 1930 and mature 31.000 on about 4.29%. The
Dec. 1 from 1931 to
1955, incl.
TEXAS, State of (P. 0. Austin).
-BONDS
-The
following two minor issues of bonds were registered by REGISTERED.
the State Comptroller •
on Jan. 6:
$2,000 k% Pennington-County Line School District bonds
(Trinity and•
Flouston Counties). Denom. $50. Due serially.
5,000 5% Prairie Capel Independent School District bonds.
Denom.
$1,000. Due serially.
TULSA COUNTY UNION CONSOLIDATED SCHOOL
DISTRICT
NO. 2 (P.O. Tulsa), Okla.
-BOND SALE.
-A $14,000 issue of school
bonds is reported to have been purchased recently by
the Exchange National Co. of Tulsa, at par, as follows: $5,000
as
1940; $5,000 as 5) 's, due from 1941 to 1945, and 544s, due from 1936 to
,
$4,000 as 55, due from
1946 to 1949.
UNION, Union County, Ore.
-BONDS NOT
-The $16,000
issue of5% semi-ann.refunding bonds offered on Dec.SOLD.
20-V.131. p.4088
was not sold. The sale has been postponed indefinitel
y. Dated Jan. 1
1931. Due on Jan. 1 1951.
WAHPETON, Richland County, N. Dak.-BO
-A $40.000
issue of water works system bonds is reported to ND SALE.
have been purchased recently by the National Bank, of Wahpeton.
WASHINGTON SUBURBAN SANITARY DISTRIC
T, Md.-BOND
SALE.
-The $300,000 4 % (series W) coupon water bonds
offered on
Jan.14-V.132. p.348
-were awarded to
at 98.315, a basis of about 4.59%. The Harris, Forbes Si. Co.of New York
bonds are dated Dec. 1 1930 and
mature in 50 years; optional in 30 years. Bids for
the issue were as follows:
BidderRate Bid.
Harris, Forbes & Co. (purchasers)
98.315
Mercantile Trust Co. of Baltimore: Stein Bros. &
Scott & Co.; Nelson, Cook & Co.; Mackubin Boyce: Townsend,
Baker, Watts & Co., and Strothers, Brogden &, Goodrich & Co.;
Co., jointly
97.769
Estabrook & Co.. Hannalu3, Bailin & Lee, and
Y. E. Booker & Co.
(Washington), jointly
97.209.
WATERLOO INDEPENDENT SCHOOL DISTRIC
T (P. 0. Waterloo), Black Hawk County, lowa.-BONDS
OFFERED FOR INVESTMENT.
-The 8190,000 issue of
chased by Ames, Emerich & Co.4% coupon school bonds that was purof Chicago
-V.132. p. 166
-is now being
offered for public subscription at
all maturities. Due from Dec. 1prices to yield investor about 4.00%. on
1933 to 1949,Inc!. These bonds are
reported to be eligible for postal savings deposits.
Financial Statement (As Officially Reported).
Value of taxable property
519.450.981
*Total debt (this issue included)
939,000 •
Population: 1930 census, 21,531; 1920 census, 15,728.
* The constitutional debt limit is
value
The Supreme Court of Iowa defined5% of the 5% of taxable property.
this to
taxable property as returned by the assessor be asof the actual value of
and
equalized.
SHOREWOOD (P.0. Milwaukee\, Milwaukee
County,
SALE.
-The $20,000 issue of 4 % coupon semi-annual Wis.-BOND
electric light,
series 0 bonds offered for sale on Jan. 5.-V. 132, p.
166
by Ames, Emerich & Co. of Chicago, paying a premium -was purchased
of $1,068, equa.
to 105.34. a basis of about 4.28%. Dated May 1 1930, Due
from May 1
1944 to 1950, incl. The other bids were as follows:
Bidder
Premium.
The Milwaukee Co
$916.00
White-Phillips Co
832.50
Geo. B. Zimmerman
600.00
Marine National Exchange Bank
569.70
Hanchett Bond Co
216.00
SOUTHBRIDGE, Worcester County, Mass.
-TEMPORARY LOAN.
-The Merchants National Bank of Boston on Jan.
temporary loan at 2.537 discount. The loan is 15 purchased a $35,000
matures Nov. 2 1931. bids for the loan were asdated Jan. 20 1931 and
follows:
Bidder
Discaunt,
Merchants National Bank (purchaser)
2.53
Faxon, Gade & Co
2.64%
F. S. Moseley & Co
2.71%
Southbridge National Bank
2.73%
SOUTH CAROLINA, State of (P. 0. Columbia).
-NOTE
WAYNE COUNTY (P. 0. Richmond), Ind.
An issue of 81,750.000 tax anticipation notes was awarded on SALE.
-BOND OFFERING.
Jan.
the South Carolina National Bank of Columbia at 2.58%. Dated 10 to W. Howard Brooks, County Auditor, will receive sealed bids until 10 a. in.
Jan. 14 on Feb. 2 for the purchase of $220,000 4% bridge constructi
1931. Due on May 11931.
Dated Feb. 2 1931. Denom. 8500. Due semi-ann. as fellows: on bonds.
$7,500
July 1 1932 $7,500 on Jan. and July 1 from 1933 to 1946 incl., and $2 on
.
STAMFORD (City of), Fairfield County, Conn.
500
-TEMPORARY on Jan. 1 1947. Prin. and semi-ann. int. (J. & J.) are
LOAN.
-The $200,000 temporary loan offered on Jan. 12-V.
payable at the
Second National Bank of Richmond. Information regarding
132, p. 347
was awarded to the First Stamford National Bank, of Stamford,
at 2.56% ation of the bonds and data pertaining to the obligations of thethe authorizdiscount, plus a premium of$5. The loan is dated Jan. 12
County now
1931 and matures outstanding may be obtained upon application to the office of
Oct. 15 1931. Bids submitted were as follows:
the County
Auditor.
Bidder
Discount.
WEEHAWKEN TOWNSHIP (P. 0. Weehawken), Hudson
First Stamford National Bank, plus 35 premium
County,
2.567 N. J.
-BOND SALE.
-H.L. Allen & Co., of New York. have
First National Old Colony Corp
2.56
total of $188,000 bonds of the two coupon or registered issues purchased a
Peoples National Bank, Stamford
--------------------------aggregating
3190.000 for which no bids were received on Dec.
Day Trust Co
2.69
The bonds were sold as 430,at par plus a premium of 19-V. 131, p. 4248.
S. N. Bond & Co
$100,equal to 100.05,
3.25 0 a basis of about 4.49%. The sale consisted of:
•
FINANCIAL CHRONICLE
530
from
$170,000 public improvement bonds. Duo Dec. 15 as follows: $7.000 to
1932 to 1947, incl.; *8.000 in 1948, and $10,000 from 1949
1953,incl.
18,000 assessment bonds. Due Dec. 15 as follows: $2,000 from 1932 to
1934 incl., and $3,000 from 1935 to 1938, incl.
ch issue is dated Dec. 15 1930. The purchasers are reoffering the
bonds for public investment at prices to yield from 4.10 to 4.25%. according
banks and
to maturity. They are said to be legal investment for savingsan assessed
trust funds in I ew York and New Jersey. The township reports
valuation for 1930 of $34,672,912 and a net bonded debt of $2,467,277.
WILLACY COUNTY ROAD DISTRICT NO.5(P.O. Raymondville),
-A $500,000 issue of53% serial road bonds
Tex.
-BONDS REGISTERED.
was registered by the State Comptroller on Jan. 9. Denom. $1,000.!
-A $6,946.40
WINCHESTER, Clark County, Ky.-BOND SALE.
Issue of6% coupon street impt. bonds was purchased on Dec. 26 by Carey
$700, one for $600 and one for
Reed & Co. of Lexington at par. Denom.
$746.40. Dated Nov. 8 1930. Due in 1940. Int. payable on Feb. and
Aug. 1.
-BONDS AUTHORWINSTON SALEM, Forsyth County, N. C.
-We are informed that the following two issues of bonds were
IZED.
$75,000 storage dam, and
recently authorized by the Board of Aldermen:
$75,000 sewage disposal plant bonds.
-We are
-BONDS DEFEATED.
WISNER, Franklin County, La.
-the voters
Informed that at the election held on Dec. 23-V. 131, p. 3743
the proposal to issue $25,000 in water works system bonds.
rejected
WOODBRIDGE TOWNSHIP SCHOOL DISTRICT (P. 0. Wood
-Rapp & Lockwood.
-BOND SALE.
N. J.
bridge), Middlesex
County,
of New York, bidding for $139.000 bonds of the $140,000 coupon school
-were awarded the securities as
Issue offered on Jan. 12-V. 132: p. 348
5e. paying $140,019.60, equal to 100.73, a basis of about 4.93%. The bonds
are dated Jan. 1 1931, and mature Jan. 1 as follows: $5,000 from 1933 to
1956. incl. $4,000 from 1957 to 1960, incl., and $3,000 in 1961. Morris
Mather & Co., of New York, offered a price of $140,400 for 140 bonds.
WOODLAND CONSOLIDATED SCHOOL DISTRICT (P.O. Wood.
-We are informed by
land), Talbot County, Ga.-BONDS NOT SOLD.
the Chairman of the Board of Trustees that the $25,000 issue of 5% coupon
-was not sold.
semi-ann. school bonds offered on Dec. 20-V. 131, p. 3913
It is stated that these bonds will be disposed of privately. Dated Jan. 1
1936. Due from Jan. 1 1936 to 1955 incl.
-We are now informed that the above bonds were
BONDS SOLD.
purchased by the Robinson-Humphrey Co. of Atlanta, at a discount of
$875, equal to 96.50, a basis of about 5.31%.
-The
-NOTE SALE.
WORCESTER, Worcester County, Mass.
Worcester County National Bank, of Worcester, recently purchased an
issue of $1.000.000 notes at 2.325% discount. The notes are dated Jan. 14
1931 and mature Nov. 5 1931. Bids received were as follows:
D2iseo32un%t.
BidderWorcester County National Bank (purchaser)
2.35
Moseley & Co
F. S.
2.41
Salomon Bros. & Hutzler, plus $15 prt•rnium
2.41
Blake Bros. & Co., Plus $3 Premium
2.49
Day Trust Co
2 50 Q
Bankers Trust Co., plus $11 premium
2.54%
Shawmut Corp
WORCESTER CENTRAL SCHOOL DISTRICT (P. 0. Worcester),
-An Issue of 5200,000 school
-BONDS VOTED.
Otsego County, N. Y.
building construction bonds was approved at an election held recently.
The bonds are expected to be placed on the market shortly.
-BOND ORDINANCES
YOUNGSTOWN, Mahoning County, Ohio.
-The City Council has recently passed ordinances providing for
PASSED.
issuance of $42,500 5% bonds, divided as follows:
the
$10,000 municipal buildings repair bonds. Due $1,000 on Oct. 1 from 1932
to 1941 incl.
be•
10,000 bridge replacement and impt. bonds. Duo $1,000 on Oct. 1
from 1932 to 1941 incl.
repairing
10,000 bonds to be issued for the purpose of improving and 1941 incl.
sewers and drains. Due $1,000 on Oct. 1 from 1932 to
repairing the
8,000 bonds to be issued for the purpose of improving and 1 from
1932 t
Incinerator plant and building. Due $1,000 on Oct.
1939 incl.
4.500 bonds to be issued for the purchase of laboratory and general
office equipment. Due MO on Oct. 1 from 1932 to 1936 incl.
as to
All of the bonds are to be dated an. 15 1931 and are to be payableFund
prin. and semi-ann. int. (A. •Sz 0.) at the office of the Sinking
both
Trustees of the City. "The bonds shall be first offered at par and accrued
Fund in their official capacity, and if the
int. to the Trustees of the Sinkingtake all or any of said bonds at par and
Sinking Fund Trustees refuse to
accrued int., then said bonds not so taken shall be advertised for public sale
and sold in the manner provided by law, but not for less than their par
value and accrued int."
-BOND OFFERING -H.C.
YPSILANTI,Washtenaw County, Mich.
Holmes, City Clerk, will receive sealed bids until 4 P. M. on Jan. 19 for
% sower bonds. Denom. $1,000. Dated
the purchase of $12,000
Feb. 2 1931. Due $3.000 in 1933. 1934, 1935 and 1936.
[VOL. 132.
CANADA,its Provinces and Municipalities.
-N.A.Kilburn,Ltd.,of Edmonton.
-BOND SALE.
CAMBROSE,Alta.
on Nov. 20 purchased an issue of 512,0006% coupon sidewalk construction
bonds at a price of 102.05, a basis of about 5.71%. The bonds are dated
Nov. 15 1930 and mature Nov. 15 1940. Int. is payable annually on
Nov. 15.
-AWARD OF $30,000,000
ONTARIO, Province of (P. 0. Toronto).
BONDS.
-The $30,000,000 4 % coupon provincial bonds offered on Jan.
-were awarded to a syndicate composed of the National
13-V. 132, p.348
City Co., Dillon. Read & Co. and the Guaranty Co. of New York, all of
New York, and Wood, Gundy St Co. Inc., the Dominion Securities Corp.,
also A. E. Ames & Co., Inc., the loiter three all of Toronto, at a price of
98.669 (Canadian funds), the net interest cost of the financing to the Province being approximately 4.60%. The bonds are dated Jan. 15 1931 and
mature Jan. 15 as follows: 5961.000, 1932; $1,004,000. 1933; $1,050,000,
1934;5296,000. 1935;$310,000, 1936;5324,000, 1937;$338.000, 1938:$353,000, 1939; 3369.000. 1940; 8386,000, 1941; $403,000, 1942; $442,000, 1943;
41,000, 1944; $460.000, 1945; $481,000. 1916; 5503,000, 1947; $525.000,
5549,000, 1949;3574,000. 1950;8599.000. 1951;$626.000, 1952;$655,0. 1953; *684.000. 1954; 5715.000, 1955; $747,000, 1956; 1781,000, 1957:
$816,000, 1958; $852.000; 1959; $891,000, 1960; $931,000. 1961: $973.000.
1962; $1,017,000, 1963; $1,062.000, 1964; 51.110,000, 1965; $1.160,000,
1966; $1,212,000, 1967; 81.267,000. 1968; $1,324,000, 1969; 51,383,000,
1970 and 51.446,000. 1971.
BOND'S PUBLICLY OFFERED.-Members of the successful group are
due from 1932 to 1941 Incl., priced at 100.50 and interest; $4.957,000 bonds
due from 1942 to 1951 incl. priced at 100 and interest, and $19.652,000
bonds, due from 1952 to 1971 incl., are priced at 99.50 and interest. The
bonds are stated to be legal investment for savings banks and trust funds
In Connecticut. Maine, New Hampshire and Vermont and are payable
as to both principal and semi-annual interest (Jan. and July 15) in United
States gold coin in New York City or in Canadian gold coin of lawful money
In Canada,or at the fixed rate of $4.86 2-3 to the pound sterling in London,
England. Proceeds of the sale will be used for funding and refunding
purposes.
Hon. E. A. Dunlop, Provincial Treasurer, informs us that three syndicates bid for the issue, as follows:
Rate Bid.
(Canadian Funds.)
BidderThe National City Co.' Dillon, Read & Co.; Guaranty Co. of
New York; Wood, dundy & Co., Ltd.; A. E. Ames & Co.,
Ltd.; the Dominion Securities Corp., Ltd.,(successful group) 98.6699
Bancamerica-Blair Corp., N. Y.; Chase Securities Corp, New
York; Continental Illinois Co., Chicago; First Union Trust dr
Savings Bank, Chicago; Royal Bank of Canada, Montreal;
Canadian Bank of Commerce, Toronto; R. A. Daly Sz Co.,
„ Ltd., Toronto; The Marine Trust Co., Buffalo; Guardian
Detroit Co., Inc., Detroit; E. H. Rollins & Sons, New York;
Greenshields & Co., Montreal; Royal Securities Corp., Ltd.;
Montreal; The Shawmut Corp. of Boston; F. S. Moseley &
Co., Boston; The Atlantic Corp. of Boston; E. Lowber
Stokes & Co., Philadelphia; Wells-Dickey Co., Minneapolis;
BancNorthwest Co., Minneapolis; Kalman & Co., St. Paul;
97.949
First St.Paul Co., St. Paul,jointly
Bank of Montreal; McLeod, Young, Weir & Co., 1.4c1.; F. W.
Kerr & Co.; Bell, Gouinlock & Co. Ltd.; Fry. Mills, Spence
co
& Co.; Bank of Nova Scotia' The dominion Bank; Matthews
.1z Co.; Hanson Bros., Inc.; First National Bank, New York;
Kountze Bros.; Bankers Trust Co.; Stone & Webster and
BlodInc.;gett, Inc.. First Detroit Co., Inc.; Salomon Bros. &
Hutzler; R. W. Pressprich & Co.; the Northern Trust Co.,
97.36
Chicago, jointly
Financial Statement (As of Oct. 31 1930.)
Approximate assessed value of all property within the Prov„.$2,915,000,000
430,493,000
Gross funded debt (including this issue)
2,810,000
-Sinking fund
Less
F048;
Temporary loans, savings office, deposits, special funds and
accounts payable (after giving effect to this financing)-
$427,683,000
49,315,000
$476,998,000
* Total debt
83,000,000
Contingent liabilities (fully secured)
2,642,000
Annual Dominion government subsidy
(estimated) 3,200,000. Area 407,262 square miles.
Population
•Included in this figure are income-producing assets amounting to
$245,660,000.
-Sealed bids addressed
PORT COLBORNE, Ont.-BOND OFFERING.
12 m.on Jan. 17
to H. F. Johnston, Town Treasurer, will be received until Due in 30 years.
purchase of 5113.803.53 5% local impt. bonds.
for the
-BOND OFFERING.
-Sealed
ST. JOHN (City and County of), N. B.
bids addressed to the Commissioner's Clerk will be received until 12 m.
on Jan. 20 for the purchase of 31.300.000 434% general hospital construction
bonds. Due in 40 years. Payable in Canada and New York. Interest is
payable semi-annually.
FINANCIAL
FINANCIAL
CHARTERED 1855
Market for
United States Trust Company of New York
45-47 WALL STREET
Capital,
Surplus and Undivided Profits,
82,000,000.00
$27,503,497.28
Pacific Coast Securities
WM.R,STAATS CO.
Established 1887
LOS ANGELES
PASADENA
SAN FRANCISCO
SAN DIEGO
January 1, 1931
This Company acts as Executor, Administrator, Trustee, Guardian, Comznittee, Court Depositary and in all other recognized trust capacities.
EDWARD W. SHELDON, Chairman of the Board
CARL 0. SAYWARD, Asst. Vice-President
KINGSLEY, President
WILLIAM M.
STUART L. HOLLISTER Asst. Comptroller
LLOYD A. WAUGH, Asst. Comptrol er
WILLIAMSON PELL, let Viee-President
& Comp. HENRY L. SMITHERS, Asst. Secretary
FREDERIC W. ROIlBERT, V.-Pres.
Secy. ELBERT B. KNOWLES, Asst. Secretary
WILFRED J. WORCESTER, V.-Pres. &
ALBERT G. AT WELL, Asst. Secretary
THOMAS H. WILSON, Vice-President
HENRY E. SCHAPER, Asst. Secretary
-President
ALTON S. KEELER, Vice
HARRY M. MANSELL, Asst. Secretary
S. OSBORNE, Asst. Vice-President GEORGE F. LEE Asst. Secretary
ROBERT
WILLIAM C. LEE, Asst. Vice-President
GEORGE MERReTT, Asst. Secretary
HENRY B. HENZE, Asst, Vice-President
TRUSTEES
FRANK:LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
EDWARD W.SHELDON
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
CORNELIUS N. BLISS
WILLIAM VINCENT ASTOR
JOHN SLOANE
FRANK L. POLK
THATCHER M.BROWN
WILLIAMSON FELL
LEWIS CASS LEDYARD,JR.
GEORGE F. BAKER JR.
WILSON If. POWELL
JOHN F. WILSON
CHAPMAN NWOLFE SCO.
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