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141
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financial
I
aI
tillinUrri
REG. U.S.
hronide
SATURDAY JANUARY,24 1931.
VOL. 132.
financial Thrmute
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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 958, City Hall Static)...
The Financial Situation.
The ease in the money market is reaching such a
pass that it looks as if money might ere long be like
stocks on the Stock Exchange in such overabundant
supply as to loan flat—that is, without cost to the
borrower. If that be deemed a somewhat extravagant statement, as in some degree it unquestionably
is, at least it is descriptive of a situation where
money rates are so inordinately low for all classes
of loans that it is really a question whether the small
return which the banks receive in the shape of interest pays for the cost of the bookkeeping and other
clerical labor involved in making the loans, including the various details such as checking up the collateral, keeping track of the maturities, making calculations as to the interest accumulating from day
to day, &c.
Assuredly existing rates on certain classes of loans
can leave the banks,little profit after allowing for
the 1% interest which the banks pay ordinary de/
1
2
positors and the 1 % they pay savings institutions.
84
week two more cuts of Y 70 each have been
This
in the open market rate for bankers' acceptmade
NO. 3422.
ances, making four reductions of the same amount
made the present month and bringing the rate for
bills of 30-, 60- and 90-day maturity down to only
12 bid and 1%70 asked. The call loan rate on the
/
1
%
Stock Exchange is also only 1 %, while outside
/
1
2
the Stock Exchange call loans, command only 1%.
Even 60-day time loans are obtainable at 1 %,and
/
1
2
commercial paper running 4 to 6 months is being
negotiated at 23
470. In such a state of things, is
not the question pertinent what is to keep the banks,
which certainly have the right of existence, even
though they are more frequently damned than
praised, from famishing?
The situation might be allowed to correct itself,
and no doubt speedily would correct itself if we
merely had to deal with ordinary credit conditions.
But we do not. The Federal Reserve Banks are
present as an outside agency and are causing complete demoralization. Owing to the trade depression
there is no mercantile demand for bank credit, and
the liquidation on the Stock Exchange has released
billions of dollars previously tied up in speculative
loans. The Federal Reserve therefore should hold
aloof. Instead, our Reserve Banks keep ladling out
Reserve credit in much the same way that soup is
ladled out in the free soup kitchens. Endowed with
unlimited supplies of credit, they aim to be beneficent agencies for the promotion of trade, and, accordingly, engage in dispensing Reserve credit in
a manner befitting Lady Bountiful. The likeness to
the soup kitchens ceases in the final step, since, unlike the soup kitchens, there are no applicants for the
favors the Reserve would bestow. But they are equal
to the occasion. Their open market operations are
available to feed the country with Reserve credit
even if it is not wanted or needed. The rediscount
rates of the different Reserve Banks have been reduced over and over again, since the panic of last
year, until now in the New York Federal Reserve
district the rate is down to only 2% per annum, the
lowest rate ever prevailing, by a wide margin, since
the establishment of the Federal Reserve System,
and yet the member banks cannot be prevailed upon
to borrow except in a very limited way and to a very
limited extent.
Not to be deterred, the Reserve Banks have been
buying bankers' acceptances on the discount basis of
13
4% and have been buying United States Government securities on an income basis only a little
better. In this way they have been able to keep a
vast amount of Reserve credit afloat which otherwise would have gone into retirement and should
have so gone. Time was when we were told that
Federal Reserve notes could not be kept in circulation unless needed, but that theory is no longer
urged, since it is so palpably evident that if forced
532
FINANCIAL CHRONICLE
[Vox,. 132.
out by the Reserve Banks, as has been repeatedly Manhattan Co. Mr. Warburg, while saying that
the case, the notes somehow stay out. Anyway, easy money is a powerful ally of the forces struggling
what would become of the plan to which the Reserve to overcome the strangle hold of a depression, deBanks are wedded of regulating credit supplies if clares it is not a remedy, and expresses agreement
the notes came back unless needed? Plainly enough, with the English banker who—when advised of the
they do not come back. They stay out as they are reduction of the discount rate of the Bank of Engpaid out. In more recent weeks, holdings of bank- land as a measure promising relief—answered: "I
ers' acceptances have been considerably reduced, pre- don't believe that bank rates eat wheat!"; which Mr.
sumably on repurchase agreements by the dealers Warburg supplements by adding: "Nor do they
who found that they could be disposed of on more consume coffee, sugar, or other commodities."
We are prompted to go thus at length into the
remunerative basis in the open market. But holdsecurities have matter again, though we have touched upon it many
ings of United States Government
been maintained at close to maximum levels, and on times in the past, since at the hearings this week,
Wednesday of this week $624,591,000 were still held before the subcommittee of the Senate Committee
by the 12 Reserve institutions. Member bank bor- on Banking and Currency, with Carter Glass as
rowing this week is down to $229,885,000, yet the Chairman, virtually all the different Reserve offiaggregate of Reserve credit outstanding, as repre- cials admitted that the easy money policy of 1927
sented by the bill and security holdings, is still in had been wholly or partly a mistake. To-day the
excess of $1,000,000,000, being, in exact figures, Reserve authorities are doing just what they then
$1,006,751,000. If the Reserve System functioned were doing. To-day, as in 19277 the member banks
as it should function, or were operated in the way could not be induced to borrow at the Reserve, since
in which it should be operated, not a dollar of this they could not loan the money out again at a profit.
Reserve credit would be afloat to-day, since it is not Then, as now, the Reserve authorities were bent on
needed in trade or for trade purposes. The banking carrying out their policy, by availing of their open
mechanism of the country is to-day saturated with market operations, and then, as now, they bought
unneeded banking credit as never before in the coun- to that end hundreds of millions of United States
try's history. Not only are trade requirements at Government securities and of bankers' acceptances.
a low ebb, because of the bad times, but the liquida- Then,as now,they kept steadily reducing their redistion in the stock market has released credits, as count rates. The only difference now is that the
already stated, that 18 months ago were tied up in rate is very, much lower. Then the rate never got
security loans in amount of $6,000,000,000 to as low as it is now., Then it was never,marked down
/
lower than 31 2%. Now it is down to 2%, making
$7,000,000,000.
This saturation of banking credit has been harm- matters infinitely worse. The buying rate for bankful and will continue to be harmful when it is in- ers' acceptances is still lower, or only 1%%. Just
tended to be beneficial. This is so because excess think of buying bills at such an absurdly low figure.
banking credit is always harmful. At the moment, Why, the very fact that no higher figure can
with gloom and pessimism so widespread, specula- be obtained is evidence that no Reserve credit is
tive ventures are at a discount and money simply needed.
The present easy money policy of the Federal Recongests in bank vaults, but sooner or later banks, in
sheer desperation to earn a bare subsistence, will serve Bank has failed in every purpose for which it
seek to find some more profitable means of employ- was intended. It was meant to stimulate trade
ment of their idle funds and will be tempted to activity in a time of trade paralysis. It has been in
encourage ventures which might better be let alone, operation 15 months, and a revival of trade is still
thereby repeating the unfortunate experiences which a matter of the future. Trade activity cannot be
culminated in the collapse in the autumn of 1929 stimulated by artificial processes of that kind. Incifrom the ill effects of which the country is so sadly dentally, the inordinately low rates brought about
through the excessive use of Reserve credit has
suffering now.
Entirely apart from this, an easy money policy is served to inflict at least one additional burden upon
apt to retard business recovery rather than to pro- the merchant and the business man. It has obliged
mote its arrival. We think Mr. Wiggins, of the the Clearing House banks in this city to reduce the
Chase National Bank, stated the situation accu- rate of interest allowed on deposits kept with the
rately last week when he said that "if money rates banks. Every merchant and business man finds it
had remained firmer during 1930 we should have incumbent to hold a larger or smaller deposit with
witnessed liquidation of bank credit behind securi- his bank or banks for the conduct of his business.
he
ties, including both customers' loans and bank hold- On that deposit (or his monthly bank balances)
instead of the rise in stock market was receiving, two years ago, interest at the rate of
ings of bonds,
reductions,
2
1
/
prices in the first quarter of the year. This would 2 % per annum. Now,after successive
he is receiving only 1%. Obviously the banks could
have reduced the violent breaks in the stock market
not continue paying 21 2% when, as a result of the
/
in the autumn (of 1930) and would have strengthliquidity of the general banking position Federal Reserve easy money policy, they are earning
ened the
less than that themselves. But now consider the
to-day." This same argument still holds good, and
means and arti- plight of the unfortunate business man. The effect
will always hold good. Artificial
of the lower interest rates allowed him on his bank
ficial props can never be anything but a poor decharacter of which must balances has been to further curtail his income.
pendence, the unsubstantial
The profits from his business, because of the depressooner or later appear.
being sion, have fallen close to the vanishing point or have
As for low interest rates, or low discounts,
quoted an apt entirely disappeared. Now,in addition, he finds the
an aid to trade, Paul M. Warburg
little interest he has been receiving on his bank balremark in his address, two weeks ago, at the joint
ances also pared down, netting him only 1% now
meeting of the Boards of Directors of the different
against the former 21/2%.
banking units grouped together in the control of the
JAN. 24 1931.]
FINANCIAL CHRONICLE
The easy money policy has had one other object
in view, namely, to induce security investments by
the purchase of bonds. It has signally failed here as
in the other particulars. The bond market, instead
of being strengthened and improved during 1930,
went all to pieces, more completely so than ever
before in Stock Exchange history. Some slight
revival has occurred during the last two or three
weeks, but not enough to count for much. Finally,
the Reserve easy money policy had still another
object in view, namely, to aid the Bank of England
in protecting its stock of gold at a time when it was
being subjected to such heavy drains on French
account. And certainly if low money rates here
could have done the job, the purpose should have
been attained, since the New York Federal Reserve
rediscount rate has been lowered to 2%, while the
Bank of England rate still remains at 3%. But
what do we find? Notwithstanding the difference
of a full 1% in favor of Great Britain, cable transfers on London this week have been down to a figure
where there is a possibility of gold imports from
London.
In view of all this, would it not be better for the
Federal Reserve Banks to stop meddling with bank
credit and the money market through their open
market operations and let the Reserve Banks function as they were intended to function, in simple
response to the workings of economic law, which
means that Reserve credit should be forthcoming
only when the banks have need for it and made applications for it by applying for discounts on their comme-eial paper.
533
serious step as the removal of a directing official
was in contemplation or had been taken, the public
and the depositors would be sure to get suspicious,
if not actually alarmed. A run on the part of the
depositors would then be started, with all that that
involves. We believe Governor Harrison, of the Federal Reserve Bank, who testified before the Carter
Glass committee, is nearer right in the views he
takes regarding the matter. Newspaper accounts
say that he expressed some sympathy with the proposal of Comptroller Pole that authority should be
given the latter office to bring about the removal
of a bank official whose activities did not conform
to good banking practices. However, he feared that
such authority might lead to abuses and indicated
his belief that other measures, such as impressing
the directors of the institution with their own responsibility, might be equally as effective and at the
same time less paternal. In this Mr. Harrison is
advocating the proper step.
It strikes us, too, that Governor Harrison made
an excellent suggestion on another point in the
course of his testimony when he urged the taking of
steps to curb what are termed "bootleg loans to
brokers." The bootleg system he described as "corporations and individuals seeking an opportunity to
get high returns on ready available funds" who
"start to loan in rapidly growing amounts to brokers and dealers in stocks on the Stock Exchange."
Other Federal Reserve officials expressed themselves
to the same effect. Some steps along this line ought
to have been taken long ago.
Brokers' loans are still undergoing the process of
The Comptroller of the Currency, John W. Pole, contraction. This week's statement of the New York
is one of those who have been testifying before the Federal Reserve Bank shows a further reduction of
Subcommittee of the Senate Banking and Currency $63,000,000, bringing the total down to $1,757,Committee, of which Carter Glass is Chairman, with 000,000, which compares with $1,820,000,000 last
reference to the banking situation, and we see that week, and with no less than $6,804,000,000 on Oct. 2
he made one of the same recommendations made by 1929, when these loans were at their maximum. In
the New York Superintendent of Banks, namely, the further reduction this week the loaning under
that he be given special authority by Congress for all the different categories has contributed,loans for
dealing with bank officials who, on examination, are own account falling from $1,132,000,000 to $1,101,found to have been indulging in unsound banking 000,000; loans for account of out-of-town banks from
practices. He is quoted as saying that he believed $343,000,006 to $330,000,000, and loans "for account
one very helpful change in the law would be author- of others" from $344,000,000 to $326,000,000.
ity for the Comptroller of the Currency to remove
Member bank borrowing at the Federal Reserve
officers of banks which indulged in unsound prac- Banks has also slightly diminished the past week.
tices. The very existence of such a power, he thinks, The discount holdings of the 12 Reserve Banks dewould afford assurance that it would not be neces- creased from $243,340,000 to $229,885,000. Holdsary to exercise it. We cannot acquiesce in this ings of acceptances have fallen from $196,180,000 to
ready assurance of the Comptroller, and we do not $151,625,000. The holdings of United States Govbelieve that the scheme would work in the way ernment securities have also somewhat further deintended. Officials who engage in reprehensible creased during the week, standing now at $624,practices are not likely to be deterred by any pro- 591,000 as against $644,317,000 last week. As a
visions in the statute. In fact, they nearly always result of these changes, total bill and security holdact in defiance of the statute. Moreover, we do not ings, which are a measure of the amount of Reserve
think that any Comptroller, or any Banking Super- credit outstanding, this week stand at $1,006,751,000
intendent, should be clothed with any such extreme against $1,089,387,000 last week. The amount of
authority, and especially we do not think that the Federal Reserve notes in circulation has been rejudgment of any single individual should be final duced from $1,552,702,000 to $1,517,843,000, while
for such an extreme act as the removal of the direct- gold reserves have increased from $3,058,577,000 to
ing official of a bank. If any banking official is $3,074,148,000.
guilty of offences that warrant his removal, the
The foreign trade of the United States touched
court alone should have power to pass judgment
upon the acts—this for the protection of the bank the lowest point of many years in the closing month
of 1930. At the very beginning of the year just
as well as of the culpable official.
Besides, action of that kind would be sure to have closed there was some recession in the trade moveserious effects upon the bank. The chances are that ment to and from foreign ports, and the value of
the moment the announcement came that such a these shipments became more and more unsatisfac.
534
FINANCIAL CHRONICLE
[voL. 132.
tory as the year advanced. During the first six ports $72,547,000. For the year 1930 gold imports
months the falling off reached a considerable sum, amounted to $396,054,000 and exports $115,967,000,
but it remained for the last half of the year to show the excess of imports being $280,087,000. In 1929
the heaviest reduction.
gold imports were $291,649,000 and exports $116,The loss in both exports and imports reached its 583,000, imports exceeding exports for that year by
most pronounced stage in December. The total of $175,066,000. Gold imports last year were the
imports and exports for that month reached $482,- largest of any year back to 1921, when gold imports
000,000. For the preceding month the total was were $691,248,000. The silver moyement in Decem$493,000,000, while for December 1929 the corre- ber was again reduced, exports amounting to
sponding figures were $736,300,000, the value for $3,472,000 and imports to only $2,660,000. In both
that month being considerably under the amount for instances the December figures for silver were close
most of the other 11 months of that year.
to the lowest of the year.
Exports from the United States in December
The stock market was a dull affair until Friday,
amounted to only $273,000,000, the lowest value for
any one month, with the single exception of July when there was a sudden revival of activity, with a
last, reported for many years. November exports brisk advance in prices. Previously the market had
amounted to $289,008,000, but those for December exhibited more or less irregularity from day to day,
1929, $426,551,000. Imports of merchandise for the and yet had shown a slowly rising tendency. A few
closing month of 1930 were valued at $209,000,000 special stocks have been weak because of circumagainst $203,718,000 for the preceding month and stances relating to themselves, as, for instance, Gil$309,809,000 for the corresponding period in 1929. lette Safety Razor, which, on rumors of a reduction
Imports in December were also considerably below in the dividend, suffered a further sharp decline in
those of preceding months, excepting November, for price. Accounts regarding the steel trade speak of
many years back. The excess value of exports for slowly rising activity, steel ingot production being
December 1930 was reduced $64,000,000; in Decem- rated now at 46% of capacity against 44% last week,
ber 1929 exports exceeded imports by $116,742,000. and 34% the low point during the Christmas holiMerchandise exports for the full year in 1930 days. On the other hand, there have been reports
aggregated $3,841,207,000, and imports $3,061,- that the United States Steel Corp., in the quarterly
369,000. This is the lowest value for exports since statement to be submitted after the close of business
1922 and for imports since 1921. In 1929 exports on Tuesday of next week, would show less than 1%
amounted to $5,240,995,000 and imports to $4,399,- earned for the common stock for the December
361,000. The decline for the year just closed in the quarter.
value of exports from the preceding year was $1,399,Estimates current a few weeks ago had sug788,000, and in imports $1,337,992,000. The balance gested a much higher return. These reports, howof trade for 1930 continued on the export side, ever, have been without depressing effect on the
amounting to $779,838,000; for 1929 the export bal- steel shares, and, for the full year, it is estimated
ance was $841,634,000.
that $8 or $9 per share will be shown to have been
The shrinkage in cotton exports from the United earned on the stock as against over $21 per share in
States contributed very materially to the smaller that extraordinarily good year 1929. This would be
movement abroad, not only as to the quantity but in in excess of the 7% dividends per year that are paid
the value, cotton prices last year being considerably on the shares. Furthermore, President James A.
lower than in 1929. Exports of cotton in 1930 were Farrell, in an address at Chicago, on Monday, de6,590,1600 bales, a loss from the preceding year of clared quite confidently that the country had seen
989,800 bales, or 13.1%. In value,'however, the de- the worst of the prevailing business depression. The
cline last year was much heavier. Cotton exports in call loan rate on the Stock.Exchange has not devi1930 were valued at $496,857,600, which was $273,- ated on any day of the week from 11 2%.
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972,600 smaller than for the preceding year, equivaTrading was light until Friday, when there was a
lent to a loss of 35.4%.
sudden revival of activity. At the half-day session
Other heavy losses in exports last year were in on Saturday sales on the New York Stock Exchange
machinery and vehicles, which includes automobiles, were 1642,220 shares; on Monday they were 1,114,830
which for the 11 months of 1930 showed a reduction shares; on Tuesday, 1,329,260 shares; on Wednesfrom 1929 of $342,100,000; metals and manufactures, day, 1.407,535 shares; on Thursday, 1,860,740 shares,
other than vehicles, declined for the 11 months of and on Friday, 2,868,150 shares. On the New York
1930 $166,700,000; vegetables, including grain and Curb Exchange the sales last Saturday were 215,400
flour, for the 11 months were $144,500,000 lower. shares; on Monday, 190,300 shares; on Tuesday,
The loss in exports in 1930 for the four divisions 228,700 shares; on Wednesday, 366,100 shares; on
above mentioned, cotton, machinery and vehicles, Thursday, 387,900 shares, and on Friday, 798,200
metals and other manufactures, and vegetables, con- shares.
As compared with Friday of last week, prices show
stitutes fully 75% of the entire decline in exports in
1930 as compared with 1929. In imports the loss quite substantial gains all around, with few excepfor the 11 months of 1930 in rubber was $92,300,000; tions. General Electric closed yesterday at 45%
in sugar, $87,962,000; in coffee, $107,687,000, and against 43% on Friday of last week; Warner Bros.
/
4;
in silk, $151,830,000. The decline in merchandise Pictures at 1778 against 153 Electric Power &
imports was more generally scattered, throughout Light at 49 against 423%; United Corp. at 21%
against 183 Brooklyn Union Gas at 111 against
%;
the entire list, than in the case of exports.
last month continued heavily 106 bid; American Water Works at 60 against 553
4;
The gold movement
/
on the import side, as it was during most of the year. North American at 71% against 661 2; Pacific Gas &
4;
Imports of gold in December were valued at $32,- Elec. at 48% against 461 Standard Gas & Elec. at
/
4
778,000, while exports were only $36,000. In De- 653s against 60; Consolidated Gas of N. Y. at 913
cember 1929 gold imports were $8,121,000 and ex- against 8414; Columbia Gas & Elec. at 37% against
JAN. 24 1931.]
FINANCIAL CHRONICLE
341 International Harvester at 521 8 against 48½;
%;
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J. I. Case Threshing Machine at 91 against 8434;
/
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4
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Sears, Roebuck & Co. at 51% against 473 Mont%;
gomery Ward & Co. at 19% against 17; Woolworth
at 58 against 56%; Safeway Stores at 45% against
/
1
4
4058; Western Union Telegraph at 1412 against
/
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1
13934; American Tel. & Tel. at 18878 against 18278;
/
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Int. Tel. & Tel. at 2518 against 2278; American Can
/
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at 113% against 1091 United States Industrial
%;
Alcohol at 64% against 61; Commercial Solvents at
1858 against 15%; Shattuck & Co. at 2518 against
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22½; Corn Products at 81% against 77 , and Co/
1
2
lumbia Graphophone at 8% against 8.
Allied Chemical 8r, Dye closed yesterday at 166
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3
4
against 160 on Friday of last week; E. I. du Pont de
Nemoure at 881 2 against 86 ; National Cash Regis/
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ter at 34 against 3178; International Nickel at
/
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2
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1578 against 1518; Timken Roller Bearing at 4578
/
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against 441 ; Mack Trucks at 393 against 371
%
4
/s;
Yellow Truck & Coach at 1112 against 9½; Johns/
Manville at 65 against 60½; Gillette Safety Razor
at 25 against 27 ; National Dairy Products at
/
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2
/
3
4
42% against 407
/8; National Bellas Hess at 41 8
/
against 4; Associated Dry Goods at 2478 against 24
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bid; Texas Gulf Sulphur at 48% against 47; American Foreign Power at 31% against 291 General
%;
American Tank Car at 631 against 59½; Air Re4
duction at 98 against 95%; United Gas Improve/
1
2
ment at 30y against 28, and Columbian Carbon at
8
84% against 79.
The steel shares have moved forward with the
rest of the market. United States Steel closed yesterday at 142% against 14078 on Friday of last
/
week; Bethlehem Steel at 511 2 against 48%; Vana/
dium at 492against 4778 and Republic Iron & Steel
/
1
/,
at 18 against 17 . In the motor group Auburn
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2
Auto has again been the conspicuous feature because
of its spectacular rise. General Motors closed yesterday at 38 against 361% on Friday of last week;
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1
2
Chrysler at 171 against 16%; Nash Motors at 31%
4
against 32; Auburn Auto at 122 against 105%;
Packard Motors at 9% against 9%; Hudson Motor
Car at 22% against 22 , and Hupp Motors at 8
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3
4
/
1
2
against 8. The rubber stocks have continued to lag
behind. Goodyear Tire & Rubber closed yesterday
at 40 against 42 on Friday of last week; United
States Rubber at 12% against 12 , and the pre/
1
4
ferred at 25 against 23%.
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1
2
The railroad list has shown aggressive strength.
Pennsylvania RR. closed yesterday at 62% against
60% on Friday of last week; Erie RR. at 3278
/
against 30; New York Central at 125
/ against
1
2
119%; Baltimore & Ohio at 80 against 76; New
/
1
2
/
1
2
Haven at 87 against 84; Union Pacific at 192%
against 188; Southern Pacific at 105% against
1001 2; Missouri-Kansas
/
-Texas at 25% against 25;
/ against 46%;
1
2
St. Louis-San Francisco at 52
Southern Railway at 61 against 5814; Rock Island
/
1
2
at 61 against 54 bid; Chesapeake & Ohio at 44
/
1
;
against 402 Northern Pacific at 58 against 54, and
Great Northern at 69 against 63.
The oil shares, after the previous weakness, have
developed a rising tendency. Standard Oil of N. J.
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1
2
closed yesterday at 49% against 47 on Friday of
week; Standard Oil of Calif. at 48 against 4678;
/
last
/
1
2
Simms Petroleum at 9 against 8; Skelly Oil at 9%
against 8%; Atlantic Refining at 21 against 20%;
Texas Corp at 32% against 31%;Pan American B at
/
35% against 34l/; Richfield Oil at 4% against 338;
/
Phillips Petroleum at 1378 against 14%; Standard
535
Oil of N. Y. at 2414 against 23 , and Pure Oil at
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2
103 against 10%.
4
The copper shares have held pretty steady. Ana/
3
4
/
conda Copper closed yesterday at 34 against 3278
on Friday of last week; Kennecott Copper at 26%
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1
2
against 24%; Calumet & Hecla at 9 against 9%;
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2
Calumet & Arizona at 38 against 37%; Granby
4;
Consolidated Copper at 17% against 153 American Smelting & Refining at 46% against 43%, and
U. S. Smelting & Refining at 21% against 21 bid.
Stock exchanges in the important European
financial centers again displayed much irregularity
this week, but the tone was somewhat firmer than in
previous sessions. Quotations were firm on the
London Stock Exchange in most sessions this week,
but the Paris and Berlin markets moved up and
down in see-saw fashion with net changes unimportant. The business depression and the other
matters with which all markets have to contend,
followed an undeviating course, and little comfort
was provided from this viewpoint. Signs of business
improvement were quite lacking in Britain and Germany, according to dispatches from these countries,
while the depression appears to be spreading in
France. Unemployment shows only the negative improvement of a slower rate of increase. Commodity
prices, which are carefully observed as an index to
conditions, continued to move downward. In the
French and British markets these difficulties were
augmented this week by the threat of Cabinet
crises.
The threat was realized in .
France late Thursday,
when the Steeg Cabinet was overturned. Rumors of
a possible defeat of the Labor Ministry in Britain influenced the financial markets of London. The continued flow of gold from London to Paris also caused
some unsettlement. The credit position remains the
most favorable single item on all the larger markets,
as funds are cheap and abundant. The Bank of
Switzerland lowered its discount rate Thursday from
21 2 to 2%, and there was much discussion in Berlin
/
of a possible reduction in the Reichsbank rate. All
the European markets followed developments in the
United States with the keenest attention, as it is
generally assumed that improvement in the world
business situation will first be noticeable here.
Firm conditions ruled in the initial session of the
London Stock Exchange this week, with business
showing little tendency toward expansion. There
were a few weak spots among the industrial issues,
but most stocks moved upward under the leadership
of a substantial rise in South African gold mining
issues. British funds were warked upward, notwithstanding a heavy shipment of gold to Paris.
Overnight reports of improvement in New York
caused advances among international issues in
Tuesday's session at London. The South African
mining issues continued to move forward, and a
favorable dividend announcement by Imperial Tobacco caused betterment in British industrials.
Government funds turned dull, however, as further
gold withdrawals for Paris were announced. Further
headway was made in the general market Wednesday, although trading was described as largely professional. International stocks showed moderate
gains, and British industrials also improved. Home
rails turned weak, however, on publication of poor
traffic returns. The gilt-edge section was inclined to
dullness at first owing to fears of additional heavy
536
FINANCIAL CHRONICLE
transfers of gold to France, but when these proved
baseless the market improved. Most stocks on the
London Exchange again advanced Thursday, and
the session was cheerful. South African gold issues
were particularly in demand and some strong spots
also developed among British brewery issues and
other industrial stocks. The international section
held its gains, while British funds tended to improve
on a better trend in the Sterling-franc rate. The
favorable tendency was again apparent on the London market yesterday. British funds were steady
despite further gold takings for Paris.
The Paris Bourse Was firm in the first session of
the week, and almost all stocks showed substantial
gains over the closing levels of the previous Saturday. Repurchases by speculators were an important
factor in the improvement, Paris dispatches said.
Trading diminished as the session progressed, however,and prices drifted downward for a time. Toward
the close improvement was again apparent. Covering purchases by short sellers were no longed a factor
Tuesday, and the trend was easier in a very quiet
market.
• French bank stocks and industrial issues
showed some sizable losses, while the tone in other
sections also was heavy. 'Speculation was checked in
a measure, a dispatch to the New York "Times" said,
by the action of the Exchange Agents Syndicate in
publishing statements of the approximate transactions and the positions of the agents involved, which
is an innovation. A rally that was described as
"brilliant" made its appearance on the Bourse
Wednesday, and the session proved the best that
Paris has seen for months. The volume of transactions also gained markedly, and all groups of stocks
participated in the upswing. No particular explanation was available for the pronounced change of
sentiment, Paris reports said. The upward trend
was resumed Thursday, but on a much more moderate scale. Quotations progressed slowly and they
continued to move forward throughout the session,
so that gains at the close were substantial. The tone
of the Paris Bourse was highly irregular yesterday,
owing to the Ministerial crisis.
The downward tendency of earlier sessions was
resumed on the Berlin Boerse in the initial dealings
of this week, the entire list being affected and showing considerable losses. Week-end reports from New
York were regarded as unsatisfactory and these contributed to the prevailing pessimism at Berlin. Only
toward the very end of the session was any improvement noted, and the recovery was not pronounced.
After an uneasy opening Tuesday, the Boerse showed
signs of improvement. The Berlin banks gave some
support to the market, it was said, and early losses
were offset in most issues. A few speculative favorites showd gains of one to three points. Confidence
was restored Wednesday and the Berlin market resumed the upward trend with more vigor. Purchasing orders from France and Switzerland appeared
in volume, adding to the betterment, and domestic
buying increased as the movement continued. Shipping shares were especially favored, but the
machinery, mining and chemical groups also developed strength. A dull session followed Thursday,
with prices tending to slide downward owing to the
lack of buying orders. The foreign buying dwindled
and almost vanished, and as the trend became more
pronounced professional operators hastened the decline. Potash stocks were sold most heavily, but
[VOL. 132.
other sections also suffered. Conditions were more
favorable yesterday, and substantial gains were
recorded.
Some interesting conclusions on the subject of gold
distribution are contained in a draft report prepared
by the financial division of the League of Nations
Secretariat for the Gold Delegation of the League
and adopted by that body. The draft report was debated for a week and finally accepted after numerous
changes were made in the text, a Geneva dispatch of
Jan. 16 to the New York "Times" says: To the extracts of the study previously published, the "Times"
dispatch added others relating to the earlier study
of gold production based on the situation at the end
of 1928. "Prices have fallen very sharply since that
date," the present report states,"and were they now
to settle down at approximately the level now prevalent, the supplies of new gold which would be likely
to become available for money would, of course, meet
all probable demands for an appreciably longer
period of time than they would were the former level
restored. Stabilization at today's prices, however,
must involve a permanent'increase in fixed charges
which the world, encumbered by the weight of debts
accumulated in the last fifteen years, when prices
were higher, may perhaps not contemplate without
concern." In the discussion of distribution, the
report states that the adequacy or inadequacy of
gold to serve as a basis for credit structure depends
not only on existing supplies and new gold, but also
on the manner in which the monetary stocks held
at any moment are distributed between various
centers.
Division depends normally, the report continues,
on the relative economic development of the monetary system and the monetary policy. Assuming that
national credit is sound, "we believe that monetary
systems and monetary policy can be adapted to meet
any changes in the supply of or the real need for
gold," the study remarks. The distribution of gold
today is considered due rather to the fact that the
most countries have in consequence of budgetary
deficits departed from the gold standard than to the
normal working of that standard. Significant also is
the statement that "neither the gold standard nor
any other international general system can function
successfully if measures are taken to prevent the free
flow of goods from one country to another whenever
there is any disturbance in the balance of international commitments." It is the function of gold, the
report states, to "right such disturbances, and when
the necessary adjustments which gold movements
bring about are checked by artificial methods, the
very methods of an international currency system
are stultified." The diagnosis of the present situation is concluded by a suggestion that the forces
which have determined the distribution of gold in
recent years are mainly temporary, exceptional or
non-economic in character.
This report was followed over the last week-end by
dispatches from Paris and Basle which intimated that
the "whole delicate problem of gold and its distribution" would be referred to the Bank for International Settlements. No official confirmation of this
"decision" was available in Paris, a dispatch from
that center said, but French bankers were reported
"deeply satisfied" at this turn of affairs. A Basle
report of Sunday to the New York "Times" said that
members of the bank's board were considering the
JAN. 24 1931.]
FINANCIAL CHRONICLE
subject of acceptance by the institution of the task
of finding a solution for the problem of gold and
credit distribution. "The action of the various
treasuries and the League of Nations in shifting this
problem onto the shoulders of the world bank was
received with not unmixed feelings by these representatives of the central banks, who in the past have
always shown a strong distaste for questions so intimately concerned with international politics as
this one," the dispatch added. At the formal meeting
of the governing board, Monday, the problem was
nevertheless taken up. It was decided, an official
communication said, to collect all information concerning the conditions under which gold is being
purchased and to obtain from central banks and
other institutions data regarding the gold deposits
now in their vaults. A committee was appointed to
study the gold question, with a view to the development of a method whereby gold transfers can be
eliminated or reduced and replaced by a system of
bookkeeping transfers through the international
bank.
537
pared to build gun for gun with France in naval
construction this year.
European diplomatists who assembled at Geneva
last week gave much of their attention to the deliberations of the committee of inquiry into the possibilities of European federation, but the leading
statesmen also found time to attend the customary
• sessions of the League Council. The project of European union, proposed officially by Foreign Minister
Briand of France more than a year ago, has been a
matter for study by the League of Nations since September last year. The special committee which was
asked to look into this question meets at Geneva just
in advance of the Council gatherings, as a matter of
convenience. It has already been indicated that this
procedure will be continued. Although these two
Geneva deliberative bodies were both in session this
week,few developments of any significance have been
reported. Pleas were made late last week by Foreign
Ministers Briand of France, Curtius of Germany,
Grandi of Italy, and Henderson of Britain, for careful study of the project of European union, but these
Authoritative statements issued in Paris and Rome were couched in general terms. The question
Tuesday indicate that the truce in naval construe- whether invitations to attend future parleys on this
tion between France and Italy has come to an end subject should be extended to Russia and Turkey,
and that both countries are now free to resume their which are not members of the League, appeared to
building programs. The suspension was arranged by dominate the gathering for quite a time. It proved
the respective Foreign Offices in connection with the so thorny that a subcommittee was appointed to
efforts to find a basis on which the two Latin powers deal with it, and this smaller gathering decided Monmight participate fully in the London naval treaty day to invite Russia, Turkey, and Iceland to particiof 1930. At the London conference last year, Italy pate in the discussions in so far as economic matters
demanded the right of naval parity with any Contin- are concerned. It was also decided to make all
ental power, but France refused to recognize this future proceedings public.
demand on the plea that her double coastline on the
With these matters settled after four days of
Atlantic and the Mediterranean made a larger fleet debate, the commission of inquiry into the European
necessary for security. In the absence of French and union project turned its attention Tuesday to the
Italian signatures to those portions of the treaty world economic crisis and to suggestions for the
which limited cruisers and auxiliary vessels, a clause alleviation of the depression. The discussion was
was inserted in the document at the instance of the given a definitely agrarian tinge by Nicolas TituBritish Government which provides for upward re- lescu, of Rumania, who suggested that the grainvision of the limitations in certain contingencies. It importing countries of Europe could best show their
was generally conceded at the time that this clause solidarity by agreeing to buy the surplus wheat crop
was desired by Britain so that her standard of a navy of the Eastern European countries before turning
equal to any two Continental fleets might be main- their attention to overseas supplies. The Western
tamed. Application of this clause is likely only in European nations could also help by granting agrithe event of extensive building by France and Italy cultural credits to Eastern
Europe, he said. Dr.
and in order to foster an agreement between those Curtius of Germany, who
had given tentative apnations the friendly offices of both British and Amer- proval to similar proposals
on a previous occasion,
ican diplomats have been offered from time to time again expressed
himself favorably. After prolonged
both in Paris and Rome. Direct negotiations were discussion it was
decided to appoint a committee to
carried on in desultory fashion last year, it was study the question of
creating an international farm
understood, and discussions also look place at mortgage
institution to advance credits to the wheat
Geneva during the meetings of the League Assembly growing countries
of the Continent. In the final
and Council.
meeting of the committee, Wednesday, it was deThe announcement that the naval truce is ended, cided to organize
two additional subcommittees, one
conveyed in Paris and Rome dispatches to the As- to study the wheat problem, and the second to study
sociated Press, is thus of great significance not only the
general organization of the proposed European
in regard to the relations between France and Italy, federation. The session closed upon an altogether
but also in regard to the functioning of the London unexpected note, when M. Briand introduced a resonaval treaty. While French officials have not lost lution, promptly adopted, which declared that the
hope of an agreement, they seem to see no immediate 27 countries would try to end the talk of a coming
chance of successful negotiations, a Paris dispatch war and re-establish confidence in the continuance
said. "France has been ready" the report adds, "to of peace. By this means, it was held, both economic
accept parity with Italy in the.Mediterranean, it is and political recovery would be aided. "One of the
understood, but wants an additional 150,000 naval main reasons for the pledge," a'dispatch to the New
tons to offset the projected German fleet and another York "Times" said, "is that reports which diplomats
100,000 to keep up communications with her distant and other officials brought back here of a lack of
colonies." A Rome report to the Associated Press confidence in European peace shown in the United
quoted official sources as saying that Italy is pre- States, especially in the money centers, and also
in
538
FINANCIAL CHRONICLE
similar circles in Holland and other former neutrals,
convinced the Foreign Ministers that the tightening
of credit because of this fear was hindering business
recovery and thereby increasing political anxiety
and unrest."
The League Council convened last Monday for its
sixty-second regular session. The chief problems
facing the gathering were the selection of a place
and date for the world disarmament conference, and
settlement of the dispute between Germany and
Poland regarding the German minority in Upper
Silesia. Long conversations between the leading
statesmen, notably between Foreign Ministers Briand of France and Curtius of Germany, preceded the
gathering, and these, of course, were private. In
the opening meeting the Council discussed the illicit
narcotic traffic and questions of an administrative
nature. The report of the Preparatory Disarmament Commission was taken up Tuesday, and it was
made the occasion by Foreign Secretary Henderson
of Britain for critical comments on alliances. These
remarks, it was assumed by correspondents, related
to the recent indications that Germany, Italy, and
Soviet Russia are drawing closer in their political
relations. Color was lent to this theory by the reassuring statements which Foreign Minister Curtius
and Dino Grandi hastened to make. "Aristide Briand of France referred, as usual, to the question of
security," a dispatch to the New York "Times" said.
M. Briand added on this occasion, however, that the
word had been used "excessively," and must not be
made a pretext for doing nothing. The Council decided yesterday, Geneva reports said, to call the general disarmament conference for the early days of
February 1932.
The German-Polish dispute was aired Wednesday,
but it did not provide the display that had been
anticipated in view of the warm comments in both
countries that followed the Polish national elections. Dr. Curtius made a strong case, it was said,
but a very voluminous one, in which he showed that
violence was committed against the German minority by Polish organizations. He demanded that the
League take steps to assure Germans of their rights.
Foreign Minister Zaleski of Poland admitted that
some excesses had been committed in the elections,
but he declared that the accounts were greatly exaggerated. The Council meeting, Thursday, was enlivened by a sharply critical speech of Antoine Sottile, permanent delegate of Liberia to the League,
in which he pointed out that on the question of
slavery his country stands before the League not
as an accused State but as a self-accuser, since the
recent inquiry of an international commission had
been undertaken at the request of Monrovia. He
repeated his former assertion that Liberia is ready
to carry out the recommendations of the commission to the extent that the resources of the country
permit. Financial assistance from the League would
prove welcome, he added, since this would enable his
country to "shake off financial bondage and maintain sovereignty and self-respect."
The precarious position of the Labor Government
this week when
in Great Britain was made apparent
reconvened after the Christmas rethe Parliament
in an atmoscess. Sessions were resumed Tuesday
induced as much by the factional
phere of tension,
strife within the Labor party as by the opposition
of
of the Conservatives and the uncertain support
[Vol,. 132.
the Liberals. The belief has steadily gained ground
in England that the Government of Prime Minister
Ramsay MacDonald would soon fall, and one of the
first developments when the House of Commons met
Tuesday was a pronouncement on this subject by
Stanley Baldwin, leader of -the Conservatives. Mr.
Baldwin remarked that there is no prospect of a
general election now. Debate was promptly started
on an education bill, and when a vote was reached
on an amendment, Wednesday, the Labor Government was defeated on the ground that insufficient
funds had been provided for the Roman Catholic
schools. The entire Conservative faction, together
with eight Liberals and 26 of its own members
turned against the Labor Government on this question, so that an adverse vote of 282 to 249 resulted.
Asked whether the Government would proceed with
the bill, Prime Minister MacDonald replied that no
question of principle was involved and he indicated
that the Government would not resign for that reason. "Although the Government survives the vote
on its cherished education bill, it is regarded as having suffered a mortal blow," a London dispatch to
the New York "Times" said.
A question of even greater peril for the Labor
Government was taken up in the House of Commons
Thursday, when the trade disputes bill liras reached.
This measure,demanded by the trades unions, would
repeal the existing law enacted by the Conservatives
in 1927, whereby a repetition of the general strike
of 1926 was made unlawful. The Conservatives are
solidly opposed to the bill, and the attitude of the
Liberals is therefore important. It was indicated
Thursday that while the Liberals would not oppose
the bill directly, they would insist upon various important amendments. Although interest in Great
Britain is thus again centered largely on the political question, efforts to settle the prevalent industrial
disputes were carefully followed. The miners'
strike in South Wales, which involved 140,000 men,
was Settled late last week and the men returned
to work Monday. In the Lancashire cotton industry,
a dispute 'between the mill owners and the weavers
resulted in a lockout of 200,000 men, with the likelihood that an equal number of spinners will be involved if the dispute is not settled soon. A dispute
looms also in transportation, owing to proposed reductions in the wages of railway workers. This
question is currently under discussion by the
National Wage Board.
The Cabinet formed in France hardly more than
a month ago by Theodore Steeg, leader of the Radical-Socialist group in the Chamber of Deputies, went
down to defeat late Thursday by an adverse vote
in the Chamber of 293 to 283. M. Steeg, whose Ministry represented a coalition of left groups in which
Socialist support was at all times in doubt, will hold
office until a new Cabinet is formed. Balloting in
the Chamber on the question of confidence followed
an acrimonious debate regarding the policy of Victor
Boret, Minister of Agriculture, who had disclosed
prematurely the intention of the Government to fix
the price of high-grade wheat at 175 francs a quintal
($1.93 a bushel). The announcement was made
Jan. 16, and it caused much dissension within the
Cabinet, so that the fall of the Steeg Ministry occasioned little surprise. When the question was
reached in the course of parliamentary procedure,
Thursday, a sharp interpellation was undertaken
JAN. 24 1931.]
FINANCIAL CHRONICLE
by Louis Buyat, a member of the small but powerful
group known as the Social and Radical Left. The
premature disclosure, M. Buyat charged, had caused
a substantial rise in the French wheat market to
the disadvantage of the consumers and without
bringing any advantage to the farmers whom it
was intended to benefit. Only speculators had
gained, he declared. The attack was continued by
Pierre Flandin, Minister of Commerce in the Tardieu 'Cabinet, who asserted that the policy of the
whole Steeg Ministry and not merely the actions
of one Minister, was at issue. Premier Steeg admitted in reply that the Cabinet was not in agreement on the actions and policy of the Minister of
Agriculture, but stated that solidarity was necessary. Accordingly, he made the vote one of confidence in his Government. The margin of only 10
votes by which he was defeated was considered small
in view of the fact that the first test in the Chamber
on Dec. 18 resulted in a favorable margin of only
seven votes, with 33 Deputies abstaining.
President Gaston Doumergue began yesterday the
series of consultations with leaders of the numerous
political groups in the Chamber and Senate that
always precedes the selection of a new Premier in
France. His first discussions were held with Fernand Bouisson, President of the Chamber, and Paul
Doumer, President of the Senate. The task of finding an acceptable leader for the Premiership is expected to prove even more difficult than it was in
December, when attempts were made by three leaders before M. Steeg succeeded in forming a Ministry
after the defeat of Andre Tardieu. If the usual procedure is followed, M. Doumergue will apply to the
small Social and Radical group, which launched the
attack on the Steeg Ministry. Although it numbers
only 17, this group includes Henri Franklin-Bouillon, who is an outstanding figure in the Chamber.
Others mentioned are former Premier Tardieu and
Senator Pierre Laval, who made one of the unsuccessful attempts to form a Cabinet after the defeat
of M. Tardieu. A considerable period of political
uncertainty is now looked for in France, since Cabinet crises are not easily settled in that country owing
to the multiplicity of parties and the fairly even
balance in both the Chamber and the Senate between
the Right and Left groups. The previous Cabinet
upset developed on Dec. 4, the Steeg Ministry was
formed Dec. 13, and it was upheld and the crisis
passed on Dec. 18.
Although the immediate achievements of the
Round Table Conference on India were not of a spectacular nature, much was accomplished in the nine
weeks of discussion that ended last Monday toward
the establishment of a constitutional government in
that country. The London conference, in which
almost 100 British and Indian delegates participated, was started Nov. 12. It was terminated early
this week by Prime Minister Ramsay MacDonald
with a statement of the principles on which the British Government is prepared to grant a large measure
of self-government to the Indian peoples. The final
moments of the meeting were occupied with the reading of a message from King George declaring that
the work of the delegates had "opened a new chapter
in the history of India." No progress was made in
the final sessions of the conference toward settlement of the dispute between Hindus and Moslems
on the question of representation in any legislature
539
that will be set up under the proposed Indian Constitution. This matter, it is intimated, will be adjusted in further conversations in India. Other
questions which remain unsettled will also be taken
up in negotiations there, according to London reports. In the meantime, parliamentary debate on
the results of the Conference is expected to show
clearly the attitudes of the three British party
groups toward the proposals of the Labor Government. Prime Minister MacDonald announced in the
House of Commons Tuesday that a White Paper on
the Conference will be issued soon. The reaction
of the different sects and groups in India to the conference results is also a matter of much interest and
conjecture, particularly so in view of the fact that
the Gandhist or Nationalist faction was not represented in London.
Preparations for ending the Round Table Conference were begun late last week in accordance with
the expressed desire of Mr. MacDonald to terminate
the meeting before the London Parliament resumed
its discussions Tuesday after the Christmas recess.
In'a plenary session on Jan. 16 Constitutional questions were discussed by Lord 'Sankey, who was
Chairman of the Federal Structure Committee. He
referred to the Supreme Court of the United States
and to similar tribunals in Canada and Australia
as models which would prove useful in planning the
high court for all India that is to be set up when
self-government begins. Prime Minister MacDonald, who presided, presented a resolution suggesting
that the task of framing a Constitution be continued. The resolution, which was quickly adopted,
stated that nine subcommittees had made their reports. The conference finds, it continued, that the
reports "afford material of the highest value for
use in framing a Constitution for India, embodying
as they do a substantial measure of agreement on
the main ground plan and many helpful indications
on details to be further pursued." It was considered
the sense of the Conference that arrangements
should be made to pursue without interruption the
work upon which it had been engaged. The reports
of the subcommittees also were adopted, with the
exception of one dealing with minorities, which was
held up because of a flaw in drafting.
In the statement of policy with which the gathering was closed, Monday, Prime Minister MacDonald expressed his earnest hope that India would
soon have "not only the responsibilities and the
cares, the burdens and the difficulties, but also the
pride and the honor of responsible self-government."
Britain, he said, had gone as far as she could at
this time in granting self-government to India.
c'Now," he told the Indian delegates, "you have to
go back to India and we have to go back to our own
public opinion. You have spoken here subject to
reconsideration and subject to the reaction which
your own public will show to your work. We of
the British Government and Parliament have spoken
in the same way and must also listen to reactions.
We must explain, expound, defend. We must also
make ourselves the champions of your findings and
do our best to bring our people along with us in our
pilgrimage of hope to a conclusion." Agreement had
been reached upon certain features of a Constitution, Mr. MacDonald pointed out, but a careful
study of conditions and structure would have to precede the launching of that charter. Although the
conference has gone far beyond the recommenda.
•
540
FINANCIAL CHRONICLE
[Vole. 132.
tions of the Simon Commission, the Prime Minister legislature and the executive will have some features
paid tribute in his final remarks to the work done of dualism which will have to be fitted into the conby that body. The conclusions of the Round Table stitutional structure. The provision of reserved
Conference could not have been reached without the powers is necessary under the circumstances, and
"remarkable, conspicuous and essential work of the some such reservation has indeed been incidental to
the development of most free Constitutions. But
Simon Commission," he declared.
In a prepared and authorized statement in behalf every care must be taken to prevent conditions arisof the Labor Government, Mr. MacDonald proceeded ing which will necessitate their use."
Mr. MacDonald remarked, in addition, that the
to state the view that "responsibility for government
British Government considered it the duty of the
in India should be placed upon the Legislatures,
central and provincial, with such provisions as may communities to come to an agreement among thems subcombe necessary to guarantee during the period of selves on points raised by the minoritie
of certain obligations and mittee but not settled there. Such an agreement
transition the observance
g negotiato meet other special circumstances; and also with ought to be reached during the continuin
he said. "In view
such guarantees as are required by the minorities tions with a minimum of delay,
e and
to protect their political liberties and rights." of the character of the Round Table Conferenc
limited time at its disposal in London," he added,
Powers reserved to his Majesty's Government will the
deemed it advisable
be so framed and exercised, he remarked, as not to "his Majesty's Government has
to suspend its work at this point so that Indian
prejudice the advance of India through the new
Constitution to full responsibility for her own Gov- opinion may be consulted upon the work done and
g the difficulernment. It was noted that the Round Table Con- expedients considered for overcomin
deliberations proceeded on the basis accepted ties which have been raised." A plan whereby coference
d
by all parties that the central government should operation may be continued will be considere before
said. He also issued what
be a federation of all India, embracing both the long, the Prime Minister
in
Indian States and British India in a bicameral legis- amounted to an invitation to the Nationalists
India to join in the further deliberations. If those
lature. The precise form and structure of the new
Federal Government must be determined, however, engaged in the civil disobedience campaign wish to
after further discussion with the Indian Princes and co-operate on the general lines of the British declararepresentatives of British India. The connection of tion, steps will be taken to enlist their services, he
was a statement made
the States with the federation, Mr. MacDonald said, remarked. Significant also
Minister in reply to a plea
will remain subject to the basic principle that, in afterward by the Prime
regard to all matters not ceded by them to the fed= by Sir Tej Bahadur Sapru that amnesty be granted
This plea, Mr. Maceration, their relations will be with the Crown acting political prisoners in India.
Donald said, "lodges very naturally in my own
through the agency of the Viceroy. With a legislae that the Govture constituted on a federal basis, the British Gov- heart," and he assured the conferenc
to recognize the principle ernment would not be backward in granting it "when
ernment will be prepared
d and assured."
of the responsibility of the executive to the legisla- civil quiet has been proclaime
made in the final session by
Many speeches were
ture, he added.
Specific reservations were next taken up in the both British and Indian representatives. Much imremarks by Lord Peel, one of
prepared statement read by Mr. MacDonald, and portance attaches to
the leading Conservatives at the parley, who said
these were closely in accordance with previous intifederation: "It would
mations. tinder existing conditions, it was said, with reference to the plan of
external relations will be a great misfortune if this mighty scheme could
the subjects of defence and
on its great career." This statebe reserved to a Governor General and arrange- not soon be started
place in his hands the powers ment was considered a further indication that Conments will be made to
will probably join
necessary for administration of those subjects. servative members of Parliament
in support of the pro"Moreover," the statement continued, "as the Gov- with the Laborites and Liberals
ernor-General must as a last resort be able in emer- posed new India enactments. Of the many speeches
Tej Bahadur •
gency to maintain the tranquillity of the State and made by Indian delegates, that by Sir
Sapru was considered most representative of the
similarly be responsible for the observance of the
we
Constitutional rights of the minorities, he must be spirit in which they left the conference. "When
for those purposes. left our shores," Sir Tej said,"we were told by our
granted the necessary powers
friends and our opponents, men of our own and of
As regards finances, the transfer of financial refool's errand,
sponsibility must necessarily be subject to such con- other parties, that we were going on a
insure the fulfillment of obligations that we were incurring extraordinary risks, that
ditions as will
of England had made up its mind against us in advance,
incurred under the authority of the Secretary
d of the finan- and that we would meet nothing but defeat and
State and the maintenance unimpaire
The report of humiliation. I don't know whether we came to an
cial stability and credit of India.
e indicates some England that was hostile, but I do know we are
the Federal Structure Committe
including a Re- leaving an England that is friendly, an England that
ways of dealing with this subject,
exchange policy, has sent to this historic conference some of her greatand
serve bank, service of loans
nt, will est, some of her wisest, some of her most far-seeing
the view of his Majesty's Governme
which, in
in the new Consti- statesmen to talk to us on terms of equality, to dishave to be provided for somehow parties in India cuss questions of high import in the spirit of give
all
tution. It is of vital interest to
side.
to maintain financial con- and take and not to dictate to us from their
to accept these provisions
That has been my experience, and I venture to think
provisions, the Indian
fidence. Subject to these
of us at this round
full financial responsibility I express the views of many
Government would have
of table."
and for control
for methods of raising revenue
There was almost universal approval in Great
-reserved services. This will
expenditure on non
s, the central Britain of the results of the conference, comments
mean that, under the existing condition
JA.N. 24 1931.]
of all but the extreme Conservative newspapers
being favorable. Leading members of the Liberal
and Conservative parties also praised the Prime
Minister for his handling of the meeting and for
the achievements. An exception to this rule was
provided by Winston Churchill, of the Conservative
faction, who issued a statement to the press denouncing the results and declaring that all concerned had had their interests protected save the
British people themselves. In India the results
were accepted with qualified approval by Moderate
leaders, but the extreme Nationalist followers of
Mahatma Gandhi were outspoken in their criticisms.
The Indian Merchants' Chamber in Bombay issued a
statement describing the declaration of Prime Minister MacDonald as "refreshingly different from the
recommendations made by the Simon Commission
and from the Government of India's views in its
Simla dispatch." The merchants called upon Mahatma Gandhi and his followers to give careful consideration to every part of the British declaration.
The Gandhist journals, however, used such terms
as "feeble" and "empty" in their comments on the
speech and declared that the "fight must go on."
At New Delhi, the Indian capital, Viceroy Lord Irwin issued a summary of the findings of the Round
Table Conference last Saturday and he appealed
for the co-operation of the Nationalists in the framing of the Constitution. The revolutionary movement, he reiterated, would be resisted by the Government to the utmost, and he advised the followers
of Gandhi to try another and "more excellent
course." It was stated in a New Delhi dispatch of
Wednesday to the Associated Press that Lord Irwin
is considering the possibility of granting amnesty
to political prisoners in jail for non-violent offenses.
Unfounded reports that the United States Government is preparing to "wash its hands" of the
West African republic of Liberia and the question
of slavery in that country occasioned a further emphatic statement Tuesday by Secretary of State
Henry L. Stimson. Recent disclosures of the Washington note of Nov. 17 to the Liberian Government,
wherein the abolition of slavery and forced labor
was called for in distinct terms, have made the
matter a subject of interest throughout the world.
Conjecture regarding the further course of the Washington Government has been particularly rife in
Geneva, and the latest rumors emanated from that
center. The United States, it was intimated,intends
to seek a transfer of responsibility for Liberia to
an international commission which probably would
include representatives of the United States, Great
Britain, France, and one or two other nations. A
statement by the State Department in Washington,
dealing with this matter, follows:
it would
not accord with the established policy of the United
States Government to assume any exclusive responsibilities on the African continent, the American Government, in view of the social and humanitarian
principles involved, and the traditional friendly interest of the American people in the welfare of
Liberia, would be prepared to give sympathetic consideration to a proposal for affirmative international co-operation destined to assist the Liberian
people in a solution of their present problems concerning both slavery and sanitation. The method by
which our traditional interest in this matter can be
continued effectively, to remedy the evils which have
541
FINANCIAL CHRONICLE
been disclosed by the slavery report, has been under
active discussion with representatives of other signatories of the slavery convention of 1926, including
Liberia, Great Britain, France, Germany, Italy, and
Japan."
The National Bank of Switzerland yesterday re/0
1
2
duced its discount rate from 2 7 to 270. The Bank
of the Netherlands reduced its rate yesterday from
37 to 2 %, effective to-day.- This is the first
0
/
1
2
change by the latter bank since Mar. 25 1930. Rates
/
1
2
now are 6% in Spain; at 5 70 in Austria, Hungary, and Italy; at 5% in Germany; at 4% in Nor/
1
2
way and Ireland; at 3 % in Sweden and Den/0
1
2
mark; at 370 in England; at 2 7 in Holland and
Belgium, and at 270 in France and Switzerland.
In the London open market discounts for short bills
/ 0
/
yesterday were 2147 against 218@2 3/16% on Friday of last week, and 2 5/16% for three months bills
against 81 8@2 3/16% on Friday of last week.
/
Money on call in London yesterday was 2 70. At
/
1
2
Paris the open market rate is down from 27 to
0
0
87
.
1787, and in Switzerland from 1%7 to ly 0
/ 0
The Bank of England statement for the week
ended Jan. 21 shows a further loss of gold amounting
this week to 0,288,246. The contraction in note
circulation of 0,481,000, however, more than offset
this loss and so reserves increased £1,193,000.
The Bank's bullion supply has steadily declined since
Nov. 5 1930, when it amounted to £161,542,243, to
last Wednesday when the total was only £142,861,766.
A year ago the Bank held £151,288,975. Public
deposits decreased £53,000 while other deposits
increased £4,073,420. The latter includes bankers'
accounts, which rose £4,101,612 and other accounts
which fell off 08,192.
• The proportion of reserve to liability, now 45.29%,
is little changed from a week ago when it was 45.81%.
The reserve ratio a year ago was 51.86%. Loans
on Government securities showed a contraction of
£2,780,000, while those on other securities expanded
£5,643,301.
Other securities consist of discounts
and advances and securities which increased £2,639,169 and 0,004,132, respectively. The discount
rate remains 3%. Below we show the figures for
the current week, together with those for the corresponding weeks of previous years, back to 1927:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931.
1930.
1929.
1928.
1927.
Jan. 21.
Jan. 22.
Jan. 23.
Jan. 25.
Jan. 26.
Circulation
346,461,000
Publlc deposits
22,324,000
Other deposits
102,197,129
Bankers accounts 68,812,580
Other accounts . 33,384,549
Govt. securities
49,246,247
Other securities
38,953,788
Dlsct. & advances 10,994,845
Securities
25.958,943
Res. notes & coin— 56,400,000
Coln and buillon...-142,861,766
Prop.of res. to liab_
45.29%
Bank rate
3%
346,399,000
29,152,000
95,960,328
59,948,356
36,011,972
57.665,855
20,658,442
5,779,566
14,878,876
64,888.000
151,288.975
51.86%
5%
355,368,000
16,850,000
98,322,000
60,841.000
37,481,000
49.486,000
25,824,000
10,763,000
15,061,000
57,977,000
153,342,962
50.33%
40i%
134,640,060 137,049,120
16.525.703 13.733,633
98,707,639 102,777,303
35,304,777 28,117,634
56,717,327 72,452,572
41,312,893 34,045.423
156,202,953 151,344,543
29.22%
35.85%
5%
4%
a On Nov.29 1928 the fiduciary currency was amalgamated with Rank of England
note lames adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The statement of the Bank of France for the week
ended Jan. 17, records a gain in gold holdings of
293,322,776 francs. The total of the item now stands
at 54,402,709,513 francs, as compared with 42,736,924,580 francs last year and 33,983,468,096 francs
the year before. Decreases are shown in credit
balances abroad of 92,000,000 francs and in bills
bought abroad of 3,000,000 francs. Notes in circula-
M1
542
tion contracted 742,000,000 francs, reducing the
total of the item to 76,992,153,765 francs. Circulation a year ago aggregated 68,689,860 francs and the
year before 62,442,902,705 francs. A decrease appears in French commercial bills discounted of 448,000,000 francs while the items of advances against
securities and creditor current accounts show gains
of 5,000,000 francs and 584,000,000 francs respectively. Below we furnish a comparison of the various
items for the past three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Jan. 17 1931. Jan. 18 1930. Jan. 19 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings _ _Inc. 293,322,776 54,402,709,513 42.736,924,580 33,983,468,096
Credit bals. abr'd_Dec. 92,000,000 7,032,571,485 7,045,820,623 11,936,637,899
French commercial
bills disc,ounted _Dec.448,000,000 7,310,259,993 6,538,651,204 4,884,349,963
Bills bought abr'd_Dec. 3,000,000 19,296,083,702 18,672,056,040 18,638,417,134
Adv. ant. securs__Inc. 5,000,000 2,987,070,961 2,518,760,293 2,243,886,239
Note circulation_ _Dec. 742,000,000 76,992,153,765 68,689,003,860 62,442,902,705
Cred. curr. accta_ _Inc. 584,000,000 24,280.182,800 18,269.583,164 19,069,221,750
The Bank of Germany in its statement for the
second week of January records a loss in gold and
bullion of 117,000 marks, reducing the total of the
item to 2,215,828,000 marks. Bullion a year ago
stood at 2,283,777,000 marks and the year before at
2,729,278,000 marks. Reserve in foreign currency
and bills of exchange and checks show decreases of
132,334,000 francs and 418,232,000 marks while the
item of deposits abroad remains unchanged. Increases
appear in silver and other coin of 28,587,000 marks,
in notes on other German banks of 5,097,000 marks
and in advances of 48,318,000 marks. Other assets
rose 19,031,000 marks while investments went down
30,000 marks. Notes in circulation fell off 363,497,000 marks, bringing the total of notes outstanding
down to 3,962,289,000 marks, as compared with
4,187,045,000 marks the same time last year. Other
daily maturing obligations declined 99,770,000 marks
while other liabilities increased 13,587,000 marks. A
comparison of the different items for the past three
years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Jan. 15 1931. Jan. 15 1930. Jan. 15 1929.
Reighsmarks. Reichsmarks. Retchsmarks. Reichsmark.
Assets—
Dec. 117,000 2,215,828,000 2,283,777,000 2,729,278,000
Gold and bullion
Unchanged 222,230,000 149,788,000
85.626,000
Of which dew's.abr'd
Dec132,334,000 268.085.000 397,312.000 156.208,000
Res've in torn curr_
exch. a,checks_Dec418,232,000 1,678.737,000 2,272.021,000 2,057.162.000
Bills of
Silver and other coin_ _Inc. 28,587,000 189,723,000 139,591,000 117,667,000
18,034,000
18.719.000
24,867.000
Notes on 0th. Ger bks_Inc. 5,097,000
Inc. 48,318,000 114.948,000
21,876,000
55,681.000
Advances
92,602,000
Dec.
30,000 102,519,000
Investments
92,296,000
Inc. 19,031,000 514,303,000 578,468,000
563,266,000
Other assets
Liabilities—
Notes in circulation_ _ -Dec363,497,000 3,962.289,000 4,187,045,000 4,080,419,000
0th. daily matur.oblig.Dec. 99,770,000 322,777,000 543,343,000 609.839.000
Inc. 13.587,000 323,204,000 199,674,000 297,561,000
Other liabilities
The trend of money rates to lower levels was
emphasized this week by two successive reductions
in yield rates on bankers' bills in this market, and
by several announcements of lowered discount rates
by foreign central banks. Dealers effected this week
18
their third and fourth reductions of / to 1% each
on acceptances this year, so that the total
in yields
0
/
reduction this month is now 12 of 17. In addition
changes by the dealers, the Federal Reserve
to the
Bank of New York reduced its buying rate for acceptances up to 15 days' maturity. That the trend of
money rates in Europe is downward was indicated
by a lowering of the Bank of Switzerland discount
/
1
2
rate from 2 70 to 2%, and a lowering yesterday
of the rate of the Bank of the Netherlands from
/
1
2
37 to 2 %, effective to-day.
0
Call loans showed no deviation this week from
previous levels, all transactions being arranged at
For,. 132.
FINANCIAL CHRONICLE
12 on the Stock Exchange, whether for renewals
/
1
%
or new loans. Funds overflowed regularly and in
heavy volume into the unofficial "Street" market,
where transactions were reported every day at 1%,
or a concession of 12 of 1% from the official rate.
/
Time money was easier. Brokers' loans against
stock and bond collateral continued their decline,
the report of the Federal Reserve Bank of New
York for the week ended Wednesday night registering a drop of $63,000,000. Gold movements reported
by the Reserve Bank for the same period consisted
of imports of $116,000, while gold held ear-marked
for foreign account decreased $4,000,000. There
were no exports.
Dealing in detail with call loan rates on the Stock
Exchange from day to clay, the rate has again been
12 on each and every day of the week, this includ/
170
ing renewals as well as new loans. Time money continued quiet, and rates (which, however, are merely
nominal, since virtually no business is being done
in time loans) for the shorter maturities were again
marked down on Tuesday. Quotations now are
/
1%@1 70 for 30-day money, 11 270 for 60 days,
/
1
2
1 @2% for 90-day accommodations, 2% for four
/
1
2
1
2
months, and 214@2 7 for five and six months.
/ /0
The demand for prime commercial paper in the open
market continues fairly good, though the shortage
of satisfactory paper reduces the volume of paper.
Rates have been shaded somewhat and choice names
/0
3
4
for four to six months' maturity are now 2 7,
while names less well known are offered at
3@314%.
/
The demand for prime bank acceptances in the
open market showed no abatement this week, but
the supply of paper was far below the market requirements as many banks have retained for their
own investment bills discounted by them for their
/
customers. Rates were reduced 18% all around, and
again on Friday, making the fourth reduction this
month. The New York Federal Reserve Bank also
reduced its buying rate for acceptances running from
0
/0
3
4
1 to 15 days from 1 7 to 1%7. The Reserve Banks
further reduced their holdings of acceptances this
week from $196,180,000 to $151,625,000. Their holdings of acceptances for foreign correspondents decreased slightly, or from $448,809,000 to $448,667,000. The posted rates of the American Acceptance Council now are 1127 bid and 1%% asked for
/ 0
bills running 30 days, and also for 60 and 90 days;
1%7 bid and 1 % asked for 120 days, and VA%
0
/
1
2
bid and 1%% asked for 150 days and 180 days. The
Acceptance Council no longer gives the rates for call
loans secured by acceptances. Open market rates
for acceptances were also marked down, as
follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY,
—180 Days--—150 Days—
Md. Asked.
Bid. Asked.
1(
1%
14
ln
—90 Days—
Md. Asked.
134
---I30 Days—
Bid. Asked.
13418
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
—120 Days—
Bid. Asked.
1
1!-5
—30 Days-Bid. Asked.
1Si
1 X big
bid
There have been on changes this week in the rediscount rates of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
Banks:
JAN. 24 1931.]
FINANCIAL CHRONICLE
DISCOUNT RATES OF FEDERAL RESERVE BANKS
ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER,
Federal Resent,Ranh.
Rate in Effect
on Jan. 23.
Date
Established.
Previous
Rate.
254
2
333
3
334
3
3
3
334
334
334
3
Jan. 2 1931
Dec. 21 1930
July 3 1930
De. 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
234
4
334
4
354
334
334
4
4
4
314
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dallas
San Francisco
a
1
543
as the New York import season commences at this
time and generally runs to the end of August.
Sterling continues weak with respect to French
francs, although the London check rate on Paris is
quoted 123.88. This quotation, it is believed, makes
imports of gold to Paris from London a matter of
doubtful profit and the rate is maintained owing to
activities of the Bank of France in buying sterling
bills to arrest as far as possible the influx of gold to
Paris. This week the Bank of England shows a loss
in gold holdings of 0,288,246,the total bullion standing at £142,861,766, which compares with £151,288,975 on Jan. 23 a year ago and with the minimum
of £150,000,000 recommended by the Cunliffe committee. On Saturday the Bank of England sold
£517,659 in gold bars, exported £8,000 in sovereigns,
and received £1,000,000 in sovereigns from abroad.
On Monday the Bank of England sold £1,488,273 in
gold bars and exported £8,000 in soyereio.
Tuesday the Bank sold £720,487 in gold bars lid
exported £2,000 in sovereigns. On Wednesday the
Bank sold £27,884 in gold bars and exported £15,000
in sovereigns. On Thursday the Bank sold £V2,257
in gold bars and exported £15,000 in sovereigns. On
Friday the Bank received £500,000 sovereigns from
abroad, sold £601,377 gold bars and exported £2,000
sovereigns. It is believed that all the bar gold sold
by the Bank was taken for French account.
At the Port of New York the gold movement for
the week ended Jan. 21, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$116,000 chiefly from Latin American countries.
There were no gold exports and there was a decrease
of $4,000,000 gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York, as reported by the Federal Reserve Bank
of New York for the week ended Jan. 21, was as
follows:
GOLD MOVEMENT AT NEW YORK,TAN.15-JAN. 21,INCLUSIVE.
Sterling exchange is dull and irregular, displaying
a soft undertone, which would be even more marked,
were it not for the support of banking authorities in
both New York and Paris through the purchase of
sterling bills, which support the latter part of the
week has resulted in stiffening rates. The range this
week has been from 4.85 1-16 to 4.85 5-16 for bankers'
sight bills, compared with 4.85 3-16 to 4.85 7-16 lapt
week. The range for cable transfers has been from
4.85 5-16 to 4.85, compared with 4.85 13-16 to
4.853/ a week ago. The rate went off sharply on
Saturday of last week, when sterling cables declined
to 4.85 5-16. Continued weakness prevailed in Monday's trading. This caused much talk in the market
of a probable movement of gold from London to New
York as the theoretical point for gold shipments to
New York is calculated to be around 4.85%, but in
Tuesday's trading there was some recovery in sterling
which was attributed directly to the fact that there
was a further lowering of bankers' acceptance rates
in New York, followed by a decrease in time money
and commercial paper rates. Simultaneously there
occurred a hardening of money rates in London,
where three-months bills were quoted 2 3-16%23.%, compared with 1%%-13/2% in New York.
There was a further reduction in bill rates in New
York on Thursday so that three-months bills are
now .13/%-138%. New York bankers' acceptance
2
/
rates are now at their lowest since the organization
Imports.
Exports.
of the market, which came into existence with the $116,000 chiefly from Latin America
None
creation of the Federal Reserve banks in 1914.
$116,000 total.
The steady liquidation of bank loans in New York,
Net Change in Gold Earmarked for Foreign Account.
notably security loans, together with an extremely
Decrease $4,000,000
liberal Federal Reserve policy, is causing funds to
Canadian exchange continues at a discount. Quotapile up in the banks, so that on Tuesday time money tions for Montrea
l funds this week were as follows:
against Stock Exchange collateral was lending at On Saturda
y 9-32 of 1% discount on Monday 3-16
13/2% for 60 days and at 2% for six months, with of 1%;on Tuesday
11-64 of 1%;on Wednesday 11-64
call money against Stock Exchange collateral prac- of 1%;
on Thursday, 5-32 of 1%, and on Friday,
tically unlendable in the outside market at 1%. Six- 5-32 of
1% discount.
months prime commercial paper was on offer in New
Referring to day to day rates, sterling exchange on
York on Tuesday at 23/2%. This drop in the money Saturda
y last declined sharply. Bankers' sight was
market here is believed the only circumstance which 4.85%@
4.8531;cable transfers 4.85 5-16@4.85 13-32.
prevented sterling quotations from going lower. It On
Monday sterling continued weak. The range was
is generally believed that the reduction in the New 4.85
1-16@4.
York Federal Reserve Bank's open market bill buy- 4.854 for 853 for bankers' sight and 4.85 546@
3
cable transfers. On Tuesday the undering rate, which forced acceptance dealers here to tone was firmer.
Bankers' sight was 4.85 1-16(4)
lower their rates, was at least in part inspired by a 4.853(;
cable transfers 4.85 5-16@4.85 13-32. On
desire to strengthen sterling exchange. The firming Wednes
day the undertone improved. The range was
up of money rates in London, which also worked in 4.85 3-32@4.
853 for bankers' sight and 4.85 11-32
favor of sterling, was due largely to the sale by the @4.85
13-32 for cable transfers. On Thursday sterBank of England on Monday of £1,488,000 in gold ling
was steady. The range was 4.85 5-32@4.85 5-16
bars, one of the largest losses in recent months. This for bankers
' sight and 4.85 13-32@4.853/ for cable
2
gold is believed to have been taken for French transfers. On Friday sterling
continued steady; the
account. Part of the weakness in sterling since range
was 4.85 3-16@4.85 5-16 for bankers' sight and
Jan. 1 is believed due to the seasonal return of London 4.85 7-16@4.85 for cable
transfers. Closing quotabalances to New York, following the usual year-end tions on Friday
were 4.85% for demand and 4.85 7-16
withdrawals of the same funds. But this movement for cable transfer
s. Commercial sight bills finished
of funds to New York should be ended by now and a at 4.85%; sixty-day bills at 4.831
1
%; ninety-day bills
period of normal firmness in sterling may be expected at 4.82 3-16; documents for
payment (60 days) at
544
FINANCIAL CHRONICLE
[Vol,. 132.
ed in France by a
%
4.831 ,and seven day grain bills at 4.84%. Cotton also because of the crisis produc
series of bank failures. Furthermore there has been
/
.
and grain for payment closed at 4.851 8
a general withdrawal or withholding of expected
countries is dull, credits by the United States due to the banking and
Exchange on the Continental
though having latterly displayed some strength. business disturbances here. It is believed that there
The Continentals and in fact all currencies except will not be much improvement in mark exchange
Swiss francs are now at a discount with respect until there is a reversal of these conditions, and
to the dollar. As noted above, the Bank of England especially until American bankers are more ieady to
lost gold heavily to Paris this week, despite the fact extend credits in Germany. However, as a seasonal
that sterling is finding support in Paris through matter in normal times mark exchange begins to
the operations of the Bank of France. The flank show firmness from now on. German bankers are
of France statement for the week ended Jan. 17 urging upon the Reichsbank the necessity of reducing
shows gold reserve of 54,402,000,000 francs, more its rate of rediscount. The chief factor making for
than triple England's amount. The French figure delay on the part of the Reichsbank seems to be
does not include approximately £3,500,000 gold doubt about the foreign exchanges.
The London check rate on Paris closed at 123.87
withdrawn from the Bank of England and the
n open market since the date of the state- on Friday of this week, compared with 123.87 on
Londo
ment. This week the Bank of France shows an in- Friday of last week. In New York sight bills on the
crease in gold holdings of 293,000,000 francs, the French centre finished at 3.91 13-16, against 3.91%
total standing at record high level of 54,402,000,000 a week ago; cable transfers at 3.91 15-16, against
francs, which compares with 42,737,000,000 francs 3.91%, and commercial sight bills at 3.91 9-16,
on Jan 17 1930 and with 29,935,000,000 francs re- against 3.913. Antwerp belgas finished at 13.933'
ported in the first statement of the Bank of France for checks and at 13.94% for cable transfers, against
following the stabilization of the franc in June 1928 13.93 and 13.94. Final quotations for Berlin marks
4
4
TheBank's ratio of reserves is also at record high, were 23.753 for bankers' sight bills and 23.763 for
ng at 53.92%, as of Jan. 17, compared with cable transfers, in comparison with 23.743 and
standi
53.54% on Jan. 9, with 49.15% on Jan. 17 1930 and 23.753. Italian lire closed at 5.23% for bankers'
with legal requirement of 35%. It would appear sight bills and at 5.23 9-16 for cable transfers, against
that the decision of the Bank of France to accept 5.239/i and 5.23 9-16. Austrian schillings closed at
.
standard gold from London in its desire to give 14 053/2, against 14.053/2; exchange on Czechoslovakia
4
7
further assistance to the Bank of England has been at 2.95%, against 2.95%; on Bucharest at 0.591
According to Paris dispatches, hence- against 0.591 ; on Poland at 11.20, against 11.20,
4
without effect.
5
%
forth the gold point for export from London will not and on Finland at 2.515 , against 2.51%. Greek
on refining capacity and the export point, exchange closed at 1.291 for bankers' sight bills and
%
depend
%
instead of fluctuating as it has done since the Bank at 1.293 for cable transfers, against 1.29 546 and
of England stopped releasing standard bars of 0.995 1.29 7-16.
fine, will now be established at the fixed rate of
Exchange on the countries neutral during the
123.89 francs to the pound sterling, below which
exception of Swiss francs is displaying
figure Paris says sterling can not fall. Whether war with the
tone. On Thursday the National Bank of
this measure of the Bank of France can of itself a firmer
lowered its rediscount rate M of 1%
have any influence on the gold movement from Switzerland
According to well-informed quarters, the
London is questioned. Paris bankers believe that to 2%.
nal weakness in guilder exchange is due
the result will still be determined by the relative occasio
n chiefly to export of Dutch capital to other markets,
condition of the balance of payments as betwee
to London and New York. The ScanEngland and France. Some French bankers even particularly
at least tem- dinavian exchanges are dull but all display firmness.
think that the measure may have
s continue to flucturate rathel widely,
porarily the effect of prolonging shipments of British Spanish peseta
whole were much firmer during the
gold to Paris. Still it is believed that the gold but on the
of the week owing, it is believed„ to
import movement will cease as soon as commitments greater part
ting operations in London.
already entered upon shall have been closed out. suppor
Bankers' sight on Amsterdam finished on Friday
This does not mean, however, that the tide will
4, against 40.213 on Friday of last week;
actually turn at an early date and gold leave France. at 40.223
for cable transfers at 40.2334, against 40.2234, and
German marks are ruling low around 23.77
commercial sight bills at 40.19, against 40.173i.
cable transfers, which compares with dollar parity of
on her gold Swiss francs closed at 19.343's for bankers' sight bills
23.82. Germany is experiencing a drain
the dis- and at 19.35 for cable transfers, against 19.35M
and exchange reserves despite the fact that
ined at 5%. and 19.3634. Copenhagen checks finished at 26.713
count rate of the Reichsbank is mainta
and
exodus and a and cable transfers at 26.213/2, against 26.71
This is the consequence of a capital
n closed at 26.763..( and cable
have 26.72. Checks on Swede
concomitant shrinkage of capital imports which
upon mark exchange. One transfers at 26.773, against 26.753 and 26.763
placed an increasing strain
the past while checks on Norway finished at 26.72 and cable
financial authority estimates that during
Spanish
ted to about 1,500,- transfers at 26.73, against 26.71 and 26.72.
year the flight of capital amoun
and at
import of capital is pesetas closed at 10.43 for bankers' sight bills
000,000 reichmarks, while the net
10.24 and
0,000 reichmarks. 10.44 for cable transfers, compared with
believed to have fallen to 500,00
are only partly trace- 10.25.
The causes of the capital flight
ng from bad busiable to domestic conditions resulti
Exchange on the South American countries is
al anxiety created
ness, heavy taxation, and politic
are steadier
ns. French funds dull but steadier. Argentine paper pesos
by the results of the fall electio
the Government to support
come to depend owing to the efforts of
upon which the German market has
Gold has been
such reasons, but the peso against violent fluctuation.
have not only been removed for
JAN. 24 1931.]
545
FINANCIAL CHRONICLE
Closing quotations for yen checks yesterday were
shipped to London and New York in recent weeks
49.40@49/, against 49.43@49%. Hong Kong
for this purpose. It is known that Argentina has
been feeling out foreign markets with a view to closed at 24@.24 9-16, against 24@,24 9-16; Shanghai
;
8
arranging loans. A recent dispatch from Buenos at 31%, against 31@313/ Manila at 49 8, against
and American 49 8; Singapore at 563@56 7-16, against 5634@
Aires stated that British, French,
363j, and Calcutta
bankers have made offers of lbans to the Argentine 56 7-16; Bombay at 363,against
Government aggregating more than 600,000,000 at 363, against 36%.
gold pesos (approximately $424,800,000) at interest
Pursuant to the requirements of Section 522 of the
4
4% to 53 %. In New York
rates varying from 51
Tariff Act of 1922, the Federal Reserve Bank is now
it is believed that loans of such large amounts are
the Treasury the
out of the question at this time, especially in view of certifying daily to the Secretary of
buying rate for cable transfers in the different counthe unfavorable condition of the bond market for
a record for the
the flotation of large long-term foreign issues. It tries of the world. We give below
smaller week just passed:
is thought, however, that loans of much
RESERVE
CERTIFIED BY
amounts than those mentioned will be forthcoming FOREIGN EXCHANGE RATES UNDER TARIFF FEDERAL1922.
ACT OF
BANKS TO TREASURY
JAN. 17 1931 TO JAN. 23 1931, INCLUSIVE.
early this year. According to a Buenos Aires dispatch, complete export figures for 1930 published
Noon Buying Rate for Cable Transfers In New York.
Value in United States Money.
by the Bureau of National Statistics not only show County and Monetary
Unit.
Jan. 17. Jan. 19. Jan. 20. Jan. 21. Jan. 22. Jon. 23.
a decrease of nearly 36% as compared with 1929, but
$
8
$
$
$
$
EUROPE-reveal also that the value of the 1930 exports was Austria,schilling
.140713 .140721 .140715 .140712 .140705 .140547
.139323 .139324 .139344 .139339 .139354 .139392
Belgium, belga
the lowest since 1917 and that the tonnage was the Bulgaria, lev
007163 .007166 .007177 .007169 .007169 .007169
.029606 .029606 .029600 .029600 .029600
lowest since 1925. Last year's exports were valued Czechoslovakia, krone .029607 .267136 .267157 .267150 .267167 .267205
.267177
Denmark. krone
953,744,- England. pound
4.853169 4.852926 4.853295 4.853273 4.853645 4.854559
at 612,550,000 gold pesos, compared with
sterling
.025166 .025173 .025174 .025173 .025168 .025169
markka
.039180 .039175 .039174 .039175 .039177 .039190
000 gold pesos in 1929, a decrease of 35.8%. In Finland,Trans
France,
Germany, reichemark .237548 .237439 .237489 .237571 .237657 .237639
.012937 .012938 .012943 .012941 .012940 .012941
1930 the tonnage export totaled 10,997,690 tons, Greece,drachma
.402277 .402285 .402307 .402248 .402213 .402964
Holland, guilder
.174710 .174686 .174676 .174685 .174673 .174663
16,703,430 tons in 1929. On Friday Hungary, pengo
compared with
.052348 .052349 .052350 .052350 .052347 .052348
Italy, Bra
.267191 .267148 .267176 .267164 .267172 .267219
Norway, krone
word came from Buenos Aires that the Argentine Poland.zloty
.112122 .112100 .112136 .112095 .112095 .112104
.044835 .044916 .044902 .044883 .044887 .044885
National Bank was sending ,350,000 gold to New Portugal, escudo
.005940 .005942 .005941 .005943 .005943 .005943
Rumania,leu
.102528 .103123 .104419 .105316 .104634 .104090
York for debt service. Brazilian milreis continue Spain. meets
.267570 .267631 .267670 .267667 .267632 .267651
Sweden,krona
franc.-- .193509 .193440 .193441 .193459 .193477 .193483
to be nominally quoted. Reports from Rio and Sao Switzerland,dinar
.017678 .017670 .017677 .017671 .017672 .017672
Yugoslavia,
ASIAPaula state that after 18 months of lethargy general China.322500 .321666 .323333 .326458 .324791 .321875
business is awakening in Brazil with increasing Chefoo taxi
.320312 .318750 .319062 .321718 .320781 .318593
Hankow tael
.310982 .310000 .311428 .315535 .312500 .312428
Shanghai tael
interest in all lines.
.327500 .327083 .328750 .331875 .330208 .327291
Tientain tael
.239285 .238428
Argentine paper pesos closed at 30 7-16 for checks Hong Kong dollar._ .240714 .238392 .238142 .243571 .225312 .225000
. .224687 .224062 .223750 .227812
Mexican dollar_
_.
as against 30 7-16 on Friday of last week, and at 3032 Tientsin or Pelyang .228333 .226666 .227083 .230833 .228333 .227500
dollar
.225000 .223750 .224166 .227916 .225416 .224583
Yuan dollar
against 3032. Brazilian milreis India,rupee
for cable transfers,
.359289 .359214 .359175 .359071 .359028 .359246
.494387 .494312 .494225 .494125 .494046 .494087
Japan. yen
are nominally quoted 8.95 for bankers' sight bills and Singapore(B.S.) dollar .559375 .559375 .559375 .559375 .559375 .559270
NORTH AMER..997371 .997940 .998330 .998168 .998377 .998377
9.00 for cable triansfers, against 9 5-16 and 99'. Canada, dollar
.999093 .999218 .999218 .999281 .999218 .999281
Cuba. peso
.462500
Chilean exchange closed at 12.05 for checks and at Mexico, peso dollar .461633 .462166 .463000 .995747 .461633 .460833
.995992 .996000
.995250 .995623 .995968
Newfoundalnd,
SOUTH AMER.12.10 for cable transfers, against 12 1-16 and 123/s. Argentina, peso (gold) .692008 .692130 .692413 .691681 .691627 .691558
.092875 .092607 .091250 .091055 .089922 .088030
Brazil, milrels
Peru at 29.00, against 29%.
.120724 .120618 .120717 .120717 .120520 .120569
Chile, peso
Uruguay. peso
Colombia. peso
.667316
.965700
.669412
.965700
.671187
.965700
.669285
.965700
.666597
.965700
.664410
.965700
Exchange on the Far Eastern countries shows
The following table indicates the amount of bulimprovement as the result of an upturn in silver. lion in the principal European banks:
While silver prices are still very low, the quotation
Jan. 23 1930.
Jan. 22 1931.
on Wednesday of 30 cents in New York compares Banks of
Total.
Silver.
Gold.
Total.
Silver.
Gold.
with the recent low of 283/ cents. Of course, the
£
£
£
£
£
£
improvement in silver was followed by a similar England _ _ 142,861,766
151,288.975
142,861,766 151,288,975
341.895,396
(d)
35,301,676341,895,396
d
France a.. 35,301,676
improvement in the Chinese silver exchanges. Germany b 99,529,900 c994,600 100,524,500 106,699,450 994,600007,694.050
28,148,000 130,789,000
56,120,000
Japanese yen are steady. According to Tuesday's Spain _ _ .._ 97,589,000 27,949,000 125,548,000 102.641,000
57,297,000 56,120,000
Italy
57,297,000
37,288,000
2,004,000 37,514,00037,288,000
dispatches Japan is again shipping gold to the United Netheri'ds. 35,510,000
39,222,000 32,750,000 1,289,000 34,039,000
Nat. Bela. 39,222,000
926,000 24.510.000
25.757,000 23,221,000
Switzerrd. 25,757,000
13,582,000
States, $3,750,000 having left Yokohama, the first Sweden... 13,377,000
13,377,000 13,582,000
340,000 9,918,000
9,558,000 9,578,000
_
23,146,000
8,134,000 8,146,000
since November. The news is not surprising since Denmark 9.558,000
Norway
8,134,000
yen have been near the gold point ever since the turn Total week 964,147,342 30,947,600995,094,942883,209,821 31,697,600914,907,421
Prey. week 963,213,505 30,966,600994,180,105860,931,849 31.652, ,12,584.449
of the year. How large the present movement will
Bank of France as reported In the new form
a These are the gold holdings of the
of gold held
the Bank of
be depends chiefly upon the attitude of the Bank of of statement. b Gold holdings ofpresent year isGermany are exclusive Oct.? 1924.
£11,111,500. c As of
abroad, the amount of which the
d Silver is now reported at only a trifling sum.
Japan, which may support yen sufficiently to stop
exports or may allow the movement free play. The
Prohibition and Politics-The Wickersham
Japanese import season continues until May and
Report.
yen are likely to be comparatively weak until then.
It may well be doubted if Congress has ever had
London dispatches state that the increase on Thursso disappointing and unday of last week in the rediscount rate of the Imperial laid before it a document
the report of the Wickersham ComBank of India from 6% to 7% was due to excessive satisfactory as
Enforcement which Mr. Hoover
weakness in rupees. Spot rupees are nominally mission on Law
transmitted on Tuesday. To be sure, the Commission
quoted in New York around 36%, but there is no
1929 was not a distinguished
business in the exchange, while futures for any date which was created in
body, and only a minority of its members seemed to
of delivery are at a wide discount ranging from 35.65
special qualifications for making what the
to 35.75. The gold export point to London is figured have any
law defined as"a thorough inquiry"into the working
at about 35.88.
L46
FINANCIAL CHRONICJLE
(VOL. 132.
of prohibition enforcement, which was the main task "there is yet no adequate observance
or enforcedevolved upon the Commission, or into the "enforce- ment."
ment of other laws" which was also committed to
What, then, does the Commission recommend?
it. The membership was, however, thoroughly As far as the report proper is
concerned, the Comrespectable,it appeared to be free from objectionable mission is opposed to the repeal of the
Eighteenth
partisanship, and there seemed reason to hope that Amendment, to "the restoration in any
manner of
its conclusions, even if not entirely acceptable to the legalized saloon," to "the federal
or State govone side or the other of the prohibition controversy, ernments, as such, going into the liquor
business,"
would at least represent substantial unanimity. and to "the proposal to modify the National
ProhibiWhat the deliberations and investigations of eighteen tion Act so as to permit manufacture and
sale of
months have produced is a document, nine news- light wines or beer." It favors increased appropriapaper pages long, comprising a Commission report tions for enforcement, and such modifications
in the
proper and ten separate reports by individual mem- statutes and in the organization, personnel and
bers, these separate reports qualifying, explaining, equipment of the enforcement bureau as will do away
elaborating or rejecting one or another part of the with certain "causes of irritation and resentment
statement which the same members also signed. The on the part of the medical profession." It calls
signature of one member, moreover, was withheld. specifically for an increase in the number of "agents,
Only a collation of these individual reports with the storekeeper-gaugers, prohibition investigators and
report proper would make it possible to say what special agents," and in "the personnel of the Customs
the Commission as such thinks, and the best of de- Bureau and in the equipment of all enforcement orductions would be imperfect because the Commis- ganizations." It further recommends new statutes
sion, at many important points, is of hopelessly di- providing for more rigorous control of denatured
vided mind.
alcohol and denaturing plants, for "making proThe report proper is an elaborate survey of most cedure in the so-called padlock injunction cases
more
aspects of the general subject. It begins by reciting effective," and "providing a mode of prosecuting
the circumstances of the creation of the Commission, petty offenses in the federal courts and
modifying
examines the Eighteenth Amendment and the en- the increased Penalties Act of 1929." It is opposed
forcing acts, reviews the progress of enforcement to legislation "allowing more latitude
for federal
both before and since the Act of 1927, glances briefly searches and seizures."
at foreign systems of control, and considers the alOn the question of continuing the system the reternatives that have been proposed for the present port recognizes the wide divergence of opinion among
system. Under the general head of enforcement it the members of the Commission. Some of the memdeals with such subjects as the control of importa- bers, the report states, "are not convinced that
protion and manufacture, wine production and home hibition under the Eighteenth Amendment is
unenbrew, the diversion of lawful liquor from its per- forceable, and believe that a further trial
should be
mitted sacramental, medicinal or scientific use, the made with the help of the recommended
improveproblems of speak-easies, night clubs and drug ments, and that if after such trial effective
enforcestores, the various forms of corruption which the ment is not secured there should be a revision
of the
system has entailed, economical and psychological Amendment. Others of the Commission
are condifficulties of enforcement, and plans for improving vinced that it has been demonstrated that
prohibithe enforcement machinery.
tion under the Eighteenth Amendment is unenforceThe one thing that stands out in the report of the able and that the Amendment should be immediatel
y
Commission and the statements of its individual revised, but recognizing that the process
of amendmembers is the all but complete failure of Federal ment will require some time, they unite in the recomprohibition to prohibit. Over against the com- mendations" already mentioned for .making
the
mendation accorded to the professed aims of pro- system more effective. "All the Commission
," the
hibition, and the approving statements about its report adds, "agree that if the Amendment
is reinfluence in reducing the volume of crime and aiding vised it should be made to read"
so as to give to
economic welfare—the latter a fulsome passage Congress the power "to regulate or to prohibit"
the
which makes strange reading in a period of vast manufacture, sale, &c., of
alcoholic liquors for
economic depression—are arrayed the findings of beverage purposes, in place of the
absolute prohibiwidespread and open violation of the enforcement tion which the Amendment now decrees.
acts, corruption and lawlessness on the part of enAn examination of the supplementary statements
forcement officers, unabashed nullification of the appended to the report proper shows
that while nine
laws among all classes, and a public opinion which of the eleven members were opposed to outright retreats the system not only with hostility but with peal of the Amendment, four of the nine favored
contempt. The utmost efforts of the Commission fail modification. Two members only favored repeal, and
to disclose any considerable popular regard for pro- two other wished to have the system given a further
hibition in any form, or anything but resentment at trial. The Chairman of the Commission, George W.
its interference with State authority and personal Wickersham, and two others, stood for strict enliberty on the part of those who do not regard the forcement. The rumor that a majority of the Comuse of alcoholic beverages as a moral wrong. For mission had been in favor of repeal, but that the
every practical purpose the report, viewed as an ap- report had been changed at the last moment under
praisal of prohibition by federal fiat, is an over- pressure from Mr. Hoover, appears to have been set
whelmingly "wet" document, and none the less so at rest by the positive statement issued by the Combecause of the evident intention of the Commission mission on Wednesday, declaring the rumor to be
to give to the report the tone and manner of a judi- "wholly without foundation," and affirming that
cial review. Even the Commission itself, in the "at no time has the President in any manner atsummary of its recommendations which concludes tempted to influence the recommendations" of the
the report, can only declare that, in its opinion, Commission.
JAN. 24 1931.]
FINANCIAL CHRONICLE
Mr.Hoover,in transmitting the report to Congress,
declared himself in accord with the "large majority"
of the Commission in not favoring the repeal of the
Eighteenth Amendment. He took occasion, however,
to dissociate himself emphatically from the conditional recommendation that the Amendment should
be modified. To that recommendation he saw
"serious objections," and declared that he "must not
be understood as recommending" it. As a matter of
procedure Mr. Hoover's statement was unusual, if
not unprecedented, in that it repudiated at the outset one of the most important recommendations of
the Commission, which had been established at his
request, before Congress had had time to examine the
lengthy report.
The effects of the report seem likely to be farreaching. The report offers four alternatives to the
existing chaos. The first is the repeal of the
Eighteenth Amendment. To this, at least as an immediate step, the majority of the Commission is opposed. The second is the modification of the Amendment so as to empower!Congress to regulate or prohibit the manufacture and sale of intoxicating
alcoholic liquors as beverages. Were this modification adopted, it would still be open to Congress to
prohibit if it did not choose to regulate, and for such
prohibition the Anti-Saloon League and its allies
could be counted upon to work as zealously as they
have worked hitherto. The third alternative is the
continuance, at increasing cost to the already overburdened taxpayers, of an enforcement system which
the Commission is agreed has been a failure, but
which it affects to think can be made effective by
improving the machinery and swelling the small
army of enforcing agents. The fourth alternative
is continued and probably increasing nullification
—a condition which the Commission clearly recognizes as due to widespread resentment toward what
is regarded as an obnoxious system, and for which
it offers no remedy save the application of further
force. The most careful reading of the report fails
to disclose any evidence that a nullification which
has brought national prohibition into contempt and
spread unprecedented corruption and lawlessness
throughout the land will be lessened in any degree
if more money, more regulations and more laws are
applied to the coercion of public opinion.
The political consequences of the report are also
not to be overlooked. By repudiating flatly the
guarded suggestion of a modified Amendment, and
declaring it to be his duty and the duty of "all executive officials" to "enforce the law with all the
means at our disposal without equivocation or reservation," •Mr. Hoover has come out at last as a
"bone dry." The "experiment noble in purpose" to
which he is already committed is to be continued
notwithstanding the Commission's pronouncement
that it has been a failure, and what has been rigorous
in the past is apparently to be made more rigorous
in the future. Nothing that Mr. Hoover could have
done would have been more likely to split the Republican party and widen the breach between the
President and Congress. If, as Washington dispatches suggest, the language of Mr. Hoover's covering message does not accurately define his position,
and he is in fact less firmly committed to rigorous
enforcement than his words imply, it is to be hoped
that a clarifying statement from him may soon be
forthcoming. Whether or not the President's
position is modified, however, it will always be
547
matter for regret that the Commission, possessed
of a great opportunity, should not have spoken
clearly and with conviction, instead of offering a
medley of suggestions no one of which, nor all of
them together, would, if adopted, prevent a bad
matter from becoming worse.
Governor Ritchie and Business.
• In his inaugular address, Governor Ritchie of
Maryland spoke in part, as follows: "After all,
the problem of a stable prosperity, as I see it, would
be largely solved if that great complex we call business can be persuaded to exercise a higher order
of economic statesmanship and to acquire a clearer
conception of the practical aspect of politics and
government. I believe there is hope of that. I have
a feeling that henceforth business will lean less on
government, and that not again cane the carefully
considered advice of a thousand trained economists
be safely treated with political contempt." . . .
"Surely business must realize now that the kinship
between prosperity and political parties is not nearly
so intimate as the politicians would have us believe
and as business far too long was wont to assume. It
must realize the need of putting its own house in
order and not waiting until government is forced to
step in and do it. It has duties not only to the red
and black of its balance sheets, but to the people at
large and to the social order in general."
Gov. Ritchie continued as follows: "If, as I
strongly believe, business should be kept as free as
possible from governmental interference, it can deserve and achieve this freedom only by developing
a higher order of self-government and by tackling
those problems which are of its own making instead
of passing them on to government. It certainly
must know by this time that the inteFmntion of
government in its affairs is largely a political intervention, which, with the best of intentions, is more
likely to do harm than good, and that government
can in no event be wiser than the fallible men who
happen to constitute it." . . . "Industry complains of government in business, and then powerful
interests insist on writing its tariff bills, flexible
and inflexible, and thus put government into business in its most obnoxious forms. It puts billions
into public utilities and then pits propaganda
against politics, instead of applying to its affairs
an enlightened business statesmanship to which the
public would respond. Instead of looking upon our
natural resources as a heritage of the people, here
and to come, there is the tendency to exploit them
for the greatest possible immediate profit." . . .
"Just as many of our present ills are due to an unnecessary and excessive usurpation or delegation of
Federal power and could be cured by a larger measure of local home rule, so business, by the exercise
of a more enlightened self-government of its own,
could throw off the incubus of excessive governmental interference. In this phase of self-government lies the safety and stability of our industrial
order."
In the main, Governor Ritchie delivered a sane,
sound, timely, and wholesome address. He has long
been known as an advocate of personal rights and
individualism and an opponent of bureaucracy and
of government in business. And he retreats not a
single step from his original position. His creed is
epitomized in the following paragraph: "These tra-
548
FINANCIAL CHRONICLE
[VoL. 132.
ditions" (he is speaking now of the principles of question from "business" into 'politics." In this
Maryland, which are also his own) "are toleration incipient new industry "politics" and not business
in all things and to all people; ordered liberty for is the "interference." A reversal of view is dethe individual and the right to follow his own pur- manded. There is no conspiracy forming, so far as
suits and to secure his own happiness in his own we can see, to steal away the rights of the people.
way, so long as he does not interfere with the like "Business" is not to be blamed for something it did
rights of others or the recognized sanctions of so- not create. Politics must "clean house" first.
If it could be understood that Congress under no
ciety; and a self-governing State, free to settle its
local preblems in conformity with the needs of its circumstances would pass laws granting favors to
people, who should be unhampered by an excess of business there would be no lobbying, no petitions
government from within and by undue Federal su- for protection. As it is, Congress, through politics,
pervision or interference from without." But a has too long listened to these pleas. It has been too
candid impartiality compels a little questioning of ready to "help." It has become imbued with the idea
the three paragraphs we originally quoted above. Is that laws are the means by which "business" has
there a taint of politics in them? Would he put prospered. Parties have argued for theoretic measupon business at this time the duty of advocating ures to further classes and industries. This is not
"free trade" in its political sense? Doubtless his the duty of the legislative branch. 'Business" is
reference to a "thousand trained economists" recalls indeed the "complex" the Governor names. For this
.
the petition presented to President Hoover asking reason, if for no other, laws advantaging one indushim not to sign the Smoot-Hawley tariff bill, which try must harm another. The cry for "equalizing"
petition he promptly discarded. Did qbusiness" agriculture with manufacture is a cry for the iminaugurate "the tariff" or did "politics"? It will possible. Parties are desirous of securing popube remembered that in the last campaign the Demo- larity with the people. As compaigns open there is
cratic party receded from its position, and with Gov- a disposition to "make hay while the sun shines."
ernor Smith as a leader and exponent, promised a There is an effort to prove that the success of a
"tariff" that would not harm the business of the party is the salvation of the class or industry.
"Politics," in the partisan sense, is responsible
country, promised an undefined measure of "protection." True, many industrial interests crowded. for policies that are born in the minds of political
to the fore asking a part in the benefits of protec- leaders rather than in the sober judgment of the
tion! The bill got out of hand in the scramble, got masses. "Let us alone" is the desire of those who
away from the idea that changed conditions required conduct great enterprises. Yet one or the other of
new rates of duty upon manufactures of a few indus- the parties builds a platform to "get in on." Give
tries, and a wholesale revision followed, which the us the reins, say the politicians, and we will smooth
President signed. But to throw the full odium here the pathway. Law is the master of destiny; law is
upon "business" rather than upon "politics" is the guaranty of principle and profit; law is the sole
hardly warranted under the conditions that then defender of toil and trade; law is the sole protector
existed. Unfortunate as it may be, neither party of the people. By this attitude classes are invited.
can claim exemption from the politics involved. to appeal to Congress. "Big business" knows that
Neither is ready to throw down the bars and espouse its arena is the whole world, that law stops at the
"free trade." "Business," in the long history of this national boundary, that economic laws are founded
question, while it has sought a degree of the alleged in the nature ot things, that supply and demand,
benefits, cannot be accused of originating the meas- territorial resources, racial capacity, environ the
ure. For in the old days when the quarrel was be- efforts of peoples and cannot be overturned by
tween the principle of protection and that of revenue statutes. Therefore, business does not seek Congress
but theoretic politics seeks the people. Naturally,
there was little else than politics as motive.
This is, perhaps, drawing the line too fine. But when the proposal to assist class or industry is made,
when it comes to the big "power" companies, it be- those affected must defend themselves against the
comes apparent that to throw the burden upon "busi- favors shown to others proposed by parties. They,
ness" to "clean house," when this question threatens too, must seek benefits—though they do not origito become a leading issue in the next election, is nally demand them.
It is the willingness of Congress to furnish "aid"
not logical. "Business," therein, is merely seeking
opportunity as is its right. While authority is lack- that makes possible the present tendency toward
ing for the statement, "business," if allowed to, governmental interference. We do not say certain
would, doubtless, develop these waterpowers under "interests" do not take advantage of this condition.
supervision and a reasonable degree of regulation, They do—but to contend that all our troubles are
and cannot rightly be accused of seeking to under- due to this is a mistake. If these seekers after
mine the rights of the people. "Politics" is forcing special favors were met by a cold refusal, they would
an issue that does not obtain. Governor Ritchie is hesitate before coming again. In the end we must
against government ownership and operation. Since come to one or the other policy—either the Congress
the Federal Government controls the waterways, the must take over the entire control and operation of
question of procedure becomes complicated. But business or business must know that no help can
"business" cannot be accused of "politics" in seek- come from the Government. The attitude of the lawing for this new outlet for the investment of huge makers must be reversed. Let business alone and it
capital. It is politics, pure and simple, that is it will make its own laws, as it must do in the end
creating the issue. It, and it alone, is -to be blamed. to overcome the interference of statutory laws. We
If we are to preserve the rights of the people, "poli- think the burden is on our politics to 'clean house."
ties" must stand aside for common sense. Let poli- The "complex" will purify itself if allowed to follow
tics "clean house" first! Ownership may give rise its own bent. For it is the efforts of all men in
to leasehold, but operation by government for profit business endeavor that equalize the benefits of all
or for the benefit of certain industries pushes the men to all men. Congress is now generating a con-
JAN. 24 1931.]
FINANCIAL CHRONICLE
549
test with the "power companies" rather than the can always be bought if there is sufficient wealth
reverse.
behind the stricken ones. Preparations can be made
in advance. When a city burns or a flood sweeps
People and Government.
down a valley, people are, for a time, at the mercy
The controversy in Congress over 15 millions of of the elements, they must be helped. In either case
dollars for "food" for the drouth-stricken sufferers the principle of the aloofness of the government
in the several States gives rise to consideration of holds fast. To feed a community in time of famine
Federal powers that have never been fully deter- is more nearly an attempt to abolish poverty.
mined. Sudden catastrophes, such as flood and fire,
The Red Cross is a benevolent institution organseem to arouse the people more quickly than those, ized by the people at large, independent of governsuch as drouth, that come more slowly and bring ment, to alleviate distress in time of calamity either
famine in their wake. In results, there is in the end by Fire, Flood or Famine, and especially to bring
little difference—a part of the people suffer through scientific assistance to bear against the ravages of
no fault of their own. And in the condition now epidemic diseases. To its call the people have never
upon the American people the important question is: failed to respond rapidly and generously. No sum
"Is it the duty of the people or of the Government has ever been too great for adequate returns. Once,
to care for the sufferers?"
in the war, a hundred millions was subscribed, at
There is a clear distinction between the people and one time. The President of the United States is
the government. The people have original, reserved, honorary president of this organization. He cannot
undefeasible rights and powers, the Federal Gov- mingle the two in his official acts. The society of
ernment has only delegated powers. It is specifi- the Red Cross is a most efficient organism. It is
cally a limited government. There are certain things proof that the people are not without executive reit cannot and must not do; there are certain powers sources independent of government. Even the Red
it may not excercise. The Federal Government is not Cross, however, does not undertake to "feed" the
empowered to abolish poverty if it could. The use people. If it finds a condition of famine likely to
of the phrase "to banish poverty" in connection with produce disease it does what is necessary to forelaws enacted in behalf of "prosperity" is an unfor- stall the suffering that attends disease. Is it suffitunate one. Only the people in their collective cient to cope with the drouth-spots in a dozen states?
capacity working as free individuals eau banish pov- This depends on the response the people make to its
erty, and that we know is impossible. Powers imply calls for funds. Its first call, at this period of early
duties, and to carelessly say that the people are the winter is for ten millions. We have no doubt this
government is to confuse and mislead. In their will be quickly forthcoming. It does not matter that
collective capacity the people can in many ways act it has an estimated forty-four millions on hand, part
independent of government; but government can of this an endowment. It should keep this for innever act independent of powers previously dele- nstant response to catastrophies such as we have
gated by the people. And it is no more the preroga- mentioned. For the rest the able heroic and efficient
five of one great division of the "government" to work of this association not only is a sure help in
exercise undelegated powers than another. There time of need—but it preserves the dignity, freedom
is nowhere in the theory or structure of a representa- and friendliness of the people as a collective power
tive government an instruction to "feed the people." independent of their government.
The words "people" and "government" are not
There is upon our people, as upon every people on
interchangeable, though we often make them so. the globe, a period of "depression." Men'are idle
Thus, the people are by nature sympathetic, helpful everywhere, "business" is lethargic, the equilibrium
in the sense of proffering assistance in time of need, of industry is shaken, prices of commodities and seand emotional for quick action. This cannot be said curities are on a downward trend,save for occasional
of representative government. Congress goes beyond temporary increases; there is gloom in the public
its delegated powers when it proffers monetary aid mind though there is determination and courage in
in time of disaster to a- part of the people. Yet it the common will. Under such conditions it is not to
has made appropriations to relieve the suffering be wondered at that Congress becomes excited and
caused by flood and fire, but only with the under- anxious "to do something." But it should not lose
standing that it was exceeding its delegated powers its calm, or forget that its acts are always precedents
and duties. This is the strict-constructionist view. in the long roll of government activity. Having
Violated continually, it tends to become a custom. yielded to the political influences of "farm relief,"
And custom becomes a law,thereby,in its own right. it has already passed some unbearable laws, and
Famine, however, is a different thing from flood or prostrated itself before some vicious political
fire. Famine creeps upon its victims slowly, though theories. For a long time it has drawn to itself asit may be relentlessly. There is time to make prepa- sumed powers to guide, direct, control, the business
rations to alleviate it, to stay•its progress. Flood of the country. But the country by strict definition
and fire come unawares, are swift, ruthless, cruel. is other than the people, as the people are other than
They destroy homes and sustenance as well as life. the government. Having passed the danger line of
Famine, through the destruction by drouth of one delegated powers the government should be more
crop, does not destroy, except in a secondary sense, careful than ever not to encroach on the undelegated
either life or property. Famine is a calamity more powers of the people. The country is not only the
than it is a catastrophe. But we need not dwell on physical demesne of the people, it is the congeries of
this phase only to say that the precedent of the Gov- all our institutions that make for civilization and
ernment feeding the people in time of famine is a culture to those who look on from abroad. And in no
greater violation of the duties of a government than wise should the government, or that part of it deto feed them in time of flood or fire. There is always, nominated the Legislative Branch, accept an asin case of famine, doubt as to its extent and as to sumed power or an implied duty to abolish or
the incidence of the calamity and suffering. Food alleviate poverty I'
550
Our territorial locale, extent and resources (framework of "our country"), our industrial energies,
economic independence and our individualism, (essence of the power known as "our people), our
representative republican rule (structure of "our
government") all admonish us to maintain the even
tenor of our way and not he led astray into channels
that lead to socialism by temporary conditions the
result of calamities that come from time to time
unheralded and unexpected. We have the inherent
strength to survive them all. Very important, however, is it that we do not chain ourselves with
precedents from which it will be hard to break away.
Better no legislation in the gloom of 'depression"
than that the liberties of the people be confined and
constricted. There is no need for suffering. The
generosity of the people in their individual and collective powers is sufficient to meet every calamity
and catastrophe without turning the government
into an agency for the succor of business and the
relief of suffering communities. Emotion and sympathy are not the precursors and progenitors of sane
and safe laws.
The present session of Congress is too much in
the toils of partisan politics. It can scarcely be
doubted that some of the Senators and Representatives are looking forward to the next election. Perhaps they are doing this unselfishly for "the good
of the party," again, such is the clamor of their constituents for "relief," that they are urged to support
measures which in calmer times they might eschew.
It is very unfortunate that a severe drouth should
come at a time when the farmers are in the trough
of low prices. But no Congress, no government, no
creature commission of Congress can prevent the
wheat surpluses, and cotton increase of foreign
countries, not prevent the "acts of God" which visit
burned-up crops, and consequent famine upon
portions of our fruitful land.
Too much already, the statement is almost a platitude, the people look upon our government as "Little
Father," keeping in mind the inherent unalienable
rights and powers we may leave to the people
their independent powers to satisfy their sympathies
and look out for their brothers in distress. Taxes
fall on the provident and improvident, taxes for the
maintenance alone of government, taxes are a
sacred trust.
The New Capital Issues in Great Britain.
The following statistics have been compiled by the Midland Bank Limited of London. It is explained that these
compilations of issues of new capital, which are subject to
revision, exclude all borrowings by the British Government
for purely financial purposes, shares issued to vendors, allotments arising from the capitalization of reserve funds and
undivided profits, issues for conversion or redemption of
securities previously held in the United Kingdom,short-dated
bills sold in anticipation of long-term borrowings, and loans
by Municipal and County Authorities except in cases where
there is a specified limit to the total subscription. They do
not include issues of capital by private companies except
where particulars are publicly announced. In all cases the
figures are based upon the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN UNITED KINGDOM.
[Compiled by the Midland Bank Limited.]
Month of
Year to
Year to I
Month of
Dec. 31.
December.
Dec. 31. 1
December.
1
£
£
24,402,000 219.897,000
46,779,000 237,541,00011925
1919
20,163,000 253,266.000
384,211,00011926
8,463,000
1920
28,362,000 314,714,000
19,353,000 215,795,00011927
1921
24,697,000 362,519,000
7,537,000 235,669,00011928
1922
5,283,000 253,749,000
1,695,000 203.760,00011929
1923
15,862,000 238,160,000
1924
26.067.000 223,546,00011930
FOL. 132.
FINANCIAL CHRONICLE
NEWVAPITAVII88UE5 IN THE UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank Limited.]
1930.
1927,
1928.
1929.
£
£
£
January
16,925,542
26,331,980 33.794,534 47,418,161
February
21,898,747 27,871,778 33,047,526 26,154,781
March
34,714,108 41,695,433 33,781,109 26,384,187
April
22,267,849 18,600,444 34,767,420 21,270,785
May
34,516,005 39,275,330 21,131,112 37,899,317
June
19,965,221 41.372,436 25,397,926 13,225,111
July
34,894,019 41.820,109 22,211,044 16,432,605
August
6,559,832
2,229,939
6,512400
3,592,305
September
5,039,730 18,305.996
2,664,579
5,039,251
October
37,725,432 40,598,510 11,509,702 30,496,787
November
48,769,073 27.969,767 12.945,198 19,909,853
December
26,361;933 24,696,516
5,283,190 15,862,175
51
Year
314,714,036 362,519,163 253,749.272 236459,666
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KMGDOM BY MONTHS.
[Compiled by the Midland Bank Limited.]
United
India and Other British
Foreign
Kingdom.
Ceylon.
Countries.
Countries.
Total.
1928.
£
£
£
£
£
14,178,000
6,581,000 33,794,000
January
6,153,000
6,882,000
February
23,627,000
3,205,000
2,040,000 27,872,000
March
18,652,000
9,005,000 41,696,000
40,000 13,999,000
April
10,628,000
4,346,000
3,590,000 18,666,000
42,000
25,752,000
9.463,000
4,049,000 39,275,000
May
11,000
June
25,405,000
3,632,000 41,372,000
666,000 11,669,000
July
24.115,000
4,264,000 41,820,000
25,000 13,416,000
August
5,529,000
302,000
682,000
6,513,000
September _ _ __ 7,575,000
3,774,000
6,957,000 18,306,000
October
29,715,000
4,464,000
6,387,000 40,599,000
33,000
November
16,961,000
5,637,000
5,323,000 27,970,000
49,000
December
17,998,000
1,934,000
4,764,000 24,696,000
Year
219,135,000
7,748,000
78,362,000
18,046,000
26,184,000
24,774,000
28,756,000
12,298,000
14,010,000
13,887,000
2,214,000
1,459,000
7,455,000
6,273,000
4,046,000
9,280,000
18,000
30,000
10,000
15,730,000
2,621,000
1,081,000
2,219.000
7,373,000
4,206,000
5,663,000
439,000
658,000
465,000
3,119,000
706,000
159,402,000
10,132,000
44,280,000
11,337,000
7,965,000
16,948,000
11,890,000
17,816,000
7,703.000
13,108,000
3454,000
2,409,000
12,763,000
11,516,000
10,447,000
1,247,000
5,940,000
50,000
7,200,000
266,000
88,000
125,000
1,662,000
12,000,000
75,000
8,000
1,656,000
4,679,000
5,716.000
67.000
8,849,000
4,381,000
211.000
2,530,000
460,000
1,413,000
7,529,000
4,254,000
127,356,000
28,661,000
41,385,000
1929.
January
February
March
April
May
June
July
August
September_ _ __
October
November
December
Year
1930.
January
February
March
April
May
June
July
August
September_ _ __
October
November
December
Year
219,000
118,000
27.000
119,000
311,000
57,274,000 362,519,000
4,362,000
4,243,000
7,707,000
3,675,000
1,433.000
7,063,000
2,350,000
939,000
547,000
3,672,000
3,523,000
521,000
47,418,000
33,048,000
33,781,000
34,768,000
21,131,000
25,398,000
22,211,000
3,592,000
2,664,000
11,510,000
12,945,000
5,283,000
39,935,000 253,749,000
2,685,000
7,571,000
3,720.000
9,264,000
4,394,000
875,000
3,025,000
451,000
508,000
4,321,000
790,000
1,153,000
16,925,000
26,155,000
26,384,000
21,271,000
37,899,000
13,225,000
16,432,000
6,560,000
6,039,000
30,497,000
19,910,000
15,862,000
38,757,000 236,159,000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY GROUPS.
[Compiled by the Midland Bank Limited.1
Year 1928. Year 1929. Year 1930.
Governments
United Kingdom
1,485,000
6,862,500
9,100,000 27,770,000
India and Ceylon
37,905,600 17,658,144 25,521,188
Other British countries
12,971,284
3,650,000 12,551,100
Foreign countries
Total
Municipalities and public boards
e
United Kingdom_
India and Ceylon
Other British countries
Foreign countries
57,739,384
30,408,144
67,327,288
17,565,857
3,553,500
44,537,417
7,296,748
6,788,300
3,859,926
472,500
2,736,075
Total
Railways
United Kingdom
India and Ceylon
Other British countries
Foreign countries
31,650,805
7,885,926
47,273,492
2,230,506
1,920,000
19,060,625
9,535,413
4,142,500
4,504,297
7,835,000
5,549,250
9,767,934
15,908,419
14,259,297
34,377,809
Banking and insurance
.13,142,213
Breweries and distilleries
4,643,376
Electric light and power
19,126,810
Financial, land. Investment and trust
68,706,639
Gas and water
5,702,332
*Iron, coal, steel and engineering
9,042,392
Mines
9,645,645
011
2,649.032
Shipping and canals and docks
3,237,548
Tea. coffee and rubber
3,090,333
Telegraphs and telephones
Tramways and omnibuses
3,584,117
Miscellaneous cortualercial and industrial __ _114.650,118
13,648,675
4,650,519
15,690,962
44,835,614
2,639,853
5,272,717
14,277,865
4,244.330
391,000
2,459,837
392,967
347.683
92,344,083
10,114,989
2,679,767
6,802,454
12,473,055
9,330,409
75,000
5,485,293
8,050,000
32.500
1,345,465
143,515
1,131,802
29,516,828
Total
Total
362,519,163 253,749,272 236,159,666
•Including motors and aviation.
Automobile Financing During October and
the 10 Months.
The number of automobiles financed during October, as
reported to the Bureau of the Census by 492 automobilefinancing organizations, was 201,458, on which $81,503,844
was advanced, as compared with 219,677 on which $90,466,172 was advanced in September, 247,574 on which
$102,530,439 was advanced in August, 278,258 on which
$126,590,020 was advanced in October 1929, and 216,382
on which $104,323,612 was advanced in October 1928.
Of the total number of cars financed during the month of
October 1930 39% were new cars, 59% were used cars, and
2% were unclassified.
Wholesale financing during October was $35,962,248, as
compared with $45,386,952 in September and $63,640,986
in October 1929.
JAN. 24 1931.]
FINANCIAL CHRONICLE
551
The figures below have all been revised to include 27 With respect
to the7requirement that any net incomeTreadditional organizations not included in previous returns.
maining after paying dividends and making additions to
AUTOMOBILE FINANCING.
surplus is to be paid to the United States Government as a
Wholesale
Retail Financing.
franchise tax, it is noted by the Bank that "no balance
Financing.
remained for such payments in 1930 or 1929." The Bank's
Total.
New Cars Financed.
profit and loss account for the two years follows:
Volume
Number
Volume
Number
Volume
in Dollars.
1928.
January
February
March_
April
May
June
July
August
September
October
of Cars.
104,223
52.357,754
132.366
65,016,842
195,806
93,581,752
234,852 113,564.342
272.310 132,186,344
264,112 128,167,581
253,460 123,069,008
252,658 121,874,690
209,917 102.516,127
216,382 104,323.612
DATA
NOT
AVAILABLE
Total(10 months)
November
December
of Cars.
49,989
63,798
96,921
117,751
137,259
131,694
125,656
124,859
100,791
101,554
fn Dollars.
32,489.265
40,557,252
61,072.572
74.435,217
86.416.000
83,198.055
79,770,688
78.730.798
64.754,538
64,990,561
2.136,086 1.036.658,052 1,050,272 666.414,946
181,073
86,828,447
84,633
53,054,598
152,499
73,058,197
63,251
41,709,916
Total (year)
1929.
January
February
March..
April
May
June
July
August
September
October
Or Dollars.
2,469,658 1,196,544,696 1,198,156
36,899,813
47,962,644
61.170,730
74,884,909
72,291,505
63,412,417
61.839,467
69,959,084
60.194,621
63,640,986
157,282
75,691,601
191,078
91,241.901
305,839 142,117,146
411,755 172.811,264
402,897 184,938,915
387,157 180,098,333
391.461 180,845,490
350,477 163,896,492
300.901 129,447,399
278,258 126.590.020
761,179,460
78,633
103,680
166,455
205,603
213,125
204,174
211,707
184,365
158,364
132,453
48,765,872
61,978,964
96,881,494
116,938,139
125.283,993
122,037,943
124.761,957
111,299.259
93,950,905
80,372,682
Total(10 months) 612,256,176 3,177,105 1,447,678,561 1,658,559
November
DATA NOT 210,834
95,000,640
96,392
December
AVAIL.
171.890
80,089,099
74,332
982,271,208
58,245.687
48,061,493
Total(year)
1939.
January
February
March_
April
May
June
July
August
September
October
3,559,829 1,622,768,300 1,829,283 1,088,578,388
52,447,062
61,244,849
77,547,823
85,345,770
83,659,772
53,802,394
55.429,935
45,411,119
45,386,952
35.962,248
166,151
199,947
316,029
346,083
349,136
341,387
287.444
247.574
219,677
201,458
73,618,802
85.769,608
123,876,111
146,986,679
141,307,160
138,520,036
119,044,282
102.530,439
90,466,172
81,503,844
78.729
95.600
139,387
171,320
170,005
159,942
130,926
111,334
92,367
78,605
45,244,894
53,010,774
77,331,961
94,085.514
94,235,699
91,277,619
73,595,951
63,143,583
52.961.856
45,750,651
Total(10 months) 596,237,924 2,674.986 1,103.533,133 1.228,215
reams F nancvng.
690,638,502
Used Cars Financed.
Number
of Cars.
Volume
in Dollars.
Unclassified.
Number
of Cars.
Volume
in Dollars.
1928.
January
February
March
April
May
June
July
August
September
October
40,978
52.585
78,449
88,468
105.661
104.462
97,705
98,708
84,736
90,839
13,600,634
16,629.490
23,086,811
26.934,073
31,675,696
31,620,291
29,336,567
30,037,717
26.129.024
28,034,752
13,256
15,983
22,436
28,633
29,390
27,956
30,099
29,091
24,390
23,989
6,267.855
7,830.100
9,422,369
12,195,052
14,094.648
13,349,235
13,961,753
13,106,175
11,632,565
11.298.299
Total (10 months)„..._
November
December
840,591
74,744
69.560
257,085,055
23,277,105
22,082,179
245.223
21,696
19,688
113,158,051
10,496,744
9,266,102
984,895
302,444,339
286,607
132,920.897
69,031
76,724
121,512
185,340
109,103
164,385
162,723
149,858
127,948
135.060
22,783,830
24.663,101
37,006,986
47,221,842
51,103,985
50.379,886
49,104,714
45,849,948
29,558,269
41,724,621
9.618
10.674
17,872
20,812
20,669
18,598
17,021
16,254
- 14,589
10,745
4,141,899
4,599,836
7,328,666
8,651,283
8,550.937
7,680.504
6.978,819
6,747,285
5,938,225
4.492.717
1,361,684
104,211
89,943
400,297,182
32,260,075
28.674,443
156,862
10,231
7,615
65,110,171
4,494,878
3.353,163
1,555,838
461,231,700
174.708
81,012
95,786
166,898
164,374
168,488
170,799
150,138
129,997
121,857
118.528
25,595,605
29,206,443
42,477,905
48,853,748
42,805,413
43.074.019
42.780,448
37.222,086
35,266,081
33,851,802
6,410
8,561
9,744
10.389
10,643
10.746
6,380
6.243
5,453
4,325
2,778,303
3.552.391
3,976.245
4,047,417
4,266,048
4,168,398
2,667,883
2.164,770
2,238,235
1,901,391
1,367,877
381,133,550
78.894
31.761.081
Total (year)
1929.
January
February
March
April
May
June
July
August
September
October
Total (10 months)
November
December
Total (year)
72,958.212
1930.
January
February
March
April
May
June
July
August
September
October
Total (10 months)___
Annual Statement of Federal Reserve Bank of New
York-Gross Earnings in 1930 at $10,393,188
Compare with $19,314,279 in 1929-6.9% Earned
on Paid-in Capital in 1930 Against 20.7% in 1929.
A marked decrease in the earnings of the Federal Reserve
Bank of New York is shown in the sixteenth annual statement of condition for the year ended Dec. 31 1930. For
the calendar year 1930 the gross earnings are reported as
$10,393,188 compared with $19,314,279, while the net
income for the year just closed was but $4,588,384 against
$12,263,224 in 1929. The ratio of net earnings on capital
paid in is shown as 6.9% in 1930, whereas in 1929 it was
20.7%; on capital and surplus the ratio in 1930 was 3.1%
compared with 9.4% in 1929, while on capital1 surplus and
deposits the earnings in 1930 were 0.4% against 1.1% in
1929. Of the net earnings of $4,588,384 in 1930, dividends
to member banks at the rate of 6% on paid-in capital absorbed $4,013,779, while $574,605 was added to surplus.
PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS 1930 AND 1939.
Earnings1930.
1929.
From loans to member banks and paper discounted
for them
$1.910,378.30 $12,492,641.58
From bankers' acceptances
1,917,936.89 3.522,642.34
From United States Government obligations
5,895.424.92 2,459.162.89
Other earnings
669,448.33
839.832.62
Total earnings
110,393,188.44 $19,314,279.23
Additions to Earnings
For sundry additions to earnings, including income
from annex building
91,847,494.18
8546,927.82
Deductions from Earnings
For currency bank operation (these figures Include
most of the expenses incurred as fiscal agent of
the United States)
$6,383,786.46 16,313,909.95
For Federal Reserve currency, mainly the cost of
printing new notes to replace worn notes In circulation, and to maintain supplies unissued and on
442,777.54
738,553.41
For depreciation, self-Insurance, other reserves,
losses, &c825,734.79
545,518.11
Total deductions from earnings
37.452,298.79 97,597.983.47
Net income available for dividends, additions to surplus and payment to the U. S. Government
$4,588,383.83 $12,263,223.58
Distribution of Net Income
In dividends paid to member banks at the rate of
6% on paid-In capital.,14,013,778.77 $3,544,314.09
In additions to surplus (the Ran is required by
law to accumulate out of net earnings, after payment of dividends, a surplus amounting to 100%
of the subscribed capital; and after such surplus
has been accumulated to pay into surplus each
year 10% of the net income remaining after Paying dividends)
574,605.06 8,718,909.49
Any net income remaining after paying dividends
and making additions to surplus (as above) is
Paid to the U. S. Government as a franchise tax.
No balance remained for such payments in 1930
or 1929.
Total net income distributed
84,588,383.83 $12.263,223.58
Additional data supplied by the Bank follow:
The following figures show in comparison the gross earnings of the
Bank
by months for the years 1930 and 1929:
EARNINGS BY MONTHS.
1930.
1929.
1930.
1929.
January__ $1,655,868.63 91,824,933.96 August _ _ _
$613,671.81 $1,887,174.26
February- 1.151,393.62
1,248,163.69 September
541.340.64
1.800,434.28
March _ _ - 1,084,677.00
1,384,447.34 October- 575,136.48
1,453,791.83
April_ _
991.192.97 1,344,820.13 November
560,443.89 1,580,613.63
May
780,916.03 1,271,806.96 December
966,164.36 2.128,042.38
June
842,442.06
1,409,135.64
July
629,940.95 1,980,915.13
$10.393,188.44 819.314,279.23
RATIO OF NET EARNINGS.
1930.
1929.
Per cent earned on capital paid in
6.9
20.7
Per cent earned on capital and surplus
9.1
9.4
Per cent earned on capital, surplus and deposits
0.4
1.1
The following table presents in comparative form for the past three years
the volume of the principal operations of the Federal Reserve Bank of
New York, which are of such character that they can be expressed in quantitative terms. At the close of business Dec. 31 1930 the total personnel
of the Bank, including the Buffalo branch, numbered 2.415.
COMPARATIVE STATEMENT SHOWING VOLUME OF OPERATIONS.
Supplting Currency and Coin1930.
1929.
1928.
Currency Paid out, received or redeemed.
Individual notes counted
730,751,000
709,940,000
888,298,000
Dollar amount Paid dr received 39,827,873,000 810,206,866,000 $8.866,402,000
Coin paid out or received.
Individual coins received
1,520,441,000 1,574,002,000 1.341,373,000
Tons of coin received during yr..
7.382
8,685
7.852
Currency and coin shipments, No.
of shipments to and from outof-town banks during the year
299,795
320,578
303,180
aking Loans and Investments
Bills discounted for member banks,
either discounted customers'Paper or advances agst. the notes
of member banks secured by
collateral In the form of Government securities or commercial or agricultural paper.
No.of bills discounted
44,841
49,705
38,056
Dollar amount
$5,713,832,000 523,602.022,000 124,791,838,000
Acceptances and Government obligations purchased for the account of this Bank and other
Federal Reserve banks.
Dollar amount
$6,859,571,000 $5,353,414,000 $6,445,726,000
Coiled04g Checks, Drafts, Notes and Coupons
Cash items, mostly checks, handled for collection for banks in
all parts of the country.
No.of items
187,951,000
190,373,000
177.303.000
$142,165,873,000$156,641,846,0005115,192,020,000
Dollar amount
Non-cash Items, handled for collection, including drafts, notes
and coupons.
No.of items
2,615,000
2,532,000
2,600,000
Dollar amount
32,862,311,000 52,690,034,000 52,808,748,000
Supplementary Services
Securities held in safekeeping for
the U.S. Government, the War
Finance Corp., and others.
$804,299,000 $1,142,075,000
Average dollar amount
$790,263,000
Acceptances and other securities
bought or sold for member
banks and foreign banks.
$2.384,528.000 $2,247.257,000 $1,931,081,000
Dollar amount
Funds transferred by telegraph to
and from all parts of the country for the Treasury Department and member banks.
412,000
445,000
402.000
No of transfers
373,520,472,000 867,426,244,000 555,469,947,000
Dollar amount
Services in Connedion with God. Loans
U. S. Govt. securities issued, redeemed or exchanged.including
Government bonds, Treasury
notes and bills, and certificates
of indebtedness
516.000
514.000
1,504,000
No.of items
54,185,601,000 83,155,408.000 33,985,049.000
Dollar amount
Coupons paid on Govt.securities
5.310,000
5,567,188
No. of coupons
7,602,000
$233,820,000
$237,610,000
Dollar amount
8250.025,000
(In addition to these operations for the Treasury, the Bank performed
other work for the Government connected with the currency, the collection
of checks, the custody, purchase and sale of securities. the transfer of funds,
&c., which have been referred to under their respective headings.)
1
552
FINANCIAL CHRONICLE
[Von. 132.
Bank Clearings in 1930 and the Course of
Trade and Speculation
and to all sections of the country, no group or
Bank clearings, or more accurately, bank ex- year
geographical division failing to contribute its quota
changes made at the bank clearing houses through- to the common contraction, though the extent of
out the country are at once a measure of speculative these contributions naturally vary widely as special
activity (and in particular of Stock Exchange spec- circumstances in different sections served to modify
This, of
ulation) and of the flow of trade and business, re- the general result in one way or the other.
ebb tide or the course, is what was to be expected inasmuch as
flecting whether the latter is on the
trade prostration enveloped the whole country, and,
flood tide. The statistical records which we bring
in fact, the entire civilized world, the collapse in
together to-day for the calendar year 1930 never trade being indeed a common affliction of the whole
more perfectly mirrored the facts and conditions in of mankind. The contrast between 1930 and 1929
both particulars than they do for that period of 12 is naturally very striking, but no more so than that
months. Everyone is aware that the course of trade in the underlying conditions themselves responsible
two years.
and industry in 1930 was almost persistently down- for the widely differing results in the
1929 both speculation and trade and 'business
ward, and yet that in some • of the earlier months In
acted inordinately to swell the volume of trade and
there was a pause in the downward movement, when
business, until the crash came towards the very close
for a time the strangle-hold of trade depression, of
of the year. In 1930, on the other hand, both specuprobably the most severe type ever experienced in lation and the lessened volume of trade and business
the annals of trade, was relaxed, and that when the combined to reduce the totals of bank exchanges. In
grip was resumed, with ever-tightening hold, busi- measuring and interpreting the 1930 figures of bank
ness the latter part of the year came almost to a clearings, this fact that the 1929 totals, speaking of
unprecestandstill, the merchant and the business man mak- the clearing houses collectively, were of
magnitude,far in excess of those of any preing only fitful efforts to maintain a semblance of dented
calendar year, must be clearly borne in mind.
existence. The records of bank exchanges for 1930 ceding
The shrinkage was naturally proportioned to the
with wonderful fidelity portrayed all this.
antecedent expansion. In these circumstances there
Everyone also knows that Stock Exchange specu- can be no surprise to find that for the whole country
lation suffered as never before, that the speculative the bank exchanges reached an aggregate of only
spirit, after flaring up anew in the early spring, (we are, of course, dealing with figures of huge magfollowing the sensational crash of the previous nitude) $553,694,970,187 in 1930 as against $726,a reduction of almost
autumn, then completely died out, and thereafter 884,632,647 in 1929, showing
ter, or, to be exact, 23.8%. Yet this loss,
both the stock and the bond markets served merely one-quar
large though it is, cannot be deemed surprising, takas vehicles for the processes of forced liquidation,
ing account of the contributory influences that
which flooded and overwhelmed the markets and brought it about, and especially that it came after
carried prices of stocks and bonds alike so low as 14.7% increase in 1929 as compared with 1928, and
to frighten away even the inveterate speculator, pro- 14.2% increase in 1928 as compared with 1927, so
ducing conditions closely akin to panic. As specu- that, after all, these bank exchanges have fallen back
lation always plays a most important part in swell- merely to the level of 1927 and 1926, in the firstthe volume of the exing bank exchanges, the shrinkage in such exchanges mentioned of which years
stood at $555,109,742,076, and in 1926 at
necessarily was on a proportionately large scale, changes
023,773,772,455.
especially in New York City, the center and vortex
In view of the part played by stock speculation
of the gigantic speculative movements which previ- and by general financial transactions in affecting
ously had controlled the whole economic situation bank exchanges at New York it cannot be regarded
for so long, though in lesser degree also at the other as strange that the ratio of falling off at New York
financial cities. Obviously, all clearing centers that by itself runs larger than that of the general totals,
in excame under the spell of these speculative influences including New York, and very considerably
of the country viewed by
that for the rest
were certain to suffer contraction in bank exchanges cess of
itself. At New York, standing alone, the falling off
beyond the cities where stock speculation and finan- reaches 27.3% as against 23.8% for the entire councial transactions (which act independently to ex- try including New York, and against only 17.3%
pand the volume of clearings) play only a minor for the country outside of New York. In each case,
part, or no part at all, in the records Of bank ex- however, the decreases are proportionate to the
changes. All these various and varied movements, previous increases. The 27.3% decrease at New York
increase
and the ups and downs in the same, find full and comes after 21.8% increase in 1929, 22.0%
in 1928, 10.6% increase in 1927, and increases also
true reflection in the very elaborate and comprein 1926, 1925, and 1924. The 17.3% decrease in the
hensive compilations which we present in the course clearings outside of New York follows only 3.1%
of this analysis and review, and which we supple- increase in 11929, 3.7% increase in 1928, a merely
ment with special tables at the end of the article.
nominal increase in 1927 (0.2%),and very moderate
most distinctive general feature in the figures increases in most of the years preceding back -to
The
New
is the magnitude and all-pervading nature of the 1921, when there was a big decline both at
show. The fall- York and outside of New York because of the colshrinkage which our compilations
in commodity values which occurred in that
ing off extends to all the different periods of the lapse
JAN. 24 1931.]•
FINANCIAL CHRONICLE
year and the business depression which attended it.
In any long-range comparison the total at New York
really makes a better comparison than that for the
clearing houses outside of New York. The New York
total at $347,109,528,120 for 1930 compares' with
$477,242,282,161 for 1929 and with $391,727,476,264
for 1928, but with these two exceptions is the largest
ever recorded, being in excess even of the 1927 total
at $321,234,213,661. On the other hand, in the case
of the outside clearings, it is necessary to go a great
many years back to find so low a total as that now
recorded for 1930. The 1930 aggregate for the outside cities is $206,585,442,067, which compares with
$249,642,350,486 for 1929, with $242,144,679,206 for
1928, $233,875,528,415 for 1927, $233,418,828,972 for
1926, with V28,596,560,498 for 1925, and it is, in
fact, necessary to go back to 1921 to get so small
a total as that in 1930, the 1924 aggregate having
been the least bit smaller, at $205,891,161,152. In
fact, back in 1920, which was before the business
collapse that came in 1921, the total of the bank
exchanges at the outside cities ran fully as large
as in 1930, the 1920 aggregate having been $206,592,968,076. In the depression of 1921, however, the
exchanges for these outside cities tumbled from
$206,592,968,076 in 1920 to $161,256,972,863, and it
took until 1924 for them to climb back near to the
1920 total again. In the following the records for
the clearings both at New York and at the outside
cities, as well as for all combined, are carried back
to 1905:
YEARLY TOTALS OF BANK CLEARINGS.
Year.
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
lona
New York
Clearings.
Inc.
or
Dec.
Clearings
Outside
New York.
Inc.
or
Dec.
Total
Clearings.
Inc.
or
Dec.
$
$
%
$
%
%
347,109,528,120 -27.3 206,585,442,067 -17.3 553.694,970,187 -23.8
477,242,282,161 +21.8 249,642,350,486 +3.1 726,884,632,647 +14.7
391,727,476,264 +22.0 242,144,679,206 +3.7 633,872,155,470 +14.2
321.234,213,661 +10.6 233,875,528,415 +0.2 555,109.742,076 +6.0
290.364,943,483 +2.4 233,418,828,972 +2.1 523,773,772,455 +2.3
283.619,244,637 +13.5 228.596.560,498 +11.0 512,215,805.135 +12.4
249,868,181,339 +16.8 205,891,161,152 +3.1 455,759,342,491 +10.3
213,996,182,727 -1.8 199,456,248,672 +14.8 413,452,431,399 +5.6
217.900.386,116 +12.1 173,606,925.839 +7.7 391,507.311.955 +10.1
194,331,219,663 -20.0 161.256,972.863 -21.9 355,588,192,538 -20.6
243,135,013.364 +3.1 206,592,968,076 +12.3449,727.981.440 +7.6
235.802,634,887 +32.0 181,982,219.804 +18.3 417,784,854,691 +25.7
178,533,248,782 +0.6 153,820.777,681 +18.7 332,354.026.463 +8.3
177,404,965,589 +11.5 129,539,760.728 +26.7 306,944,726,317 +17.2
159,580,645.590 +44.4 102,275,125.073 +32.4 261,855.773,663 +39.4
110,564,392.634 +33.2 77,253.171.911 +7.0 187,817,584,545 +20.9
83,018.580,016 -12.3 72,226,538,218 -3.9 155,245.118,234 -8.6
94,634,281,984 -6.1 75,181,418.616 +2.7 169,815,700.600 -2.4
100,743.967,262 +9.1 73.2J8,947.649 +7.9 173,952.914,911 +8.6
92,372.812.73 -5.0 67,858.960,931 +1.6 160,229,773,666 -2.4
97,274,500,09 -6.1 66,820,729,906 +7.3 164,095,229,999 -1.E
103,568,738,32 +30.7 62.249.403,009 +17.2 165.838,141.330 +25.2
79.275.880,256 -9.1 53,132,968,880 -8.4 132.408,849,136 -8.E
87,182,168,38 -17.5 57.843.565,112 +4.8 145.025,733,493 -0.E
105.676.828.656 -12.5 55.229,888,677 +10.1 159,905,717,633 +11.(
02.520 Mil 211 4-IRR 7 All CHIA IRR 920 3.120 14.2 597 LOS /Al 197 1
Note -Beginning with 1920 clearings outside of New York do not include St.
Joseph, Toledo, and about a dozen minor places which In 1919 and previous years
contributed regular returns, but now refuse to furnish reports of clearings. The
omitted places added, roughly, 52.000,000,000 to the total In 1919.
Travelers from the outside, after visiting New
York, always go back home and report that New
York City at the present time is the gloomiest and
most pessimistic place in the whole country, but
these figures of bank exchanges, when extended back
for a series of years, would seem to indicate that if
the vision from the other parts of the United States
is brighter and the feeling more optimistic, it is not
because these other parts are not sharing in full
degree in the business depression common to the
whole country. The truth is that the growth outside
of New York, as was depicted in our review a year
ago, whenever it is in progress, is slow and steady
rather than spectacular, while, on the other hand,
when business reverses come these outside cities
feel the effects no less keenly than the country's
financial center. Ordinary trade setbacks appear
to find quicker and fuller expression at the outside
cities than at New York, especially where financial
transactions, which exert an independent influence
553
upon bank exchanges, come in to offset the effects
of unfavorable business conditions. It sometimes
happens that the course of financial transactions
does not run parallel with the course of trade and
business because financial sentiment continues optimistic, notwithstanding that some of the trade currents may be running adverse, and in such cases
New York City is certain to have a distinct advantage over the rest of the country arkd reflect the fact
in the records of bank clearings. In 1927, for instance, the course of trade and the course of financial transactions (particularly those arising out of
speculation) were at variance, and our analysis at
the time showed that the further growth in bank exchanges in that year, which were substantial at New
York, being 10.6%, and only nominal outside of New
York, as already shown, that is, no more than 0.2%,
was to be ascribed mainly to these financial transactions. Trade and business at that time were
markedly on the decline, especially the latter part
of the year. In 1928, on the other hand, the course
of speculation and of trade were once more in unison,
and both contributed to enlarge the totals of bank
clearings, though even then only moderately outside
of New York. Trade recovery began in the early
months of that year, and the revival kept making
steady headway until the end of the year, notwithstanding the Presidential election-quite the reverse
of the experience four years before,in 1924, when the
Presidential election, pending the 'outcome;"
-held
business activity in check, this having been the time
when the country was still in process of recovery
from the great setback which it had suffered in 1921.
Trade plays its part in swelling bank clearings
at New York, but not to the extent that purely
financial transactions do; on the other hand, outside of New York trade conditions, and the course
and volume of trade transactions, are the governing factor in determining the rise and fall in bank
clearings and the rate of growth over longer and
shorter periods of time, though even at outside
points, and especially at the outside financial centers, financial transactions have been rapidly growing in importance of late years, so that it is no
longer possible to accept bank exchanges at such
points of and by themselves as a positive barometer
of the course of trade, and it is necessary to allow
separately for the part that such financial transactions may have had in affecting the totals.
In more recent years stock speculation at New
York has attained such enormous dimensions and
been rising with such great rapidity that the transactions on that account have overshadowed everything else. Yet Stock Exchange speculation is, after
all, only one item in the financial transactions referred to, though doubtless the one of foremost importance. As another item of considerable consequence there may be mentioned the new capital
issues which up to 1930 kept steadily growing in
size and in 1929 rose to enormous proportions, but
in 1930,as was to be expected,suffered a sharp reduction. The influence of such transactions on bank
exchanges would obviously be most largely reflected
at New York, the place of origin of so many of them,
and yet they cannot be regarded as without influence in other security markets, and abundance of
capital and investment funds, such as Chicago,
Cleveland, Boston, Philadelphia, &c. On that point
we will say here only that new financing in the
United States for the calendar year 1930, while
still
554
FINANCIAL CHRONICLE
large, fell much below the extraordinary figure of
1929, reaching a grand total (according to the compilations we presented in our issue of last week) of
$7,676,307,577. This compares with no less than
$11,592,164,029 in 1929, and with $9,991,845,818 in
the calendar year 1928, with $9,933,719,033 in 1927,
$7,430,274,684 in 1926, and $7,126,023,683 in 1925.
It becomes necsssary, therefore, to repeat what we
have said in previous annual reviews, namely, that
bank clearings, after all, in the course of modern
development represent something more than mere
trade and mercantile transactions. They comprehend also all the numerous financial transactions of
one kind or another, and in all their various forms,
many of which have their origin entirely outside the
channels of commerce, trade and industry, though
in the end they may call all these into being.
It is to be remembered that not only was the entire
country in the grip of general depression, commercial and financial, as a result of the stock market
collapse of the previous autumn and the ill consequences which followed everywhere, but many sections of the country suffered from independent
depressing influences, which served to accentuate
the effects of general business depression. This is
particularly true of the farming communities in the
West and the South. The South has never fully
recovered from the bursting of the real estate boom,
which for a time spread over certain territory,
especially the winter resorts, or from the destruction
wrought by hurricanes and other visitations of
nature, and was in 1930 called upon to endure new
disaster in general business depression and a further
great collapse in its chief money staple, namely,
cotton. The price of cotton had sharply declined
during 1929, notwithstanding the efforts of the Federal Farm Board to prevent it, and the bottom
dropped almost completely out of market values
during the course of 1930, even though the Federal
Farm Board once more undertook to come to the
relief of the farmer. During December 1930 middling upland spot cotton in New York dropped below 10c. a pound, touching 9.45c. Dec. 15, with the
close Dec. 31 no higher than 10c. This compares
with 17.25c. on Dec. 31 1929. As a consequence of
this great drop, all industrial affairs in the South
were dealt a staggering blow which left business completely prostrate. In the West the situation was
much the same. The price of wheat, the chief money
crop of the West, kept going down as never before.
Huge purchases of the 1929 crop by the Federal
Farm Board's purchasing medium, the Grain Stabilization Corp., had proved unavailing in checking
the decline, and then for a time it ceased operations
in the grain markets. Late in 1930, however (in
November) it once more resumed operations on the
theory that unless the downward movement was
arrested a grave crisis would confront the agricultural world. It made very extensive purchases of
wheat in addition to the 60,000,000 bushels it had
acquired out of the old crop, and succeeded, by
operations conducted in future markets, in holding
prices relatively steady in the neighborhood of 74c.
to 77c. a bushel, at Chicago, December wheat at
/
Chicago Dec. 31 1930 closing at 7634c, but this com127%c. on Dec. 31 1929. On the other
pared with
hand, the July wheat option at Chicago, in which
the Farm Board was not conducting operations and
hence wfas free from Farm Board influence, closed
Dec. 31 1930 at only 62%c. At Winnipeg December
[VoL. 132.
wheat was down to 51l/ c. at the close on Dec. 31
4
1930, which was over 25c. lower, it will be observed,
than December wheat at Chicago, though under normal conditions the Winnipeg price rules several
cents a bushel higher than the Chicago price. This,
of course, indicated complete demoralization of the
grain markets.
To intensify the distress of farmers there came
during the summer of 1930 a severe visitation of
drouth over important portions of the West which
cut short the corn crop by several hundred million
bushels and reduced feed crops in many cases close
to the vanishing point. In the case of corn partial
compensation might have come in the shape of higher
prices, but in the general demoralization of the grain
markets the price of corn also suffered collapse,
and December corn at Chicago closed Dec. 31 at
63%c. as against 852 on Dec. 31 1929. This was
c.
1
/
notwithstanding the 1930 corn crop was the smallest
of any year since 1901, being estimated by the Department of Agriculture at Washington at only
2,084,048,000 bushels against 2,614,132,000 bushels
harvested in 1929, and 22.9% below the average for
the five years from 1924 to 1928, inclusive. Other
grains also suffered great depreciation in market
values. December oats at Chicago, for instance,
8c.
closed Dec. 31 at 30Y as against 43%c. on Dec. 31
1929. To add still further to the depression in the
agricultural regions, there came during the latter
part of 1930 an epidemic of bank failures, large and
small, in the West and South, which probably has
never been paralleled in the past.
As to the depression in manufacturing and the
relapse in industrial activity generally, the magnitude and all-pervading character of this is so fresh
in memory that only a few statistics drawn from
different lines of activity will suffice to illustrate
the point. If we examine the iron statistics, we
find that the make of iron for the 12 months of
1930 aggregated no more than (according to the
figures of the "Iron Age") 31,399,105 tons against
42,285,769 tons for the 12 months of 1929, a reduction not far from 30% and as against 37,837,804 tons
in 1928, a loss even in this latter instance of, roughly,
6,500,000 tons. Every month of 1930 showed a lower
product than the same month of the previous year,
and the shrinkage may be said to have been most
pronounced of all in the closing month, the make of
iron in December 1930 having been only 1,665,690
tons against 2,836,916 tons in December 1929 and
3,369,846 tons in December 1928. In the case of
steel the comparisons are still more unfavorable, the
production of steel ingots for the calendar year 1930
having been only 39,652,539 tons against 54,312,279
tons in the calendar year 1929, the falling off in this
case being 14% million tons, and 49,865,185 tons in
the calendar year 1928. Here also production was
at its lowest in the closing months of the year, the
output of steel ingots in December 1930 having been
only a trifle over 2,000,000 tons (2,007,774 tons)
though the month contained 26 working days as
against 2,903,012 tons in December 1929 with only 25
working days, when the output had already been
heavily reduced, it being the month following the
panic, and with 4,018,208 tons in December 1928,also
with only 25 working days.
The automobile trade, it is almost needless to say,
suffered worse from the business depression than
any other; over 2,000,000 less motor vehicles were
turned out in the 12 months of 1930, and a big loss
JAN. 24 1931.]
FINANCIAL CHRONICLE
appears even as compared with the calendar year
1928. As reported to the Bureau of the Census the
product for the calendar year (including trucks and
taxicabs, as well as passenger cars) reached only a
total of 3,350,000 vehicles, as against 5,358,420
in 1929 and 4,358,759 vehicles in 1928. Here, too,
every month of 1930 showed a materially lower
product than the corresponding month of 1929, with
no let-up in the closing months of the year. Of
course the great contraction in the production of
motor vehicles was one of the main factors in the
falling off in the output of steel and of iron.
Indications of the general trade prostration are
decidedly in evidence in the case of the production
of coal, such a basic element in the production of
manufactures. The amount of soft coal mined during the calendar year 1930 (including lignite and
coal coked at the mines) is estimated at 461,630,000
net tons, which is a decrease of no less than 73,359,000 tons, or 13.7%, from the quantity mined in
1929, which was reported at 534,989,000 tons, and is
smaller, likewise, than the quantity mined in any
recent previous year, the total for 1928 having been
500,745,000 tons; for 1927, 517,763,000 tons; for
1926, 573,367,000 tons; for 1925, 520,053,000 tons,
and for 1924, 483,687,000 tons. The production of
Pennsylvania anthracite was also on a greatly
lessened scale, and was likewise the smallest in all
recent years
-and by a wide margin, too. It is estimated by the Bureau of Mines that the amount of
anthracite mined during1930 was only 69,802,000 net
tons, which compares with 73,828,000 tons in 1929;
75,348,000 tons in 1928; 80,096,000 tons in 1927, and
84,437,000 tons in the calendar year 1926.
In a review of business conditions during 1930,
given out on Monday, Jan. 19, the Federal Reserve
Board estimates that the output of factories and
mines at the end of 1930 was only about two-thirds
as large as at the peak of activity 18 months earlier
and smaller than at any time since the spring of
1922
-from which an idea can be gained of the
severity of the depression, which has had, as already
stated, few, if any, parallels in the trade annals of
the past. The Reserve Board notes that during the
entire period of declining activity (which has lasted
nearly 18 months, according to its views, but hardly
more than'15 months according to the general view)
the major groups of American industry most
affected have been building, in which a decline
started as early as 1928, the automobile and steel
industries and allied lines, and the railroads, which
last have reflected reduced activity in other lines
of industry. We have already cited the great falling
off in automobile production, and as regards the
falling off in new building work the compilations of
the F. W.Dodge Corp. may be accepted in evidence.
These compilations bring out the fact that during
the 12 months of 1930 the construction contracts
awarded in the 37 States east of the Rocky Mountains involved a money outlay of not more than
$4,523,114,600 as against $5,754,290,500 the sum involved in the construction contracts awarded in the
12 Months of 1929 and $6,628,286,100 representing
the sum of the awards in 1928. The Federal Reserve
Board, as will have been observed, also refers to the
railroads as having been a prime sufferer in the
general trade collapse, and here also abundant statistics are available to •sustain the statement. The
loading of railroad revenue freight may well be referred to in that regard. The American Railway
555
Association announced on Jan.6 that 45,887,413 cars
had been loaded with revenue freight in 1930, a reduction of no less than 6,940,512 cars, or 13.1%,from
the number loaded in 1929, and a reduction of even
5,702,474 cars, or 11.1% from 1928. The reduction
was continuous throughout all the different months
of the year, both in the comparison with 11929 and
with 1928. As another measure of the extent to
which the railroadssuffered, we may take the figures
recording their gross revenue from railroad operations. These figures are not as yet available for the
full 12 months of 1930, but for the 11 months ending
Nov. 30 the gross revenues were only $4,965,021,235
against $5,890,912,371 in the corresponding 11
months of 1929, being a loss of $925,888,136, or
16%. With the results for December incladed, it
seems certain that the loss will run far in excess
of a full $1,000,000,000.
It was inevitable that a depression so general, so
widespread, so severe, and supplemented as it was
by a decline in speculation and a collapse in security
values in bonds as well as stocks, should play havoc
with the figures of bank exchanges, which constitute
at once a measure of the speculative and the industrial activity of the year. We have already referred
to the totals of clearings for the full calendar year.
It will be of interest now to examine the returns for
the separate months of the year. In the following
two tables we show the monthly comparisons
arranged in quarterly and half-yearly periods, and
we give the figures for New York separately from
those for the rest of the country, and also show the
totals for the whole country, with New York
included:
TOTAL MONTHLY CLEARINGS AND CLEARINGS OUTSIDE NEW YORK.
Clearings. Total AU.
Clearings OWsicle New York.
onth.
1930.
1929.
1930.
%
1929.
%
9
9
9
$
Jan___ 51,578,406,142 65,913,654,189 -21.8 19,547,101,592 22,009,988,319 -11.2
Feb___ 42,587,901,982 54,635,030,040 -22.116,600,253,075 18,705,271.710 -11.2
81' _ _ 52,074,572,673 63,050,228,610 -17.4 18,309,514,546 20,731,389,932 -11.7
la I qu_ 146240880,797 183598912,839 -20.3 54,456.869,213 61,446,649,961 -11.4
A r___ 51,756,578,082 55,138,221,704 -6.1 18,220,439.550 20,140,668.300 -9.6
ay__ 49,583,222,344 56,858,405,534 -12.8 18,154,304,424 20,076,465.942 -9.7
iune__ 50,634,859,458 53,967,719.206 -6.2 17,486,139,120 19.407.073,068 -9.9
q1.. 151974 659,884 165964 346,444 -8.5 53.860,883,094 59,624,207,310 -9.7
.
6 mos 298215540,681 349563269,283-14.7 108317 752,307 121070857.271 -10.4
.3 ly .... 47,813,160,251 61,608,300.494-22.4 18,044,935,882 21.400,551,535-15.7
A US-- 39,664,873,288 60,062,966,344 -34.0 15,658,905,064 20,863,741,735 -25.0
Pt..- 41,211,500,858 59,136.974,579-30.3 15,801.788,862 20,184,012,910 -21.7
[ cm_ 128689 534,397 180808 241,417 -28.9 49,505,629,808 62,448,306,180 -20.7
9 mos- 426905075,078 530371 500,700 -19.5 157823 382,115 183519 163,451 -14.0
8__ 46.527,224,382 78,073,322,025 -40.4 17,643,265,460 23,873,203,124 -26.1
)1 - - 37,039,352,934 65,151,525,123 -44.3 14.856.057.94922,091.821.885 -32.7
,
IIso.- 43,223,317,793 53,288.284.799 -18.9 16,262,736,543 20,188,162,026 -19.5
4tLi 90. 126789895.109 196513 131,947 -35.5 48,762,059,952 66,123,187.035 -26.3
16606 553894970.187 726884852.847 -23.8 206585442_067 240642 350.488 -17.3
MONTHLY CLEARINGS AT NEW YORK.
tenth.
1930.
1929.
inc.
or
Dee.
1928.
1927.
$
$
9
$
%
January. 32.031,304,550 43,903,665,870 -27.0 31,043,479,929 25,561,913,470
Feb__,,. 25.987,648,907 35,929,758,330 -27.7 28,824,136,088 23,059,217.323
March__ 33,765,058,127 42,318.838,678 -20.2 35.453.836.089 28,727,754,849
let quer. 91,784,011,584 122,152.262,878 -24.9 93,321.441.084 77.348,885,642
ADM-- 33,536,138,532 34,997,553,404 -4.2 82,039,800,473 26,465,460,651
May ___ 81,428,917,920 36,781,939,592 -14.6 36,704,986.867 24.743.120,429
Juno__ 33,148,720,338 34,560,646,138 -3.9 34,738.742.012 27,875,747,336
7.41 quer. 98,113,776,790 106,340,139,134
-7.8 103.483.3169,352 79,084,328,416
6 mos- 189,897.788,374 228.492.402.012 -16.9 196,805,030.436 156,433,214,058
July_...._ 29,768,224,369 40.207,748.959 -26.0 27,721,457.498 25.446,230.698
August _ 24,005,968,224 39,199,224,609 -38.8 26,979.049,907 25,379,586,880
Sept__ 25,409,711,996 38,952,961,669 -34.8 80,103,328,360 26,599,391,689
3d quiz. 79,183,904,589 118,359,935,237 -33.2 84,836,835,765 77,425,209,257
9 mot_ 269,081,692,963 346,852,337,249 -22.4 381,641,866,201 233,858,423.315
October. 28,883,958,922 54,200,118,901 -46.7 35,151,739,103 27,380.528,406
Nov____ 22,183,294,985 43,089.703,238 -48.5 34,715,739,187 28,085.239.299
Deo___ 26,960,581,250 33,100,122,773 -18.6 89418,131.778 31.910.022,651
4thquar. 78,027,835,157 130,389,944,912 -40.2 110.082.010.063 87,375.790,340
Year__ 347 100 628 120 477 242 222 121 -27i 291 727 472 1t24 291
99/
nle
•••
556
The foregoing bears out what has already been
said as to the uninterrupted character of the shrinkage in these records of bank exchanges, month after
month during 1930, in an entirely unbroken series.
Whether we take the clearings with or without New
York, or at New York by itself, there is a decrease
in all the different months, and, in most instances, a
big decrease, too. What is noteworthy, moreover,
is that the decreases as a rule are heaviest in the
closing months of the year, thereby evidencing the
growing intensity of the depression as the year proceeded. Taking the grand total of the clearings,
including New York, there was a shrinkage of 20.3%
in the first quarter of the year, of 8.5% in the second
quarter, of 28.9% in the third quarter, and of 35.5%
in the final quarter of the year. The lessened ratio
of decline in the second quarter will attract attention, but is easily explained. It was in that quarter
of the previous year that there was a sort of lull
in the business world, as also somewhat restrained
activity in speculation, and the result was reflected
in only very moderate gains in the totals of bank
clearings, two of the month, indeed, of that quarter
of 1929 having actually shown a decrease, and the
increase for the whole of the three months of that
quarter in 1929 having been hardly more than nominal (only 0.4%), whereas in the first quarter of 1929
the increase had been 21.2%,and in the third quarter
was 27.4%. In other words, in the second quarter
of 1930 comparison was not with heavily swollen
totals in 1929, as was the case in the other three
quarters of that year.
In the clearings outside of New York the ratio
of falling off in 1930 was virtually all the time
lighter than at New York, this following largely
from the circumstance that stock speculation and
financial transactions play such an important part
in bank exchanges at New York, while at the outside cities they play a much smaller part or no part
at all. Yet outside of New York the shrinkage tht
latter part of the year ran very heavy, even if not so
extraordinarily heavy as at New York. In the first
quarter of 1930 the outside cities showed a loss of
11.4% as against 24.9% at New York. In the second
quarter the shrinkage was light both at New York
and outside of New York,the clearings outside showing a decrease of 9.7%, and those at New York only
7.8%. New York, then, made a less unfavorable
showing than the rest of the country because Stock
Exchange speculation bulked large in that quarter
of 1930, the spring bull movement of 1930 having
collapsed in April of that year, with the result that
April showed the largest transactions of any month
of the year, the aggregate sales on the New York
Stock Exchange in that month having been no less
than: 111,041,000 shares as compared with 82,600,470
shares in April 1929, and with the further result
that the shares sales for the June quarter of 1930
actually ran in excess of those for the same quarter
of 1929,whereasin the other quarters the sales fell far
below those of the corresponding quarters of 1929.
In the third quarter of 1930 the outside clearings
showed a decrease from 1929 of 20.7%, while those
at New York recorded a decline of 33.2%, and in
the fourth quarter the outside clearings registered
a decline of 26.3%, while the drop at New York was
40.2%. In October of that quarter the decrease at
the outside cities was 26.1%, and in November it
was 32.7%, while at New York the ratios of decline
for these months was,respectively,46.7% and 48.5%.
[VOL. 132.
FINANCIAL CHRONICLE
The decrease in these two months of 1930, both at
New York and at the outside cities, but especially
in the former case, was of such exceptional proportions because these were the months of the stock
market crash in 1929 when because of the tremendous liquidation and huge outpouring of stocks,
clearings then were of record-breaking proportions.
In other words, in these months of 1930 comparison
was with figures in 1929 swollen to exceptional size.
In December 1930, on the contrary, the ratio of decrease from the previous year fell to 19.5% at the
outside cities and to 18.6% at New York because
these followed decreases in 1929 as against huge
increases in the other months referred to. Outside
of New York the decrease in December 1929 was
7.2% and at New York it was 15.6%. The further
decreases of 19.5% and of 18.6% in December 1930
came on top of these decreases in the previous year.
To illustrate the point made in the foregoing, with
reference to the part played by Stock Exchange
speculation in affecting the comparisons for the two
years, we introduce here the following table, showing the transactions on the New York Stock Exchange for each month of the last five years:
SALES OF STOCKS ON THE NEW YORK STOCK EXCHANGE.
1930.
1929.
1928.
1927.
1926.
No. Shares No. Shares. No. Shares. No. Shares. No. Shares.
Month of January _. 62,308,290 110,805,940 56,919.395 34,275,410 38,987.885
. 67,834,100 77.968,730 47,009,070 44,162.496 35.725.989
February
March__ 96.552,040 105,661,570 84.973,869 49.211.663 52,271,691
Total first quarter. 226,694,430 294,436,240 188,902.334 127,649.569 128.985.565
Month of April
May
June
111,041,000 82,600,470 80,478,835 49,781,211 30,326,714
78,340.030 91.283,550 82.398.724 46,597,830 23.341.144
76,593,250 69,646,040 63.886.110 47,778,544 38,254,575
Total second Guar_ 265,974,280 243,430,060 226,763,669 144.157.585 91,922.433
Tote six months:. 492,668,710 537,866,300 415.666,003 271,807,154 218.907,998
47,746,090 93,378,690 39,197,238 38,575.576 36,691,187
Month of July
August._ 39,869,500 95,704,890 67,191,023 51.205,812 44.491,314
September 53,545,145 100,056.120 90.578.701 51.576,590 37,030.166
Total third quarter 141,160,735 289.139,700 196,966.962 141.357.978 118,212.667
Total nine months 633,829,445 827.006,000 612,632,965 413,165.132 337.120,665
Month of October__ 65,497,479 141,668,410 98,831.435 50,289,449 40,437.374
November 51,946,840 72,455,420 115,360,075 51,016,335 31.313.410
December. 58.764.397 83,861,660 92.837,350 62.092.302 41.973,806
Total fourth quer 176,208,716 297,985,490 307,028,860 163,398,086 118.724,590
Tot,second six mos 317,369,451 587,125,190 503,995.822 304,658.064 231.937,257
Total full year-- 810,038,161 1124991 490 919,661.825 576.563.218 450.845,256
It will be seen from the foregoing that while the
sales on the New York Stock Exchange for the second quarter of 1930 ran larger than in the same
quarter of 1929, the first quarter showed aggregate
transactions of only 226,694,430 shares as compared
with 294,436,240 shares in the same three months of
1929, and the transactions for the third quarter
were only 141,160,735 shares against 289,129,700
shares in 1929, and for the fourth quarter, 176,208,716 shares against 297,985,490 shares. For the
full 12 months of 1930 the transactions reached 810,038,161 shares against 1,124,991,490 shares in 1929
and 919,661,825 shares in the 12 months of 1928.
With the exception, however, of 1929 and 1928, the
1930 transactions on the New York Stock Exchange
ran far in excess of the largest previous total, the
sales in 1927 having been only 576,563,218 shares;
in 1926 and 1925, respectively, 450,845,256 and 454,404,803 shares, and in 1924 no more than 281,931,597
shares. In addition, the sales on the New York Curb
Exchange were 222,268,725 shares in 1930 against
477,278,130 shares in 1929, 221,171,781 shares in
1928, and 86,923,776 shares in 1927.
In the first three months of 1930 prices on the
Stock Exchange showed a rising tendency, recovering a considerable part of the decline suffered in
the stock market crash of the previous autumn, but
JAN. 24 1931.]
FINANCIAL CHRONICLE
the rest of the year the course of stock values was
almost uninterruptedly downward, the severest
losses, as a rule, being sustained in the closing
months of the year, with the break especially marked
in December, and the bond market suffering declines hardly less sensational than the stock market.
Speaking generally, stock prices may be said to have
been at the highest figures at the beginning of April
and at their lowest figures on Dec. 15-17. In the
downward movement new low points were reached
which in the great majority of cases left the low
figures reached in the panic in the autumn of 1929
far in the rear. And this happened time and again
during the downward slide. In December alone
878 different stocks recorded new low levels for the
year 1930. In the table we now introduce we show
the aggregate of the sales on the New York Stock
Exchange for each year back to 1880:
NUMBER OF SHARES SOLD AT THE NEW YORK STOCK EXCHANGE
BY CALENDAR YEARS.
•
Cal.
Stoats.
Cat.
Stoats.
Cal.
Stocks.
Cat.
&oats.
Year.
Shank,.
Shares.
Year.
Year.
Shares.
Year.
Shares.
1930.._ 810,038,161
1929__ 1.124,991,490
1928__ 919.661,825
1927__ 576.563.218
1926 __ 450.845,256
1925_. 454.404,803
1924__ 281.931,597
1923 __ 236.115,320
1922__ 258.652,519
1921 __ 172.712,716
1920.226.640,400
1919 — 316,787,725
1918 — 144.118.469
1917.. 185,628,948
1910__ 233,311.993
1915... 173.145.203
1914.. 47.900,568
1913 — 83.470.693
1912 -- 131.128,425
1911 __ 127,208,258
1910 __ 164.051,061
1909 ._ 214.632.194
1908.... 197.206,346
1907... 196,438,824
1906 __ 284,298,010
1905 _ 263,081.156
1994 -- 187.312.065
1903 _ 161.102.101
1902_ 188,503,403
i901_ 265.944.659
1900 __ 138,380,184
1899 ._ 176,421,135
1898__ 112,699,957
1897 -- 77.324.172
1896.. 54.654,096
1895 __ 66.583,232
1894.. 49.075.032
1893 -- 80,977.839
1892 — 85,875.092
1891_ 69.031,689
1890 __ 71,282.285
1889... 72.014.000
1888 -. 65.179.106
1887 -- 84.914,616
1888.. 100,802.050
1885__ 92,538,947
1884__ 96,154,971
1883__ 97,049.909
1882. 116.307,271
1881... 114.511.248
1880 -- 97.919.099
Turning now to the records of clearings classified
according to Federal Reserve districts, the main
point to attract attention is again the common decrease shown by all the different Reserve districts.
The ratio of falling off is, as would be expected,
heaviest in the New York Federal Reserve district,
where the decrease reaches 26.8% and may be
ascribed to the exceptionally heavy loss occurring
at New York as a result of the collapse in Stock
Exchange speculation and the falling off in the volume of financial transactions, which are on a greater
scale at New York than at any other place in the
United States. The decrease at New York is 27.3%.
The Chicago Federal Reserve district comes next
in ratio of decline, the falling off in that district
being 22.2%. The Richmond Federal Reserve district stands at the other extreme, with a decrease
of only 7.7%. In the nine other Reserve districts
the noteworthy feature is the relative uniformity
of the ratios of falling off, these ratios varying only
from 13.9% in the Cleveland Reserve district to
18.9% in the Dallas Reserve district. The relatively
good showing in the Richmond Reserve district is
due mainly to the good exhibit at Richmond itself,
where the falling off amounts to only 2%, though
with the exception of Hagerstown all the different
places in this district make relatively good exhibits.
In contradistinction, the Atlanta Reserve district
registers a decrease of 18.2%. The Atlanta Reserve
557
district includes the Florida cities. If anyone
imagines that quick recovery is likely after a speculative collapse, he ought to study the figures of bank
clearings at these Florida points. The slump during
the last five years in the bank exchanges at the
Florida cities stands as the most notable in history.
Thus the clearings at Miami suffered further shrinkage in 1930, reducing them to $123,198,000, at which
figure comparison is with $632,867,020 in 1926, and
no less than $1,066,528,874 in 1925. A drop from
over a billion dollars to only $123,198,000 in five
years marks a collapse to which it would be difficult
to find a parallel. At Tampa clearings for 1930 foot
up only $88,7117,724, as against $136,395,461 in 1929,
$184,472,445 in 1928, $237,515,432 in 1927, $414,418,178 in 1926, and $461,800470 in 1925. Even at
the clearings have been cut more than
Jacksonville.
in two in the space of four years, the total for 1930
being down to $675,293,206 against $778,250,904 in
1929, $835,268,613 in 1928, $1,002,493,423 in 1927,
and $1,505,427,663 and $1,446,158,867 in 1926 and
1925, respectively.
Out on the Pacific Coast, in what is known as
the San Francisco Reserve district, the falling off
reaches 15.3%, and decreases, as elsewhere, are common to the whole body of clearing houses. At the
City of San Francisco the decrease is 12.6%; at
Portland it is 14.7%, and at Seattle, 24.7%. Los
Angeles has stopped reporting bank clearings, evidently disliking to show smaller totals than San
Francisco, the rivalry between the two cities being
very keen. For the first half of the year the falling
off at Los Angeles was shown to be $978,884,000, or
17. %. For the whole 12 months we estimate the
11
falling off at, roughly, $1,500,000,000, or 15%.
With reference to the other Reserve districts, the
story is everywhere the same, the decrease extending
to all the different cities, with only an occasional
exception. As a matter of fact, out of the whole 191
cities contributing returns there are only two exceptions; one of these is the City of Albany, whose
clearings totals have been maintained pretty even in
all recent years, and the other is a small place in
Pennsylvania. At Albany, instead of a decrease,
there is for 1930 an increase of 6.'5%, and this attracts the more attention, not only because all the
other points in the New York Reserve district show
losses, but also because these losses in most cases
are exceptionally heavy, the decrease at New York
City, as already stated, being no less than 27.3%.
The changes in the other Reserve districts do not
call for any special comment. In the table we now
insert we indicate the totals for the several Federal
Reserve districts for each of the last eight years.
The separate cities for each of the Federal Reserve
districts appear in the elaborate tables given at the
end of this article.
SUMMARY OF BANK CLEARINGS.
No.
Cities.
lin Boston
2nd New York
Brd Philadelphia
8th Cleveland
6th Richmond —
6th Atlanta
7th Chicago
8th 51. Louis
9th Minneapolis
10th Kansas City
llth Dallas
12th San Franclaco—
14
14
14
15
10
18
29
10
13
16
12
28
Total
Out:a1de N. Y. City-
191
1930.
1929.
Inc. or
Dec.
31
3
$
25,905,035,993 31,158,917,523
355,569,068,151487,551,440,643
28,151,934,548 33,989,427.506
21,138,939,099 24,535,091,978
9,076,108,317 9,834,565,649
8,279,809,273 10,118,234,208
43,810,366,289 56,270,138,889
10.002,898,992 11,787,219,456
6,135,244,372 7,268,782,624
13,311,213,88 15,592,440,205
5,368,466,30
6,951,359,197
26,945,884,97 31,827,014,769
c'::0001c.r-c•i.-“P00co
.....
1111'1111111
Canada
1928.
1927.
1924.
1923.
1925.
1926.
2
$
i
$
$
2
29.134,572,808 29.608.240,625 28.182,070,347 25.525,891.741 24.051.259,710 21,926.025.871
400.416,198902329.400.401.556 298,325.474,068 291,123,385,917 256.565.553.138 220.932.019,132
31,554,665,027 30,564.388.289 31,434,818,164 31.761,036.681 28,144,370.886 27.021,900,335
22,728,442,163 22.012,742,276 21,582,647,725 20,822,673,742 19,023,200.794 19.458,577.867
9,785,185,874
10,901,020,215 10,980,309,435 9,940,690.246
10,114.722,180 10,335,542,052 12,456,123,556 13,477.069.522 10,586.076,389 9.538,908.053
11,108.531,915
9.787,208.455
56,385,204.739 52,677.335,684 51,641,391,122 51,302.734,279 45,989,493,112 44.776.960,599
11.932.994,63 11,757,013,950 11,894.757.283 11,868.632,259 11.041,317,386 10.090,451,162
7 178,775. 6
.
0
6.751.071,502 6,765.505.827 7,161,324.018 6.666,382,662 6,541,351,637
15,290,803,669 14,803,186.711 14,873,742.285 14,500,816,244 13,439.170.566 13,570,859,977
6,633,537,743 6.558,572.517 6,812,696,906 6,571,295,884 5,891,593,056 5,270.868,346
32,717,053,551 29,472,714,999 28,903.424.957 27,121,635,413 24,420,234.546 23,637,299.965
553,694.970,187726.884,632.647 —23.8 633,872,155,470 555,109,749,076 523.773,772,455 512,215,605,135 455,759,342,491
206,585, 2,067249,642,350,486 —17.3 242,144,679,
44
413,452.431,399
296233.875,528,415 233,418,828,972 228.596,560.498 205.891,161,152 199.436.248.672
20,046,784,836 25,046,784,836 —20.1 24,556.298.549 20 mut son RICA 17 AAA 001 £11 IA 721 942906 1007,00400a 1n
non nAn oo.
I
Federal Reserve
Districts.
FINANCIAL CHRONICLE
558
It seems desirable also to have again the record
for the leading cities for a long series of years. Accordingly, we insert here, as on former occasions,
the following table, carrying the comparisons back
for nine years:
CLEARINGS AT LEADING CITIES.
(000.000s
omitted.)
1930. 1 1929,
$
8
1928.
8
1927. I 1926.
$
$
1925.
$
1924. 1 1923.
$
$
1922.
t
New York_ 347,109477.242391,727321,234290,354283.619249,868 218.996217,900
Chicago_
. .
28,707 36,714 37,842 35,9581 34,907 35,392 21,654 31,113 28,036
Boston _ _ 23.070 27,610 25,829 26,468 25.130 22.482 21.323 19.31016,453
Philadelphia 26,360 31,837 29,377 28,354 29,258 29,079 25.645 24.651 22,488
Si. Lou1s_ 6,146 7,278 7,566 7.387 7,632 7,627 7.175 7,204 6,718
Pittsburgh
. 9.240 10,163 9,453 9,289 9,198 8,857 8,037 8,213 6,758
Ban Fran_ _ 9,559 10,938 11,491 10.118 9,800 9,479 8.368 8.049 7,274
Baltimore__ 4,820 5,287 5,260 5,618 5,974 5,832 5.025 4.838 4,142
Cincinnati _ 3,203 3,911 3,901 3.877 3,885 3,710 3,353 3,445 3.003
Kansas City 6,302 7.451 7,254 7,245 7,302 7,036 6,582 6.882 6,811
Cleveland__ 6,638 7,964 6,913 6,457 6.179 5,997 5.441 5,550 4,646
N. Orleans.. 2,315 2,734 2,908 3.056 3,085 3,170 2.986 2,811 2,406
Minneapolis 4,016 4,705 4,420 4.095 4,110 4,463 4.026 3,677 3,370
Louisville_ _ 1,850 1,941 1,936 1,880 1,782 1.744 1,612 1,552 1,336
Detroit_ _ __ 8,440 11,558 10.434 8,770 8,813 8,431 7,356 6,694 5,389
Milwaukee_ 1,487 1,825 2,158 2,246 2,200 2.062 1.912 1,876 1,570
Los Angeles a8,500 10,066 10.826 9,382 8,917 7,945 7.91, 7,029 5,152
718622
876
814
729
714
633
684
581
Providence_
Omaha ... __ 2,183 2,398 2,312 2,102 2,104 2,188 '2,004 2,103 1.982
Buffalo__ _ 2,594 3,396 2,853 2,736 2.727 2,782 2,310 2,346 2,011
31. paw_ _ _ 1,200 1,438 1,626 1,5
1,617 1,631 1,618 1,805 1,600
bullanapollo 1,092 1,286 1,208 1.208 1,192
904
985 1.055
886
Denver.,_ _ _ 1,694 1,861 1.864 1.733 1,689 1.668 1,611 1,656 1,464
2,610 2,839 2,853 2,608 2.304
Richmond _ 2,287 2,333 2.320 2,51
Mem pbb _ _
954 1,240 1,173 1.192 1,197 1,233 1,114 1,140 1.009
Beattie_ _ _ 1,998 2,654 2,543 2,367 2,353 2,205 2,039 1,949 1,658
901
Etectiurd_ __
768 1,035
832
801
783
654
567
490
918 1,035
954
924
922
898
806
785
672
Salt L. City
Total_ _ 514,134678,731 587,866509,330476,452466,154414,170 373.537358,109
.
39,561 48,154 46,493 45,780, 47,321 46,062 41,589 39,915 33,399
Other
Total all..553,695726.885633,872555.110523.773512.216455,759413.452391.508
lutaideN.Y 206.585249.642242.144233.876233.41922R 507205 801 100.4M 172 007
a Los Angeles now withholds figures of clearings; this Is an estimate.
With reference to the dealings at the different
stock exchanges, we have already commented quite
at length on the share transactions on the New York
Stock Exchange, and have also given the totals for
the New York Curb Exchange. It is likewise desirable to bring forward again the records of dealings
in bonds on the New York Stock Exchange. Bond
dealings in 1930 were somewhat smaller than in
either of the two previous years, and yet closely
approached the totals for these years. Transactions
in foreign bonds were somewhat heavier than in the
previous year, owing to the activity in German bonds
and in bonds of the Latin American countries, so
many of these latter having suffered revolutionary
uprisings during 1930, which was not conducive to
the maintenance of market prices, but did promote
activity of dealings. During 1930 bonds did not
appeal to popular favor any more than they did in
the previous year. The aggregate par value of all
bonds dealt in on the New York Stock Exchange
during 1930 was $2,763,567,550 against $2,982,299,200 in 1929, $2,903,434,325 in 1928, and $3,269,037,200 in 1927. The par value of the sales of United
States bonds in 1930 was only $115,785,250 against
$142,079,800 in 1929, $187,634,250 in 1928, and $289,502,300 in 1927. As recently as 1924 the dealings
in United States bonds aggregated $876,920,815, and
back in 1919 they reached $2,900,913,150.
SALES OF STOCKS AND BONDS ON NEW YORK STOOK EXCHANGE.
Description.
-Number of shares
Stook
12 Mos. 1930. 12 Mos., 1929. 12 Mos. 1928.
810,038,161 .1.124,991,490
919,661.825
Railroad and miscellaneous bonds... 31,927,021,400 32,182,392,300 $1967,173,650
115,785,250
142.079,800
187,634,250
United States Government bonds720,760,900
657,827,100
748,628.425
State, foreign. Ac.. b"da
22.763.567.550 82,982,299,200 $2,903.434.325
At the outside stock exchanges dealings were considerably smaller in 1930 than in 1929 at all points.
On the Chicago Stock Exchange the dealings reached
69,747,500 shares in 1930 against 82,216,000 shares
in 1929, 38,941,589 shares in 1928, 10,712,850 shares
in 1927, 10,253,664 shares in 1926, 14,102,892 shares
in 1925, 10,849,173 shares in 1924, 13,337,361 shares
in 1923, 9,145,205 shares in 1922, 5,165,972 shares in
(Vol,. 132.
1921, 7,367,441 shares in 1920, 7,308,855 shares in
1919, 2,032,392 shares in 1918, 1,701,245 shares in
1917, 1,610,417 shares in 1916, and 715,557 shares in
1915. The total value of bonds sold aggregated
$27,462,000 in 1930 against $4,975,500 in 1929,
$7,534,600 in 1928, $14,827,950 in 1927, $7,941,300 in
1926, $8,748,300 in 1925, $22,604,900 in 1924, $19,954,850 in 1923, $10,028,200 in 1922, $4,170,450 in
1921, $4,652,400 in 1920, $5,672,600 in 1919, $5,305,000 in 1918, $8,368,950 in 1917, $11,932,300 in
1916, and $9,316,100 in 1915.
On the Boston Stock Exchange the sales totaled
15,251,177 shares in 1930 against 24,652,115 shares
in 1929,18,240,330 shares in 1928,8,807,874 shares in
1927, 9,562,931 shares in 1926, 9,912,352 shares in
1925, 5,300,862 shares in 1924, 4,783,324 shares in
1923, 5,495,041 shares in 1922, 3,974,005 shares in
1921, 6, 96,423 shares in 1920, 9,235,751 shares in
16
1919, 3,929,008 shares in 1918, 5.090,982 shares in
1917, 13,078,588 shares in 1916,112,603,768 shares in
1915, 3,522,187 shares in 1914, 5,705,588 shares in
1913, 11,134,908 shares in 1912, 7,744,737 shares in
19111, 11,679,572 shares in 1910, and 15,507,303 shares
in 1909. Total value of bonds sold in 1930 aggregated $5,599,376 against $11,147,245 in 1929, $8,726,199 in 1928, $7,742,313 in 1927, $7,153,447 in
1926, $8,141,090 in 1925, $15,613469 in 1924, $20,294,840 in 1923, $28,488,950 in 1922, $16,323,920 in
1921,$24,674,300 in 1920, and $28,039,700 in 1919.
On the Philadelphia Stock Exchange the dealings
in 1930 aggregated 27,234,794 shares against 35,520,785 shares in 1929, 17,850,739 shares in 1928,
7,959,556 shares in 1927, 10,174,589 shares in 1926,
6,297,878 shares in 1925, 3,434,690 shares in 1924,
2,319,270 shares in 1923, 2,456,631 shares in 1922,
1,579,470 shares in 1921, 2,367,312 shares in 1920,
and 3,230,740 shares in 1919. Bond sales had a value
of $5,882,125 in 1930 against $6,057,074 in 1929,
$8,622,400 in 1928, $9,401,301 in 1927, $9,087,564 in
1926, $14,310,920 in 1925, $44,418,116 in 1924, $42,996,225 in 1923, $30,444,191 in 1922, $53,096,390 in
1921, $31,330,450 in 1920, and $5,635,800 in 1919.
In the Baltimore market 712,780 shares of stock
were sold in 1930, 1,300,707 in 1929, 1,019,056 shares
in 1928, 919,365 shares in 1927, 590,730 shares in
1926, 951,426 shares in 1925, and 468,063 shares in
1924; while the value of the bond sales was $643,690
against $7,947,300 in 1929, $9,004406 in 1928, $12,032,800 in 1927, $7,882,500 in 1926, $9,623,000 in
1925, and $8,246,000 in 1924.
On the Pittsburgh Stock Exchange the sales in
1930 were 3,542,446 shares (not including 446,433
sales of "rights") against 5,300,096 shares in 1929,
2,013,255 shares in 1928, 1,347,563 shares in 1927,
1,562,769 shares in 1926, 1,778,138 shares in 1925,
1,372,711 shares in /1924, 2,506,032 shares in 1923,
2,230,146 shares in 1922, 2,630,740 shares in 1921,
4,153,769 shares in 1920, 5,579,055 shares in 1919,
and 6,072,300 shares in 1918. Total value of bonds
sold in 1930 aggregated $284,000 compared with
$125,000 in 1929, $187,000 in 1928, $214,000 in 1927,
$168,000 in 1926, $396,500 in 1925, $475,000 in 1924,
$801,350 in 1923, $1,145,150 in 1922, $1,318,950 in
1921, $2,986,050 in 1920, and $4,069,800 in 1919.
At the St. Louis Stock Exchange transactions
aggregated 548,800 shares, valued at $19,560,938, in
1930 against 1,304,229 shares, valued at $60,028,711,
in 1929; 1,077,984 shares, valued at $58,959,638.40,
in 1928; 500,601 shares, valued at $25,451,565.28, in
1927; 382,839 shares, valued at $17,101,763, in 1926;
JAN. 24 1931.]
FINANCIAL CHRONICLE
591,667 shares, valued at $32,087,323, in 1925, and
139,482 shares, with a value of $12,193,180, in 1924.
Bond sales were $1,730,224 par value in 1930 against
$1,838,556 par value in 1929, $2,365,928 par value
in 1928, $3,840,360 par value in 1927, $2,325,000 par
value in 1926,. $2,355,200 in 1925, and $2,424,100
in 1924. At Cleveland the transactions in stocks
and bonds ($1,000 being taken as the equivalent of
10 shares of stock) aggregated 787,886 shares in
1930 against 2,022,011 shares in 1929; 2,132,509
shares in 1928, 1,263,211 shares in 1927, 1,226,551
shares in 1926, 1,864,659 shares in 1925, 736,976
shares in 1924, 812,682 shares in 1923, 833,952 shares
in 1922, 863,644 shares in 1921, 943,250 shares in
1920, 725,970 shares in 1919, and 176,463 shares
in 1918.
Dealings on the Detroit Stock Exchange in 1930
aggregated 5,065,720 shares against 11,838,350
shares in 1929 and 10,605,183 shares in 1928. Trading had previously kept dwindling because of the discontinuance of dealings in unlisted stocks in October 1925. In 1927 the aggregate of dealings in listed
stocks was 2,786,915 shares, and in 1926, 1,852,451
shares. This compares with 3,264,164 shares of
1
listed and unlisted stocks combined in 1925 and
2,485,894 shares combined in 1924.
On the San Francisco Stock Exchange the sales
of listed and unlisted stocks during the year 1930
amounted to 15,263,133 shares, having a value of
$434,911,735 against 19,188,822 shares, having a
value of $889,697,434, in 1929; 31,530,016 shares,
having a value of $2,066,781,634, in 1928; 15,552,507
shares, having a value of $653,521,804, in 1927;
8,611;169 shares, having a value of $344,925,947, in
1926; 9,272,598 shares, with a value of $267,653,230,
in 1925, and 6,848,625 shares, valued at $102,778,333,
in 1924. Bond sales at this exchange were $2,457,500
in 1930 against $3,384,500 in 1929; $2,857,000 in
1928, $4,947,000 in 1927, $13,027,500 in 1926, $25,971,500 in 1925, and $38,426,000 in 1924. For the
Los Angeles Stock Exchange'the dealings are reported at 9,171,442 shares, valued at $247,673,930,
as against 15,406,993.shares, valued at $458,514,236,
in 1929; 49,403,086 shares, valued at $840,384,806, in
1928; 27,082,349 shares, valued at $242,272,278, in
1927; 44,067,288 shares, valued at $184,727,444, in
1926; 36,230,111 shares, valued at $88,955,330, in
1925, and 24,131,544 shares, valued at $38,585,898
in 1924. The bond sales are reported at $2,800,500
for 1930 against $779,500 for 1929, $11,351,500 for
1928, $10,707,000 for 1927, $18,392,900 for 1926, $33,243,300 for 1925,and $26,513,400 for 1924.
Stock dealings on the Canadian stock exchanges
were likewise heavily reduced in 1930 as compared
with 1929. On the Montreal Stock Exchange stock
sales of listed shares for the 12 months of 1930 were
559
11,098,404 shares against 23,203,463 shares during
1929; 18,990,039 shares during 1928;9,992,627 shares
during 1927, 6,751,570 shares in 1926, 4,316,626
shares in 1925, 2,686,603 shares in 1924; 2,091,002
shares in 1923, 2,910,878 shares in 1922, 2,068,613
shares in 1921,4,177,962 shares in 1920, and 3,865,683
shares in 1919. The bond sales in Montreal were
$11,023,025 in 1930 against $13,212,555 in 1929,
$20,139,200 in 1928, $16,077,600 in 1927, $17,807,921
in 1926,$17,715,503 in 1925,$22,153,753 in 1924,$38,003,500 in 1923, $48,519,402 in 1922, $67,776,342 in
1921, $27,340,080 in 1920, and $71,681,901 in 1919.
On the Toronto Stock Exchange the stock sales.
totaled 6,638,594 shares in 1930 against 10,471,819'
shares in 1929; 5,916,923 shares in 1928; 4,663,042
shares in 1927, 2,470,167 shares in 1926, 1,999,218
shares in 1925, 907,871 shares in 1924, 1,025,923
shares in 1923, 1,214,543 shares in 1922, 548,017'
shares in 1921, and 670,064 shares in 1920.
As to the Canadian bank clearings, their record
runs parallel to that of the bank clearings in the
United States—that is, they have steadily and generally declined, and the decline has been heaviest in
the last two quarters of the year. The grand aggregate of the Dominion clearings for 1930 is down to
$20,036,695,826, which compares with *25,083,739,223 for 1929, thus showing a reduction of 25%,
and with $24,556,298,549 in the 12 months of 1928
and $20,566,490,856 in the calendar year 1927. Out
of the 31 Canadian cities contributing returns not a
single one has failed to suffer a decrease. The Canadian total of clearings by quarter-year periods for
the last 15 years appears in the table below. It will
be noticed that the final quarter had already suffered a decrease in 1929, the amount having fallen
from $7,171,369,336 in 1928 to $6,855,932,060 in 1929;
for 1930 now there is a further drop to $5,131,221,202.
CLEARINGS IN THE DOMINION OF CANADA.
Clearings
Reported.
1930
1929
1928
1927
1928
1925
1924
1923
1922
1921
1920
1919
1918
1917
1918
First
Quarter.
Second
Quarter.
Thins
Quarter.
Fourth
Quarter.
7'otal
Year.
4,937,798,551 5,190.558,313 4,777.127.780 5.131.221.202 20,036.695.828
6 016,432,641 6.041,113,661 6,170,260.921 6,855.932.000 25.083,739.223
6540,519,953 6,224.578.655 5,619.332.605 7,171,369.336 24,556,298.549
4.324,149,204 4,910,336,763 4.737,796.279 6.594,208,610 20.568.490.856
3 929,891,000 4,388,475.003 4,217,059,000 .111,536,000 17.648.961.000
3.708,304.000 3.854.678.000 3,904,277,000 .263.984.000 16,731.243,000
3.934.897,000 3,950,010.000 4.072.622.000 5.120,395,000 16,977,924,000
3,606.308.000 4,158.184.000 3,864,938.000 5,702.913.000 17.332.342.000
3 840.001.000 4,031,429.000 3,706.793.000 4,685,582.000 18.263,805,000
4 127,525,000 4,447.088.000 3.983,965.000
4.638,357,000 4,924,428.000 4.819,806.000 5.849.805,000 20.232.406.000
3,329,475,000 3.970.863,000 4,127,237,000 5,275.350,000 18,702.925.000
2,818,417,000 3,387,131,000 3,212,600.000 4,300.425.000 13,718,573.000
2.657.205,000 3,363,807.000 2.923,735,000 3.611,971.000 12.656,718,000
2.162,216,000 2,618,482.000 2,489.518.000 3.238,383.000 10,506,599,000
To complete our analysis we now give the complete
statement of the clearings at the different cities in
the United States for the last eight years, classified
according to Federal Reserve districts, and also the
ratios of increase or decrease as between 1930 and
1929. The Canadian bank clearings in detail for the
last eight years are added at the extreme end of the
compilations:
BANE CLEARINGS IN DETAIL FOR THE LAST EIGHT
CALENDAR YEARS ACCORDING TO FEDERAL
RESERVE DISTRICTS.
Clearings as—
Year 1030.
Year 1929.
Inc. or
Dec.
Year 1928.
1927.
Year 1925.
Year 1926.
Year 1924.
Year 1923.
$
$
%
2
$
2
2
First Federal Reserve I) !strict— ilo,t‘ n—
2
2
34,873,632
Maine—Bangor
35,535,067 —1.9
35,894,328
39,196.075
38.033,886
107,868,116
42.555.464
40.413,669
40.138.437
Portland
220,868,588 —10.4
202.544.646
Masaachueetra—R0810n
174.371,073
192,468.223
197,891,247
157.915.526
23,070,468,729 27,600,034,885 —16.6
164.135.227
25,828.975,499 26.468,065.274 25,130,344.097 22,481.915,310 21,323.000.000 19,310.172.382
57,280,309
Fall River
70,549,077 —18.8
85,578,004
103.832,199
107.131,493
121.230.152
107.787.753
30.299,066
Holyoke
124.743,525
33,430,307 —9.4
35,209,151
49.337.294
45,041,238
46.683,818
47.091.321
38,136,771
50.115,764
Lowell
85,441,362 —41.7
62,880.710
58,863.814
83,500,525
60,639.419
60.973.339
53.088.956
68.569.542
New Bedford
68,951,283 —23.0
58,428,583
88,898,612
65,623.291
79,943,697
74.187.603
243.701.444
2
Springfield
79.033.874
97,921.248 —18.2
296.082.026
299.931,604
283374,997
303,889.872
273.633 974
174,694.717
196.246,099 —11.0
Worcester
266.185.531
187,941,048
190,236.622
186.433,169
194,635.139
183.3774
,338
768,282,452 1.035,442,168 —25.8
Connecticut—Hartford _ —
183.348.619
903.887.710
800.645.811
832.271.077
783.288.763
653,780.569
401.300,685
468,600.000 —14.0
566.589,705
New Haven
454,489.602
373.983.839
412,492,500
370,454,451
358.478,841
111,115,600
Waterbury
342,813.438
139,691.400 —20.4
131,319.200
125.216.500
133,611,000
129,137.900
683,896,100
109,544.600
876,117,400 —22.9
96.780,986
Rhode Island—providence_
913,885.800
714,045,000
729,416,100
717,578,500
40,029,420
621.856,500
1L—Manchester
633,123,506
40.088,643 —0.1
37,478,703
39.390,670
41,367,963
41.428.285
39,494,909
25,905,035,993 31,158.917,523 —16.9 29,134,573,808
2 Total (14 olttes)
29,808,240,825 28,182,070,347 25,525,891,741 24.051.259.710 21.425 nea ivv
N.
..........
560
Fn. 132.
FINANCIAL CEMONICLE
BANK CLEARINGS IN DETAIL FOR THE LAST EIGHT CALENDAR YEARS ACCORDING TO FEDERAL
RESERVE DISTRICTS-(Continued).
Irt
Clearing at
-
Year 1930.
Year 1929.
Inc. or
Dec.
Year 1028.
Year 1927.
Year 1926.
Year 1925.
Year 1924.
Year 1923.
3
Second Federal Reserve District-New York
332,232,566
295,976,337
339,980,431
338,712.898
270,180,979
322,865,780
331,980,049 +6.5
New York-Albany
353,497,616
39.325,542
52.802,700
66.019,910
60,305,169
71,452,235
57,557,900
78,010,459 -10.6
Binghamton
70,199.795
Buffalo
2,594.443,330 3,395.939,862 -23.6 2,849,617,173 2,735,746,437 2.726.662,610 2,781.546.912 2,310.146,597 2,345,940,700
49,071,454
53,208.693
42,537,314
38,338,921
53,788,254
58,298,891
59,094,042 -13.1
Elmira
51,364,282
77.417,836
77.093,639
63.018,666
60.885,467
73,230,583
69,884,650
71,092,338 -13.2
Jamestown
61,741,471
New York
347,109,528,120 477,242,282,161 -27.3 391,727,476,264 321,234,213,661 290,354,943,483 283,619,244,637 249,868,181,339 13,996,182,727
54,933,814
66,051,202
55,359,559
51,402,385
83,203,418
50,853,968
78,778,486 -27.2
Niagara Falls
58,160,843
667.924,306
598,930,497
729,305,528
684,858,030
553,674.346
850,955,176 -28.5 . 776,900,082
599,751,946
Rochester
301,561.843
261.665,876
338,123,241
319,368,061
242,876,903
346,594,405
384,869,476 -24.6
290,261,978
Syracuse
188,037.428
183.262,196
261,113,196
200,103,084
157,181,942
215,081,704
240,409,568 -14.3
208,474.112
Connectieut-Stamford___ _
31,255,790
34.100.200
46,047,766
42,494,630
25,303,131
47.1.57.825
50,227,722 -18.2
New Jersey-Montclair_
41,073,525
988,486,297
896,228,908
1,790,926,944 1,873,545,343 -4.4 1,520,154,962 1,374,097.957 1,309,998.214 1,129.083.897
Newark
2,250,855.686 2,797,244,114 -19.6 2,221,489,574 2,139,849,263 2,036,418.567 1,762,919,810 1.770,262,851 2,182.464,975
Northern New Jersey
60,134,293
69,760,864
54.359,265
80.958,890
78.015,034
87,766.388
97,011,847 -18.5
88,788,453
Oranges
Total (14 cities)
355,569,068,151 487,551,440,643 -26.8 400,416,198,002 329,460,401,556 298,325,474,088 291,122,385,917 256,565,553,138 220,932,019.152
Third Federal Reserve District-Phil adelphia78,710,697
68,868,072
_
Pennsylvania-Altoona_
276,486,497
225.717.798
Bethlehem
63,824,255
54,190,321
Chester
246,312,192
222,550,947
Harrisburg
108,996,383
100,081,990
Lancaster
35,265,231
34,870,721
Lebanon
46,949,014
38,811,301
Norristown
26,360,000,000 31.837,000,000
Philadelphia
225,803,124
178.233,147
Reading
335,876,651
245,741,796
Scranton
206,040,804
178,381,878
Wilkes-Barre
112,795,414
105,501,365
York
133,901,188
118,146,203
New Jersey-Camden
281,466,066
220,839,000
Trenton
Total (14 cities)
74,927.282
73,609,909
84,490,339
78,352,550
-12.5
80,669,927
86,818.244
215.037,790
199,810,0501
217.585,765
246,606,709
238,163,397
-18.4
245,797,295
70.832,174
66,680,312
73,814,118
77.529,200
74,320,521
-15.1
67.798.586
228,139,009
220.790,574
253,681,837
247,771,510
253,099,487
-9.7
246,128,739
149,971,474
165,262.839
115.810,401
118,782.669
-8.2
111,963,090
115,838.586
30,335,728
,
30.270,008
32,485,324
33,580.050
33,613,772
-1.1
32,773,481
45,721,320
48,158,088
55.109,799
47,836.493
-17.3
52,385.945
48,945,988
-17.2 29,371,000.000 23,354.000,000 29,258,000,000 29.079.000,000 25,645.000.000 24,650,722,009
178.975.851
174,735,291
197,491,250
221,391,913
219,885,671
-21.1
223,751,703
301,448,208
299.737,971
318,740,033
330,825,930
326,296,868
-26.8
329,092,841
199,586,437
208,029,953
271,190,172
212,591,319
191,821.257
-13.4
210,527,730
91,660,586
80,812,315
90,618,300
96,363,743
97.955,116
-17.5
109,563,636
648,618,036
706.615,894
572,128.600
142,807.716
163,586,890
-11.8
133,294,254
281,813,967
243,295,232
320,956,375
327,539,087
-21.5
342,917,863
352,521.057
28,151,934,548 33,939,427,506 -17.2 31,564,665.027 30,564,388.289 31,434,918.164 31.781.036.681 28,144.370.886 27,021,900,335
Fourth Federal Reserve District-Cloy eland349,750,000 -30.2
244,201,000
Ohio-Akron
209,510,783
252,951.681 -17.2
s..anton
3,202,938,421 3,910,555,730 -18.1
Cincinnati
6,637,913,338 7,964,234,471 -16.7
Cleveland
792,932,400
905,967,900 -12.5
Columbus
48,898,612
67,249,607 -27.3
Hamilton
18,493,723
24.346.327 -25.0
Lorain
93,261,261
109,509,897 -15.0
Mansfield
322,937,297 -19.6
259,844,604
Youngstown
29,492,205 -20.7
23,384,039
-Beaver County
Pa.
11,361,737 -8.0
9,358,775
Franklin
81,102,560
74,753,770 +8.5
Greensburg
9,240,076,487 10,162,939,978 -9.1
Pittsburgh
106,365,138 -22.7
82,259,046
Kentucky-Lexington
242,676,240 -19.7
194,767,050
West Vliginia-Wheellng
T3tal (15 cities)
-10.8
-13.8
-2.0
-7.0
-12.7
-7.5
-3.9
-0.5
-21.4
-11.1
9,831,565,649
-7.7
312,480.000
234,573.321
3,709,995,616
5,996.663,609
802,748.100
45,642.269
26,169,237
103.342,812
271,710.112
38,335.888
17,863,881
80,384,053
8,858,572.090
93,888,981
226,340,773
399.027,000
240,417,716
3,353,396,387
5,441,301.185
729,097.000
42,123,639
22,357,078
94.969,676
230.550.078
38.948,007
16,788,458
64,900,200
8,036,969.344
93.140,286
219,210,840
359,023,000
252.147.137
3,444,728,332
5,549,996,148
788,068.900
41,719,412
19,479,444
96,579,682
221,883,443
41,382,150
17,462,875
81,475,004
8,212.798,574
102,680.192
229,153,574
95,430,118
410,030,506
2.823,259.786
127,834.023
128,720,868
100,024,588
5,025,334.741
22,302,730
39.454,460
1,167,398,426
106,715,857
417,592,524
2,607,658,000
123.034,303
136,596,755
144,019,704
4,838,199,185
21,552,958
40,779,793
1,102,158.974
9,785,185.874 10,335,542,052 20,901.020,215 10,980,300,435
9,940,690,246
9.538,908.053
328,290,641
190.661.525
1.012.243,160
2,895,571,945
99,663,868
45,680,188
78,296,104
808,093,771
212,353,780
195,979,545
1.367.180.827
95,917,771
89,029.008
77,703,590
21,165,040
67,124,323
44,942,766
2,986,178,447
331,326,017
160.236,191
1,003,582,995
2,733.986,892
110,799,885
47,218.143
78,121,637
653,380,124
8,279,809,273 10,118,234,208 -18.2 10,114,722,180 11.108,531.915 12,458,123,556 13.477,069,522 10,586,076,389
9,787,208,455
9,076,108,317
-10.6
-12.7
-22.8
-22.1
-23.6
-20.3
-13.2
-14.8
-34.9
-21.9
-11.7
-36.2
-16.9
-3.2
-24.8
-52.9
-15.3
-Ch icagoSeventh Federal Reser, e District
,764,327-20.5
10 745 160
Michlgan-Adrlan
54,821,895 -15.6
46,278,924
Arbor
Ann
11,558,165,403 -26.9
8,440,151.513
Detroit
220,442,316 -33.1
145,865,362
Flint
388,723,104 -25.7
287,853,084
Grand Rapids
105,172,135 -45.3
57,648,083
Jackson
203,161,895 -13.5
175,838,800
Lansing
209,224,323 -20.3
166,730,598
Indiana-Fort Wayne
296.543,662 -14.4
253,971,064
Gary
1,092,108.000 1,286,073,000 -15.1
Indianapolis
166,260,154 -18.7
13.5.223,195
South Bend
282,846,687 -7.0
263,191,437
Terre Haute
161,114,961 -15.0
136.953.500
Wisconsin-Nladlson
1,487,453,813 1,825,350,901 -14.4
Milwauke e
49,445,900 -19.1
40,009,150
Oshkosh
166,327,972 -4.6
158,788,202
Iowa-Cedar Rapids
672,066,653 -5.1
637,723,686
Davenport
527,409,513 -16.8
439,220,462
Des Moines
25,545,078 -5.1
24.256,693
Iowa city
362,277,539 -17.5
298,998,273
Sioux City
83,909,006 -14.8
71,518,177
Waterloo__
66,784,797 -19.5
53,739,239
Illinols-Atuora
103,385,518 -10.5
92,540,349
Bloomington
28,707,627,136 36,713,580,962 -21.8
Chicago
66,854,298 -7.3
62,009,970
Decatur
309,660,998 -24.5
233,987,210
Peoria
205,308,336 -23.7
156.682,125
Rockford
144,937,325 -8.2
133,250,054
Springfield
43,810,366,289 56,270,138,889 -22.2
Total (28 cities)
-St.L ouisEighth Federal Reserve District
277,018,070 -12.9
241,354,305
Indiana -Evansville
9,538,727 -7.1
8,858,206
Albany
New
6,146,332,030 7,278,217,025 -15.6
Missouri-St. Louis
1,940,887,905 -4.6
1,850,130,498
Kentucky-Loulsville
21,782,580 -6.4
20,386,427
Owensboro
129,177,974 _72139:41
104,085.592
Padueah
1,239,779,882
954,000,029
Teaneesee-Memphis
791,641,157 -23.4
606,192,265
Arkansas-Little Rock
20,773,724 -49.2
10,567,352
Illinois-Jacksonville
78,402,412 -22.2
60,986,238
Quincy
11,787,219.456 -15.1
10,002,803,992
Total (10 eltlee)
316.985,000
212,805.852
3,885.182.015
6.178,768.145
880.312,600
49,398,905
23,936,686
104,577,500
278,698.371
39,349,464
19,632,402
74,122,404
9,197,686.606
95,372,164
221,819,602
84,595,000
434.725,888
2,839,366,382
144,447,129
132.823,778
94,252,877
5.832,393,840
24,216,680
40,209,789
1,353,278,002
Sixth Federal Reserve D strict- Arlan taa
a
Tennessee-Chattanooga--160,390,810
143,741,364
Knoxville
1,234,935,792
1,078,478,051
Nashville
2,258.286,150 2,927,843,030
Georgia-Atlanta
114.504,845
89,214.260
Augusta
63,214,764
48,242,835
Columbus
00,958,461
72,467,235
Macon
778.250,904
675,293,206
Florlda-Jacksonvllle
142,316,000
123,198,000
Miami
136,395,461
88,717,724
Tampa
1,010,297,655 1,277,239,054
Alabama-Birmingham__ _
109,339,262
96,642.806
Mobile
88,121,435
56,258.519
Montgomery
85,983,000
71,415,000
Mississippl-rlattlesburg
111,691,055
108,145,650
Jackson
45,168,531
33,982,733
Meridian
17,457,100
9,958,037
Vicksburg
2,315,470,013 2,734,424,704
Louisiana-New Orleans_
Total (18 cities)
336.895,000
213,842.119
3,877,324,829
6,457,413,647
922,793,200
47,674.711
22,970,232
101,512,961
289.068,195
37.485,477
15,890,477
74,377,405
9,289,443,577
99.877,333
225,273.023
21,138,939,099 24,535,091,978 -13.9 22,728,442,163 22,012,742,278 21.582.647,725 20,82'2,672,742 19,023,200,794 19,458,577,807
Fifth Federal Reserve D istrict-Richm ond63,130,826
96,337,080
West Virginia-Huntington
247,128,060
213,137,682
Virginia-Norfolk
2,286,520,865 2,333,296,114
Richmond
125,618,965
117,088,662
North Carolina-Raleigh.
114,752,998
100,235,165
South Carollna-Charleston
117.079,295
108,282,902
Columbia
4,820,464,324 5,286,948,733
Maryland-Baltimore
24.775,584
24.653.271
Frederick
40,444,315
31,775,772
Hagerstown
1,317,607,594 1,481,390,729
-Washington
D. of C.
Total (10 cities)
367.103.000
224,145,594
3,901.292.137
6,913,067,391
893,035.600
60,404,063
22,641,750
102,668,923
305,765,883
37,331,534
13,517,047
77,217,585
9,452,671,780
108,149.087
249,426,939
64,106,999
274,434,033
2,319,531,349
133,279,700
117.606,167
112,903,990
5,260,041,574
24,584,650
42,589.059
1,435,725,603
a
170,009,256
1,179,685,804
2,679,446,148
103,544,775
59,574,007
118,457,221
835,268,613
143,364,000
184,472,445
1,283,850,241
95,104,890
87,188.580
90,143,000
108,612,955
45,763,096
22,578,709
2,907,752,752
68.727,520
308.349,887
2,517,251,389
140,724,518
122,430,598
105,661,217
5.618,191,924
25,616,114
42,691,253
1.385,897,427
427,694,713
171,715,288
1,198,811,102
2,688,483,712
112,844,591
56.220,34'3
113,724,379
1,002,493,423
280,039,000
237,515,432
1,332,515,451
100.139,512
88,435,870
92,801,751
96,292.358
51,217,929
21.788,666
3,055,799,395
79.673.600
438.943.130
2,610.110.000
137.166,758
229,465,413
92,220,790
5,953.736,235
25,420,360
41,693,977
1,392,580.952
408,846,266
1119,432,729
1.126,611,577
3,055,832,656
109,335,360
55,878,550
08.414,790
1,505,427.603
632.867,020
414,418,178
1,337.643,645
109,203,325
85,733,107
104,220,743
88,598,211
47,121,300
21.823.478
3,084.716,952
373,405,137
162,354,714
1.122.203.951
3,604.290,297
110,907,207
55,946,341
92,439,419
1,446,158,867
1,066,528,874
461,800.170
1,372,382,901
106,497,788
93.71)6,133
01.157.667
79,106.248
45,737.142
22,873,142
3,169,573,524
188,764,842
1,305,871,357
101,287,721
88,838,664
83,417,851
51,066,338
47,656,164
19,513,218
2,811,107,116
12,884,211
12,851.871
12,333,617
13,044,164
14,494,728
11,081.939
52.723.702
59.356,150
45,246,243
55.414.307
50,768,694
41,330,175
10,433,524,569 8,770.133,565 8,813,261,202 8,430,797.003 7,355,598.022 6,693,595,581
150,681.429
125,816,805
120,053,97(
203,851,522
112,328,068
180,332.538
431,880,060
415,171,313
412,852,920
446,963,469
344,740,021
363.187,181
02,142.380
110,245,863
95,234,799
110,562,917
87.684,083
89,947,954
142,451,107
140,964.419
142.867,854
121,261,123
128.430,042
166,323.466
153,161,060
147,658,263
158.338,950
175,910.705
121,740,534
127.312,901
322.544.570
267.637,178
309,886.459
200,870,511
298,790,097
210.616.956
901,278,000
1,207,652.198 1,207,528,916 1,191,869,000
984,874,000 1.005,025,000
162,609,400
160.969,629
151.241,800
163,442,166
127.308,969
123,684,785
310,964,697
300,965,151
304,297,487
277.537.067
305.616.689
285,451,373
186,137,234
186,297,553
162,735,232
136,048,289
131.164,602
133,704,284
2,158,202,569 2,248,371,313 2.200.177.690 2.062,451.850 1,911.755,916 1,876,239,105
51,943,192
49.605.198
53,095,295
44,312,208
38.303.540
38,657,285
139,254.664
147.406,458
153,225,584
138,901,696
129,167,904
126,526,061
538,435,921
516,676,842
620,897,859
549,979,407
610,259,307
550.774,269
515.292.642
546.115,415
507,721,340
568,489,827
572,052,641
558,805,547
25,934.934
25.775,238
28,207.664
22,075.364
31,071.121
24.709,215
324.686.291
336,873,140
360.969,408
324,275,394
367,858.073
333,556,857
66,654.559
65,414,012
74,148,880
76.952,214
69,689,317
77,441,966
82,120.200
88.742,508
70.444,245
61.805.584
79,004.498
63,886,383
84.152,299
84,849.481
96,829,609
77,327,839
86,680,608
75.850,204
37,342,393,658 35,058,215.031 34,907,132,946 35,391,593,578 31,653,583,949 21,112.845,757
70.376,309
69,391,689
69,709,500
66,578.865
77,593,249
71,550.841
253.540.410
262.806.045
284,704.052
229,195,011
240.174,212
237,583,061
180.484.293
189,231,847
170,363,037
117,145,9613
129,299,710
148,670,755
136,403.785
143,425,697
147,894.237
131,189,386
130.507,641
145,518.018
56,385,204,739 52,677.335.684 51,641,391.122 51,302,734,279 45,989,493,112 44,776,960,509
260,206,749
9,164,551
7,566,304,781
1.936,030.886
29,564.267
121,009,600
1,172.927,187
749,244,471
18,994,907
79,547,231
2 :6
9 03 6
3052 2 072
:1
280 6 :774
8
97 780
7,387,437,173
1,879,529,149
19,692.702
117,795,779
1,191.851,410
74190:093522:217268
1 1129 7942:789
7,631:07939 478
199
1,781,961.052
84,774,575
1,196,581,429
51'65 362
724.527..265
85,897.514
281,939,450
9,030,201
7.626,570,123
1,743,689.890
21,826.590
110,568,863
1,232,818,801
735.856.786
22.230.884
81,091.671
258.034.160
8.387.513
7.174.033.847
1,611.927.608
22,650,180
119,1106,430
1,114.087.697
640.300.864
17,303,432
74.625,655
210,642,009
7.880,616
7,203.607.512
1.551,895,901
24,927,659
123,049,883
1.140,309,121
605,907,351
18,678,528
74.332,592
11,932,994.630 11,757.013.950 11,894,757,283 11,868,632,259 11.041,317,388 10.990,451,162
JAN. 24 1931.]
FINANCIAL CHRONICLE
561
BANK CLEARINGS IN DETAIL FOR THE LAST EIGHT CALENDAR YEARS ACCORDING TO FEDERAL
RESERVE DISTRICTS-(Concluded).
Year
1930.
Year
Inc. or
Dec.
1929.
$
8
Ninth Federal Reserve District-Min neapolisMinnesota-Duluth
279,495,777
390,823,396
MinneapolLs
4,016,265,425 4,705,231,843
Rochester
28,948,330
32,731,386
St. Paul
1,200,088,456 1,437,575,407
North Dakota-Fargo
109,463,285
102,983,785
Grand Forks
83,571,000
96,786,000
Minot
25,842,392
20,082,098
South Dakota-Aberdeen_ _
53.202,133
63,504,526
Sioux Falls
99,565,044
09,433,856
Montana-Billings
33,136,648
38,736,025
Great Falls
72,724,161
54,660,708
Helena
153,239,335
188,049,416
Lewistown
4,736,821
7,749,743
Total (13 cities)
6,135,244,372
7,268,782,624 -15.6
Tenth Federal Reserve District-Kan S9S City
Nebraska-Fremont
16,296,319
19,871,632
Hastings
26,305,091
30,058,874
Lincoln
175,817,374
208,468,855
Omaha
2,183,257,401 2,397,776,990
Kansas-Kansas City
109,882,111
114.519,255
Topeka
170,679,470
188,162,771
Wichita
366,334,805
440.147,018
Missouri-Joplin
47,687,133
70,482,268
Kansas City
6,302,246,728 7,451.137,423
St. Joseph
289,851,742
361,895,823
Oklahoma-AlcAlester
a
a
Oklahoma City
c1,300,000,000 1,646,039,362
Tulsa
487,606,641
636,799,100
Colorado-Colorado Springs
61,740,658
74,753,629
Denver
1,694,207,214 1,861,410,591
Pueblo
79,301,193
90,836,614
Total (16 cities)
Year
1928.
3'
1111111111111
,
,
coo
Clearings at
-
-29.0
-12.5
-15.7
-8.9
-4.2
-9.3
-16.8
-43.5
-15.4
-19.9
-21.0
-23.4
-17.4
-9.0
-12.7
Year
1927,
Year
$
1926.
Year
1925.
Year 1924.
$
5
5
Year 1923.
$
439,673,409
4,419,614,371
33,204,246
1,626.311.125
103,492,356
72,127,000
22,749,082
72,551,959
86,345.219
38,765,611
69,659.550
184,725,683
9,555.476
465.061.789
4,094.562,453
32,123.424
1,556,483,398
110,360,797
72,139.000
17,801,540
66,757,056
82.668,196
34,521,615
55,408,877
163,967,351
9,216,006
414.865,676
4,110,311,738
28.236,650
1.617,454,198
97,024.377
70,908,000
15,705.910
76,436,736
79,223,998
32.104,577
47,337,663
166,861,271
9,035,033
498,450,286
4,462.950,450
22,880,408
1,631.459,933
85,601,746
74,480,000
13.487,998
77,750,830
61,037.892
32,928,493
40,201,009
152,712.443
7,382,530
504.915,852
4,025,843,109
20,618,429
1,617,749,116
94,406,016
68.235.694
12,227,853
69,714,916
54,408,657
28,233,717
34,391,079
135,471,553
f166,671
390,031,753
3,677.176,267
22,764,353
1,805,224,936
105,274,002
59.355.300
13,865,040
67,224,103
155,949,650
27,006,003
41,300,582
164,295,937
11,883,651
7,178.775.087
6.751.071,502
6,765,505,827
7,161,324,018
6.666,382.662
6,541,351,937
20.851,129
28,820,191
246,146,704
2,311,920,165
109,011,087
193,908,504
480,707,432
70,680,927
7,254.046,094
364,887,906
a
1,568.022,225
630.886,313
70.177,437
1,863,583,691
77,153,861
20.856,808
24,570,478
254,013,059
2,102,408,685
121,216,030
172.613.529
424,562,352
81,691,204
7,245,050,814
337,727,941
a
1,555,022.655
596,642.699
64.167,032
1,732,674,525
69.302.494
19,738,367
28,008,329
245,980,286
2,103,548,186
213,374,463
179.146,598
435,778.140
93.584.411
7,301,562,157
375,642,241
10,281,364
1,526,009,448
527.417,855
61,750,994
1.688,644,831
63,275,613
22,396,587
32,596,380
254,019,952
2,188,210.683
213,127,476
184.941,687
401,638,512
89,178,302
7,036.471,383
392,705,388
14,727.154
1,443,875.836
436,148.418
63,581.225
1,667,800.725
59.266,536
21,457,420
28,341,820
215,769,668
2,004.488,419
236.428,504
153,019,279
388,348,065
77,214,000
6,531,628,797
364.481.235
15,134,877
1,283,152.230
351,403,042
56.755.109
1,611,163,932
50,384,169
21,532,291
27,199.226
215,136,673
2.103,475,129
261,352,028
169,025.208
466,734.222
73.453,814
6,831,567,927
a
18,638,258
1,165,341,866
402,491,637
61,091,657
1,655,870,321
44,549,720
13,311,213,880 15,592,440,295 -14,6 15,290,803.666 14,802,520,303 14.873.742,285, 14,500,816,244 13,439,170,566 13,570.859,977
Eleventh Federal Resort e District-Da lasTexas
-Austin
97,763,410
76.981,831
Beaumont
113,183,692
96,974,276
Dallas
2,122,364,049 2,881,787,579
El Paso
321,538,201
298,613,604
Fort Worth
744,516,447
520,252,889
Galveston
284,292,000
179,440,290
Houston
1,676,248,710 2,008,863,851
Port Arthur
42,640,553
35,361,870
Texarkana
33,302,527
24,116,049
Wichita Falls_
130,005,246
100,312,041
290,485,691
Louhdana-Shreveport
237.800,692
Total (11 cities)
5,368,466,301
Twelfth Federal Referve
Washington-Bellingham _
Seattle
Spokane
Yakima
Idaho-Boise
Oregon-Eugene
Portland
Utah-Ogden
Salt Lake City
Nevada-Reno
Arizona-Phoenle
California-Bakersfield _ _ _ _
Berkeley
Fresno
Long Beach
Los Angeles
Modesto
Oakland
Pasadena
Riverside
Sacramento
San Diego
San Francisco
San Jose
Santa Barbara
Santa A101099
Santa 11093
Stockton
-21.2
-15.3
-26.5
-8.0
-31.5
-36.9
-16.5
-17.1
-27.6
-22.9
-18.1
94,312,924
103,414,000
2,783,610,484
295,164,967
729,207,147
308,486,000
1,825,696,257
29,243,695
33,372.049
133,219,435
297,809,785
84,936.476
102,736,000
2,651.392,000
254,780.035
656.641,904
440.218,000
1.872,575.124
32,292,812
34,335,522
146,825,000
281,789,584
85,870.973
87,755,313
2.518.137,647
252,853,538
743.352.678
598,903,000
1.881.077,054
29,893.340
37.614,237
182,772,225
279,361,853
105,349,233
72,708,101
2,556,829,919
252.882.072
652,152,962
519,951,000
1,765,968,080
26,832,869
42.558,699
170,705,772
276,453,983
84,597,962
71,556,763
2,213.634,863
252,557,446
623.989,586
476.068,314
1,578,359,500
26,180,365
35,208,514
119,265,646
246,209,808
91,918,627
69,313.010
1,738,530,234
255.297,088
584,884,838
460,441,966
1,486,957,553
31,486,103
32,215,246
101.808.370
255.683,760
6,951,359,197 -18.9
6.633,536,743
6,558,572,517
6,812,696,906
6,571,295.881
5,891,593.056
5,270,868,346
45,254,000
2,205,401,626
606,901,033
82,266,636
57,198,886
27,542,807
2,015,148,908
108,213.000
898.102,610
35.036,112
121.928,000
59,438,319
220.021,829
201.331.828
332,122,723
7,945,493,000
44,998,841
1,063.291,078
310,599,694
42,786,332
450,001,211
269,815.389
9,479,464.458
143.791,357
73.009,035
105,351,048
26,577,953
150,581,700
38,425,000
40,148,000
2,039,249,570 1,949,171,370
578,862.349
573,914.864
68,567,871
70,041,478
53,975,270
55,204,184
22,483.680
20,219,168
1,898,910,859 1,871,916,130
73,236,000
75,834,000
785,330,073
801,709.503
31,832,496
35,664,574
110.490.149
96,211.668
49,854.551
50,490,278
207.836,127
210,547,624
200,208,229
226,954,967
369,536,444
432,151,552
7,194.525,000 7,028,870,000
39,107,843
38.226,663
845,144,456
801,230,517
293,184.216
268,829,207
39.932,002
37,160,158
430,134,192
378,313.445
215,183,282
102.800,008
8,366,230,636 8,049,061,000
123,522,486
126,497,742
58,774,470
62.145.992
99,881,868 Not included in
28,046.959
25.412,496
132,600,507
140,631,100
District-San Francisco
47.274,000
50,040,884
1,997,926,280 2.653,702,788
569,737,000
677,315,000
87.403,918
60,000,038
72,789,413
75,070,229
26,603,724
21,303,239
1,769,799,112 2,074,370,040
97,404,763
82,968,375
917,786,774 1,035,216,759
a
a
199,040,000
243,368,000
75,984,675
37,256,303
255,711,123
232,253,785
234,749,359
151,401,338
455,777,616
365,062,994
68,500,000,000 10,066,695,000
59,977,580
50,561,882
787,841.211 1,020,614,221
364,472,854
293,876,642
60,739,928
49.565,870
394.181,830
354,643,306
326,932,602
276,337,907
9,558,593,667 10,938,051,445
190,592,939
157,352.616
104,427,920
106,813,576
104,376,297
102,745,953
24,244,757
27.201,797
135,379,700
108,272,700
+5.9
-24.7
-25.9
-43.4
-3.0
-21.9
-14.7
-14.8
-11.4
-19.1
-15.3
-9.2
-35.5
-19.9
-15.5
-15.7
-22.8
-19.4
-28.4
-10.0
-15.5
-12.6
-28.5
-2.3
-1.5
-10.9
-20.1
48,055.000
42,524,000
46,641,000
2,542,920.892 2,396,923,226 2,352,953,403
644,971,000
704.091,000
663,295.000
78,171,284
81,862,225
77.903,882
59,201.417
67,270,426
63.271.668
28,038.489
25,408,725
26,000,750
1,985,688,152
1978,932,067 2,103.840.202
83,084,509
25,237,940
86,612,536
922,163,600
924,051,647
953.583,888
35.923,678
a
35,368,955
135,689.000
196,964.000
153,160.900
66.884,028
69,675,323
67,109,144
264,618,143
232,803,013
263,145,486
202,467,913
231,399,177
227,342,851
367.054,556
427.047,254
369.056.937
10.825,705,000 9.381.948,000 8,917,424,000
49.969,110
45,203.317
45,510.934
1,046.040,933
969,103,648 1,077,033.672
359,077,275
331,578,791
350,763.565
54,163,780
52.790.322
57.372,651
337,204,230
442.501.119
400,244,548
301,403,758
315,2/5,058
292,706,408
11,491,219,372 10,117,987,269 9,799,768,682
174.259,242
158.055,163
148.888.528
92,052,377
78,281.207
76,913,863
113,842.117
119,396,676
113,320,519
27,024,331
26,406,238
26.217,243
135.736,100
141,551,400
146,867,703
Total (28 cities)
26,945,881,972 31,827,014,769 -15.3 32.717.053,551 29,472,714,999 28,903,424,957 27.121,635,413 24.420,234,5461 23,637,299.965
Grand total (191 cities) 553,694,970,187 726,884,632,647 -3.8633.872,l55.470
555.109,075,670 523,773,772,455 512.215,805.135 455,759,342,491413,452,431,399
I
Outside New York
209,585,442.067 219,642,350 486 -17.3242,144,979,204 233.1174 962 cm 999 410 598 072 228.600.580.49% 205.891 101 152I109 466 9411 672
CANADIAN BANK CLEARIAGS FOR THE LAST EIGHT CALENDAR YEARS
Clearings at-
Year
1930.
Year
1929.
Inc. or
Dec.
-Montreal
Toronto_
Winnipeg
Vancouver
Ottawa
Quebec
lialliat
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
medicine Hat
Peterbou ugh
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
li ingston
Chatham
Sarnia
S
6,917,957,808
6,036,828,536
9,517,469,597
994.132,520
372,586,710
339,596,344
174,720,945
320,976.401
451,863,100
124,224,187
125,903,653
168.006.970
296,550,901
252,891,214
26,763,125
27,734,091
117,776,088
59,359,874
58,624,628
43,514,483
43,641,532
17,402,533
47,113,831
45,958,555
63,411,096
214,688,007
22,887,312
51,039,289
44.029,363
32,665,088
36,465,041
S
8,279,414,820
7,721,361,164
3,393,339,677
1,243,625,652
443,895.304
375,097,862
197,539,725
350,828,242
697,716,733
151,865,016
151,226,015
183,916,716
358,982.727
341.917,650
33,403,096
38,807,465
146,732.755
72,492,575
76,811,637
52,807,241
52,236,137
26,445.421
51,283,226
54,664,850
71,102,678
303.189,777
27,399,870
53,623,914
46,678,714
41,710,000
42,932,463
c7
0
-16.5
-21.8
-25.8
-20.0
-16.1
-9.5
-11.6
-8,5
-35.2
-19.5
-16.8
-8.7
-17.4
-26.1
-24.4
-29.5
-19.8
-19.1
-23.7
-17.6
-16.4
-34.2
-8.1
-15.
.
-10.8
-29.2
-16.4
-4.9
-5.7
-21.7
-15.1
Year
1928.
$
8,072.843.473
7,674,586.731
3,443,151,987
1,100,937,564
431,183,371
361.754.092
185,679,424
337,854,407
666.517,374
150,603,371
134,095,845
140,871,381
351,324,768
312,089,792
38.728,824
40,772,004
138.787,497
73.510,635
72,529,308
59,588,922
44.774.994
26.802,962
49.138,361
50,623,174
66.300,152
280.032.888
25,131,848
49,386,221
46,174,033
43.568.049
37,854,684
Yen' 1927.
-$
6,771,872,659
6,484.586,731
2,794.527.877
924,784.859
374.560.769
349.324.254
163.572,908
296,400.645
436.380,336
134,755,457
117,462,545
167,784,864
286,552,842
259.733.292
31,888,334
31,878,544
109,929,060
69.893.412
63,699.387
51.979,079
42,108,115
18.017.757
45.621,253
47,448.683
60.9119.516
243,913,681
20.755,563
45,899,119
42.541,149
41,641.478
35,936.684
Year
1926.
$
5,646,347,421
5,196.428,183
2,708.415,761
888,704,118
338,607,358
319,659,401
150,800.492
264,402,609
393,910,637
136,226,527
110,885,953
142,856.910
259.611,119
240.953.818
31.005.953
29,565,732
103,237.697
64,190.200
55.117,564
48,102.058
39.253.110
15,462.521
41,335.282
44,259,492
51,757.433
219 129.742
20,193,964
44.207.861
38,282,486
Year
1925.
$
5,143,250,794
4,914,652.246
2,892,376,615
807,197,610
328,862,264
296,868.697
153,908,814
250,224,656
355.320,700
131,306,092
101.269,481
136,640,609
239,350.281
225,429.503
31.805,295
28,311.024
91,330,853
61,186,405
50,714,486
43,110,272
33,049,655
15,350,304
40,5f34,340
42.169,656
49,231,111
172,716,001
17,347.712
41,258.874
36,429,854
Year 1924.
$
5,353,492,462
5,255,433,826
2,682.695,199
803.051,359
332.140.501
291.276.519
148.486.237
255.781,872
343,415.332
133.734.811
108,146,581
140.878,932
220.329,384
179,302,867
29,796,999
27,718,555
83.355,958
58.471.697
46,050.667
48,122.905
30,816,500
16,463.668
40.621,725
41,432,014
48,875,860
164,187,439
16,572,705
41,537,923
35,733.539
Year 1923.
$
5,493,105,775
5,591,368,205
2,528,311,969
750.693,542
353,699,360
303,116,299
152.328,562
301,554,611
272,438,496
141,395,039
105.229,802
151,868.946
217,273.336
190,195.987
30.970.260
31,976,083
89.106,604
83,910,782
52,934,940
49,754,115
29.251,757
17,668,504
39,376,920
43.320,228
51,889,983
176,443,115
18,010,599
50,243,501
34,886,471
- -20,046.784.836 25,085 039,125 -20.1 24.556.298.549 20 605 son sea 17 5411 091 411 10.79L245264 10.077
924 0611 17 997 942 701
a Now refuses to report clearings. b Los Angeles declines any longer to give out figures of clearings. The figures furnished for the first half 09 1939 showed a decrease
of about $1,000,000.000 from those for the CI St half 01 1029: we accordingly estimate the loss for the full year at $1,500,000,000. c This is an estimate, Oklahoma City
having stopped giving out figures of clearings at the close of 1929.
remnt l'AI citing)
562
FINANCIAL CHRONICLE
[Vol, 132.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Jan. 23 1931.
Retail trade makes the best showing. It is noticeably
better than that of wholesale and jobbing lines, in these
business has fallen off somewhat, as compared with the
year-end orders. Travelling salesmen notice more disposition to buy in many cities. What might be termed the
psychology of trade is better. Men's minds are apparently
less apprehensive. There is a disposition to think that the
worst is over. Nobody expects trade to move forward at a
running jump. Nothing of this sort is at all likely. But
even a chastened country does look for at least a gradual
improvement during the present year. No big boom is
expected. The idea is that "fair and softly goes far."
There is a better business in heavy clothing and coal at
retail owing to the colder weather. In steel there is more
buying by the automobile trade, if railroad buying is rather
small. A somewhat better demand for structural material
is reported. But the tin plate mills are in the van in the
matter of downright activity. Some are looking for a big
structural business as a certainty to accompany the large
program of public works this spring. There is certainly a
better demand for building material, wherever the weather
encourages building preparations. The better stock market
of late and also the higher prices for bonds are not without
a certain effect. The country has from time immemorial
looked more or less for guidance to Wall Street. Wall
Street may say that it will be guided largely by the big industries of the country and the state of general trade in
other lines, but the commodities look to the stock market
more or less to blaze the trail and it is hoped that it will
point to better times. Industry in general holds the gains
made after the turn of the year, notably the automobile
industry, some lines of steel, textiles and the shoe industry.
Business in general, it may as well be recognized, is not so
large as it was a year ago. Some industries, too, have
shown some reaction from the last weeks of the old year.
But on the other hand, the future now points upward,
whereas a year ago a decidedly disillusioning future awaited
the country.
Increased orders for rayon goods are noted. Cotton
textiles, after showing some decline in prices, have latterly
been firmer with a somewhat better business; and now
384 inch 64x60 print cloths are quoted at 53/5c. after a
decline to Sc. Trade in woolen and worsted goods has been
aided somewhat by the recent decline in raw material. The
big London wool sales now under way show sharp declines
as compared with prices in November. And in this country
wool as a rule is quiet, though for certain grades there is a
fair demand. But there is no use disguising the fact that
trade in raw wool and woolen goods might be a good deal
better than it is. Western trade in bituminous coal is somewhat better. Car loadings in the first full week of 1931,
of course, show an increase over the preceding weeks, but
it is pointed out that to match the latest figures one would
have to go back to 1921 and 1922 to get anything approximately so small.
Wheat declined somewhat but at times there has been
quite a good business in Canadian for export, and it is said
that the export business is larger than is reported daily. On
the other hand foreign markets have been declining. And
to-day the export business is apparently small and Argentine
offerings in the European markets are likely to increase in
the near future despite the present rainy weather in the
harvesting season in that country which is distinctly bad.
Yet Buenos Aires to-day was le. lower at the Chicago closing.
At this point, a thing of interest is that the pound bread loaf
is said to have been reduced to the pre-war Sc. during the
week over much of the West and to-day chain stores it is
stated reduced it to 5o. in parts of Southern Ohio, Northern
Kentucky and Southwestern Indiana as well as in parts of
Illinois. Corn dropped three to four cents despite the rather
bullish statistical position, for the cash demand has fallen
off, and in Canada barley is selling at as low as 22 cents for
May delivery, while other foodstuffs showed a downward
tendency. Oats declined moderately under the influence of
the drop in corn prices. Rye fell a cent or more in response
to a similar decline in wheat.
Cotton on the other hand advanced some 25 to 9A1 points,
the latter on old January contracts which was supposed to
be in a sense moribund,but which awakened under a belated
demand from spot houses. Trading in the January delivery
went out at noon to-day but it wound up with a flourish.
Spot houses have been covering their hedges in old crop
months and putting themout in new. Egyptian cotton has
had a sharp rise though reacting somewhat bad. Liverpool
prices have acted well. To-day moreover, Manchester reported a better demand for cloths from India, Egypt and
South America. Coffee as a rule has advanced a little, that
is 2 to 10 points, with somewhat better cables at times and
a small market more or less oversold. Sugar has advanced
four points with reports from Europe that the way was being
cleared for a settlement of all the difficulties and agreement
on the things deemed essential for the reduction of exports
and the stabilization of prices. Rubber has dropped about
Mc.for supplies are ample and the demand has lagged. Hides
dropped something over 40. Silk was unchanged to five
points higher. Cocoa advanced 5 to 10 points. Provisions
were without marked change, January lard rising five points
and March and May declining two to five.
As to the crops the winter wheat belt needs rains or snows
and has been getting neither. The weekly food index is
unchanged. On the Pacific Coast they are inquiring for
building materials. In the Pacific Coast lumber business
the outlook for spring trade is brighter.
The stook market has latterly had a better tone and to-day
the sales were double what they were recently and at higher
prices. Bonds were advancing and Liberty issues reached
new high levels. Domestic bonds continued to rise, including railroad issues and public utilities. German bonds were a
noticeable feature of the general rise and Japanese 5%s
closely approximated the high of last year. To illustrate
the broadening tendency of stock trading the sales to-day
were nearly 2,900,000 shares as against 1,320,000 a week ago.
To-day United States Steel, Gas and Can rose 1% to 2M%.
Leading stocks set the pace. The largest advances were
made in such stooks as Lackawanna, Norfolk & Western,
Allied Chemical, Eastman Kodak and Motor Products
which had an average rise of 5 points. Moreover a notable
advance took place in Case, Electric Auto Life, General
American Tank Car, Worthington, Johns-Manville and
Bethlehem Steel. Amusement stocks were active or 2
points higher. There may be a certain significance to this
for the amusement industry has not escaped the hard times.
In fact, it has been rather badly hit. Money was 13/,% on
call and 1% outside.
Boston reported a better feeling in all industries throughout New England and in some cases a substantial increase
in the volume of business has caused greater confidence.
Fall River, Mass., wired that despite reports of heavier
curtailments being contemplated for the coming week, a
considerably better tone has developed in the local cloth
market during the present week with sales noticeably larger
than for the previous week. Not only has inquiry been
better but sales have been sufficiently large to deplete
several constructions and put mills in a position to hold
for better prices. Salem, Mass., wired that the Pequot
Mills' Manufacturing profit of $734,755.50 or more than
$12.50 a share was turned into a net loss of $545,097 because of shrinkage in raw material value, the stockholders
were told. The Pequot Mills are operating by the Naumkeag
Steam Cotton Co., sheeting manufacturers. Sales for the
year were 3M% below the sales in yardage in 1929 and in
spite of two prices reductions were only 9% less in dollar
volume. Jamestown, N. Y., wired that production at
most of the larger textile manufacturing plants in southwestern New York and northwestern Pennsylvania have
improved appreciably since the turn of the year and most
factors in the industry look forward to a Spring and Summer
business volume of highly satisfactorily proportions according to a survey of leading mills in the district.
Charlotte, N. C. later wired that the textile situation continues to reflect an improved feeling in all lines and there are
increasing indications that business is getting sot for an upswing. At the same time, the manufacturers admit that
business is developing very slowly. The general attitude of
JAN. 24 1931.]
FINANCIAL CHRONICLE
563
buyers is better but they are very slow to commit themselves demand, stimulated apparently by the lower prices in the
to long forward contracts except in comparatively rare chief markets of the United States. Orders from retailers are
instances. Greenville, S. C. wired that earnings of South increasing in both size and number, and are involving a
Carolina cotton mills for the fourth quarter of 1930 are likely larger variety of merchandise than for some time.
to show smaller losses than for the quarter ended Sept. 30
Perth, West Australia wirelessed that a gold rush reminis1930. This is indicated in annual statements which are now cent of pioneering days has begun from Kalgoorlie and other
being released. While last year was regarded as an un_ mining centers following the sensational discovery at Larkinprofitable year for the textile industry, the final quarter ville of a huge nugget, weighing 94 pounds found 18 inches
showed a slight improvement. At Prattville, Ala. the Com- below the surface of the ground. Another wireless from
mander Mills, Inc. of Sand Spring, Okla., has resumed a Johannesburg, South Africa, said that a gold bearing reef
night schedule, employing additional operatives. This recently discovered in the Rouxville district of the Orange
plant has been operating a full daytime schedule for more than Free State is now found to extend more than 40 miles and
a year, but has not maintained a night operation during that financial houses are feverishly obtaining options on several
time. It manufactures sheetings.
farms and intend to carry out prospecting operations. CarManchester, England, wired that Government arbitration diff, Wales cabled Jan. 16 that coal miners of South Wales,
efforts in the Lancashire cotton dispute failed and that who have been out of work for two weeks voted to accept the
250,000 weavers will be out of work. Officials of the Ministry terms received by their representatives with the mine owners
of Labor conferred 10 hours with representatives of the on the basis of which work would be resumed on Monday,
weavers and mill owners separately and in joint meeting Jan. 19. On the 18th inst. rains occurred in the Gulf and
but all for nothing. The owners insisted that the weavers South Atlantic States, Tennessee and the Ohio and lower
tend eight looms each instead of four and the weavers were Missouri and upper Mississippi Valleys and snows from the
adament, in their decision not to accept the new system, Northern Plains States eastward to western Michigan.
which they contended would throw many men out of work. Temperatures have fallen in Arizona, the southern Rocky
Notices were posted that the lockout would begin Jan. 17 Mountain region, the Plain States, New England and inin all the Lancashire mills. The cessation of work, it is terior of New York, and have not changed materially elsesaid, will shortly necessitate the layoff of about 250,000 where. On the 19th inst. there were general rains in the
spinners, bringing the total affected by the lockout to 500,000. Ohio Valley, Tennessee, the East Gulf States and the AtLondon cabled that the Lancashire cotton lockout was being lantic States except northern New England, and snows from
enforced in all mills under the control of the Cotton Spinners the Northern Plains States eastward to Maine. The snowand Manufacturers' Federation and it was expected that the fall was heavy in portions of Iowa, Wisconsin, Michigan,
weaving departments of the Federation will join in the northern New York and northern New England. Temperlockout later if the situation remains unchanged. A striking atures fell in the Gulf States, North Dakota and Manitoba
feature of the present situation is said to be the united and did not change materially elsewhere.
front presented by all employers of both organizations,
New York on the 22d inst. had temperatures of 16 to 27
even though only a small number are really in favor of the degrees. Boston had 18 to 26, Chicago 16 to 30, Cincinnati
proposal to double the number of looms per weaver and 20 to 46, Cleveland 16 to 30, Detroit 14 to 26, Kansas City
many really are not in favor of it at all; some 160,000 weavers 36 to 42, Milwaukee 10 to 28, St. Paul 14 to 28, Montreal
are involved and 250,000 spinning operatives may be. 8 below to 2 below, New Orleans 44 to 66 above, Omaha
Manchester reported a better demand for cloths to-day 26 to 40, Philadelphia 18 to 28, Portland, Me., 14 to 26,
from India, Egypt and South America and yarns firmer. Portland, Ore., 38 to 50, San Francisco 50 to 58, Seattle
Bombay wirelessed the "Times" that the Nationalist Con- 42 to 62, St. Louis 30 to 50, Winnipeg 4 below to 2 above.
gress War Council's attempt to enforce a hartal or cessation It was 17 to 35 degrees here to-day, that is a bit sharp,
of all work, was unsuccessful, partly because the Government but with less wind than yesterday and the forecast is for
had taken exceptional police precautions. Most of the somewhat warmer on Saturday and fair with a moderate
mills were closed and in the Hindu parts of the city, no temperature on Sunday. There is no snow here at all.
business was done. Calcutta cables to-day that the Marwari It has thus far been practically a snowless winter in and
Chamber of Commerce is seeking permission to clean up around New York, Boston within 24 hours has had 12
stocks held at the Calcutta warehouses.
to 26 degrees, Montreal 6 to 2 below, Philadelphia 22 to 28
Reports by the U. S. Bureau of Labor Statistics from 293 above, Portland, Me., 4 to 26, Chicago 22 to 30, Cincinnati
identical cities, having a population of 25,000 or over showing 24 to 46, Cleveland 22 to 30, Detroit 22 to 28, Milwaukee
building permits issued during December record an increase 16 to 28, New Orleans 48 to 66, Raleigh 32 to 48, San Antonio
of 8.1% in the estimated cost of total building operations, 50 to 66, Savannah 44 to 60, Tampa 44 to 62, Kansas City
as compared with November. Compared with Dec. 1929 32 to 42, St. Paul 22 to 30, St. Louis 30 to 50, Winnipeg
there was an increase in the estimated cost of all building of 4 below to 2 above zero, Los Angeles 54 to 72, Portland, Ore.,
2.6%. This is the first month of 1930 in which the building 46 to 50, San Francisco 54 to 58, Seattle 52 to 62, Hamilton,
operations for which permits' were issued show a higher Bermuda, 54 to 70.
estimated cost than the corresponding month of 1929.
Retail food prices in the United States as reported to the
Bureau of Labor Statistics of the United States Department Federal Reserve Board's Summary of Business Conditions in United States
-Further Decline in
of Labor, showed a decrease of about 3% on Dee. 15 1930
Production and Factory Employment.
compared with Nov. 15 1930 and a decrease of about 13%
In its monthly summary of business conditions in the
since Dec. 15 1929. The bureau's weighted index numbers
with average prices in 1913 as 100.0 were 158.0 for Dec. 15 United States, made available Jan. 22, the Federal Reserve
1929, 141.4 for Nov. 15 1930 and 137.2 for Dec. 15 1930. Board reports that production and factory employment
Chicago reports that business and industry are cautiously declined further in December. Continuing, the Board
feeling their way toward higher levels in the Middle West. says:
Wholesale prices decreased during the first half of the month, but thereThere is much backing and filling, ambitious starts and a
market remained
after
generally steadier. Conditions
period of slipping back, but the upward movement is un- easy, were in January money rates reached in the money
and
now low levels.
doubtedly gaining momentum. Wholesale trade is opening
Industrial Production and Employment.
up in good shape with volume in excess of last year in the
Industrial production was further reduced during December. and the
dry goods lines and dollar values nearly equal despite the Federal Reserve Board's index, which makes allowance for usual seasonal
changes, showed a decline of over 2%. Output of steel and iron, textiles,
sharp slash in prices during the interval.
petroleum, cement and copper was substantially curtailed. Activity in
It was stated that the rate of automobile production in- meat-packing plants and at anthracite mines increased in December, and
creased sharply last week, but the gain nevetheless was In the automobile industry there was an increase in output, reflecting the
After the
slightly lower than the usual seasonal increase and the ad- introduction of new models.plants wereturn of the year automobile output
more active.
Increased further, and steel
justed index has consequently declined to 69.4 from 70 for
Construction contracts awarded during December were in about the
the week ended Jan. 10. Washington adviees said that ac- same volume as in November, according to reports of the P. W. Dodge
Corp. There were slight declines, partly seasonal in nature, in contracts
cording to Red Cross messages from the 21 State drouth for residential and commercial construction, while public works and utility
relief front, an exodus of drouth refugees from impoverished awards increased somewhat.
Employment in manufacturing industries was reduced further by 2.5%
farms is under way. Some were said to have been driven out
between the middle of November and the middle of December, and factory
by mortgage foreclosure, some were tenant farmers unable to payrolls also declined. The largest reductions in working forces were in
pay their rent, some were deserting their own farms to move the canning, lumber, steel and wearing apparel industries. There was
employment in
and
little change in
South where winter weather was likely to be better. Hard- silk mills, whilethe the automobile,railroad car shops,paperin cotton and
meat
-packing and
in
and printing
ware for the last three weeks has been in rather better industries working forces were increased slightly.
564
In early January, following year-end inventory periods, reports indicate
Increased employment in certain industries, particularly automobiles,
steel and railroads.
Distribution.
Sales of department stores increased in December by slightly less than
the amount which is usual for the holiday season, according to preliminary
reports to the Federal Reserve banks. In December, as in earlier months
of the year, the volume of sales probably reflected the influence of declining
retail prices. Distribution of commodities by freight showed a further
decline for the month of December as a whole.
The value of American exports to foreign countries was smaller in Decem
ber than in November, and approximately 35% below that of December
1929, the decrease reflecting in part the decline in wholesale prices.
Wholesale Prices.
Wholesale prices of commodities declined sharply in the first half of
December, while in the following four weeks average fluctuations were
'relatively small. For the month of December as a whole there were large
decreases in prices of corn, hogs, cotton, hides and lumber, while prices
of wheat, beef and silk averaged somewhat higher than in November.'
During the first two weeks in January prices of corn, sugar and silk
increased, and the price of wheat in American markets remained fairly
stable. Silver prices reached new low levels.
Bank Credits.
Loans and investments of reporting member banks declined in the fourweek period ending Jan. 14, reflecting further liquidation of security loans,
as well as a reduction in "all other" loans and in investments.
Changes in the position of Reserve banks in recent weeks reflected largely
changes in the demand for currency. In December this demand increased
more than is usual for the season, owing to the withdrawal of cash by banks
and by the public in districts where there were important bank failures.
In the two weeks after Christmas the return flow of currency from circulation was smnller than the usual seasonal amount and the result was that
money in circulation, which during the larger part of 1930 had been in
consieerAbly smaller volume than in 1929, in January 1931 was above the
level of a year ago. In the following two weeks the return flow of currency
was somewhat larger than usual, indicating a return of part of the extra
currency which had been called into use in December.
Money rates in the open market continued at low levels during December, and declined further in the first half of January.
The discount rate at the Federal Reserve Bank of New York was reduced
to 2% on Dec. 24, and in the following three weeks the rate at the Federal
Reserve Bank of Boston was reduced to 23i%, and rates at the Federal
Reserve Banks of Cleveland, St. Louis, Chicago, Atlanta and San Francisco to 3%.
Trend of Employment in United States During December-Slight Decrease in Employment and Wages
as Compared with November-Compilation by U. S.
Department of Labor.
A decrease of 1% in employment and a decrease of 0.4%
in wages in 15 industrial groups during December is reported
in the monthly survey of employment conditions made available as follows Jan. 15 by the United States Department of
Labor:
The Bureau of Labor Statistics of the United States Department of
Labor reports changes in employment pay-roll totals in December as compared with November, based on returns from 42,041 establishments in
15 major industrial groups, having in December 4,711,937 employees whose
combined earnings in one week were $116.694523.
The combined totals of these 15 industrial groups show a decrease of 1%
in employment and a decrease of 0.4% in pay-roll totals. These changes
represent only the establishments reporting as the figures of the several
groups are not weighted according to the relative importance of each group.
Increased employment was shown in December in 2 of the 15 industrial
groups: Retail trade gained 17%, and anthracite mining gained 2%.
Employment in bituminous coal mining was practically unchanged, the
actiial decrease being 58 employees out of a total of nearly 220,000 or
3-100ths of 1%.
Decreased employment was shown in December in the.remaining 12 industrial groups: Manufacturing, 1.8%; metalliferous mining,3.7%; quarrying, 10.3%; crude petroleum producing, 7.4%; telephone-telegraph, 1.5%
power, light, water, 0.2%; electric railroads, 0.6%; wholesale trade, 0.6%;
hotels, 1.8%; canning and preserving, 36.3%; laundries, 0.8%; dyeing and
cleaning.6.5%.
Manufacturing Industries.
Employment in manufacturing industries in December decreased 1.8%,
as compared with November, and pay-roll totals decreased 1.3%. These
changes are based upon returns made by 13,150 establishments in 54 of the
chief manufacturing industries of the United States. These establishments
in December had 2,772,399 employees, whose combined earnings in one
week were $65,848,883.
The vehicle group of industries reported 0.6% more employees in December than in November and the paper group was unchanged but each of the
remaining 10 groups reported fewer employees in December, the decreases
ranging from 5.6% in the stone, clay, glass group to six-tenths of 1% in
the chemical group. Increased pay-roll totals were shown in the leather.
paper and tobacco products groups, and decreased pay-roll totals in the
remaining 9 groups.
Thirteen of the 54 separate industries, upon which the Bureau's indexes
of employment and payroll are based, showed increased employment and
18 industries showed increased pay-roll totals.
The notable employment increases were 2.5% in agricultural implements,
2.1% in book and job printing, 1.7% in fertilizers, 1.5% in automobiles,
and 1.1% in rubber tires, 0.8% in shipbuilding, and 0.3% in steam-car
building and repairing.
The increases in pay-roll totals were 9.9% in boots and shoes, 7.1%
in tires, 4.6% in rubber foot covering, 3.5% in cotton goods, 3.1% each in
confectionery, agricultural implements, and steam-car building and repairing, 2.8% in book and job printing, 2.1% in foundry and machine-shop
products, approximately 1% each in chewing and smoking tobacco, cigars,
silk goods, woolen goods, brass goods, newspapers and fertilizers, 0.5 in
shipbuilding, and 0.1% in textile finishing.
There were decreases in employment in each of the nine additional
manufacturing industries surveyed but not yet included in the Bureau's
Indexes, no data for the base year, 1926, being available. The decreases
were 23.6% in radio, 15% in beet sugar,5.8% in jewelry,3.9% in beverages,
with considerably smaller decreases in rayon, aircraft, paint, rubber goods
and cash registers. There were decreases in pay-roll totals in 6 of the
9 industries, but paint, rubber goods, and cash registers reported increases
[VoL. 132.
FINANCIAL CHRONICLE
Employment in manufacturing industries decreased in December in each
of the 9 geographic divisions, the decreases ranging from 5.7% in the
Pacific division to 0.3% in the East North Central division; pay-roll totals
in December were smaller in 7 divisions, but were larger by 0.6% in both the
West North Central and East South Central divisions.
Per capita earnings in manufacturing industries in December 1930 were
0.4% higher than in November.
In December 1930, 10,964 operating establishments in 60 manufacturing
industries reported an average of 90% of full-time operation.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFAtrrultING INDUSTRIES.
(Monthly Average 192100.)
Employment.
Manufacturing Industries.
General index
Food and kindred products
Slaughtering and meat packing_
Confectionery
Ice cream
Flour
Baking
Sugar refining, cane
Textiles and their products
Cotton goods
Hosiery and knit goods
Silk goods
Woolen and worsted goods
Carpets and rugs
Dyeing and finishing textiles
Clothing, men's
Shirts and collars
Clothing, women's
Millinery and lace goods
Iron and steel and their productsIron and steel
Cast-iron pipe
Structural ironwork
Foundry & machine-shop prods
Hardware
Machine tools
Steam fittings
Stoves
Lumber and its Products
Lumber,sawmills
Lumber, millwork
Furniture
Leather and its products
Leather
Boots and shoes
Paper and printing
Paper and pulp
Paper boxes
Printing, book and Job
Printing, newspapers
Chemicals and allied products--Chemicals
Fertilizers.
Petroleum refining
Stone. clay, and glass products...
Cement
Brick, tile, and terra cotta
Pottery
Glass
Metal products. other than iron
and steel
Stamped and enameled ware_
Brass, bronze, and copper prods
Tobacco products
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Vehicles for land transportation
Automobiles
Carriages and wagons
Car building and repairing,
electric railroad
Car building and repairing,
steam railroad
Miscellaneous industries
Agricultural implements
Electrical machinery,apparatus
and supplies
Pianos and organs
Rubber boots and shoes
Automobile tires & inner tubesShipbuilding
Dec.
1929.
Nov.
1930.
Payroll Totals.
Dee.
Dec.
1930. 1929.
75.1
92.0
Nov. Dec.
1930. 1930.
91.9
76.5
100.3
105.0
102.5
79.3
101.8
100.0
84.2
93.5
92.0
98.3
96.1
89.5
104.3
99.0
88.9
94.1
97.9
85.5
93.2
87.5
70.5
100.9
99.3
87.4
124.6
74.0
64.7
81.2
79.8
70.4
91.7
89.1
92.4
88.3
103.8
95.5
99.9
106.1
112.0
98.8
102.0
83.3
100.1
79.6
72.5
70.1
95.4
89.2
93.3
95.5
92.5
77.9
93.8
94.6
88.0
78.7
75.4
87.4
83.4
71.7
71.6
92.8
70.9
77.1
88.8
74.8
75.4
76.8
60.3
94.7
75.6
72.2
81.2
63.0
71.2
61.3
58.8
57.7
70.0
76.2
80.1
75.2
95.7
84.9
90.9
95.9
109.2
86.4
93.5
73.6
82.7
68.1
68.4
58.6
82.1
74.7
88.7
82.8
91.5
91.4
73.3
73.8
73.1
89.1
72.4
72.0
72.6
86.9
87.4
78.1
91.1
94.0
64.4
56.4
63,6
81.3
64.3
64.6
64.2
82.2
94.6
91.0
83.7
81.4
66.7
87.5
89.3
66.4
69.5
44.0
87.7
86.8
66.8
70.6
39.5
93.0
94.1
84.1
70.9
69.4
81.0
81.3
59.0
55.9
46.5
82.3
82.2
58.8
54.0
40.1
92.1 102.8
96.1 108.4
90.6 105.7
75.3
81.6
92.1 106.0
93.3 101.7
79.8
89.5
77.1
90.7
74.7
87.9
83.6 107.2
95.2
82.5
86.3
69.7
95.0
65.1
94.4
93.1
68.9
81.7
92.2
72.0
93.4
88.8
78.4
74.0
74.0
92.7
85.2
75.6
69.8
55.4
83.6 103.2
74.8 100.2
71.8
88.2
78.3 .131.1
61.7
69.6
61.9
81.8
58.2
81.2
55.3
81.7
57.2
68.6
66.2
88.4
73.8
81.4
93.4
76.4
73.1
77.9
95.7 109.4
84.9
98.6
87.7 106.4
98.0 109.9
108.4 117.7
85.9 103.0
92.2 106.3
74.9
84.9
82.5 102.9
64.3
78.7
62.7
73.2
66.0
53.8
80.5
93.3
72.1
92.8
68.3
67.4
94.0
92.4
98.6
98.9
87.6
90.3
74.2
78.6
91.5
93.6
95.1
92.4
87.1
79.2
69.0
68.1
66.8
69.1
76.5
85.5
76.4
77.8
63.6
64.2
57.9
52.6
88.1
88.1
50.7
49.9
59.0
65.4
76.1
74.4
61.1
61.4
61.4
62.1
61.8
63.5
50.8,
55.3
75,9
65.5
62.2
60.9
58.4
58.9
62.3
63.7
52.7
53.7
57,0
57.6
53,8
49.6
47.4
52.2
50.4
51.5
53.6
58.6
56.3
53.3
74,6
71.7
51,9
47.2
97.3
97.9
79.3
80.0
87.4
92.9
99.8
,97.0
111.6 112.4
86.5
85.2
89.7
91.0
79.2
69,7
83.6
85.1
59.8
55.3
54.0
60.4
48.2 , 42.8
72.7
70.3
69.5
66.3
90.6
84.9
80.5
95.8
82.2
79.8
85.5
106.2
114.4
62.5
84.1
71.2
62.6
83.0
72.9
97.0
108.1
119.3
60.5
76.9
57.2
62.4
76.0
59.0
117.8
57.1
100.3
79.4
115.5
91.8
48.8
75.9
66.4
104.2
89.2
46.8
76.0
67.1
105.0
123.2
55.5
104.9
70.9
120.8
87.0
42.5
62.3
51.5
104.7
83.6
39.5
65.2
55.2
105.3
Further Decline in Wholesale Prices Shown in December by U. S. Department of Labor.
The index number of wholesale prices computed by the
Bureau of Labor Statistics of the United States Department
of Labor shows a further recession in December. This index
number, which includes 550 price quotations weighted
according to the importance of each article and based on
prices in 1926 as 100.0, declined from 80.4 in November
to 78.4 in December, a decrease of 234%. The purchasing
power of the 1926 dollar in December was $1.276. The
Bureau advices, Jan. 19, further state:
Farm products as a group decreased 5% below the November level, due
to lower prices for corn, hogs, cotton, eggs, flaxseed, hay, onions and
oranges. Most grains, including oats, rye and wheat, also beef cattle and
lambs, on the other hand, averaged somewhat higher than in November.
Foods were 4%% lower than in November, with declines in butter,
cured meats, lard, coffee, sugar and cornmeal. Rye and wheat flour in
most markets averaged higher than in the month before, while fresh beef
was practically unchanged in price.
Hides and skins showed a further price drop, with leather and boots and
shoes also declining. No change was reported for other leather products.
In the group of textile products there were small decreases among cotton
goods and woolen and worsted goods. Silk and rayon, on the contrary,
showed a slight advance in price.
Anthracite and bituminous coal and coke showed no change in the
general price level, while petroleum products again moved downward.
resulting in a small decrease in fuel and lighting materials as a whole.
Among metals and metal products there was a slight decrease in iron and
steel, also automobiles, while nonferrous metals again advanced.
Building materials were downward, as lumber, brick, cement, paint
materials, and certain other building materials declined in price.
Chemicals and drugs, including fertilizer materials and mixed fertilizers.
were somewhat cheaper than in November,
JAN. 24 1931.]
FINANCIAL CHRONICLE
December
1930.
94.2
101.9
97.5
94.6
108.2
98.6
101.9
103.2
94.4
107.4
107.4
110.6
106.1
106.1
90.4
97.2
75.4
94 6
.
75.1
81.3
91.2
92.4
84.2
91.7
89.9
102.1
96.3
101.5
96.1
108.0
98.6
96.2
92.4
90.5
89.2
97.0
95.7
106.5
93.6
99.6
70.6
89.5
97.1
97.3
96.7
97.7
79.8
122.4
87.3
33.2
55.2
108.9
95.0
94.3
93.9
92.1
80.4
79.3
64.0
77.7
85.4
85.7
95.8
91.4
78.4
94.0
75.1
93.3
100.3
104.2
73.3
81.9
50.7
83.2
57.9
71.8
89.6
89.1
83.9
97.0
53.3
90.2
88.3
68.4
94.9
99.8
98.0
85.6
80.1
81.8
91.1
81.7
74.4
97.8
85.2
89.2
86.3
82.1
91.1
95.2
96.5
94.0
67.8
83.0
83.5
18.6
51.3
88.9
76.8
75.6
83.7
80.9
78.4
75.2
64.0
76.3
78.1
81.8
89.4
89.2
74.5
91.2
69.4
91.5
97.7
104.2
72.4
79.7
51.7
82.3
57.8
70.5
89.6
89.1
83.8
*
51.1
90.0
88.0
69.7
94.9
99.5
95.2
84.4
78.1
81.6
90.6
81.7
72.4
97.1
84.8
89.1
65.5
81.4
90.6
91.3
95.5
87.6
66.9
78.2
83.6
18.6
51.3
86.9
74.2
74.3
81.9
79.4
51.276
1.330
1.563
1.311
1.280
1.222
1.119
1.121
1.342
1.096
1.441
1.093
1.024
.960
1.381
1.255
1.934
1.215
1.730
1.418
1.116
1.122
1.193
91.4
80.1
79.0
1.268
1-15.
. 57
1.111
1.136
1.435
1.054
1.005
1.050
1.185
1.280
1.225
1.104
1.224
1.381
1.030
1.179
1.122
1.527
1.229
1.104
1.095
1.049
1.142
1.495
1.279
1.196
5.376
1.949
1.151
1.348
1.346
1.221
1.259
Retail Food Prices Declined 3% From Nov. 15 1930 to
Dec. 15 1930, According to U. S. Department of
Labor.
Retail food prices in the United States, as reported to the
Bureau of Labor Statistics of the United States Department
of Labor, showed a decrease of about 3% on Dec. 15 1930,
when compared with Nov. 15 1930, and a decrease of about
13% since Dec. 15 1929. The Bureau's weighted index
numbers, with average prices in 1913 as 100.0, were 158.0
for Dec. 15 1929, 141.4 for Nov. 15 1930, and 137.2 for
Dec. 15 1930. Under date of Jan. 19 the Bureau further
reports: '
During the month from Nov. 15 1930, to Dec. 15 1930, 28 articles on
which monthly prices were secured decreased as follows: Oranges, 30%;
strictly fresh eggs, 14%; butter.6%;lard and navy beans, 5%; pork chops
fresh milk and prunes, 4%; sliced bacon, hens, cheese, flour, macaroni,
and canned tomatoes, 2%; sirloin steak, round steak, rib roast, sliced
ham, leg of lamb, vegetable lard substitute, rice, canned corn, canned
peas, coffee, raisins and bananas, 1%; and chuck roast, and oleomargarine
less than five-tenths of 1%. One article, cabbage, increased 9%. The
following 13 articles showed no change in the month: Plate beef, canned
red salmon, evaporated milk, bread, cornmeal, rolled oats, cornflakes,
wheat cereal, potatoes, onions, pork and beans,sugar and tea.
Changes in Retail Prices of Food by Cities.
During the month from Nov. 15 1930. to Dec. 15 1930, all of the 51
cities from which prices are received showed decreases in the average cost of
food as follows: Fall River, Indianapolis, Rochester and Seattle, 5%;
Bridgeport, Buffalo, Los Angeles, Louisville, Manchester, Memphis,
Milwaukee, Newark, New York, Portland (Me.), Portland. (Ore.), Providence, San Francisco and Springfield (I11.), 4%; Atlanta, BaltiMore,
Boston, Cincinnati, Cleveland, Columbus, Dallas, Denver, Little Rock,
Minneapolis, Mobile, Philadelphia, Pittsburgh, Richmond, St. Louis,
and Salt Lake City, 3%; Charleston (S. C.), Chicago, Detroit, Houston,
Kansas City, New Haven, New Orleans, Norfolk, Omaha, Peoria, St.
Paul, Savannah, Scranton and Washington, 2%, and Birmingham, Butte
and Jacksonville, 1%.
For the year period Dec. 15 1929 to Dec. 15 1930. all of the 51 cities
showed decreases: Portland (Ore.), 18%; Detroit, Indianapolis and Seattle,
16%; Butte, Louisville, Memphis, and Rochester, 15%; Buffalo, Denver,
Fall River, Houston. Kansas City, Little Rock, Los Angeles, Milwaukee,
Philadelphia, Pittsburgh, St. Louis and Scranton, 14%; Atlanta, Baltimore,
Bridgeport. Chicago, Dallas, Minneapolis, New Orleans, Omaha, Peoria,
Providence, St. Paul, Salt Lake City, Savannah, and Springfield (Ill.),
1913 _
100.0 100.0
1914
102.0 105.8
1915
101.1 103.0
1916
107.5 109.7
1917 -..._ 124 0 129.8
1918
153.2 165.5
1919
164.2 174.4
1920
172.1 177.1
1921
152.8 154.3
1922
147.2 144.8
1922
153.9 150.2
1924
155.9 151.6
1925
159.8 155.6
1926
162.6 159.6
1927
167.7 166.4
1928
188.2 188.3
1929
196.9 199.1
1930
182.7 184.8
1929
Jan
190.6 191.0
Feb
188.2 188.8
March 188.6 189.2
Apr11
192.9 194.6
May.-- 198.4201.3
June... 201 6 205.4
July
206.7 210.8
Ang
206.3 210.8
Sept
202.8 206.7
Oct
198.0 199.6
Nov -.194.1 1964.
Deo
192.5 194.6
Jan
192.9 195.5
192.9
Feb.... 191.3 194.2
Mar
190.6 192.8
April
190.2 193.3
May
190.2 192.8
June-- _ 188.6 191.5
July
182.3 184.3
Aug.-- 175.6 176.7
Sept.... 177.2 178.0
Oct.... 175.2 176.2
Nov
170.5 170.9
Dee_.,, 168.9 169.1
.400-400.4.^4 W0.00000.101
,
NOICAMW ,
OGnW00-4.44.0.0,4,..WO
November
1930.
Year and Sirl'n Rou'a Rib Ch'k Plate Pork BaBut'
Month, steak, steak roast roast. beef, chops con. Ham. Hens Milk. ter. Ch'sr
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
104 4 104.1 104.8 101.8 101.7 1024 106.5 94.4 103.6
100.6 100.0 96.4 99.8 97.2 97.5 99.2 93.4 105.0
106.9 106.0 108.8 108.4 109.2 110.7 102.2 103.0 116.7
130.6 129.8 151.7 151.9 142.2 134.5 125.4 127.2 150.4
166.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 162.4
168.8 166.9 101.4205.2 198.5 193.0 174.2 177.0 192.8
163.8 151.2 201.4 193.7 206.3209.9 187.6 183.0 188.2
132.5 118.2 168.2 158.2 181.4 186.4 164.0 135.0 153.9
123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
128.3 106.6 144.8 144.8 169.1 164.3 155.1 144.7 167.0
130.0 109.1 146.7 139.6 168.4 165.7 155.1 135.0 159.7
135.0 114.1 174.3 173.0 195.5 171.8 157.3 143.1 166.1
140.6 120.7 138.1138.3 213.4 182.2 157.3 138.6 165.6
148.1 127.3 175.2 174:8 204.5 173.2 158.4 145.2 170.1
174.4 157.0 165.7 163.0 196.7 175.6 159.6 147.5 174.2
186.9 172 7 175.7 161.1 204.1 188.4 160.7 1489 171.9
170.0 155.4 171.0 156.7 198.5 166.7 157.3 120.4 158.8
WWWWOCWWW.4.400
...C400.t*CJWCWO
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Hides and leather products
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticalsFertilizer materials
Mixed fertilizers
House-furnishing goods
Furniture
Furnishings
Miscellaneous
Cattle teed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articles..
Finished products
Non-agricultural commodities_
All commodities less farm products and foods
•Data not yet available.
Purchasing
Power of
the Dollar
Dec. 1930.
December
1929.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES (191100.0).
181.3 170.2 153.8 159.3 200.0 184.0 160.7 150.7 173.8
179.4 167.8 157.1 158.2 199.6 186.4 160.7 152.7 172.9
180.0 167.8 167.6 158.9 201.9 190.1 180.7 152.5 172.9
184.4 170.2 176.7 160.4 203.3 196.2 159.6 145.7 172.4
190.0 174.4 179.5 160.7 204.8 198.1 159.6 142.3 171.9
191.9 176.0 179.0 162.2 205.6 193.9 159.6 140.5 171.9
195.6 177.7 188.1164.1 209.7 187.3 160.7 139.4 171.5
194.4 176.0 192.4 165.6 211.2 185.0 180.7 140.5 171.0
191.9 175.2 193.8 164 4 209.7 184.0 160.7 143.1 171.9
187.5 173.6 185.2 161.9 204.8 180.3 161.8 145.4 171.5
83.8 171.1 170.5 159 3 200.4 177.0 161.8 139.7 171.0
183.1 170 2 163.3 157.4 198 5 174.2 161.8 134.7 170.6
Ot0000.4.4-4MWOOM
Groups and Sub-Groups.
13%; Cincinnati, Cleveland, Columbus, Manchester, Newark, New York,
Norfolk and Richmond, 12%; Birmingham, Boston, Charleston (S. 0.),
Mobile, Portland (Me.), and San Francisco, 11%; New Haven and Washington, 10%, and Jacksonville, 9%.
184.4 172.7 168.1 157.0 199.3 178.4 159.6 121.9 169.2
134.4 171.9 167.6 157.8 200.7 179.3 158.4 122.7 167.9
182.5 170.2 171.9 137.8 201.1 179.8 157.3 121.9 164.7
182.5 168.6 176.7 167.4 200.4 179.3 16/.3 125.6 162.9
179.4 164.5 171.9 156.7 200.7 175.6 157.3 120.9 162.0
175.6 160.3 174.3 156.7 200.7 167.6 157.3 113.1 157.9
166.3 149.6 173.8 156.7 200.0 161.5 157.3 114.1 155.2
155.6 138.8 174.8 155.6 198.1 158.7 157.3 123.8 153.4
160.0 142.1 186.2 158.1198.9 159.8 157.3 127.2 154.8
158.7 142.1 180.5 157.8 197.4 158.7 157.3 124.8 154.8
154.4 139.7 156.2 155.9 193.7 153.1 157.3 118.5 152.9
153.8 139.7 149.5 153.0 191.4 150.2 151.7 111.0 150.2
L44i4b3i0 ooio4,6bh,10606boho
6e*;-,
Housefurnishing goods also moved downward, with slight declines in
furniture and larger declines in furnishings.
In the group of miscellaneous commodities cattle feed again moved
downward, while paper and pulp, crude rubber, and automobile tires were
unchanged in price.
Raw materials as a whole averaged lower than in November, as did also
semi
-manufactured commodities and finished products.
In the large group of non-agricultural commodities, including all articles
other than farm products, and among all commodities other than farm
products and foods, December prices averaged lower than those of the
month before.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926-100.)
565
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
Tear and Lard Eggs Bread Flour Corn Rice Polo- Sugar Tea CofMonth,
meal
fee
toss
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1913
1914
98.0 102.3 112.5 103.9 105.1 101.2 108.3 108 2 100.4 99.7
1915
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1100.2 100.6
111.0 108.8 130.4 134.6 112.6 104.6 158.8 146.4 100.4 100.3
1916
174.9 139.4 164.3211.2 192.2 119.0 252.7 169.3 106.9 101 4
1917
1918
210.8 164.9 175.0 203.0 226.7 148.3 188.2 176.4 119.1 102.4
1919
233.5 192.0 178.6 218.2 213.3 173.6 223.5 205.5 128.9 145.3
1920
186.7 197.4205.4 245.5 216.7 200.0 370.6 352.7 134.7 157.7
1921
113.9 147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121 8
107.6 128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
1922
1923
112.0 134.8 155.4 142.4 136.7 109.2 170.6 183.6 127.8 128.5
1924
120.3 138.6 157.1 148.5 156.7 118.1 158.8 167.3 131.4 145.3
1925
147.5 151.0 167.9 184.8 180.0 127.6211.8 130.9 138.8 172.8
1926
138.6 140.6 167.9 181.8 170.0 133.3 288.2 125.5 141.0 171.1
122.2 131.0 168.1186.7 173.3 123.0 223.5 132.7 142.5 162.1
1927
1928
117.7 134.5 162.5 163.6 176.7 114.9 158.8 129.1 142.3 165.1
1929
115.8 142.0 160.7 154.5 176.7 111.5 188.2 120.0 142.6 164.8
1930
107.6 118.8 155.4 142.4 176.7 109.2 211.8 112.7 142.5 136.2
1929
Jan
117.1 146.7 160.7 154.5 176.7 112.6 135.3 121.8 142.5 168.1
Feb
116.5 142.3 160.7 154.5 176.7 112.6 135.3 120.0 142.6 166.1
March_ 116.5 122.0 160.7 154.5 176.7 112.6 135.3 118.2 142.6 166 4
April
117.1 106.4 160.7 154.5 176.7 112.6 135.3 116.4 142.6 166.4
May... 116.5 112.2160.7 151.5 176.7 111.5 158 8 116.4 142.6 166.1
June
115.8 120.0 160.7 148.5 176.7 111.5 182.4 116.4 142.5 165.8
July... 115.8 127.8 160.7 151.5 176.7 111.5 229.4 116.4 142.3165.8
Aug
116.5 140.0 160.7 157.6 178.7 112.6235.3 120.0 142.5 165.4
Sept
117.1 153.6 160.7 160.6 176.7 111.5 229.4 121.8 142.6 165.1
Oct.... 115.8 168.1 158.9 157.6 176.7 111.5 223.5 121.8 142.6 164.8
Nov
1130 183.5 158.9 157.6 176.7 111.5 223.5 121.8 142.3 162.1
Deo
111.4 182.0 158.9 154.5 180.0 110 3 223.5 120.0 142.8 155.4
1930
Jan
108.9 160.6 158.9 154.5 180.0 110.8 229.4 120.0 143.4 147.0
Feb._._ 108.2 136.8 157.1 154.5 176.7 110.3 229.4 118.2 143.2 143.3
Mar
107.0 102.3 157.1 151.5 176.7 109.2 229.4 116.4 142.8 140.6
Apr11..... 106.3 100.0 157.1 143.5 178.7 110 3 241.2 114.5 142.5 138.9
May.... 105.7 97.7 157.1 145.5 176 7 109 2 252 9 114.5 1425 137.2
June-. 105.1 97.4 157.1 145.5 176.7 109.2 247.1 110.9 143.0 136.2
July
103.2 101.7 157.1 139.4 176.7 109.2 194.1 110.9 142.6 135.6
Avg
104.4 112.5 155.4 136.4 176.7 109.2 182.4 110.9 142.3 134.6
Sept
110.8 124.9 155.4 133.3 176.7 110.3 188.2 107.3 142.1 132.6
Oct
112.0 129.9 153.6 130.3 176.7 109.2 182.4 105.5 141.9 131.2
Nov.__ 110.8 140.3 151.8 127.3 173.3 106.9 170.6 107.3 141.4 129.9
Dec__. 105,7 120.6 151.8 124.2 173.3 103.8 170.6 107.3 141.4 129.2
Weighted
Food
hides
100.0
102.4
101.3
113.7
146.4
168.3
185.9
203.4
153.3
141.6
146.2
145.9
157.4
160.6
155.4
154.3
156.7
147.1
154.6
154.4
153.0
151.6
153.3
154.8
158.5
100.2
160.8
160.5
159.7
158 0
155.4
153.0
150.1
151.2
150.1
147.9
144.0
143.7
145.6
144.4
141.4
137.2
University of Chicago Establishes "Clinic of Sick
Business" to Ascertain Causes and Remedies for
Bankruptcy.
The University of Chicago has established a clinic of
sick business in an effort to ascertain the causes and remedies
for bankruptcy which is costing the United States $750,000,000 a year and is steadily becoming a heavier burden
on American business. The study of business readjustments
is to be conducted with the co-operation of the United States
Department of Commerce and with the aid of the Solicitor
General. Extensive study will be made of every bankruptcy
case filed in the Federal Court in Chicago, and of cases in
the State Court and settlements made by trade associations
and credit associations, as well. Referees in bankruptcy,
Harry A. Parkin and Garfield Charles, are assisting in the
study, not only in making records available but also in
obtaining co-operation from bankrupts and their counsel,
and in providing a consultation room for the investigators.
As outlined by Dr. John H. Cover, professor of statistics
566
FINANCIAL CHRONICLE
[VOL. 132.
at the University of Chicago, and director of the study, Just about the time, 1927,that Europe was approaching pre-war production
of grains,
than average crop, in 1928 there was
the investigation will seek to determine the relationships a bumperthe world harvested a better outturn in the European importing
world crop and 1929 the
between failure and antecedent business, economic and countries was the highest since the war—all unusual events due as much to
social factors, so that common causes of failure may be dis- abnormal yields as to greater acreage." While a readjustment of acreage
was
law of supply
covered and the danger signals which indicate approach of and already under way in the United States and the inflexiblewas also to be
demand would operate in Australia and Argentina, there
insolvency may be classified for the guidance of business. considered the Russian menace and the probability of Oriental food importNo questions of law or procedure are involved in the study. ing countries securing their supplies.from Manchuria and Northern China.
Further reasons advanced for diversification were that the domain of
Dr. W. C. Plummer, a representative of the Department of wheat is almost the entire land surface of the globe,and several of the largest
Commerce, Washington, D. C., has assigned a field worker Importing countries are themselves large producers.
to Chicago for the project, who, with a representative of
the University group will interview each bankrupt when the Owen D. Young Sees Signs of Recovery in Price Stabilreferee has completed the hearing. It was further announced
ity—Cites Evenness in Business Before New York
on Jan. 12 by the University:
State Bankers' Meeting—President Whitney of
New York Stock Exchange Discusses Market, Bank
The nature of the business, capitalization, size of the enterpise, income,
expense,frozen credit, customer service, pricing policy, business experience,
Relations—W. R. Burgess of New York Federal
insurance, and many other economic details will be found in each case.
Reserve Bank Also a Speaker.
All the facts of the personal background also will be obtained. The investigation will extend also to interviews with the bankrupt's competitors,.
The steadiness of price levels during the past few months
his bankers, and those with whom he does business, so that a complete
may be an indication that the period of economic adjustment
understanding of all factors will be obtained. A staff of five will assist
Prof. Cover and the Department of Commerce representative in this has been completed and that improvement is now to be exdetailed study.
pected, declared Owen D. Young, on Jan. 22 before the midwinter meeting of the New York State Bankers' Association.
Prof. Cover is quoted as saying:
"We are attempting to ascertain the cammon causes of bankruptcy, Mr. Young declared that costs and wages have now reached
and by a process of education reduce the number of failures, which are so low levels, says the New York "Journal of Commerce"
tremendous a drag on business. The study will give a cross section picture
which in its further account of the meeting states:
of all types of business and
should enable us to know the reason why one
enterprise fails and another succeeM, We believe that two years of diligent
effort will be required before we will oe in a position to made an intelligent
analysis."
Sir John Aird, President of Canadian Bank of Commerce, Sees Hopeful Signs of Economic Recovery—
Remarks at Annual Meeting—Gold Standard Capable of Improvement—Views on Bank for International Settlements.
Sir John Aird, President of the Canadian Bank of Commerce, addressing the annual meeting of the stockholders on
Jan. 14 saw hopeful signs of a world economic recovery in
the series of conferences now in progress by financial and
business leaders. He considered the gold standard the best
monetary standard yet found, but capable of improvement in
control even though the present reserves were adequate. The
existing legal reserve requirements could be safely reduced.
The Bank for International Settlements, whose operations
are limited to dealings with or through central banks, could
be made a holding agency for the world's entire supply of
monetary gold, each country being credited with sufficient
to support a sound financial structure. Thus, a redistribution of gold would be accomplished, and there would be no
further costly physical movements. All these measures are
dependent upon international concord, and none should be
put into practice hurriedly. To prevent a decline in gold production international action could be taken to stimulate, by
subsidies, prospecting for gold, and for research in metallurgy
with a view to reducing milling costs and, as was the case in
copper mining, to introduce some new form of ore treatment
which would make available for mining fairly large known
deposits of low-grade ores. "This proposal is made," he
said, "not because Canada is regarded as the most likely
country for the discovery of new mines, but because the need
for new supplies is too urgent to leave to casual prospecting,
or to the accidental discovery of some revolutionary metallurgical method."
Turning to the future Sir John stated that "it is impossible
to escape the conclusion that we cannot take a flying leap
from depression to prosperity. But we have passed through
more than a year of depression, so are that much nearer its
end, and as economic life is ever in a plastic state,recuperais at work. Recovery is certain. The time required to bring
it about will be determined largely by our resourcefulness
and ingenuity. It is necessary that we work harder, reduce
production costs so as to establish an intimate relationship
between producers' and consumers' prices, particularly as
affecting the farmer, and generally display the same high
courage that in the past helped us to overcome depression.
Let us throw off our fears and turn our minds resloutely to
clearing the way to prosperity in a country that is one of the
most fertile in opportunity for progress."
only of domestic origin or
In his opinion, the wheat problem was not one
concern, nor one affecting only the producer. Pointing to the major causes,
United States, the most favorSir John said, "Between 1925 and 1929 the
corn acreage by over 3
ably situated corn-growing country, curtailed its
same figure. Ausmillion acres and increased its wheat area by about the
wheat area since 1925,
tralia has added approximately 8 million acres to her
not one in strong
all to grow a product, that, while of excellent quality, is
her acreage by about
demand by European millers. Argentina has increased
com2 million acres. Canada, with many natural advantages over its
-growing, had an increase of only about 4 million acres.
petitors in wheat
Due to the widespread unemployment, he pointed out, the price of labor
has been greatly lowered. At the moment, he said, there is no definite
upward movement despite the adjustment of prices to a lower level. Such
a movement will come imperceptibly, he declared.
The progress of America will be watched closely in other countries, Mr.
Young declared. An upward movement in the United States will be followed by improvement abroad, he said.
Whitney Discusses Security Market.
At a dinner of the Association last night Richard Whitney, President of
the New York Stock Exchange, pointed out the growing intimacy between
the commercial banks and the securities markets.
"One of the most important developments in commercial banking in recent years has in fact been its increasing interest in securities," Mr. Whitney said. "A recent statement of the condition of member banks reporting
each week to the Federal Reserve System showed that over 62% of their
aggregate 'loan and investment' account consisted of security holdings and
loans upon securities, while less than 38% represented the traditional
unsecured 'commercial loans.' These figures indicate the reason why the
American commercial banker to-day must study the stock market and the
course of security prices.
"Many banks to-day are also interested in the origination of security
issues for their clients," he continued. "Sometimes this work is done as a
part of the regular routine of underwriting securities. Sometimes, too,
bankers have found it very helpful to fund short term credits extended to
their customers into more permanent long term accommodation which the
clients' needs may come to require. By listing such securities created or underwritten by the banks, the Stock Exchange is able to perform many
services in their gradual seasoning and permanent distribution to the investing public.
"The modern American bank is also a very important institutional investor in securities," Mr. Whitney declared. "Of the member banks
reporting weekly to the Reserve System on a recent date security holdings
aggregated about 29% of the 'loan and investment' account, as against
38% for unsecured loans and 33% for loans on securities. Obviously this
function of the commercial banks as an investor in securities is closely
related to the great growth in savings accounts and time deposits which our
banks in recent years have experienced. Here again a new situation has
created wider spheres of usefulness for commercial bankers, and at the same
time a possibility of new financial problems.
"In order to diversify their investment account, commercial banks purchase first grade short-term issues and bonds which have a regular market
on the Stock Exchange, as well as the less readily marketable issues purchased to help the communities where the banks are located. As a result,
the listed issues are sometimes sold to protect the lees readily marketable
issues and thus the Stock Exchange market is apt to feel very quickly the
brunt of any tendency by banks generally to reduce their security holdings."
During the afternoon session Dr.W.Randolph Burgess, Deputy Governor
of the Federal Reserve Bank of New York, observed that, although bank
suspensions last year reached a high total, the number of closed banks remained only a small percentage of the total number.
According to the New York "Times" the Committee on
State Legislation of the Association reported that it was not
in a position to take a stand for or against the changes in
the present banking laws of the State recommended by Mr.
Broderick.
Annalist Weekly Index of Wholesale Commodity Prices.
The Annalist Weekly Index of Wholesale Commodity
Prices, after holding for five weeks at a stable level, dropped
to 114.6, as compared with 115.5 last week, establishing at
this level a new low for the past fifteen years. The "Annalist"further says:
All grains gave way during the week, with spot wheat at New York
dropping 3 cents to 98% cents. Eggs have dropped to the lowest point
of more than a quarter of a century and are now 19 cents a dozen. Hay,
potatoes and hides are lower; live stock and meats remain unchanged;
cotton has advanced. The farm products index is lower than last week
by 1.4 points, but is above the lows established In December.
Though prices of cotton goods made another drop during the week, the
lower prices have brought out a large number of buyers. The volume of
sales is reported the largest for some time. The more important cotton
goods houses have refrained from offering their goods at these lower prices
because of the general feeling that the bareness of shelves in consuming
establishments will bring out shortly a more pressing demand. Silk trading
continues active and prices have advanced. Crack silk has been above
$3 all the week and on Tuesday averaged $3.14.
JAN. 24 1931.]
FINANCIAL CHRONICLE
DAILY SPOT PRICES.
aCotton.
bWheat.
cCorn.
dHogs.
Jan. 13
10.05
1.01%
7.97
.8734
Jan. 14
1.01%
10.05
.88%
7.88
Jan. 15
10.15
1.00%
7.79
.8514
Jan. 16
10.15
.99%
7.89
.85%
Jan. 17
10.15
.99
7.89
Jan. 19
10.15
7.86
.98%
.85%
Jan. 20
10.20
7.96
.98%
.8434
a Middling, New York. b No. 3 red, New York. c No. 2 yellow, New York.
d Day's average, Chicago.
THE ANNALIST WEEKLY INDEX OF'WHOLESALF,COMMODITY PRICES
(1013=100.)
Jar.. 20 1931. Jan. 13 1931. Jan. 21 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
107.9
118.0
105.5
139.3
105.8
130.1
121.8
89.1
114.6
109.3
119.3
105.3
141.9
105.8
128.7
123.0
89.4
115.5
137.3
142.6
138.4
158.1
123.6
150.6
133.2
120.6
140.0
Loading of Railroad Revenue Freight Increases, But
Still Far Below Previous Years.
Loading of revenue freight for the week ended on Jan. 10
totaled 714,251 cars, the Car Service Division of the American
Railway Association announced on Jan. 20. This was an
increase of 98,869 cars over the preceding week which included New Year's holiday, but a decrease of 148,210 cars
below the same week last year. It also was a reduction of
200,187 cars below the corresponding week in 1929. Details
are outlined as follows:
Miscellaneous freight loading for the week of Jan. 10 totaled 236.096
cars, 63,443 cars under the same week in 1930 and 78,437 cars under the
corresponding week in 1929.
Loading of merchandise less than carload lot freight amounted to 202,356
cars, a decrease of 25.479 cars below the corresponding week last year and
,
32,529 cars below the same week two years ago.
Coal loading amounted to 164,890 cars, a decrease of 31,866 cars below
the same week In 1930 and 48,651 cars under the same week two years ago.
Forest products loading amounted to 29,988 cars, 19,319 cars under the
corresponding week in 1930 and 23,951 cars under the same week twe years
ago.
Ore loading amounted to 5,167 cars, a reduction of 3,953 cars below the
567
proportion of the very important group of wage earners bas been improved
in condition rather than restricted because of the decline in the cost of
living. Now, to reduce wages of this great and important group would
only be to complete the disaster by adding them to the mass of restricted
purchasers."
George F. Baker, Chairman of the First National Bank of
New York, Leaves for Southern Vacation-Sees Some
Slight Indications of Improved Business Conditions.
Just before his departure on Jan. 22 for his vacation in
the South, George F. Baker of the First National Bank
of New York briefly expressed his views on business conditions, the New York "Times" of Jan. 23, thus indicating
what he had to say:
George F. Baker, taciturn banker, who has granted only one newspaper
interview in his long career in Wall Street, relented a little yesterday as
he left Jersey City on the private car of Edward E. Loomis, President of
the Lehigh Valley Railroad, for his Winter home in the virgin forests of
Jekyl Island, off the coast of Georgia.
But it was very little. After reporters had induced Mr. Loomis's secretary, and then Mr. Loomis himself, to prevail upon the banker to make
a statement, the railroad president declared he was authorized to say for
Mr. Baker:
"There are some slight indications of improvement in business conditions
along sound lines."
• • •
Mr. Baker, who will pass his ninety-first birthday March 27 at Jekyl
Island, was assisted in boarding the train. Mr. and Mrs. Loomis and a
nurse accompanied him when the train pulled out at 1:32 p. as.
Chairman of the Board of the First National Bank, Mr. Baker is the
last of the financial coterie which included a'.* Pierpcmt Morgan, Janie!
Stillman and James J. Hill. He has been through every great storm in
Wall Street from the panic of 1873 down to the stock market crash of
1929.
Mr. Baker has been reported to be the largest single holder of United
States Steel and American Telephone and Telegraph stock. Ha also has
large railroad and utility holdings.
La Salle Extension University Characterizes 1931 as
the Recovery Year.
In its January "Business Bulletin" the La Salle Extension
University finds "a slow sustained movement upward in
prospect." Its views as to conditions the present year are
expressed in part as follows:
same week in 1930 and 4,557 cars below the same week In 1929.
Hopeful confidence in the future and a spirit of determination to make
Coke loading amounted to 8,957 cars, a decrease of 1,738 cars below the
1931 a more satisfactory year are coming to be the characteristic attitude
corresponding week last year and 2,734 cars under the same week in 1929.
throughout the business world as the new year opens. Expectations are
Grain and grain products loading for the week totaled 39,546 cars, 40
tempered by the facts of the current situation, it is true, and no one anticiabove the corresponding week in 1930 but 4,568 cars below the same week
pates an immediate or speedy return to normal. Yet there is a general
In 1929. In the Western districts alone, grain and grain products loading
feeling that the most violent aspects of the decline are largely over, and
amounted to 27,865 cars, an increase of 450 cars above the same week in
that from now on we shall be concerned more with the upbuikling than with
1930.
stenuning the tide and halting the recession. Even though the level of
Live stock loading totaled 27,251 ears, 2,452 cars under the same week
general business should go somewhat lower, which is not likely, the worst
in 1930 and 4,760 cars under the corresponding week in 1929. In the
is certainly over and the major part of the drop is behind us. Although the
Western districts alone, live stock loading amounted to 21,465 cars, a
trend will be upward during the coming months, growth will probably
decrease of 1,979 cars compared with the same week last year.
be slow and punctuated at times by set backs which may be temporarily
All districts reported reductions in the total loading of all commodities
discouraging. . . .
compared, not only with the same week in 1930, but also with the same
Perspective Gives Assurance for the Future.
week in 1929.
In trying to chart the future course of business. It is essential that we take
Loading of revenue
freight in 1931 compared with the two previous
a broader viewpoint than that of the moment. It is not possible, of course.
to go back to previous single depressions or even averages of depresalona
and rely upon these historical precedents to tell Us how long this one will
Week ended Jan. 3
615.382
798,682 last. Each
775,755
is unique and individual with many elements different from
Week ended Jan. 10
714,251
862,461
914,438 those of any former time. We are making precedents continually by striking
out In new directions and solving our problems according to the needs of
Total
1,329,633
1,638,216
1.713,120 the present
situation.
There is value, however, in taking a long range view of tendencies In
James A. Farrell of United States Steel Corporation Believes order to ascertain the general direction in which we are moving, in spite
Low Point of Depression Passed-Is Opposed to Wage of periods of temporary slowing up or even apparent going backward.
These are but halts, however serious and needlessly exaggerated they may
Cuts.
be, in a broad movement which has been steadily upward.
One hundred years ago Macaulay found it necessary to give this per"The low point of the depression, in my opinion, was
pessimists of his day. After showing how every
passed thirty days ago," James A. Farrell, president of spective to thedevelopment of his country surpassed the former period in
the economic
one and
the United States Steel Corporation, declared before a proved to be even greater than had been thought possible, be wrote:
We Cannot atsolutely prove that those are in error who tell us that society
joint session of the National Canners' Association and the
has
National Wholesale Grocers' Association in convention at saidreached the turning point-that we have seen our best days. But so
all who came before us. and with just as much apparent reason.
The long term trend line of industrial production based on statistics
Chicago on Jan. 19. A Chicago account to the New York
"Journal of Commerce" thus quotes him and adds in part: for the last 50 years has been steadily upward by between 3 and 4% a year.
There have been fluctuations above and below this line, in several cases
He predicted a steady improvement in conditions from now on saying as
far below as the point we have now reached. Yet activity has always
that "while certain groups believe that our recovery will be retarded until returned to it
and in periods of prosperity rlsen above it. In fact, there
certain fundamental factors in the world situation are corrected, there is never
has been a peak of activity which was not later surpassed.
a larger element who believe that if we will concentrate our activities on
The same forces that achieved this record are still at work. Invention,
the United States and its problems for the time being that business in the scientific research, new developments, better methods of utilising eur
United States with all of its potential possibilities will speed recovery and abundant natural resources, increases in management knowledge which
enlarge opportunity for employment.
make possible more satisfactory adjustment, and balance between the
Mr. Farrell condemned in unqualified terms as "futile" and "dangerous," elements ofour industrialstructure
-all ofthese are going on now,and laying
suggestions looking for the improvement of business conditions through the foundations during the depression for future prosperity.
wage cuts, reduction of the tariff or remission of foreign debts to the
years follows:
1931.
1930.
1929.
United States.
Opposes Wage Cuts.
"It is my reasoned opinion," he said with regard to supposed need to
cut wages if industry is to recover from its depression, "that a general cut
in wages instead of stimulating recovery would retard it at least two
years. It is quite true that while the prices of goods at wholesale and
retail have fallen, that as a result of this the output of industry and the
national income have fallen and that this reduction has not been equally
distributed. Apparently those who advocate wage cuts have not stopped,
however, to weigh the implication that instead of tending to increase consumption of our industrial and agricultural products such wage reductions
must inevitably reduce the purchasing power of the wage earners and
restrict consumption.
"Undoubtedly there has been a decided curtailment of purchasing power
among a large proportion of our people. This has affected agricultural
producers generally and other large and important groups. But a large
Decline in December in Industrial Activity Based on
Electrical Industry, Increased Use of-Electricity
Shown in Automobile, Iron and Steel and Paper
Establishments.
Manufacturing operations in the United States in December declined 5.8% from November and 14.8% from December
1929, it is revealed in figures compiled by "Electrical World"
on electrical energy consumed in more than 3,800 plant
throughout the country. For the 12:months of 1930, industrial activity fell 14.6% from the level established in
the year 1929. The "ElectricallWorld," under date of
Jan. 19,further reports as follows:
[Vol.. 132.
FINANCIAL CHRONICLE
568
characteristics, the
If allowance is made in each industry for seasonal
than normal.
average shows almost no change: the reduction was not more
including
Standing out against the general decline, the automobile industry.
The gain carries
the manufacture of parts and accessories, gained 3.8%.
normally occurs at
operations
significance because a sharp reduction in
-month average for the industry in 1930, howthis time of year. The 12
less than that for 1929.
ever. remains nearly 32%
Instead
Activity in metal working plants also advanced in December.
November.
of the usual seasonal recession, the industry gained 4.6% over
operations was replaced by a
In iron and steel the normal 10% decline in
stands
rise of 0.5%. The rubber industry did not fare so well. It now
1929:
11.5% lower than in November and 22.2% lower than in December
the year's average, however, is down only 14.2%.
nearly to the October figure,
Paper, after a sag in November, returned
while for
11% below the preceding December, 15.6% above November,
.
14.2% from
the 12-month period, it is down only 5.2%. Foods are down
November, but only 4.4% from December 1929.
Atlantic
General recessions are indicated in New England, the Middle
England were
the North Central States and the West. Exceptions in New
in the textile industry
paper, up 7%, and textiles, up 2%. The 43% gain
was reached in
has been more or less steady since the extreme low point
In the North Central States the
July, and 1929 levels are again in sight.
In the
one favorable sign is the 4% rise in automobile manufacturing.
the metal inSouth. the general average rose 5%, stimulated chiefly by
dustries, while textiles in that region fell 12%.
PERIODS
CURRENT MANUFACTURING COMPARED WITH OTHER
(Per Cent. Change.'
Dec. 1930 Dec. 1930 12 Mo.of
1930 and
and
and
Nov. 1930. Dec 1929. of 1929.
Industrial GrOup,
All industry
Chemical products (Including oil refinIng)
Food products
Iron and steel products •
Metal working
Leather products
Forest products
Paper and pulp
Rubber products
Shipbuilding
Stone, clay and glass
Textiles
Automobiles (Including parts and accessories)
-5.8
-11.2
-14.2
+0.5
+4.8
-0.4
-23.1
+15.6
11.5
-24.4
-15.7
-4.7
+3.8
-14.8
-9.8
-4.4
-8.5
-23.1
-22.8
---21.0
-11.4
-22.2
-17.7
-31.1
-18.2
-1.9
-14.6
+2.5
+4.9
-16.9
-23.4
-12.8
-11.9
-5.2
-14.2
+6.6
-21.5
-23.8
-31.9
The rate of manufacturing activity in December, compared w th November and December 1929, all figures adjested to 26 working days and based
on consumption of electrical energy as reported to "Electrical World"
(monthly average. 1923-25 equals 100), follows;
UNITED STATES.
Dec.
1930.
Industrial Group.
All Industrial groups
Metal industries group
Rolling mills and steel plants
Metal working plants (ferrous and nonferrous)
Leather and its products
Textiles
Forest products
Automobiles,incl.the manufacture of parts
Stone. clay and glass
Paper and pulp
Rubber and its products
Chemical and allied products
Food and kindred products
Athinh.lidine
Nov.
1930.
Average Average
First
Dec. First
1929. 12 Mos. 12 Mos.
1930. 1929.
99.1
102.8
110.2
105.4
99.4
109.7
116.4
124.9
120.5
112.5
114.2
124.1
131.8
144.8
149.4
97.8
68.7
89.8
73.3
77.9
100.6
117.0
84.3
133.5
107.1
93.5
69.0
94.2
95.3
74.9
119.4
101.2
95.3
150.5
125.3
127.2
89.0
109.8
92.8
79.4
146.2
132.1
108.4
148.0
112.1
108.6
82.9
92.9
94.8
94.3
116.5
123.5
119.9
139.0
132.7
141.9
94.6
122.0
106.9
138.5
151.1
130.3
139.8
135.6
126.5
00 n
1.19 0
Ion A
Itn n
Ito A
Annalist Index of Business Activity for December.
The "Annalist" index of business activity for December
is 75.7 (preliminary), as compared with 75.9 (revised) for
November. In indicating this, the "Annalist" says:
This is the lowest point touched by the index, and by the comparable
Axe-Houghton index of business activity, since March 1908. In the last
half century, indeed, there have been only six occasions when the level
of business activity, measured in physical units in terms of decline from
computed normal, has been approximately as low as the NovemberDecember level:
Feb. June
1885. 1894.
Nov. Mar. Nov. Mar.
1806. 1908. 1914. 1021.
81
82
78
76
72
77
Bottom of depression (index)
19
15
15
10
13
Length of recovery to normal (mos.)_ 17
of w.st experience, therefore, business in
From the standpoint merely
December reached a degree of stagnation which has never before lasted
more than two or three months at the outside; but, on the other hand, the
very severity of the present depression indicates that complete recovery
to normal (not the "normal" of 1929, but the computed average for good
and bad years, with allowance for the long-time rate of growth in American
Industry) can hardly be expected inside of thirteen months and may take
as long as nineteen months, which would place the date of full recovery
between the months of January and July 1932.
A tentative sign that we have reached the bottom of the present depression
Is the absence of any further drastic decline in the business index in December, as comp- red with November. Two of the most important components
of the index continued, to be sure, to decline sharply. The adjusted index
of steel ingot production fell to 50.0, the lowest since September 1921,
although it mr.'s still well above its low for the 1921 depression, which was
37.9; and the r.djusted index of pig iron production declined to 53.5, the
lowest since October 1921, although it was still above the 1921 minimum,
Which was 36.7.
The effect of these two sharp declines was largely offset, however, by the
absence of any further heavy decreases in the two most important general
c(_r loadings and of electric
trade indicators, the adjusted indexes offreight
adjusted index of automobile
pow( r prcduction: and by a sharp rise in the
unusual action of a leading manuProduction, which, on account of the
heavy production
facturer in the low-priced field in going forward with
low output), rose to 86.0
of 1931 models in December (usually a month of
(preliminary), the highest since last June. A distinctly disappointing
components of the
feat, re of the December movement of the various
index of cotton
business index was, however, the setback in the adjusted
cor-sumption, which fell back to 71.4, after rising from an August low of
67.9 to 72.8 for October. It will be recalled that the adjusted index of
cotton consumption was the first component of the index to reflect the
beginning of recovery from the 1921 depression.
its comTable I gives for the last three months the combined index and
ponents, each of which is adjusted for seasonal variation and long-time
months back to the beginning
trend. Table II gives the combined index by
of 1919.
-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND
TABLE I
COMPONENT GROUPS.
December Noventb'r October
Pig iron production
Steel ingot production
Freight ear loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zinc production
Combined index
*Subject to revision.
63.6
60.6
56.8
80.1
85.3
84.9
64.3
72.0
67.0
70.5
65.2
68.1
61.1
83.9
88.6
85.0
47.3
72.8
80.5
82.1
83.2
*75.7
75.9
79.5
53.5
60.0
80.0
*84.7
85.5
*86.0
71.4
-THE COMBINED INDEX SINCE JANUARY 1919.
TABLE II
1930. 1929. 1928. 1927. 1926. 1925. 1924. 1923. 1922. 1921.1920. 1919.
111.3 103.4
January __ 95.0 105.5 98.0 102.2 102.3 102.4 104.0 108.1 87.1 82.4 111.3 97.9
. 94.4 106.1 99.7 104.7 103.2 102.9 105.0 108.1 91.1 82.2 114.9 96.9
February
March__ 91.3 104.3 99.4 106.9 104.7 102.6 102.8 111.0 94.5 81.6 108.8 98.9
95.1 108.8 99.9 104.4 103.7 103.4 99.3 114.2 89.2 82.5 110.0 100.2
April
90.1 110.1 101.3 104.8 101.6 101.4 92.4 115.0 93.4 85.3 113.6 103.0
May
89.1 108.9 98.7 103.4 103.2 98.5 86.9 111.8 98.7 85.1 111.6 110.9
June
86.3 109.9 100.5 101.5 102.8 101.1 86.8 110.8 97.4 83.6 110.5 108.3
July
96.1 85.2
August- 83.1 108.1 102.1 101.8 105.0 100.7 89.8 107.5 98.1 86.5 106.2 108.6
September 82.4 107.3102.4 100.9 107.1 100.8 95.7 105.8 101.4 88.8 100.0 104.2
97.7 103.7
79.5 105.7 105.0 98.2 105.7 102.1
October
106.3
November 75.9 96.9 103.7 95.5 105.7 104.0 97.4 103.0 106.5 86.7 94.2 1084
December_ *75.7 92.1 102.0 93.7 105.0 105.8 101.5 100.8 108.8 88.3 90,0
*Subject to revision.
Outlook for National Business as Viewed by Silberling
-Uneven Movements
Research Corporation Ltd.
Looked for in Early Part of Current Year.
According to the Silberling Research Corp., Ltd., "there
will probably be a period of uneven and choppy movements
in the course of general business during the early part of
1931." This view is expressed in presenting its "Outlook
for National Business," under date of Jan. 10, in which it
also says:
The drift should be mildly upward after a first quarter of irregular
stabilization, accompanied by several false starts in major lines of industry
as efforts are made to stimulate buying by premature advances in prices and
unwisely directed plans to hasten prosperity by blind disregard of demand
conditions and possibilities. While inventories of many finished goods
have now been well reduced, there is still general reluctance on the Part
of consumers to make purchases owing to the uncertainty of incomes during
the months ahead. It is jobs, not optimistic statements by executives,
which create buying-power. Further drastic reduction of retail prices and
removal of distress supplies with the disappearance of inefficient retail
and wholesale units will tend to speed up distribution by the middle of the
year and fresh buying for what promises to be a relatively active period at
the close of 1931 should create a fairly satisfactory condition of trade and
industry during the final quarter. We look forward to 1932 as the next
year of well defined and sustained prosperity, but the current year will
probably not average out in aggregate volume of production or corporate
earnings above 1930.
There are two prospective business developments which we consider
of first-rate importance. One is the evidence on every hand that managers
have taken a new and deeper interest, based on bitter experience, in research covering market conditions and prospective demand for their products. As the memorable collapse of 1921 taught business men the folly
of long-period purchasing and speculation in commodities, so the present
situation is reenforcing the conclusion that failure to gear production to
sound budget estimates based on concrete evidence and well sifted information is poor business and a stupid waste of our resources-physical,financial
and human.
A second prospective development, equally promising of constructive
results in the coming decade, is the penetration by American industrial
enterprise into foreign markets. This, like all post-war eras, is a period of
intense and growing nationalism, and we shall see foreign trade barriers
raised before they are lowered. But a movement is already well under way
toward the introduction of American plants and equipment dircetly into
-a tendency fostered not along by tariffs, political uncerforeign countries
tainties, and our reluctance to purchase foreign securities, but also by the
progressively tapering trends of growth in our domestic consuming markets.
While impressive results along these lines cannot be attained over night,
it is reasonable to expect from this source an important expanding demand
for American mechanical equipment and an enhancement also in the earnings of our alert manufacturing corporations in the years immediately
ahead.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
According to the Department of Commerce for the week
ended Jan. 17 1931, bank debits showed declines from both
the preceding week and the corresponding period in 1930.
Total loans and discounts of Federal Reserve member banks
declined slightly from the week previous and were also
under the figures for the same week last year. Interest rates
for time money were lower than a week ago, while call rates
showed no change. Both rates were materially lower than a
year ago. Prices of representative stocks declined from the
week previous and were under the same week in 1930. Bond
prices declined fractionally during the week, but were slightly
above the average price for the corresponding week last year.
The ratio of total Federal reserves to deposit and Federal
JAN. 24 1931.1
reserves note liabilities combined rose during the week and
was above the same week in 1930. Business failures as reported by It. G. Dun & Co., were less numerous than during
the preceding week, but were in greater number than during
the same week last year.
Wholesale prices as measured by the composite index
showed a fractional decline from the preceding week. The
prices of both agricultural and non-agricultural products
declined, and were under the quotations of the same week
in 1930. The price of wheat at Kansas City remained at the
same level as for the preceding period, as did cotton middling
at New York. The iron and steel composite price remained
at fractionally the same level asfor the three preceding weeks.
In comparion with the same period in 1930, however, a
decline occurred.
The receipts of wheat at important centres were greater
than the preceding week and cotton receipts also increased.
Both movements were in excess of a week ago. For the week
ended Jan. 10 1931, increases over the previous period
occurred in bituminous coal production, cattle receipts,
freight-car loadings, hog receipts, lumber production,
petroleum production, and steel ingot production. The value
of building contracts awarded in 37 States declined from the
preceding week and was under the same week in 1930.
•
569
FINANCIAL CHRONICLE
WEEKLY BUSINESS INDICATORS.
(Weeks ended Saturday. Average 1923-25=100.)
1931.
1930.
1929.
Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan.
18. 11. 4.
19. 12. 5.
17. 10. 3.
Production
Bituminous
94.2 85.9 109.5 114.6 104.6
Bldg. contracts 37 States
(daily average)
61.2 66.0 88.2 86.3 86.3
Cattle receipts
79.1 60.1 83.5 80.1 62.3
Cotton receipts
88.8 55.0 61.5 76.2 96.5 91.5
Freight car loadings
74.5 64.2 88.4 90.0 80.9
_
Hog receipts
_ 119.7 86.3 98.1 112.8 80.7
x Lumber production
___ 52.4 38.1 75.1 89.4 68.8
Petroleum prod'n (daily ay.) ___ 100.1 100.0 127.8 129.1 127.3
Steel ingot production
52.6 47.4 90.8 86.8 77.6
Wheat receipts
81.9 78.3 69.6 51.9 57.8 50.7
Wholesale Prices
Fisher's index (1926=100)
All commodities(120)-- -- 77.9 78.3 78.5 93.2 93.1 93.0
Agricultural products (30) 72.8 73.9 73.8 98.6 98.2 98.5
Non-agric't'l products(90) 79.1 79.2 79.5 91.5 91.7 91.5
Copper. electrolytic
___ 71.0 73.9 129.0 129.0 129.0
Cotton middling,New York_ 37.5 37.5 37.5 64.3 64.0 63.6
Iron and steel composite
76.6 76.' 76.5 86.0 86.3 86.6
Wheat No. 2, Kansas City
___ 53.5 53.5 91.5 93.8 96.9
Financial
Bank debits outside N.Y.C. 101.2 131.8 116.2 125.1 162.8 133.6
Bank loans and discounts _ _ 127.4 128.5 130.1 134.7 136.5 141.2
Bond prices
107.4 107.6 106.3 105.1 105.2 104.8
Business failures
195.6 227.8 133.2 156.8 179.9 123.1
Federal Reserve ratio
102.3 98.4 95.1 97.3 94.1 89.8
Interest rates-Can money- 36.4 36.4 80.0 109.1 112.1 145.5
Time money
57.1 68.6 68.6 108.6 111.4 114.3
Money in circulation
__ 99.0 101.1 95.3 97.2 100.2
Stock prices
153.3 157.2 150.2 213.0 212.3 211.3
x Relative to weekly average 1927-1929 per week shown.
119.9 119.7 101.1
109.6 93.4 64.4
89.2 77.2 65.8
90.8 97.7 118.8
97.2 95.4 83.3
130.7 120.6 106.9
100.1 100.9 78.2
126.9 124.5 124.4
110.5 109.2 110.5
52.9 56.7 56.5
WU:try.
Percentage Change
Not.So Deg. 1930.
Total Stale. N. Y. City.
97.4 97.1 97.0
97.2 96.1 96.2
98.0 98.3 97.9
120.3 119.6 119.6
75.0 74.6 73.5
87.5 87.5 87.6
88.4 83.7 83.7
141.3 154.8 164.2
129.3 130.9 137.7
107.3 107.4 107.4
143.2 156.0 116.2
86.5 85.5 79.9
169.7 154.5 200.0
177.1 174.3 182.9
97.2 98.7 101.6
240.0 238.7 240.5
Employment in New York State Factories Reaches New
Low in December.
A loss of 4% from November to December brought the
index number of factory employment in New York State
to the new and unprecedented low of 77.5, Industrial Commissioner Frances Perkins said on Jan. 13. Her statement
was based on the regular monthly reports of about 1750
factories located in all parts of the State and engaged in all
lines of manufacture. It is stated that although employment in these concerns was in November at the lowest
level on record since the index series was started in June
1914, December reports showed a decrease as great as that
of December 1929, which was unusually severe for this
season of the year. The general index of employment for
the year 1930 as a whole stood at 86 as compared to 98 for
the year 1929. Index Members are based on the monthly
average for the three years 1925, 1926 and 1927 as 100.
Commissioner Perkins' statement continues:
Of the eleven industrial groups,only the pulp and paper,printing and
paper
goods and chemical,oil and paint divisions were able to hold their
November
forces. The heaviest cuts were made by manufacturers of
textiles, clothing
and food products. Some of the metal industries and practically all
wood
and leather goods manufacturers also showed big decreases.
Employment in the manufacture of women's clothing suffered
its usual
seasonal decline; although many houses were able to hold or
add to their
November forces. More severe and more general cuts were made in
millinery
houses where more than 10% of the people who had been employed in
November were laid off. Makers of men's clothing and furnishings
continued
to lay off workers, especially in New York City where several of the reporting concerns were not operating in December. Producers of furs and of
gloves, bags and canvas goods, having enjoyed a fairly busy fall season,
were making heavier cuts than have been usual in December. Several shoe
firms reported big cuts and many were working short time; recovery in
several concerns which had made drastic reductions in November kept
total employment in this industry even with the November figure, however.
Woolens, carpets and felts, as evidenced by .practically every reporting
concern, suffered the heaviest losses in the textile group. Cotton and
knitting mills also showed losses in the State as a whole, although the few
New York City knitting mills were using more workers than in November.
Big cuts in one or two concerns accounted largely for the decrease in employment In the manufacture of silk and silk goods.
In the metal and machinery group, only brass, copper and aluminum
concerns, railroad equipment and repair shops, and boat and'ship builders
were operating at the November level. Iron and steel showed a 9% drop
following a small gain in November. The manufacture of automobiles
and parts required more workers in New York City but fewer in the State
as a whole, due to sharp reductions in a few up-State plants. Between
three and 4% of their November forces were laid off by makers of sheet
metal and hardware, firearms, tools and cutlery, cooking, heating and ventilating apparatus and silverware and jewelry. The cuts in sheet metal
and hardware were especially marked in New York City. Fewer men watt
being used in New York City machinery and electrical apparatus shops,
but most of the up-State firms reported little change. All New York City
railroad shops reported gains but few up-State firms had taken on workers
since November. Losses were general in the manufacture of instruments
and appliances. Wood manufacturers in all lime had suffered heavy losses,
especially up-State. These losses were to some extent seasonal, but the
wood industries aro now operating at the lowest level on record. Fewer
workers were employed in all the food and tobacco industries except the
production of flour, feed and cereals where the November level was barely
maintained. The cessation of production in one firm caused a sharp
decline in employment in the manufacture of tobacco. The reporting
canneries laid off more than 1,500 men and women as their season came
to its close.
Employment in the chemical, oil and paint industries remalned fairly
steady at the November level, with some downward movement in the Photographic and miscelleneous chemicals and in the manufacture of paints and
colors. The stone, clay and glass group showed a gain in New York City.
due to the taking on of workers in plants which had made big cuts in November. Sharp reductions in up-State brick and lime, cement and plaster
concerns caused a net drop in employment in these industries, however.
Many paper and pulp mills were using more workers following cuts in
November, but others continued to lay off workers. Employment in printing establishments continued to hold fairly even.
The net loss in employment in New York City from November to December was nearly 3ji %. Among the up-State cities, Syracuse showed a loss
of 8% due largely to the removal of one plant and very sharp reductions in
another. Cuts in textile mills caused the 7% drop in Utica and 13i%
decrease in Albany-Schenectady-Troy. Binghamton shoe factories were
using a few more workers than in November, but losses in other industries
caused a loss of 3% in total employment in that district. Lowered activity
in the metals accounted for the 3% loss in Buffalo and that of 135% In
Rochester.
FACTORY EMPLOYMENT IN NEW YORK STATE
(Preliminary.)
atone. clay and glass
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, &a
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood. Jo
Furs, leather and rubber goods
Leather_
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and recta percha
Pearl, horn, bone, Ato
Chemicals, olls, paints. dal
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets. felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
Total
• No change.
-3.6
+1.4
-6.3
-11.6
+3.2
-2.8
-418
+0.1
-3.8
-1.4
-2.5
-3.8
-4.8
• -2.1
-9.8
-1.5
+12.4
-1.3
-5.7
-5.3
-7.1
-5.8
-3.6
-4.4
-3.1
-20.5
-0.1
-14.9
-6.0
-6.4
-0.4
+0.4
-1.8
+0.3
-1.4
+1.3
-0.6
-4.9
-0.8
-8.5
-5.4
-12.7
-9.3
-10.4
-3.5
-4.3
-5.4
-2.5
-1.7
-12.1
-11:0
-0.7
-1.8
+0.5
-51.3
-3.9
-4).5
-1.3
-1.9
+2.2
+2.3
+13.9
-6.0
+0.2
-0.9
-5.6
+3.8
=4.5
-6.5
-18.2
+5.3
-5.2
+4.3
+5.6
+15.6
-1.6
-3.2
-3.4
-6.6
-1.5
-2.6
-12.6
-173:6
-2.6
-22.3
-2.9
-8.0
-1.8
-3.6
-2.3
-0.8
-1.8
-3.3
-0.6
-7.6
-3.1
+0.2
-6.8
--5.6
--21.6
-8.2
-6.0
-16.8
-5.4
-1.9
-7.6
-11.4
+0.3
-1.3
-1.7
-37.1
-1.0
-24.0
-1.8
-1.6
-1.3
-3.1
-2.6
+0.7
-1.2
.0
-3.4
Increased Employment and Wages in Pennsylvania
Anthracite Collieries During December Reported
by Philadelphia Federal Reserve Bank.
Anthracite empoyment and wage earnings were 'about
2% larger in December than November, according to indexes compiled by the Philadelphia Federal Reserve
Bank
570
(VOL. 132.
FINANCIAL CHRONICLE
. Oregon,
The Western Pine Manufacturers Association, of Portland
00
reported production from 87 mills as 15,993,000 feet. shipments 27.678,0
Sixty-one identical mills reported a
and new business 23,310,000 feet.
compared
23% decrease in production and a 24% decrease in orders, when
with the same week a year ago.
on, of San
The California White & Sugar Pine Manufacturers Associati
declined 23%• Francisco, reported production from 26 mills as 3,900,000 feet, shipments
In comparison with December 1929. wage payments
of the 1923-25 average 13,740,000 and orders 11,705.000 feet. The same number of mills reported
The employment index in December stood at 97%
ent and wage production 33% less and new business 18% less than for the corresponding
and the wage payments index was 85%. Both employm
and 1929. week in 1930.
earnings as well as output of anthracite were smaller in 1930
lis, Minn.,
The Northern Pine Manufacturers Association, of Minneapo
This decline coincided with the general recession in business.
0 and
s
reported production from 7 mills as 506,000 feet. shipment 2.248,00
Comparative indexes follow:
on
new business 2,682,000. The same number of mills reported producti
PAYMENTS IN PENNSYLVANIA.
last year.
EMPLOYMENT AND WAGES
70% less and orders 5% less than for the same week
Association, of
Index numbers-1923-25 monthly average100.
The Northern Hemlock and Hardwood Manufacturers
0 feet, shipOshkosh, Wis., reported production from 18 mills as 1,384,00
Wage Payments.
mills reported
Employment
ments 1,242,000 and orders 1,553.000. Seventeen identical
of 11% in orders, when
1930.
1929.
a decrease of 52% in production and a decrease
1928.
1930.
1929.
1928.
compared with the same week a year ago.
92.1
112.6
reported produc91.9
105.6
109.8
115.8
The North Carolina Pine Association, of Norfolk, Va.,
January
103.7
107.0
85.4
107.8
and new business
109.4
110.6
February
67.1
tion from 87 mills as 5,014,000 feet, shipments 7,162.000
79.5
83.1
83.3
101.3
114.9
March
44% decrease in pro63.9
77.4
116.8
84.8
6.282,000. Forty-seven identical mills reported a
104.1
116.3
April
the same week
85.8*
85.4
97.6
92.3*
107.2
duction and a 26% decrease in orders, when compared with
114.0
May
73.2*
71.0
60.6
89.5*
95.4
102.3
In 1930.
June
72.6*
86.8
82.5
90.3*
85.6
reported pro100.7
July
68.2*
68.9
The California Redwood Association, of San Francisco,
97.2
81.7*
93.6
100.9
0 and orders
August
78.2*
83.4
112.5
91.9*
duction from 11 mills as 6,374,000 feet, shipments 5.142.00
105.5
112.7
September
102.3*
on 28% less and
116.6
134.7
96.2*
109.8
135.1'
8.338.000. The same number of mills reported producti
October
83.2*
87.6
110.1
94.7*
ago.
107.6
117.7
November
orders 5% more than for the corresponding week a year
85.0
110.3
92.9
96.5
110.8
100.4
December
Hardwood Reports.
•Figures revised.
, Tennessee,
The Hardwood Manufacturers Institute. of Memphis
s 15.reported production from 203 mills as 16,546,000 feet, shipment
Low
hundred and sixty-three
Excess of Lumber Orders and Shipments Over
736,000 and new business 17,572,000. One
37% less
identical mills reported production 46% less and new business
Production Continues.
than for the corresponding week a year ago.
Manufacturers Association, of
shipments continued well above proLumber orders and
The Northern Hemlock and Hardwood
ed Oshkosh, Wis.. reported production from 18 mills as 3.845,000 feet, shipduction during the second week of the year, it is indicat
to ments 1,732,000 and orders 1,947.000. Seventeen identical mills reported
that reported for the
in reports from 798 leading hardwood and softwood mills
production 44% less and new business 37% less than
from reports to the Anthracite Bureau of Information by
159 collieries employing about 136,000 workers with wage
earnings amounting to almost $4,000,000 a week. The
Bank_on Jan. 21 further reported:
the National Lumber Manufacturers Association. For the
week ended Jan. 17 these mills reported a total cut of 180,411,000 feet with orders received and shipments for the
A
week respectively 24% and 23% greater than this figure.
814 mills reported orders 22% and shipments
week earlier
37% greater than a total production of 171,374,000. The
lumber movement is noticeably below that for the same
period last year, comparison by identical mill reports showshiping-for softwoods, 486 mills, production 25% less,
and orders 21% less than for the week in
ments 14% less
ship1930; for hardwoods, 185 mills, production 56% less,
34% less and orders 37% under the volume for the
ments
week a year ago.
17 1931,
Lumber orders reported for the week ended Jan.
softwood mills totaled 204,729,000 feet, or 28%
by 595
Shipments as
above the production of the same mills.
feet, or 28%
reported for the same week were 204,396,000
ion. Production was 160,020,000 feet.
above product
s as
Reports from 221 hardwood mills give new busines
nts as
000 feet, or 4% below production. Shipme
19,519,
feet, or 14%
reported for the same week were 17,468,000
000 feet. The
below production. Production was 20,391,
:
Association, it its statement, further reports
Unfilled Orders.
give unfilled orders of 769.129,000 feet.
Reports from 509 softwood mills
of 15 days' production. This is based
Jan. 17 1931. or the equivalent
on
-day year-and may be com300
upon production of latest calendar year- mills on Jan. 10 1931. of 775.softwood
pared with unfilled orders of 526
production.
917,000 feet, the equivalent of 15 days'
report unfilled orders as 751,092,000
The 452 identical softwood mills
d with 1,052,941.000 feet for the same
feet, on Jan. 17 1931, as compare
on of 486 identical softwood mills
week a year ago. Last week's producti
000 feet; shipments
000 feet, and a year ago it was 203,441,
was 152,315,
226,739,000; and orders received
were respectively 193,937.000 re t and
In the case of hardwoods, 180
196,129.000 feet and 247.979.0 0 feet.
last week and a year ago 18.580.000
Identical mills reported production
00 feet and 23.425.000; and orders
feet and 34,104,000; shipments 15,495,0
00 feet and 27.590.000 feet
17,303,0
llest Coast Movement.
Association wired from Seattle the followThe West Coast Lumbcrmen's
mills
s and unfilled orders for 224 reporting
ing new business, shipn.cnt
for the week ended Jan. 17;
NTS.
SHIPME
UNSHIPPED ORDERS.
Feet.
NEW BUSINESS.
Fed.
Feet.
Coastwise and
Domestic cargo
intercoastal_ 55,006,000
Domestic cargo
delivery ___ -184,910,000
0
15,593,000
delivery _-__ 45,118,000 Foreign
95,752.000 Export
18.479.00
32,558,000
Rail
Export
38,805,000 Rail trade- _ -113,489,000 Local
6,584,000
By ran
6,583,000
Other
109,741,000
394,151,000 Total
Total
108.985.000
Total
mills Is 248,427 000 feet. Their actual
Weekly capacity of these 224
91,966.000.
for the week was
production
reported orders
Jan. 10, 166 identical mills
For the one week ended shipments were 12.8% over production. The
and
13.7% over production,
Inventories of .6% on Jan. 10,
showed a decrease in
same number of mills
as compared with Jan. 1.
Southern Pine Reports.
Orleans that for 135
on reported from New
The Southern Pine Associati
production, and orders 20%
were 7% above
business taken during
mills reporting, shipments
above shipments. New
above production and 12%
(previous week 39,333.000 at 134
d to 41,874,000 feet,
the week amounte
week 35.952,000); and pro00 feet, (previous
mills); shipments 37,443,0(previous week 36.223,000). The three-year
Orders on hand
duction 34,883.000 feet.
mills is 58,913,000 feet.
average production of these 135
103,173,000 feet. The 119 identical
week at 115 mills were
in new business a
at the end of the
production of 36%, and
mills reported a decrease in
ago.
the same week a year
decrease_of 21%. as compared with
.
same week in 1930.
TO PROCURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS
AND FOR 2
DUCTION FOR THE WEEK ENDED JAN. 17 1931
WEEKS TO DATE.
AnOcialfOn.
Southern line:
Week-135 mills reports
2 weeks-629 mill reports
West Coast Lumbermen's:
Week-224 mill reports
2 weeks-448 mill reports
Western Pine Mfrs.:
Week-87 mill reports
2 weeks-174 mill reports
California White & Sugar Pine:
Week-26 mill reports
1 week-26 mill reports
Northern Pine Manufacturers:
Week-7 mIll reports
2 weeks
-I4 mill reports
No.Hemlock& Hard wood(softwoods)
Week-18 mill reports
2 weeks
-44 mill reports
North Carolina Pine:
Week-87 mill reports
2 weeks
-183 mill reports
California Redwood:
Week-11 mill reports
-23 mill reports
2 weeks
Softwood total:
Week-595 mill reports
2 weeks-1.181 mill reports
Hardwood Manufacturers Inst.:
Week-203 mill reports
2 weeks-405 mill reports
Northern Hemlock & Hardwood:
Week-18 mill reports
-44 mill reports
2 weeks
Hardwood total:
Week-221 mill reports
-449 mill reports
2 weeks
3rand total:
Week-798 mill reports
2 weeks-1.586 mill reports
Producnon,
M Ft.
Shipmeats,
.211 Ft.
P. C.
P. C.
of
Orders,
of
Prod. Mid. Prod.
34,883
71,106
37,443 107
73,395 103
41,874
81,207
120
114
91,966
178.320
109.741 119
200,194 112
108.985
213,762
119
120
15,993
30,791
27,678 173
51,763 168
23,310
42,741
146
139
3,900
3.900
13,740 352
13,740 352
11,705
11,705
300
300
506
920
2,248 444
4,747 516
2,682
5,621
530
611
90
66
1,553
2,793
112
85
7,162 143
14,317 133
6,282
11,974
125
111
81
78
8,338
14.283
131
115
160,020
311,593
204,396 128
370.048 119
204,729
384,086
128
123
16,546
28,703
15,736 95
31.240 109
17,572
34,038
106
119
1.384
3,294
5,014
10,796
6,374
12,466
1,242
2,174
5.142
9,718
3,845
7,589
1,732
4,139
45
55
1,947
4,132
51
54
20.391
36,292
17,468
35,379
86
97
19,519
38,170
96
105
221,864 123
405,427 117
224.248
422,256
124
121
180,411
347,885
Ford Motor Co. of Detroit Reduces Prices on Its Cars
and Trucks.
The Ford Motor Co. of Detroit, announces a reduction
in prices, effective Jan. 19 1931, as follows:
New Price.
$475
De luxe roadster
580
De luxe phaeton
435
Phaeton
430
Roadster
500
Sport Coupe
490
Coupe
525
De luxe coupe
490
Tudor sedan
590
Fordor sedan
630
Town sedan
595
Cabriolet
580
Victoria
630
De luxe sedan
625
Station wagon
340
Model A chassis
Model AA truck chassis, 1313i-inch wheelbase-- 495
Model AA truck chassis, 157-inch wheelbase-- 525
-All prices are 1. o. b. Detroit. Mich.
Note.
Old Price. Reduction.
$45
$520
45
625
5
440
5
435
25
525
a
495
20
545
5
495
10
600
30
660
30
625
45
625
10
640
15
640
a
345
15 510
10
535
December 1930 Tire Shipments 3% Over Corresponding
Month in 1929.
Tire shipments for December increased 17% above
November and were 3% above December a year ago-a,ccording to a special preliminary report compiled by the Rubber
Manufacturers Association. This increase is counter to the
decreases usually experienced in December as compared
JAN. 24 1931.]
FINANCIAL CHRONICLE
with November. In 1929 the decrease was 3%; in 1928 8%
and in 1927 3%.
This increase, adds the Association, is attributed by officials in the rubber industry to improvement in car production
and replacement requirements for all classes of motor vehicles.
Production, Sales and Shipment of Cotton Cloth in
December.
Statistical reports of production, sales and shipments of
standard cotton cloths during the month of December 1930
were made public Jan. 12 by the Association of Cotton
Textile Merchants of New York. These figures cover a
period of five weeks. Production during December amounted
to 234,052,000 yards, or at the rate of 46,810,000 yards per
week. This was 23.2% less than December 1929 and 9.4%
less than November 1930. The Association likewise reports:
Shipments during December were 226,951,000 yards, equivalent to 97%
of production. Sales during the month were 182,656,000 yards, or 78%
of production.
Stocks on hand at the end of the month amounted to 363.962.000 yards.
representing an increase of 2% during the month. Unfilled orders on
Dec. 31st were 288,956,000 yards, representing a decrease of 13.3% during
the month.
During the year 1930 stocks on hand decreased 97,051.000 yards, a
reduction of 21%. This is a clear indication of the success which has
attended the efforts of many mills to keep their production in line with the
reduced demand during 1930.
For the first time since 1926 shipments for the year have been in excess
of production. The ratio of shipments to production for 1930 was 103.4%
as compared with 98% in 1929; 98.4% in 1928 and 97.8% in 1927. Stocks
on hand at the end of 1930 are substantially less than at the end of the two
preceding years.
These statistics on the manufacture and sale of standard cotton cloths
are compiled from data supplied by 23 groups of manufacturers and selling
agent' reporting through the Association of Cotton Textile Merchants of
New York and the Cotton-Textile Institute, Inc. The groups cover
upwards of 300 classifications or constructions of standard cotton cloths
and represent a large part of the production of these fabrics in the United
States.
Production Statistics December 1930.
The following statistics cover upwards of 300 classifications or constructions of standard cotton cloths, and represent a very large part of the total
production of these fabrics in the United States. This report represents
yardage reported to our Association and the Cotton-Textile Institute. Inc.
It is a consolidation of the same 23 groups covered by our reports since
October 1927. The figures for the month of December cover a period or
five weeks.
December 1930
(5 Weeks).
Production was
234,052,000 yards
Sales were
182,656.000 Yards
Ratio of sales to production
78.0%
Shipments were
226,951.000 yards
Ratio of shipments to production
97.0%
Stocks on hand Dec. 1, were
356.861.000 yards
Stocks on hand Dec. 31. were
363,962.000 yards
Change in stocks
Increase 2.0%
Unfilled orders Dec. 1, were
333,251,000 yards
Unfilled orders Dec.31. were
288,956.000 yards
Change in Unfilled orders
Decrease 13.3%
571
26,087,004 for September, 25,873,978 for August, 26,457,786
for July, and 29,047,030 for December 1929. The aggregate number of active spindle hours reported for the month
was 5,916,378,249. During December the normal time of
operation was 26 days (allowance being made for the observance of Christmas Day)compared with 243 for November,
263 for October, 2534 for September, 26 for August, and
%
26 for July. Based on an activity of 8.91 hours per day the
average number of spindles operated during December was
25,539,058 or at 76.1% capacity on a single shift basis. This
percentage compares with 80.1 for November, 77.1 for
October, 73.4 for September, 65.2 for August, 67.2 for July,
and 88.0 for December 1929. The average number of active
spindle hours per spindle in place for the month was 176.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average hours per spindle in place, by States, are shown in
the following statement.
Spinning Spindles.
State.
Active Spindle Hours
for December.
In Place
Dec. 31.
Active During Dec.
33,567,102
25,525,820
5.918,378,249
176
Cotton-growing states 19,106,384
New England states.,. 13.054,306
Allother states
1,406,412
16,869,856
7,784.158
871,806
4,259,294.709
1,510.295.355
148.788485
223
116
104
1,869,046
823.528
2,915,204
692,092
4,346,474
127,720
756,160
190,728
380,766
5.410,288
1,067.648
5,429,842
560,592
200,448
337,406
617.878
397.929.238
184,917.647
676,660,293
146,757.636
805,965,169
29,446,622
165,934.337
30.259,693
60,420,902
1,320.673.260
208,304.352
1.493,468,159
173.667.874
41,407.141
75,459.061
125.106,865
214
152
209
143
108
142
130
81
89
212
96
263
283
149
111
160
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other states
1,881,024
1,082,972
3,239.908
1.023.036
7,459,592
207.088
1,278,678
372,380
676,600
6,237.310
2,092,764
5,684.512
613,204
278,808
679,254
779.972
Total.
Average per
Spindle in Place.
Production of Rayon Yarns in 1930 Below 1929 Figures.
Production of rayon yarns in the United States during
1930 reached 110,208,000 pounds, as against 121,566,000
pounds for the previous year, it is estimated by statistics
compiled by the "Daily News Record," New York, which
further reports:
Consumption showed a marked decline, being placed at approximately
100.000.000 pounds for the year as against 130,000,000 pounds for 1929.
Imports felt the effect of the tariff and lower market prices, being reduced
from 15.903.000 pounds in 1929 to about 5.500.000 pounds last year.
Total Employment in the Silk I dustry Declined About
8% During 1930 as Coh.pared with 1929.
Total employment in the silk industry declined approximately 8% during 1930 as compared with the 1929 average,
according to end-of-the-year figures issued by the Silk Association of America, Inc. December employment in the silk
industry, the Silk Association reports, shows a decline as
compared with November figures of 6.4% on broad silk
looms, 7.3% on narrow silk looms, and 3.1% on spinning
spindles, the total decline being 4.6%. Broad silk loom
operation was 2.5% less in December than in November,
narrow silk loom operation 25% less, while spinning spindle
activity showed a 9.3% decrease as compared with the
previous month.
English Spinning Mills Using American Cotton at
Half Normal Rate According to New York Cotton
Exchange Service.
The cotton spinning industry in Europe continues very
depressed, according to the New York -Cotton Exchange
Service. In England the mills continue to run on a heavily
curtailed basis, with labor difficulties and light demand for
yarns and cloths holding down spinning and weaving activity,
while on the Continent there are indications of a slight
downward trend from the low level of mill operations reported
in recent months. The Exchange Service, under date of
Jan. 20, says:
Sugar Curtailment Pact Formally Signed in Paris-Russia,
English spinning mills which use American cotton, are running at less
Japan, Argentina and Britain to Be Asked to Join.
than half of the normal full rate, and sales of yarn in recent weeks are
believed to have been below the current output. Forwardings of American
The following (Associated Press) from Paris, Jan. 17,
cotton to Lancashire mill centers in the past four weeks have averaged only
is from the New York "Herald Tribune":
16,000 bales per week compared with 28,000 in the corresponding weeks
Representatives of producers in seven great sugar-producing countries
last season. For the season to date, they total only 442,000 bales against
today concluded an agreement for what amounts to virtual world restriction
748,000 in the same period last season.
of production.
Germany cables that yarn sales by spinners are not fully equalling the
The signatory powers were Cuba, the Netherlands, Poland, Czechocurrent curtailed output, and since the mill managers are following the
policy of keeping production and sales in line, it is probable that mill slovakia, Hungary, Germany and Belgium. Thomas L. Chadbourne,
activity will decline further in the near future. France reports similarly representing Cuban and American interests, who negotiated the agreement,
that yarn and cloth demand is not adequate to maintain current mill said that discussions with producers in Russia, Japan, Great Britain and
activity, but the situation in France is relieved somewhat by the fact that the Argentine would soon be initiated and that it was hoped to bring these
most spinners are booked up for a few months. Italy reports that con- nations also into an accord, which he declared would solve the problems
tinuing depression is forcing some decrease in mill activity. Forwardings of of the planter without increasing the price of sugar to the consumer.
Shortly after signature of the agreement was announced Mr. Chadbourne
American cotton from Continental ports to Continental mills in the past
four weeks have averaged 71.000 bales per week, compared with 97,000 in received a cablegram from the Cuban government conveying the congratuthe same weeks last year, and for the season to date they total 1.763,000 lations of President Machado on the success of the negotiations and declaring that the conclusion of an accord was the most important event
against 2.099.000 in the same period last season.
for Cuba since that nation had acquired independence. The agreement
is to run for five years.
Activity in the Cotton Spinning Industry for Dec. 1930.
Reference to the sugar curtailment plan was made in
The Department of Commerce announced on Jan. 20 that our issue of Jan. 17, page 399.
according to preliminary figures compiled by the Bureau of
the Census, 33,567,102 cotton spinning spindles were in President Machado of Cuba, Signs Sugar Decree-Approves
Chadbourne-Gutierrez Plan for Exports.
place in the United States on Dec. 31 1930, of which 25,525,820 were operated at some time during the month, comThe Jan. 22 issue of the "Wall Street Journal" conpared with 25,858,016 for November,26,153,792 for October, tained the following Havana advices:
572
FINANCIAL CHRONICLE
President Machado has signed a decree outlining provisions with respect
to sugar exports to the United States and to other countries, in accordance
with the Chadbourne-Gutierrez plan of last November. The decree is to
be effective from the date of publication.
Among other things, it provides that all sugar exported to the United
States from January 1, 1931, be charged to the individual quota set apart
for each mill. Exports to countries other than the United States will be
handled on a similar basis.
A cablegram as follows from Havana, Jan. 21, is taken
from the New York "Times:"
Cuba's sugar output for 1931 will not exceed 3,000,000 tons. Exports
to the United States are to be limited by a Presidential decree to 2,605,000
tons, according to an announcement made today by the Board of Directors
of the National Sugar Exporting Corporation, which was created under
the provisions of the Chadbourne-Gutierrez sugar plan to control sugar
manufacturing and exportation during the next five years.
An estimate of the average production of each mill for the past three
years will be the basis for the allocation of the quota that mill shall grind
this year so as not to exceed the total output, the corporation announces.
The directors are still working on legal matters in connection with the
proposed issuance of bonds in guarantee of sugar delivered by producers
to the corporation recently to make possible the elimination from the
world market of 1,500,000 tons of the Cuban product, one of the features
of the Chadbourne plan for world stabilization of the industry.
Cuban Sugar Board Cancels Sale Contract.
From the New York "Sun" of last night (Jan. 23) we
take the following from Havana.
A contract for 17,000 tons of raw sugar which the National Sugar Export Corporation had previously accepted as valid for sales made through
the New York Coffee & Sugar Exchange has been cancelled because of
later developments.
Commenting on the above the "Sun" said: .
The later developments mentioned in the Havana cable may refer to
conferences held in Havana today on the sugar situation, it was surmised
on the.New York Coffee Sugar Exchange today, but no specific cause for
cancellation of a contract could be suggested. Havana reported in private
cables that a decree fixing the exportable quota of sugar for the United
States might be issued by President Machado today.
So far as cancellation of sugar contracts made in Cuba are concerned,
it was stated at the offices of the Coffee & Sugar Exchange that the latter
body has no jurisdiction. The Cuban Government has sole control over
movements of sugar out of that country and has the power to cancel any
contract there, it was indicated.
German Concern Cuts Sugar Exports to 20%.
The following Berlin cablegram Jan. 16 is from the
New York "Journal of Commerce:"
The Verein Deutscher Zucker IndustrieIler, as a result of its international agreements have reduced their export quotas from 25 to a provisional 20 per cent of total production. A further 1854% must be stored
by the refiners or fed to livestock.
Ratio of Brazil's Coffee Shipments to Total World
Exports Declines.
That the ratio of Brazilian coffee entering into world
trade has declined markedly in recent years is revealed in a
study of world coffee exports issued by the Foodstuffs
Division of the Commerce Department. The Department
reports this Jan. 19 and adds:
During the five-year period 1909-1913, the study shows, Brazil accounted
the
for 69.8% of world coffee exports while during the period 1924-1928
Brazilian ratio averaged less than 61%. This decline in Brazil's ratio
by changes in the relative positions of other coffee exhas been accompanied
porting countries. In the pre-war period, for example, Venezuela ranked
Colombia
next to Brazil and accounted for 4.7% of the world's coffee, while
followed with 4.3%. Figures for 1924-1928 show in that period Colombia
with coffee exports amounting to 10.1% of the
had risen to second place
from seventh
world total while the Netherland East Indies had advancqd
to third place, accounting for 6%.
of coffee in the period 1909-1913,
The average annual world exportation
for the
according to the study, was over 18 million bags, while the average
amount, Brazilian
postwar period exceeded 23 million bags. Of this latter
coffee accounted for 14 million bags.
making inroads on
The so-called "mild" coffees, the study reveals, are
with Brazil's policy
Brazil's export trade. This development, together
brought about a situaof retaining coffee under the coffee defence plan, has
of disposing of accumulated
tion where the country is faced with the problem
bags.
stocks, which on July 1 last were reported to be 23,686,000
among the coffees exporting
Probably the most interesting development
group which during 1924countries, it is pointed out, is that of the African
of coffee, or 3.1% of the world total.
1928 accounted for 708,000 bags
coffee exports from Africa averaged
During the pre-war period reviewed
factors entering into this African coffee
only 182,000 bags. Most of the
in the volume exported, amounting
trade manifested extraordinary progress
a gain of more than 800%•
in the case of British East Africa to
as Trade Pro"The World's Exports of Coffee" is issued
110. Copies may be obtained for ten
motion Series No.
Bureau of Foreign and
cents from any branch office of the
Commerce or from the Superintendent of DocuDomestic
ments, Washington, D. C.
-Attacks on Proration
Petroleum and Its Products
Increase
Allowances in Oklahoma City Fields
Immediate Action on Tariff Plea
Possibility of
Faint-California Production Rises.
happenings
Conflicting developments featured the week's
industry. The refined products markets
in the petroleum
same
firmed up but the crude oil situation remained in the
is
chaotic condition. The outlook for crude oil producers
[VOL. 132.
extremely bearish due to several unfavorable news developments during the week.
Attacks on the proration schedules in the Oklahoma City
fields continue with a prominent figure in the oil industry
stating that curtailment in that area has been too severe
and allowable production should be increased. Claims that
wells have been damaged beyond repair because of restrictions necessary because of proration allowable outputs have
been advanced. The petitions filed by several operators in
the Oklahoma City field for substantial increases in the
allowable outptit is scheduled to be heard before the State
Corporation Commission Monday and interest is keen as to
what decision the commission will reach.
If these operators are successful in having their allowable
output increased, it is logical to suppose that other operators
in that area will demand the same privileges. With wells
opened to full potential, the resultant increase in crude oil
output would have an extremely unfavorable effect on the
crude market in the mid-continent area. Prices in that
section are not any too firmly established now and any
sudden increase in production would almost certainly be
reflected in price reductions.
As a result of the charges that have been current for some
time that discrimination has been practiced by field umpires
in fixing allowable production figures Governor Murray, of
Oklahoma, has requested full information on prorationing
methods from the commission. Governor Murray asked for
facts concerning the operation of oil curb rules, their enforcement or lack of enforcement and the effect of the curb on
economic conditions in Oklahoma.
Ralph Arnold, Chairman of the California delegation to
the Governor's oil relief conference held in Washington recently stated that the Administration had not placed itself
on record as opposing an oil tariff.
However, in spite of this statement it is practically a certainty that there will not be any oil embargo or tariff passed
during the present session of Congress. There is only a very
faint chance of any action being taken on this question in the
extra session that appears inevitable. Therefore, it appears
as though it will be at least one year and probably longer
before the industry can expect any aid from the Federal
Government as far as a tariff is concerned.
An unexpected increase in the Elwood fields caused California production to reach daily average output of 540,500
barrels. Recompletion of a well in the Elwood area caused
the unexpected gain there. Had it not been for this unfortunate development, the Pacific Coast output would have
dropped below the 530,000 barrel program as announced.
Whether the California operators will be successful in their
campaign to reduce output to the fixed allowable of 500,000
is problematical. Their efforts are being watched with keen
interest by the industry as any price changes in the Pacific
Coast area would undoubtedly affect other fields.
There were no price changes posted.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P.I. degrees are not shown.)
$2.15 Sllindletop. Texas, below 25
Bradford, Pa
1.15 Winkler, Texas, below 25
Corning, Ohio
1.05 Smackover, Ark., 24 and over
Cabell, W. Vs
1.30 Smackover, Ark.. below 2
Illinois
1.15 Eldorado, Ark., 40
Western Kentucky
.98 Urania. La
Micloontinent. Okla., 37
.75 Salt Creek, Wvo., 37
Corsicana. Texas. heavy
.67 Sunburst, Mont
Hutchinson, Texas.40
1.65 Artesia, N. Mex
Kettleman Hills. 55
1.10 Santa Fe Springs. Calif.. 33
Kettleman Hills. 35-39.9
1.35 Midway-Sunset, Calif.. 22
Kettleman Hills, 40-49.9
1.60 Huntington, Calif., 26
Kettleman Hills, 50-54.9
.75 Ventura, Calif. 26
Luling, Texas
.80 Petrone. Canada
Spindletop.Texas,grade A
5.59
.55
.70
.70
1.07
.75
.98
1.55
.75
1.48
.94
1.22
1,15
1.50
--DE-MARKET OUTLOOK IMPROVES
REFINED PRODUCTS
-KEROSENE
MAND FOR REFINERY GASOLINE GAINS
FIRMER-MINOR PRODUCTS STRONGER.
Under the stimulating influence of a strengthening market
for refinery gasoline, the refined products market has shown
considerable firmness. Improved demand in the Chicago
and Mid-Continent bulk gasoline markets was echoed by like
improvement in the Eastern territory. Other products
firmed up in sympathy with gasoline and the market outlook
is moderately bullish.
Demand for gasoline has picked up considerably, influenced both by the improving tone of the market and the
increase in consumption. The weather has been extremely
favorable and this factor has been reflected in good demand
for this season of the year developing. Prices are firm in New
York at 7c. a gallon with one factor asking 73c. a gallon.
While the present price level means that the refiner loses
money on each sale, the possibility of further markups in the
immediate future is faint. It is thought that no attempt to
increase prices will be made until the market is stabilized
JAN. 24 1931.]
FINANCIAL CHRONICLE
and it is probable that no such steps will be taken until the
spring •period of heavy consumption arrives.
Kerosene shared the general improvement of the market
and firming up for 41.43 water white, in tank cars at the
refineries was noted. While price cutting still remains a
market factor, distress offerings are not as free as they have
been formerly. Jobbing demand featured the market and it
is thought likely that the price will be firmly established at
63/2c. a gallon in the near future.
The kerosene tank wagon market also showed a considerable increase in demand and marketeers expect this increase
in gallonage to be maintained. Prices are firm and any
revisions will probably be upward.
Fuel oils were featured by an increase in spot business in
Bunker grade "C." Contract movements of this oil were
also well maintained. Although stocks have been substantially reduced the price structure is not yet stabilized at the
$1.05 a barrel, in bulk at the refinery terminals, level.
Movements of Diesel oil are heavy with refiners quoting
at $1.85 a barrel, in bulk at refinery terminals. This product is in a good spot to benefit from any improvement in the
crude oil markets as the recent 150. a barrel cut adjusted the
spread between the lowered crude prices and the refined
product.
Price changes follow:
Jan. 19
-Standard Oil of New York and Warner-Quinlan advanced the
tank wagon price of gasoline 1c. a gallon throughout the New York and
New England territory. Advance is to meet increase posted last week by
several companies and has no effect on retail prices.
Gasoline, Li. S. Motor. Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)-Carson Pet_$.07
California_ _ _$.0614-.06 g
N. Y.
Stand.011, N.J__$,07
Colonial-Beacon... .07
Los Angeles,ex.
.04&.07
?Stand. Oil. N. Y__ .07
Sinclair Ref
Gulf Coast. ex .054-.05g
.07
0414-M4g North Lo utilana.04 St-.05 g
Tide Water 011Co. .07
Chicago
Richfield Oil Co-. .073 NewOrleans es 0554-.05g North Texas__ .O45F.043
Oklahoma.. .04-.O5
g-.05
Arkansas
0434-.05
Warner-Quinl'nCo .07
Pan-Am. Pet. Co. .07
Pennsylvania
K
Shell Eastern Pet_ .07
tPlus freight.
Gasoline, Service Station. Tax Included.
New York
$ 17 Minneapolis
$.153 Cincinnati
$.182
Atlanta
.17 New Orleans
Cleveland
185
Baltimore
.15 Philadelphia
.162 Denver
19
Boston
185 Detroit
178 San Francisco
21
Buffalo
.19 Spokane
.158 Houston
2
.19 Si. Louis
159
Chicago
.17 Jacksonville
Kansas City
.169 Toledo
15
Kerosene, 41-43 Water White Tank Car Lots F.O.B. Refinery.
N.Y.(Bayonne)3.0614-.0612 Chicago
$.03-.03i New Orleans. ex__-_$ 051(
North Texas
03-.034'Loa Angeles, ex.045-.06 Tian
03-.035
Oil, F.0.13. Refinery or Terminal.
Fuel
New York(Bayonne)- 'Los Angeles 2713 plus
I Gulf Coast "C-__ $.65-.70
Bunker "C"
$1.05
$.80-l.05 Chicago 18-2213.57g-.6214
Diesel 28-30D
1.85 New Orl'ne 18-20 D .70-.751
Gas 011, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)!Chicago1Tulsa28D plus...3.043j-.05)i
32-3613 Ind-S.02
-.02g' 32-361) Ind __$.02-.02(
573
Gross Crude Oil Stock Changes for December 1930.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains decreased 2,896,360 barrels
in the month of December 1930, according to returns compiled by the American Petroleum Institute from reports
made to it by representative companies. The net change
shown by the reporting companies accounts for the increases
and decreases in general crude oil stocks, including crude oil
in transit, but not producers' stocks at the wells.
Crude Oil Putput for Week Ended Jan. 17 1931 Continues Below That for the Corresponding Period
in 1930, But Exceeds That for the Preceding Week.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended Jan. 17 1931, was 2,094,000
barrels, as compared with 2,084,900 barrels for the preceding
week, an increase of 9,100 barrels. Compared with the
output for the week ended Jan. 18 1930, of 2,661,650 barrels
per day, the current figure represents a decrease of 567,650.
The daily average production East of California for the
week ended Jan. 17 1931, was 1,551,600 barrels, as compared with 1,546,400 barrels for the preceding week, an
increase of 5,200 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN SAP.FtELS.)
Weeks EndedJan. 17'31. Jan. 10'31. Jan. 3'31. Jan. 1830.
Oklahoma
441,150
457,300
448,900
694,050
ICBMs
105,750
107,550
108,300
111,250
Panhandle Team
54,150
57,450
54,000
87,850
North Texas
60,350
59.700
58,300
85,550
West Central Texas
27,200
25,500
28,000
55,400
West Texas
246,550
;238,150
235,850
339,350
East Central Texas
43,150
40,400
40,850
20,550
Southwest Texas
78,850
79,800
77,300
93,900
North Louisiana
40,550
41,150
41.750
37,400
Arkansas
51,000
51,050
49,750
57,500
Coastal Texas
163,000
156,850
158,400
151,100
Coastal Louisiana
29,150
28,900
27,850
20,250
Eastern (not incl. Michigan).99,500
101,500
103.750
127,500
Michigan
9,650
9,950
9,550
15,050
Wyoming
43,750
42,350
48,550
45,200
Montana
7,100
7,100
7,600
9,800
Colorado
4,100
4,100
4,150
4,950
New Mexico
43,150
41,000
41,750
9,700
California
542,400
538,500
537,500
695,300
Total
2,094,000 2,084,900
2,082,100 2,661,650
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North. West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Jan. 17, was 1,152,200 barrels, as compared with 1,154,650 barrels for the preceding week, a decrease of 2,450 barrels. The MidContinent production, excluding Smackover (Arkansas), heavy oil, was
1,118,100 barrels, as compared with 1,120,550 barrels, a decrease of 2,450
barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow;
Weekly Refinery Statistics for the United States.
-Week Ended-Week Ended
OklahomaJan.17. Jan.10.
Southwest TexasJan.17. Jan.10.
Reports compiled by the American Petroleum Institute Bowlegs
11,650 12,450 Chapmann-Abbott
5,250 5,300
11,000 10,900 Darst Creek
for the week ended Jan. 17 1931,from companies aggregating Bristow-Slick
31,900 31.700
Burbank
13,700 13,700 Luling
9,750 9,750
3,571,200 barrels, or 95.7% of the 3,730,100 barrel estimated Carr City
13,700 12,250 Salt Flat
14,200 15,250
Earisboro
18,250 17,250
daily potential refining capacity of the United States, indi- East Earisboro
North Louisiana19,000 16,600
South Earlsboro
7,450
7,500 Sarepta-Carterville
2,000 1,900
cate that 2,218;300 barrels of crude oil were run to stills 1Conawa
16,300 16,300 2wolle
6,950 7,650
23,150 21,250
daily and that these same companies had in storage at re- Little River
East Little River
10,350 10,300
Arkansas
-fineries at the end of the week 40,384,000 barrels of gasoline Maud
2,750 2,500 Smackover, light
4,500 4,550
Mission
7,850 5,100 Smackover,heavy
34,100 34,100
and 133,728,000 barrels of gas and fuel oil. Reports re- Oklahoma City
70,300 94,800
Coastal Texas
St. Louis
20,100 19,350 Barber's Hill
ceived on the production of gasoline by the cracking process
22,450 19,500
Searight
7,750 5,500 Raecoon Bend
8,450 8,600
indicate that companies owning 86.3% of the potential Seminole
12,550 13,500 Refugio County
30,100 29,900
1,950
1,700 Sugarland
12,300 12,000
of all cracking units manufactured 2,475,- East Seminole
charging capacity
Coastal Louisiana
KansasEast Hackberry
3,800 4,650
000 barrels of cracked gasoline during the week. The Eledgulok County
18,250 19,100 Old Ilackberry
850
850
report for the week ended Jan. 17 1931, follows:
Voshell
16,100 11,550
Wyoming
Salt Creek
24,850 23,100
Panhandle Texas
Montana
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
Gray County
43,700 41,450 Kevin-Sunburst
4,450 4,450
WEEK ENDED JAN. 17 1931.
Hutchinson County__ 8,250 8,100
New Mexico
(Figures in Barrels of 42 Gallons.)
Hobbs High
32,750 30,300
North Texas
Balance Lea County
8,300 8.150
Archer County
12,000 12,000
California
Per Cent
Per Cent
Gas
North Young County... 7,500 8,000 Elwood-Goleta
38,300 31.500
Potential
Crude
OPer.
and
Wilbarger County
13,100 13,350 Huntington Beach
22,600 22.000
District.
Capacity
Runs
of Total
Gasoline
Fuel
14,000 15,000
Inglewood
to
ReportCapacity
Stocks.
01J
West Central Texas
22,100 22,500
Kettleman Hills
ng Dully
Mills.
Report.
Stocks.
South Young County_ 2,200 2,150 Long Beach
94,300 92,300
53,600 56,000
Midway-Sunset
100.0
East Coast
3,263,000
76.1
6,177,000
8,553,000
West Texas
36,500 37,700
Playa Del Ray
Appalachian
93.8
596,000
64.2
1,131,000
1,053,000 Crane et Upton Counties 28,250 28,350 Santa Fe Springs
71,600 72,800
Ind., Illinois, Kentucky 97.5
1,744,000
65.4
4,545,000
3,215,000 Ector County
17.300 16,500
7.400 Seal Beach
8,700
89.4
Okla., Kansas, Mo
1,563,000
54.2
2,704,000
3,856,000 Howard County
44,300 44,400
26,800 21,700 Ventura Avenue
91.9
Texas
3,795,000
72.9
7,152,000
10,518,000 Reagan County
Pennsylvania Grade23,900 23,500
Louisiana-Arkansas.- 98.3
956.000
52.1
1,603,000
2,334,000 Winkler County
6.150 6.200
51,700 52,550 AlleR1117
93.1
Rocky Mountain
284,000
29.1
1,652,000
978,000 'Y ates
21,100 21,500
89,400 Bradford
98.8
California
3,327,000
53.5
15,420,000 103,221,000 Balance Pecos County._ 92,000 3,700 Kane to Butler
6,500 6.600
3,800
6,650 6,650
Southeastern Ohio
95.7
15,528,000
Total week Jan. 17
62.1
40,384,000 133.728,000
Southwestern Penna
East Central Texas
3,350 3,400
2,218,300
Daily average
Van Zan& County
27,700 27,300 West Virginia
12,750 13,150
15,017,000
Total week Jan. 10.. 95.7
60.1
39,583,000 134,508,004)
2,145,300
Daily average
1
xTotal Jan. 181930..
Daily average
95.5
17,798,000
2,542,600
73.0
45,213,000
141,989,000
2,931,000
yTexas Gulf Coast.- _ 100.0
79.1
5,819,000
8,024,000
wr.-misiana Gulf Coast. 100.0
666,000
64.5
1.353000
t1110000
x Total figures for last year are not comparable with this year's totals because of
capacity reporting. y Included above In table for week
difference in Percentage
ended Jan. 10 1931 of their respective districts,
-All crude runs to stills and stocks figures follow exactly the present Bureau
Note.
of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
stills Include both foreign and domestic crude.
Crude Oil Output in Venezuela Lower in 1930.
According to O'Shaughnessy's Weekly Oil Bulletin, the
estimated production of crude oil in Venezuela amounted in
the calendar year to 135,910,108 barrels (of 42 gallons each)
and shipments 133,466,475 barrels, as against a total of
137,388,270 barrels produced and 132,822,746 barrels shipped during the preceding twelve months, and 106,651,481
barrels produced and 99,294,820 barrels shipped in the
calendar year 1928.
Production in the month of December 1930 amounted to
10,492,030 barrels of crude oil (a daily average of 338,453
barrels) and compares with 10,910,501 barrels (a daily average of 363,683 barrels) in the preceding month and 12,181,932
barrels (a daily average of 392,966 barrels) in December
1929. Estimated shipment§ in December 1930 totaled
10,703,603 barrels, as against 11,133,811 barrels in the previous month and 11,929,074 barrels in Dec. 1929. The bulletin further shows:
quotas had the approval of Sir Cecil Clementi, High Commissioner of the Federated Malay States, and that the
Malayan Government had been assured the support of a
great majority of Malayan companies as well as individual producers, both British and Chinese, in Malaya.
The Dutch East Indies, Bolivian and Nigerian Governments had already approved the scheme and were in complete agreement regarding its operation. The statement
was issued with the approval of the council of the Tin
Producers Association. Sir Philip pointed out:
(1) That the international agreement will remain in force two years;
(2) That the quota ratio allotted to Malaya was on equal terms with
the aggregate allotted to the three countries already signatories to the
agreement;
(3) The essence of the agreement is correlation of world production
to consumption and gradual reduction of the existing excessive stocks so
that producers may definitely count on a better price.
PRODUCTION IN VENEZUELA (PARTLY ESTIMATED) IN BARRELS OF
42 GALLONS.
Dec. 1929. Per Day.
Dec. 1930. Per Day.
Company-
3,108,730
2,960,613
1.960.350
1,096.589
702.137
498,808
159,053
7,750
By Fields-
3,901,783
3,266,925
2,481.700
1,666,901
675,000
125,864
105,385
80.055
53,771
21.774
162,123
27,500
5,230
887
338.453
12,181.932
392,966
5,921.809
2.022,755
31,520
462.583
43,163
1,096,589
498,808
159,053
248,000
7,750
Total
Lagunillas
La Rosa-Ambrosio
Benitez
Concepcion
La Paz
Mono Grande
Terra
El Mena
Quiriquire
Guanoco
100,21.6
95,504
63,237
35,374
22,650
16,091
5,131
250
10,492,030
IAgo
Gulf
Caribbean Pet
Creole Pet
Colon Oil
B. C.0. Ltd
General Asphalt
191,026
65,250
1,017
14,922
1,392
35.374
16,091
5.131
8,000
250
7.157,902
3,163,506
4,000
230,900
102,049
129
1,666.901
53.771
162,123
5,230
27,500
887
10.492,030 338.453 12.181.932 392,966
Total
VENEZUELA SHIPMENTS (BARRELS OF 42 GALLONS).
Dec.'30. Nov.'30.
Month of
Dee.'30.
Month ofV.O.C
Lago
Gulf
Caribbean Pet.___
3,285,350 3,290,200 Creole Pet
3,508.686 3,364,011 Colon Oil
1,347,000 1,710.000 B.C.0.Ltd
1,124,000 1,490.000 General Asphalt
Total
a Equivalent to about 345,273 barrels per day.
735.200
388.319
155,700
None.
787,700
484,600
166,267
None.
210,703,603y11,133,811
y Equivalent to about
371,127 barrels per day.
•
VENEZUELAN PRODUCTION AND SHIPMENTS IN CALENDAR
YEARS 1930 AND 1929 BY COMPANIES (PRELIMINARY).
(BARRELS OF 42 GALLONS.)
Shipments
Production
Company
V. 0. C
Lago
Gulf
Creole
Caribbean Pet
Colon
B. C. 0. Ltd
General Asphalt
Tucoyo
[Vol.. 132.
FINANCIAL CHRONICLE
574
1930.
1929.
1930.
39,870,502 45.294.900 40,199,142
a38,059.523 36.737,656 41.249,370
23,092,000 29,967,728 23,553,000
6,847.796""
20.080.014 15,374,040 b15.721.125
4,692,518
4,945,925
1,849.123
1,944,702
2.041,673
210,540
243.322
426,000
105.500
106,324
1929.
49,009,866
32,283,724
29,360,014
12,440,954
2,005,188
273.000
135.190.108 137,388,270 133.466.475 132.822.746
Total
a Including Unity Pet., 19,399 barrels. b Crude only.
Production of Copper Fell Off in 1930.
According to revised figures of the American Bureau.of
Metal Statistics and published in the "Wall Street Journal,"
reports show that world production of copper ill 1930, but
subject to further revision, was 1,769,635 short tons, on the
basis of fine copper in blister and its equivalent, exclusive of
about 37,000 tons of secondary copper that entered into
blister production in the United States. This compares with
2,104,110 tons in 1929. The 1930 output is greater than
monthly totals would have indicated as certain estimates
proved too low, especially in the case of Russia and Africa.
The "Journal" also says:
Malaya had delayed in finally adopting the agreement,
Sir Philip stated, possibly without full appreciation of the
continuous efforts exerted to make the worldwide scheme
possible. He urged that no particular interests or prejudices be allowed to imperil the scheme aiming at permanent reinstatement of this vital industry. Minority
dissent must always be expected to any proposal, however
good, he added, but the history of every international
agreement showed that once interested parties get together they draw closer and perfect the scheme as they
proceed.
Production and Shipments of Portland Cement in 1930
Lower Than in Preceding Year.
According to the United States Bureau of Mines, Department of Commerce, the Portland cement industry in December 1930 produced 8,480,000 barrels, shipped 5,688,000
barrels from the mills and had in stock at the end of the
month 25,848,000 barrels. Production of Portland cement
in December 1930 showed a decrease of 24.4% and shipments a decrease of 4.4%, as compared with December 1929.
Portland cement stocks at the mills were 9.8% higher than
a year ago. The preliminary totals for 1930 show decreases
of 5.7% in production and 6.5% in shipments from the final
totals for 1929.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 165 plants both at the close
of December 1930 and of December 1929. The estimates
include increased capacity due to extensions and improvements during the period.
World output in December 1930 came to 136,252 tons according to the
Bureau, and compares with the November output of 139.914 tons and
October of 152,544 tons. The Bureau points out that these figures are not
strictly comparable as the December reports were more complete than for
earlier months in 1930, making items "Other Europe" and "Elsewhere" as
well as the world totals for those months too low.
The following table gives In short tons world output by months and the
revised total for the various countries as determined by the Bureau, which
also points out that the irregularity of the monthly totals for Australia Is
ascribable to intermittent operation of two of the smelters in that country.
In the following table the output is ascribed to the place ofsmelting and no
attempt has been made to trace the ore to point oforigin.
-Dec.
Dec.
Oct.
Nov.
Sept.
Jan.
60,022
70,419
2820,000
64,816
68,487
United States
5,403
58.535
4,656
3,955
5.078
Mexico
8,573
113,004
7,678
12,015
9,508
Canada
20,752
280,554
22,580
27,836
26,374
Chile and Peru
87,924
7,631
7.196
7,601
7,590
Japan
1.535
1,020
14,658
595
1,832
Australia
65.060
6.419
5,798
6,017
5,429
Germany
13,000
2152,9(10
11.300
11,600
11,500
Europe_x
Other
14,000
14,300
14,500
a177,000
14300
Elsewhere
152,405
152,544
139,914
136,252 y1,769,635
75.7%
65.2%
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN DECEMBER 1929 AND 1930.
(In thousands of barrels)
Prague:ties.
December
District.
1929.
Eastern Pa., N. J. and Md
New York and Maine
Ohio, Western Pa. and W. Vs_
ktlehtgan
Wis., IL., Ind. and Ey
Pe., Tenn., Ala., Oa.. Fla. & LaNast. Mo.. L.. Minn. & 8. DakW.Mo,Neb., Kane., Okla.& Ark
Taus
0oIo., Mont., Utah, Wyo.& Ida
Cailtarnta
Oregon & Washington
1930.
Skimmers.
December
Stocts at End
at Month.
1930.
1929.
1930.
1929.
1.939
716
769
614
984
680
906
700
392
31
531
215
1,366
294
511
246
429
821
273
529
450
Si
813
138
1,469
364
467
245
394
648
337
367
362
46
755
234
11.215
Teal
2,479
731
940
1,008
1,445
905
993
976
593
84
913
148
8,480
5.951
5.688 23.538 25.848
5,193
1,555
3,035
2,434
2,943
1,641
2,595
1,459
813
450
947
467
4,991
1,748
3,587
3,091
3,512
1,7'S)
2,6E13
2,095
799
323
876
524
PRODUCTION. SIIIPHENTS AND STOCKS 01 MISR= PORTLAND
CEMINT sy mom-1m IN 1923 AND 1980(IN THOUS. OP BARREILIO•
Predation.
Mote.
Suds ai tad of
Meath
ittranass.
1928.
1930.
1999.
January
February
Marek
AprU
Itity
jaw
July
Avert
September
0Mobs,
November
Dessenbar
9,881
8,522
9.969
13,750
10.151
16.803
17.315
18.585
17.223
16.731
14.053
11,215
8,498
8,162
11,225
13,521
17.249
17.239
17.078
17.931
18.124
14,410
11.098
8,480
11.707
5,448
10,113
13,325
16,706
18.949
20,319
23.052
19,950
18.695
11,222
5,951
Total
170.198
160,905
169.437
1930._
co
65.4%
64.2%
cf;
0
Malayan Government Approves Tin Export Quota Plan
Joins Dutch East Indies, Bolivia and Nigeria in Assenting to Restriction Scheme.
Sir Philip Cuniffe Lister, Chairman of the Tin Producers Association, announced this week that the scheme
for regulating tin output by a system of international
51.7%
62.6%
38.2%
61.5%
61.5%
66.4%
oc
copper In countries
Partly estimated. Includes production of blister Great Britain are the other
more
than Germany, whereof Spain, Russia, Jugoslavia and
secondimportant. y Partly estlinated, except as to December. z Revised totals,
Revised totals.
ary excluded. a
Dec. 1929. Dee, 1930. Nov. 1930. Oct. 1930. Sept. 1930.
The month
The 12 months ended_,
00*—
et go. :1MI
World's total
RELATION OF PRODUCTION TO CAPACITY.
1929.
1930.
26,797
29,870
29.724
30.151
29.024
27.505
24.525
20.056
17.323
15.38 i
18,213
23,538
27,681
28.249
30.648
30.1467
30891
29.364
26,289
23.824
21.889
20.697
a28.056
25,848
158.744
•
Rewind.
-The statistics here presented are compiled from reports for December,
Note.
received by the Bureau of Mines from all manufacturing plants except two. for
which estimates have been included in lieu of actual returns.
JAN. 24 1931.]
FINANCIAL CHRONICLE
The Non-Ferrous Metals
-Export Copper Bookings Fair
Domestic Lead and Zinc Business Is Dull-Silver
Firmer.
Except for some
afair buying of copper for export, the
base metals passgd through another uneventf
ul week.
Domestic business in copper, lead and zinc was
dull, while
tin showed a little life just before the close
on the assumption that news of the general ratification
of the latest
stabilization scheme might have a bullish influence on the
situation, temporarily at least, Metal and Mineral Markets reports. Silver attracted wide interest and closed
quite firm on buying for India and covering by shorts. It
is added.
The domestic copper situation still hinges on the movement
of copper into
consumptive channels. In one or two directions, specificati
ons have been
coming through on a slightly larger scale, but
in general the call for
fabricated copper products remains anything but satisfactor
y. The in.
creased activity in automotive centers was largely responsible
for what
little improvement in the demand has taken place in
the last few weeks.
The electrical industry appears to be doing very little
at this time.
The extremely active lead market of a week
ago was short-lived the last
week's sales reported by all sellers being comparatively
small, though well
above the business done throughout December.
It now seems apparent
that lead sales for January shipment may drop even
below the December
level, which was the lowest month in 1930. Actual business
booked this
month, however, is already well above December. Prices
are entirely unchanged at 4.55 cents St. Louis, and 4.75 cents New
York.
The market for zinc was quiet throughout the
week and prices were
virtually unchanged. Scattered business was booked
on several occasions
at a slight premium as well as a slight discount from
the 4 cents basis,
with a tendency toward asking 4.025 cents on May
forward. Tin was
firmer.
Steel Production Shows Further Improvement-Price
Unchanged.
Iron and steel demand continues to gain, but at a slow
pace, says the "Iron Age" of Jan. 22. Inventory replenishment has failed to bring in as much business as was expected
and seasonal requirements are not only subnormal but tardy
in maturing. Gradual improvement is reported in the operations of various lines of manufacture consuming iron and
steel, but the upturn to date has been too small to warrant
much of an expansion of their raw material supplies. In
the construction field there has been a further piling up of
prospective tonnage, much of it public work, but the placing
of actual contracts is proceeding slowly. Railroad equipment programs are being postponed, and rail specifications,
ordinarily heavy at this season, are lagging at Chicago,
although in good volume in the South. Tin plate releases
are supporting a 60% mill operation, but the rate of further
improvement in output is in doubt, since recent specifications are predominantly for spring shipment. The "Age"
•
Is further quoted as follows:
1930
1929
1928
1927
1926
1925
575
MA.
$18.21 Jan. 7
18.71 May 14
18.59 Nov. 27
19.71 Jan. 4
21.54 Jan. 5
22.50 .Jan. 13
Low.
$15.90 Dec. 16
18.21 Dec. 17
17.04 July 24
17.54 Nov. 1
19.46. July 13
18.96 July 7
Steel Scrap.
Jan. 20 1931. $11.33 a Gross Ton.
Based on heavy melting steel quoOne week ago
$11.33
tations at Pittsburgh. Philadelphia
One month ago
11.25 and Chicago.
One year ago
14.50
High.
Law.
1930
$15.00 Feb. 18
$11.42 Dee. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
1926
17.25 Jan. 5
14.00 June 1
1925
20.83 Jan. 13
15.08 May 6
Steelworks operations have increased for the•fourth consecutive week, now being 46-47%, and bookings in the past
week exceeded shipments, reports "Steel" this week (Jan.
22). This improvement, however, is tempered by a more
uneven distribution of demand, and there are indications
that sentiment has over-run actual progress. "Steel" further
goes on to say:
Minus the impetus derived from releases of material suspended
before
the holidays, the steel markets have settled down
to the basis of absolute
current requirements. Most consumers of steel have
yet to see their own
products moving faster, though no less confident
this nears, and thus have
had no occasion to reorder.
As a result, market activity is supplied chiefly
by continued heavy
awards of building steel, the cleanup of
track material requirements of
the railroads, and several large domestic
pipe contracts. Inevitably the
situation is spotty, and since sentiment is not entered
on mill order books,
the contrast between expectation and reality
is more marked.
The slower rate of gain both in production
and bookings has not disturbed the underlying belief that the worst
is past, nor has it appreciably
affected prime. Most users having covered prior
to the advance for this
quarter, price is a minor factor now. Vigorous
buying, however, is always
a support for prices and the abstinence of buyers
sometimes is harmful.
Structural steel awards this week, at 31,592
tons, exceed both the 227,383
tons of last week and 30,020 tons of a year ago. For
1931 to date structural
orders have totaled 114,741 tons; for 1930, 89,267
tons. The most noteworthy letting was 15,000 tons for an elevated
highway in New York, with
20,000 tons for this project active and 10,000 tons
still to come out.
New rail business includes 85,100 tons for the Southern,
with the Rock
Island and Illinois Central prospective buyers of 60,000
tons, the St. Paul
of 35,000 tons, and the Nickel Plate of 18,000 tons. Bids
are in on New
York Central and Pennsylvania track fastenings which, with
other inquiry,
aggregate 35,000 tons.
An export inquiry for steel pipe, noted last week as 40,000
to 50,000
tons, now assumes the proportions of 160,000 to 180,000 tons, being
for
a line from Bagdad to a Mediterranean port. Since foreign as well
as
American oil companies will participate, European competitio
n may be
keen. National Tube Co. will roll at Lorain and Gary most of the 80,000
'tons it has booked for the Continental Construction Go. The Columbia
Gas
& Electric Co. award of 30,000 tons to Youngstown Sheet &
Tube Co. does
not entirely cover its requirements.
Specifications for strip are slightly improved at Pittsburgh
. Only at
Chicago, where jobbers are more active, is a gain reported
in wire products.
Sheet makers at Pittsburgh are moderately encouraged
by automotive specifications, but the situation is not yet clarified.
Bars are slow in all
districts, owing to the automotive lethargy.
Plate prices appear somewhat
firmer in the East than in the Middle West Tin
plate production is now
up to 60%.
January shipments of pig iron in most districts
show an increase over
December. Some melters who have not cover,
are buying spot lots in
preference to contracting. Coke is dull even for
heating purposes. The
scrap market is more uncertain, there being more
price declines than advances
this week, but few of each.
By districts, steelmaking operations are
off two points this week at
Cleveland, to 48%, and unchanged at Pittsburgh
at 45%: In all other
districts slight gains have been registered, with
Birmingham now at 60%,
Youngstown 48%, Chicago 40-45, Buffalo 45
and eastern Pennsylvania
47-48.
Virtually all market developments point to a gradual, rather
than a
rapid, recovery in Iron and steel business, whether that recovery
prove
to be cyclical or merely seasonal.
Steel ingot production for the country at large now averages about 46%,
compared with 44% a week ago. Several steel works blast furnaces that
were banked in December have been put back into service, among them
one in the Chicago district and one in the Valleys. Five open-heart
h
furnaces have been placed in operation at Ensley, Ala., raising steel output
In the South to the highest level since September 1930.
The iron and steel trade has derived more encouragement from
the
diversity of outlets showing a pickup in activity than from the extent
of
that improvement or the amount of tonnage it represents. Makers
of roadFollowing last week's rise, the first in six
making machinery, farm equipment, washing machines, electrical
refrigmonths, "Steel's" market
erators, and general machinery are among those increasing their
composite is unchanged at $31.73.
operations.
A survey of a large group of metal-working plants in Cleveland disclosed
Steel ingot production of the United States
Steel Corp.
that 80% of their normal working forces are now employed, although
many in the
week ended last Monday, (Jan. 19) is estimated at
of the men are on part time.
One of the most heartening developments of the week, because
of its nearly 48% of theoretical capacity, an increase of 4% over
bearing on manufacturing activity in general, was a noticeable
improve- the preceding seven days when
the figure was a shade under
ment in machine tool sales, particularly at New York, Cleveland
and Mil- 44%,
reports the "Wall Street Journal" of Jan. 20. Two
waukee. Some of the ordera placed were against inquiries on which
action
had been delayed for several months, while others came out of a clear
weeks ago the corporation was at 43%. The Journal
sky.
adds:
Among the larger outlets for iron and steel, the automobile
industry
Leading independents show an increase of
continues to show moderate improvement in operations.
abont 5% for the past week.
Production of with a rate of around 42%,
against 37% in the previous week and 32%
motor vehicles in the United States and Canada in January
will probably two weeks ago.
total at least 175,000 units. With most manufacturers
regulating their
For the industry the average is placed
schedules in close conformity with retail sales, the outlook
at better than 441
/ of capacity,
2
%
for succeeding contrasted with around
40% in the preceding week and nearly 37% two
months is in doubt, although the common expectation
is for a gradual weeks ago.
upswing, reaching a peak in May.
Upturns in the week ended last Monday were slightly
The "Iron Age" composite prices on finished steel, pig iron
higher than those
and steel recorded in the corresponding
week of 1930. In that period the Steel
scrap are unchanged this week. Finished steel is 2.142c.
a pound, pig iron Corp. reported a
gain of 5% to 72%, while independents were up
$15.90 a gross ton, and steel scrap $11.33 a gross ton.
slightly
A comparative better than 3% to 67%,
and the average was around 69%, an increase of
table follows:
nearly 4%.
Finished Steel.
In the same week of 1929 the Steel Corp. was at
Jan. 20 1931, 2.1420.& Lb
IB5sei on steel bars, beams, tank plates.
1
85%, with leading
One week ago
w e, rails, black pipe
independents around 82%, and the average was about
83%. About the
One month ago
2.121e. These products make and sheets. middle
87% of the
of January in 1928, the Steel Corp. was running at
2 312c.J United States output.
One year ago
83%, with
leading independents at 72% and the average was
77%.
High.
Lots.
2 362e. Jan. 7
1930
2.121c. Dee. 9
2 412e. Apr. 2
1929
2.362e, Oct. 20
2.3910. Dec. 11
1928
2.314o. Jan. 3 Anthracite Shipments in Decemb
2 4530. Jan. 4
1927
er 1930 Lower than
2.293e. Oct. 25
3.453e. Jan. 5
1926
in Corresponding Month in 1929.
2.403e. May 18
2.560o. Jan. 6
1925
2.396e. Aug. 18
Shipments of anthracite for the month of December
pia Iron.
1930,
Jan. 20 1931. $16.90 a Gross Ton. lBaaed on average of basis iron at Valley as reported to the Anthracite Bureau
of Information, PhilaOne week ago
$15.90L furnace and foundry irons at Chicago,
One month ego
15.
901 Philadelphia. Buffalo, Valley and !Br- delphia, amounted to 4,889,057 gross tons. This is
an in18.i7J mingham.
ow year ago
crease
as compared with shipments during the
preceding
576
month of November, of 689,010 tons, and when compared
with the month of December 1929, shows a decrease of
942,477 tons. Shipments for December 1929, were the
largest December shipments since 1922. Shipments by originating dalliers (in gross tons) are as follows:
Month ofLehigh*
Valley RR
Central RR.of N.J-Del. Lack.& West. RRD.& H. RR. Corp
Pennsylvania RR
Erie RR
N. Y. Ont. & West. Ry_
Lehigh & New Engl RRTotal
For... 132.
FINANCIAL CHRONICLE
Dec. 1930. Nov. 1930. Dec. 1929. Nov. 1929.
929,638 1,157.152 1,006.240
1,176.849
661,348
989.069
675,470
740,708
421,422
560,885
339,943
407,520
746,290
802.112
532,061
659,655
590,948
786,077
629,830
692,778
459.284
563.386
451,546
519.439
415,529
611.671
397,841
412,500
120.635
142,172
72,994
82,506
193,768
219,010
170,724
197,102
4,889,057 4,200,047 5,831,534 4,615,464
Production of Bituminous Coal and Pennsylvania
Anthracite Continues Below That for the Corresponding Period Last Year.
According to the United States Bureau of Mines, Department of Commerce, the estimated output of bituminous
coal and Pennsylvania anthracite during the week ended
Jan. 10 1931 continued below that for the same period in
1930. The production for the week under review was as
follows: 9,181,000 net tons of bituminous coal, 1,465,000
tons of Pennsylvania anthracite and 33,900 tons of beehive
coke. This compares with 11,166,000 tons of bituminous
coal, 1,564,000 tons of Pennsylvania anthracite and 73,100
tons of beehive coke in the week ended Jan. 11 1930, and
8,369,000 tons of bituminous coal, 1,097,000 tons of Pennsylvania anthracite and 35,800 tons of beehive coke in the
week ended Jan. 3 1931.
During the coal year to Jan. 10 1931 the estimated production of bituminous coal amounted to 348,996,000 net tons,
as against 410,082,000 tons in the coal year to Jan. 11 1930.
The Bureau's statement follows:
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Jan. 3 1931
is estimated at 8,369,000 net tons. The following table apportions the
tonnage by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Jan. 1923
Week Ended
3
State
-Jan. '31. Dec. 27'30. Jan. 4 '3071an. 5 '29. Average.a
434.000
355,000
351,000
204.000
253.000
Alabama
30,000
34,000
42,000
34,000
Arkansas
226,000
243,000
206,000
174,000
185,000
Colorado
1,105,000 1,096,000 1,125,000 1,322,000 2,111,000
Illinois
659,000
363,000
393,000
283,000
305,000
Indiana
140,000
88,000
74,000
79,000
78,000
Iowa
103.000
73,000
55,000
60,000
64,000
Kansas
Kentucky
607,000
812,000
974,000
498,000
689,000
Eastern
240,000
380,000
269,000
169,000
212,000
Western
55,000
54,000
49,000
32,000
43.000
Maryland
32,000
14,000
13,000
15,000
16,000
Michigan
87,000
86,000
82,000
68,000
71,000
Missouri
82,000
72,000
50,000
52,000
55,000
Montana
73,000
49,000
47,000
33.000
36,000
New Mexico---50,000
54,000
48,000
37,000
38,000
North Dakota
814,000
360,000
467,000
344.000
419,000
Ohio
63,000
93,000
72.000
45.000
52,000
Oklahoma
2,094,000 1,812,000 2,466.000 2,483,000 3,402,000
Penna.(bit.)
133,000
100,000
123,000
84,000
112,000
Tennessee
26.000
23,000
10,000
14,000
7,000
Texas
109.000
133.000
113,000
105,000
148,000
Utah
211,000
215,000
272,000
150,000
225,000
Virginia
74,000
49,000
42,000
29,000
35,000
Washington
West Virginia
918,000 1,983,000 1,761.000 1,168,000
Southern b_.- 1,432,000
728,000
666.000
674,000
437,000
Northern c_ _ 537,000
186,000
141.000
115,000
121,000
121,000
Wyoming
7,000
7,000
1,000
2,000
3,000
Other States d
Total bit. coal- 8,369,000 6.892.000 10,116,000 10,030,000 11,850,000
954,000 1,304,000 1,138,000 1,968,000
Penn.anthracite.. 1.097,000
Total all coal 9,466,000 7,846,000 11.420,000 11,168,000 13,818,000
a Average weekly rate for the entire month. b Includes operations on
the N. & W.; C. & O.; Virginian; and K. & M. c Rest of State, including
Panhandle. d Figures are not strictly comparable in the several years.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended Jan. 10 is estimated at 1,465,000 net tons. The two preceding weeks being affected by holidays, this total may be compared with
the output of 1.369,000 tons obtained during the six-day period ended Dec.
20. Production during the week in 1930 corresponding with that of Jan. 10
amounted to 1,564,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tow).
1929-1930a
1930a-1931
Daily Aver.
Week.
Daily Aver.
Week,
Week EndedBITUMINOUS COAL.
242,000
1,212,000
190,800
954,000
Dec. 27 1930 b
260,800
1,304,000
The total production of soft coal during the week ended Jan. 10 1931, Jan. 3 1931 b
219,400
1,097,000
260.700
1,564,000
244,200
1,465.000
including lignite and coal coked at the mines, is estimated at 9.181,000 Jan. 10 1931
net tons. This is an increase of 812,000 tons over the output in the prea Figures for 1930 revised slightly to insure comparability with 1931.
ceding week, when working time was curtailed by the partial holiday on
New Year's Day. Production during the week in 1930 corresponding with b Revised since last report.
BEEHIVE COKE.
that of Jan. 10 amounted to 11,166,000 tons.
The total production of beehive coke during the week ended Jan. 10 is
Estimated United States Production of Bituminous Coal (Net Tons).
- estimated at 33.900 net tons, a decrease of 1,900 tons, or 5.3%, from the
1929-1930
1930-1931
Coal Year
Coal Year
output in the preceding week. Production during the week in 1930 cor.
to Date.a
Week.
to Date.
Week.
Week Ended
7,816,000 388.726,000 responding with that of Jan. 10 amounted to 73,100 tons. The following
6,892,000 331,446,000
Dec. 27 1930
1,704,000 table shows the source of the tonnage, by regions:
1,563.000
1,455,000
1,378.000
Daily average__
10,190,000 398,916,000
8,369,000 339,815.000
Jan. 3 1931 b
Estimated Weekly Production of Beehive Coke (Net Tons).
1,611.000
1.887,000
1,458.000
Daily average___ - 1.579,000
1930
1931
Week Ended
11,166,000 410,082,000
9,181,000 348,996,000
Jan. 10 c
to,
to
Jan. 10 Jan.3 Jan. 11
1,861.000
1,620,000
1,460,000
1,530,000
Daily average
Date.a
1930. Date.
1931.c
1931.b
Region28.800 30,300 63,500 44,000 97,100
a Minus one day's production first week in April to equalize number of Pa., Ohio and W. Va
9,800
5,800
6,400
4,100
Georgia, Tenn. and Virginia 3,800
days in the two years. b Revised since last report. c Subject to revision. Colorado, Utah and Wash
4,800
2,000
3,200
1,400
1,300
The total production of soft coal during the coal year 1930-31 to Jan. 10
33,900 35,800 73,100 51,800 111,700
United States total
(approximately 239 working days) amounts to 348,996,000 net tons.
12,400
5,756
5.967 12,183
5,630
: Daily average
Figures for corresponding periods in other recent coal years are given below
445.424,000 net tons
410.082,000 net tons11926-27
1929-30
a Minus one day's production first week in January to equalize number
325,453,000 net tons
388,043,000 net tons 1921-22
1928-29
of days in the two years. b Subject to revision. c Revised.
365,790,000net tons
1927-28
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ending Jan. 21, as reported
by the 12 Federal Reserve Banks, was $1,064,000,000, a
decrease of $111,000,000 compared with the preceding week
and of $229,000,000 compared with the corresponding week
in 1930. After noting these facts, the Federal Reserve
Board proceeds as follows:
$1.020,000,000, a
On Jan. 21 total Reserve Bank credit amounted to
corresponds with
decrease of $91,000,000 for the week. This decrease
and $23,000.000 in member
decreases of $56,000,000 in money in circulation
in monetary gold stock
bank reserve balances and increases of $6,000,000
and $6,000,000 in Treasury currency.
at the Federal Reserve
Holdings of discounted bills decreased $8.000.000
Chicago and $13,000,000 at all Federal
Bank of New York. $3.000,000 at
system's holdings of bills bought
Reserve Banks during the week. The
of United States bonds and Treasury
In open market declined $44,000,000, certificates and bills $2.000,000.
notes $8,000,000 each and of Treasury
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
amount of Reserve
Reserve banks was changed to show the
outstanding and certain other items not included
bank credit
gold stock and
in the condition statement, such as monetary
circulation. The Federal Reserve Board's explanamoney in
of the diftion of the changes, together with the definition
issue of the
ferent items, was published in the May 31 1930
"Chronicle" on page 3797.
The statement in full for the week ended Jan. 21, in cora-
parison with the preceding week and with the corresponding
date last year, will be found on subsequent pages-namely,
pages 616 and 617.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Jan. 21 1931 were as follows:
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
Jan. 21 1931, Jan. 14 1931. Jan. 22 1930.
230,000,000 -13,000,000 -203,000,000
152,000,000 -44,000,000 -146,000.000
625,000,000 -19,000,000 +148,000,000
14,000,000 -13,000,000
-47,000,000
TOTAL RES'VE BANK CREDIT
1 020,000,000 -91,000,000
Monetary gold stock
Treasury currency adjusted
4,631,000,000 +6,000,000
1,787,000,000 +6,000,000
Money in circulation
4 693,000,000 -56,000,000
Member bank reserve balances
Unexpended capital funds, non-mem-2,441,000,000 -23,000,000
ber deposits, erc
404,000,000
-249,000,000
+347,000,000
i-5,000,000
--41,000,000
4-81,000,000
---18,000,000
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 cover-
JAN. 24 1931.]
FINANCIAL CHRONICLE
ing the entire body:of reporting member banks in the different
cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks.
The present week's totals are exclusive of figures for the
Bank of United States in this city, which closed its doors on
Dec. 11 1930. The last report of this bank showed loans
and investments of about $190,000,000. The grand aggregate of brokers' loans the present week records a decrease of
$63,000,000, the total on Jan. 21 1931 standing at $1,757,000,000. The present week's decrease of $63,000,000
follows a decrease of $59,000,000 last week and of $47,000,000
two weeks ago, but an increase of $6,000,000 three weeks
ago and a contraction of no less than $1,302,000,000 in the
preceding 13 weeks. Loans "for own account" dropped
during the week from $1,132,000,000 to $1,101,000,000,
and loans "for account Of others" decreased from $344,000,000 to $326,000,000, and "loans for account of out-oftown banks" from $343,000,000 to $330,000,000. The
present week's total of $1,757,000,000 is the lowest point
these figures have reached since Nov. 26 1924, when the
amount stood at $1,754,521,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Jan. 21 1931, Jan. 14 1931. Jan. 22 1930.
$
7 880,000,000 7,890,000,000 7,599,000,000
,Loans and investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
5,563,000,000 5,577,000,000 5,638,000,000
3,061,000,000 3,124,000,000 2,895,000,000
2,502,000,000 2,454,000,000 2,742,000,000
2 317,000,000 2,312,000,000 1,961,000,000
1 263,000,000 1,243,000,000 1,114,000,000
1,054,000,000 1,070.000,000 847,000,000
577
land district and $131,000,000 at all reporting banks, and increased $12,000,000 in the Chicago district. "All other" loans increased $30,000,000
in the New York district, and declined $12,000.000 in the Chicago district,
$9,000,000 in the Atlanta district, $5,000,000 each in the Cleveland, Kansas
City and San Francisco districts and $11,000,000 at all reporting banks.
Holdings of U. S. Government securities increased $23,000.000 in the
New York district. $16,000,000 in the Cleveland district, $6.000.000 each
in the Chicago and San Francisco districts and $57,000,000 at all reporting
banks. Holdings of other securities declined $17.000,000 in the New York
district and $25.000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $80.000,000 on Jan. 14. the principal decreases for the
week being $16,000,000 at the Federal Reserve Bank of New York and
$14.000,000 at San Francisco.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Jan. 14 1931, follows:
Increase (4-) or Decrease (—)
Since
Jan. 15 1930.
Jan. 141931. Jan. 71931.
$
Loans and investments—total- ___22,666,000,000 —110,000,000 +254,000,000
15,922,000,000
On securities
All other
Investments—total
—142,000,000
—936.000,000
7,522,000,000
8,400,000,000
Loans—total
—131,000,000
—11,000,000
—332.000,000
—605,000,000
6,743,000,000
+31,000,000 +1,189,000,000
_ 3.146,000,000
3,598,000,000
+57,000,000
—25,000,000
+422,000,000
+768.000,000
Reserve with Federal Res've banks 1.870,000,000
Cash in vault
255,000,000
+43,000,000
—27,000,000
+145,000,000
+17,000,000
Net demand deposits
Time deposits
Government deposits
13,862,000,000
7,059,000,000
115,000,000
+41,000.000
+16,000,000
—33,000,000
+470.000,000
+206,000,000
+76,000,000
1,710,000,000
3,698,000,000
+114,000,000
+101,000.000
+579,000,000
+788,000,000
80,000,000
—46,000,000
—150,000;000
U. B. Government securities_
Other securities
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. 24 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
The peso depreciated sharply on Jan. 13, but recovered to some extent
Net demand deposits
5 820,000,000 5,921,000,000 5,311,000,000 and was maintained at a level slightly below that of the previous week.
Time deposits
1,201,000,000 1,172,000,000 1,294,000,000 While this depreciation increased the difficulties of marketing imported
Government deposits
17,000,000
20,000,000
7,000,000 merchandise, most distributors are holding their connections by reducing
or waiving profits. Stocks are becoming low and the stabilization of the
Due from banks
82,000,000
88,000,000
78.000,000 peso at its present level would probably cause and increase in the purchase
Due to banks
1,271,000,000 1,305,000,000 866,000,000
of foreign merchandise. The statement of the Banco de la Nacion for
Borrowings from Federal Reserve Bank_
4,000,000
44,000,000 Dec. 31 shows an increase of about 26,000,000 paper pesos in its advances,
discounts and rediscounts, and a decrease of about 29,000,000 paper pesos
Loans on secur.to brokers & dealers
For own account
1,101,000,000 1,132,000,000 814,000,000 in its cash. Sales of carded and mercerized yarns are inactive owing to the
For account of out-of-town banks..
330,000,000 343,000,000 874,000,000 fluctuating exchange, but the February outlook is fair because the hosiery
For account of others
326,000,000 344,000,093 1,653,000,000 and underwear mills are securing fair orders from the interior and yarn
Total
1 757,000,000 1,820,000,000 3,341,000,000 stocks are low. Import orders for piece goods for the 1931-32 summer are
aslo retarded bythe Exchange situation. Normally,one-quarter ofthe season's
On demand
1,312,000,000 1,374,000,000 2,920,000,000 requirements for this class of goods is ordered by the middle of January
On time
445,600,000 445,000,000 420,000,000 but this year only about 1-10th has so far been ordered. Orders for various
Chicago.
materials, including silk mixed crepes, are few. Local agents are afraid
Loans and investments—total
1,997,000,000 2,009,000,000 1,818,000,000 that many of the btlyers will postpone their purchases until they can pick
up job lots in May and June. (Paper peso equals about $0.41.)
Loans—total
1,423,000,000 1,452,000,000 1,451,000,000
AUSTRALIA.
On securities
834,000,000 855,000.000 844,000,000
All other
589,000,000 597,000,000 608,000,000
Trade and industry is experiencing a rapid decline in Australia with outlook unsatisfactory and obscure. This, in spite of the fact that rainfall
Investments—total
574,000,000 557,000,000 366,000,000
during the past season has been good and at present is better than for a deU.S. Government securities
277,000,000 259,000.000 154,000,000 cade. Decline in export prices and the lack of usual foreign loans has cut
Other securities
297,030,000 298,000,000 213,000,000 the import buying power of the Commonwealth by about 50%. Import
Reserve with Federal Reserve Bank_ 184,000,000 181,000,000 183,000,000 business is also being handicapped by the unfavorable movement ofexchange
Cash in vault
13,000,000
15,000,000
16,000,000 and the extreme difficulty of transmitting funds abroad. The outlook
in this regard is not hopeful as prices for export products continue to decline
Net demand deposits
1,265,000,000 1,285,000,000 1,215,000,000 and no further extensive gold is available for export to build up dissipated
Time deposits
811,000,000 607,000,000 508,000.000
Government deposits
12,000,000
14,000,000
3,000,000 balances abroad. The credit situation is strained, bank deposits are de
dining, industries are slack, country buying and collections are poor.
from banks
Due
160,000,000 180,000,000 117,000,000 and the country is faced with an important unemployment problem. At
Due to banks
346,000,000 366,000,000 306,000,000 the moment there are no hopeful factors, and, on the contrary, further
Borrowings from Federal Reserve Bank_
1,000,000
1,000,000
2,000,000 important declines in trade and industry are indicated. Bankers exchange
on London has declined further to E118 78. 6d. while the outside market
•Revised.
is asking E122. The exchange tendency is weak at the moment though
there is a possibility of its firming as the export season is now on and imports
Complete Return of the Member Banks of the Federal are declining. (£ equals $4.85.)
BRAZIL.
Reserve System for the Preceding Week.
largely seasonal. Money
Some lines are
As explained above, the statements for the New York and rates are firmer. showing signs of improvement, to 10$850 per dollar after
On Jan. 17 exchange declined
Chicago member banks are now given out on Thursday, being firm during the early part of the week ended Jan. 17. The credit
simultaneously with the figures for the Reserve banks them- situation has not improved. Coffee exports from Santos were 40% above
increased from 178000 to
selves, and covering the same week, instead of being held those of last week. Rio spot prices of coffee rumors. The Government
17$500 per 15 kilos. There are numerous loan
until the following Monday, before which time the statistics decreed the establishment of a central purchasing and standard Bureau.
covering the entire body of reporting member banks in 101
BRITISH MALAYA.
As the result chiefly of declining values for leading export commodities.
cities cannot be got ready.
In the following will be found the comments of the Federal Malayan business conditions and trade were depressed throughout the past
year. Government revenues were seriously affected. the Straits SettleReserve Beard respecting the returns of the entire body of ments Government drawing upon reserves and the Federated Malay
reporting member banks of the Federal Reserve System for States Government being forced to borrow. Both Governments, however,
continued their projected programs for public works and construction
the week ended with the close of business on Jan. 14:
activity was the principal bright spot throughout the year. Money during
The Federal Reserve Board's condition statement of weekly reporting 1930 was extremely tight, affecting the Chinese dealers and causing slow
member banks in leading cities on Jan. 14 shows decreases for the week of payments and many requests for extension of import .drafts. During
$110,000,000 in loans and investments, $46,000,000 in borrowings from the first half of the year banks allowed importers credits covering their
Federal Reserve banks, and $33,000,000 in Government deposits, and outstanding bazaar accounts, but in the second half banks restricted their
Increases of $41,000,000 in net demand deposits and $16,000,000 in time policy, causing a smaller turnover of business and a generally cautious
extension of credits. Dealer collections steadily became more difficult
deposits.
Loans on securities declined $113,000,000 at reporting banks in the New and failures increased considerably, particularly in up-country districts.
in the Boston district, $8,000,000 in the Cleve- Beginning in October many importers sold on a cash basis only.
York district, $12,000,000
Reserve with Federal Reserve Bank.— 859.000,000
Cash in vault
53,000,000
883,000,000
62,000,000
746,000,000
51,000,000
578
FINANCIAL CHRONICLE
CANADA.
Little general improvement has been reported in business conditions during the past week although some betterment is noted in demand for certain
seasonal items. Dealers' stocks in most lines are considerably below the
level of a year ago but a policy of hand-to-mouth buying is still being pursued. Collections are reported fair in Saint John (New Brunswick); fair
to slow in Halifax and Toronto; and slow in other large buying centers.
Commercial failures in November numbered 222, as compared with 216
in October and 176 in November 1929. Winnipeg wheat prices varied
slightly during the week with net gains of % of % cent per bushel in cash
and future wheat. The closing cash quotation on No. 1 Northern on Jan. 16
was 53% cents. Hide and leather stocks in the Maritimes and Quebec
Province are unwieldy. Prices are down but shoe factories although
fairly well employed are not inclined for the present to assume inventory
burdens. A good demand is noted for rubber footwear. The annual
"Montreal Buyers' Week." sponsored by the local Board of Trade, begins
on Feb. 16. Newsprint production in Canadian mills in December amounted
to 184,755 tons, as compared with 201.703 tons in November and 230,008
tons in December a year ago. 1930 production of 2,499,631 tons compares
with 2,728,827 tons in 1929.
In Ontario no material improvement is reported in the demand for iron,
steel and lumber. Seasonal sporting goods are the best sellers In a generally
quiet specialties market. Stocks of new automobiles are reported to be low
and a better tone is reported from manufacturing plants, but current sales
are relatively small. The new Sunshine combine plant at Waterloo. Ontario, has been formally opened for production.
The mild winter has affected unfavorably the demand for coal in the
Prairie Provinces. Sales of acids and explosives are good but the demand for
ammunition is poor. Attendance at motion picture theaters is good in the
larger cities. In British Columbia a gradual acceleration has been noted in
the movement of automobile accessories since the beginning of the year.
Demand for industrial hardware is at a low ebb there and builders' and
household hardware is about normal. A seasonal lull is reported in sales
of structural steel. The market for sporting goods is stable. Lumber mills
in the Province are operating at approximately 40% of the usual seasonal
activity and prices are down by about $3.00 a thousand from the level prevailing six months ago; logs are reduced by $2.00.
A large packer of salmon has inaugurated an advertising campaign to
increase domestic consumption.
According to an announcement by the Canadian Minister of Labor,
construction programs totaling $63,317,000 have been approved to date,
representing projects in which the Federal and Provincial Governments
and Canadian municipalities and the railways have collaborated to relieve
unemployment. These projects had given employment to 151,296 individuals for a total of 2,000.000 man-days to Dec. 31, exclusive of Quebec
Province.
CHINA.
Business conditions in Shanghai and in South China are generally more
satisfactory than in the upper Yangtze. in North China or Manchuria,
although import trade in all areas is seriously handicapped by the silver
situation. Violent declines in silver have resulted in heavy advances in
domestic prices of kerosene, gasoline, canned goods, provisions, and other
goods, virtually stopping new orders for numerous lines and in many instances, Chinese dealers who failed to settle exchange at the earlier more
advantageous rates are now unable to accept delivery of goods on arrival.
Hong Kong trade in general is marking time as a result of a continued
decline in Hong Kong dollars, with import business limited to forced buying
for immediate needs only. In order to offset the decline in exchange, prices
In silver are reported advanced 18% in the past two weeks, with C. I. F.
geld dollar prices remaining firm at substantially unchanged levels. Fairly
brisk business is reported by the Canton association of silk exporters, both
with Europe and America. Purchases by Europe are confined to the higher
grades, while America is buying heavily in ordinary grades.
Negotiations for the settlement of the Kwangai situation are apparently
progressing favorably, with the outlook in general regarding business operations with the interior offering promise of substantial improvement.
Continued uncertainty in the silver situation in North China is still
exerting an extremely unfavorable effect upon import and export business.
Local buyers and dealers in import cargo are now holding off, and Importers
are generally extremely pessimistic regarding the possibilities of transacting
business at present exchange levels.
Manchurian bean prices are the lowest in history, and further price de
dines are expected unless foreign demand revives. This condition is
producing a serious situation in Manchuria due to the fact that the bean
crop completely dominates economic conditions.
While Chinese shops and business firms located in treaty ports are increasingly more receptive toward making annual settlements accord with
the western calendar, modern Chinese banks were practically the only
concerns to accomplish annual settlements on the foreign new year. Although admitting the adoption of the western calendar, a vast bulk of Chinese business interests continues to make their settlement period correspond
with the Chinese calendar, or lunar year. Annual settlements throughout
China are generally favorable by the cessation of civil war and by good
crops. Adverse factors, however, are low silver values and decreasing
demands abroad for Chinese commodities.
Shanghai dealers in staple commodities are inclined to withhold import
commitments, preferring to purchase immediate requirements from local
stocks, especially paper and bag tobacco. Low exchange is causing con- .•
Burners of paper to favor the lower grades, including various grades of
cardboard for wrapping and packing, particularly in the cigarette trade.
Higher domestic costs for imported bag tobacco are forcing manufacturers
to purchase domestic products. The Henan crop is now moving more freely
upon the re-establishment of rail service on the Peking-Hankow line.
It is believed that American leaf, under the present exchange, must await
the consumption of domestic production before resuming normal market
Possibilities.
GERMANY.
[VoL. 132.
public, and the retail trade as well, have pursued a hand-to-mouth buying
policy throughout the year. The Government, recognizing this impasse
as one of the most important handicaps to readjustment and eventual
improvement, sponsored a nation-wide campaign for price reduction.
On Jan. 19 of this year a decree was issued declaring all price agreements on
trade-marked goods Invalid when prices fixed therein are not at least 10%
below those of July 1 1930. This represents the first decisive action in
forcing price reductions by retailers, and is in line with the policy of recent
wage arbitration awards in the metal and coal industries and with cuts in
Government salaries.
German industrial production in practically all lines has been sharply
curbed in keeping with the steady decline in demand. In general,the scaling
down in production has kept pace with, and in some lines (particularly in
consumers'goods—textiles,shoes,leather goods, paper products,glassware,
porcelain and specialties) has exceeded the decline in consumers' demand.
This has thrown a large amount of labor out of employment, with the result that unemployment throughout the year has been at record levels.
According to the Institute for Economic Research, German building activity in 1930 was approximately 20% below 1929 in point of value. At
the summer height of the building season approximately 40% of all building
and construction labor was unemployed.
Germany's foreign trade, particularly the high level maintained in exports,
has been a bright spot in the year's development. During the first 11
months of 1930, total exports were valued at 11,133,000,000 marks as
against 12.418,000,000 in the corresponding period of 1929--a decline of
10%;the quantity of exports showed a decline of6.6%. While the value of
Imports during the first 11 months of 1930, amounting to 9,712,000.000
marks showed a decline of 22% from tire corresponding period of 1929
(12,426.000,000), the decline in tonnage was only 13.7%.
The situation of Government finances is largely due to tax receipts
falling much below estimates, and unanticipated heavy payments to the
unemployment funds. It has been officially estimated that the Federal
deficit for the current fiscal year (April 1 1930—March 31 1931) will approximate 900.000,000'marks, or about 8% of the original budget totals.
GREECE.
General economic conditions during the last quarter of 1930, except
for seasonal activity, showed little change from the previous quarter.
Sales were slightly larger than in the third quarter, but considerably lower
than the last quarter of 1929. Building operations were smaller than in
the previous quarter, while progress on public works also slowed up. Due
to continued credit stringency and conservative bank policy in extension of
credit facilities, competition among dealers was accentuated, with resultan't
slight decline in living costs. Sales of automobiles in Athens, considering
the limited seasonal activity, was fairly satisfactory. Increasing competition
however, has been offered by foreign cars.
JAPAN.
After a year ofsevere business depression, due to the world economic
situation and to the retrenchment policy of the Japanese Government
following the removal of the gold embargo. Japan enters 1931 with a feeling
ofsatisfaction among business leaders over the progress made in the rationalization of industry, elimination of unsound companies, and financial readjustments. It is now generally thought that the country is in a position
to take advantage ofany improvement in general world economic conditions.
The banking situation has been considerably improved by the elimination
or dissolution of weak banks and the release of frozen assets. Government
finance is much sounder as a result of the retrenchment policies of the past
18 months. Gold reserves are adequate for currency requirements,although
net losses during 1930 totaled 300,000,000 yen. Business is becoming adjusted to the sharp decline in price levels, and at the beginning of 1931
commodity stocks were comparatively small. Security prices on the stock
exchanges are slowly advancing, following considerable dullness in 1930.
MEXICO.
A decree promulgated Jan. 6 created a sugar stabilization commission to
regulate prices ofsugar, the expenses of this commission,to be met by a fund
derived from a special tax on sugar production of 5 centavos per kilogram.
The present sugar crop is estimated to be between 135,000 to 140.000
metric tons, of which the commission may export 10%. The commission
will also encourage industries using sugar. The exchange stabilization
commission, which was recently appointed, has sold no dollar drafts, but is
studying the situation and enlisting the co-operation of banks. The latter
have agreed not to pay interest on sight deposits of sliver but will pay
3 or 3le% on time depcsits of silver of more than 5.000 pesos. A statement
issued by the Mexican Treasury Department on Jan. 11 was interpreted
in some quarters to mean that obligations calling for payment in dollars
may be liquidated at two pesos to the dollar, but competent opinion is to
the effect that there will be no change In the present practice of liquidating
dollar obligations at the current exchange rate.
NEW ZEALAND.
Increase in exchange rates, New Zealand on London, are expected to
further reduce the Dominion's import trade. According to announcement
of Associated Banks. telegraphic transfers, effective Jan. 14, will be increased to £207 10s. Od. for each £100 purchased, making the importer
pay a premium of £7 10s. Od. for each £100 worth of goods imported.
Thirty days exchange will sell at £106 per £100; 60 days, .C105; 90 days.
£104; and 120 days, .C104 per £100.
PORTUGAL.
Portuguese commerce and industry were generally dull during the last
quarter of 1930 and there were very few signs of early improvement. On
account of generally unsettled business conditions the banks are further
restricting discount facilities and the rates of the Bank of Portugal on first
class paper are 7%%,With other banks asking 10%. Collections continued
slow and requests for extensions are increasing. Bills protested through
October totaled 54,572 with a value of $8,300.000. During 1929 bills
protested totaled 32,971 with a value of $6,100,000. The official rate of
exchange was increased to 99.75 escudos per pound sterling. The budget
Steady recession in practically all industrial lines and a substantial decline surplus for the fiscal year 1929-30
was approximately $4,000.000. The
In retail trade volume characterized the past business year in Germany. economic situation of the African
Colonies is unimproved and a serious
The Year opened with business distinctly on the down grade, but with strong crisis has been reported In Angola on account of the continued low prices
resistance being offered during the first four months; last May unfavorable of colonial products and the lack of credit facilities.
developments in the international money markets, combined with political
SIAM.
and financial difficulties within the country, started a more precipitate
Siamese trade declined considerably during the latter hdlf of 1930 on
decline which has shown a moderating tendency only within the last few
industry or trade is not yet account of conditions in the rice industry, which is the chieffactor governing
weeks. Evidence of an upward turn either in
visible. Based on 1929 as 100, the industrial production index at the end purchasing power. Although the rice crop showed a satisfactory yield,
of 1930 stood at approximately 79, and the year's provisional average at the export market presented a number of difficulties. Distribution costs
were high;keen competition resulted from increased rice production through85, as compared with 77.6 in 1926 and the post-war low of 69 in 1924.
The steady decline In industrial raw material prices throughout the year out the Far East; low silver values in China reacted unfavorably on the
advantage to German industry, Siamese market; and general depression in all foreign markets resulted in a
has been and will continue to be a distinct
Which is essentially dependent on foreign sources for its raw materials. heavy carryover of rice. The slump in tin and rubber markets further
But the excessive organization of German industry and trade in practically accentuated adverse trading conditions. Tin is the second export crop of
every branch has proved a negative factor in effecting any comparable Slam, and prior to the drop in prices, rubber had risen to fourth place.
reduction in the price of manufactured goods, particularly for retail. The following teak.
JAN. 241931.]
FINANCIAL CHRONICLE
579
The Department's summary also includes the following
with regard to the Territorial possessions of the United States:
"Prices have fallen very sharply since that date, and were they now
to settle down at approximately to-day's level the supplies of new gold
which would be likely to become available for money would, of course,
HAWAII.
meet all probable demands for an appreciably longer period of time than
Weather conditions have been favorable during the past month. Ab- they would were the former level restored. Stabilization at to-day's prices,
normally high temperatures have delayed the ripening of winter cane but however, must involve a permanent increase in fixed charges which the
histened the ripening of pineapples. All sugar mills are now grinding. world, encumbered by the weight of debts accumulated in the last 15
Juice is reported to be poor in sucrose content but cane tonnage is the years, when prime were higher, may perhaps not contemplate without
heaviest in years. Only 1.000 tons of sugar were carried over from the old concern."
crop, leaving warehouses bare for the current crop. The 1930 Pineapple
Turning to the present distribution, the report says the adequacy at
crop including pineapple juice reached slightly more than 12,000.000 cases inadequacy of gold to serve as a basis for credit structure depends not only
0(24 cans each. The crop sold well and over 9,500,000 cases were shipped. on the existing supplies and new gold, but on the "manner in which the
One ship during December took aboard the record cargo of 560,000 cases. monetary stocks held at any moment are divided between various centres."
Construction in Honolulu during 1930 reached the value of $5,921.000,
The report says that division depends normally on the relative ecothe smallest amount for any year since 1928. Approximately $10.000,000 nomic development of the monetary system and monetary policy. Granted
in new construction is planned for 1931, and includes besides roads,sewers, that economic and political conditions allow for confidence In national
water supply, schools, and other local Government projects, the com- credit, "we believe that monetary systems and monetary policy can be
pletion of industrial pineapple plants costing in the neighborhood of $2,- adapted to meet any changes in the supply of or the real need for gold,
500,000: nurse quarters for local hospital, $250,000 and a new wing for which are likely to occur in the next 20 years or more. But by no policy
the art gallery, $100.000. A total of 7,524,000 tons of shipping entered can the distribution of gold appropriate to the real needs be assured when
the port of Honolulu during 1930, an increase of approximately 340,000 political conditions are unstable and normal economic growth is twisted
over 1929, and included 871 ships of which only two were sailing vessels.
and stunted by anti-economic measures.
Laid to Fiscal Policies.
"We do not consider, therefore, that any useful purposes would be
Canada's Production of Gold Second Largest During
served by describing in detail the changes which have taken place In recent
1930 According to Advices to Pask & Walbridge.
Those causes
years or the causes which have determined those changes.
Canada passed the United States in 1930 as a gold pro- have sprung from the general political and economic conditions of the
immediate conseworld during
last 15
ducing nation, and now ranks second only to South Africa, quences,from the influenceyears, from the War and its the disruption
on the economic structure,from
its
according to Montreal advices to Pask & Walbridge, members of normal trade relations and from profound changes during certain periods
of the New York Stock Exchange. During the year just In the relative prices of crude products and manufactured goods. They
are related rather to fiscal than to monetary policy.
closed, Canada produced 2,089,766 fine ounces of gold
"The distribution of gold to-day is indeed due more to the fact that the
having a value of $41,000,000. Reports show that Canada's vast majority of contries have in consequence of budgetary deficits departed from the gold standard In the course of the last decade and a half
increased gold production came mostly from Ontario and than
to the normal working of that standard."
Quebec, where some of the large copper mining companies,
As an example, the report cites that the gold which European belligerents
notably Noranda, are now obtaining nearly as much revenue sent to the United States after she entered the War was later greatly
needed when inflation caused the exodus of capital, while stabilization
from gold as from copper.
led to an abnormal demand for gold by the European central banks after
Because of much recent talk of a possible decrease in the 1925 and to the establishment of a gold exchange system by some countries
world's gold supply, the advices stated that Canadian mining whereby they might hold gold abroad.
interests are greatly speeding up production, and that present byAfter saying that "both inflation and political events since the readoption'
most countries of the gold standard had tended to undermine confidence"
plans forecast a 34% increase to a $57,000,000 total output and had impeded the free movement of gold, it asserts that while the
governments no longer were seeking to check the export of capital, "conduring 1931.
"In fact, Canada right now is experiencing one of the most structive measures facilitating the export of gold are not in all cases yet
completed."
unique gold rushes in history," the advices stated. "ProsMovement of Goods Obstructed.
pecting and developing is going forward at a rapid rate,
Moreover, the draft adds, "the uncertainty concerning the probable
especially in the provinces of Ontario and Quebec. However, course of economic development, the desire of the less highly developed
States to
this modern rush lacks much of the color of gold rushes of and of the protect themselves against the force of external competition
more highly developed to restore conditions to which they were
other days. Instead of the old time prospector, made famous accustomed before the War, all contributed to induce governments to
by the gold rushes in California and the Klondike,the present obstruct also the free movement of goods and of men. . ..
"Neither
general
feverish operations are being carried forward in the form of can functionthe gold standard nor any other international the free system
flow of
successfully if measures are taken to prevent
high grade prospecting and development of properties by goods from one country to another whenever there is any disturbance
In the balance of international commitments. It is the function of gold
established mining companies."
to right such disturbances, and when the necessary adjustments which gold
movements bring about are checked by artificial methods, the very methods
currency system are stultified. Sudden interruptions to
Japan Sends Gold and Silk—San Francisco to Get of an internationalgoods or gold must cause great disturbances."
the flow of either
Specie Shipment Valued at $3,750,000, First Since
The report concludes its part of diagnosing the present situation by
saying that the forces which have determined the distribution of gold in
November.
recent years have been "mainly temporary, exceptional or non-economic
From its San Francisco correspondent the "Wall Street in character," and it does not think that undue Importance should be
attached to the present gold distribution or to movements, because the
Journal" of Jan. 20 reported the following:
difficulties gradually disappear as the war recedes.
Gold and silk In total value of $8,000.000 Is en route to San Francisco
Part 2 explains the functioning of the gold standard when economic and
aboard the Tatauta Maru to arrive here Jan. 22, according to wireless
political conditions are normal and concludes that neither the effect of
messages. The first shipment of Japanese gold specie since November to
media payments nor the effect of the changes
this port is assessed at $3.750,000 consigned to the United States Mint in San the influx of gold on the total
of that total upon the prices Is automatic or inevitable and that both can
Francisco for recoining into American issue.
be influenced by a central banking policy.
While the resumption of gold shipments may indicate a continuation of the
Part 3 deals with "recent changes in the gold standard system,"stressing
Government policy removing the embargo on gold exports, there is no confirmation of this move by local banks. The year 1930 saw approximately that they have resulted in more economy in the use of gold but In less
$100,000,000 in Japanese gold specie shipped to the Pacific Coast for stabil- automatism In the working of the system. It finds that "it is obvious in
such circumstances that the discretion of the central banking authorities
ization of Japan's credit.
The raw silk cargo is 4,575 bales, valued at $4,250,000, one of the biggest acquires greater importance than heretofore" and "automatic application
of the 'gold standard' is no longer adequate."
shiploads of silk to cross the Pacific in recent months.
Gold Report of League of Nations Adopted at Geneva—
Draft Asserts Monetary Systems Can Be Adapted
to Meet Any Changes in Supply—Present Distribution Blamed Chiefly on Departures from the
Gold Standard.
Reporting that the gold delegation adopted the report on
the distribution of gold on Jan. 16 after making numerous
changes in the text of the League draft report on this subject,
which has served as a basis of its secret discussion all week,
the Geneva correspondent of the New York "Times" added:
Strict reserve is maintained on these changes, but it is understood
most
of them soften the terms of the draft.
Originally the delegation was divided on whether or not to publish
the report as an interim document or to wait until it was ready to report
on the other phases of the gold question. It is understood it has now been
practically decided to publish it as an interim report next week, largely
as a result of the New York "Times's" publication of extracts of the draft
report.
Other extracts of that draft report—though it is impossible yet to say
how much the gold delegation has since modified them—may be of interest as allowing a basis for comparison with its final views when they
appear.
Based on Figures at End of 1928.
The draft report begins by emphasizing that the date on which the
previous interim report on gold production was based
calculations in its
referred to the end of 1928. It adds:
The draft report of the League's gold delegation was
referred to in these columns a week ago, page 414.
Bank for International Settlements Acts on Gold
Problem—Names Committee to Obtain Data and
Frame System for Saving Transfer Costs—Five
Central Banks to Accept Lower Standard Gold
Bars.
At the meeting in Basle, Switzerland, Jan. 19, of its
board of directors the Bank for International Settlements
took up the international gold problem and took several
important measures to ameliorate the difficulties resulting
from the existing gold situation. We quote from Basle
advices to the New York "Times", which further reported:
In its communique to-night the board announced the Bank had undertaken to collect all information concerning the conditions under which
gold is being purchased and obtain from Central Banks and other institutions data regarding the gold deposits now in their vaults:.
A committee was appointed to study the gold question, and this committee will attempt to frame a workable system by which time and costs
in gold transfers can be saved and will sound out the Central Banks as to
whether they would be willing to substitute bookkeeping transfers through
the international bank for actual shipments of gold bars from one country
to another.
Another decision of extreme importance to the financial world is understood to have been taken at the meeting, the five Central Banks of Germany, Italy, Belgium, Britain and France agreeing to accept in future
gold bars varying in fineness from 900 to 1,000 as if they were fine gold,
580
[vol.. 132.
FINANCIAL CHRONICLE
as a measure to facilitate rapid exchanges of gold. This decision follows
the recent agreement of the Bank of France with the Bank of England to
accept English standard gold instead of demanding gold refined at 995
per 1,000 as heretofore required.
If the system proposed is accepted these transactions will be even more
facilitated by reason of the fact that actual transfers will become unnecessary. The World Bank for the first time in its history has gold deposits.
This gold, however, is not held in its vaults at Basle, but merely earmarked in its name with the Central Banks in London, Paris and Berlin
and with the Federal Reserve Bank in New York.
Under the system proposed, if the Reichsbank were obliged to ship gold
to London it would instead inform the Bank for International Settlements
that it was holding in its vaults in Berlin whatever amount in gold was
involved in the transaction and would then instruct the world bank to
transfer from the latter's gold deposits in London the same sum to the
credit of the Bank of England. In this manner the shipment of gold
would be accomplished merely as a question of bookkeeping, the system
merely requiring all the central banks to keep considerable gold deposits
earmarked for the World Bank.
The same system could be utilized for exchanges devised through the
International Bank, as proposed by the subcommittee now engaged in
preparing a report upon exchanges.
Besides discussing the gold question to-day, the board examined the
technical plan which has been formulated for the stabilization of the peseta
by representatives of the World Bank and the Governor of the Bank of
Spain, who came to Basle to submit the scheme to the board. This plan
was approved and will now be drawn up in detail and probably be ready
for the next meeting of the World Bank, scheduled for Feb. 9.
The board was presided over to-day by President Gates W. McGarrah,
who returned from the United States, speeding to Basle just in time for
the meeting.
In opening its session the board adopted a resolution of regret over
the death of Governor Stringher of the Bank of Italy, which has occurred
since the last meeting, and approved naming his successor, Vincenzo
Azzolini, as a permanent member of the board of the World Bank.
U. S. Reported Ready to Co-operate in Efforts of
Bank for International Settlements to Solve
GoldIProblem.
Associated Press accounts from Washington on Jan. 20
stated:
in need of them. It is the French view that gold cannot be redistributed
artificially, since gold does not precede but follow credit, and thus the
nations which are losing gold should build up their credit.
Finally, it is admitted that nations like France, with large reserves of
gold, are now in a better position than their neighbors to act as the world's
hankers. Great Britain, it is added, has already issued too many foreign
loans and, therefore, France should take steps to substitute herself in large
measure as the leading banker of Europe.
Production of Gold and Silver in the United States,
According to Director of Mint
-Gold Output
Increased in 1930 as Compared with Previous
Year-Decrease in Silver Production.
According to the figures of gold and silver production
in the United States for the calendar year 1930,• made
public by the Director of the Mint on Jan. 9, 2,232,593
ounces of gold of a total value of $46,151,800 were produced
in 1930, and 48,637,798 ounces of silver were produced of a
total value of $18,725,552. The announcement says:
Comparison with 1929 production indicates increase in 1930 of $500,400
in gold and decrease in 1930 of 12,690,070 ounces of silver. Comparison
with the year of largest production, 1915, when gold amounted to $101,035,700 and silver 74.961,075 ounces, gives reductions respectively of
$54,883,900 gold and $26,323,277 ounces silver.
The details of production are indicated as follows in the
statement issued by the Treasury Department:
PRODUCTION OF GOLD AND SILVER IN THE UNITED STATES IN 1930.
(Arrivals at United States Mints and Assay Offices and at private refineries.)
The Bureau of the Mint, with the co-operation of the Bureau of Mines,
has issued the following statement of the preliminary estimate of refinery
production of gold and silver in the United States during the calendar
year 1930:
Silver.
Gold,
Slates.
Ounces.
Value.
Ounces.
.
Value.*
$156,054
405,336
Alaska
394,779 $8,160,800
200
10
Alabama
3,130,300
1,998,718
5,191,474
American co-operation in the efforts of the Bank for International Arizona
151,428
571,516
1,484,458
9,073,100
438,912
Settlements to solve the gold problem was said informally to-day to be California
1,707,522
4,435.121
4,427,800
214,195
assured. State Department officials said the United States would be willing Colorado
9
4,200
23
203
Georgia
economy. Idaho
to co-operate in a plan to expedite transfers of gold for purposes of
428,900
3,601,656
9,354,950
20,748
685
1,780
A detailed report from the American Consulate at Basle is awaited Illinois
1,391
3,614
600
29
before any definite plan which would indicate...the attitude_of thi,,United Maine
3,873
10,060
Michigan
States can be formulated.
92,708
240,800
Missouri
945,200
3,080,569
8,001.479
Montana
45,724
1,559.883
4,051,643
Nevada
2,778,500
134,410
611,400
1,026,774
395,308
29,576
Goldf.CreditsIPlan of Bank foriInternational:Settle- New Mexico
20
North Carolina
3,800
53
184
10,013
Oregon
3,855
288,900
13.975
ments Pleasing:tolFrance--Any,;Other,Distribution Pennsylvania
4,762
13,200
1.833
639
104.184
SchemeiRegarded as Cloakitto Take Away,, Her South Dakota
40,111
8,318,600
402,422
116,775
44,958
Tennessee
21,300
1,030
- Reserves.
186,512
484,447
Texas
23,200
1,122
5,217,041
Utah
4,136,500 13,550,755
200,103
A cablegramito:theiNewlYorkl"Times" from its,' Paris Vermont
4,512
1,737
37,461
14,423
76,900
Washington
3,720
correspondentlJan.[20 said:
83
216
Wyoming
9,300
450
117,108
45,087
3,698,900
178,934
The suggestion now being studied by the experts of the Bank for Inter- Philippine Islands
national Settlements to render unnecessary all further actual transfers of
2.232.503 SAR 1 Al win 481137.705 515 725 552
Tntalls
gold through the substitution of a system of credits and debits to the
*Value at 38.5e. per ounce, the average New York price of bar silver
various central banks is pleasing to those French minds which look upon
the present agitation as a mere cloak for a scheme to deprive France of her
huge reserves. Any attempt to redistribute gold by means other than
-namely, by High Record in 1930 for Transvaal Gold-Year's
what French financial leaders regard as soundly economic
Production Ran £1,322,839 Above 1929-0E7,800,000
-would meet the strongest opposition
the natural flow of long-term credits
here, and that is why decision to remove the problem from the political
Greater Than Pre-War Maximum.
Geneva to purely financial considerations at Basle is generally
atmosphere of
Under the above head the New York "Times" reports
acceptable to France.
Perhaps with a view to reserving tneir opinions until the World Bank the following from London, Jan. 16:
experts make a report, all but a few editors withhold comment on the
The Transvaal's output of gold for 1930 was reported this week at
World Bank decision. Several, however, have launched an attack on the £45,558,980. This has constituted a new high annual record. It comarrangement,"Ordre"-organ of the steel interests-taking the lead in pares with £44,236,141 in 1929. with £44,000,519 in 1928, with £42,548,092
new
a front-page article entitled,"We Must Not Let Our Gold Go." Alluding in 1927, with £41,745,420 in 1926, with £40,281,282 in 1925 and with
to the World Bank plans, the newspaper says that either it means nothing £35,656,814 in 1914.
or it discloses an intention to support falling exchanges by means of the
Commenting, the "Times" said:
gold reserves of those countries well stocked with the yellow metal.
Ordre," "those countries whose exchanges are
"Therefore," continues"
In round figures, Transvall's gold production has compared as follows,
protected by gold reserves will lose their advantage and run the same risks in sterling values, for a longer series of years:
as the countries to which they will have benevolently granted the support 1930._ _£45,500,000 1024... _f40,700,000 1918.._i35,800,000 1912..-£37,700,000
of their gold. It must also be noticed that under the terms of the World 1929_ 44,200,000 1923_ _ _ 38,000,000 1917... 38,300,000 1911- -- 34,900,000
11122._
Bank's proposal it would not be the countries possessing the gold that would 1928- 44.000,000 1921..,._ 29,800,000 1916... 39,500,000 1910_ -- 32,000,000
1927_ _ _ 42,500,000
34,500,000 1915....38.600,000 1909_
30,900,000
decide whether help should be extended to nations in need of it but an inter- 1928... 41,700,000 1920.... 34,700,000 1914... 35,700,000 l908_.- 29,900,000
1925_ __ 40,800,000 1910..... 35,400,000 1913...36,300.000 1907... 27,400,000
national organism which would establish a direct, permanent system."
"Ordre" then recalls with evident resentment that when the French exchange was declining from 1924 to 1926 the French bank vaults were
Max Winkler of Bertron, Griscom & Co. Finds United
empty of gold, but no one raised the gold question or came to the aid of
States Investments Abroad Total Over 17 Billion
France with the trance at 1-10th of its value.
newspaper, "foreign countries specu"On the contrary," concludes the
Dollars, Rather Than 15 Billion Estimated by
exchange, and such recollections dictate to us our
lated against French
Assistant Secretary of State Carr.
prudence. Should France be able without risks, howattitude and counsel
to the assistance
ever, and with all her own needs provided for, to come
Under date of Jan. 16, Max Winkler, of Bertron, Griseom
-but only of her free
do so
of other nations, she is generous enough to
would be advantageous & Co., issued the following statement:
will and in support of those countries which it
According to an Associated Press dispatch, dated Jan. 13 1931, Assistant
France tolerate foreign interference or general
to assist. In no case could
Secretary of State, Wilbur J. Carr, places American investments abroad
permanent obligations."
the current European "at $15,000,000,000, or about $1,000,000,000 more than in 1929." AlDiscussing the importance gold is playing in
"Temps" asserts that the though this figure is sufficiently large to satisfy even the most enthusiastic
scene, the financial editor of the semi-official
not a cause of the world depression, foreign investment fans, I beg to submit a few considerations in this
flow ofgold to Paris is a consequence and
influx: First, the return of connection, which will, or at least should, indicate that there is a certain
and adds the three following reasons for the
1924 to 1926; second, the inconsistency in our official estimates of America's stake abroad.
French gold sent abroad during the years from
remunerations abroad,
At the end of 1929 the Department of Commerce (Trade Infommtion
accentuation of this movement by virtue of tester
relatively strong position Bulletin No. 698, published in May 1930) estimated American private
and, third, the world economic depression and the
other large nations.
long-term investments abroad, as of Dec. 31 1929, at between $13,366,maintained by France in relation to
000,000 and $15,366,000,000. Of this amount, the study pointed out,
Find Redistribution Difficult.
two measures recently American direct investments abroad accounted for "as high as $5,000,In French financial quarters it is recognized that
000,000." In an analysis of "American Direct Investments in Foreign
of the British
adopted by the Bank of France, namely, the acceptance
while helpful, Countries (Trade Information Bulletin No. 731, published in November
standard of gold and the reduction of the discount rate,
the problem remain and. 1930), the Department of Commerce places our so-called direct investments
are not fundamental. The underlying causes of
abroad at the end of 1929 at $7,477,735,000. Of this, $1,144,722,000 was
in the opinion of the leading French banking minds, they will not be resaid to represent "overlapping" items, that is, publicly-sold securities, the
moved until French long-term credits begin to go forth to those countries
JAN. 24 1931.]
FINANCIAL CHRONICLE
proceeds from the sale of which were employed towards financing direct
investments abroad.
In other words, the estimate made public in November exceeds the
estimate published six months earlier by $1,333,013,000. If we add this
figure to the Department's estimate of our entire stake abroad, we obtain
a total, as of Dec. 31 1929, ranging from $14,699,013,000 to $16,699,013,000. Adding to this figure Mr. Oarr's estimate of our 1930 investments
of $1,000,000,000, the extent of America's total investments abroad reaches
the impressive figure of from $15,699,013,000 to $17,699,013,000, or an
average amount of $16,699,013,000 instead of $15,000,000,000.
In another study (Handbook on American Underwriting of Foreign
Securities) prepared by the Department of Commerce late in 1930, the
total of foreign capital issues publicly offered in the United States during
1914-1929 amounted, exclusive of refunding operations, to $11,834,154,676.
If allowance is made for the above $1,144,722,000, which is included in
America's direct investments, the balance of $10,689,432,676, plus our
direct investments, gives a total of $18,167,167,676 at the end of 1929, or
$19,167,167,676 at the end of 1930.
This figure compares with $17,528,254,000, which represents the writer's
estimate of America's total investments abroad at the end of 1930, presented in a study prepared for the Foreign Policy Association. The difference of about $1,640,000,000 between the Department's estimate and that
of the writer may doubtless be accounted for by the fact that the above
figure of $11,834,154,676, while excluding refunding operations, makes
no allowance for the retirement of foreign bonds by sinking fund and
redemption payments, and for the sales to foreigners of foreign stocks and
bonds floated in the United States. Inasmuch as it may reasonably be
doubted whether these items are in reality as large as-the Department of
Commerce would seem to assume, because many a foreign loan which was
reported to have been repaid was, on closer study, found to have been
actually refunded, one may conservatively place America's foreign investments, exclusive of so-called political obligations at the end of 1930, at
the figure reacted by the writer, viz., $17,528,254,000, rather than at
$15,000,000,000, the figure given in the above-mentioned Associated Press
dispatch.
Curtailment of Foreign Loans Discussed by A. Iselin
& Co.—History and Details of 500 Issues Reviewed.
The drastic curtailment in foreign bond offerings in the
United States during the last six months of 1930 is reflected
in the fact that of the $600,000,000 total for the year only
20% was offered during that period while the remaining
80% had been put on the market during the first half of
the year. according to a survey of foreign bond offerings
and issues now outstanding made by A. Iselin & Co. The
bankers state:
"Due to unsettled market conditions during 1930, the amount of foreign
loans offered in the United States, although larger than the total for 1929,
was smaller than in 1928 or 1927, despite the exceptionally easy money
conditions which prevailed. In sympathy with the tendency of bond prices
as a whole, the market for lower grade securities was highly irregular.
Current quotations seem to reflect, in addition to generally unfavorable
economic conditions, a lack of confidence on the part of the investor
caused by political uncertainties in various countries. Issues of countries
of high credit standing, on the other hand, were little affected by these
conditions, and in certain cases a marked improvement in their prices
was shown."
The booklet lists separately, under geographical heads,
over 500 foreign bond issues floated in the United States,
taking up the history of each loan, dates of issue and maturity, amortization and redemption provisions, amounts
originally issued and now outstanding, issue price, and the
market range for 1930.
Pledge of Autonomy Closes India Parley—Move to Win
Gandhi—Premier MacDonald's Statement Corn
mitting Great Britain to Work for Early Institution
of New Federal Regime—Minimum of Reservations
—Governor General to Control Army and Foreign
Affairs—Powers of Provincial Governors Limited.
The following regarding the results of the conferences
bearing on the self-government of India, we quote the follow
ing from the New York "Times" of Jan. 20, as reported
by its London correspondent Jan. 19:
581
the doubtful leader of the Conservative delegation, said with reference
to the plan of federation: "It would be a great misfortune if this mighty
scheme could not soon be started on its great career."
So there was no mockery in this closing hour after Mr. MacDonald
finished outlining the new Magna Charta, when English and Indians
stood together at their round table while a band in an adjoining room
played "God Save the King."
Good-Will Abounds.
Even more significant of the abounding good-will after 10 tense weeks
of hard tussle were the spontaneous cheers with which these men of many
races, creeds and political faiths greeted each other. That was the form
in which their relaxation expressed itself in Queen Anne's old drawing room
in St. James's Palace, where, under the portraits of four Georges, in whose
reigns Britain had strengthened her grip on India, the men of that country
heard the farewell message of George V, wishing them godspeed in their
venture of self-government.
If the recent imperial conference had had such success as this round
table has achieved, Great Britain and her dominions would have by this
time devised some method of trading with each other to their mutual economic advantage. If the London Naval Conference a year ago had
achieved the same proportion of what the general public hoped for as
has been gained in the last 10 weeks at St James's Palace, the world would
not be worried to-day about the Franco-Italian Mediterranean dispute,
and the United States would not now be contemplating spending hundreds
of millions of dollars to build her navy up to the treaty allowance.
Of the many speeches made by Indians at the closing session, that of
Sir Tej Bahadur Sapru best indicated the spirit in which he and his 80
colleagues will soon depart for Bombay.
"When we left our own shores," Sir Tej said, "we were told by our
friends and our opponents, men of our own and of all other parties, that
we were going on a fool's errand, that we were incurring extraordinary
risks, that England had made up its mind against us in advance and that
we would meet nothing but defeat and humiliation. Those were the
warnings given us on our departure from India.
Lauds British Statesmen.
"Well, I don't know whether we came to an England that was hostile.
I do know we are leaving an England that is friendly, an England that
has sent to this historic Conference some of her greatest, some of her
wisest, some of her most far-seeing statesmen to talk to us on terms of
equality, to discuss questions of high import in the spirit of give and take
and not to dictate to us from their side. That has been my experience
and I venture to think I express the views of many of us at this round table."
Concerning the general results Premier MacDonald said that Britain
had gone as f.,r as she could at this moment in the matter of granting
self-government.
"Now," he added,"you have to go back to India and we have to go back
to our own public opinion. You have spoken here subject to reconsideration and subject to the reaction which your own public will show to your
work. We of the British Government and Parliament have spoken in
the same way and must also listen to reactions. We must explain, expound,
defend. We must also make ourselves the champions of your findings
and do our best to bring our people along with us in our pilgrimage of
hope to a conclusion."
Indicating something of the work yet to be done, Mr. MacDonald said,
"We leave agreed upon certain features of a constitution, but the successful
launching of that constitution depends upon a careful study of conditions
and structure. I think it was Lord Peel who said we were not so shortsighted and self-centred as to think the only successful constitutional
machinery is that under which we work in England. As a matter of
fact, I can give you some very bad results-of its working here. It certainly is not perfect.
Many Types to Be Studied.
"We have got the United States type. We have got the type used in
Japan and in some of its aspects it is very interesting to us. There is the
type such as was used in Germany before the War and there are the French
methods and so on.
"In order that we may have all the world's experience of working legislatures elected in different ways, we shall study these types with you
and hope to get from them plans and suggestions by which the new Indian
Constitution can be benefited and made workable?'
A passage in Mr. MacDonald's final speech which surprised some of his
hearers was that paying tribute to the work of the Simon Commission,
in view of the fact that the Premier was not willing to have Sir John Simon
at the round table either as a delegate or as an adviser. Although the
Conference had gone far beyond the recommendations made in the Simon
report, Mr. MacDonald said this about it:
"The Simon Commission has done remarkable, conspicuous and essential
work. You may not agree with it, but without it we could not have
gone to the conclusions we have reached at this Conference. The Simon
Commission opened doors that up to then had been closed. It brought
ears into action that up to then had been deaf. India can never be too
grateful for the labors of the men who composed the Simon Commission."
The text of that portion of the Premier's address in which he stated
his government's policy follows.
Statement of Policy.
The Round Table Indian Conference ended its nine weeks' deliberations
At this point I shall read the declaration I am authorized to make by
to-day with a statement by Prime Minister MacDonald of the plans and
my colleagues in his Majesty's Government.
policy of his Majesty's Government for transferring to the Indians themThe view of his Majesty's Government is that responsibility for govselves the rights and responsibilities of administering their own affairs.
This autonomy is to be given to them in respect both to their central ernment in India should be placed upon the Legislatures, central and
and to their provincial Legislatures and in the independent States under provincial, with such provisions as may be necessary to guarantee during
the form cf a federal constitution, to which all groups at the Conference the period of transition the observance of certain obligations and to meet
have agreed. Reservations are stipulated for the early transitional period other special circumstances: and also with such guarantees as are required
in the new experiment in nation-building, but these, too, are accepted by the minorities to protect their political liberties and rights.
In such Statutory safeguards as may be made for meeting the needs
by most of the Indian delegates as reasonable and inevitable.
The only note of anxiety sounded at the final plenary session came of this transitional period, it will be a primary concern of his Majesty's
Bhirarao Ramji Ambedkar, leader of the "Untouchables," who Government to see that the reserved powers are so framed and exercised
from Dr.
feared that there was not enough assurance of the safeguarding of the as not to prejudice the advance of India through the new constitution
to full responsibility for her own government.
political rights of the depressed classes.
His Majesty's Government while making this declaration is aware
Wins Moslem's Applause.
that some of the conditions essential to the working of such a constitution
But the Moslems gave their applause when Mr. MacDonald declared as is contemplated have not been finally settled, but it believes that as a
there would be guarantees for the protection of all minorities.
result of the work done here they have been brought to a point which
He received one of his greatest ovations when he said that amnesty for encourages the hope that further negotiations after this declaration will be
India's political prisoners came very close to his own heart and that the successful.
British Government would not be backward in responding to this plea
His Majesty's Government has taken note of the fact that the Round
Table Conference deliberations have proceeded on the basis accepted by
If the leaders of the Indian revolt would proclaim civil order.
Minister was speaking not only for the existing Labor Gov- all parties that the central government should be a federation of all India,
The Prime
ernment of the day, for, whatever party may be in power in Great Britiain embracing both the Indian States and British India in a bicameral legisthis year or next, it will find ready for it the foundations of a new Indian lature.
Constitution which cannot be abandoned or demolished.
The precise form and structure of the new federal government must
These principles were accepted early in the negotiations by both the be determined after further discussion with the Indian Princes and repreLiberal delegates. To-day even Earl Peel, who has been sentatives of British India.
Labor and the
582
FINANCIAL CHRONICLE
[Vou 182.
For the first time in five years tax collections in France showed a deficit
Slates to Cede Some Powers.
instead of a surplus for December. It amounted to 30,000,000 francs
The range of subjects committed to it will also require further discussion,
(about $1,200,000), Louis de Chapedelaine told the Finance Commission
because the federal government will have authority only in such matters
of the Chamber of Deputies to-day.
concerning the States as will be ceded by their rulers in agreements made
He said ho thought it best to make this revelation in order to convince
by them on entering the federation.
the commission members of the necessity for keeping budget expenditures
The connection of the States with the federation will remain subject
strictly within the limits of the diminishing collections.
to the basic principle that, in regard to all matters not ceded by them
From Paris Jan. 20 the New York "Times" reported the
to the federation, their relations will be with the Crown acting through
the agency of the Viceroy.
following:
With a Legislature constituted on a federal basis, his Majesty's GovTax collections in Franco for the month of December reached the total
erbment will be prepared to recognize the principle of the responsibility
of 3,629,000,000 francs ($145,160,000), according to official statistics issued
of the executive to the Legislature.
This is 212.000,000 francs less than was collected in the same month
Under existing conditions, the subjects of defense and external affairs to-day.
being due to the decline in revenues from indirect
will be reserved to a Governor General and arrangements will be made in 1929. The decrease
taxes and monopolies, whereas direct taxation, on the contrary, produced
to place In his hands the powers necessary for administration of those
48,000.000 francs more than in December, 1929.
subjects.
As under the Tardieu Government the fiscal year in France was changed
Moreover, as the Governor General must as a last resort be able in
with April, this completes only the ninth month of the present
emergency to maintain the tranquillity of the State and similarly be respon- to begin
so that comparisons with the preceding fiscal period are not yet
sible for the observance of the constitutional rights of the minorities, he fiscal year,
available.
must be granted the necessary power for those purposes.
As regards finances, the transfer of financial responsibility must necessarily be subject to such conditions as will insure the fulfillment of obliga- New Paris Bourse Rule Affecting Requirements Covertions incurred under the authority of the Secretary of State and the'maining Short Sales.
tenance unimpaired of the financial stability and credit of India.
The following from Paris is taken from the "Wall Street
Financial Details Remain.
Journal" of Jan. 17:
The report of the Federal Structure Comrnitte indicates some ways
Brokers have instituted a new rule requiring 40% cash cover for short
of dealing with this subject, including a reserve bank, service of loans
sales for all term trades on the "parquet" in an effort to curb short selling.
and exchange policy, which, in the view of his Majesty's Government,
Old rule was 20% cover.
will have to be provided for somehow in the new Constitution.
It is of vital interest to all parties in India to accept these provisions
to maintain financial confidence.
France Insistent on Bonds—Reiterates in Note She Cannot
Subject to these provisions, the Indian Government would have full
Pay British Holders in Gold.
financial responsibility for methods of raising revenue and for control of
expenditure on non-reserved services. This will mean that under existing
From Paris a cablegram Jan. 21 to the New York
conditions, the central Legislature and the executive will have some features
"Times":
of dualism which will have to be fitted into the constitutional structure.
The French Government maintains its point of view in a reply banded
The provision of reserved powers is neces.sasy under the circumstances,
and some such reservation has indeed been incidental to the development to the British Foreign Office today concerning the redemption of French
Government bonds to British holders.
of most free Constitutions.
France repeats its previous stand that foreign holders can not be reBut every care must be taken to prevent conditions arising ,which will
necessitate their use. It is. for instance, undesirable that the Ministers imbursed in gold francs when French nationals are to be paid in paper
should trust to the special powers of the Governor General as a means francs.
of avoiding responsibilities which are properly their own, thus defeating
The government also declines consideration of the suggestion of Philip
the development of responsible government by bringing into use powers Snowden, Chancellor of the Exchequer, for arbitration on the question,
meant to lie in reserve in the background.. Let there be no mistake about maintaining British bondholders have the proper recourse to present
that.
their case to French justice.
The Governors of the provinces will be constituted on a basis of full
Their ministries will be taken from the legislature and will
responsibility.
be jointly responsibile to it. The range of provincial subjects will be so Big French Banks Found to Be in Strong Position—New
defined as to give them the greatest possible measure of self-government.
Banque Nationale—Steps Being Taken
Interests
Federal Powers Limited.
The authority of the federal government will be limited to the provisions
required to secure its administration of federal subjects and to discharge
its reponsibility for subjects defined in the Constitution as of all-India
concern.
There will be reserved to the Governor only that minimum of special
powers which is required to secure in exceptional circumstances the preservation of tranquillity and to guarantce the maintenance of rights provided
by statute for public services and the minorities.
Finally, his Majesty's Government considers that Institution in the
provinces of responsible government requires both that the legislatures
should be enlarged and that they should be based on a more liberal franchise.
In framing the Constitution, his Majesty's Government considers that
it will be its duty to insert provisions guaranteeing to the various minorities,
in addition to political representation, that any differences of religion,
race, sect or cast shall not in themselves constitute civic disabilities.
In the opinion of his Majesty's Government, it is the duty of the communities to come to an agreement among themselves on points raised by
the minorities subcommittee but not settled there.
During the continuing negotiations such an agreement ought to be
reached, and the government will continue to render what good offices
it can to secure that end, as it is anxious not only that no delay should
take place in putting the new Constitution Into operation but that it should
start with the good-will and confidence of all communities concerned.
Various subcommittees which have been studying the more Important
principles of a constitution which would meet Indian conditions have
surveyed a considerable part of the structure in detail, and the still unsettled points have been advanced a good part of the way to agreement.
Ills Majesty's Government, however, in view of the character of the
Round Table Conference and the limited time at its disposal in London,
has deemed It advisable to suspend its work at this point so that Indian
opinion may be consulted upon the work done and expedients be considered
Dor overcoming the difficulties which have been raised.
His Majesty's Government will consider shortly a plan by which our
co-operation may be continued so that the results of our completed work
may be seen in the new Indian Constitution.
If, in the meantime, there is a response to the Viceroy's appeal to those
now engaged in civil disobedience and if they and others wish to co-operate
on the general lines of this declaration, steps will be taken to enlist their
services.
I must convey to you all on behalf of the government its hearty apprethis
ciation of the services you have rendered, not only to India, but to
Percountry by coming here and engaging in these personal negotiations.
sonal contact Ls the best way of removing those unfortunate differences
and misunderstandings which too many people on both sides have been
engendering between us in recent years.
gained under such
Mutual understanding of intentions and difficulties
means
conditions as prevailed here is by fair the best way of discovering the
of settling out differences and satisfying our claims.
such an amount of
His Majesty's Government will strive to secure
passed through the
agreement as will enable the new constitution to be
active good-will
British Parliament and be put into operation with the
of the people of both countries.
weeks of valuable
Now, my friends, we go our various ways. Our 10
are ended.
co-operation, pleasant companionship and friendship
Enter
for Small Banks and Financial Groups Needing Aid.
The following Paris cablegram Jan. 16 is from the New
York "Journal of Commerce":
The position of the four big French credit banks is absolutely unquestionable at the present time and is regarded by the French banking
authorities as vital to that of the world's strongest financial institutions.
The spread of reports abroad about banking troubles in France arises
out of difficulties faced by several small local banks and small financial
groups here.
Today the Banque Regionale du Gard, with forty-four branches in the
Department of Gard, suspended payments. The main office is at Nimes.
As the territory served in Provence is one of little economic development,
with agriculture dominant, the effect of the suspension is expected to
be small.
Announcement Quiets Rumors
Individuals representing large French industrial interests announced
that they had joined the board of directors of the Banque Nationale du
Credit, one of the newest of the "banques d'affaires," at a meeting
Wednesday. This move set at rest widespread rumors about this institution, which was organized in 1913 and had a rapid growth since the war,
absorbing among others the Banque Francaise pour le Commerce et
PIndustrie.
Informed financial circles here say that there is a possibility of embarrassment for one or two smaller banks or financial groups, but arrangements to help them are now under way. Such efforts appear to be
progressing favorably, so that the situation may shortly be fully ironed out.
There is considerable organized bear activity on the Paris Bourse at
the present time, and so there is good reason to believe that unfavorable
reports have been systematically spread on the financial situation. Naturally such reports quickly find their way abroad, so that foreign observers
should take with a grain of salt many of the reports coming out of
Paris now.
The pressure of forced liquidation on the bourse continued in reduced
volume, with prices moderately lower in dull trading. With the spread
of a feeling that the worst aspects of the situation have passed, increased
confidence was expressed in financial circles.
Closing of Several French Banks.
Associated Press advices from Aix-en-Provence,
France, Jan. 16, stated:
A small bank, the Societe Frovencale de Gestion Financiere Commerciale et Immobiliere, closed its doors today. Liabilities were listed
at 1,000,000 francs, approximately $40,000.
We also quote the following Associated Press account
from Strasbourg, France, Jan. 17:
The Bank Lucien Kahn closed its doors today. The director whose
name the banlo bears was reported missing and several complaints were
filed against him during the day. The bank's assets were estimated at
$20,000 and its liabilities at $80,000.
-- Germany Plans to Spend $250,000,000 in East Prussia,
&c.—Six-Year Relief Program for the Provinces
French Tax Collections Fall for First Time in Five
Framed in Bills After Chancellor's Visit.
Years.
The expenditure of $250,000,000 over a period of six
A cablegram as follows from Paris Jan. 14 appeared in
years for relief work in the eastern provinces is likely to
tho Now York "Times":
JAN. 24 1931.1
. FINANCIAL CHRONICLE
583
result from Chancellor Bruening's inspection tour there, the first ten months of 1930 amounted to about $132,said a Berlin cablegram Jan. 19 to the New York "Times," 000,000, as against imports of about $122,500,000, leaving
the account also stating:
a favorable trade balance of $9,500,000. For the correFor this purpose two bills have been prepared which will be discussed sponding period of 1929 Hungary had an adverse trade
and in all probability approved by the Cabinet on Wednesday, one
regulating relief work and the other agricultural settlement of the eastern balance of over $17,000,000. This favorable result, it is
provinces, primarily East Prussia and the so-called Grenzmark, which noted, was achieved despite the fact that the value of
borders on the Polish Corridor.
Hungary's exports during 1930 shows
slight decline,
Thirty-five million dollars would go as a guarantee fund and for loans
for agricultural settlement; $24.000,000 as a loan for converting agricul- which was to be expected considering that the country's
tural short-term loans into long-term ones in 1931 and 1932, with an equal exports consist primarily of agricultural products, the prices
amount as guarantee for the conversion; $5,000,000 annually beginning
In 1932 for social and cultural purposes: $31,000,000 as a loan to the Federal of which have been considerably lower for 1930 than in
railways for the expansion and development of eleven railway lines, and previous years. The country is said to have relied chiefly
$6,000,000 annually, beginning in 1932, as security for plants and farms. on its own resources without any considerable external
The Reich and Prussia would stand guarantee for loans to a total amount
borrowing, and its merchandise purchases from abroad had
of $30,000,000.
These amounts with the sums required for the reduction of taxes and to be restricted accordingly; but, with the result for 1930—
freight and shipping fees and for the support of trade, would make up a balanced budget, a favorable trade balance and a staa total of about $250,000,000.
bilized currency—Hungary may look forward with confidence
to its financial future, according to the bankers.
Germany's Budget Deficit Figured at Billion Marks.
From the New York "Journal of Commerce" we take the Brazil Gets London Loan—Bankers Arrange Credit
to Tide the Country Over Difficulties.
following from Berlin, Jan. 14:
Finance Minister Dietrich to-day made public the fact that Germany
From the New York "Times" we quote the following
will mark up a budget deficit of approximately one billion marks or the
London cablegram, Jan. 16:
equivalent of $238,200,000. The budgetary deficit, told
to the Budget
A credit of $35,000,000, it is stated here, has been arranged for the
Committee of the Reichstag, is in excess of the figures
Predicted early
December by Herr Dietrich. The decline in tax and customs receipt in Bank of Brazil by a London banking group headed by N. M. Rothschild
is
Sons to tide the Brazilian Government over a temporary adverse tendency
largely responsible for the shortage. These receipts are off about
in the foreign exchange market.
$165,820,000.
The reason Brazil approached London, instead of following the example
The Finance Minister announced that the cabinet has decided to curtail
the staffs of the various ministerice by 1%. He declared that no new taxes of other South American Republics, which look to America, according to
"The Financial News," is that London has been Brazil's banker for a
were under consideration, lie said further that he would soon submit a
century, although several Brazilian loans were floated in New York besupplementary budget.
tween 1925 and 1928.
Recently United States banks withdrew the bulk of their credits, which
were subsequently replaced by London. Sir Otto Niemeyer of the Bank
Report on Austrian Loan Is Made by Bank for
of England's staff sails on Jan. 29 with a group of assistants to advise
International Settlements.
Brazil on its monetary policy.
From its Paris correspondent, Jan. 20, the New York
A previous item regarding the loan appeared in our issue
"Herald Tribune" reports the following (copyright):
of Jan. 17, page 417.
The Bank for International Settlements published to-day its balance
sheet as trustee for the Austrian Government International Loan, floated
in 1930, covering the period from July 1 to Dec. 31 1930. The loan, Argentina Drops Workers—Dismisses 800 More from
Customs Service in Economy Campaign.
which was Issued in the currencies of Great Britain, United States, Italy,
Sweden, Switzerland and Austria to the value of $65,000,000, is redeemable
The following Buenos Aires cablegram, Jan. 21, is from
in 1957 or by annual drawings at 103 or whenever possible by
market
Purchases at or under 103. The statement, expressed in Swiss francs at the New York "Times":
par, follows;
The provisional government, in its determination to reduce Government
Receipts.
expenses to balance the budget, has discharged 800 more workers from the
Sums paid by Austrian Government:
customs service, making 3,570 dismissed from this branch since the revo1.—Interest
10.578,000 lution.
2
.'—Redemption
2.429,000
3.—Expenses
This reduces the customs personnel by 50%, as there were 7,140 workers
83,000
under President Irigoyen's regime. The dismissal of these laborers results
Total
13,089,000 In a saving of 6,800,000 pesos
Interest received on balances held by paying agents
($2,887,000) a Year.
69.000
Grand total
Payments.
Accrued Interest on bonds purchased for redemption
Bonds purchased for redemption
Oenunissien and ether charges of paying agents
Fees and expenses of trustee
Balances in hands of paying agents:
1.—Interest payable Jan. 1
2.—Redemption fund
3.—Expense fund
13.158.000
36.000
2,307.000
22,000
15,000
10,503,000
122,000
153,000
Grand total
13.158.000
The statement is dated Jan. 15 and is from the Bank's headquarters at
Basle, Switzerland.
Sao Paulo Raises Taxes—Heaviest Burden Put on
Wines, Liquors and Tobacco.
The following Sao Paulo (Brazil) cablegram, Jan. 14,
is from the New York "Times":
The State of Sao Paulo has increased taxes on commodities and luxuries
in an effort to meet its budget for 1931. Tobacco, wines, liquors and
mineral waters bear the greatest increase, and there are slight rises in the
taxes on rice, flour and sugar.
The decree on Dec. 15 of President Getallo Vargas abolishing a majority
of the old national holidays was protested to-day in a petition sponsored
by the Minas Geraes Society and signed by 20,000 persons. They requested Senhor Vargas to re-establish the old holidays, most of which
date back to the Portuguese colonial and Brazilian Empire periods.
Parley Halts—Lee, Higginson & Co. Representatives Depart for Paris.
The following Berlin cablegram Jan. 22 is from the Uruguay Halts Public Works Projects Following Drop
New York "Times":
in Exchange Rate.
Negotiations between representatives of the Paris branch of Lee, BigA cablegram from Montevideo, Jan. 17, was reported as
ginson & Co. and the Federal Insurance Company for Private Employes
follows by the New York "Times":
regarding an advance of $40,000,000 on preferred shares of the
Berlin Loan
German
railways, of which the government sold $75,000,000 worth to
balance
the budget for the current fiscal year, were interrupted today,
but it
is said they will be resumed soon.
The representatives of Lee, Higginson & Co. have departed for
Paris.
The depression of Uruguayan exchange, which is aggravating the already
serious economic crisis, has caused the Government to postpone indefinitely several important projects of public works.
These include the purchase of the Central of Uruguay Ry., the construction of a hydro
-electric plant on the Rio Negro and the purchase of
motor-driven ferryboats which were to connect Buenos Aires with the
concrete motor road from Colonia to Montevideo, work on which also
will be suspended.
Soviet Russia Buying Foreign Currency—Sends German Reichsbank $51,000,000 in Gold for Purchases.
Argentina Rejects $200,000,000 Loan—Paris Offerors Fail
to Give Satisfactory Evidence of Financial ResponThe following Berlin cablegram Jan. 17 is from the New
sibility—End of Borrowing Urged.
York "Times":
The Reichsbank to-day received $51.000.000 worth of gold from
The following from Buenos Aires Jan. 21 is from the
Soviet
Russia for the purpose of buying German and other foreign
currency New York "Times":
with which Russian purchases in Germany and
other European countries
will be paid.
It is assumed the greatest part will remain in Germany, while smaller
amounts will probably be forwarded to P4ris and London.
Bankers Advised That Hungary Will Show Favorable
Trade Balance for First Time in Ten Years.
According to figures received from the Royal Hungarian
Minister of Finance by Speyer ez Co. and the National
City Bank, bankers for Hungary, it seems probable that
Hungary will report a favorable trade balance for 1930—
the first time in ten years. It is stated that exports for
The Ministry of Finance today admitted it had received an offer of
a loan of £40,000,000 (about $200,000,000) from Paris, but that it had
not taken the offer into consideration because it did not believe the persons
who made the offer had the necessary financial responsibility.
After receiving the offer, the Ministry sent a cable message to the
Argentine Ambassador at Paris for information regarding the financiers
who made the offer. When the Ministry received his report it refused
to consider the proposal.
The Corporation of Bond and Shareholders, in its semi-annual report,
published today, urges the provisional government to refrain from further
foreign loans, which, they say, constitute an unnecessary burden on the
country. The report insists the country has idle funds sufficient to take
care of any financing required by the national, provincial or municipal
governments, pointing to bank deposits of 4,500,000,000 pesos ($1,910,000,000) as proof of this contention.
584
FINANCIAL CHRONICLE
Peruvian Government Bonds Drawn For Redemption.
J. & W. Seligman & Co., as fiscal agents, have notified
holders of Republic of Peru secured 7% sinking fund gold
bonds, 1927, due September 1, 1959, that $90,000 principal
amount of these bonds have been drawn by lot for redemption at 105 on March 1, 1931.
[Voz. 182.
Central Hanover Bank and Trust Co., who in 1929 headed a
syndicate which extended a credit of $1,300,000 to the Department for Railway Construction. The new line will
open the shortest and quickest transportation route between
the Colombian capital and Barranquilla, the Republic's
chief Atlantic seaport. It is further stated:
Profits of the railway will accrue to the Department. In the fiscal year
ended June 30 1930, ordinary revenues of the Department were 10,184,835
Pesos ($9.912,890 at par of exchange), and net revenues pledged as security
for the Department's 6% bonds were 4,737,829 pesos ($44,611,329).
covering more than five times the annual service charge of $900,200. The
bankers' credit has been reduced to $600,000 and payments are being met
punctually, It is stated.
Bolivia May Soon Resume Interest on Bond Issues—
Report That Representatives Here Seek Temporary
Loan—Tin Pact May Bring Rise in Government
Income.
According to the New York "Journal of Commerce" of
Hits U. S.
Jan. 14 plans may be worked out shortly for the resumption American Cotton Shippers' Association
Interference in Cotton Marketing—Declare Effect
Bolivian foreign debt, it was
of interest payments on the
is Demoralizing Normal Flow of Product.
reported in well informed banking circles on Jan. 13. The
Characterizing the outlook for American cotton as "tragic"
quoted continued:
paper
The Bolivian Commission now in this country, it is stated, has made a and the product "unpopular" with world spinners, the Ecodefinite proposal looking toward the making of interest payments in 1931. nomics Committee of the American Cotton Shippers' AssotempoIt is estimated that the Government of Bolivia will have to raise
issued through its Chairman, J. W. Garrow, of
rarily about $1,800,000 in order to have sufficient funds to meet interest ciation
interest charges on the dollar debt of something Houston, a statement calling for retirement from cotton
payments this year. Total
less than $60,000,000 is about $4,000.000. Sinking fund and interest were merchandising by the Federal Government. We quote from
suspended by formal statement of a Bolivian Financial Commission which
the New York "Journal
arrived here last month. The Commission has since been in continuous a New Orleans dispatch Jan. 21 to
conference with bankers here. It is not expected that any move will be of Commerce," which also had the following to say:
made to restore sinking fund service until later on after a substantial improvement in economic and financial conditions within the country takes
place.
Tin Pact Big Aid.
An important factor which has improved the outlook for the resumption
of payments has been the arrangement of an international agreement to
limit tin exports from the four important producing countries—Bolivia,
Malay, Nigera and Dutch East Indies. The price of tin has already shown
some improvement following this agreement, and substantial further gains
are looked for when it is made effective. The countries involved must
adopt certain measures to put the plan fully into effect, after which, in
view of their control of the tin deposits of the world, a stabilization of the
price of the metal at a more remunerative level is looked for. In view of the
dependence of Bolivia upon tin mining, which constitutes about 75% of its
exports in average years, an improvement in the price of tin is certain to
substantially increase Government revenues.
It is reported that the Bolivia Financial Commission is seeking to secure
an advance here of the amount which will be needed to meet interest for
this year.
Patine) May Aid.
It is said in banking circles that, in the event of inability to arrange for
a direct borrowing of such a sum in this market, the Bolivian Government
may resort to Simon I. Patino, President of Patino Mines & Enterprises
Consolidated, Inc., the great tin raining enterprise of the country, for an
advance. Senor Patino, they say, has aided the Government in its financial
problems in the past.
An upturn in the price of tin, it is expected here, will mean an immediate
Increase in the estimated revenues of the Bolivian Government for this
year. The budget was drawn up with tin at around its low price, and full
allowance is said to have been made for this fact in arriving at indicated
Governmental income. With an improvement in the price of tin, larger
mining and income taxes are looked for, thus raising the sum available for
debt service. Higher tin prices will also tend to further stabilize general
conditions in the country, by maintaining employment.
Interest thus far has been defaulted on the external 7% dollar issue of
1927, due Jan. 1, in March interest is due on the 7s of 1928, and in May
the 8s of 1922-24, the largest of the issues. The foreign debt of Bolivia now
outstanding was floated entirely in this country, previous loans in London
and Paris having been redeemed.
A previous item regarding the presence here of the Bolivian
Financial Commission appeared in our issue of Jan. 3, page
54.
Dominican Commission Asks $50,000,000 Loan Refunding Plan To Be Decided by President Hoover.
Refunding of the outstanding foreign debt of the Dominican Republic was given on Jan. 14 by members of a special
commission from that country seeking to negotiate a $50,000
000 loan in the United States as one of the prime objects of
the proposed loan. An Associated Press dispatch from Washington on that date published in the New York "Herald
Tribune" stating this added:
The whole project, which was included in a memorandum recently subofficials of the United
mitted to President Hoover and now being studied by
the Republic's economic situaStates, contemplates also a plan to stabilize
the loan is required under treaty agreetion. The President's approval of
of any increase in the Dominiment, which provides United States approval
can national indebtedness.
small part of the $50,000,000 will be
A temporary loan of a comparatively
be used to meet urgent necessought first if the plan is approved. It would
reconstruction, the Commission explained.
sities, particularly of hurricane
be enabled to wait until it found
The Dominican Government then would
floating the remainder of the loan,
financial conditions most favorable for
The loan is proposed for 40 years,
which would be issued in installments.
interest.
with annual amortization of 2%% and 53i%
Cundinamarca Railway to Be Completed This Year—
Annually.
Will Yield Net Operating Profit of $500,000
Bogota, Colombia,
The Cundinamarca Railway, between
River, is exand Puerto Lievano on the lower Magdalena
produce
pected to be completed by the end of 1931 and to
operating profits of about $500,000
after completion net
Departannually, according to estimates received from the
ment of Cundinamarca by J. & W. Seligman & Co. and
The statement was issued at a three-day conference here to devise ways
and means to revive dormant trade buying. It was attended by 25 leaders
in the cotton trade. Mr. Garrow, in a vigorous attack, said;
and
"Not more than 160,000 producers out of more than 2,000,000,
not more than about 15% of the American cotton crop are functioning
Nevertheless.
through the Federal agricultural marketing experiment.
the unbalancing effect on the market for American cotton of the Government's experiment has profoundly, acutely and adversely affected the
outlets and interfered with the normal flow of cotton from the farms into
consumers' hands. The result is not merely a gloomy outlook, but a
tragic outlook for American grown cotton.
Cites Loss in Consumption.
"In 1929-30. according to the International Cotton Federation. 1,400.000 bales of foreign-grown cotton were substituted for American cotton
by world consumers. In addition, world consumption of American cotton
was further curtailed by 653,000 bales, the loss due to business depression,
making the total loss in consumption of the American product, 2,053,000
bales in a single year. Two years ago, world consumption of American
cotton was about 15,000,000 bales; last year 13,000,000.
"According to spokesmen for the Government's experiment in marketing world consumption of American cotton is now running on the basis
of 11,000,000 bales.
"Confronted by this tragic outlook, the Economic Committee of the
American Cotton Shippers' Association has been holding sessions in New
Orleans in the hope of devising ways and means through which now dormant trade buying power can be revitalized and made to function again.
"Some very definite conclusions have been reached and steps to make
the decisions effective have been taken.
"The committee finds that American cotton has actually become unpopular among the overseas trade. Some years ago overseas merchants
and consumers were compelled to accept United States Government
Then an arbitration system which America's customers
standards.
abroad did not like was put into effect. Now the United States Agricultural Marketing Act, which attempts to hold values above a competitive
level, has upset trade calculations generally.
"Meanwhile, American merchants, fearing a repetition of the Government's manipulation of the hedge market, and American spinners still
smarting under their losses resulting from the attempted stabilization of
raw cotton but not of the products of raw cotton, fear to purchase raw
cotton in a normal way.
"For these reasons and others, American producers are rapidly losing
their normal market outlets."
Buying Advanced Market.
"In October last the cotton trade, feeling that values were too low,
conferred in New Orleans. The officials and the marketing subsidiary
under the Agricultural Marketing Act gave assurances that no stabilized
cotton would be thrown on the market before August, and that no further
manipulation of the hedge market would be resorted to. The cotton
trade thereupon recommended purchases. The market advanced about
a cent and a half a pound. This advance in raw material enabled spinners,
and weaves to make liberal sales of their product, and for a time the entire
cotton trade reflected activity and some strength.
"But very soon general trade fear of the strange powers over business
conferred by the Agricultural Marketing Act, the presence of very large
concentrated stocks under single control, and the promise of further large
Federal appropriations began to undermine trade confidence, and the
trade in American cotton dropped back into the doldrums. The economics
committee of the American Cotton Shippers' Association will do all it
can do to restore confidence in American cotton and to reacquire lost
markets. The difficulties will be greatly reduced once the Federal Government retires from all participation in and control of cotton merchandising
machinery."
The men heard by the Committee prior to its declaration brought to
the conference exhaustive reports of the state of trade,the state of spinners.
of requirements and supply of all growths, mental and Physical effect on
the trade of the Government's experiment, the outlook for 2,000,000
American cotton producers, of which only 160,000 are functioning through
the Government's marketing machinery, and discussed these matters fully.
Federal Farm Board Approval Voted by State Cotton
Co-operative Association—Chairman Legge Says
Board is Here to Stay.
Pull endorsement of the Federal Farm Board, the Agricultural Marketing Act, and their operation was voiced in a
resolution adopted at New Orleans on Jan. 10 by the meeting of directors of the State Cotton Co-operative Association,
affiliated with the American Cotton Co-operative Association.
JAN. 24 191..]
FINANCIAL CHRONICLE
This is learned from a New Orleans account Jan. 11 to the
New York "Journal of Commerce," which likewise stated:
The State association directors expressed themselves as standing solidly
behind the Farm Board whatever opposition to its operations may develop.
The meeting also went on record as supporting the Federal Farm Board
In its cotton acreage adjustment program.
Alexander Legge, Farm Board Chairman, was the principal speaker in
today's meeting. After referring to personnel and organization, he advised
the directors that the movement had advanced farther during the past
year than anticipated but there was a long road ahead still. He asserted
the growers of this country had drifted into the present situation, stating
that if we go on, at the end of this year, we will not have a 4,000,000,
5,000,000 or 6,000,000-bale carryover, but an 8,000.000-bale carryover
out of the present stocks, and 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,
Mr. Legge then commented on general business practices of disposing of
stock before restocking and the viewpoint ofsome farmers on crop production.
"The Farm Board is here to stay notwithstanding all the talk that is
going around," declared Mr. Legge, "and it will be in operation long
years after all the conscientious objectors have passed out of the picture
and answered the last roll call. The taxpayers that make the most fuss
about squandering the taxpayer's money are not prominent in the records
of the tax collectors. The real taxpayers are not making a fuss."
Referring to the criticism of high cost handling by the co-operative
association, Mr. Legge declared that "when you get through there will be
no cotton shipper or operator in the country that can truthfully say they
are handling the commodity any more efficiently or economically than you
are. When you have reached that state of effective operation we needn't
fear criticism."
585
Chairman of the Federal Farm Board, asserted on Jan. 22 in
reiterating that the board favors the regulation of wheat
transactions made for purely speculative purposes. A Washington dispatch on that date to the New York "Times"
further said:
It is quite possible, the Chairman declared, that the Board would not
extend its stabilization activities in the wheat market beyond next May.
Purchases of wheat by the Board in an effort to stabilize prices have been
confined to the 1930 crop, he said, and no commitments have been made
beyond May.
He added that while it could not be predicted what the Board might do
in the future, nothing was foreseen which might "take us into the new
crop."
"The inference," Mr. Legge continued, "is that unless we are faced with
another calamity such as the short-selling operations of Russia our stabilization activities will be terminated with the 1930 crop."
In connection with the Capper-Dickinson bill to regulate transactions
on the wheat exchange and place a curb on short selling, Mr. Legge stated
that while not opposed to it, the Board was not enthusiastic about the bill
in its present form.
"Some of the things we're advocating are in the bill," he declared,
"but they are buried beneath many other provisions which amount to
police court regulations."
•
Intimations That Federal Farm Board Will Cease
Buying in May Fails to Create Selling—Grain
Prices Not Affected by Statement of Chairman
Legge.
From a Chicago dispatch Jan. 22 to the New York "Herald
Federal Farm Board Cotton Holdings Held Element of
Tribune" we quote the following:
Uncertainty by Charlotte Manufacturers.
Farm Board operations in the wheat market will end in May, according
The following from Charlotte, N. C., Jan. 13, appeared
to official announcement made by Chairman A. A. Legge, of the governin the New York "Journal of Commerce":
ment agency, but he qualified his remarks by expressing the hope that it
Manufacturers who are accustomed to considering the purchase of raw
cotton supplies as one of their major problems at this season find the
problem further complicated this year by the entry of an entirely new
factor in the market.
The holdings of the Federal Farm Board for purposes of stabilization
are regarded by many millmen with considerable uncertainty which arises
from the knowledge that this cotton is not held for the usual purposes of
trade, while the size of these holdings, in excess of 1,250,000 bales, has
given rise to the questions"when and how will they be sold?" in the minds
of those manufacturers who would like to evaluate the market with the
possible purchase of supplies for the future in mind.
As the situation now stands, one manufacturer declares, the agencies
which are expected to absorb and consume this cotton are kept without
knowledge as to how it will be marketed and are even in doubt as to whether
the principles underlying its eventual sale will be those of sound, mercantile operation or in accordance with the exigencies of a complicated
situation involving manipulation in other markets of which wheat is the
most important, and political and other kindred considerations.
This condition is said by a number of millmen to have defeated the
purpose of the Farm Board purchases in part at least, since doubts raised
by the existence of so large a block of cotton not held for mercantile purposes has caused manufacturers to defer purchases which would have
removed a part of the existing oversupply from the market.
Desire for clarification of the market which would make it possible for
mills to purchase supplies without fear of sudden action and consequent
loss brought about by the operation of an agency not in the market for
business purposes, has led one manufacturer to make the suggestion that
that body should make a statement setting forth its position and intentions.
"If the Farm Board will announce the minimum price at which it will
sell its holdings, or a definite part of them, mills then will have the assurance that the Board will not depress the market by selling at less than
that figure and will be able to buy with greater assurance of stability,"
he says. "Or, if the board will announce that it will not enter the market
as seller before a certain date, mills will be able to operate with some
assurance prior to that date."
"Millmen do not consider that this cotton has gone out of existence
simply because it has been temporarily withdrawn from the market, but
lacking knowledge of when it will be put back on the market, are forced
to regard it as part of the available supply in their figuring, and at the
same time are forced to regard it as a block which would depress the
market should it be offered for sale," this manufacturer declares.
will not be necessary to continue stabilization operations into the new
crop year. The statement was in line with former expressions of Farm
Board officials, and it was recently announced that the matter of handling
the new crop had not as yet been given consideration and probably would
not until late in April or in May.
Mr. Legge sees no objection to the plan worked out by millers and the
Stabilization Corporation, whereby the latter would loan mills old-crop
grain and receive the new in exchange later in the season to cover export
flour sales, but in his opinion the plan will not result in a great deal of
business. Chicago interests claim that Southwestern mills are about
the only ones in a position to take advantage of the plan and they may
do some business in order to keep their recognized brands in the hands of
foreign buyers, making sales at a loss if necessary.
The announcement that stabilization operations were not contemplated
in the new wheat crop had no effect on the market. The July delivery
advanced Mc. early to 66Mc. in sympathy with Liverpool, which was
firmer on further rains in Argentina, only to break 1 Mc. from the top
when corn started downward and the finish was Mc. lower at 653'c..
buying against bids checking the decline. Old-crop months were very
dull and closed unchanged to Mc. lower, with March 80Mc. and May
82%c.
Removal of hedges against export sales of 750.000 to 1.000.000 bushels
of wheat at Winnipeg gave the Canadian market a strong undertone and
it gained Mc. for the day. A report said there were liberal buying orders
in evidence every M to Mc. down, and some improvement was reported
in the flour demand.
A reduction of around 25% in the wheat acreage in the Canadian Northwest is contemplated this year, according to a telegram from Mr. J. I.
McFarland, head of the Canadian pool, which was read at a meeting of
wheat producers at Amarillo, Texas. A Buenos Aires cable reported an
active campaign under way in Argentina to cut down the acreage in that
country, while another cable to a Winnipeg house said 20% of the acreage
in northern Argentina was unthrashed and 30% in the south and, owing
to low prices and poor quality, it was possible it never would be.
Third of Farm Loans Reported Repaid—Chairman
Legge of Federal Farm Board Says Board Has
Received $131,039,388 of Funds Let Out.
The Federal Farm Board has loaned a total of $372,886,187
since its institution, of which $131,039,388 has been repaid,
Plan to Aid Cotton Growers Advanced in Senate—Proposal
Chairman Alexander Legge of board told the subcommittee
Provides for Federal Purchase of Surplus and Resale
of the House appropriations committee, according to a
on Credit.
Washington dispatch to the "Wall Street Journal" of Jan.
The following is from the "United States Daily" of
22, from which the following is also taken:
Jan. 22:
A plan whereby the surplus cotton supply would be taken from the
market, and the farmers themselves would reap the benefit from the rise
in price resulting, was advanced in the Senate Jan. 21 by Senator Smith
(Dem.), of South Carolina.
The plan provides for the purchase by the Federal Farm Board of
5,000,000 bales of the present crop and resale to the farmers at the
purchasing price on credit, on condition that the growers agree not to
plant any cotton on land owned or controlled by him for the year 1931.
This plan, he declared, would take the surplus off the market, and at
the same time would give the producers a chance to make the profit
resulting from the natural rise in price and allow them to produce food
crops, cattle and feedstuffs.
Senator Smith read from a letter received by him with reference to
the plan from Carl Williams, member of the Federal Farm Board, declaring the plan impractical because of the world market, and adding that
the plan would throw American prices out of line with world prices
and the cost of the plan would be in excess of $240,000,000.
Short Selling Bill is Opposed by Chairman Legge—
Federal Farm Board May Not Stay in Wheat
Market Beyond May, He Says.
"The prohibition of short-selling is not possible, any more
than the prohibition of liquor is possible," Alexander Legge,
This Committee reported favorably upon a provision to make available
to Board $100,000,000 Out of the revolving fund for use during the fiscal
Year 1932. This will complete the appropriation, when passed, of the
$500,000.000 revolving fund authorized to carry out the Agricultural
Marketing Act. Congress recently appropriated $150,000,000 in the deficiency bill.
Total net commitments of Board to various co-operatives amount to
$468,960,893. Considering actual loans made out of these, the balance of
commitments available for advances totals $96,074,706. Figures are all
as of Jan. 1. The amount outstanding was $241,846,799.
Loans on Wheat.
It was shown that a total of $119.000,000 has been loaned out on wheat
stabilization, of which $53,620,801 has been repaid, leaving a net outstanding for this purpose of $65,379,198. In addition, Board has committed
$32,000.000 for additional loans for the price-pegging operations.
That this sum is available for stabilization operations does not mean,
however, that it will all be called upon.
The Board advanced $45,144,102 for cotton stabilization up to Jan. 7,
of which $5,001,485 was repaid, leaving outstanding $40,142,617. Amount
committed and available for further loans for cotton stabilization, if needed,
is $19,855,897.
Legge said that he did not think Board would need more than the $500,000,000 authorized for the revolving fund.
He said that should the present holdings of wheat and cotton acquired
under stabilization efforts be sold at present market prices, or those prevalling when he addressed the committee Jan. 12, the loss to the revolving
586
FINANCIAL CHRONICLE
fund would approximate $70,000,000. Of this, $30,000,000 would be
accounted for by the wheat and $40,000,000 by cotton.
Need for Additional Fund.
Depression in business is preventing rapid liquidation of Farm Board
loans, and this is why the additional $100,000,000 is needed for Board.
Legge said.
"I would like to say," he said, "that the reason for the apparent need
of all the money available is that there seems to be very little recovery
as yet in general business conditions, and we have an excessive amount of
funds tied up in three items—wheat, cotton and wool. So far as we see
now, it is not going to liquidate very promptly. It is going to be a slow
process, releasing that money."
The Chairman of the Farm Board explained that the salaries of leading
officials of the Farmers National Grain Corporation and of the Grain
Stabilization Corporation were paid by these two organizations jointly
because they both shared their services. This was true of George S.
Milnor, manager of both concerns, who receives $50,000 yearly. In this
connection Legge explained that the two corporations are closely interrelated.
1Vou 132.
Mr. Burtness argued that relief could not be expected from the flexible
tariff provisions because "It takes from two to four years" and there "is
no assurance that the facts disclosed would warrant increases rather than
decreases."
The Commission could not take abnormal competitive conditions into
consideration, he added.
'Most of these duties are probably ample in normal times," he said.
"If early enactment of my bill will aid agriculture we should press for
immediate hearings before the Ways and Means Committee."
Under the Burtness bill the embargo would last until March 1932.
The North Dakotan said It had the approval of the Farm Bureau Federation and the National Dairy Union, both of which suggested the inclusion of foreign vegetable oils.
Federal Farm Board's Wheat Buying To Reach
150 Million Bushels.
The following from Washington Jan. 13 is from the New
York "Journal of Commerce":
The possibility that the Grain Stabilization Corporation may hold
150,000,000 bushels or more of wheat by July I, the beginning of the new
crop year, was forecast today by Alexander Legge, Chairman of the Federal
Farm Board.
Mr. Legge said that at present the Stabilization Corporation holds over
130,000,000 bushels of both cash wheat and futures contracts. He declared that the cash wheat in this total amounted to about 75,000,000
bushels. It is hard to say exactly how much the Stabilization Corporation may have on hand in July because this depends largely on how much
of its present holdings are in market hedges, he asserted. He added that
Farm Board will not object to borrowing by millers ofstabilization wheat, the stabilization operations will be continued, although the corporation
Chairman Legge, of Federal Farm Board, stated Thursday.
was not finding it necessary to buy much at the present time. He frankly
George S. Milner, the Manager of the Stabilization Corp., is taking up admitted that he did not know just how the wheat surplus would be diawith millers the proposition of borrowing certain amounts of stabilization 1,- sed of. The Stabilization Corporation is expected to control virtually
wheat and the replacing of that wheat in September.
all of the carryover of last year's crop if operations are continued to July.
In Legge's opinion this plan will not amount to a great deal, even though
Chairman Legge said that the situation in cotton Is much worse than
he has no objection to it. Some millers may be able to save on the July wheat. He said that the Farm Board is hopeful that some action will
contract in replacing the wheat, while the Farm Board will save itself the be taken in acreage reduction due to the present low prices. He explained.
cost of storing and carrying this wheat.
however, that the board expected some reduction in acreage last year,
Legge also said he hopes it will not be necessary for the Farm Board to but that they did not get nearly as much as they wanted
continue wheat stabilization into the new crop year.
Operations In connection with the 1930 crop would normally end in
A. W. Cutten and Others Shift Operations—Purchase
May, he said.
Legge brought out that there have been no applications as yet for loans
Seats on Winnipeg Exchange and Force Winnipeg's
of stabilization wheat and cotton to relief agencies on easy terms. Should
Seats Above Chicago's.
the Capper Bill, favorably reported to the Senate for donating 20.000,000
The following (Associated Press) from Chicago Jan. 17
bushels of wheat for relief purposes be passed, the Farm Board will be able
to provide the wheat without any difficulty.
is from the New York "Times":
Chairman Legge of Federal Farm Board Sees No Objection to Wheat Borrowing—Says Plan of Millers
Will Save Farm Board Storage and Carrying
Charges.
The following from Washington is taken from the "Wall
Street Journal" of Jan. 22:
Federal Farm Board Holdings of Wheat Explained by
Chairman Legge of Federal Farm Board—Says
Total Now is 75 Million Bushels.
In its January 23 issue the "United States Daily" published the following:
The Federal Farm Board now holds in storage 75.000,000 bushels in cash
grain and a considerable amount of contracts, the Chairman. Alexander
Legge, told the House Committee on Appropriations, in testimony at
hearings Jan. 12. just made public. He said: "The grain trade is insisting
that we take all the available supply and that is what we will have to do."
Mr. Legge was answering questions of the Committee. Asked specifically
what ultimately will be done with the wheat, Mr. Legge answered:
"Of course, the mills of the country are taking some of it every day. The
consumption of grain is around 14,000,000 bushels a week, and that will be
reduced somewhat by the end of the season, but we have not any hopes
that it is all going to be consumed. They will still be confronted with some
considerable quantity at the commencement of the new crop movement."
Asked "to what extent do you anticipate it will be consumed ?" he replied.
"The unknown quantity there, is what is still coming out of the country.
I notice that some of the press attack us for buying this wheat after the
farmer had sold it. Believe me, the farmer has been shipping a terrific lot
of it in the list 60 days on this stabilization price. A tremendous quantity
has come from somewhere back out in the woods, and is still coming, and
every grain merchant in the United States has circularized these local
dealers, and in many cases the farmers, urging them to pile that wheat
on the stabilization corporation because it Is above the world price, and
that is true; it is 25 cents a bushel above what it would bring in the export
market, and still at a ridiculously low price." .
Representative Burtness Offers Bill to Put Embargo
on Grain—Would Bar Feeds and Butter Also Until
March 1932—Chairman Legge of Federal Farm
Board Said to Back Measure.
Indicating that Chairman Legge's approval of a temporary
embargo on wheat, feed grains and butter to "protect the
farmer against the present world-wide depression" was to
be laid before the House on Jan. 17 by Representative Burtness, Republican, of North Dakota, an Associated Press
dispatch Jan. 16 from Washington to the New York "Times"
added:
Mr. Burtness, who introduced such a proposal at the suggestion of Mr.
Legge, to-day made public a letter In which the Farm Board Chairman
approved his bill "as affording perhaps the quickest method of dealing
with the situation."
"However, it is immaterial to us just how this result is arrived at, but
present conditions certainly justify action on the part of Congress to
meet the present emergency," Mr. Legge wrote. "I therefore hope that
before the present Congress adjourns it will find it possible to pass such
legislation as will protect the American producer during this period of
distress."
Mr. Burtness's bill includes wheat, corn, barley, oats, bran, mixed
feeds, screenings and their products, butter and butter substitutes. Mr.
Legge said just as strong an argument could be made for an embargo
on feed grains, including beans, as on wheat.
"So far there has been no improvement in world prices," Mr. Legge
said, adding that "many students of the situation seem to think that
here is a probability that they will go still lower."
Announcement that Arthur W. Cutten had purchased a seat on the
Winnipeg Exchange strengthened reports that the giants of the grain trade
were transferring their trading to Canada because of inactivity here.
Applications of Chicago and Minneapolis brokers have forced up the prices
of Winnipeg Exchange seats. Cutten paid $12,600. Chicago Board of
Trade seats may be bought for approximately $9,000.
Traders have contended that the buying of wheat by Government
sponsored agencies has forced many operators out of the "pit." A week
ago wheat buyers and sellers moved from the largest pit on the floor to the
second largest, while corn traders took over No. 1 pit because for the first
time in the 83 years of the Exchange corn was in greater demand than
wheat
Bill to Distribute Wheat Now in Hands of Federal
Farm Board Reported by Senate Committee.
The distribution by any organization designated by the
President of 20,000,000 bushels of wheat now in the hands
of the Federal Farm Board would be authorized under a
bill reported to the Senate by the Senate Committee on
-Agriculture, on Jan. 20, according to a Washington dispatch to the New York "Journal of Commerce," which
added:
This action by the Committee, following closely on the heels of the
announcement yesterday by the Board that it would sell its wheat and
cotton which have been taken off the market by the Stabilization Corp.
in an effort to stabilize prices, on credit to any responsible unit of the
Government or the Red Cross, is looked upon by some as a compromise
for the $25,000,000 appropriation for the Red Cross, approved by the Senate
yesterday.
House leaders are still doubtful of their ability to defeat the $25,000,000
appropriation opposed by President Hoover, but have found some condolence in the fact that the Red Cross itself has announced their objections
to the fund.
The 20,000,000 bushels of wheat is not to be given outright by the Farm
Board, and the bill as reported relieves the Board of any expense in the
distribUtion. The loss to be sustained by the distribution is to be met
by the Federal Treasury, which, based on the price of about 76c. a bushel,
will cost the Government in the neighborhood of $15,000,000.
Senator Capper, Republican, of Kansas, member of the Agricultural Committee, whose bill was amended by the Committee and reported to the
Senate to-day, sought to have 40,000,000 bushels distributed by the Board
for relief purposes.
Committee Investigating Charges of John A. Simpson
Against Chairman Legge of Federal Farm Board
Exonerates Mr. Legge.
Complete exoneration of the charges made by John A.
Simpson, Secretary of the Farmers' Union, that Alexander
Legge, Chairman of the Federal Farm Board, said that the
Board depressed wheat prices, was given at Washington,
on Jan. 13, by an investigating committee from the Union.
In indicating this, Washington advices, Jan. 13, to the New
York "Journal of Commerce" added:
The announcement was made by the Secretary of the Investigating Cons.
mittee, M. W. Thatcher, General Manager of the Farmers' Union Terminal
Association, St. Paul, Minn., after an inquiry which lasted several days
J AN. 21
19:111
FINANCIAL CHRONICLE
587
and reached several Senators and others who attended the Senate Agriculture Committee hearings behind closed doors last November. It was alleged
by Mr. Simpson that the statement attributed to Chairman Legge was made
at that time. Mr. Simpson declared that he received his information from
Senator Thomas (Dem.), Oklahoma, in the form of a letter.
Mr. Thatcher to-day said that no statement was made at the executive
session of the Agricultural Committee that the Farm Board has depressed
the price of wheat. He added that investigation shows Mr. Legge gave no
such testimony.
The report made by the Committee says that Senator Thomas said that
When he wrote Mr. Simpson last November the subject was new to him,
and that "had he known that Simpson was to make use of his letter he
would have amplified some points." According to the report, he assumed
no responsibility for Mr. Simpson's conclusions or the use of his letter. The
report added that he said that any reluctance to answer some questions was
due to the Farm Board's desire not to make confidential matters available
to grain exchanges and the private grain trade.
$35,000,000 worth of elevators, both rural and terminal. It
is said those who deliberately break their contracts by
refusing to deliver under them automatically will lose their
share in the physical assets when and if the Pool is finally
wound up and the property divided pro rata.
But it is no secret that the assets as they stand may not
greatly exceed the corporation's liabilities, after the debts
incurred by the prairie governments in coming to the Poor3
relief in the crisis of last year are liquidated.
Committee; Myron W. Thatcher, of St. Paul, General Manager of the
Farmers' Union Terminal Association and Secretary of the Committee;
A. N. Young, President Wisconsin Farmers' Union, and J. Callahan, President of the Illinois organization.
will be able to buy all kinds of grain until June SO, the end of the experimental period now fixed. The grain may be paid with vouchers up to 50%
of the prices fixed in the ease of wheat, and to 75% for other cereals.
The vouchers are legal tender only for the payment of taxes, but are
millers
discountable. They will run until Sept. 30 1931. The Bulgarian
will draw their corn only from the central directorate, which also is
empowered to fix flour prices.
Bulgaria Sets Up Grain Control—Will Aid Dealers in
Buying Through Central Directorate for Export.
The New York "Times" reports, in a message from Sofia.
In noting the launching, Jan. 8, of the investigation by
the Committee selected by the Farmers' Union, at St. Paul, Jan. 16, that a law just passed by the Sobranje creates a
the paper quoted above stated that the personnel of the central directorate for grain export, to operate as a State
institution. It is further stated:
Committee was as follows:
C. A. Ward, President of the Kansas Farmers' Union, who beads the
Through agricultural co-operatives and certain banks private dealers
The charges of Mr. Simpson against Mr. Legge were
referred to in our issue of Jan. 17, page 422.
Plans to Resume Bonded Wheat—New York Produce
Exchange Submits Plan to Members.
There is to be a new commodity trading department in
the New York Produce Exchange, said the New York "Journal of Commerce" of Jan. 21, which likewise stated:
The Canadian bonded wheat options are to be restored to the blackboard,
under revised rules for trading, and the purchase and sale of the Manitoba:,
for Buffalo delivery, with the advantage of a broad, liquid ocean freight
market under the same roof, is to be inaugurated some time, probably
early in February.
Submission of the plan to a membership vote, it was stated by President
Herbert L. Bodman yesterday, was about to be made. The plan embodies
his work and that of a large committee on quotations headed by Moses
Cohen, another on grain future headed by Axel Hansen, and by the publicity
committee headed by Len Isbister.
It is generally recognized the new market will Start out in entirely different circumstances from those which hampered the operations of the old
bonded department. Then the domestic option completely overshadowed it,
while the great breadth of the Chicago market of those days made the task
of expanding the trade in domestic futures well nigh hopeless from the
start. To-day the trade looks upon Winnipeg as a big, free primary market.
It has attracted to its unimpaired facilities, growing patronage and new
member', from the Chicago Board of Trade.
It is the feeling that the Produce Exchange new market, at the port
which clears so great a percentage of Canadian bonded wheat, can offer
facilities with reasonable freedom from molestation, and that its close
contacts with the New York financial district will persuade both sellers
and foreign buyers to use its opportunities.
European Experts Troubled Over Unsold Wheat
Surplus.
The New York "Times" reports the following from Berlin, Jan. 16:
No material recovery in grain prices is expected on this market. The
International Institute of Agriculture at Rome calculates that there will
be an unsold surplus of 10,000,000 tons of bread grains at the end of the
next harvest, which must be carried over to the new crop year.
Russia's re-entry into the world market is considered a material factor.
The Institute allows to Russia a normal exportable surplus figured conservatively at 2,500,000 tons a year. The area to be sown in grain crops by
Russia during the season 1930-31 it figures at 148,000,000 hectares, comparing with 131,000,000 the year before.
United States Senate Adopts Resolution for Investigation Into Wheat, Bread and Sugar Prices.
On Jan. 16 the Senate adopted a resolution calling for an
investigation by the Senate Committee on Agriculture and
Forestry, or a sub-committee thereof, into the price of
wheat, flour, bread and brown and unrefined sugars. As
adopted the resolution is a combination of proposals offered
by Senators Wagner, Democrat, of New York, and Brookhart, Republican, of Iowa. Senator Wagner's resolution,
introduced in the Senate on Dec. 16, called for an inquiry
into the "reasons for the failure of the price of bread to
Proposed Trading in Corn Futures on Floor of Minne- reflect the decline in the price of wheat and flour and parapolis Chamber of Commerce.
ticularly whether such failure is a result of a combination
that
Minneapolis advices to the "Wall Street Journal" of Jan. in restraint of trade." Senator Brookhart sponsored
part of the resolution for an inquiry into whole-wheat flour
stated:
20
The Board of Directors of Minneapolis Chamber of Commerce approved and sugar prices. On this point also the investigators are
establishment of trading in corn futures on the floor of the Chamber, and directed to determine if a combination in restraint of trade
submitted the proposal to a ballot of the membership. The vote probably
for conditions outlined in the preamble. The
will require two weeks. Plan contemplates using No. 2 mixed corn as the is responsible
following is the resolution as agreed to by the Senate:
base contract grade for trading purposes.
Whereas the price of wheat has undergone a precipitate decline during
the past year; and
Whereas the price of flour has likewise declined: and
Whereas the retail price of bread has not reflected the decline in the
price of wheat and flour; Therefore be it
Resolved, That the Committee on Agriculture and Forestry of the Senate.
or a duly authorized sub-committee thereof, is authorized and directed to
investigate apd report to the Senate the reasons for the failure of the price
of bread to reflect the decline in the price of wheat and flour, and particularly whether such failure is a result of a combination in restraint of
trade.
Resolved further, That the committee is further authorized and directed
to investigate and report to the Senate the reasons why whole-wheat flour
is higher in price than white flour and why brown and unrefined Bug: re
are higher in price than white and refined sugars, and particularly whetter
such conditions are a result of a combination in restraint of trade.
is
For the purposes of this resolution such committee or sub-committee
and places as
authorized to hold hearings and to sit and act at such times
it deems advisable; to employ experts and clerical, stenographic, and other
assistance; to require by subpoena or otherwise the attendance of witnesses
and the production of books, papers and documents: to administer oaths
and to take testimony and to make all necessary expenditures as it deems
advisable.
not be in
The cost of stenographic services to report such hearings shall
which
excess of 25 cents per 100 words. The expenses of such committee,
be paid from the contingent fund of
shall not be in excess of $15,000, shall
the Senate.
Wheat "Bootleggers" Unpressed by Canadian Pool—
New Management Not Disposed to Force Grain
Delivery Under Contract Terms.
The most discussed problem in agrarian and business
circles on the prairies to-day is the future of the Consolidated Wheat PooL Under the new management, no disposition is being displayed to force members to deliver grain
under the terms of their contract. Cases, brought by the
old management for injunctions against members disposing
of wheat other than to the Pool and for substantial damages for grain previously sold other than to the Pool, are
not being pressed.
That is being accepted by the members as tacit consent of
the new management to disregard their contract obligations.
This is being done very generally. While some definite
policy governing members during the life of their contracts
will be announced before the new crop is ready for delivery, it is generally expected in grain circles that no presThe New York "Herald Tribune" in advices from its
sure will be put on members to force delivery in future.
do, the management will dispose of it through the Washington Correspondent on Jan. 16 said:
If they
A sub-committee to begin immediate hearings was appointed by Senator
regular trade channels.
Charles L. McNary, Republican, of Oregon. Chairman of the Committee on
Membership to-day totals approximately 148,000 on the Agriculture. Senator Arthur Capper, Republican, of Kansas, named as
prairies. Most of these contracts have four years to run. Chairman, announced that the sub-committee would confer Monday on
the beginning of public hearings at once. Bakers, millers and wheat men
Many members are continuing to insist on the contractual are to be summoned, as are Robert P. Lamont, Secretary of Commerce,
relations being observed because of their interest in the and officials ofthe Bureau ofEconomics and other Government departments.
588
FINANCIAL CHRONICLE
(Vol.. 132.
Senator Capper is disposed to have the investigation include the prices is small this year it will be necessary to import between 6 and 10 million
of various staple articles, including meat. He has been conducting a some- quintals, or between one and two billion pounds.
what similar investigation as head of a committee inquiring into prices
Recently the Government inaugurated a rigid system of import certifiin the District of Columbia.
cates to prevent dumping of Russian wheat.
Other members of the investigating sub-committee will be Senators
While there is no accusation of dumping by other countries, experts
Lynn J. Frazier, North Dakota; John G. Townsend Jr., Delaware, Re- profess to see in the action of the Cabinet to-day a determination to enpublicans and John B. Kendrick, Wyoming,and Elmer Thomas, Oklahoma, force strict adherence to import quotas by all countries.
Democrats,
According to a Washington account Jan. 19 to the New
York "Times" the program for hearings to ascertain why Hints Russia Will Aid in Stabilizing Wheat
-Premier
Brownlee of Alberta Intimates Canada Has Rethere has not been a decrease in retail prices of bread, comceived Offer to Co-operate.
parative with the drop in wheat and flour prices was dicussed that day by a sub-committee of the Senate AgriThe following (Canadian Press) from Vancouver, B.C.,
cultural Committee and it was stated that the taking of Jan. 20, is from the New York "Times":
evidence would begin this week. The following is likewise
There is reason to believe that Russia has made tentative proposals to
Canada with a view to co-operation in stabilizing the world price of wheat.
from the same account:
Such was the statement made by Premier
"A prima facie case for inquiry into the price of bread is established by
comparison of the figures," Senator Wagner said. "In the middle of Oct.
1929, the price of No. 2 hard winter wheat, Chicago, was $1.28 a bushel.
In the middle of Oct. 1930,.the price was 78 cents.
"In the middle of Oct. 1929, the price of a barrel of flour of the variety
known as hard winter, 95% patent flour, at Chicago was $6.10 a barrel.
In the middle of Oct. 1930, the price was $4.30 a barrel.
"In October of 1929 the index number for the retail price of bread was
reported by the Department of Labor as 158.9. In Oct. 1930, the index
was 153.6.
"It is obvious that there has been a very sharp decline in the price of
flour, but the decline in the price of bread has been trifling.
"It may be there is reason for this failure of the price of bread to reflect
the decline in the prices of wheat and flour. If there is we ought to know
it and so put an end to the numerous complaints. If it is the result of a
conspiracy in restraint of trade in violation of law, appropriate action
should be taken."
Senator Capper, Chairman of the committee, stated that the fact that
bread prices remained stable in several sections, even though wheat and
flour prices declined, seemed to indicate that price-fixing activities entered into the situation.
The figures, used by Senator Wagner, were prepared by the Buareau of
Labor Statistics. The Senator submitted a table, giving the retail price
of bread in cents in various cities, among which were the following:
October October
October October
151929. 151930.
151929. 151930.
Boston
8.8
8.6
New Haven
8.6
8.5
Bridgeport
New York
8.8
8.6
8.7
8.5
Buffalo
8.3
8.1
Portland, Me
9.0
8.6
Chicago
9.7
9.3
Providence
9.0
8.2
Detroit
Rochester
8.1
7.7
8.3
8.1
Fall River, Mass_ _ _ 8.3
7.9
Scranton, Pa
9.8
9.0
Newark, N. J
8.9
Washington, D. C__ 8.9
9.0
8.9
Authorization has been given to the committee to inquire also into sugar
prices, and resolutions are now pending in the Senate asking it to investigate the prices of milk and meat products.
Senator Brookhart Proposes Inquiry Into Dairy Prices.
Inquiry into the price of milk and other dairy products is
requested under a rsolution (S. Res. 405) introduced in the
Senate Jan. 17 by Senator Brookhart (Rep.), of Iowa. The
resolution according to the "United States Daily" would
extend the investigation into flour, bread and sugar prices,
directed by the resolution (S. Res. 374) adopted by the
Senate Jan. 16:
Brownlee of Alberta in the
course of an interview here.
"The policy of trying to dump can only have disastrous effects on them,
as well as on the rest of the world." said Premier Brownlee. "Personally
I am not as pessimistic over the wheat situation as seems to be the trend
of the general discussion. But I realize that I am anything but a wheat
expert.
"I don't believe any country in the workd, in the present state of civilization, can go on producing wheat so near the breaking point as it appears
to be in Russia.
"High prices led us into this situation and it may take a year or two
to clear it up. I am satisfied the end of this crop year will find the statistical position of the world greatly improved, but it may take another year
to work the situation out."
Farmers of Entre Rios Province in Argentina Plan
Direct Wheat Sales
-Seek to Break Monopoly.
The following cablegram from Parana, Argentina, Jan. 17,
is taken from the New York "Times":
The Government of the Province of Entre Rios has sent commissioners
to Brazil and Paraguay to negotiate the direct sale of the Province's wheat
crop without the intervention of Buenos Aires export firms, which monopolize the country's grain trade.
Entre Rios annually produces about 11,000,000 bushels of a wheat
known in the local market as the Brazil type because most of it is bought
by bakers in Brazil. The Provincial Government has fostered the organization of farmers' co-operatives, and one of these alone has 3,000,000
bushels of wheat warehoused for immediate shipment.
This experiment is being watched with interest by other Argentine
provincial governments, which are interested in freeing their producers
from the monopolistic domination of foreign export firms.
Chain Stores Cut Bread Prices
-Are Generally Back to
5
-Cent Loaf, Association Official Says.
The following is from the New York "Times" of Jan. 21:
%-diain stores tnroughout the country have lowered the price of bread,
generally to the pre-war price of five cents a loaf, in conformity with the
lower cost of wheat and flour, it was asserted here yesterday by R. W.
Lyons, Executive Vice-President of the National Chain Store Association.
"Reports from the large chains in all sections of the country," Mr. Lyons
said,"show that they cut the price of bread earlier in the year, many months
before the Senate began to inquire into the discrepancy between bread prices
this year and the lowered wheat and flour prices.
"In fact, Senator Capper in his preliminary investigation of bread prices
in the District of Columbia said in his report to the Senate that 'the only
Senator Brookhart's resolution to extend the scope of the inquiry to reductions in bread prices to date have been made
by chain stores which
dairy products directs that reasons be studied "for the failure of retail maintain their own bakeries.'
price of milk and other dairy products to reflect the decline in price received
"The cut in price has been made by such representative chain companies
by the dairy farmer and particularly whether it is the result of a com- as the First National Stores in New England, National Tea Co.in the Middle
bination in restraint of trade."
West, Kroger Grocery & Baking Co. in the Northwest, Middle West and
South; American Sotres in Pennsylvania and surrounding States; Great
in all sections; Safeway
Atlantic
Paris Seeks to Fix $2 Wheat Price-Bread Would Go Stores in & Pacific Stores on the Pacific Coast." Stores and MacMarr
the Northwest and
up Cent in Bill Being Prepared-Decree Against
Foreign Wheat.
The French Government plans to fix the price of high Investigation of Bread and Meat Prices Proposed in
Resolution.in Wisconsin Senate.
grade wheat at $2 a bushel, the Associated Press was inInvestigation of bread and meat prices by the Legislature
formed at the French Ministry of Agriculture according to
an Associated Press cablegram from Paris Jan. 19 to the was proposed on Jan. 16 in a resolution introduced in the
New York "Evening Post" which further reported as follows: Senate by Walter Polakowski, Socialist, of Milwaukee acA bill to that effect has already been prepared, and Minister of Agri- cording to Associated Press advices from Madison, which
culture Victor Boret is confident that it will be passed by Parliament, it quoted the resolution as saying:
was said.
"The prices paid producers for wheat and animals is at the lowest level
Even at $2 a bushel, taking into consideration high costs of production, in a generation, but retail prices have
decreased very little, if at all."
farmers will just about break even, in the opinion of the Minister.
French
Under the proposed measure some of the lower grades of wheat will command a lower price than $2, but the higher grades, such as Manitoba hard, Proposed Investigation
Into Bread Prices in Missouri.
will bring the top price.
It was recently stated in St. Louis advices to the "Wall
The Ministry of Agriculture estimates that the increase in the price
of bread to meet the new wheat price aill be about one cent a pound.
Street Journal" that an investigation of prices for bread will
M.Boret's measure was discussed at to-day's meeting of the Cabinet and
will be gone over again at another session Wednesday, when,it is expected, be undertaken by the Attorney-General of Missouri, who
said that in a period of readjustment prices of bread and other
it will be definitely submitted to Parliament.
The Cabinet to-day decided to issue a decree ordering special certificates necessities should be first to
come down. Wheat is plentiful
for all foreign wheat entering France.
The decree resulted from allegations that foreign wheat has been entering at this time, he is reported to have stated, and at a low
quotas which last year was fixed at 10% figure and it must be made
France in excess of the official
available to the consumer at the
of the total wheat necessary for consumption in France. This year's quota lowest figure consistent
with a fair profit.
been fixed.
has not yet
Great wheat producing countries, notably the United States, Canada and
Argentina are deeply interested in knowing how much wheat they will be
Reduction in Price of Bread in Mobile, Ala.
permitted to sell in France. All wheat arriving at French ports must be enUnder date of Jan. 17 Associated Press advices from
tered by Government agencies before delivery to the consignee.
persons
Another Cabinet decree which has been drafted would oblige all
Mobile, Ala., stated:
dealing in wheat to make complete reports to the Government concerning
Mobile bakeries put bread on sale to-day at five cents a loaf. The loaf
the use to which their wheat is put.
-ounce loaves that have been selling
The newspaper "La Information" devoted especially to economic an weighs 14 ounces as compared with 20
financial matters, estimated to-day that because the French wheat crop for 10 cents.
JAN. 24 1931.]
FINANCIAL CHRONICLE
Farm Bankruptcy Record Shows Decline for Fiscal
Year Ended June 30 1930.
Farm bankruptcies during the fiscal year ended June 30,
1930, declined 10% from the number reported for 1929,
according to figures compiled by the Bureau of Agricultural
Economics, of the II. S. Department of Agriculture, from
data collected by the office of the Attorney General. The
Bureau's advices to this effect, January 13, further states:
589
Many of our smaller communities, in which banks have closed, being
unable to support a regular bank,are asking for some kind of banking accommodations. The feasibility should be coniedered of permitting State incorporated banks to open up offices (not branches, for the Iowa law already
prohibits branch banking)in those communities that do not have any banking facilities. If such a policy is adopted, no office should be opened in any
town having a bank, and if a bank is organized in a town where an office
might have been established, the office should then be discontinued. The
State Banking Department and the State Banking Board should administer
and prescribe rules and regulations under which such offices might be opened
and conducted—the operations thereof to be confined to the work of accepting deposits, paying checks, and any other n. meaty clerical work. All
loans should be made at the parent bank and the office should be restricted
to the county in which the parent bank is located.
Farmer bankruptcies for the 12 months ended June 80 1930, numbered 4,464 as compared with 4,939 for 1929 and 5,679 for 1928. The
number for 1930 comprises 7.4% of all bankruptcies as compared with 8.7%
in 1929. Farmers having recourse to bankruptcy proceedings during
Bonds Proposed to Pay Farm
the fiscal year of 1930 represent the smallest number for any year since Federal Land Bank
Mortgages—South Carolina Representative Asks
1922 when 3,236 cases were reported. Although the number of farmers
failing through bankruptcies in 1930 is still much above those of pre-war
Payment With Securities Issued by Mortgagee
years they were far oelow the number of such failures during several of
' Institutions.
the post-war years when the number reached a peak of 7,872 in 1926.
a
The concluding date of farmer bankruptcy cases usually has shown
Payment of farm loan mortgages with bonds issued by the
considerable lag behind the date of the economic condition which gave
would be authorized under the provisions
th Bureau reports. The full effect of the depression of 1921 motgagee banks
rise to them.
The of a bill(H. R. 16300) introduced Jan. 17 by Representative
not registered in the form of farmer bankruptcies until 1925.
was
in
fact that the peak of farm income during post-war years occurred
of Saluda, S. C. The bill as given in the
bankruptcy Hare (Dem.),
1925 is doubtless reflected in the reduced number of farmer
follows:
the drought and price decline in "United States Daily"
cases concluded in last year. Effects of
preBe it enacted, etc., that section 27 of the Federal Farm Loan Act, as
the latter part of 1930, are, of course, not reflected in the results
amended (U. S. C.. title 12, paragraphs 941-943), is amended by adding at
sented for the 12 months ending June 30 of that year.
The decline in farmer bankruptcies for 1930 appears in each of the the end thereof the following;
increase
Any person having obtained a loan from a Federal Land Bank or a Joint
nine geographic divisions except the Middle Atlantic States where an
West Stock Land Bank may buy and sell farm loan bonds issued by the mortgagee
occured. Principal decreases are found in the West North Central,
than bank, and any such bank is authorized and directed to accept such bonds at
South Central and Mountain areas whose reductions account for more
par value when presented by a mortgagor in payment of any installment due
80 per cent of the total decline for the year.
only as under a mortgage, or in full satisfaction of a mortgage, after it has been
figures for farm bankruptcies cover voluntary bankruptcies
The
earners may in full force and effect for a period of five years."
the national bankruptcy act provides that farmers and wage
small percentage
not be made subject to involuntary proceedings. Only a
of farm failures are brought into the bankruptcy courts.
New York Stock Exchange Suspends Lorenzo E. Ander..
among the six
Farmer bankrupts are third in numerical Importance
son & Co. of St. Louis—Firm's Debts Estimated at
wage
designated by the Attorney General's report,
occupational classes
bankruptcy
$9,000,000—Charles D. P. Hamilton, Jr., and
being first and merchants second. The total of 60,3355
earners
1930, are divided as
Rodowe H. Abeken Named Appointed Receivers in
cases reported for the fiscal year ending June 30,
13,479, manufacfollows: farmers 4.464, wage earners 28,989, merchants
St. Louis.
classes 10,662.
turers 1,883, professional 1,878, other
Federal Farm Board Offers Credit to Agencies in
Drouth Relief—Raw Wheat and Cotton May Be
Exchanged for Finished Products Under Plan
Announced by Chairman Legge.
The Federal Farm Board on Jan. 19 offered to provide
wheat and cotton on credit to counties, cities, States, or other
government agencies, or the Red Cross, to alleviate distress
in drought-stricken regions. This is announced in the
"United States Daily" of Jan. 20, which also said:
while
Alexander Legge, Chairman of the Board, stated orally that,
would be
details had not been decided upon, he understood no interest
became
charged, and payment, at the market price, could be made as funds
available to the purchasing agencies.
wheat," Mr. Legge said.
"If John Barton Payne wants a trainload of
pay for it
"all he will have to do is tell us and he will get it, and he can
later." Mr.Payne is Chairman of the American Red Cross.
Ample Supplies.
wheat have ample
The stabilization corporations dealing in cotton and
danger of infringing on
supplies on hand, Mr. Legge said, and there Is no
crop year.
its pledges to retain a certain amount through the
the law to help in the
The Board is willing to do anything it can under
it to make donations to
relief work, Mr. Legge said, but the law forbids
at the time of delivery will
any cause. The price of the wheat or cotton
would be
govern. He did not think consumption of the two commodities
markets.
stimulated materially by the arrangement so as to affect
that the wheat
Samuel R. McKelvie, member of the Board, stated orally
is obtained by
or cotton could be exchanged for finished products after it
that any miller
the governmental agencies or the Red Cross, pointing out
would be glad to exchange flour for wheat.
The Board's statement follows in full text;
in meeting the
In response to numerous requests that assistance be given
requirements for food and clothing in the drouttestricken communities, the
Federal Farm Board announced to-day (Jan 19) that it is ready and willing
stabilization wheat and
to make available immediately any quantities of
cotton that may be needed.
be
While under the Agricultural Marketing Act such supplies cannot
to furnish
donated, the Board will cause the stabilization corporations
the American
their commodities to any responsible unit of government or to
promptly
Red Cross upon easy terms, which will enable these agencies to
alleviate distress.
The Board is aware that wheat and cotton are not adequate to meet the
situation, but these products can readily be exchanged for the processed
commodities that are derived from grain and cotton. The stabilization
corporations will render every assistance in effectively carrying out the
proposal here made.
Announcement was made from the rostrum of the New
York Stock Exchange on Thursday morning, Jan. 22, of the
suspension of the firm of Lorenzo E. Anderson & Co., 711 St.
Charles Street, St. Louis, Mo., from the exchange. In
making the announcement Richard Whitney, President of
the Exchange, said:
Having been advised by the Committee on Business Conduct that
Lorenzo E. Anderson & Co.. of St. Louis, are in such financial condition
that they cannot be permitted to continue in business with safety to their
creditors or to the Exchange, I announce the suspension of such firm in
accordance with the provisions of Article XVI,Section 2 of the Constitution.
In addition to its main office in St. Louis, the firm has
branch offices in Dallas and San Antonio, Texas. It is
composed of the following members: Arthur C. Hilmer
(floor member of the Exchange), William C. Fordyce, Ralph
B. Fairchild, Edwin H. Hilmer, Andrew H. Kauffman and
George K. Battle.
St. Louis advices on Jan. 22 to the New York "Times"
contained the following additional information with reference to the firm's embarrassment:
Lorenzo E. Anderson & Co.,one of the larger St. Louis brokerage houses,
was suspended (Jan. 22) from the New York Stock Exchange, New York
Curb, St. Louis Stock Exchange and the Chicago Board of Trade. Simultaneously the firm was thrown into receivership.
While no statement on the firm's financial condition was offered by
the partners, it was said it owed $9,000,000 to creditors and that the loss
to the six partners and their financial backers would wipe out their investment of $10,500,000. It was also learned that, with banks and other
creditors, the brokerage has posted collateral worth $12.000.000 when it was
deposited as security for loans. The largest single block of securities is
$700,000 in bonds of the Arena, which is a first lien on the New Oakland
Avenue structure and also Is secured by the leasehold on Forest Park Highlands.
Creditors will receive the full amount of their claims with proper management, Charles D. P. Hamilton Jr., who described himself as the company's
largest creditor, testified before Circuit Judge Hartmann in a receivership
hearing to-day. Mr. Hamilton and Rodowe H. Abeken, an attorney,
were appointed receivers. Mr. Hamilton is Vice-President of the TobinHamilton Co., Inc., leather dealers. The firm was thrown Into receivership
on the suit of Walter Wehrle, a lawyer, with a claim of $1.000 for legal
services.
In appointing the receivers Judge Hartmann,said that,from the evidence,
it appeared the firm was solvent.
Sutro & Co. Reinstated by New York Stock Exchange—
New Partners_in_Firm.Allan B. Lane and Randolph
by OutCounty Limit for Iowa Bank Offices Advised
C. Walker.
going Governor—Plan Would Permit Units to Serve
With the announcement on Thursday of this week, Jan.
Communities Lacking Adequate Facilities.
22, by the New York Stock Exchange of the election to
Des Moines advices Jan. 13 to the "United States Daily" membership in the Exchange of Allan B. Lane, the brokersaid:
Co., with offices in this city, Los Angeles
without bank- age firm of Sutro &
County wide multiple office banking to serve communities
as a subject for their and San Francisco, was restored to membership in the
to the Iowa Legislature
ing facilities was suggested
in his biennial
consideration, but the outgoing Governor, John Hammill,
Exchange. Mr. Lane has been admitted to partnership in
13. Governor Hammill stated that he was not advocating
message. Jan.
this step, coupled with the transfer to him of
prohibited by the Iowa law, but "offices" only, the firm and
branch banking, now
and checks paid; loans to be made only the membership of James H. McGean, completed the reinwhere deposits might be accepted
statement. The New York "Times" of yesterday, Jan. 23,
at the parent b nk.
for additional offices of State chartered
Governor Hammitt's suggestion
in its account of the matter continuing said:
full text;
banks follows in
•
590
FINANCIAL CHRONICLE
Mr. Mc(jean was suspended for three years last July by the Stock Exchange. His suspension temporarily deprived the firm of membership
in the Exchange. He was found guilty by the Governing Committee of
the Exchange of failure "to use due diligence" in preventing improper
transactions in stock of the Manhattan Electrical Supply Co.
Sutro & Co. are the oldest brokerage concern on the Pacific Coast. The
firm holds nine seats on six exchanges. In addition to Mr. Lane, who will
be resident partner here, Randolph C. Walker of San Francisco has been
admitted as a partner.
Fop. 132.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Jan. 151031.
At a meeting of the Committee on Securities held this day Rule 55 of
the Rules for Delivery was amended to read as follows:
"Coupon bonds must have securely attached proper coupons, warrants,
&c., of the same serial number as the bond. The money value of a coupon
missing from a bond which is not registrable or convertible may be substituted therefor with the consent of the Committee on Securities for each
delivery."
ASHBEL GREEN, Secretary.
Other partners in the firm, as named in yesterday's New
York "Herald Tribune," are as follows: Sidney L. Schwartz,
member of the San Francisco Stock and Curb Exchange and
former President of the San Francisco Stock Exchange; Portland (Ore.) Stock and Bond Exchange to Close.
The New York "Times" reports the following (Associated
Gustav Sutro Schwartz, grandson of one of the founders;
Arthur N. Selby, Emil Sutro, son of Gustav Sutro and asso- Press) from Portland (Ore.) Jan. 21:
Willis K. Clark, President of the Portland Stock and Bond Exchange,
ciate member of the New York Curb Exchange; Frank Foli
announced to-day the Board of Governors of the
to
Hargear, member of the Los Angeles Stock and Curb Ex- suspend operations on Feb. 1. The Exchange Exchange had decided he
would remain closed,
changes; George M. Lowry, Howard Greene, member San said, "until such time as the general conditions of security markets in the
and the particular situation in Portland justifies a re-establishFrancisco Stock and Curb Exchanges, and Albert Bryan country an exchange in
ment of
this city."
Sprott, member San Francisco Curb Exchange.
The suspension of Sutro & Co. by the New York Stock Federal Governors Plan Credit Policies—Discuss
Bank
Exchange for three years on July 10 last was reported in
Probe—Change in Open Market Policy Seen
our July 12 number, page 210, and its affairs referred to in
Unlikely.
our issues of July 19 and Aug. 9, pages 380 and 879, respecThe open market policies of the Federal Reserve System,
tively.
general credit conditions and probable requirements for cash
during the next few months, and the character and scope
Ruling of New York Stock Exchange Requiring Charge
of the investigation now being conducted by the Glass subon Transactions Involving Sales of Investment
committee of the Senate Banking and Currency Committee,
Trust Units.
were the outstanding features of the discussions Jan. 21
Regarding a ruling issued by the New York Stock Exchange of the Open Market Committee of the System,
composed of
the New York "Times" of Jan. 18 said:
the Governors of the 12 Reserve banks. The Washington
Members of the New York Stock Exchange have been notified that
correspondent of the New York "Journal of Commerce"
they must charge the minimum commission on each component part
of investment trust units, it was announced yesterday. Several investment is authority for the foregoing, his further advices to that
trust issues were brought out in 1929 in the form of units consisting of two paper Jan. 21 stating:
classes of stock, and some brokers in executing orders for units have neglected recently to charge the minimum commission on each class, it was said.
The ruling follows:
NEW YORK STOCK EXCHANGE.
Committee on Quotations and Commissions.
New York Jan. 17 1931.
To the Members of the Exchange:
It has been brought to the attention of the Committee on Quotations
and Commissions that the minimum commission in some cases is not being
charged on transactions involving the purchase or sale of Investment
Trust Units.
A minimum commission must be charged on each component part of the
unit.
Your attention is called to Section 2, Article XIX, which provides,
"that on every transaction which involves an amount of $15 or more, the
minimum commission shall be not less than $1."
ASHBEL GREEN. Secretary.
Chicago Clearing House Members Reduce Interest Payments to 1% from 13 1%.
/
Chicago advices as follows are taken from the "Wall
Street Journal" of Jan. 12:
Maximum rate of interest which may be paid on demand deposits to
firms, individuals and corporations by members of the Chicago Clearing
House Association has been reduced from 136% to 1n%@2%, with the
,
latter rate in predominance, heretofore.
members of the Clearing House Association are now required to reduce
All
their interest rates to 1 ji %. This is the first time the Chicago Clearing
House group has legislated on rates generally, although it previously regulated the rate to be paid on deposits of other banks.
Members Chicago Board of Trade Defeat Longer Trading
Hours.
The "Wall Street Journal" of Jan.8, reported the following
from its Chicago bureau:
Members of the Chicago Board of Trade voted 593 to 178 against the
proposal to extend the hours of trading in grain to 2 p. m., but amendments
to the rules which permit the delivery of No. 3 grades of corn on future
contracts throughout the year and eliminates No.3 grades of rye as a valid
delivery, as well as permitting the delivery of grain in car lots on the last
three business days of a delivery month when such action is deemed necessary by the board of directors, were carried by good majorities.
Governors Discuss Investigation.
Meeting behind closed doors, little of what transpires at the sessions of
the Governors becomes public, but it is understaood to-day that there was
some little discussion of the current investigation of the system. There is
the belief that there was some talk as to what should be the attitude of
the Governors with respect to appearance before the committee. It is
thought that the result of this discussion to-morrow may see some of these
officials seeking an opportunity to explain their respective Inanagements
of Reserve Banks, although others will be inclined to permit the Harrison
statement of yesterday to stand for them also.
The questionnaire sent out from the Committee is engaging the attention
of the Governors, and some questions have arisen as to the method of dealing with this phase of the inquiry.
The question of whether the Governors, or some of them, will seek independent hearings before the subcommittee has apparently not been decided.
Of course there is no bank where the problems of the system have stood out
as clearly as in New York, yet it may well be that, as in the case of the Chicago Bank, there will be a desire to explain the problems of management.
Expected to Explain Management.
When Gov. Harrison resumes the stand to-morrow it is expected that he
will go more into detail as to the management of the New York Bank.
He has denied its existence as a central bank of the character of foreign
institutions and he will no doubt develop further his statements of yesterday
of the various phases of Reserve Bank management.
After meeting by themselves for the consideration of these various
problems the bank governors later to-day went into session with the Federal
Reserve Board.
While no official announcement was made it was not thought probable
that there will be any change in the open market policy of the system at this
time. During the last eighteen months the Reserve banks have been
buying Government securities, and in this way have placed about $500,000,000 in additional funds on the market in conformity with the system
policy of maintaining easy money conditions.
Dec. 31 holdings of Government securities amounted to $729,467,000,
purchases in December having totaled $86,667,000.
There has been some agitation in financial circles for the system
to acquire an additional $1,000,000,000 in United States securities, but
the
Government has frowned on such a policy. It was understood
that no
consideration was given the matter by the open market committee
or the
Iteserve Board.
Officials made the point that money already is easy, with a
sufficient
volume available for all legitimate purposes and that nothing
would be
accomplished by placing further funds on the market. It was
pointed out
that the banks have been increasing investments rapidly instead
of loans.
It was anticipated that there would be some increase in
the demand for
money with probable business recovery in the spring, although
whether the
demand would show the usual seasonal gain was doubted;
officials declared
that there would be plenty of money available at good rates
for some time
to come.
The gold movement and other features of the
International business situation was understood to have been discussed.
M. J. Stringer Re-Elected President of the Detroit
Stock Exchange.
Annual Statement of Federal Reserve Bank of Kansas
Max J. Stringer was re-elected President of the Detroit
City Shows Expenses in Excess of Receipts.
Stock Exchange at the annual organization meeting of the
The following is from the Kansas City "Star" of Jan. 9:
Ivan C. Hay, George A.
Board of Governors on Jan. 13.
Federal Reserve Bank of Kansas City in its annual
statement shows a net
Miller and Raymond W. Reilly were elected for three years operating loss of $32,787 in 1930, which compares with net earnings of
meeting of the Exchange. Other officer $1.181.773 in 1929. In addition to this net loss, dividends on stock held
terms at the annual
by member banks, amounting
elected were William C. Roney, Vice-President, and Ray- &c., of $168.1.86, resulted in a to $259,396, and reserves for replacements,
decrease of 1460,372 in the bank's surplus
W. Reilly, Treasurer.
fund, leaving $8,701,659 in the surplus.
mond
New York Stock Exchange Ruling for Delivery of
Bonds—Notice as to Case of Missing Coupon.
The New York Stock Exchange issued the following notice
Jan. 15:
Since 1920 there has been one other year in which the Bank made no
profit.
In 1929 the Bank paid $681,332 to the United States Treasury as a franchise tax, but earnings were not sufficient to make any payment on this
account for 1930.
The decline in 1930 earnings was due to smaller amount of
discounting
by member banks, and to a reduced discount rate. Gross earnings from
discounted and purchased bills were $829,356 in 1930 compared with
JAN. 24 1931.]
FINANCE)L CHRONICLE
591
$2,433,208 in 1929. The only source of earnings showing an increase was asked to bring suit for forfeiture of charter, or the bank can be put on the
United States securities held by the Bank, from which $530,153 in income list for more frequent examinations. The former is usually out of all proportion to the offense, and the latter frequently makes bad matters worse,
was received, compared with $198,424 from this source in 1929.
During the year notes discounted or rediscounted for member banks he stated. If, in addition to the influence of moral suasion, the right of
totaled less thn 291 mthion dollars in 1930 compared with 1,673 million in removal of officers were given his office, the situation would be Improved,
he continued.
1929.
Senator Glass referred to the recent closing of a bank in Kentucky where,
Volume of checks handled was 10,430 million dollars, compared with
12,092 million in 1929. Number of checks handled was nearly 70 million. he stated it to be his understanding, the bank had been examined shortly
The Bank received 314 million dollars in currency and 12 X million dollars before its failure and found to be solvent. He asked how such a disastrous
failure could'follow so soon after a finding of solvency. After declaring that
in coins during the year.
In the 15 years since the Bank began operations it has accumulated a bank examiners do not issue any statement that a bank is solvent following
surplus of about Sal million dollars, and has paid to the United States Gov- examination, and that the published statement of condition is the only
one made, Mr. Pole discussed the difficulties of the Kentucky bank.
ernment nearly 7 million dollars as a franchise tax.
Kentucky Bank Declared Slipping for Years.
That bank, he declared, was an extremely important one In that section
Comptroller of Currency J. W. Pole Renews National
of the country, with many depositors and deposits. It was under the
Bank Proposal—Tells Senate Subcommittee State- domination of a single individual, he said. It had been in bad shape for a
ment of a Positive Policy by Congress Needed in number of years, and gradually getting worse, but it had tremendous earnPresent Situation—Many Failures Cited in Rural ings and there was a chance for it to continue solvent.heAction had finally
explained. Then
been taken to write off losses of considerable amount,
Communities—Examination of Affiliated Invest- control passed to the BancoKentucky Co., which in turn invested In an
investment house which failed. The connection was so well known that a
ment Companies by Comptroller Recommended.
heavy run resulted, and the bank had to be closed. It is easily possible,
Positive declaration of a national policy for the further the Comptroller added, that the bank will not be such a dismal failure as
branch banking is essential in the present situa- some people have been led to believe.
extension of
The
tion, the Comptroller of the Currency,John W.Pole, told the It is public is well aware of bank failures, the Comptroller continued, but
not aware of the hundreds of cases where banks are saved by his office.
subcommittee of the Senate Banking and Currency Commit- "In the last five years," he stated, "by a conservative estimate, 500 banks
which it is conduct- have been saved from failure by the activities of the Comptroller's office."
tee Jan. 19 at the opening of the hearings
In response to questioning by Mr. Norbeck, as to the situation in
ing under the authority of a resolution (S. Res.71). Mr.Pole Northwest, and with regard to the group banks of Minneapolis and the
St.
(we quote from the United States Daily of Jan. 20) explained Paul, Mr. Pole declared that while he is not an advocate of either chain
have In
that he has heretofore recommended trade area branches for or group banking, he does feel that the groups of the Twin Cities
many Instances improved the banking situation in the communities where
National banks in his annual reports for 1929 and 1930, they have acquired banks. Mr. Norbeck asserted that the groups had
the House Banking and Currency taken over only good banks, and that there was danger in the group or
and at hearings before
Committee last spring. Extended extracts from the Comp- chain system of draining all of the money into the city centers to the detrifarming communities and the small towns.
ment of
troller's report for 1930 were given in the "Chronicle" of instancesthe their coming to the relief of the banks takenHe added that
of
over could be
States Daily" duplicated in the corresponding banking relationship which existed preJan 3 1931, pages 20-24. From the "United
of Jan. 20 we quote further as follows regarding the hearing viously. Mr. Pole replied that history showed many instances of parent
banks, i r. California especially, distributing more money to the communities
before the Senate subcommittee:
where It. maintained branches than it took from these communities in
the Federal Reserve Board, who deposits.
Eugene Meyer, acting governor of
the subcommittee, of which Senator Glass
scheduled to appear before
Senator Norbeck Questions Statement on Failures.
(Dem.), of Virginia, is chairman, was present at the hearing, but his apSenator Norbeck took exception to Mr.Pole's statement that 90% of the
pearance as a witness was postponed, Senator Glass explaining that since bank failures of the last 10 years has occurred among the small banks in the
Mr. Meyer's appointment to the Federal Reserve Board had not yet agricultural areas, and asked if it were not true that the recent failure of the
been acted upon by the Senate, there were obvious reasons for postponing Bank of United States in New York City and of the Bankers Trust Co..
his testimony.
in Philadelphia, involved more in the way of deposits than all of the small
Problem Declared National.
bank failures in a half a dozen States. "Isn't it fortunate," he continued,
Mr. Pole, in a prepared statement, summarized his position on branch that they did not have a thousand branches all over the country." Mr.
banking as including a belief that such a system should be established Pole replied that under the system proposed by him such a bank as the one
emanating from the commercial centers, gradually, to give rural com- that failed in New York is reported in the newspapers to have been, would
munities the benefit of the best type of banking that has been developed; not have been permitted to establish branches. Moreover, his proposal
and a conviction that the problem is national in scope and Congress alone refers to national banks only, he added.
has the power to make effective such a policy.
Mr.Pole stated that a bank which had taken care of the commercial needs
The majority of recent bank failures, Mr. Pole declared, have been in the of its local customers, might properly, in his opinion, invest surplus funds in
are common, banks of a type, brokers'loans, and that he believed it to be a profitable form of investment.
rural communities, where small unit banks
which,in his opinion,cannot secure a sufficient volume and diversification of and that he knew of no Instance of loss through that medium.
business to make their operation profitable. "On the other hand," he conIn response to questions asked by Dr. Willis, Mr.Pole stated that in many
tinued,"we have developed in the large commercialcenters a type of banking instances his office does examine the investment affiliates of national banks,
the and that where they find inordinate amounts loaned by the bank to the
which is fundamentally strong and efficient. They hold the bulk of
banking resources of the country and they are the real support of the Fed- investment affiliate they do what they can to correct the situation. In the
eral Reserve System."
main, he stated, his office does not find any great amount of important
The depression of 1930 has not affected the large city banks to any serious violations of good banking practice in such affiliates.
regarded as
extent, Mr. Pole asserted. Failures of city banks may be
Change From Brokers Loans is Cited.
exceptional, and each one traced to some abnormal situation, he added;
There has been a tendency during the last year, Dr. Willis stated, for the
whereas in the ease of country bank failures "there is evidence of a general
breakdown in that system of banking which calls for positive remedial movement of credit out of brokers loans and Into direct securities loans.
Mr. Pole agreed, and stated that it might be due to more liberal treatment
action."
Congress could not confer branch bank powers upon State banks and trust by banks of their customers than that given banker customers. He agreed
companies in the commercial centers, Mr. Pole conceded, but stated that a that the result of such a movement was perhaps in the direction of greater
frigidity in assets of the bank, and stated that probably bank assets of that
way would be open for such banks to convert into national banks.
The members of the subcommittee, which in addition to Mr. Glass, in- character were not less frozen now than they had been.
The question of double liability of holding companies for the bank stock
Norbeck (Rep.), of South Dakota; Townsend (Rep.). of
cludes Senators
Deleware; Walcott (Rep.), of Connecticut; and Bulkley (Dem.). of Ohio, they own was discussed, and it was agreed that in many cases the requireand H. Parker Willis. the Committee expert, questioned Mr. Pole at the ment was neutralized. Mr. Pole was of the opinion that more significance
conclusion of his statement, making inquiry about bank practices, and than is justified is sometimes attached to the double liability feature.
possible changes to be made in the Federal Reserve Act or National Bank If it is all collected, he stated, it amounts annually to only about 10% of
Act. Mr. Pole stated that he believed one very helpful change in the law deposits, and the record shows that only 50% of it is collected, anyway.
Mr. Pole agreed, in reply to Dr. Willis, that frequently a Reserve Bank
would be authority for the Comptroller of the Currency to remove officers
of banks which indulged in unsound practices. The very existence of such will rediscount paper for a member bank, and call for additional collateral
on the statute books, he regards as some assurance that it will either at the time of making the loan or later. This practice, it was agreed.
a power
resulted in making it harder for a bank to secure accommodation in some
not be necessary to exercise it.
In response to a question from Senator Glass as to whether he regarded instances, and left it in worse position If it failed, the Reserve bank In that
the operation of an affiliated investment company as sound banking practice instance being a secured creditor.
for a commercial bank, the witness stated that in a good many instances it
has perhaps been productive of unsound practices and poor assets in the
bank. Mr. Pole continued that he favors examination of affiliated institu- Exchange Aid to Curb Loans by "Others" Asked by
tions by his office, and that the proposal recently made by the SuperintendGovernor Harrison of New York Federal Reserve
ent of Banks of the State of New York for their complete separation should
be given serious consideration, but that, in view of the long-established
Bank—Skeptical That Bank Action Alone Would
relations which have existed between such institutions, there might be
Halt Growth—Tells Glass Committee Restriction
some doubt of the possibility of accomplishment of that result. He agreed
Is Necessary if Speculation Is To Be Checked—
that in any event the loans of a bank to its affiliates should be limited to
10% of its capital and surplus.
Admits Delay in Raising Discount Rate Was a
Segregating Savings Assets is Suggested.
Mistake—Testimony of J. Herbert Case.
There is no very general manipulation of deposits, in the Comptroller's
Restriction of brokers' loans for the account of others is
opinion, whereby what are in reality demand deposits are classed as time
the future
deposits, so that the low 3% reserve is all that Is required to be maintained essential if excessive stock market speculation in
against them. Perhaps more important than a higher reserve on time de- is to be avoided, Governor George L. Harrison of the Federal
posits, he declared, would be segregation of savings assets in commercial Reserve Bank of New York declared in his second day's
banks.
before the Sentate subcomDr. Willis stated that inasmuch as the right of a bank to insist upon 30 or testimony this week Jan. 22
may be withdrawn,cannot as a practical mittee investigating banking. His testimony on this score
60 days' notice before time deposits
matter be exercised, because It would result in a withdrawal of all deposits, was also supported by J. Herbert Case, Chairman of the
deposits are in reality demand deposits, and
the situation exists where time
lower reserve requirement.
board of directors of the New York Reserve Bank, according
yet they have a much
of banks made by the Comptroller's office have been to the New York "Journal of Commerce" whose corresThe examinations
gradually improved, Mr. Pole testified, until they are at present about as pondent on Jan. 22 thus reported that day's hearing
before
complete as they can be made. In case of bad practices being revealed, two
thing fare possible,according to Mr. Pole: The Attorney General can be the subcommittee:
592
FINANCIAL CHRONICLE
[Vor. 182.
Governor Harrison doubted that a mere prohibition of banks placing by those interests to sales of their own securities whereby to secure capital
loans for the account of others would be an adequate check on their growth. for expansion, instead of continuing the former practice of borrowing from
He said that the New York Stock Exchange must be called upon to aid the banks. This new order of things has led to overexpansion in industry,
the banks in halting their expansion if the growth or such loans in the he asserted, out of proportion with the growth and the requirements of the
future through new channels is to be avoided. Both Mr. Harrison and country.
Turning from long term to short term capital requirements, the witness
Mr. Case advocated a program of "friendly regulation" to curtail financing
denied that acceptance rates were so framed as to give special advantage
of excessive speculation on the security markets.
Other high spots of to-day's bearings before the Senate subcommittee to city banks as against country banks, asserting that all classes were on an
included admissions by Governor Harrison that the dilatory rediscount equality, and that,in any event, the city banks never were particularly well
rate policy of the Federal Reserve Bank of New York during the period of supplied with acceptanace paper. He also contended that the present great
rapidly expanding speculation in 1928 was a serious mistake. Mr. Harrison expansion of acceptances, especially abroad, was due to the lack of capital
also expressed the opinion that rediscounting of notes of member banks carrying provisions which had resulted in expansion of acceptances made
secured by Government bonds was desirable, in view of the declining against goods in storage warehouses.
Governor Harrison answered with some hesitancy questions as to what
volume of eligible paper.
he thought of the development of domestic acceptances. He indicated he
Restriction Seen Necessary.
never had been very well convinced that this was a very desirable type of
Restrictions, voluntary or statutory, upon the utilization of strictly non- paper. However, he gave it as his opinion that the acceptance system as
banking loans in the stock market alone can make effective the efforts of a whole had expanded probably safely and wisely. Acceptance questions
the Federal Reserve system to keep down undue speculation and inflation, were pressed upon him from several sources, particularly with reference to
both Mr. Harrison and Mr. Case contended. Legislation in that direction whether lower rates for acceptances did not conflict with credit control by
should be resorted to only as a last resort, if was declared, but regulation the establishment of high rates for discounted paper. He did not apparently
convince the committee with his replies, designed to show there was no such
Is necessary.
Mr. Harrison suggested the wisdom of restricting the amounts of money conflict, for he admitted that in former years the cut in acceptance rates
that prokers could borrow with relation to their capital. Mr. Case believed had inevitably tended to furnish cheap money at times when discount rates
that "we have perhaps somewhat overdone the manufacture or creation of were rising.
Despite the declaration of the Secretary of State against activities of the
new banking institutions," and suggested that consideration should be
given to finding a way of avoiding this in the future. A further suggestion banks or officers thereof participating in the setting up of the Bank of
was made by Governor Harrison that there has been too great industrial International Settlements, it was admitted by Governor Harrison that the
New York bank has the same agreements with that institution as it has
expansion, a matter that should be given serious consideration.
Mr. Harrison to-day continued his review of the controversy that had with foreign Central banks. Copies of these agreements are to be presented
Board in 1929 as to the to the probe committee for its information.
arisen between his bank and the Federal Reserve
desirability of increasing the then existing New York rediscount rate. He
reiterated that his board of directors "week after week" gave approval to
the proposal to increase the rate of 6%, while the Federal Reserve Board
was urging the placing of pressure upon the member banks to reduce their Control of Credit Discussed at Senate Bank Hearing—
obligations to the Reserve bank.
Governor Harrison of New York Federal Reserve
He gave it as his opinion that a more prompt and larger increase in the
Bank Tells of Member Loans—Method of Volume
rate, and more often resorted to, probably would have put on the brakes
sooner, and he admitted to Senator Glass that the outstanding effect upon
Regulation Explained—Tax Reduction on Profits
the situation was that the whole structure toppled over of its own weight.
of Stock Sales Would Assist in Stabilization of
The speculative mania continued despite the fact that the New York
Markets, He States—Views on Rediscount Rate.
rediscount rate had been increased three times, and there had been a decline
of $400.000.000 in open market holdings of Government securities and an
A Federal Reserve Bank cannot refuse to grant rediscount
exportation of gold of $300,000,000. He said that had anyone said prior to
that time that such a series of events would not stop the trend of specula- accommodation to a member bank, merely because that
tion it would not have been believable.
member is making loans on stock exchange collateral to its
The turn came, he explained, when, in July 1929, business began to
brokers, in the opinion
very definite nervousness commercial customers, or on call to
recede, accompanied by the following causes: A
of the Hatry failure in England, increase in the rediscount rate by of George L. Harrison, Governor of the Federal Reserve
because
the New York Federal Reserve Bank, increase in the discount rate of the Bank of New York, who testified Jan. 20 before the subBank of England and.finally,"the thing had become so top-heavy, it could
and Currency Committee.
go no further." And Senator Glass wanted to know from the witness committee of the Senate Banking
whether the last referred to clause was not the most important influence In reporting Governor Harrison's testimony, the "United
upon the situation.
States Daily" of Jan. 21 continued:
Cites New Financing Itiethods.
It is impracticable to inquire into the exact use of the proceeds of the
Harrison explained the new methods that have been created for rediscount, he asserted, even if the borrowing bank knew to what use it
Governor
the financing of commercial and industrial enterprises and pointed out that would be put, which it usually does not.
while in 1920 the total volume of eligible paper in the hands of the member
Purposes of Act Discussed,
banks was about 34,000,000,000 despite the Increase in these activities, the
growth of the country and the increase in the population, the volume is now
Governor Harrison and Senator Glass (Dem.), of Virginia, Chairman o
below $.3.000.000.000. He denied that the privilege was being used through the subcommittee, disagreed over the purposes of the provision of the Fedthe use of Government bonds as collateral, explaining that it is easier to eral Risserve Act prohibiting the rediscount of speculative paper, and what
figure discounts and maturities on these and further it is the practice of is possible under that section. It is the view of Governor Harrison the
some of the country banks to maintain their reserves with the Reserve provision is intended for the protection of the character of the portfolio of
Reserve Bank by designating the latter as the custodian of bonds which it the Reserve Bank, and in the opinion of the Senator the intent of the Act
permits to remain in the vaults for that purpose. Be did not think that any
clearly to prevent the use of Federal Reserve credit for speculative
member bank has ever used its Federal Reserve credit as a means of piling purposes.
against some business on collateral loans which may be for
up its reserve
Changes In the rate of discount, and not admonishments and warnings,
speculative purposes.
or so-called "direct action," were described by Governor Harrison as the
"Tins intent of the provision of the law," said Senator Glass, "was to most effective means of regulating or influencing the volume of Reserve
provide against emergency embarrassments. It was not intended to enable credit outstanding.
the banks to get loans from the Federal Reserve banks for stock speculative
Refusal to rediscount eligible paper on the ground of the speculative loans
purposes. I wish I could think as you seem to imply that there is no excess of the member is considered by many as of doubtful legality, he declared.
In stock speculative activities in New York."
and in any event, impracticable. A bank does not rediscount for specific
"Of course there is speculation in New York: there is speculation all over purposes, he continued, but as a result of the depletion of its reserve balance
the witness. "It is a matter of from a myriad of transactions.
the country, all over the world,"responded
greatest concern, not only to you but to all of us in the Federal Reserve
Disagreement is Cited.
System. We are exercising our imaginatiion and our ingenuity to the limit
to do whatever is proper to control it," and he admitted that despite those
The New York Reserve Bank policy does not favor warnings of the characefforts the big break could not be avoided.
ter issued by the Federal Reserve Board in 1929, Governor Harrison explained. He admitted that the Board had not agreed with the New York
Says Prompt Rate Rise Was Needed.
Bank as to the efficacy of increases in the rate of discount, and that the
"We made a great many mistakes," he suggested. "We want to minimize desire of
the Bank to sharply increase its rate in the spring of 1929 had not
the number of these errors and the degree of their effect on things like this been acceded to by the Board.
which occur. I hope this inquiry of yours will be helpful to us. I feel that
Mr. Harrison gave as his opinion that a reduction in the tax on the profits
in 1928 we made in particular two mistakes—we raised our rate the first from sale of stocks would help to stabilize the speculative markets. He
time too late, and, second, we did not raise it enough. Had we then had Opposed a tax on transactions in the stock market in which the securities
the light of subsequent experience, I think it would have been better to sold had been held less than 60 days. Such a tax, he declared, might deter
have raised the rate 1% in 1927, for with a single exception we never some speculative traders, but it would also put at a discount a great volume
increase it more than .3i of 1% on any occasion.
of investment securities which are dealt in daily by non-speculators. Legiti"A more prompt and vigorous rate action at that time would have been mate investors would not care to buy stocks, he asserted, which carried
helpful," he added. "The difficulty of Federal Reserve control over tag saying they could not be sold for 60 days without being subject to a tax.
excessive use of credit for speculative purposes was very much enhanced by
While it might be well to set up one banking system in this country inthe fact that we have developed in this country what has been called the stead of 49, if things were being done over anew,the Governor told the Combootleg system—that Is, corporations and individuals using the opportunity mittee, and while it is probably true that some of our present difficulties
to get a higher return on ready available funds started to loan in rapidly have grown out of the fact that we have such a multiplicity of banking
growing amounts to brokers and dealers in stocks on Stock Exchange systems, nevertheless, the thing to strive for now is uniformity of law among
collateral."
practically negatived the rate those various systems, with further safeguards where found necessary. He
It was this situation. he indicated, that
he said, suggested the advisability of those State banks which do a deposit-banking
control of the Reserve System. As long as this situation lasted,
But, he argued,if business of commercial character being Included in the Federal Reserve
the effect of control by the rediscount rate was lessened.
use of funds in this System. Larger capitalization and branches in rural areas were included
a statutory prohibition could be enacted against the
might be as a part of this suggestion.
manner, the likelihood would be that an independent institution
Security affiliates of commercial banks have led to some abuses, in his
"bootleg"
set up outside the System as the channel through which the
Opinion, but they are so long established, and bank customers have been so
loans would flow.
influenced to expect this service and others from their bank of deposit, that
between the
A possible remedy for the situation would be an agreement
that they be
of this character, it is impracticable to abolish them entirely. He recommended
banks and the Clearing House Association not to float loans
be rehe said, subject to examination by the supervising agency, and that they
he said. Since 80% of the loans are handled in New York, that,
Further, he
to quired to publish their statements of financial condition.
might be effective. However, if necessary, he appeared favorable
would prohibit banks from buying securities from the shelves of their inlegislative enactment.
vestment affiliates.
The linked States does not have a central banking system, in the same
Denies City Banks Were Favored..
European countries have, Mr. Harrison replied to a question from
Senator Glass has been extremely critical of the movement of large sums sense that
does not regard the
of money into Wall Street to the detriment of commercial and industrial Senator Glass. Chairman of the subcommittee. He
as a central bank, he added.
requirements. Governor Harrison, on his part, disapproved of the resort New York Bank
JAN. 24 1931.]
FINANCIAL CHRONICLE
Genera: Conditions Said to Be Improving.
The record of bank failires would have been much greater had it not been
for the Federal Reserve System, in Mr. Harrison's opinion. His statement
to that effect followed a comment by Senator Norbeck (Rep.), of South
Dakota, that there seemed to have been a good many bank failures since the
establishment of the system. Senator Glass added to Mr. Harrison's reply
that there had been no complete breakdown of the entire banking system of
the country from one end to the other,such as occurred prior to 1913.
Senator Glass told Mr. Harrison at the outset of the hearings that he had
been summoned as the chief executive officer of the largest Federal Reserve
Bank in the hope and confident expectation that he might tell the Committee something of the present situation and might suggest remedies
against the recurrence of what has happened to disturb the country so
materially within the last two years or so.
Mr. Harrison replied that the questionnaires which had been sent t,o the
New York Bank would be returned to the Committee shortly and that they
would reveal in logical sequence the operations and policies of the Bank not
only recently but over a period of six or eight years, intended for an improvement in the situation. Generally speaking, he continued, present
difficulties are of two categories, fundamental and superficial. Those.
which are superficial will pass, and those which are fundamental should be
the subject of consideration for the purpose of correction.
Following the adoption of the National Bank Act in the 'United States.
Mr. Harrison explained, every State which had not already done so, enacted
laws for free banking systems of much the same character. Accordingly
we now have, he stated, instead of one banking system, 49 different systems, with the Federal Reserve superimposed upon them all. That multiplicity of banking systems, he declared, has probably done as much to encourage or make possible bad banking as any single factor. Each system,
In endeavoring to make itself relatively the more important, has fostered
liberalizing laws which have made possible some of the developments which
are the cause of our present trouble. "I imagine," he continued,"that a
large part of the bank failures are not due to violation oflaw but to the abuse
of privileges granted under the law."
"I do not mean that it is now possible to conceive of one banking system,"
Mr. Harrison said in amplification, "and I do not advocate it. It involves
practical and political considerations with great ramifications. But I
think if it were competent for the Committee to consider our banking systems anew and to devise one set of laws applicable to all deposit banking in
the United States and if all deposit banks were included in that system, it
would be doing much toward the protection of depositors."
Since we cannot have a single system of banking, Mr. Harrison declared
that his own preference is to look forward to the time when the majority of
Important State banks doing a deposit business are included as members of
the Federal Reserve System, provided their capital requirements are raised
above that obtaining in some of the States, and providing that there be
authorization of branch banking to extend the service formerly performed
by the small country banks, which are being eliminated.
A bank can now incorporate,and,according to Mr.Harrison,legitimately,
either directly or through subsidiaries or affiliates, do a commercial banking
business, a savings business, perform trust functions, buy and sell securities
and even operate as an issue house. The business man has come to expect
all types of financial service under one roof, he continued, and if properly
supervised, it may be desirable that such service is available. Otherwise,
competition among different types of banks may result in a customer
saving when he should invest, or doing something which is not best in his
particular situation.
593
mercial or trust departments, should be permitted to buy any of the bonds
on the shelves of the security companies. It is the practice in a great many
banks specifically to prohibit such purchases, but that is not true in all
cases, he explained.
Apparently Mr. Harrison thought that the security affiliate Is here to
stay. He said that if it was feasible to eliminate it such action might lead
to confusion and embarrassment worse than the alleged evils of their
existence. . . .
Senator Glass gave no indication of a desire to have the witness or any
other Reserve Bank head removed from office, but there was considerable
interest manifest In his remarks when later there developed to have been a
marked disagreement between Governor Harrison and his New York Bank
associates with the Reserve Board, with the former advocating an increase
in the rediscount rate long before that was permitted by the Board prior
to the 1929 collapse. . . .
Governor Harrison expressed himself somewhat in sympathy with the
proposal of Comptroller Pole that authority should be given the latter's
office to bring about the removal of a bank official whose activities did not
conform to good banking practices. However, he feared that such authority
might lead to abuses and expressed the belief that other means, such as impressing the directors of the institutions with their own responsibility,
might be equally as effective and at the same time less paternalistic.
He thought also that it might be well for the Committee to consider an
amendment to the law giving to the Reserve Banks,subject to the approval
of the Board, the right to suspend participation in any or all of the privileges
of the system, where a bank is found to have violated banking ethics, such
as consistently resorting to overdraft where rediscount has been denied because of the condition of the offending bank's portfolio.
The witness voiced disapproval of the proposal of Senator Glass for the
taxation of turnover operations when strictly of a speculative character on
the ground that it might prove to be a deterrent to the in-and-out traders
whom, he said, constituted a stabilizing influence in the stock market.
Senator Glass said that while 14 years ago the average time that stock was
held in the possession of the holder was 67 days, it has been reduced at the
present time to an average of 22 days.
C. E. Mitchell of National City Bank of New York, Submits
List of Stockholders of Affiliate to House Banking and
Currency Committee.
Charles E. Mitchell, Chairman of the board of directors
of the National City Bank, New York, complied on Jan. 22
with the demands of the House Banking and Currency
Committee and submitted the list of stockholders of the
National City Co. The Washington correspondent of the
New York "Journal of Commerce" reporting this added:
This data requested by the Committee during its hearings on chain,
told
branch and group banking had been refused by Mr. Mitchell, who
Chairman McFadden of Pennsylvania that to make known the information
sub.
would be in direct conflict with the policy of the organization. He
strict
mitted the data today, however, with the request that it be held in
confidence.
George W.
Similar information was requested by the Committee of
Mr. Davison
Davison, president of Central Hanover Bank & Trust Co.
30,
advised the Committee today that he would be in Washington, January
Loans by Federal Banks are Explained.
before the Committee at that time if it was so desired.
It is not practicable for a Federal Reserve Bank to control the uses of and would appear Committee continued its hearings on nine bills proposing
Meanwhile, the
proceeds of a rediscount, Mr. Harrison told the Committee in reply to a
of mortgages by joint stock land banks during the
question from Mr. Glass. For one thing, he declared, the banks themselves to defer foreclosure
Paul Bestor, Commissioner of the Federal Farm Loan
often do not know what use will be made of it and if they did, it is doubtful depression period.
the Committee on the bills, said that the Board
whether or not one group of men in a Reserve Bank should be permitted to Board, appearing before
defer foreclosure. He pointed out that such restricoutline Gap detailed loan and management policies of the member banks. is opposed to plans to
the banks would jeopardize their stability. Be
Banks do not borrow from the Reserve Banks for particular purpose, he tions on the operations of
also pointed out that Secretary of the Treasury Mellon is also opposed
continued, but to restore reserves depleted through myriad transactions.
Senator Glass asked if he then considered the provision of the Federal Re- to the bills.
serve Act against speculative uses of Reserve Bank credit as futile. Governor Harrison replied that, on the one hand, he did not think it was the
A. C. Miller of Federal Reserve Board at Hearing Before
intent of the act to prohibit or control the speculative activities of the
think it the intent to
Senate Banking Committee Declares Open Market
American people; and on the other hand, he did not
keep out the Federal Reserve Banks loans made for speculative purposes.
Operations of Reserve System Caused Credit Inflation
The middle question, he continued, is whether the Federal Reserve Bank
and Speculative Period of 1928-29—Proposes That
should refuse to make legal loans to a member bank because that member
was loaning for speculation.
Five Members Be Required to Approve Open Market
Senator Glass contended that it was right for the Reserve Bank to refuse
Dealings.
to rediscount for a member bank which obviously proposed to use Federal
Reserve credit to replenish a deficit in reserve resulting from speculative
Adolph C. Miller, a member of the Federal Reserve
activities. Otherwise, how can warnings and admonishments to reduce
testified at the Senate banking inquiry on Jan. 23
brokers loans be justified, he asked. Mr. Harrison denied that the New Board,
sysYork Bank ever issued any warnings or admonishments of that character, that the 1927 open market operations of the Reserve
but admitted that the Reserve Board had done so.
tem caused the credit inflation that brought about the
Senator Glass asked if increases in the rate did not penalize commerce,
1928-29. Associated Press advices
agriculture and industry, and only indirectly deter speculation. Governor speculative boom of
him as
Harrison was of the opinion that rate action can be taken without injury from Washington in reporting this, further quoted
to business. It is a high rate over a long period of time that business ob- follows:
"affirmajects to, he stated. An increase in the rate means the liquidation of loans
By buying Government securities in 1927 in pursuance of an
which are least desirable. Call loans and collateral loans are the first to
member banks
tive policy of its own," Mr. Miller said, the system gave
be affected, not loans to regular commercial customers. One disturbing
can only be used for investment, and gave both
influence in recent years, which tends to make all Federal Reserve policy excess funds, which
banks and corporations funds to invest in the call market.
Ineffective, he continued, is the loans of "others," made by other than
member of the board
These open market operations, the San Francisco
banking institutions.
greatest and most costly errors "ever
Senator Glass stated, at the conclusion of the hearings, that he hoped it went on, constituted one of the
or any other banking system."
might be possible to find some way of prohibiting the use of Federal Reserve made by the Federal Reserve
time, he added, "it
Had a "different policy" been pursued at the
credit for stock market purposes in some more effective way than is now
would have left us with a different condition at this time."
seemingly possible.
prohibitions on banking
Mr. Miller said he was skeptical of any new
From the Washington account Jan. 20 to the New York practices, but was more disposed to improving the operations and adhe would not like to
ministration of Federal Reserve Banks. He said
"Journal of Commerce" we take the following:
essential, but only
see the open market section repealed, because it was
Would Subject Affiliates to Examination.
wanted it modified.
"notification that
Governor Harrison admitted that such an affiliate would be created priThe present 2% rediscount rate in New York was
marily to do a certain character of business a National bank is not authorized credit conditions are very comfortable and easy in the leading money
something to release the
to do.
market," Mr. Miller declared, and "might do
"If we were considering a virgin field and wanted to devise some new country from the grip of fear."
again in seven or certainly in ten
light of present-day developments," said Mr. Harrison.
banking system in
The witness predicted a crash
"I would rather prefer that no commercial bank be permitted to have any Years, if some control were not exercised over the open market operations
such affiliates."
by the Reserve banks.
The witenss was questioned by Senator Glass on the question of the exHe suggested an affirmative vote of not less than five of the eight
affiliates by the office of the Comptroller of the Cur- members of the Reserve Board should be required before the banks
amination of corporate
Harrison held that if corporate affiliates are to be Permitted could "enter upon open market operations on an extensive scale."
rency. Mr.
to continue to exist there should be some authority of law whereby they
In the "Wall Street Journal" of last night (Jan. 23)
shall be subject to National bank examinations and to the publicity of their
financial statements. He added that no member bank, either in its com- Mr. Miller is reported as saying that when the Reserve
594
FINANCIAL CHRONICLE
system moved to counteract the effect of its 1927 action,
it was hesitant and without definite policy. As a result,
the situation got out of hand and the speculative movement went much further than it would have gone otherwise. From that paper we also take the following:
The witness said he did not regard Reserve policy as solely responsible
for security inflation, but he did think that the policy had accentuated
the movement.
Mr. Miller did not agree with the proposal of Senator Glass that banks
which were in debt to the Reserve Bank on their own note should be
prohibited from making collateral loans. He said it was undesirable to
interfere with a free capital market.
The witness agreed with previous witnesses that there should be rigid
supervision of bank affiliates. Some banks, he said, are not operating
only as banks of discount and deposit, but through their affiliates are
under suspicion of operating in a speculative way.
He thought that these institutions were partly responsible for the
speculation of 1928-29 and pointed out that through the parent banks the
affiliates have access to the Federal Reserve System. He said, however,
that the relationship between banks and affiliates was not easy to unscramble and thought rigid examination was the most practical proposal.
The inquiry heard proposals of "direct action" as a means of controlling
use of Federal Reserve credit for speculation.
[VOL. 132.
prevented the bank from taking advantage of its potential earning capacity.
The financial statement following this report shows the condition of the
bank at the close of business Dec. 31 1930 and indicates its strong and
liquid position The deposits as of Dec. 31 1930 were 8360,689,016.35, an
Increase of $21,583,356.71 over the corresponding date in 1929. For the
year 1930 deposits averaged $62,181,749 more than those in the year 1929.
After charging to earnings account all expenses, pensions and extra
compensation to employees, and after charging off all losses and setting
up tax and other reserves, the disposition of the balance of the year's
earnings was as follows:
Dividends amounting to 18% on the shares of the bank
$2,970,000.00
Special reserve for contingencies
850.000.00
Reduction in book value of banking houses
300,000.00
Added to undivided profits
408,515.71
*14.528,515.71
* This figure does not include the earnings of Chemical Securities Corp.,
all of the shares of which are held in trust for the benefit of the shareholders
of Chemical Bank & Trust Co.
The bank is owned by 11,610 shareholders as compared with 1,631 at
close of business Dec. 31 1928, before the merger with the United States
Mortgage & Trust Co., and 7,016 at close of business Dec. 31 1929, after
the merger. There are at present 1,256 members on our staff, of whom 92
are officers, branch managers and assistant branch managers.
Federal Reserve Board Reviews Efforts to Ease Money
During 1930—Purchased During Year Substantial
Amounts of Federal Government Securities and
Reduced Rates—Notes Continuance of Business
Federal Reserve Bank of Boston reports for year ended Dec. 31 1930, net
Decline.
earnings
Boston Reserve Bank—Net Earnings $253,777 for 1930,
Against $2,776,184 in 1929 Year.
The following is from the Boston "News Bureau":
available for dividends, surplus and franchise tax of $253.777,
which compares with $2,766,134 in 1929 and $2,316,522 in 1928.
Earnings in 1930 were not sufficient to cover dividend requirements.
To make payments, the sum of $452,172 was transferred from surplus,
reducing that item to 821,298,715 from $21,750,887.
Net earnings of 1930 were equal to 2.2% on average paid-in capital,
against 27.6% in 1929: to 0.8% on average paid-in capital and average
surplus, against 9.6% in 1929; and to 0.1% on capital, surplus and average
member banks' reserve deposits against 1.6% in 1929.
The shrinkage in earning power of the Federal Reserve Bank was due to a
generally reduced volume of business transacted, particularly in rediscounting. Bills rediscounted during the year amounted to only $582,459,629
against $3,952,080,616 in 1929. Government securities deposited for collateral notes discounted totaled $416,020,000 against $2,821,311,000 in
1929.
At the same time, prevailing rediscount rates were considerably lower
In 1930 than in the previous year.
Percy H. Johnston of Chemical Bank & Trust Co.
Believes Depression Has Run Course—Expects
Business to Return to Sounder and Old Fashioned
Principles.
That the nation will profit by past mistakes "and emerge
stronger and sounder than before" is the belief expressed
by Percy H. Johnston, President of the Chemical Bank &
Trust Co. of New York, in his report to the stockholders
presented at the annual meeting on Jan. 21. The opinion
that 'the present depression has about run its course" is
likewise advanced in the report, and it is the expectation
that there will be a "return to sounder and more old-fashioned principles where wealth is created by work" and not
by the marking up of values over night. We quote from Mr.
Johnston's report as follows:
In the last animal report apprehension was expressed that in 1930 we
would experience a material reduction of the national income. This has
occurred and the readjustments connected therewith have been more farreaching than any of the students of economics believed possible and their
consequences more disastrous in effect.
A by-product of this economic adjustment has been a large number of
bank failures, causing hardship and discomfort to many sections of our
country. The fundamentals of sound banking are constant. That banks
must be managed by competent financial engineers has again been brought
forcibly before the people. Favor and benevolence are not the attributes
of banking, but strict justice and the rigid performance of contracts are its
rightful foundations. The 107 years' history of this bank has taught us
that for a bank to operate successfully it must operate conservatively; it
cannot put the money of Peter into the speculations of Paul.
Many thoughtful people believe that the present depression has about
run its course. We share this opinion and believe that industry and
business will revive and return to sounder and more old-fashioned principles, where wealth is created by work and endeavor and not by the
process of marking up values over night.
The nation has had a costly and sad lesson but we are confident it will
profit by past mistakes and in the end will emerge stronger and sounder
than ever before. Fortunately, we are a creditor nation and our great
banks are in a sound and liquid position and are amply fortified to meet
the new and expanding needs of business that will inevitably come.
The year 1930 was the 107th of this bank's histdry, and in many respects
an eventful one.
On Jan. 2 1930 $5,000,000 was transferred from the Undivided Profits
Account to the Surplus Account by order of the Board of Directors, raising
that account from $15,000,000 to $20,000,000.
The most important event during the year occurred in September when
Chemical National Associates, Inc., was merged with the Bank and Chemical
National Co., Inc. The bank, by virtue of this merger, increased its capital
from $15,000,000 to $21,000,000 and its surplus and undivided profits from
$22,700,000 to 843,700,000; and Chemical National Co., Inc., increased
Its capital and surplus from $9,500,000 to approximately $19,000,000.
More than 75% of the shareholders of the bank and associates voted in
favor of the merger, and there was not one dissenting vote. Following
the merger, the name of Chemical National Co., Inc., was changed to
Chemical Securities Corp.
During the year money rates were low and the bank pursued a conservative policy in maintaining an unusual degree of liquidity; these conditions
Federal Reserve credit policy throughout the year 1930
was directed toward assisting in the maintenance of easy
conditions in the money market, according to the Federal
Reserve "Bulletin" for January, released for publication on
Jan. 19. The methods employed were the purchase of
substantial amounts of United States securities, and rate
reductions. The rediscount rate at the New York Bank
now stands at 2%, the lowest in the history of the system.
The effect on the general situation of this rate and of the
reduction in recent weeks at the Cleveland, St. Louis,
San Francisco and Boston banks will not become apparent
uhtil later, the "Bulletin" declares. Further indicating
what the Board has to say in its latest "Bulletin,"the "United
States Daily" of Jan. 21 continues:
Almost all branches of industry, in the second half of 1930, saw a continuance of the decline in business activity which began in midsummer of
1929, according to the review. Employment fell off, and the total income
of both wage earners and farmers decreased.
Major Groups Which Suffered.
The major groups of American industries which have suffered from the
-month period of declining activity, the "Bulletin" announces, are
18
building, automobile and steel, with accessories, and the railroads. At
the end of the year the output of factories and mines was about two-thirds
as large as at the peak of activity 18 months earlier, and smaller than at
any time since the spring of 1922.
Production by American factories since 1899 has increased at the rate
of about 3.5% a year, the "Bulletin" shows by a chart of manufficturing
activity, and in 1929, with output at the highest level of the post-war
period, the physical volume of goods produced by the factories was three
times as large as at the end of the nineteenth century.
Foreign Trade Smaller.
The dollar volume of American foreign trade in 1930 was approximately
28% smaller than in 1929, and smaller than in any other recent year since
1922. Estimates indicate, the "Bulletin" continues, that the year's
results for a large group of important industrial corporations will show
profits of from 30 to 40% less than for preceding years.
The review of the month follows in full text:
In November and December there was a further decline in output and
in employment in most manufacturing industries. Wholesale prices for
many important commodities also continued to decline during the last
two months of the year.
Business activity, which began to recede in midsummer of 1929, after
the rapid expansion of the preceding year and a half, continued to decline
at a rapid rate during the last half of 1930. following a brief recovery in
the spring. Almost all branches of industry shared in the decline. Employment declined, and total income of both wage earners and farmers
decreased. At the same time wholesale prices throughout the world declined considerably, and retail prices also reflected this decline, although
in smaller degree. Conditions in the money market were easy during the
year, and money rates declined to low levels.
During the entire period of declining activity, which has lasted about
18 months, the major groups of American industries most affected have
been building. in which a decline began as early as 1928. the automobile
and steel industries and their accessories, and the railroads, which have
reflected reduced activity in other lines of industry. Agricultural output
for the year 1930 was smaller than in the preceding year, largely as a result
of prolonged drouth.
Stocks of Raw Materials Large as Year Closes.
At the close of the year stocks of raw materials, especially agricultural
products, were large; in some manufacturing industries, notably cotton
textiles, automobiles, and tires, inventories were reduced considerably
in comparison with the preceding year, while in the cement, lumber and
copper industries stocks were large notwithstanding a smaller volume of
output. Developments in some of these industries are discussed in more
detail in the following paragraphs.
Building construction, which had increased rapidly from 1921 to
1928,
partly to supply housing shortage created by the reduction in the volume
of building during the war, was one of the major factors in the expansion
of business activity during post-war years. When construction began to
decline late in 1928, gradually at first, and more raipdly during 1929 and
1930, it was an important influence in the recession of business.
The course of contracts awarded for construction in 37 eastern states,
as reported to the F. W. Dodge Corp., is shown on the chart, which indicates by years the value of most important types of building and also
gives an index of house rents. For the year 1930, as a whole, the chart
JAN. 24 1931.]
FINANCIAL CHRONICLE
[this we omit—Ed.] indicates that construction contracts awarded were
the smallest for any year since 1923.
House Shortage Results in Increased Building.
595
1924 and 1927, and in 1929 output was 40% greater than in 1922. In 1930,
taking the year as a whole, manufacturing output was about 20% below the
level of 1929 and in about the same volume as in 1924.
The course of employment in, manufacturing is shown by another line on
the same chart with production. During the period from 1900 to 1929,
while physical volume of output of manufactures increased threefold, the
number of workers employed in factories was almost doubled. This slower
rate of increase was the result both of the introduction of labor-saving
devices in established industries and of the relatively more rapid growth
in output of new industries—such as petroleum and automobiles—that useless labor per unit of product.
Throughout this post-war period the course of residential building has
been the principal factor in the total volume of construction activity.
Residential building began to decline in the latter part of 1928, several
months before the volume of industrial production and factory employment began to recede, owing in large part to special factors affecting the
demand for and supply of housing facilities. The post-war shortage of
houses resulted in a period of rising rents and of rapidly increasing building activity.
Total of Factory Wages Cut by Depression.
House rents reached a peak in December 1924, according to the index
During the war years the number of factory employees increased at a
of the Bureau of Labor Statistics shown on the chart, but the volume of
residential building increased further in 1925 and continued at about the rate almost as rapid as production. In 1921 the decline in employment was
1925 level until 1928. Since 1924 house rents have been gradually de- large, and since that time, while the number of factory employees has
has not been equaled. During
clining. In 1929 the financing of building projects became more difficult. increased somewhat, the war-time total
owing in part to developments in the money market and in part to the each of the other periods of business recession since the war methods of
factory production have been so reorganized as to require less labor, and
fact that a growing surplus of housing facilities rendered uncertain the
In the ensuing periods of business activity the total volume of factory
prospects for income from further building, and by the end of the year
Other occupations, howeVer,
contracts had declined to a low level. Changes in the volume of resi- employment has not regained its former level.
have absorbed a large part of the workers released from factories.
dential building during 1930 were largely seasonal in character.
In the depression of the past 18 months employment declined substantially. Manufacturing industries which employed approximately 8,600,000
Building Projects Show Decline During 1930.
wage earners in June 1929, when industrial activity was at its height, had
Industrial and commercial construction projects, which make up in laid off
about 1,100,000 workers by June 1930, and by mid-November, the
large part the "all other" sector of the chart, increased in 1929 but de- latest
date for which comprehensive data are available, another 600,000
clined in 1930, especially in the latter part of the year. Public works and had been laid
off, partly in response to seasonal influences. Allowing for
public utility construction, however, increased substantially during 1930, the usual
seasonal changes, it is estimated that the decline in number of
reflecting larger expenditures on highways and pipe lines and about the wage earners in
factories during this period was approximately 21%, a
same outlay on railroad construction as in 1929. The financing of these relatively less
severe decline than in the depression of 1920-21, in which
Projects during 1930 was aided by the improvement in the bond market, postwar reorganization of manufacturing was being effected. Total pay
which facilitated the flotation of State and municipal issues.
rolls for manufacturing industries have shown a decline of nearly one-third
Output of factories and mines declined during most of the year 1930, since June 1929, after allowance for seasonal variations. This reflects not
with the exception of a brief period in the spring. During October and only reduced volume of employment, but the spread of part-time operaNovember the decline in output was rapid, and for December preliminary tions and, to some extent, reductions in wage rates. In the aggregate
reports indicate a further decline of more than the usual seasonal amount. factory wage payments amounted to about $970,000,000 in the month of
At the end of the year output was about two-thirds as large as at the June 1929, and by November, 1930, they had been reduced
by approxipeak of activity 18 months earlier and smaller than at any time since mately $300,000,000.
the spring of 1922.
Coal Mine Employment Shows Seasonal Increase.
In this recession in manufacturing, as in the period of expansion that preIn this same period railroads laid off about 280,000 workers, while employceded it, the automobile and steel industries have been a dominating influence. This is illustrated by the accompanying chart,[this we omit.—Ed.I ment at coal mines, which was smaller in the Summer of 1930 than in 1929,
which presents by years for the period 1919-1930 an analysis of fluctuations subsequently showed a seasonal increase. The Department of Agriculttre
in manufacturing production in three major groups of industries included reports a smaller than usual demand for agricultural labor during the past
in the Board's index. The top line represents all manufacturing industries, season.
the second a group of industries consisting of steel and iron, automobiles,
Declines in wholesale prices during the past year and a half have occurred
shipbuilding, and related industries; the third, textiles; and the last the food in all markets, especially for the staple products, such as wheat, livestock,
and tobacco industries. The chart is so constructed as to show the relative cotton, wool, silk, coffee, and rubber, and also the metals—copper, lead,
importance of each of these groups.
and silver. Price declines, which started in some countries in 1928, became
In the first group—consisting of the steel, automobile, shipbuilding, and more rapid after the break In the New York securities markets in October
related industries—the reduction in aggregate output during the year 1930 and November 1929, and continued throughout 1930, with the exception,of
as a whole accounted for more than half the reduction in all manufacturing a brief period of rising prices for agricultural products during the Summer.
Industries and was larger than in either the textile or food groups. This By the end of December, wholesale prices in the United States had declined
group of industries was also more severely affected than the others in the 20% from their high point of July 1929, and were approximately 15% al5eVe
depression of 1929-21. In 1930, however, the curtailment was much smaller their 1913 level.
than in the earlier period. In 1919 and 1920 the large increase in steel output
In many other countries the decline from the high level of 1929 to Novemwas a result of continued demand from war-time industries, especially ber 1930, ranged from 14 to 29%. Declining prices were caused by numerous
shipbuilding; and the collapse of that demand in 1920 and 1921 forced factors, including overproduction of many raw materials, the collapse of
curtailment and reorganization. In the years 1922 to 1929, however, this pools organized in recent years to support prices, the continuation ota
group of industries had an excePtlonally rapid expansion, and soon exceeded downward trend in prices of highly fabricated articles as a result of improved
Its war-time output.
methods of manufacture, as well as the reduction in purchasing power of
The rapidly growing automobile Industry replaced shipbuilding as a con- consumers.
sumer of steel, and there was also a growing demand for steel for construcInternational Trade Declines in Value.
tion purposes and for machinery and miscellaneous equipment for foreign
International trade declined in value during the past year, reflecting
and domestic use. Following an unusual growth in 1929, the automobile
both the influence of declines in wholesale prices and reduced demand by
industry in the United States reduced output by about 40% in 1930—from
consumers. The countries most affected are those whose wholesale trade
5,380,000 to about 3.500,000 cars—and all other industries in the group, consists in
large part of a few commodities which have declined substanespecially steel, felt the effects of this reduction. A reduction in purchases
tially in price: In Japan, silk; in Australia, wool and wheat; in Argentina.
by the railroads in the latter part of 1930 also reduced the demand for steel. hides
and wheat; in Cuba, sugar; in the Malayan States, rubber. The
In the textile industries, in contrast to steel, output declined more from
decline in the price of silver has affected also the trade of the silver-using
1929 to 1930 than from 1919 to 1920-21, when the silk industry was in the
countries of the Far East.
midst of an expansion which continued for a number of years. Of the three
The dollar volume of American foreign trade was approximately 28%
major textile industries, output of cotton and wool was curtailed more in
the last year than that of silk. In the latter part of 1930, as a result of cur- smaller in 1930 than in 1929, and smaller than in any other recent year
tailment during earlier months, stocks of cotton textiles were reduced to a since 1922. Exports of most important commodities were reduced, the
level that caused some increase in operations from the low level reached in largest part of the decline being attributable to smaller foreign purchases
of automobiles, cotton, iron and steel, machinery, and copper. Importe
midsummer, and activity at silk mills also increased.
were also smaller in value.
Stability Shown in Foods and Tobacco.
Profits of American corporations in 1930 were reduced from the excepFood and tobacco industries have been the most stable of the three groups tional returns of 1929, as a result of progressively reduced business activity
shown on tile chart. This we omit.—Ed. Their output showed little and of price declines which in many cases necessitated large allowances
growth from 1923 to 1929, and in 1930 declined much less than that of other for depreciated value of inventories. While fourth-quarter returns are
industries. The entire decline moreover, occured in foods—flour, meat not yet available, estimates indicate the year's results for a large group
packing, and sugar—while output of tobacco products, which ordinarily in- of important industrial corporations to be 30 to 40% less than for the
creases each year was about the same as in 1929. Other industries in which preceding years, profits for the first three-quarters having been 35% smaller.
declines in output were almost as large as in the steel industry, were the
Net operating income ofrailroads declined by about the same percentage.
lumber and copper industries, while, in contrast, paper and printing and Public utility corporations, which in other depression years have maintained a growth in earnings, apparently had slightly smaller profits in
the leather industries reduced output by 10% or less.
In some industries, notably automobiles, tires, and cotton textiles, stocks 1930 than in 1929.
of newly manufactured products were reduced from their earlier levels as a
Reduction in Volume of Retail Sales.
result of curtailment of operations during the past year. Stocks of crude
Reductions of earnings by industrial workers and the decline in farmers'
petroleum were also reduced somewhat and stocks of coal continued small. income, which has been estimated by the Department of Agriculture at
In nonferrous metals, however, and in cement, lumber, leather, and paper, about 20%, was reflected in a decreased volume of retail sales to consumers.
as well as in agricultural raw materials, stocks showed a large increase.
At department stores in leading cities the value of sales reached a maxiPresent conditions can be better understood by reference to the course of mum in the Autumn of 1929, considering usual seasonal changes, and by
industry over a longer period. A chart is, therefore, presented showing by November of 1930 prior to the holiday trade, they had declined 14%, or
years the physical volume of output of manufactured goods SiIICO the be- almost as much as in 1920-1921. Holiday sales in December showed less
ginning of the century, expressed as a percentage of the volume in 1899. than the usual seasonal expansion, and the Board's index, which is adjusted
[This we omit.—Ed] ,
for seasonal fluctuations, recorded a further small decline.
It appears from the chart that production by American factories has inReductions in sales during the past year were largest in the predomicreased at a rate of about 3.5% a year, and in 1929, with output at the high- nately industrial cities of the Cleveland, Chicago, St. Louis and Atlanta
post-war period, the physical volume of goods produced by Federal Reserve districts. There is no evidence of either excessive aoest level of the
factories was three times as large as at the end of the nineteenth century.
cumulation or unusual liquidation of inventories by department stores.
This general rise has been accelerated at times but has also been inter- The percentage decline in value of stocks approximated that of sales.
rupted by recessions of varying severity. The expansion of 1900 to 1907 and the rate of stock turnover averaged about the same as in 1929.
was followed by the panic of 1907 and a decrease in production in 1908 of
Reduced volume of business activity in 1930 was reflected in a decrease
More than 15%; the subsequent rapid Increase was halted briefly in 1911 In the demand for creditfrom bank customers engaged in trade and industry.
again in 1914. during the unsettled period following the outbreak Total volume of bank credit, however, showed little change during the
and
of the World War. There followed the war-time expansion, when American year because banks used the funds released by trade and industry in the
factories increased their output by almost one-third. This advance was purchase of investments.
There was also an increase in the banks' holdings of acceptances and
checked briefly in 191$ and early 1919, following the cessation of war, but
was resumed in 1919-20; in 1921 production was reduced by one-fourth and of open-market commercial paper. In addition, the bankers took over a
tile approximate level of 1914. A year later, however, manufac- part of the loans to brokers which previously had been made by non
reached
turing plants were producing in the aggregate about as much as in 1920. banking lenders, with the consequence that the banks' total loans on
expansion was resumed in 1923, with interruptions in securities showed little change for the year.
The rapid rate of
596
FINANCIAL CHRONICLE
Money Rates Decreased Throughout Year.
Money rates moved downward throughout the year. An important
factor in this decline was the reduction of member bank indebtedness to
the Reserve banks from a level of about $1,000,000,000, which prevailed
in 1929. to a level of about $200,000,000 throughout a large part of 1930.
This reduction in indebtedness in turn was due to three principal causes:
Increase in the country's stock of monetary gold; inflow of currency from
circulation, the level of which during the larger part of the year was $200,000,000 lower than in 1929, owing to the decline in the volume of retail
trade and retail prices and industrial pay rolls; and the considerably larger
volume of United States Governmentsecurity holdings of the Reserve banks.
Rates on call money, which had averaged 8% in September 1929, had
declined to 2% by the latter part of 1930; during the same period rates on
prime bankers'acceptances declined from 53i% to 1 % and rates on openmarket commercial paper from 6)1% to 2NI-3%. The lower level of
money rates in the open market was reflected in lower quotations on direct
loans by banks to their customers in the larger centres. Average rates
charged customers by banks in principal cities, which had been above 6%
in the autumn of 1929, had declined by the end of 1930 to 4.15% in New
York City, 4.68% in eight other Northern and Eastern cities, and 5.42%
in 27 Southern and Western cities.
Low levels of rates in the money market were reflected during the first
nine months of the year in a gradual rise of bond prices. In the Autumn,
however, prices of many foreign bonds declined sharply, owing to political
disturbances and uncertainties abroad, and domestic bonds, particularly
of the lower grades also declined. A factor in the decline of bond prices
was a large volume of sales of bonds to establish losses for income tax
purposes. Prices of United States Government securities, however, remained relatively firm. Toward the end of December there was a recovery
In bond prices.
Federal Reserve credit policy throughout the year was directed toward
assisting In the maintenance of easy conditions in the money market.
In addition to purchases of United States securities by the reserve banks,
which between October 1929 and the end of 1930 amounted to $500,000,000,
discount rates at all of the reserve banks were reduced in the course of 1930
and the first half of January 1931—at seven of the banks to 335%; at
Cleveland, St. Louis and San Francisco to 3%; at Boston to 2%,and
at New York to 2%. The reduction at New York to the lowest rate since
the establishment of the Federal Reserve System, as well as the latest
reductions at Cleveland, St. Louis, San Francisco and Boston, were made
toward the end of December and in the early days of the new year, and
the effect they may have on the general situation will not become apparent
until later.
(VOL. 132.
new classification of offenses, relief of the courts and amendments to the
national Prohibition Act clarifying the law and eliminating irritations
which arise under it.
Some of these recommendations have been enacted by the Congress or
are already in course of legislation. I commend these suggestions to the
attention of the Congress at an appropriate time.
The Commission, by a large majority, does not favor the repeal of the
Eighteenth Amendment as a method of cure for the inherent abuses of the
liquor traffic. I am in accord with this view. I am in unity with the
spirit of the report in seeking constructive steps to advance the national
ideal of eradication of the social and economic and political evils of this
traffic, to preserve the gains which have been made, and to eliminate the
abuses which exist, at the same time facing with an open mind the difficulties which have arisen under this experiment.
I do, however, see serious objections to, and therefore must not be
understood as recommending, the Commission's proposed revision of the
Eighteenth Amendment which is suggested by them for possible consideration at some future time if the continued effort at enforcement should not
prove successful. My own duty and that of all executive officials is clear—
to enforce the law with all the means at our disposal without equivocation
or reservation.
The report is the result of a thorough and comprehensive study of the
situation by a representative and authoritative group. It clearly recognizes
the gains which have been made and is resolute that those gains shall be
preserved. There are necessarily differences in views among its members.
It is a temperate and judicial presentation. It should stimulate the clarification of public mind and the advancement of public thought.
HERBERT HOOVER.
The White House, Jan. 20 1931.
From the New York "Times" of Jan. 21 we take the following as to the views of the respective members of the
Commission and the conclusions and recommendations in
the report:
How the Wickersham Commission Stands.
Ten of the 11 Commissioners signed the general report of the Law
Enforcement Commission, in which recommendations are made for strengthening prohibition enforcement as long as the Eighteenth Amendment remains
in operation, but a variety of opinion is indicated in their statements of
their individual views accompanying the report. Their individual conclusions may be summarized as follows:
For Further Trial of Enforcement.—George W. Wickersham, Chairman;
Message of President Hoover Transmitting to Congress William J. Grubb, William S. Kenyon, and Paul J. McCormick.
For Modification of the Eighteenth Amendment.—Henry W. Anderson,
Report of Law Enforcement Commission of Which
G. W. Wickersham is Chairman—Recommenda- Mrs. Ada L. Comstock, Frank J. Loesch, Kenneth Mackintosh, and Roscoe
Pound.
tions of Commission on Prohibition.
For Outright Repeal.—Newton D. Baker and Monte M. Lemann.
Mr. Lemann was the only member of the Commission who did not sign
The report of the National Commission on Law Observthe report. Mr. Baker, while declaring in favor of repeal, expressed
ance and Enforcement was transmitted to Congress by Presi- willingness to support the conclusion of Commissioners Anderson, Comdent Hoover on Jan. 20. The Commission, of which George stock, Loesch, Mackintosh and Pound in favor of revising the amendment.
W. Wickersham is Chairman, was named by President Hoo- of Commissioners Wickersham and McCormick, while favoring further trial
prohibition, express willingness to have a national referendum should
ver on May 20 1929, its appointment having been noted in this trial demonstrate the failure of enforcement.
Commissioners Kenyon and McCormick indicated that if prohibition
our issue of May 25 1929, page 3446. In his message to
enforcement did not improve they would favor revision of the amendment.
Congress this week the President states that "the ComCommissioners Anderson, Loesch, Mackintosh and Pound recommended
mission, by a large majority, does not favor the repeal of the formation of a national corporation to sell liquor. Commissioners Kenthe Eighteenth Amendment as a method of cure for the in- yon and McCormick endorse this proposal, subject to the condition that
further trial shows enforcement to be a failure.
herent abuses of the liquor traffic," and the President says
"I am in accord with this view." "I do, however," he says,
"see serious objections to, and therefore must not be understood as recommending the Commission's proposed revision
of the Eighteenth Amendment which is suggested by them
for possible consideration at some future time if the continued effort at enforcement should not prove successful.
My own duty and that of all executive officials is clear—
to enforce the law with all the means at our disposal without
equivocation or reservation." The President's message to
Congress follows:
Text of Conclusions and Recommendations.
1. The Commission is opposed to repeal of the Eighteenth Amendment.
2. The Commission is opposed to the restoration in any manner of the
legalized saloon.
3. The Commission is opposed to the Federal or State governments, as
such, going into the liquor business.
4. The Commission is opposed to the proposal to modify the National
Prohibition Act so as to permit manufacture and sale of light wines or beer.
5. The Commission is of opinion that the co-operation of the States is
an essential element in the enforcement of the Eighteenth Amendment and
the National Prohibition Act throughout the territory of the United States;
that the support of public opinion in the several States is necessary in
order to insure such co-operation.
6. The Commission is of opinion that prior to the enactment of the
To the Congress:
Bureau of Prohibition Act, 1927, the agencies for enforcement were badly
The first Deficiency Appropriation Act of Mar. 4 1929 carried an appro- organized and inadequate; that subsequent to that enactment there has been
priation for a thorough investigation into the enforcement of the prohibition continued improvement in organization and effort for enforcement.
laws, together with the enforcement of other laws.
7. The Commission is of opinion that there is yet no adequate observance
In pursuance of this provision I appointed a Commission consisting of or enforcement.
former Attorney-General George W. Wickersham, Chairman; former Secre8. The Commission is of opinion that the present organization for
tary of War Newton D. Baker, Federal Judges William S. Kenyon Paul J. enforcement is still inadequate.
'
Brubb ; former Chief Justice Kenneth Mackinand William
McCormick
9. The Commission is of opinion that the Federal appropriations for
tosh of the Supreme Court of Washington; Dean Roscoe Pound of Harvard enforcement of the Eighteenth Amendment should be substantially increased
Law School, President Ada L. Comstock of Radcliffe College, Henry VT. and that the vigorous and better organized efforts which have gone on
Anderson of Virginia, Monte M. Lemann of New Orleans, and Frank J. since the Bureau of Prohibition Act, 1927, should be furthered by certain
improvements in the statutes and in the organization, personnel, and
Loesch of Chicago.
The Commission thus comprises an able group of distinguished citizens equipment of enforcement, so as to give to enforcement the greatest pracindependence of thought, representative of different sec- tical efficiency.
of character and
10. Some of the Commission are not convinced that prohibition under
tions of the country. For 18 months they have exhaustively and painstakingly gathered and examined the facts as to enforcement, the benefits the Eighteenth Amendment is unenforcable and believe that a further trial
and the abuses under the prohibition laws, both before and since the should be made with the help of the recommended improvements, and that
passage of the Eighteenth Amendment. I am transmitting their report if after such trial effective enforcement is not secured there should be a
immediately. Reports upon the enforcement of other criminal laws will revision of the Amendment. Others of the Commission are convinced that
Is has been demonstrated that prohibition under the Eighteenth Amendment
follow.
The Commission considers that the conditions of enforcement of the is unenforcable and that the Amendment should be immediately revised,
but it reports but recognizing that the process of amendment will require some
prohibition laws in the country as a whole are unsatisfactory,
time,
that the Federal participation in enforcement has shown continued improve- they unite in the recommendations of Conclusion No. 9 for the improveCongress of 1927 placing ment of the enforcement agencies.
ment since and as a consequence of the Act of
11. All the Commission agree that if the Amendment is revised it should
prohibition officers under civil service, and the Act of 1930 transferring
prohibition enforcement from the Treasury to the Department of Justice, be made to read substantially as follows:
Section I. The Congress shall have power to regulate or to prohibit the manufao
and it outlines further possible improvement.
It calls attention to the urgency of obedience to law by our citizens and ture, traffic in or transportation of intoxicating liquors within, the importation
thereof into and the exportation thereof from the United States and all territory
to the imperative necessity for greater assumption and performance by subject to the Jurisdiction thereof for beverage purposes.
State and local governments of their share of responsibilities under the
12. The recommendations referred to in Conclusion No. 9 are:
"concurrent enforcement" provision of the Constitution if enforcement is to
1. Removal of the causes of irritation and resentment on the part of
be successful.
It recommends that further and more effective efforts be made to the medical profession by:
(a) Doing away with the statutory fixing of the amount which may be
enforce the laws. It makes recommendations as to Federal administrative
methods and certain secondary legislation for further increase ot perSannal, prescribed and the number of prescriptions;
JAN. 24 1931.]
FINANCIA L CHRONICLE
(b) Abolition of the requirement of specifying the ailment for which
liquor is prescribed upon a blank to go into the public files;
(c) Leaving as much as possible to regulations rather than fixing details
by Statute.
2. Removal of the anomalous provisions in Section 20, National Prohibition Act, as to cider and fruit juices by making some uniform provision for a fixed alcoholic content.
3. Increase of the number of agents, storekeeper-gaugers, prohibition•
investigators, and special agents; increase in the personnel of the Customs
Bureau and in the equipment of all enforcement organizations.
4. Enactment of a statute authorizing regulations permitting access to
the premises and records of wholesale and retail dealers so as to make it
possible to trace products of specially denatured alcohol to the ultimate
consumer.
5. Enactment of legislation to prohibit independent denaturing plants.
6. The Commission is opposed to legislation allowing more latitude
for Federal searchers and seizures.
7. The Commission renews the recommendation contained in its previous
reports for codification of the National Prohibition Act and the acts supplemental to and in amendment thereof.
8. The Commission renews its recommendation of legislation for making
procedure in the so-called padlock injunction cases more effective.
9. The Commission recommends legislation providing a mode of prosecuting petty offenses in the Federal courts and modifying the Increased
Penalties Act of 1929, as set forth in the Chairman's letter to the AttorneyGeneral dated May 23 1930, R. H. Rep. 1699.
of Statement by the Wickersham Board Denying
Hoover Suggested Changes in Report.
The text of the Wickersham Commission statement,
denying that President Hoover had influenced its findings,
reads as follows according the the New York "Times,"
Washington, dispatch Jan. 21:
Text
The attention of the chairman and members of the National Commission
on Law Observance and Enforcement has been drawn to statements in
certain newspapers that the President had persuaded this commission to
abandon at the last moment recommendations for the revision of the
Eighteenth Amendment.
These statements are wholly without foundation.
At no time has the President in any manner attempted to influence the
recommendations of this Commission.
Further suggestions embodied in telegrams received by members of this
Commission from various newspapers to the effect that a change was made
in the report after It was signed, and that such change was made at the
suggestion of the President, are absolutely false.
Says Liquor Pact Cut Dominion Revenue
$15,000,000—Drop Pointed Out in Answer to
Wickersham Report.
Associated Press advices, as foXows, from'Ottawa, Ont.,
Jan. 20, are quoted from the New York "Herald Tribune":
Canada
Officials of the Department of National Revenue estimated to-day that
Canada had suffered a loss of more than $15,000,000 in revenue since the
law forbidding clearances on liquor cargoes for the United States went Into
effect last May.
This estimate was offered in comment on the conclusion of President
Hoover's Law Enforcement Commission that the importation of Canadian
liquor had not been cut off by refusal of the Canadian Government to clear
liquor cargoes destined for the United States. National revenue officials
expressed confidence that no leakage from distilleries exists.
Returns for last month showed the export of Canadian liquor to the
French islands of St. Pierre and Miquelon totaled 227,611 gallons, almost
100% more than in December 1929 and an increase about equal to the
decline in exports of liquor from Canada to the United States.
House Group Committee on Ways and Means Approves
Proposal to Increase Liberty Bond Issue by $8,000,000,000—Issue Would Be Exempt from Taxation.
Additional authority for issue of $8,000,000,000 in bonds
under provisions of the Second Liberty Bond Law, along
with authority to the Treasury to exempt the principal and
interest of all bonds issued under that Act from all taxes
except estate and inheritance taxes is provided in a bill
(H. R. 16111) ordered favorably reported to the House by
the Committee on Ways and Means Jan. 20. The "United
States Daily" of Jan. 21, in stating this, further reported in
the matter as follows:
597
callable in June 1932 and a total of $6,268,241,150 of 43(% fourth Liberty
Loan bonds are are callable in October 1933.
Both Secretary Mellon in his annual report and Undersecretary Mills in
his testimony pointed out that the orderly and economical management of
the public debt requires that the Treasury Department should have latitude and freedom in determining the character of securities to be issued
and that authority be provided by Congress well in advance of actual needs,
the additional authority for the $8,000.000.000 issue under the Second
Liberty Loan Act being therefore recommended.
Mr. Mills discussed the Treasury's recommendations, as part of this
proposed legislation, that the Treasury be authorized to exempt further
issues of securities from the surtax as well as the normal tax. Congress in
1929 modified the Second Liberty Bond Act by providing that all certificates of indebtedness and Treasury bills issued thereafter be exempt from
all except estate and inheritance taxes, and the Treasury wants this exemption extended to bonds.
Tax on Securities Suggested for States.
The Treasury has recommended adoption of a constitutional amendment
permitting Federal and State Governments, respectively, to in future tax
securities which under present constitutional provision are not taxable,
but both Secretary Mellon in his report and Mr. Mills in testifying said
there appears to be no immediate prospect of such an amendment and,
pending such constitutional amendment, the Treasury in marketing its
securities should not be at a disadvantage as compared with States,counties
and municipalities in tax-exempt securities.
Representative Collier (Dem.) of Vicksburg, Miss., suggested it was
"swapping" one bond for another. Representative Garner (Dem.), of
Uvalde, Tex., and Ramseyer (Rep.), of Bloomfield. Iowa, asked about the
effect on the public debt: as to whether the pending bill would not increase
the public debt. Mr. Mills said "it would extend the authority with respect to the issue of bonds but he did not want the public to gain the impression that it was increasing the public debt.
The Treasury wants to obtain as wide distribution of its securities as it
can, among individuals as well as corporations, Mr. Mills explained.
He reiterated that the Treasury knows no reason why there should be
discrimination between corporations and individuals in tax exemption of
securities. He said the credit of States and municipalities "generally is
pretty good," citing especially New York State, but he said there are
States and municipalities which in the past have not met their obligations.
The Federal Government, he added, always has and always will meet its
obligations.
He said the Treasury believes the Government under the bill will get
slightly better interest rates, a broader market and elimination of discrimination between corporations and individuals and will do away with
discriminations between short and long-term securities.
In its advices from Washington, Jan. 21, the New York
"Journal of Commerce" said:
Secretary Mellon, in a letter to Chairman Hawley of the Ways and
Means Committee, pointed out some of the problems involved in obtaining
so huge a sum of money as would be required for the retirement of the
certificates, he declared it would be conceded that the $2,000,000,000
required cannot be raised by taxes. The alternative is for the Government
tAr borrow the funds. In March the Treasury will be faced with public
debt maturities in excess of $1,100,000,000 calling for a large refunding
operation, and within three years some $8,000,000,000 of bonds, most of
them bearing 4 Ji% become callable.
"While the market for Government securities is at present good," said
the Secretary, "it cannot be taken for granted that it has the capacity to
absorb an indefinite amount of these securities, particularly if the new
issue are not offered in replacement of outstanding ones, but have to be
absorbed by way of new investment. Business recovery is in some degree
at least dependent on a good market for new securities to supply the needs
of various business enterprises. To the extent that funds seeking investment are diverted to the purchase of Government bonds, to that extent
is the capital market depleted of funds otherwise available for industrial
and other employment."
Tne proposed legislation was referred to in these column
Dec. 6, page 3598 and Jan. 10, page 221.
Representative Hull Opposed to Secretary Mellon's
Plan to Exempt from Taxation Proposed Issue of
Liberty Bonds.
"A policy of issuing tax exempt securities greatly encourages reckless and extravagant expenditures, and these
result in repudiation or default of bonds and bonded interests
on a large scale in times of protracted business distress and
panic," Representative Hull (Dem.), of Carthage, Tenn.,
said in a statement Jan. 22, in which he criticized the Committee on Ways and Means for having ordered reported a
bill providing for permanent repeal and abandonment of
surtaxes on the interest derived from Liberty bonds. The
"United States Daily" of Jan. 23, observing this, gives
Mr. Hull's statement as follows:
The report on this refunding proposed was unanimous, after an explanation by Undersecretary of the Treasury Ogden Mills, The Chairman,
Representative Hawley (Rep.), of Salem, Ore., was instructed to use all
I was surprised to learn that the Committee on Ways and Means on
parliamentary means for passage of the bill.
yesterday voted to reportfavorably a House bill providing for the permanent
The Hawley Bill, as reported, follows in full text:
repeal and abandonment of surtaxes on the interest derived from Liberty
A bill to amend Sections 1 and 7 of the Second Liberty Bond Act, as
,
to the day on which the Committee
amended. Be it enacted, &c., that Section 1 of the Second Liberty Bond Bonds. Due to a misunderstanding as
Without any
Act, as amended (Public. Numbered 43,- 120, and 192, 65th Congress, was to meet, I was not present at yesterday's meeting.
17
,
Sept. 24 1917. April 4 1918, and Ju. 9 1918, respectively), is hereby hearing of any consequence, it is proposed suddenly to uproot and repudiate
striking out the figures $620.000,000.000" and inserting in our long established national policy of opposition to tax exempt securities
amended by
lieu thereof the figures "$28,000,000.000."
generally.
Bonds Would Be Exempt from Excess Profits Tax,
Asks Federal Leadership.
Sec. 2. That Section 7 of the Second Liberty Bond Act, as amended
This sudden change of front comes at a stage when the States and mu65th Congress. Sept. 24 1917). is hereby amended
(Public. Numbered 43,
by adding thereto the following sentence: 'Bonds authorized by Section 1 nicipalities have reached a point in making swollen expenditures through
and certificates authorized by Section 6 of this Act, as amended shall be vast bond issues largely tax exempt, when there is a real opportunity for
exempt from graduated additional income taxes, commonly known as re-examination by the State and local Governments of their patently unsurtaxes, and excess profits and war profits taxes, now or hereafter imposed
tax free securities and a return to the wise and always
by the United States, upon the income or profits of individuals, partner- sound policy of issuing
ships. associations, or corporations, if an when the Secretary of the Treas- sound policy of taxation of all securities and opposition generally to tax
prescribe in connection with the issue thereof."
ury shall so
exemptions. A policy of issuing tax exempt securities greatly encourages
Secretary of the Treasury Mellon had explained that the Second Liberty reckless and extravagant expenditures, and these result in repudiation or
Loan Bond Act authorized the is.sue of bonds not exceeding $20,000,000,000. default of bonds and bonded interest on a large scale in times of protracted
of which $18,107,942,750 had been issued. He stated in his report that business distress and panic.
The leadership of the Federal Government was never more important in
$1,953,545,750 of First Liberty Bonds, of which $536,290,450 bear 4 h'% ,
interest, $5,004,950 4% interest and $1,392,250,350 334% interest, are suprort of the doctrine of opposition to tax exemptions than at this time
498
FINANCIAL CHRONICLE
The Federal officials set a fine example in the fight waged in 1922-23 in
support of the policy of taxation of all Federal. State and local securities.
The soundest, most logical, and most conclusive reasons were then given in
support of this time-honored doctrine. Upon what pretext can it now
be carelessly abandoned by our same Federal spokesmen?
Mr. Mellon's Observation.
It was then asserted by Secretary Mellon in a letter to the Chairman of
the Senate Judiciary Committee on Feb. 16 1923, when he said that there
could not be well obscured the main facts in the situation, viz, that the
continued issues of tax exempt securities is building up a constantly growing
mass of privately held property exempt from all taxation; that tax exemption in a democracy such as ours is repugnant to.every constitutional
principle, since it tends to create a class in the community which cannot
be reached for tax purposes and necessarily increases the burden of taxation
on property and incomes that remain taxable; and that It is absolutely
Inconsistent with any system of graduate income surtaxes to provide at
the same time securities which are fully exempt from all taxation, since the
exemption will sooner or later defeat at least all the higher graduations and
will always be worth far more to the wealthier taxpayers than to the small
ones. The doctrine was further asserted by our Federal spokesmen in
1922-23, that tax exempt securities must inevitably destroy the progressive
Income tax, &c.
Move to Reluce Surtax.
No condition is plainer than that receivers oflarge incomes who are always
seeking reduction of surtax rates are just as well pleased when failing in this
they are able to secure tax exempt securities in lieu of securities subject to
surtax. It is identically the same,therefore, to a corresponding extent, if the
Treasury were asking Congress further to reduce the surtax rate while
leaving intact the surtax on Liberty Bonds interest. This proposal, therefore, is an outright and overt challenge to the doctrine of progressive or
graduated income taxation. The next move will be further to reduce
surtaxes with the object of their gradual removal and the substitution of
gross sales taxes such as was attempted in 1921-22.
The National Industrial Conference Board published a book in 192.5
showing that the full value of property.exempt from taxation both as to
principal and income had reached the stupendous figure of$55,500,000,000.
I dare say that this amount with Government securities included will today approach $75,000,000,000. The time undoubtedly has come when the
reckless policy of Governmental agencies of issuing mountains of tax
exempt securities, thereby creating a privileged class of persons, privileged
solely because of the amount of money they possess, should come to a
halt. Neither this country nor any democratic country can afford to
create a great idle and lazy class, living alone on tax exempt income.
Says Methods Steadily Changing.
The mere fact that for the time being there might be a little margin
of difference between the price at which the Federal Government can
market its securities subject to surtax, compared with that at which tax
exempt State and local bonds are marketed, should readily be dismissed
In the face of the broad and fundamental policy to the contrary. Both
Federal and State tax rates and tax methods are constantly changing.
The Federal income surtax rates have ranged from a maximum of 20%
to 65% within the past 15 years. The States must soon reform most of
their systems in order to make more equitable the' outrageous general
property tax methods. It would be calamitous and tragic just at the time
when the States will probably be driven away from the policy of tax exemption of their securities in order to devise equitable systems of taxation
according to the doctrine of ability to pay, for the Federal Government
to lead a movement stillfurther in the direction of wider and more permanent
tax exemption.
[Vox,. 132.
Max D. Steuer, in Undertaking Investigation of Affairs
of Bank of United States, Subpoenas Thirty-three
Directors and Officials of Bank—Vast Sums Reported Loaned to Directors.
It was stated in the New York "Herald Tribune" of
Jan. 17 that the first formal step in Max D. Steuer's investigation into the affairs of the closed Bank of United
States in his dual capacity as Special Assistant State
'Attorney-General and a Deputy Assistant District Attorney,
was taken with his issuance on Jan. 16 from the AttorneyGeneral's office of 33 subpoenas calling for the appearance
this week of all directors and officers of the bank for examination at the Security Bureau in the State Building.
The same paper said:
,
It was understood that those summoned had been grouped for appearance on various days, but that leder J. Kresel, attorney for the bank and
one of its directors, who is counsel for the Appellate Division's inquiry into
the conduct of the Magistrates' Courts, was not to be subpoenaed for the
present.
Mr. Steuer intimated that the first interrogation would furnish the preliminary groundwork for the inquiry, but that the open hearings would probably not get under way for about three weeks.
As was noted in our issue of a week ago (page 435),
$100,000 was appropriated by the Board of Estimate on
Jan. 16 to pay for the joint County and State investigation
of the bank. The investigation by Mr. Steuer was opened
on Jan. 21 and, according to the "Herald Tribune," a
report on the bank, introduced at the hearing by him,
showing the bank's total real estate holdings on Sept. 30
last. As to this, we quote as follows from the paper indicated:
The September, 1930, report on the bank as introduced by Mr. Stoner yesterday showed 159 pages of "slow, doubtful and uncollectibie loans."
Among the criticisms and recommendations made by the superintendent of banks in this report were;
1. Effort to reduce real estate bonds.
2. Loans to subsidiaries "amounting to millions." be reduced.
3. All loans to own companies on real estate should be carried as real
estate and not as loans.
4. Reduction in real estate holdings
5. That no loans be made to enable purchasers to buy Bank of United
States stock units.
Commenting on the third point, Mr. Steuer said that what the bank did
was to carry sums of money as loans"to hide what it had lost in real estate."
The report also gave the bank's total real estate holdings as 370,314,432.
[this is later indicated in the "Herald Tribune" as $7314.432] with
the added comment,"This is too large an amount and is not a healthy
Condition considering the slow nature of the investment."
Another comment of the superintendent was that loans secured by units
of bank stock were under-secured unless the units were carried at $200 each.
"This bank is having difficulty in supporting its stock," ran the examiner's
comment,"which is not a healthy condition."
From the Jan. 22 issue of the "Herald Tribune" from
which the above extract is taken, we also quote the following:
Senate Returns to Banking and Currency Committees
Nomination of Eugene Meyer as Member of Federal
Reserve Board—Inquiry into Former Activities
Ordered.
Acting upon the request of Senator Norbeek (S. Dak.),
Chairman of the Senate Banking and Currency Committee,
the Senate on Jan. 22 ordered the nomination of Eugene
Meyer as Governor of the Federal Reserve Board recommitted to the Committee for further investigation. In
stating this, the Washington adviees Jan. 22 to the New
York "Journal of Commerce" further reported:
The nomination will be considered in executive meeting to-morrow by the
full Committee.
Immediate consideration of Mr. Meyer's nomination was opposed by
Senator Brookhart(Rep., Iowa), who declared that toe appointee should be
called before the Committee and questioned concerning the charges made
against his nomination by Representative McFadden (Pa.), Chairman of
the House Bank and Currency Conunittee, in a recent speech on the floor
of the House and again in a letter to the Committee.
Both Senators Metcalf(Rep., R. I.) and Wagner (Dem., N. Y.) opposed
the reconsideration of the nomination by the Committee, declaring that the
qualifications of Mr. Meyer had been fully investigated wren he was
appointed to the Federal Farm Loan Board.
Senator Brookhart, however, said that charges had been made since
Mr. Meyer served on the Farm Loan Board which should be thoroughly
accounted by the Banking Committee before confirmation by the Senate.
"Some things have happened since the nomination was reported to the
Senate which I think call for a hearing and for a recommitment of the
nomination for that purpose," he said. "Charges have been made of direct
conspiracy on his part to destroy some of those Joint Stock Land banks, and
some of them have closed through his policy which would not have been
closed but for his arbitrary action.
"Mr. Meyer as a member of the Joint Stock Land banks put in operation
its economic policy. He formulated a plan for the banks to buy their own
bonds—to speculate, as it were, in their own bonds. That is not a new plan
with Mr. Meyer. He did the same thing as head of the War Finance Corp.
and, assisted by the Secretary of the Treasury, speculated in Government
bonds at the expense of the people who had paid 100c. on the dollar for
those bonds,and but for the profit derived from that speculation in Government'bonds there would have been a deficit in the War Finance Corp.
Mr. Meyer followed the same policy in the Joint Stock Land banks and set
them to speculating in their bonds.
"Evidence has been laid before me this morning of a direct conspiracy
to cause failure of some of the Joint Stock Land banks. Those who have
furnished that information,I know,are reputable, and I believe the information to be genuine."
Evidence that the Sept. 24 statement of the Bank of United States
was false, and was contradicted by reports of State banking examiners,
was given yesterday as Max D. Steuer opened his inquiry into the affairs
of the closed institution. Testimony of Julius Biauner, a director, and
Robert Adamson, a Vice-President of the bank, and documents placed in
the record, revealed that officers had reported on that date that the bank
had $10,000,000 in surplus funds and $7,156,375 in undivided profits, while
State examiners reported no such funds existed.
The dual hearing, with Mr. Steuer representing both Attorney General
Bennett and District Attorney Crain, began at the new State Building in
Worth Street and was public.
Board Said to Owe 434 Millions.
Evidence was given indicating that members of the board of directors
owed the bank 34,510,217 as of June of last year, that most of them knew
little in regard to these loans, and that Isidor J. Kresel, counsel for the
Appellate Division's inquiry into the conduct of the magistrates' courts.
had a loan of$251,165 his collateral being valued by the banking department
at $190,111.
Bernard K. Marcus, President of the bank, was revealed as the "boss" of
the board, the other members sitting about at such meetings as they attended "doing nothing." Marcus, it was testified, concealed the real state
of the bank's affairs as far back as the latter part of 1929, when he is declared
to have told other directors that the banking examiners had found only
$600,000 to $700,000 of questionable debts. Records showed that more than
$21,000,000 worth of debts had been questioned.
Criticism of the bank's conduct by Joseph A. Broderick, State Superintendent of Banks, was not divulged to the directorate generally. The
directors knew little or nothing about the big loans made by the bank and
signed official statements without personal knowledge of their contents.
State Protesting for a Year.
Superintendent Broderick had been making efforts since 1929 to persuade
the bank's officers to change their methods of doing business, it was shown.
and at a meeting at the Biltmore Hotel in October of last Year
Manna
invited some directors who were"suspicious" of what was going on to step
out of the room while Marcus, Mr. Kresel and a few others discussed the
bank's status with Mr. Broderick.
On the Morning of Dec. 11, when the bank was closed, Mr. Broderick
told him, Adamsen said, that the bank was "absolutely solvent" and that
he "was sorry he had to close it."
The minutes of the board from Dec. 12 1929, are missing, it was revealed,
and cannot be found.
Marcus, over his own signature as President of the bank, offered depositors an opportunity to purchase units of stock of the Bank of United States
Banks Corporation at $198 a unit, when the book value of the units showed
them to be worth only $62 a share.
In this connection Mr. Marcus testified, at the hearing before Referee
Robert P. Stephenson in the bankruptcy of the four affiliates of the bank
yesterday, that the bank did purchase 1.000 units of the 30.000 units sold.
not because of any promise to repurchase, as many investors have said,
JAN. 24 19311
FINANCIAL CHRONICLE
but because he considered it good business to do so and to retain the
good will of the purchasers.
Mr. Marcus disclosed also that the bank had lent from $18,000,000 to
$20,000,000 to its affiliates. It was testified by Mr. Blauner and Mr.
Adamson that they knew little if anything about these loans.
Revelations came yesterday with almost breathless speed. It had not
been announced that the first Steuer hearings were to be public, but at the
last minute yesterday It was said that Attorney-General Bennett desired
that the hearings be open to the public. Mr. Steuer was assisted in the
examination by Paul J. McCauley, Assistant Attorney-General in charge
of the Securities Bureau.
Mr.Steller was buttressed by a heap of documents,which turned out to be
reports of Superintendent Broderick's examiners for several years back.
Mr. Blauner, the first witness examined, was shown by Mr. Steuer a
list of loans that had been made to directors. At the top of the list was
an item of a loan of $200,000 to Julius Blauner. He denied that this loan
was made to him personally, saying that it might have been made to
Blauner Brothers, Inc., a garment firm, and that if it was charged to him
"the books were wrong."
List of Loans to Board.
Mr.Steuer read the full list of these loans—$200,000 to Joseph C. Brownstone.$112,000 to John F. Gilchrist, $251,165 to Isidor J. Kresel, $225.000
to Arthur W. Little. $80,500 to Henry Loeb,$120,000 to Herman A. Metz,
$150.000 to Irving Chanin, $730,000 to Joshua Cowen, with an additional
$285,956 in accommodation paper; $165,713 to I. H. Rosenthal, with an
addition of $68,500 in accommodation indorsements;$90,200 to I. Sadowsky
in accommodation indorsements granted eight years ago, $267.874 to
Charles H. Silver, $750,000 to Davis Tishman, $19,211 to George C. Van
Tuyl and $145,000 to Morris White, with an additional $333,270 in accommodation indorsements.
Asked about these items, Blauner denied that he had ever heard of them
or was ever consulted about them.
"Is it fair to say," asked Mr. Steuer, "that you have no recollection of
these loans and accommodation indorsements coming before the directors'
meetings?"
"Yes," replied Blauner.
These loans, it was pointed out, totaled $4,510,217.
Mr. Blauner, when asked if he knew of the other larger loans made to
affiliates of the bank, said he did not. He declared he had no recollection
of the loan made to Mr. Kresel, or of having been asked to vote upon it.
Mr.Steuer put into the record at this point a report of the Banking Department of June 23 1929,in which the Kresel collateral was valued at $190,111.
With regard to Mr.Van Tuyl's loan, be said he knew nothing. Van Tuyl
was formerly State Banking Superintendent, and granted the charter for
the Bank of United States, of which he later became a Vice-President.
Mr. Steuer then asked if Blauner had heard of the criticisms of the
bank's conduct by the banking superintendent, to which Blauner replied
he had not. Mr. Steuer then read into the record the examiner's report in
which, of $37,498,290 loans the examiner had criticized $14,111,866 and
had classed $14,085,366 as "slow," and $9,321,038 as "doubtful."
',Did you know that after this report was made," asked Mr. Steur,
"that the Banking Superintendent had regular, almost weekly conferences
with Messrs. Marcus, Singer and Kresel."
"No," replied Blauner, "I never heard about it because there was never
any mention made of these conferences at any of the directors meetings
that I attended."
Admits Signing Report.
Mr. Blauner was asked if he had signed a report of the directors on the
status of the bank to the State Department of Banks as of Sept. 24 1930.
In which it was set forth that the bank had a surplus of $10,000,000 and
undivided profits of $7,156,375. Mr. Blauner said he had signed it.
"Did you know that the bank examiners," asked Mr. Stour, "bad reported to the State Banking Department that the surplus and undivided
profits were non-existent at the time that report was made_"
"Not until this minute," Blauner said.
The witness then. gave a picture of the manner in which the directors'
meetings were conducted. Although C. Stanley Mitchell was Chairman of
the Board, Blauner said that the meetings were usually conducted by Mr.
Marcus, Mr. Mitchell usually sat at the head of the table, however, said
Blauner, while on one side of Mr. Marcus sat Saul Singer, the executive
Vice-President of the institution, and on the other aide, Mr. Kresel. Mr.
Kresel usually read the minutes of the previous meeting, added Blauner,
although Henry W. Pollock, another Vice-President of the bank and a
member of Governor Roosevelt's special banking commission, was the
Board's Secretary.
"And by the way," interpolated Mr. Steuer, "do you know where the
minutes of all meetings since Dec. 12 1929, now are?"
Blauner said he had no idea It was here revealed for the first time that
these minutes are missing.
Mr. Steuer then brought up theeubject of the $4,000,000 loans each to
two of the banks affiliates. City Financial and Municipal Financial Corp.
Blauner said he had never heard of them, that he had never heard them
discussed at meetings nor had he been consulted on them. He knew nothing of the transaction whereby $4.600.000 in realty holdings, which had
been pledged as collateral for these loans, had been reappraised at $8,000,000 and by a series of deals involving another affiliate known as the
Bolivar Development Co.and the three safe deposit companies owned by the
bank, the entire $8,000,000 debt had been wiped off the books of the bank.
Of this transaction, Blauner insisted, he knew nothing.
Blauner explained here that he had gone into the Bank of United States
as a director of the Municipal Bank when that was taken over in 1929.
Despite the fact that the State Superintendent of Banks had sent letters
to Marcus criticizing severely the bank's management, and had demanded
that it change its ways, Blauner said that when he returned from Europe
last fall Singer told him that the bank examiners had just finished an
examination of the bank and had found everything in an excellent condition.
Mr. Steuer showed Blauner several reports which the directors had filed
with the banking superintendent, and Blauner, after studying the documents, remarked, "Are they what the banking superintendent sends the
bank?"
Mr. Steuer smiled significantly. These were reports which Blauner himself, as a director, had been asked to sign and of the contents of which he
apparently had known nothing.
Blauner testified that he had never heard until that morning that the
bank examiners had written off $19,000,000 of the bank's book assets as
"deductions," that Marcus, Singer and %resel had had many discussions
over the examiner's report, nor that the superintendent of banks had said
hat there must be a change in the policy and personnel of the bank. This
had been reported at no directors meeting which he had attended, said
Blauner.
"Well, who did direct the affairs of the bank?" asked Steller.
"To my mind, only the executives repled Blauner.
"Who were they?" asked Steuer.
"Singer, Marcus, Mitchell, and you might say Simon Hugel." Blauner
replied.
599
Robert Adamson, who is a Vice-President of the bank, followed Mr.
Blauner on the stand. He said in effect that as early as 1929, Marcus had
concealed the true status of the bank's affairs from directors of the institution.
After the State Superintendent of Banks' examiners had gone over the
books of the bank as of July 13 1929. said Mr. Adamson, Marcus told the
directors that the examiner's reportshowed a total of only $600,000 to $700.000 bad, doubtful or slow loans, which Adamson said he considered a remarkable showing for an institutuion of this size.
Mr. Steuer said that he also considered the figures to be remarkable and
then produced the report of the examiners for the date in question. This
report showed charge-off loans amounting to $716.943; doubtful loans. $1,447,199, and slow loans amounting to $5,325,582. There was listed also
for "special mention" loans which were to be watched closely until the next
regular senii-annual examination, amounting to $12,659,000.
"Do you still say?" asked Mr. Steuer of Mr. Adamson, "that Mr.
Marcus made a report to the board that the bad, doubtful and slow loans
were between $600,000 and $700,000?"
Adamson replied that this was his recollection.
Mr. Steuer then referred to Mr. Adamson the September, 1930, report
of the bank examiners which was also extremely unfavorable and took the
officers to task for bad methods and management. The witness said this
report had not been presented to the board so far as he knew.
"I heard in October or November of 1930," said Mr. Adamson, "that an
unfavorable report had been made and I asked Marcus about it. Marcus
said he had seen the report but it was not available."
Adamson said he then became suspicious and learned that frequent conferences were being held between bank officers and State Superintendent
Broderick, and that he asked C. Stanley Mitchell, the Chairman of the
Board, if he might not attend one of these. He was told by Mitchell that
there would be no objection.
"It was about the latter part of October or November of 1930," said Mr.
Adamson, relating what occurred thereafter, "that I went to the Biltmore
Hotel, where a dinner-meeting was in progress. There I met Mr. Broderick
and some of the bank's officers. We had dinner and it was all very pleasant.
but the Bank of United States was not mentioned. After dinner Mr.
Broderick went out for a few minutes, and while he was absent, Mr. Marcus
said, "The Superintendent would prefer to discuss the bank when there are
fewer men present. I would suggest that to relieve him of embarrassment
Mr. Adamson, Mr. Pollock and others would retire."
At this, Mr. Adamson said, Pollock. Herbert Singer, son of Saul Singer,
and he left the room.
Among the officers who remained for the conference, said Mr. Adamson,
were Saul Singer, Marcus, Mitchell, Simon H. Kugel and Kew'.
Mr. Steuer then asked the witness about an examination of the bank
that had been undertaken by the board of directors. He said that committees of the directors had been named which co-operated with the
accounting firm of McCardle & McCardle which reported back to the
board. Mr. Adamson then named Edward B. Lewis as one of the men
named on these committees whom he considered competent to examine
Into such a situation.
"I was in charge of new business," said Mr. Adamson,"and advertising
and public relations, and never took any authority in the matter of loans."
"Did you think that the bank was in a safe position in view of the
character of the loans?" asked Mr. Steuer.
"I didn't know much about the loans," replied the witness, "but I do
know that Mr. Broderick. the Banking Superintendent, told me the
bank was absolutely solvent the morning it was closed. He said be was
sorry he had to close it."
Mr. Steuer then took the letter signed by Marcus which had been sent
to more than 400,000 depositors urging them to purchase units of Bank
of United States-Bankus Corp. stock at $198 a unit. With the witness
Mr. Steuer figured out that at the time of the campaign. July 6 to July 13
1930, the capital, surplus and undivided profits of the bank gave the 1,010,000 shares of the hank outstanding book value of $42 a share, and
the Bankus Corp. stock $20 a share, so that the book value of the units
amounted to $62 a share.
"And this was the stock which Marcus offered to the depositors at a
bargain price of $198 a share?" asked Steuer. Mr. Adamson argued
that all banks were then selling their stock far in excess of their book
value, whereupon Mr. Steuer replied. "So the only justification you put
forward for the offer is not that the purchasers would get anything for
their money, but that somebody else was doing the same thing."
The hearing is to be resumed at 10 o'clock this morning with Marcus,
Irving Chanin, George S. Carr, Joseph C. Brownstone and David Tishman, all directors, to be questioned during the day.
The referee's hearings have been put over to to-morrow.
In its account of the investigation conducted by Mr.
Steuer on Jan. 22, the "Herald Tribune" of the 23d had
the following to say:
Huge loans granted to directors for use in stock and real estate speculation
were revealed yesterday in the dual city and State inquiry on the closed
Bank of United States.
David Tishman and Joseph C. Brownstone, two members of the Board,
who were interrogated yesterday by Max D. Steuer, testified that directors
were permitted to borrow as much as 33 times their deposits at the bank,
and, in Mr. Steuer's words, "they were the only people who could not lose
a nickel by the bank's failure." The directors, Mr. Steuer charged, deliberately bled the institution. Few of them knew, it was indicated, what
the others were doing.
Big Loans to Little Affiliates.
Three affiliates of the bank, of whose existence even some of the directors
had been ignorant until recently, were the recipients of $12,000,000 in loans
from the bank without any security that witnesses yesterday knew of personally.
It was testified that while the Executive Committee of the board was
charged with the responsibility of approving all loans, the bank was really
controlled by Bernard IC. Marcus, its President; Saul Singer, Executive
Vice-President: C. Stanley Mitchell, Chairman of the Board, and Isidor J.
Kresel, Counsel and a director of the bank. Mr. Kresel is Attorney for
the Appellate Division's current inquiry into the conduct of the magistrates'
courts.
In this connection Mr. Kresel, whose examination was ordered postponed
by Attorney General Bennett until after his work with the magistrates'
inquiry was completed—so that there might be no interference with this
task—wrote to Mr. Bennett yesterday protesting against deferring his
examination and demanding that he be questioned immediately.
Kresel Asks Early Hearing.
"My investigation may go on for months," Mr. Kresel wrote. "Meantime, I am not content to remain silent while at hearings conducted by
your office through your special deputy in charge of this investigation
baseless statements designed to reflect upon me are disseminated. I request
therefore, an immediate opportunity for a hearing before you."
600
FINANCIAL CHRONICLE
[Vou 182.
All the substantial loans, it was testified yesterday, were really made by
"That would have been an excellent reason for having these loans paid
Marcus and Singer, and the directors were merely informed that the loans back on Jan. 12, the day before the bank examiners appeared,
wouldn't
had been granted after they had been made. The executive committee, It?" continued the counsel.
which was supposed to have the loaning authority, had nothing to say until
"That's the way it looks," admitted Brownstone.
after the loans were announced by Marcus and Singer, according to the
At this point Brownstone's examination halted until next Tuesday
witnesses.
morning, when Marcus also is expected to be questioned.
Julius Blauner, Robert Adamson and David Tishman had declared reMr.Tishman's examination was a series of' surprises" for him. When Mr.
peatedly that while they were directors in the institution they left all matters Steuer took up with him various loans made by the bank to directors,
of loans up to the executive committee. Yesterday Brownstone, a member affiliates of the bank and other corporations, Mr. Tishman, a real estate
of the executive committee and the first of its members to be called, also operator of 925 Park Avenue, would reply he knew nothing about
it and
disavowed all knowledge of the big loans, saying that he relied on Marcus that he was greatly surprised at the news.
and Singer. He scarcely knew of the existence of the affiliates which had
"I didn't know that," he would exclaim. "I never heard of it until I
been lent $12,000,000 of the bank's money.
read of it in the press after the bank closed. This is a tremendous surprise
to me. I am sure that was never brought before the board," and so his
Tishman Surprised, Too.
Tishman was "surprised" at mention of the $12,000,000 loans, saying exclamations ran on throughout his testimony.
"Did you know that the report of the Superintendent of Banks on
that it appeared to him that these loans to the bank's affiliates had been
purposely withheld by Marcus from the directors, since if he had known of Sept.24 1930 criticized the bank for having $7,147,000 in real estate loans?"
asked Mr. Steuer.
them,said Tishman, he would have asked some critical questions.
"I never heard of it," Tishman replied. "I never knew that the SuperIt was revealed also that the September 1930 report of the State Banking
Department's examination of the bank's condition showed that not only intendent had criticized the bank about anything."
Mr. Steller then asked him about a series of loans totaling about $2,000,was the $17,000,000 in surplus and undivided profits, which the bank had
reported was non-existent but that its $25.000,000 capital had been impaired 000 to certain affiliates of the bank. Mr. Tishman said he never heard
of the loans or the affiliates.
to the extent of $2,000,000.
"Didn't you know," went on Steuer, "that these loans were purely
It was during the examination of Tishman that Mr. Steuer intimated
speculative—gambles—that the bank stood to lose anything these comthat a fund of $45,000 to $50,000 had been raised by the directors for pubpanies lost in real estate and to win only if the companies won? Didn't
licity to drive him from his post as investigator for the State Attorneyyou know that these companies were only dummies?"
General and the District Attorney. This Tishman, who had contributed
"I never heard of them," replied Tishman.
$5,000 to the fund, denied,saying that the money was to be used to employ
Mr. Steuer then asked Mr. Tishman if the loan papers were not "tosed
Joseph M. Proskauer. former Supreme Court Justice, as counsel for the
on the table at executive committee meetings at which the directors had
bank's officers.
As interesting as Tishman's testimony appeared. Brownstone's disclosures the privilege of looking at the loans, but that they just shut their eyes'?"
Mr. Tishman replied merely that the loans were passed on.
offered the most startling revelations of the day. He WAS a member of the
"How about Morris White?" Mr. Steuer went on. "Why did you let
executive committee which was supposedly authorized to approve all loans
him get millions of dollars?"
made by the bank. He was shown as responsible to the bank for $750,000
"We knew he was in a tight condition and so we let him have more
on loans made to him personally or to corporations with which he is affiliated •
money," replied Tishman,
He had on deposit $2,000 to 733,000 when the bank closed on Dec. 11.
"He got $1,356,270 under a fake name. He got $140,000 under his own
Using other figures supplied by Brownstone, Mr. Steuer calculated that
directors were permitted to borrow as much as thirty-three times the amount name," continued the counsel. "He got $550,017 and $10,017 of that was
of money they had in the bank. Brownstone admitted he went into re- in interest on a former loan that he couldn't pay. Can you explain all
that?"
ceivership the day after the bank was closed.
Mr. Tishman said he couldn't.
Lost $500,000 in Market.
"Joshua Cowen, another director, borrowed money," continued Mr.
Brownstone further admitted that he used at least $275,000 of his loans Steuer, looking at the State Banking Examiner's report, "but the Superfrom the bank for stock speculation, adding that he had lost $500.000 in intendent of Banks found that he hadn't submitted a statement to the
this manner.
bank in years. Can you explain that?"
"So you," asked Mr. Steuer,"a director of that bank, took money out of
Again Mr. Tishman couldn't explain.
that bank to gamble on margin? You had hard luck and were wiped out.
Mr. Stealer then took up Mr. Marcus's letter to depositors urging them
Ii that the truth ?"
to purchase the units of Bank of United States-Bankus Corp. stock. Tish"Yes, it is," replied Brownstone.
man said that the directors had never been consulted about that letter.
"So you, a director, were permitted to borrow 33 times your balance.
"Don't you consider that the sending of this letter constitutes a base
Is that right?"
fraud?" asked Steuer.
"When I made the loans I always had ample balances," Brownstone re"I wouldn't want to say that," replied Tishman. "Perhaps the fraud
plied.
was unintentional."
"Of course you did," Mr. Steuer returned. "And after you got the loans
When the clamor for return of money for these units became persistent, it
you withdrew the balances; any one can figure that out without your was brought out, a contract was arranged under which the purchasers
of
telling us."
the stock, which had now sunk to $66 a share but which had been bought
Brownstone did not admit that he owed the bank the entire sum asso- for $198 a share, were to get two extra shares for nothing, so that the
value
dated with his name. He conceded a personal indebtedness to the bank of of their stock would still remain around $198.
$100,000, adding that he had around $3,000 in the institution when it
Mr. Steuer then referred to millions borrowed from the bank by A. E.
dosed.
Lelcourt, the real estate operator, under the various names of his enterThe other loans which Brownstone told of were one of $200,000 to J. C. prises.
Brownstone & Co., 24 Fifth Ave.. running a chain of retail stores; $75,000
"Isn't it a fact that the reason Mr. Lefcourt borrowed money under so
to Dalley's Style Shop, and another $275,000 to the"J. C. Company."
many names was that he wouldn't have been allowed to borrow that much
He could not recall at first, however, what the bank balances of these com- under one?" asked Mr. Steuer.
panies were at the time the bank was closed, but after considerable prodThe question was not answered.
ding by Mr. Steuer he finally admitted that the "J. C. Company- had
Mr. Tishman then disavowed all knowledge of any other affiliates of the
about $10,000 in the bank at the time, and that the other two companies bank or the many transactions wherein money of the bank flowed into the
each had between $5,000 and $10.000 on deposit.
coffers of these affiliates.
The $275,000 loan to the "J. C. Company," said Brownstone, was used
He admitted that he was the only real estate man on a committee of the
entirely in the buying and selling of stocks. It was secured to the bank by Bankus Corp. for taking over the new Squibb Building on Fifth Avenue.
500 shares of common and 500 shares of preferred stock of the Court Square with Singer as head of this committee. As a real estate man acting in his
Building, at 2 Lafayette Street.* The building, he said, was owned by own interests, Mr. Tishman said he wouldn't have taken the building
himself in association with D avid Knott. the former Sheriff, and others, over for a price 20% less than the price Bankus paid for it.
and Is appraised at $5,000,000 with a first mortgage on it of $3,000,000.
Prodded further on his lack of information about the bank's affairs, he
Asked what he did with the money he borrowed, Brownstone said he remarked;"You don't suppose that the directors could or would check all
bought Bank of United States and other stocks. He still had his Bank of the loans of the bank?"
United States stock, he said, but his other holdings had been sold out.
"If I had my money in there I would have hoped they would," replied
Steuer.
"Gambler," Says Steller.
To which Tishman said,"Do you think that the directors of whatever
"Them you did take money from the Bank of United States, of which you
bank you have your money in do that?"
were a director, to gamble with?" asked Mr. Steuer sharply.
"If they don't, replied the investigator,"I'd rather have my motley in
"I didn't gamble. I put up ample security," the witness insisted.
"You don't like the word gamble," reiterated Mr. Steuer. "You prefer a safe deposit box."
Whereupon Tishman returned,"Then you had better put it there, because
to leave it that you bought and sold stocks on margin."
Mr. Brownstone then explained that all of the $275,000 he had borrowed the directors of no bank check up on all the loan accounts. They can't."
Mr. Steuer here brought out that the witness had borrowed $750,000 from
from the bank in the name of the "J.C. Company" had been lost in the
market and that other funds in addition had gone the same way, bringing the bank and that he had deposits and other investments in the bank
amounting to a little more than $100,000.
his aggregate losses in the Street to $500,000.
"Isn't it true that all of your directors borrowed so much that you could
"So you got a receivership to prevent everybody from collecting money
never lose anything ?" asked Mr. Steuer.
from you and you kept everything?" asked Mr. Steuer.
The witness insisted he could not speak for the other directors.
Brownstone merely shrugged his shoulders in reply.
"I want to make it clear," explained Mr. Steuer, "without saying that
Mr. Steuer then passed to the conduct of the bank's board meetings.
it was done intentionally, that if the bank failed, the people who
"Who actually made the loans?" Steuer asked.
were safest
were the directors of the institution. You always had loans which
"Marcus and Singer," the witness answered.
were
bigger than your interest in the bank. Your money was never in danger,
was
Executive Committee Ignored.
it?"
"Did the executive committee, of which you were a member, have any"I deposited money in the bank the day before it
closed." relined the
thing to say until after the loans were made?" Steuer queried.
witness.
"No," said Brownstone.
"But you didn't lose anything, did you?" asked Steuer.
"The truth is, after the loan was made," Steuer went on,"you did the
Tishman admitted he did not.
window dressing."
The hearing before Referee Robert P. Stephenson in the matter of bankWhen Mr. Steuer went into the loans of $4,000,000 each to the City ruptcy of the four affiliates of the bank—the City
Financial Corp., the
Financial, the Bankus and the Municipal Corporations, all three of which Municipal Financial Corp.. the Bankus Corp. and the Delaware Bankus
are now in bankruptcy, Mr. Brownstone admitted he did not know, al- Corp.—was cut short yesterday because of the illness of Referee Stephenson
though a member of the executive committee which decided such things, and James N. Rosenberg, who has been examining the witnesses in behalf
whether"there had been a single cent's worth of security" put up by them as of the Irving Trust Co., the receivers.
Samuel R. Resort the subway contractor, who is a substantial stockcollateral.
"Why did the City Financial and the Bankus Corp. pay off their $4,000,- holder in the Bank of United States and owes it around $800,000 issued last
night a statement in connection with an assertion made by Mr. Tishman
000 loans on Jan. 12 1930, when they weren't due?" asked Steuer.
"I guess they Just got a lot of money," replied the witness,"and wanted during the latter's examination yesterday that he knew nothing about any
loan to Mr. Rosoff.
to pay them off."
"If the loans had not been paid off then," argued Steuer,"then when the
Mr. Rosoff admitted he owned the bank $800,000 saying he could pay the
State Bank Examiners came around the next day, when they were expected, debt any time the Superintendent of Banks, now in possession of the instithere would have been two unsecured loans of $4,000,000 each on the books, tution, called upon him to do so.
wouldn't there?"
"The money was borrowed at the rate of 6% interest," said Mr. Rosoff,
"Yes," replied the witness.
,,and the bank has never called on me for the money. The superintenden
JAN. 24 1931.3
FINANCIAL CHRONICLE
can have all or part of it any time he wants it. I have at least $3,000,000
worth of available collateral."
The committee of depositors which has been meeting with Mr. Rosoff at
the Biltmore and discussing reorganization plans with him, met again last
night and decided to call upon Mr. Broderick to seek guidance on their
future activities.
In the New York "Times" of Jan. 20 it was stated that
Borough President Samuel Levy, Henry W. Pollock, a
member of Governor Roosevelt's State Banking Commission, and Isidor J. Kresel, special counsel in the Appelate
Division's inquiry into the magistrates' courts, were members of the "managers' syndicate" which lost $2,500,000
in trading in stock units of the closed Bank of United States
and Bankus Corp. and is still in debt to the extent of
48,000, it was revealed on Jan. 19 before Federal Referee
Robert P. Stephenson, now holding hearings in the bankruptcy proceedings of four subsidiaries of the bank. The
account in the "Times" went on to say in part:
The information was given by Saul Singer, Chairman of the Executive
Committee of tile bank and directing head of the four subsidiaries, who was
questioned all day. The $848,000 is owed by the syndicate to the Municipal
Corp., one of the affiliates.
Among the real estate transactions of the bank revealed by Mr. Singer
was the guaranteeing of a $2.250,000 loan made to Morris White, a director
of the bank, by S. W. Straus & Co. With the money which Mr. White
obtained from this loan, Mr. Singer said, Mr. White paid off a loan of$800.000 to the bank which had been outstanding.
Mr. Singer testified also concerning negotiations in the Summer of
1820 with J. & W. Seligman & Co. for the purchase by that company of
approximately $20,000,000 worth of the stock units. The negotiations
failed because of the collapse of the stock market.
Mr.Singer denied,as did Mr. Marcus by an interjection from the audience
that the Seligman company was also going to buy the stock units owned
by the two bank officials.
Lem Got Out of Syndicate.
Mr. Levy withdrew from the managers' syndicate in November, 1929,
with a profit. Mr. Kresel is attorney and director of the bank. Mr.Pollock
is a director and Vice-President of the hank. In addition to being a member
of Governor Boosevelt's State Banking Commission, appointed to devise
ways and means of improving the State banking laws, Mr. Pollock is a
former State Senator. As Chairman of the Senate Committee on Banks
he introduced the bill in 1914 for revision of the banking laws. He is also a
former city magistrate.
Mr. Kresel lost $40,400 in tile syndicate's operations. Mr. Pollock was
not reached yesterday. Together with the other 30 members of the syndicate he is said to be liable for its debt of$848,000.
Testifying recently before Mr. Stephenson, A. S. White, President
of the Municipal Financial Corporation, denied that the managers' syndicate had been formed to manipulate the stock of the Bank of United StatesBankus Corp., but admitted that the syndicate did try whenever necessary
"to support the market." In reply to James N. Rosenberg, counsel for the
Irving Trust Co., receivers for the four bankrupt affiliates, he would not
admit that the synducate had been engaged in "pegging the market."
Admitting that he had been a member of the syndicate, Mr. Levy said
at his office in the Municipal Building that he had paid $31,500 for 100
shares in the syndicate, but withdrew from it in November, 1929, and has
since had no connection with the bank or its affiliates.
The syndicate was operated by Bernard K. Marcus, President of the
bank, and Mr. Singer. Its capital of $2,500,000 was virtually wiped out
in the stock slump of 1929, after which it obtained a loan of $848,000 from
the Municipal Corp. Loans made from this amount to members of the
syndicate were afterward ordered stopped by Mr. Marcus, according to
his testimony last week, but no efforts were made to collect the loans and
no report was made to the bank or to the Bankus Corp.
The following directors of the bank were also in the syndicate, it was
revealed before Referee Stephenson yesterday:
Josiah L. Cowan, Eugene V. Kline, Max H. Friedman, I. H. Rosenthal,
Henry Loeb,Stephen Stephen° of Philadelphia, Jack L. Hoffman and Morris
White.
Other members of the syndicate included Samuel M. Brimberg, B.
Lauderstein, Irving H. Isaacs, Benjamin A. Levenson, Joseph Finn,
Irving Karpas. S. Golde & Son, Joseph Cohen, Jadob Ginowitz, A. J.
Kaplan, Julius Lichter, who resigned as Vice-President of the bank a year
ago; William Klein, Morris Pollack, Maurice Rentner, Mere Holding
Corp.,through Ely Moran,as President, and Blankfort, Plehn & Katz,Inc.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangemenzs were reported made this week for the sale
of a New York Stock Exchange membership for $232,000.
The last previous sale was for $250,000.
Stockholders of the German Reichsbank (German central
bank of note issue) are being notified that the rights offered
to them on Feb. 15 1930 in connection with the transfer of
control of the institution to the German Government must
be exercised by April 17 next. Under these rights they
are entitled to receive without charge one new share of the
Reichsbank of 100 Reichsmarks par value and one share of
the Golddiskontbank (Gold Discount Bank) of the value
of £10, for every four shares of 100 Reichsmarks par value
held.
Henry Bruere was elected P-resident of the Bowery Savings
Bank and Victor A. Lersner, Chairman of the Board, at the
Annual Meeting of the Board of Trustees. Mr. Bruere
for the past four years held the position of First Vice-President and Treasurer, coming to the bank from the Metropolitan Life Insurance Co., where he held the position of
Third Vice-President. Mr. Lersner has been President of
the bank since 1929. Prior to that he was First Vice-President for four years, and for the preceding years was connected
601
with the Williamsburgh Savings Bank in various capacities,
rising from the ranks to the position of Vice-President and
Comptroller. Mr. Lersner is an authority on savings bank
administration and was President of the American Institute
of Banking 1911-1912; Chairman of the Savings Bank Division of the American Bankers Association 1918-1919 and
President of the Savings Banks Association of the State of
New York 1922-1924. Mr. Bruere was City Chamberlain
under Mayor Mitchell and is at present Chairman of
Governor Roosevelt's Commission on Unemployment.
Discount Corp. of New York in its twelfth annual report
submitted to shareholders by John McHugh, Chairman,
reports net profits for the year 1930 after making provision
for taxes, of $1,290,684. Dividends amounting to $550,000
were declared during the year, being at the rate of 11%
per annum on the capital stock, and maintaining the dividend
basis previously in force. The sum of $740,684 was added
to the Undivided Profits Account, which after transferring
$1,000,000 to the Surplus Account, now amounts to $759,544.
This addition to Surplus brings this account to $4,000,000,
and total capital funds including the $5,000,000 paid-in
Capital now amounts to $9,759,544. Mr. McHugh reported
that the transactions of the corporation in acceptances
were within a small amount of the same volume as 1929.
During the year member banks considerably increased their
holdings of acceptances, these holdings in a large number
being acquired by discounting direct for foreign correspondents so to that extent the bills did not come into the market.'
Trading during the year, because of this condition, fell below
the levels of 1929 but the corporation's proportionate share
of the aggregate business done in the discount market during
the year was greater than during any previous year in its
history. In the market for United States Government Securities, the corporation's transactions exceeded in volume
any previous year by a large margin, the business of the
corporation in this department being both active and profitable.
At the Annual Meeting of the stockholders of the Title
Guarantee and Trust Co. of New York on June 20, the
following trustees whose terms expired were re-elected:
Clinton D. Burdick, Frederick P. Condit, Frank Bailey,
Edward T. Bedford, Charles S. Brown, Ranald H. Macdonald, Robert C. Ream, Frederick W. Rowe, William H.
Wheelock. At the Organization Meeting of the Trustees
which followed the present officers of the company were reelected: Clinton D. Burdick continues as President and
Frederick P. Condit as Executive Vice-President.
At the annual meetingthe following changes in officers of
the Melrose National Bank of New York (Melrose Avenue
at 150th Street) occurred: E. L. Cleary, heretofore VicePresident and Cashier, made Vice-President; Patrick Murphy appointed Vice-President to succeed Arthur Baumann,
and W. H. Rufer, previously Assistant Cashier, made
Cashier.
Charles G. Cushing, former-ly President of Brokaw & Co.,
of Chicago, has been elected a Vice-President and director
of Bancamerica-Blair Corp., it was announced on Jan. 21
by Hunter S. Marston, President. Mr. Cushing, who will
assume his new duties immediately, will make his headquarters in New York City. Mr. Cushing has been a prominent figure in investment banking circles in the middle west
having been head of Brokaw & Co. for the past 10 years,
joining that organization immediately following service in
the World War. He is also a director of a number of corporations in Chicago and the middle western territory. Mr.
Cushing entered the investment banking field in the employ
of Lee, Higginson & Co., in their Chicago office, following
his graduation from the University of Chicago in 1912. He
continued with the firm until the entrance of the United
States into the World War.
George J. Gillies, who for many years has been associated
with the Bancamerica-Blair Corp., has been elected a VicePresident of the organization in charge of the Municipal
Bond department.
At the annual meeting of the stockholders of the Guaranty
Trust Co. of New York, presided over by Charles H.Sabin,
Chairman of the Board, Jan. 21, it was announced that the
company's net profits for the year 1930 were $22,806,774.
This figure it is stated was arrived at after a careful review of
all accounts and a liberal setting aside of reserves for assets
which appeared at all of doubtful value. After the payment
602
FINANCIAL CHRONICLE
of $18,000,000 in dividends, the balance carried to the credit
of undivided profits was $4,806,774. The securities owned
by the Guaranty Company were, it is said, written down to
market values on Dec. 31 1930, and the investments on the
statement of the Guaranty Trust Co., at that date were
shown at less than market values. The directors of the
Trust Company were re-elected for the ensuing year. The
announcement was also made by Chairman Sabin that the
usual extra compensation allowance to the officers of the
Trust Company has been voted by the Board of Directors.
The regular bonus to employees was paid Dec. 23.
Arthur Hale Titus, Vice-President of the Bank of Manhattan Trust Co. of New York, was on Jan. 21 elected President
of The County Trust Co. of White Plains. Mr. Titus will
spend his entire time at The County Trust Co. A resident
of New Rochelle, Mr. Titus was Fire Commissioner of New
Rochelle from 1905 to 1908 and served 13 years as Police
Commissioner and Chairman of the Board of Commissioners
there. He began his business career with the Mercantile
National Bank of New York in 1892. Three years later, he
associated himself with Keck, Mossner & Co., wholesale
leather merchants. In 1898, he went to the National City
Bank and was identified with that institution for 22 years.
As Vice-President of the National City Bank he was directing
head of its South American branches. During his residence
in Argentina, he was one of the founders there of the American Chamber of Commerce. He was President of the First
Federal Foreign Banking Association and when the First
Federal was merged with the Bank of Manhattan Co. in
1924, Mr. Titus became Vice-President.
Fou 132.
At the annual meeting of the directors of the Corn Exchange National Bank & Trust Co. of Philadelphia on Jan.
20, J. J. Caprano and Russell J. Bauer, heretofore Assistant
Vice-Presidents, were advanced to Vice-Presidents, and
Paul D. Williams, formerly Chief Auditor, was promoted
to an Assistant Vice-President, according to the Philadelphia
"Record" of Jan. 21.
Frederick S. Pope,formerly Vice-President of the National
Bank of the Republic, Chicago, was appointed President of
the Old Dearborn State Bank of Chicago at the directors'
annual meeting on Jan. 13, to succeed Robert 0. Drum,
who remains with the institution as a director, according to
the Chicago "Journal of Commerce" of Jan. 14. All other
officers were reappointed with the exception of G.F. Kremm,
who resigned as Vice-President.
Samuel J. T. Straus, formerly First Vice-President of the
Straus National Bank & Trust Co. of Chicago, was advanced
to the Presidency of the institution at the annual meeting of
the directors on Jan. 13, according to the Chicago "Journal
of Commerce" of the next day. Mr. Straus succeeds as
President, S. W.Straus, deceased. At the preceding annual
meeting of the stockholders, C. C. Irwin, W.R. Morgan and
Robert E.Straus were elected directors, one of the three being
chosen to fill the vacancy caused by the death of S. W.Straus
and the other two being additions to the Board.
Ogden L. Mills, Under-Secretary of the Treasury, will
be the guest of honor and speaker at the next luncheon of
the Bond Club of New York, which will be held at the
Bankers Club on Thursday, Jan. 29.
The Bank of New York & Trust Co. announces the appointYork
A meeting of the New - City Bank Comptrollers and
ment of Dave H. Morris Jr. as Vice-President and Compwas addressed by George
of the institution and the appointment of S. L. Auditors Conference held on Jan.20
troller
L. Naught, Vice-President and General Counsel of the
Strobert as Assistant Treasurer. Mr. Morris had heretofore
American Surety Co., on the subject "Black and Red
served as Comptroller of the company.
Figures." Fifty members representing local banks attended
At a regular meeting of the directors of the Bankers Trust the meeting, which was presided over by Joseph E. Glass,
Co. of New York on Jan. 20, H. B. Watt, Secretary, and Auditor of the Guaranty Trust Co. of New York, who is
Brenton Welling, Assistant Vice-President, were elected President of the Conference.
Vice-Presidents. Mr. Watt will retain the office of SecreAt the annual meeting, last week, of the directors of the
tary. G. M. Meyer and W. C. Meyers were appointed
People's Bank & Trust Co. of Westfield, Westfield, N. J.,
Assistant Secretaries.
Samuel Townsend was unanimously re-appointed President
Allen K. Brehm, Vice-President of Continental Bank & for the 24th time, having served in that capacity since the
Trust Co. of New York was elected a director at the annual Inception of the institution in 1907. The other officers are
meeting of stockholders. The retiring directors were re- as follows: Chester B. Kellogg, Vice-President; Henry L.
elected.
Rost, Vice-President and Trust Officer; Gordon T. Parry,
Donald McDougall, Assistant Secremeeting of the Chemical Bank & Trust Secretary-Treasurer;
At the organization
tary and Assistant Trust Officer, and Helen H. Pierson,
Co. held Jan. 22, all the directors were re-elected. Kenneth
Treasurer.
R. Medd was elected Assistant Secretary and George M. Assistant
Erhart assistant trust officer.
Stockholders of the Finance Co. of Pennsylvania, PhilaJohn J. Pulleyn, heretofor- e President of the Emigrant delphia, at their annual meeting on Jan. 20 approved a
Industrial Savings Bank of this city was this week elected proposed reduction in the bank's capital from $2,500,000 to
Chairman of the Executive Committee of the Emigrants. .$2,000,000, according to the Philadelphia "Ledger" of
The latter post was previously held by Walter H. Bennett, Jan. 21, which added:
The approval empowered the
purchase in
who has become President. Robert L. Hoguet was re- stock of the company up to directors tocancellation. the open market
Directors were
$500,000 for
elected First Vice-President; Henry Heide, Second Vice- re-elected.
President and John S. Daly, Third Vice-President and
he City Bank of Miami Beach, Fla., which closed HS
Comptroller.
-4-doors the latter part of December, reopened for business
Kimball, a member of the New York Stock on
W. Eugene
Jan. 13, according to Associated Press advices from
Exchange since 190.3 died on Jan. 8 of heart disease at his Miami Beach on that date. Numerous
residents of Miami
city, after an illness of three months. He was
home in this
Beach made deposits. The dispatch said. The closing of
56 years old. Mr. Kimball was born here on May 16 1874. the Institution was noted in our Jan. 3 issue, page 75.
After attending Brooklyn Polytechnic Institute and Amherst
College, he entered his father's banking and brokerage house,
The First National Bank o-f Chipley, Fla., capitalized at
R. J. Kimball & Co. The firm, founded in 1865, dissolved $50,000, went into voluntary liquidation on Jan. 13. The
last fall. For five years, 1924 to 1929, Mr. Kimball was a institution was taken over by the Chipley State Bank.
member of the Board of Governors of the New York Stock
Exchange.
At the recent annual meeting of the directors of the
Champion Deming, former President of the Mer- Florida National Bank of Jacksonville, Fla., Frank Taylor,
Henry
J. Walter Muhlback and William Hardin Goodman were
cantile Trust Co. of New York, merged with the Bankers promoted to Vice
-Presidents. Jacksonville advices to the
Co., died on Jan. 19 in his 81st year. He retired in "Wall Street Journal"
Trust
on Jan. 21 in reporting this further1907.
more said:
Alfred I. du Pont, President has submitted to the directors a proposal.
Associated Press -accounts-f- roin Nice, France, on Jan. 19
which would provide for the establishment some time this year of a plan for
reported the death on Jan. 18 of Albert M.Hallgarten. The officers and employees to share in the bank's earnings.
New York "Times" says:
and half traveling
Albert M. Flallgarten spent half his time in New York
From the Pittsburgh "Post Gazette" of Jan. 20 it is
business. His grandabroad. usually in Europe, and never engaged In any
Hall- learned that the First National Bank of Birmingham, Pittsfather, Lazarus Hallgarten, founded the private banking firm of
partner burgh, Pa., the oldest
garten & Co.. 44 Pine St., and his father, Julius Hallgarten, was a
financial institution on the Southside
in the firm.
of the city, was to merge on that day with the Southside
••••••...+.
JAN. 24 1931.]
FINANCIAL CHRONICLE
603
branch of the Peoples-Pittsburgh Trust Co. of Pittsburgh. had formerly been an employee in the Trust Department
and returns to assume an official position. Other officers in
The paper mentioned continuing said:
Organized in 1865 to serve the steel and glass industries, the Birming- both banks were re-appointed.
ham institution has been successful throughout its 65 years. Its invested
capital totals $525,000 and deposits about $2,400,000.
institution
Starting this morning (Jan. 20), the business of the merged
will be carried on in the banking rooms of the Southside branch, Peoples
Pittsburgh Trust Co., at 18th and Carson streets.
Employees of the Birmingham bank will be re-employed by the Southside
branch bank and directors of the former institution will become members
of the advisory board of the Southside branch of the trust company. Officers of the Birmingham bank are Thomas H. Sankey, President; W. S.
Charles, Vice-President, and Charles F. Beech, Cashier. Directors include the officers, Joseph Goodman. J. S. McCarthy, J. F. Sankey and
H. R. Hissrich.
The Southside branch of the Peoples-Pittsburgh Trust Co.wasformed last
December when the Peoples Trust Co. of Pittsburgh, a Southside bank,
merged with the downtown institution, bringing total assets of$4.550,000.
At the annual stockholders' meeting of the Noel State
Bank, 1601 Milwaukee Ave., Chicago, on Jan. 12, James
B. Kling, Secretary and Treasurer of Kling Bros. Engineering Works, was elected a director of the bank. At the
directors' meeting of the institution held Jan. 14, Theodore
J. Zablocki was appointed an Assistant Cashier and Edward
L. Hruda, Assistant Manager of the Real Estate Loan Department. All the other officers were re-appointed.
The Millikin National Bank of Decatur, Ill., announce
the death of Guy P. Lewis, Cashier of the institution. Mr.
.Following the respective annual meetings of the American Lewis died suddenly on Jan. 13.
Bank & Trust Co. of Hazleton, Pa., and the City Bank &
Two banks in Granite City, Ill., the Granite City National
Trust Co. of that place, held Jan. 13, announcement was
made that the institutions would consolidate, according to Bank, capitalized at $150,000, and the First National Bank,
with capital of $100,000, were consolidated on Jan. 17 under
Associated Press advices from Hazleton on that date.
the title of the First Granite City National Bank, with
At the annual meeting of the stockholders of the Union capital of $200,000.
Trust Co. of Cleveland, Ohio, held recently, Thomas A.
White was elected a director of the bank. At the director's
The First Natbinal Bank of Bloomington, Ill., capitalized
meeting, immediately following, the old officers of the at $500,000, was placed in voluntary liquidation on Jan. 13.
bank were reappointed. Wm. H. Freytag, formerly an The institution has been succeeded by the First National
Assistant Treasurer, was promoted to an Assistant Vice- Bank & Trust Co.
President, and Dave Lewis was appointed an Assistant
Treasurer. The announcement by the bank adds:
It is learned from the Chicago "Journal of Commerce" of
Mr. Freytag started in the bookkeeping department of the First National
changes were made in the perBank and continued in that department through the merger of the First Jan. 16 that the following
National with the Union Trust Co. in 1921. In January, 1926, he was sonnel of the North-Western Trust & Savings Bank of Chiappointed to the office of Assistant Treasurer.
cago at the directors' annual meeting on Jan. 15: Alfred K.
Mr. Lewis started in 1902 with the old Coal te Iron National Bank,
and has had a wide range of banking experience. He is now located in the Foreman was appointed Chairman of the Board to succeed
Commercial Banking Department of the Union Trust Co.
F. E. Lackowski, who became President of the institution.
Mr. Lackowski, in turn, succeeded Edward J. Prebis, who
On Jan. 5 the Neffs National Bank, Neffs, Ohio, capi- was appointed Executive Vice-President, a post formerly
talized at $25,000, was placed in voluntary liquidation. The occupied by William H. Schmidt, who became a Vice-Presiinstitution was taken over by the First National Bank of dent. R. I. Philhower was appointed Vice-President and
Bellaire, Ohio.
Secretary. All the other officers were reappointed.
As of Dec. 15 1930, the First National Bank of Napoleon,
Stockholders of the Ashland State Bank of Chicago at
Ohio, capitalized at $50,000, went into voluntary liquidation.
their recent annual meeting elected Dennis A. Horan,
The institution was absorbed by the Napoleon State Bank of
John A. Pelka and Dr. Stephen S. Gorny directors to fill
the same place.
vacancies on the board, according to the Chicago "Journal
of Commerce" of Jan. 10, and at the annual meeting of the
Three Cadiz, Ohio, banks, the First National Bank, capiwhich followed Dr. Frank X. Pelka was appointed
talized at $75,000; the Harrison National Bank, capitalized directors
a Vice-President to succeed Leon V. Maciejewski, resigned.
at $100,000, and the Fourth National Bank, with capital of
$125,000, were consolidated Jan. 12. The new organization,
At the directors' annual meeting on Jan. 15 of the Adams
which is capitalized at $200,000, is known as the Union State Bank of Chicago, Henry J. Tykal was appointed
National Bank & Trust Co.
President of the institution to succeed Joseph Klicka, who
resigned to devote his time to other interests, according to
Several changes were made in the personnel of the Guar- the Chicago "Journal of Commerce" of Jan. 16. Mr.
dian Trust Co. of Cleveland at the directors' annual meet- Klicka continues as a member of the Board of Directors.
ing on Jan. 20, as reported in the Cleveland "Plain Dealer" John W. Jedlan (a newly elected director) and Frank H.
of the following day. Four men were promoted to the Black, were made Chairman of the Board and Vice-Chairnewly created office of Assistant Vice-President, namely, man of the board, respectively, newly created offices, and
Robert C. Lee, formerly of New• York, where he was engaged John
J. Kucera was appointed an Assistant Cashier, also a
in the investment banking business, but who has been with new
post, it was stated. Other officers were reappointed.
Guardian since 1925; Thoburn Mills, G. J. Provo and'
Grank G. Stuber. Another appointment was that of
Directors of the Portage Park National Bank of Chicago
Henry J. Weber as an Assistant Treasurer. With regard on Jan. 15 made Henry J. Siewert, President of the into Mr. Provo, Mr. Mills and Mr. Stuber, the "Plain Dealer" stitution in addition to continuing him as Chairman of the
said:
Board, according to the Chicago "Journal of Commerce"
Provo. Manager of the Euclld-East 105th office of the Guardian, has
of Jan. 16. The Presidency had been vacant as a result
been with the bank since 1905. Mills joined the Guardian in 1924, when
he came to Clevel Ind from the Corn Exchange National Bank of Phila- of the death of Murray MacLeod. No other changes were
delphia. Stuber started with the Guardian in 1904 in the bookkeeping made in the bank's personnel.
department. He became a teller and since 1920 has managed the EuclidEast 46th office.
From the "Michigan Investor" of Jan. 10, it is learned that
the Royal Oak State Trust & Savings Bank, Royal Oak,
Mich., and the First State Bank of that place, have been
consolidated, the enlarged institution opening for business
on Jan. 2 under the title of the State Savings Bank of Royal
Oak. The new organization, which is capitalized at $700,000,
is headed by George A. Lehman, formerly President of the
Royal Oak State Trust & Savings Bank. The other officers
are: S. D. Thomas, First Vice-President and Trust Officer;
E. D. Skinner, Second Vice-President; William Hilzinger
and Clyde L. Lawson, Vice-Presidents; Frank T. King,
Cashier; Wilfred H. Codling, Assistant Vice-President;
H.0. White, Manager of the Service Extension Department;
C. W. Goddard, F. R. Gross, R. J. Nelson, L. E. Baker and
F. R. Hazelton, Assistant Cashiers, and L. R. Mack,
Thomas H. Beacom, Jr., was appointed Trust Officer Auditor.
of the First Union Trust & Savings Bank. Mr. Beacom
Edward G. Seubert, President of the Standard Oil Co.
(Indiana), was elected a director of the First National Bank
of Chicago at the annual meeting of the stockholders last
week. Other members of the Board of this bank and directors
and members of the Advisory Committee of the First Union
Trust & Savings Bank (affiliate of the First National Bank)
were reelected. At tho meeting of the Board of Directors
of the First National Bank, Thomas J. Nugent, John J.
Anton and Edward M. Tourtelot were advanced to VicePresidents. Each had previously been an Assistant VicePresident. Mr. Nugent and Mr. Anton are connected with
the Banks and Bankers Division in the official organization,
and Mr. Tourtelot is head of the Credit Department.
604
FINANCIAL CHRONICLE
Four new members were elected to the Board of the First
National Bank in Minneapolis at the annual stockholders'
meeting held Jan. 13. The new directors, all prominent in the
business life of Minneapolis, are: Paul A. Brooks, VicePresident of the Powell River Co. Ltd. and of the BrooksScanlon Corp., and Secretary of the Brooks-Scanlon Lumber
Co.; John V. Dobson, President of the J. F. Anderson
Lumber Co.; Paul V. Eames, Vice-President of Shevlin,
Carpenter & Clarke Co., and Harold R. Ward, Vice-President of Russell-Miller Milling Co. The communication
from the bank went on to say:
In this annual report to the directors, L. E. Wakefield, President of the
First National, recited some of the detail of the development during the
year of the First Bank Stock Corp.'s group system,the group now consisting
of 111 units with deposits in excess of 2400,000,000 and resources of nearly
$500,000,000. The First Nationals of Minneapolis and Saint Paul serve
as the central banks of the system.
Mr. Wakefield called to the Board's attention the recent annual report
of John W. Pole, Comptroller of the Currency, which contained a renewal
of the Comptroller's recommendation for branch banking on a regional trade
area basis. Commenting on this proposal, Mr. Wakefield said;
"Our position has always been opposed to widespread branch banking.
The First National Bank in Minneapolis is the correspondent for and does
business with approximately 1,400 unit banks. We are definitely interested
In their ability to maintain themselves and are prepared to co-operate in
every way with them in doing so. However, we do not feel that we should
put ourselves in opposition to the small communities which can receive
banking facilities in no other way except through branches. There is an
accumulating large number of such towns and villages in the Northwest,
most of which formerly had banks. They are too small and offer too little
business to maintain banks of their own, whether independent or members
of groups, yet require banking convenience which could be provided by
branches of larger banks located in the same vicinity or county, but not
more than fifty miles from the place to be served "
Directors of the Guaranty Trust Co. of Detroit, at their
of
recent annual meeting, gave the additional title of VicePresident to G. Allan McKaig, Secretary-Treasurer of the
bank, and reappointed all the other officers, according to
the Detroit "Free Press" of Jan. 16. In addition to Mr.
McKaig, the officers are as follows: Frank E. Quisenberry,
President; Louis F. Dahling, Vice-President and Trust
Officer; Stuart J. Snyder, Assistant Treasurer; Edward H.
Wyatt and Fred Van Zandt, Assistant Secretaries; Eldridge
Hitt, Assistant Trust Officer, and Mernie R. Jerome,
Auditor.
Robert 0. Lord, President of the Guardian Detroit Bank,
Detroit, has announced the appointment of James J. O'Shea
to be an Assistant Vice-President. Mr. O'Shea entered the
banking field in 1923 with the American State Bank and was
soon promoted to the new business division of that institution, where he remained until 1928 when he joined the business extension division of the Guardian Detroit Bank. He
was promoted to Assistant Cashier in Oct. 1929.
The following officers were reappointed at the annual
meeting of the directors of the institutions held recently:
Fred T. Murphy, Chairman of the board; Robert 0. Lord,
President; Ernest Kanzler, Chairman of executive committee;
George B. Judson, Vice-Chairman of the board; James L.
Walsh, Phelps Newberry, Charles A. Kanter, Rea B. Gripman, Fred J. Beyer, Elbert S. Burns, Alvan Macauley Jr.,
and Frank P. Evans Jr., Vice-Presidents; John B. Dew,
Cashier; W. Ross Laing, John S. Wells, John N. Daley,
Benjamin F. Saylor, Dan P. Caulkins and James J. O'Shea,
Assistant Vice-Presidents; Earl T. McConnell, Norman
Rudolph, Clifton S. Goddin, George L. Greenup, John R.
Walsh, Maurice D. Watts, Gordon T. Murray, Albert J.
Stocker, Douglas G. McCracken, Lester E. Zubrigg, Guy
M. Leach, and Louis B. Kolb, Assistant Cashiers, and
Thomas L. Higgins, Auditor.
[VoL. 132.
ingway, Executive Vice-President. In reporting the approaching retirement from the Mercantile-Commerce Bank
of Mr. Cowen, Mr. Chandler and Mrs. Sultzer the St. Louis
"Globe-Democrat" of Jan. 7 said, in part:
Having been a driector a number of years, Cowen will continue as such
and will attend Board and committee meetings in an advisory capacity,
but will relinquish his duties as Vice-President. He has seen more than 52
years of service, starting with the Bank of Commerce at Fourth and Olive
on Oct 1 1878. He is 69. Chandler, who is 65, has served for more than
49 years, beginning as a mesenger boy at the Bank of Commerce on Dec 10
1881. Mrs. Sultzer lacks several years of reaching the age qualification
for retirement, but asked for the earlier withdrawal to have time for
travel. She has nearly 30 years of service to her credit, having started as
Secretary to the late Festus J. Wade at the Mercantile Trust 0o. on
Mar. 11 1901.
The Comptroller of the Curr- ency on Jan.9 issued a charter
for the Citizens National Bank in Saint Jo, Texas, capitalized
at $25,000. M. M. Gilbert is President and George D.
Pedigo, Cashier of the new bank.
The City National Bank o-f Bowie, Tex., with capital of
850,000, was placed in voluntary liquidation as of Nov. 12
1930. The institution was absorbed by the First National
Bank of Bowie.
The Moore National Bank, Moore, Tex., with capital of
$25,000, was placed in voluntary liquidation on Dec. 23. It
was absorbed by the Pearsall National Bank of Pearsall,
Texas.
Directors of the Omaha National Bank, Omaha, Neb.,
at their annual meeting on Jan. 13 appointed C. A. Abrahamson a Vice-President, and J. P. Lee, Cashier, according
to Omaha advices to the New York "Times" on that date.
At the preceding stockholders' meeting, Carl Gray, President
of the Union Pacific Railroad, was added to the Board of
Directors.
The following changes- made in the personnel of the
were
American National Bank of Denver, Denver, Colo., at the
directors' annual meeting on Jan. 13, according to the Denver "Rocky Mountain News" of the next day: Adolph
Kunsmiller, formerly a Vice-President, was named Vice.
President and Cashier, and F. A. Nagel, heretofore Trust
Officer and Cashier, was made Vice-President and Trust
Officer. At the preceding stockholders' meeting, Jacob Minus, a Denver attorney, was added to the Board of
Directors.
On Jan. 17 the Continental National Bank of Salt Lake
City, Utah, changed its title to the Continental National
Bank & Trust Co.
The Tooele State Bank, T- ooele, Utah, with capital of
$30,000 and surplus of $60,000, was placed in the hands of
the State Banking Department on Jan. 14, as reported in
Associated Press advices from Tooele on that date. Failure
to collect on loans was given as the cause for the closing.
Its last report showed demand deposits of $459,389 and time
deposits of $32,580.
Effective Jan. 7, the First National Bank of Flagstaff,
Arizona, capitalized at $50,000, was placed in voluntary
liquidation. It was absorbed by the Arizona Central Bank
of Flagstaff.
•
The First National Bank of Antlers, Okla., was placed
In voluntary liquidation on Dec. 31. The institution, which
Several changes were made in the personnel of the Mer- was capitalized at $100,000, was succeeded by the First
cantile-Commerce Bank & Trust Co. of St. Louis, at the State Bank.
annual meeting of the directors on Jan. 13, according to
On Jan. 17 a charter was issued by the Comptroller of
advices from that city to the New York "Times." Clifton M.
McMillan, for many years associated with the institution the Currency for the Phillips National Bank of Helena, Ark.
and the parent companies which preceded it, tendered his The new institution, which is capitalized at $100,000, sucresignation as a Vice-President, but remains with the institu- ceeds the Merchants' & Planters' Bank of that city. D. T.
tion as a director; Warren M. Chandler, retired as a Vice- Hargraves is President.
President, but continues with the bank as a member of the
Charter for a new bank, which will take over the assets
Board, to which he was elected at the stockholders' meeting.
and liabilities of the First State Bank of Stuttgart, Ark.,
C. Cowen, a Vice-President, and Mrs. L. D. Sultzer,
William
has been granted by Walter E. Taylor, State Bank ComManager of the Savings Department, also went on the retired
missioner for Arkansas, according to Stuttgart advices on
Cowen remains, however, a member of the Board.
list. Mr.
Jan. 21 to the "Wall Street Journal." The new bank will
Mr. Chandler, Mr. Cowen and Mrs. Sultzer retired under
continue the name of the old institutiou, the dispatch said.
adopted by the bank a year ago, which
an insurance plan
provides for a definite income. The dispatch furthermore
Announcement of a change in the name of the First
stated that George W. Wilson was reappointed Chairman Seattle Dexter Horton National Bank of Seattle, Wash.,
of the Board; John G. Lonsdale, President, and W. L: Hem- to the First National Bank was made by M.A. Arnold,Presi-
JAN. 24 1931.]
FINANCIAL CHRONICLE
dent of the institution,following the recent annual meeting of
the stockholders. The new name, Mr. Arnold declared,
would become effective as soon as the directors have had
time to notify the bank's correspondents throughout the
world. A communication in the matter furthermore said:
It will be recalled that the First National Bank was one of the banks
merging a little over a year ago with the Dexter Horton National and the
Seattle National to form the First Seattle Dexter Horton National Bank.
all three being represented in that title.
The First Seattle Dexter Horton, notwithstanding unfavorable conditions
in 1930 and lower interest rates, reports net earnings, after setting aside
ample reserves for taxes, depreciation, &c., totaling 61,600,000; or $400,000
more than the dividend of $1,200,000 paid on 400,000 shares.
"The favorable net earnings achieved in the face of the lowest interest
rates in history, together with violently shrinking values and a multitude
of other unfavorable conditions," President Arnold stated, "warrants the
assumption that, under ordinary conditions, this group of banks, including
its securities company, has an actual earning power substantially greater
than is reflected in the figures for 1930."
Two new directors were elected at the annual meeting:
Charles H. Ingram, Assistant Manager of the Weyerhaeuser
Timber Co., and William Piggot, Jr., Seattle capitalist,
being added to the Board.
At the annual meeting of the board of directors of Bank of
America National Trust & Savings Association held in
San Francisco last week, Arnold J. Mount, President of the
bank, which is said to rank fourth in the country in size of
deposits, stated:
It has been customary for your President in the past to make a brief
report of the activities and accomplishments of our institution for the year
closed. Because of the merger in November of the Bank of America of
California and the Bank of Italy National Trust & Savings Association,
under the new name of Bank of America National Trust & Savings Association, and the organization of the Bank of America, a State bank, to take
over those branches not eligible by reason of the McFadden Act ot become
branches of the combined institution, there exists no basis of comparison
with previous figures. The year just concluded, however, has been reasonably satisfactory. Dividend requirements have been adequately met and
we are confident that with the economies of operation which will come into
being as time goes on, our earnings will continue to improve. We entertain
no illusions as to a rapid change ni conditions during 1931. but do feel
reasonably sure that the bottom of the depression has been about reached
and that an early and gradual improvement may reasonably be expected
605
rates has lessened the spread between interest rates paid on
deposits and the rate charged for advances.
The cable advices furthermore state that with a carry
forward for 1929 of £552,432 a total of £2,373,639 is available for distribution. Out of this amount £200,000 has been
appropriated to the reduction of premises account, while
dividends have been maintained at the same figure for
many years past, namely, 10% on the "A" shares and 14%
on the "B" and "C" shares. The policy of Barclays Bank
Ltd., has always attracted interest due to its affiliated banks
embracing British colonies besides France and Italy.
Another cablegram to the bank's representative states
that deposits of the institution on Dec. 31 1930, reached a
new high figure of $1,746,366,416. This represents an increase of more than $59,000,000 since a year ago, while
aggregate resources are also at a record figure of
$1,940,460,121.
Despite the difficult trade conditions obtaining in all
parts of the world during 1930, the advices say, details of
the balance sheet of this bank offer evidence that Great
Britain and her Colonies have maintained a considerable
volume of trade. Turning to the assets side of the statement,
it is noted that bills discounted have increased by $70,000,000
to $254,509,884. Further, the investments of the bank show
an increase of approximately $20,000.000 which is accounted
for in an increased holding of British Government or Government guaranteed securities, which are reported as $269,000,000, as against $249,000,000. Ease in money and a lessened commercial demand for credit, the advices furthermore
say, is shown by a decrease of about $22,000,000 in advances,
while liabilities of customers for acceptances and endorsements are also smaller. All figures have been converted at
the rate of $5.00 per £ Sterling.
Net profits of the Bank of Nova Scotia (head office
Halifax) for the year ended Dec. 31 1930 were $2,535,643.52,
or $225,473.71 less than for 1929, according to the 99th
The following changes in the personnel of the Bank of annual report made public Wednesday of this week, Jan. 21
Montreal (head office Montreal) were announced by the at the bank's New York agency,49 Wall Street. The profits,
institution on Jan. 6, according to the Montreal "Gazette" with $1,465,842.89 brought forward from the previous year,
of Jan. 7: D. It. Clarke retired as an Assistant General made an available surplus of $4,001,486.41. A strong
Manager at the head office and S. C. Norsworthy of Toronto liquid position is indicated by 11.3% cash and 58.7% quick
was appointed to succeed him; B. C. Gardner, Manager of assets against liabilities. Dividends of 16%, amounting to
the bank's branch at St. John, N. B., was made a Superin- $1,836,207.29, were paid during the year in quarterly instaltendent at the head office in Montreal, and K. C. Winans of ments.
Attention is directed in the report to the figures for interest..
the head office staff was promoted to an Assistant Superinbearing deposits, chiefly savings accounts, which were $166,tendent. Concerning the retiring Assistant General Man770,062, a decline of only slightly over $1,000,000 from 1929.
ager and his successor, the "Gazette" had the following
The report as a whole, according to General Manager J. A.
to say:
McLeod, reflects general Canadian business during the year
D. R. Clarke, who is seeking a well-earned rest after a banking career of
over 40 years, is well-known, not only in Montreal, but throughout the by moderate declines in profits, deposits and loans. DeDominion, having held highly responsible positions in the bank's service in posits not bearing interest were $33,272,194 against $37,748,other parts of Canada before coming to Montreal some 12 years ago as an 730
in 1929; loans and discounts in Canada declined from
Assistant General Manager of the bank. He was born and educated in
Halifax, N. S., and began his banking career in the banking office of J. 0. $102,339,213 to $99,755,787 and outside of Canada from
Mackintosh in that city, later joining the Merchants Bank of Halifax. Ile $20,643,117 to $16,114,326.
remained with the Merchants Bank of Halifax for two or three years,
A capital stock issue during the year added $2,000,000 to
when he joined the staff of the Peoples Bank of Halifax, subsequently
attaining the position of General Manager of that bank, which was taken the previous paid-in capital of $10,000,000, but notwithover by the Bank of Montreal in 1906. Later he became Superintendent standing the new stock issue the reserve fund remains
double
of the Bank of Montreal's Maritime branches, and then Superintendent of the
capital, standing at $24,000,000. The additional reserve
the bank's branches in British Columbia.
S. 0. Norsworthy, who, as an Assistant General Manager at head office, was made up of $3,000,000 premium on the new stock and
will have supervision of the Ontario division, is a native of Ingersoll, Out.. $1,000,000 from profit and loss. A balance of $534,830.98
and entered the service of the Bank of Montreal at London, Ont. Subse• was carried from profit
and loss into this year. Total assets
quently he served at branches in Halifax, St. John's (Newfoundland)
and of the bank on Dec. 31 were
$263,115,661, which compares
Montreal. In 1909 he was appointed Accountant at Hamilton, and
later
with $274,241,373 at the close of business in 1929.
Assistant Accountant of the London, Eng., branch, subsequently being
transferred to Mexico City, where he held the position of manager of the
branch
of the bank in that city.
In 1915 he enlisted with the 42nd Battalion, 5th Royal Highlanders of
Canada, and had a distinguished career in active service in
France, being
awarded the Distinguished Service Order and the Military Cross.
Upon his return from overseas he was appointed Inspector of the
Foreign
Department at head office and later as 3rd agent at New York. In
December 1921, when the Merchants Bank of Canada was acquired, Major Nomworthy returned to Montreal to act temporarily as Assistant General Manager of that bank. In 1922 he was appointed District Superintendent of
the Ontario District, and in the same year as Assistant General Manager,
resident in Toronto.
The directors of the Midland Bank, Ltd., London, report
that, full provision having been made for all bad and doubtful debts, the net profits for the year ended Dec. 31 1930
amount to £2,318,689, which, with £859,258 brought forward,
makes £3,177,947, out of which the following appropriations
amounting to £1,332,861 have been made: To interim dividend for the half-year ended June 30 last, at the rate of
18% per annum less income tax, paid July 15 1930, £982,861;
to bank premises redemption fund, £250,000; to 'officers'
pension fund, £100,000. This leaves a sum of £1,845,086
from which the directors recommend the payment of a
dividend for the half-year ended Dec. 31 1930 at the rate
of 18% per annum less income tax, payable Feb. 2 1931,
£993,799, leaving to be carried forward a balance of £851,287.
For the year 1929 the net profits amounted to £2,665,042.
Dividends were at the same rate, £500,000 was placed to
bank premises redemption fund, and £220,000 to
officers'
Barclays Bank Ltd. (head office London) reports net
profits for 1930 amounting to £1,821,207, according to cable
advices received at the office of its New York representative,
44 Beaver Street. This shows a decrease compared with the
boom year of 1929, but may be considered eminently satisfactory in view of depressed conditions prevalent during the
last twelve months. The decrease in the export trade of
Great Britain for 1930 has been a contributing factor to
smaller banking profits; further extreme ease in money pension fund, and £859,258 was carried forward.
606
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Quiet and irregular price movements characterized the
dealings on the New York stock market during the present
week, until to-day when there was a display of considerable
activity at rising prices. The trend of the market, all the
time with the exception of the session on Monday, has been
toward higher levels though the upward progress until
Friday was slow. Speculative interest centered to a large
extent in the railroad stocks, but toward the latter part of
the week, amusement shares and utilities attracted some
attention, though the selling was not especially noteworthy.
The weekly statement of the Federal Reserve Bank, made
public after the close of business on Thursday, showed a
further decrease of 863,000,000 in brokers' loans in this district, making the 16th decrease in 17 weeks and reducing the
outstanding total to the lowest point recorded since the regular weekly publication began in 1926. Call money renewed at 1)4% on Monday, remained unchanged at that
rate on each and every day of the week.
The market was dull and extremely narrow during the
short session on Saturday, most of the active stocks moving
upward and downward without noteworthy gain or loss.
From time to time an occasional issue like Auburn Motors
attracted considerable speculative attention, but on the
whole, the final changes were extremely narrow. Gains
of 1 to 2 or more points recorded in the early trading were
down to fractions at the close and in many instances the
final quotations were off on the day. The principal losses
were Allied Chemical & Dye 4%, points, Del. La.ek. & West.
2 points, Southern Railway 334 points and Worthing Pump
4
13 points. The advances were comparatively few and
included Electric Power & Light 70% stock 4% points,
/
General Cigar pref. 278 points, Southern Pacific 1% points,
St. Louis-San Francisco 2% points and Missouri Pacific
4
2% points. Auburn Motors moved up to 1083 at its top
for the day, but slid back to 105 at the close. Trading
was dull and stocks again drifted around on Monday, most
of the active shares moving within comparatively narrow
limits. Transactions totaled 1,114,830 shares which marked
the smallest total of any five-hour market since Dec. 1.
In the first hour, Westinghouse was forced down to a new
%
low at 8334, United States Steel slipped down to 1387 and
General Electric dropped to its lowest since December as
it touched 41%. Other active stocks closing on the side
of the decline were Peoples Gas & Coke 2 points, Federal
Mining & Smelting 30 points, Allied Chemical & Dye 2
points, Del. Lack. & West. 2 points, National Lead 7 points,
Pullman Corporation 2 points and General Gas & Electric
2% points. Practically all of the market leaders were lower
and many of the so-called specialties were off a point or
more. On the other hand, an occasional issue stood out
against the market trend, the list including among others,
New York, Chic. & St. Louis 1 point, Pere Marquette 3
/
points, Bait. & Ohio 13 3 points and National Biscuit 2 points.
Stock prices were somewhat improved on Tuesday, though
trading continued light throughout the day, and while reactionary tendencies were in evidence from time to time, the
trend of prices was generally toward higher levels. The
most pronounced strength was apparent in the oil shares,
industrial stocks and public utilities, though there was also
some buying among food issues, rails and amusements.
with a net gain of
Allied Chemical & Dye closed at 15934
Points for the day. Auburn Motors shot upward 5%
A
53 .
gained nearly 2 points
points to 110. American Water Works
& Electric advanced two points to
to 563(, Standard Gas
improved about two points
/
607 3, Electric Power & Light
Gas did equally well and Peoples Gas
to 43k, Consolidated
points to 228. The rail& Coke registered a gain of three
was strong. Atchison forged ahead 2% points to
road group
Union Pacific moved
190k, Wabash gained two points to 23,
1% points to 1884, New York Central gained
forward over
Pennsylvania rose about a
four points as it crossed 122, and
advanced three points
point to 60%. Atlantic Coast Line
North Western about two points to 41 and
to 118, Chic. &
improved
New Haven 134 points to 85. United States Steel
%
to 140%, Westinghouse 334 to 863 , General
/
17 3 points
Electric 13( to 433j, Eastman Kodak 3g to 1483., Colum-
[VOL 132.
FLNANCIAL CHRONICLE
bian Carbon 334 to 79, Amer. Tel. & Tel. 334 to 185, J. I.
Case Threshing Machine 334 to 8634, Bethlehem Steel 234
to 4834, Johns-Manville 33 to 61, and Coca Cola 33 points
to 150)4.
Railroad shares assumed the market leadership on Wednesday and moved briskly forward throughout the day. Norfolk & Western surged forward about 4 points to 204,
followed by Delaware & Hudson, Baltimore & Ohio, Erie,
St. Louis-San Francisco, Chesapeake & Ohio, Atchison and
New York & Harlem with advances of from 2 to 4 or more.
points. Auburn Motors was again in demand and shot ahead
6 points to 116,and American Sugar surged upward 2% points
to 103%. Pivotal stocks opened somewhat lower and continued to weaken as the day progressed, United States Steel,
for instance, was down 134 points, American Can,and Amer.
Tel. & Tel. over a point each, and Westinghouse about 234
points. Allied Chemical & Dye was under pressure and
sold off about 334 points. Speculative interest continued to
center around the railroad stocks on Thursday, though there
was also an increased amount of buying apparent in the
amusement and merchandising stocks. The demand for
railroad shares was particularly brisk and sharp gains were
recorded all along the line. The principal advances were
Lackawanna about 3 points, while gains ranging from 2 to 3
or more points were recorded by Louisville & Nashville,
Delaware & Hudson, New York & Harlem, Chesapeake &
Ohio, New York Central and Southern Ry. In the merchandising group, Sears, Roebuck was up about 2 points,
R. H. Macy 2 points and Woolworth 2 points. Numerous
other stocks scored gains ranging from 2 to 3 or more points.
The list included among others, Allied Chemical & Dye, Air
Reduction, Loews, Eastman Kodak, Brooklyn Union Gas,
Worthington Pump, and J. I. Case Threshing Machine.
Stocks moved briskly upward on Friday, as the trading
developed into the biggest turnover of the year. Many of
the active market leaders climbed upward from 2 to 4 points,
while some of the speculative favorites and special issues
closed with larger gains, though part of these advances were
cancelled as profit-taking developed near the close of the
session. The outstanding advances of the day included
%
Allied Chemical & Dye 4% points to 1663 , Motor Products
7 to 38, Eastman Kodak 3 points to 156, General Electric
134 points to 454 and Westinghouse 13s points to 88.
Public utilities with gains included Amer. & Foreign Power
134 to 313(, Amer. Power & Light 23 points to 5134,
American Water Works 434 points to 58%, Brooklyn Union
Gas 3 points to 111, Colorado Gas 234 points to 374,
Consolidated Gas 4% points to 91% and Standard Gas &
Electric 234 points to 65%. United States Steel advanced
%
over a point to 142% and Bethlehem Steel improved 23
points to 5134. Copper stocks were moderately higher as
a group and so were the railroad shares and oil issues. Motor
shares were steady, but only fractionally higher. The
final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Jan. 23 1931.
Stocks,
Number of
Shares.
3aturday
Monday
Tuesday
Wednesday
Thursday
Friday
-_-_.
$3,649,000
5,382,000
7,447.000
8,136.000
6,961.000
7,507.000
nnnn wax' enn non nnn
fklA 140 nnn
Week Ended Jan. 23.
1930.
1931.
Total
Bond
Sale.,.
3224,000
211.500
317.000
284,000
462,800
259,000
51,717.000
2,308.000
2.488.000
2,733.000
2.601.000
2,275,000
642.220
1.114.830
1,329.260
1,407,535
1.860,740
2.868.150
Sales al .
New York Stock
Exchange.
35.590.000
7.901,500
10.252,000
11,153,000
10,024,800
10.041,000
el TGO ann err. n.r. n....
r
Jan. 1 to Jan. 23.
1931.
1930.
9,222,735
14,272,720
31,959,863
43,779,980
81.758.300
14,122,000
39.082,000
$1,095,500
12,663.000
28,013,000
$8,778,000
48.399,000
127,510,000
$6,147.500
43,918.000
106,256,500
$54,962,300 $41,771,500
-No.of eharesStocks
Bonds.
Government bonds_ _State & foreign bonds_
Railroad & misc. bonds
Total bonds
United
Stales
Bonds.
State.
Municipal dt
Peen Bonds.
Ratiroad,
tee.,
Bonds.
$184.687,000
$156,322,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Phitadelphia.
Boston.
Week Ended
Jan. 23 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
.Baltimore.
Shares. Bond Sales, Shares. Bond Sales. Shares. Bond Saks,
1,723
1,621
1.168
1.288
712
1.389
81,000
9,000
13,500
37,000
25,100
6.000
$216,100
7.901
$01,100
$469,000
6,272
$97,100
a12,115
al4,693
al8,794
a21,810
a26,738
19,180
$65,000
25,000
36,000
43.600
40,500
$55.500
113.330
$70,100
139,382
13.474
24,484
18.384
26,722
24,515
10,225
57 000
10,500
16.000
11,000
3,000
8,000
117.804
137,256
a In addition, sales of warrants were: Saturday, 100; Monday, 100; Tuesday,
100; Wednesday, 100; Thursday, 100.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 31 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £148,201,427 on the 24th instant (as compared with £150,580,757 on the previous
Wednesday), and represents an increase of £2,241,343 since Jan. 1st last.
The bar gold which arrived from South Africa this week amounted to
£534,390. all of which had been sold forward to France.
In the open market yesterday about £40,000 of unrefined gold was
available; this consisted mainly of a shipment of gold from India, made as
a result of the recent low Indian exchange and the high prices ruling here
for gold. This small amount was secured at the fixed price of 85s. 1%cl.
per fine ounce for despatch to France after refining.
Movements of gold at the Bank of England since our last letter show a
net efflux of £649,053. The only receipt was £20 in foreign gold coin whilst
withdrawals consisted of £9,000 in sovereigns taken for export and £640.073
in bar gold; the bulk of the latter was for export to France after refining.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 22nd instant to mid-day on the 29th inst.:
Imports.
British West Africa
British South Africa
Other countries
Exports.
£42,098 France
949,974 Belgium
1,714 Germany
Spain
Other countries
£2,421.979
125.000
28,400
25,000
9,304
£993.786
£2,609.683
The Southern Rhodesian gold output for the month of November last
amounted to 44,351 ounces, as compared with 45,006 ounces for October
1930 and 46,219 ounces for November 1929.
SILVER. "
IT The week under review comprised only three working days, during which
the market showed further weakness. Buyers proved reluctant and little
resistance was offered to some reselling on China account,as a result of:which
yesterday, bringing
prices fell %el. on the 29th instant and another
the quotations down to 14 Jid. for cash and 14 7-16d. for two months'
delivery. America was a free seller in the afternoon of yesterday, reporting
the market weak on rumours of the prospect of an increase in the duty on
silver imported into India, a contingency which, however, must remain at
present a matter of conjecture.
To-day prices again eased, being fixed at 14 7-16d. and 1454d. for the
respective deliveries, establishing a new low record on the last day of the
year.
The following were the United Kingdom Imports and exports of silver
registered from mid-day on the 22nd instant to mid-day on the 29th inst.:
Imports.
Mexico
United States of America
Canada
Other countries
607
FINANCIAL CHRONICLE
JA.N. 24 1931.]
Exports.
£137,946 British India_
36,602 Other countries
12,783
5,868
£108,999
Nord Ry
Orleans Ry
Path* Capital
Pechtney
Rentee 3%
Rentee 5% 1920
Rentee 4% 1917
Rentes 5% 1915
Rentes 6% 1920
Royal Dutch
Saint Cobb,. C.& C
Schneider & Cie
Societe Lyonnais
Societe Marseillais•
Public Artificial Silk, pre/
Union d'Electricitie
Wagons
-Lits
Jan. 19
1931.
Francs.
1,475
2,040
1,380
152
1.940
86.40
135.30
102.60
102.50
102.30
2,910
3,425
1,635
2,000
840
174
940
304
Jan. 20 Jan. 21 Jan. 22
1931.
1931.
1931.
Francs. Francs. Francs.
1,485
1.520
1,525
2,030
2,100 2,010
1,412
1,400
1,402
148
138
141
2,020
1,860 1,980
86.20 86.60
86.50
134.70 135.00 135.10
102.70 102.80 102.80
102.50 102.60 102.70
101.90 102.00 102.30
2,920
2.970 2,940
3,400
3,645
3,700
1,660
1,670
1,630
1,990
2,045
2,100
855
885
920
168
175
172
920
988
980
299
308
315
Jan. 23
1931.
Francs.
2:140
2,150
86.60
135.20
103.00
102.30
102.00
3,060
__
1,6E5
PRICES ON BERLIN STOCK EXCHANGE.
Closing, quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
Jan. Jan.
19.
17.
Jan.
20.
Jan. Jan. Jan.
21.
22.
23.
Per Cent of Par
MU.Deutsche Credit(Adca)(8)
96
Berlin Ilandels Gee.(12)
117
Commers-und-Privat Bank (11)
107
Darmstadter U. Nationalbank (12)
138
Deutsche Bank u. Himont° Gets.(10)
107
Dresdner Bank (10)
107
Relchebank (12)
223
Algermeine Kunstslide Unie (Aku)(18)....... 47
Alla. Elektr. Gee.(A.E.G.) (9)
86
Deuts, fie Ton- und Stelnzeugwerke (11)
59
Ford Motor Co., erlin (10)
179
Gelsenkirchen Rergwark ( )
71
8
Geefuerel (10)
85
Hamburg-American Lines (lattaii)(7)
52
Hamburg Electric Co.(10)
98
Hayden Chemical (5)
38
Elarpener Bergbau (6)
68
Hotelbetrteb (12)
82
1.0. Farber, InduS.(Dye Trust)(14)
114
Kali Chernie (7)
95
Karstadt (12)
59
Mannesmann Tubes (7)
54
North German Lloyd (8)
53
Phoenix Bergbau (614)
47
Poly phonwerke (20)
135
Rhein-Weal. Elektr. (R.W.E.)(10)
124
Sachsenwerk Licht u. Kraft (714)
71
Siemens & Halske (14)
142
93
Leonhard Tiets (10)
L
Milted Ver. Stalhwerke Steel Works) (6) 51
98
96
115
116
107
107
139
137
107
107
107
107
223
221
46
46
87
84
59
57
170
171
70
70
85
87
53
54
100
99
38
38
68
68
82
81
115
112
93
92
59
61
52
53
54
55
48
48
134
131
123 '124
68
68
1
1 1 1?
52
52
96
117
108
141
108
108
224
48
89
57
171;i
72
89
57
103
39
68
86
117
91
62
54
58
50
134
127
72
145
94
54
98
116
108
141
108
108
223
47
87
59
171
71
88
57
100
40
67
84
117
91
61
55
58
50
132
125
73
145
94
52
98
117
109
141
108
224
48
91
61
176X
72
93
58
102
42
68
86
109
60
57
59
51
135
126
72
149
96
54
£100,405
8,594
£193,199
Lyon (P.L.Sit.)
Jan. 17
1931.
Francs.
1,475
1,980
1,360
149
1,910
86.70
135.60
102.60
102.80
102.50
2,940
3,400
1,645
1,925
830
166
940
307
INDIAN CURRENCY RETURNS.
In Lacs of Rupees
-Dec.
22. Dec. 15.
Notes in circulation
16191
16189
Silver coin and bullion in India
12085
12126
Silver coin and bullion out of India___.
Gold coin and bullion in India
3174
3175
Gold coin and bullion out of India
Securities (Indian Government)
888
932
Securities (British Government)
Dec. 7.
16317
12224
3226
867
The stocks in Shanghai on the 27th instant consisted of about 92,600,000
ounces in sycee, 153.000.000 dollars and 2,100 silver bars, as compared with
about 92,900,000 ounces in sycee, 153,000,000 dollars and 2,880 silver bars
on the 20th instant.
Statistics for the month of December are appended:
Bar Silver per Oz. .Std.
Cash.
2 Mos.
16)1d.
1630.
14 7-16d.
1454d.
15.20058.
15.1615d.
Highest price
Lowest price
Average price
Bar Gold per
Oz. Fine.
85s. 2d.
858. 1 Jid.
858. 1.54d.
Quotations during the week:
Bar Silver per Oz. Std.
Bar Gold per
Cash.
2 Mos.
Oz. Fine.
Dec. 29
14%d.
14 9-168.
85s. 1 Sici.
Dec. 30
1414d.
14 7-I6d.
85s. 1%d.
Dec. 31
14 7-16d.
144cl.
85s. 1 :36(1.
Average
14.521d.
14.4588.
85s. 1.41d.
The silver quotations to-day for cash and two months' delivery are each
5-16d. below those fixed a week ago.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Jan. 17 Jan. 19 Jan. 20 Jan. 21 Jan. 22 Jan. 23
1931.
1931.
1931.
1931.
Francs. Francs. Franc.... Francs.
17,400 17,600 17,400 18.000
Bank of France
1,218
Banque Nationale de Credit
1,210
1,200
2,187
2,130
Banque de Paris et Pays Bas
2,140
2,130
2,180
Banque de Union Parlslanne
1,230
1,255
1,040
Canadian Pacific
1,225- .
1,0313
1,040
1,060
15,400 15,625 15505 15,850
S
Canal de izes
2,050
Cie Distr. d'Electricitie
2.065
2,030
2,110
2,410
Ole Generale d'Electrieltie
2,460
2,390
2,460
455
Cie Ole Trans-Atlantique
445
440
450
575
569
Citroen B
525
562
1.650
Natkmaled'Esconapte 1,630
°Manton'
1,640
1,640
680
Cosy, Ins
690
710
1,060
Oourrieree
1.080
1,311
1,125
1,124
1.135
Credit Commerciale de France
1,127
1,140
2,320
2,360
Credit Lyonnais
2,330
2,390
2,380
2,290
Eaux Lyonnais
2.440
2,330
845
Energte Electrique du Nord.,
850
852
879
1.120
Littoral
1,163
Energie Electrique du
1,125
1,160
197
Ford of France
201
470
941
1
French Line
455
127
128
129
129
Gale]Lafayette
630
KUldniann
6344
621
643
970
990
L'A1r Liquids
970
1,020
1
94 4
1931.
ENGLISH FINANCIAL MARKET
-PER CABLE.
(See page 618.)
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. 24) bank exchange for all the cities of the United States
from which it is possible to obtain weekly returns will fall
18.4% below those for the corresponding week last year.
Our preliminary total stands at $7,925,618,367, against
$9,709,637,939 for the same week in 1929. At this centre
there is a loss for the five days ended Friday of 17.0%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Jan. 24.
1931.
1930.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Lea Angeles
Pittsburgh
1)etroit
Cleveland
Baltimore
New Orleans
$4,096,717,708 84,932.000.000
500,524,645
341,919.256
319,000,000
474,000,000
278,000,000
369.000.000
91,853,318
105,55S:326
108.200,000
90,200,000
158.930.000
118,649.000
No longer will r eport clearing.
142.034.531
121.004.099
166,315.265
118,357.107
103.789.865
86,746,835
70.919,072
61,321.690
49,517,243
44,609,615
-17.0
-31.7
-32.7
-24.7
-13.0
-16.6
-25.4
•
-14.8
-28.9
-16.4
-13.5
-9.9
Twelve cities, 5 days
Other cities, 5 days
85.768,378,628
836,303,345
87.180,788,947
862,847,740
-19.7
-3.1
Total all cities, 5 days
All cities, 1 clay
86,604.681,973
1:320,936,394
88,043,636.687
1,666,C01.252
-17.9
-20.2
17,925,618.367
89.709,637.939
-18.4
Total all cities for week
1931.
Francs. Francs
18,400 19,000
1,254
2,200 2.290
1.305
1,080
1,050
16,350
2,130
2,470
2,570
480
570
595
1,670
1,700
700
700
1,105
1,150
2,470 2,580
2,440
2,540
895
1,165
• 203
-Ili
471
501
132
134
695
698
1,030 1,090
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Jan. 17. For
that week there is a decrease of 22.1%, the aggregate of
clearings for the whole country being $8.701,312,148, against
$11,162,588,731 in the same week of 1929. Outside of this
city the decrease is 23.2%, while the bank clearings at this
centre record a loss of 21.3%. We group the eities now
Federal Reserve Diets.
let Boston_ _ _12 cities
2nd New York_12 "
8rd Phil/idol 'Ia_10 "
dith Clevelaid__ 8 "
5111 Richmond.6 "
Eitb Atlanta..._11 "
7th Chicago __.20 "
BO St. Louis__ 8 "
lith Minneapolis 7 "
10th KansasCity 11 "
5 "
11th Dallas
16 "
13th Ban Fran
126 cities
Total
Outside N. Y. City
1930.
1931.
Week End. Jan. 17 1931.
1929.
1928.
$
$
602,056,923
665,889,927
9,355,801,702 6,879,156,646
599,338,017
662,433.215
419,061,785
461,823,359
174,664,526. 180,909,794
182,528,508
184,393,211
1,197,652,430 1,057,582,950
242,603,869
250,510,566
130,744,187
121,531,008
216,850,691
215,520,922
89,900,664
80,872,113
409,944,297
398,060,806
22.1 13,725,674,602 11,054,157,514
8,701,312,148 11,162,588,731
3,190,215,264 4,156,874,678 -23.2 4,553,613,558 4,333,267,757
51 citing
475 481 715
414.597.919 -97.9
115 806 149
484 AnA el77
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended Jan. 17.
rings at
1931.
1930.
Inc. or
Dec.
1929.
6
3
%
$
First Federal Reserve Dist rict-Boston 598,989 +10.6
662.304
-Bangor _
Maine
Portland
Mass -Boston..
Fall River_ _ _ _
Lowell
New Bedford..
Springfield...Worcester
Conn.- Hartford
New Haven.-.
3.534.679
391,334,275
1,104,984
641,642
1,082,466
5,091,544
3,048.679
12.165.206
8.491,001
R.I.-Providence
N.11.-Manches'r
14,556,500
Total(12 cities)
442,320,090
616,811
Buffalo
Elmira
$
631,380
3,635,980
529,000,000
1,823,655
1,359,796
1,402.086
5,963,457
4,073,446
23,874,018
11,066.778
18,559,400
666,927
760.292
3,895,471
600.000.000
1,917,438
1,290,354
1,274.639
6,081,525
3,518,438
19,824.520
9,469,159
17,162,300
695,791
607,704,062 -27.2
602,056,923
665.889.927
7,176,344
1,142,419
41,879,498
1,082,319
+0.4
6,608,889
6,111,002
1,455.479 -21.5
53,418,838 -21.6
1,800,751 -39.8
1,531,576
64,646,516
1,245,075
1,405,900
52,154,278
-32.9
18,452,475
14,082,879
+1.9
-15.0
-2.6
-16.9
-46.9
7,167,293
4,854,690
1,260,229
30,342,631
46,179,078
6,010,220
4,064,247
747,070
28,192,797
42,873,924
7.145,323
1,278,752
1,126,407
Jamestown...7,005,714,053
New York__ _ - 5,511,096,884
14,884,716
9.977.469
Rochester
5,305.344
5,406.301
Syracuse
4,120,105
3,500,924
-Stamford
Conn.
748,927
729,725
N. J.-Montc1air
38.643.529
32,112,736
,.. Newark
75,421,110
40,067.476
Northern N.J_
1,092.116
1,452.206
-11.9
1,532.456
-21.3 9,172,061,044 6,720,889,757
9,355,801,702 6,879,156,646
Total(12 cities) 5,655,298,502 7,209,936,927 -21.6
Third Federal Reserve Dist rict-Philad el phis-
1,521,050
1,828,019 -16.8
Philadelphia..
Reading
Scranton
Wilkes-Barre
York
-Trenton- _
'4. J.
394,000.000
3,214,098
4.541.511
3,832.184
2,029,110
4,593,000
647,000,000 -39.1
4,022.438 -20.1
4,977,186 -8.8
3,833,589 -0.1
2,101,818 -3.4
1,650,018
4,647,234
1,336,079
1,693,117
630,000.000
5,154,866
6,618,149
4,607,642
2,077.107
5,189,000 -11.5
4,649,003
1,412,465
4,243,357
1,442,282
2,261,146
566,000,000
4,482.116
6,181,046
4,491,638
1,972,678
6,852,289
Total(10 cities)
419.686,437
676,822,355 -38.0
662,433.215
Lancaster
1.315,113
3,640,371
•1,000,000
1,664,434 -20.9
4,865.657 -25.2
1,340,214 -25.4
eland
Fourth Feder al Reserve D istrict--Clev
5,288,000 -29.4
4,208,000
)hlo--Akron
Canton
Cincinnati_ _ _ _
Cleveland.....
Columbus
Mansfield
3,632,496
67.236.000
115,021,000
14,966,800
1,611,207
4,468,171
4,948,133
70,955.606
146,076.151
17,140.500
2,106,623
-26.6
-5.2
-21.2
-12.7
-23.5
5.551,475 -19.5
Youngstown - -Pittsburgh _
'3,
150,485,500
170,109,445 -11.6
Total(8 cities) _
361,629,174
422,175,933 -14.3
6,473,000
4,256,736
81,051,064
150,436,416
17,447,300
2,228,870
6,357.923
193,572,000
6.778,000
4,039.627
83,421,892
126,747,705
18,244.100
461,823,359
419,081,785
2,278,151
4,695,320
172,868,990
$
al Reserve D istrict-Chi
272,579
222.475
922.862
738.000
139,170,338 181,830,256
7,135,958
6,755,248
4.194,800
3,407,814
3,865.400
2,732,604
25,520,000
20,131,000
2,795.956
2,142,698
5,243,951
5,014.094
32,086.495
26,670,190
2,917,951
2,940,283
9,820,861
7,289,290
6,744,811
4,372.596
1,771,118
940,165
1,8.58,051
1,640,464
483,313.295 574,829.904
1,272.549
1.079.242
5,865,013
3,963,431
3,536.354
2,575,016
2,843,285
2,570,059
716,939,302
240
--18.4
--20.0
--23.5
--5.3
--16.4
--29.3
--21.1
--23.4
--4.4
--16.9
+0.8
--25.8
--45.2
--47.9
--11.7
--15.9
--15.2
--32.4
--27.2
--9.3
875,328,154 -18.1 1,197,652,430 1,057,582,950
4,837,893
162,400.000
42,684,974
495,739
23,137,935
15,221,771
295.668
1,436,586
Total(8 cities).
168,963,762
222,176,209 -24.9
242,603,869
250,510,566
4,
1
6,463.599
75,345,157
32.547,531
1.953,801
1,259,661
583.259
3,378,000
Ninth Federal Reserve Dis Wet- Minn eapolis
4,669,907 -11.2
4,146,871
-Duluth..
Minn.
77,569,185 -12.7
67,712.470
M inneapolls_ - _
St. Paul
N. Dak.-Fargo_
S. D.
-Aberdeen
Mont -Billings.
Helena
21,510,234
2,081.724
997,371
680.296
3,023,997
24,460,261 -12.1
2.236,324 -6.9
1.041,100 -4.2
582,342 +16.8
2,778.000 +8.8
6,478,709
83,581,391
32.829.266
2,055.686
1,355,071
928,064
3,516,000
Total(7 cities).
100,152,963
113,337,119 -11.6
130,744,187
121,531,008
419,824
689.332
4,852,150
44,453.267
3,929.088
8,606,035
141,892,854
7,867,459
1,229,068
Tenth Federal Reserve Die trict-Kane as City
335,301 -24.6
253.044
Neb.-Fremont
564,308 -15.4
477,279
Hastings
3,667,303 -7.9
3,379.214
Lincoln
43,882.614 -7.9
40.400,622
Omaha
3,429,735 -0.7
3,406.232
Kan.
-Topeka _
7,903,438 -3.4
7,643,671
Wichita
Mo.- h ans City. 111,962.655 132,928.031 -15.8
8,117,157 -21.2
6,395.262
St. Joseph_ _ _
Colo.
-Col. SPgs.
Denver
Pueblo
967.002
a
1,487,837
1,180,985 -18.1
a
a
1,778,253 -16.4
(
1,b80,845
417,371
503,611
4,674,594
43,473,169
3,964,281
9,520,744
143,711,889
8,080,541
1,246,035
a
1,258,456
Total(11 cities)
176,372,818
203,787,125 -13.5
215,520,922
216,850,691
-Da las-Eleventh Fede ral Reserve District
1,488,181 --2.6
1,464,213
Texas
-Austin
47,324,702 --18.8
Dallas
38,527,572
12,763,906 --36.8
Fort Worth...
8,074,989
4,614,000 --34.8
3,010,000
Galveston
6,460,110 --28.6
4,613,369
La.
-Shreveport.
2,254,385
60,489,476
14.207.075
6,342.000
6,607,228
1,912,980
.53,328,649
14,577,612
5,817,000
5,235,872
72,650,899 -23.3
89,900,664
80,872,113
Twelfth Feder al Reserve D strict-San Franci sco-54.536,413
42.408.534 -12.8
36,978,754
Wash -Seatl.
12,877.000
11,891,000 -21.9
10,604.000
Spokane
1,471.767
1.463,067 -30.6
1,016.078
Yakima
38,342,762
35,815,829 -29.0
29,429,947
Ore -Portland..
20,981,093
23,337.367 -28.5
16,683,591
Utah-S. L. City
9,688,104
8,666.930 -14.6
7,398,453
-Long Beach
Cal.
50,575,975
13,571,000
1.315,973
36,682,573
21,643,792
7.662.015
20,149,784
7,879,031
7,704,165
7,284,247
217,577.722
3.343,108
2.229,097
3,034.604
2,885,400
20,149,960
7,683,241
7,264,108
5,572,313
216.056,500
3,071,144
1,708,715
2,113.897
2.989,600
55,690,143
Los Angelea.- - No longer will report dead')
16.611,436
16,180.920
Oakland
6,625,083
6,4861.672
Pasadena
7,209.328
6.959,225
Sacramento...
6,730,758
6,118,140
San Diego.._ _
San Francisco. 159,413,654 212,199,343
3,669,453
3,264,126
San Jose
2,281,641
2,335,619
Santa Barbara_
2,117,684
2,072,130
Santa Monica_
3,001.100
1,987,400
Stockton
IS
-2.7
-2.3
-3.5
-9.1
-24.9
-8.3
+2.4
-2.1
-33.8
Total(16 cities) 306,922,709 384,028,558 --20.1 409,944,297 398,060,806
Grand total (125
8,701,312,148 11182588,731 --22.1 13726674,602 11054157,514
cities)
Outside New York 3,190,215,2644,156,874,678 --23.2 4,553,613,558 4,333,267,757
Week Ended Jan. 15.
Clearings at
1931.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
$
109,684,033
93,905,370
29,090,660
14,187,671
5.305,674
5,122,937
2,635,746
4,453,300
6,435,068
1930.
Inc. or
Dec.
$
%
161,909,556 -32.3
126,436,780 -25.7
41,091,877
19,195,382
7,245,048
6,815,448
3,099,505
5,612.049
9,108,868
2,200,673
2,542,977
3,061,403
5,301,642
3,894,585
478,941
485,810
2,001,900
941,366
1,035,466
788,307
803,094
321,359
-29.2
-26.1
-26.8
-24.8
-15.0
-20.7
-29.4
-7.3
-23.6
-1.5
-21.9
-17.1
-11.6
-20.7
-20.1
-18.8
-11.4
-23.7
-17.2
-38.4
St. John
2,040,443
1,943,807
3,015,930
4,139,533
3,227,458
423,298
385,190
1,599,043
755.225
917,029
601,608
665,055
197,932
759,402
675,000
+2.4
602,779
899.080
2,896.618
333,151
695,598
698,320
651,741
539,450
816,249
1,265,272
4,131,426
394,359
866,507
773,868
694,966
608,236
-26.2
-28.9
-29.9
-15.5
-19.7
-9.8
-6.2
-11.3
298,806,149
2,120,000
2,450,000
392,631
59,114,285
Total(31 cities)
-N.Orleans_
a.
469.540
62,520,614
143,371,742
189,508,236 -24.3
182,528,508
184,393,211
Total(11 cities)
4,789,701 -12.1
1.233.934
4,281,585
49,161,000 -24.3
37,714,000
1,320,902
7,432,787
40,007,000
-8.7
2,054,614
2.600,000
84,117,280
25,433,426
100,013,236 -16.0
27.6.5.830 -8.1
99,616,460
29.763,933
101.833,483
Total(6 cities).
153,964,506
185,133,154 -16.9
174,664,526
180,909,794
3,785,000
23,205,609
48,649,424
1,722,025
1,706,137
15,275,342
21,684,718
1,490.099
3,000,000
22,071,583
51.623,713
1,918,219
2.116,386
17,323,914
22,635,859
1,746,621
37,203,000
2,046,031
2,241,983
rIct-Atlant aSixth Federal Reserve Dist
3,746,185 -33.3
'2,500,000
'enn.-Knoxville
Nashville
la -Atlanta....
Augusta
Macon
la.-Jack'nville.
Ala.-Birming'm.
Mobile
-Jackson
Ms.
Vicksburg
18,074,420
40,530,343
1,494,001
22,867,884 -20.9
51,175,115 -20.8
2,175,851 -31.3
840,041
13,865,063
16,014,293
1,545,400
1,739,358
16,448,399
25,829,933
2,117,170
-51.7
-15.7
-38.0
-27.0
2,267,000
2,148,753
+5.5
27,715,622
306.133
1,019.062
196,843,994
8,911.900
4,189,142
3,286,521
23,562,000
2.763,235
5,400.109
43,820.867
2,775,025
9,321,628
8,785,225
1,265,277
1,791,624
732,881,184
1,288,039
5,427,566
3.288,801
2,655,618
5,535,103
159.200.000
38,235,642
491.997
21,498.895
15,912,323
300.000
1,429.909
256,533 -18.9
61,003,055 -24.5
4,212,691
-Norfolk...
a.
Richmond_ _ _ _
I. C.-Charieston
-Baltimore_
4d.
).C.-Washinen
337,650
872.945
263.389.616
10,867,700
3,229,432
3,519.954
27,013,000
3.494.100
5,006,466
34,604,552
2,964,659
9,577,968
7,629,369
1,828,178
1,922,634
806.893,209
1,524.569
6.384,285
3.691,967
2,900,177
4.513,880 -14.4
133,000.000 -15.9
44.360,746-32.9
796,384 -13.4
24,286,634 -43.8
13,695,846 -38.2
328,498 -52.1
1.194,218 -51.8
207,925
46,033,256
-Richm ondFifth Federal Reserve Dist Act1,241,404 -23.3
952.078
1928.
3,864,321
111,800.000
29.759.024
689,863
13,654.008
8,463,852
157,342
575,372
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat...
Peterborough.--Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
V.Va.-IIunt'g'n
1929.
2nd.- Evansville
Mo.-St. Louis..
-Louisville_
Owensboro _ _
Tenn.- Memphis
Ark.-Llt tle Rock
Ill.-Jacksonville
Quincy
599,338,017
Pa.-Alt000a
Bethlehem- -Chester
Inc. or
Dec.
1930.
.
-St
Eight Federal Reserve Dist rict
Total (5 cities)_
Second Feder al Reserve D istrict-New York
-Albany..
N.Y.
Binghamton
1928.
-5.7
-28.1
-14.0
-52.9
-23.3
-4.2
-20.3
-22.7
-18.6
-24.5
-21.6
3,746.545
543,960,036
1,283,068
1,361,877
1,410,625
5,312,777
3.825.635
15,726,418
10,412,257
19,279,300
786,535
Seventh Feder
Mich.- Adrian__
Ann Arbor- - - Detroit
Grand Rapids_
Lansing
-Ft. Wayne
Ind.
Indianapolis...
South Bend...
Terre Haute_ _
Wis.-Milwaukee
Iowa-Cad. Rap_
Des Moines_ _ Sioux City_ -Waterloo
Ill.-Bloomingt'n
Chicago
Decatur
Peoria
Rockford
Springfield__
Total(20 cities)
Ine.or
Dec.
%
$
$
607,704,062 -27.2
442,322,090
5,655,298,502 7,209,936,927 -21.6
676,822,355 -38.0
419,666.437
422,175,933 -14.3
361,629,174
185,133,154 -16.9
153,964,506
189,508,236 -24.3
143,371,742
875,328,154 -18.1
716,939,302
222.176,209 -24.9
168,963,762
113,337,110 -11,6
100,152,963
203,787,125 -13.5
176.372,818
72,650,899 -23.3
55,690,143
384,028,558 -20.1
306,922,709
1931.
414,597,919 -27.9
a No longer reports weekly clearings,
*Estimated.
1929.
1928.
$
w...it00Wm01-.Mtla-4.-.000WOWOCNWW00=00000
SUM MARY OF BANK CLEARINGS.
WeeklEnded Jan. 17.
Clearings at-
ba,t.00
..w
o
omomw-iow-amwoo.
,
co-lcomoomomol.1:boolp"ol.O..7),Wokoloos
m
womot.owomo-Awoo-4co-awoom-awm.-aww-4.
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
shrinkage of 21.6%,in the Boston Reserve District of 27.2%
and in the Philadelphia Reserve District of 38.0%. In the
Cleveland Reserve District, the totals are smaller by 14.3%,
in the Richmond Reserve District by 16.9% and in the
Atlanta Reserve District by 24.3%. The Chicago Reserve
District shows a loss of 18.1%, the St. Louis Reserve District of 24.9% and the Minneapolis Reserve District of
11.6%. In the Kansas City Reserve District the decrease
is 13.5%, in the Dallas Reserve District 23.3% and in the
San Francisco Reserve District 20.1%. .
In the following we furnish a summary of Federal Reserve
districts:
Mamal.
[Wu 182.
FINANCIAL CHRONICLE
608
149,511.934
156.548,134
51,660,556
21,190,755
7,837,803
8,806,828
2,844,611
5,668,241
475,489,715
454,608,477
10,529,044
2,672,753
2,312,834
3.364.211
7.722,490
4,661,055
608.649
621,832
2,304,785
1,351.100
1,165,110
867,329
709,216
396,109
919,353
845.805
1,303.666
4,391,929
396.355
871.203
792,765
884,222
857,810
JAN. 24 1931.]
FINANCIAL CHRONICLE
609
Oats.
THE CURB EXCHANGE.
Wheat. VCorn. ,7. Flour.
Rye.
ExportsfromBarley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
Some advance was made by prices on the Curb Exchange
New York
1,384,000
45,879
9,990
17,000
this week though trading was the dullest in some time. Boston
96.000
3,000
Philadelphia
8,000
Changes for the most part were small though a few sharp Baltimore
2,000
283,000
2.000
advances were recorded in to-day's trading. Utilities con- Newport News
23.000
1,000
8,000
New Orleans
12,000
tinue the feature. Amer. Superpower com. after early loss Galveston
2.000
20,000
765,000
17,000
from 103 to 103% sold up to 123%. Amer. Gas & Elec. com. St. John, N.B
4
1,000
Houston
3,000
advanced from 70% to 763/i and closed to-day at 76. Amer. Halifax
.
Light & Trac. com. improved from 445,4 to 46 and Amer. Total week 1931-- 2,548,000 8.000 101.879 10,990 17.000 17,000
Commonwealth Power com. B from 243 to 29%. Duke Same week 1930_ _ _ 3.011.000 43.000 204,830 28.000
4
The destinat'on of these exports for the week and since
Power advanced from 120 to 128%. Electric Bond & Share,
com, eased off at first from 41% to 40 then recovered to 45. July 1 1930 is as below:
N. Y. Steam com. gained 35/i points to 50%. Oils showed
Corn.
Flour.
Wheat.
strength as the week closed. Standard Oil (Indiana) sold Exports for Week
Week
Since
Since
Week
Since
Week
and Since
down at the beginning of the week from 36% to 35% but
July 1
Jan. 17
July 1
Jan. 17
Jan. 17 Jolf/ 1
July 1 to1931.
1930.
1930.
1931.
1930.
1931.
later ran up to 373 ,the close to-day being at 373.. Standard
4
Bushels. Bushels. Bushels.
Oil (Ohio) corn. gained four points to 54. Vacuum Oil after
Barrels. Barrel s. Bushels.
86,000
373,000 32,725,000
United Kingdom_ 47,659 2,435,527
early decline from 57% to 55 8, sold up to 58, with the final Continent
38.820 3,023,334 2,015,000 85,147.000
2.000
12,000 1,395,000
So.& Cent. Amer_ 3,000
801,540
figure to-day 563 . Gulf Oil rose from 67 to 723 and finished West Indies
4
4
45,000
8,000
53,000
708,150
9,000
2,000
13,400
to-day at 72. Lone Star Gas advanced from 25% to 28%. Brit. No. Am.Col_ _--148,000 2,317.000
Other countries_ _
299,680
. 3,400
Among industrial and miscellaneous issues large gains were
133,000
8,000
Total 1931
101.879 7,281,631 2,548,000 121,639,000
made by A. 0. Smith Corp., com. from 138 to 157. Great Total 1930
295.000
43,000
204.830 5,101,758 3,011,000 87,220,000
Atl. & Pacific corn. from 185 to 216, the close to-day being
The visible supply of grain, comprising the stocks in
at 215. Aluminum Co.of Amer.sold down at firstfrom 1473%
accumulation at lake and
to 143 then up to 160. American Meter improved from granary at principal points of
seaboard ports Saturday, Jan. 17 1931, were as follows:
39% to 45. Insull Utility Investments coin. moved up from
GRAIN STOCKS.
35% to 42
Barley.
Oats,
Corn,
Wheat,
bush.
United States-.
bush.
bush.•
bush.
A complete record of Curb Exchange transactions for the New York
12,000
31,000
21.000
1,434,000
121.000
Boston
1,000
2,000
week will be found on page 637.
7,000
Philadelphia
8,000
95,000
73.000
344,000
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Jan. 23
Stocks
(Number of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
Eighty.
215,400
190,300
228,700
366,100
387.900
798 200
2,186.600
Poretim
Domestic. Government,
3,500 $1,985,000
3,400 2,915,000
18,700 2,878.000
17,200 3,118,000
12,000 2,969,000
14,900 8,096,000
Total.
$115,000 $2,100.000
229,000 3,144.000
319.000 3,197,000
238,000 3,356.000
20,000 3,172,000
202,000 3,298,000
69,700 $16,961,000 $1,306,000 S18,267.000
eruninercialand pusccuatteratsBnus
Breadstuffs figures brought from page 689.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
"
afloat
Detroit
Chicago
"
afloat
Milwaukee
"
afloat
Duluth
"
afloat
Minneapolis
Sioux City
88. Louis
Kansas City
Wichita
Hutchinson
St.Joseph, Mo
Peoria
Indianapolis
Omaha
6,838,000
377,000
4,464,000
4,768.000
6,131,000
12,695.000
9.060.000
3.645,000
441,000
310.000
18,722,000
2,006,000
2,134,000
258.000
26,076.000
362,000
32,107.000
1.044,000
6,246.000
24,333,000
1,875,000
4,270,000
6,591.000
67,000
822,000
12,346,000
104,000
40.000
53,000
59,000
6,000
87,000
127,000
197.000
4,000
236,000
355.000
672,000
579.000
725.000 1,312,000
896.000
698.000
3,000
3,000
179,000
13,000
1,266.000
45.000
23.000
43.000
21,000
2,804,000 4,970,000 3.050.000 1.314,000
792,000
1,767,000 2,364,000
621,000
236,000
1,598.000 3,987.000
1,571,000 3,247,000 4,082,000
664,000
1.340,000 4,926,000 4,621,000 4.975.000
22.000
1.000
515.000
449.000
90.000
34,000
1.243,000
335,000
367,000
140.000
55.000
726.000
16.000
6.000
116.000
63,000
11,000
926,000
238,000
6,000 1,397.000
77,000
3,000
856.000
1,095,000
128,000
15.000
445,000
3,075,000
Total Jan. 17 1931.-189,766,000 16,358,000 26.814,000 15,294,000 11,030,000
Total Jan. 10 193i___191.038,000 16,276,000 26,907,000 15,328,000 11,301,000
Total Jan. 18 1930-168.583,000 13,197,000 26.127,000 13,977,000 9,525.000
Note.
-New York. 5,000 bushels;
-Bonded grain not included above. Oats
Duluth. 4,000; on Lakes. 245,000; total, 254,000 bushels, against 698.000 bushels
In 1930. Barley-New York,9.000 bushels; Buffalo, 132,000; Buffalo afloat. 1,129,000: Duluth, 51,000; total, 1,321,000 bushels, against 3,009.000 bushels in 1930.
Wheat
-New York, 1,584,000 bushels; Boston, 576,000; Philadelphia, 181,000;
Baltimore, 368,000; Buffalo, 5,009.000; Buffalo afloat, 15,542.000; Duluth, 25.000
Toledo afloat. 582,000; total, 23,867,000 bushels, against 34.883.000 bushels in 1930.
Receipts atFlour.
Wheat.
Corn.
Oats.
Barley. I Rye.
.
Aim
,
Canadian- -,----reftlt--W1
1924,000 1.381,000 1.739,000
Montreal..
bbla.1961bs.bush.60115. bush.56 lbs.bush. 32 lbs. bush.4810s.bush.5615s
. Ft. William .4 Pt. Arthur 39,369,000
3,318,000 7,508,000 13,859,000
Chicago
188,000
846,000
944,000
166,000
48,000
10,000
642.000
252,000
"
afloat
Minneapolis_
1,519,000
364,000
386.000 278,000
46,000 Other Canadian
18.513,000
2.483,000 1.370,000 6,959.000
Duluth
1,040,000
103,000
19,000
7,000
9,000
Milwaukee_ _ _
11,000
20.000
155,000
39.000 104,000
2,000
Total Jan. 17 1931____ 62,425.000
6,725,000 10,511.000 23,199,000
Toledo
31,000
21,000
22,000
Total Jan. 10 1931_ __ 62.830,000
.
6,945,000 10,436,000 23,261,000
Detroit
17.000
4,000
12.000
10,000
Total Jan. 18 1930._ 75,575,000
9,110,000 6,143,000 16.745,000
Indianapolis
24,000
469,000
104,000
Bt. Lou1s....
121,000
436,000
Summary
472,000
385,000
22,000
1.000
Peoria
65,000
25.000
115.000
189,766,000 16,358,000 26,814.000 15,294,000 11,030,000
66,000
48,000
94,000 American
Kansas City_
1,520,000
Canadian
646,000
62,425,000
6,725,000 10,511,000 23,199,000
56,000
Omaha
707,000
725,000
52,000
Bt. Joseph-39,000
Total Jan. 17 1931_ -252,191.000 16,358,000 33,539,000 25,805.000 34.239,000
442,000
22,000
2,000
Wichita
270,000
Total Jan. 10 1931_ _ -253,868,000 16,276,000 33,852,000 25,764,000 34,562,000
95,000
10,000
Sioux City_
12,000
Total Jan. 18 1930_ _244.158,000 13.197,00035,237,000 20,120,000 26.270.000
49.000
60,000
Total wk.1931
Same wk.1930
Same wk.1929
Since Aug. 1
1930
1929
1928
385,00'
381,000
.465,000
6,506,000
4,124,000
4,199.000
4,604,000
6,022,000
7,653,000
1,399,000
1,458,000
2,141,000
517,000
615,000
655,000
164,000
111,000
183,000
10,662,000 259.981,000 99,309,000 68,314,000 34,382.000
10,896.000 258,397,000 127,725,000 84,378.00048.746,000 15.428,000
12.278.000 339.333 n001149 7114.(MV, RI 5.50 rtnn 71 tv2o nein 19,716,000
.
1n
.......,
The world's shipment of wheat and coin, as furnishediff
Broomhall to the New York Produce Exchange,for the weg •
ending Friday, Jan. 16, and since July 1 1930 and 1929,
are shown in the following:
Corn.
Wheat.
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Jan. 17 1931 follow:
Flour.
Wheat.
Corn. I
Oats.
Barley.
Rye.
bbls.19615s. bush.60 lbs. bush.56 lbs. bush.32 lbs. bush.481bs. bush.66Ths.
220,000
New York -- _
719,000
15.000
5.000
14,000
33,000
Philadelphia__
8,000
2,000
20,000
,
2,000
Baltimore---76,000
2,000
Newport News
6,000
61,000
New Orleans *
10,000
12,000
20,000
765,000
St. John, N.B
17,000
•
27,000
56,000
Boston
4,000
1,000
310,000 1.685,000
Total wk.1931
27,000
41,000
17.000
15.000
Since Jan.1'31 1,019,000 2,961,000
141,000
193.000
51,000
33,000
V....
435.000 1,074,000
Week 1930 _ _
.
76,000
80,000
9,000
3.000
Since Jan.1'30 1,291,000 2,735,000
292.000
203.000,
50.000
111100
Receipts at-
• 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. 17 1931, are shown in the annexed
statement:
Exports
--
Week
Jon. 16
1931.
Since
July 1
1930.
Since
July 1
1929.
Week
Jan. 16
1931.
Since
July 1
1930.
Since
July 1
1929.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 5,652,000 223,399,000183,317,000
20,000 1,019,000 2.307,000
Black Sea_
169,000 24.358,000 11,756.000
464,000 82,542,000 16.355,000
Argentina_ _ _ 2,400,000 27,792,000106,228.000 4,725,000 134.092,000 118,786,000
Austrians __ 4,856,000 45,768,000 29.701,000
320.000
India
8,920,000
0th. countr's
576,000 27,936,000 23.924,000 170,000 33,367.000 21,941.000
Total
13,948,000 416,337.000 359,845,000 5,084,000 192.936.000154,790,000
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 TITLB
REQUESTED.
Capital.
Jan. 17
-The National Bank of Crozet, Va
$25,0011
Correspondent, C. T. O'Neill, Charlottesville, Val
lMi
_
_CHARTER ISSUED.
Jan. 17
-Phillips National Bank of Helena, Ark
$100AMP
Succeeds Merchants & Planters Bank, Helena, Ark.
President. D. T. Hargraves.
610
FINANCIAL CHRONICLE
[VoL. 132.
Books Closed.
When
Per
CHANGE OF TITLE.
Days Inclusive.
Cent. Payable.
Name of Company.
-The Continental National Bank of Salt Lake City,
Jan. 17
Utah, to "The Continental National Bank & Trust Co.
Railroads (Steam).
of Salt Lake City."
Feb. 16 "Holders of rec. Feb. 2
*2
Central RR.of N.J.(quar.)
134 Feb. 16 Holders of roe. Jan. 31
M.
Internat. Rys. of Cent.
VOLUNTARY LIQUIDATIONS.
Amer..
$100,000 Missouri-Kansas-Texas. pref. A (guar.). '134 Mar. 31 "Holders of ree. Mar. 5
-The First National Bank of Antlers, Okla
Jan. 13
New Orleans Texas & Mexico (quar.)_. *15.4 Feb. 28 'Holders of rec. Feb. 13
Effective Dec. 31 1930. Lig. Agent, M. D. Jordan,
*50c. Mar. 12 "Holders of rec. Feb. 19
Reading Company, 1st pref.(quar.)_.._ *5
Antlers, Okla. Succeeded by First State Bank,Antlers,
Feb. 1 *Holders of rec. Jan. 25
Troy & Bennington
Okla.
25,000
-The First National Bank of Hancock, Minn
Jan. 15
Public Utilities.
Effective Jan. 9 1931. Lig. Agents, A. F. McKellar,
J. A. Murphy and F. E. Taplin Hancock, Minn. Ab$1.25 Mar.16 Holders of roe. Feb. 16
Assoc. Gas& Elec. Co.,$5 pf.(qu.)
sorbed by the Hancock National Bank, Hancock,
$1.50 Mar. 2 Holders of roe. Jan. 31
$6 preferred (quar.)
Minn., No. 7033.
51.625 Mar. 2 Holders of rec. Jan. 31
$6.50 preferred (quar.)
50,000
-The First National Bank of Chipley, Fla
Jan. 15
British Columbia Tel.6% pref.(quar.) *134 Jan. 31 "Holders of roe. Jan. 15
Effective Jan. 13 1931. Lig. Agent,E.L.Alford,Chip*50c. Jan. 15 "Holders of ree. Jan. 6
Brockton Gas Light (guar.)
lay, Fla. Absorbed by Chipley State Bank, Chipley,
com.(qu.) *SI Jan. 15 Holders of rec. Jan. 15
Can.West.Nat.Gas,
Fla.
*758. Feb. 16 "Holders of rec. Jan. 31
25,000 Cedar Rapids Mfg.& Power (quar.)
-The American National Bank of Tonkawa, Okla
Jan. 15
*51.75 Feb. 16 Holders of rec. Jan. 31
Central & S. W.Utilities,$7 pf.
Effective Dec. 20 1930. Lig. Agent, Ray See, Tan*31.75 Feb. 16 Holders of rec. Jan. 31
$7 prior lien Preferred (guar.)
kawa, Okla. Absorbed by the First National Bank in
51.50 Feb. 16 Holders of rec. Jan. 31
$6 prior lien preferred (quar.)
Tonkawa, No. 11,397.
Cities Serv.Pow.& Lt.$7 pi.(mthly.).5 8 1-3c. Mar. 16 Holders of rec. Feb. 280
50,000
-The First National Bank of Flagstaff, Ariz
Jan. 16
50e. Mar. 26 Holders of roe. Feb. 280
$6 preferred (monthly)
Effective Jan. 7 1931. Lig. Agent. A. F. Grimmell,
4 1 2-3c. Mar.16 Holders of rec. Feb. 280
$5 preferred (monthly)
Flagstaff. Ariz. Absorbed by the Arizona Central Bank
"70o. Jan. 15 Holders of rec. Jan. 6
corn.(guar.)
Concord Electric Co.,
of Flagstaff. Ariz.
•134 Jan. 15 "Holders of rec. Jan. 6
Preferred (quar.)
500,000
Jan. 17
-The First National Bank of Bloomington, Ill
Connecticut By.& Ltg., com. dv pf.(qu.) 'l'4 Feb. 15 'Holders of rec. Jan. 31
Effective Jan. 13 1931. Lig. Agents, C. M. Harlan,
134 Feb. 2 Holders of roe. Jan. 21
Dallas Power & Light. 7% pf.(quar.)
B. A. Franklin and H. K. Hobllt, Bloomington, Ill.
$1.50 Feb. 2 Holders of rec. Jan. 21
$6 preferred (quar.)
Succeeded by First National Bank & Trust Co.,BloomRy.& Terminal, pref.(qu.)
Dallas
'134 Feb. 2 *Holders of rec. Jan. 21
ington, Ill., No. 13.499.
"31.75 Feb. 2 *Holders of rec. Jan. 20
Derby Gas& Elec., $7 pref.(quar.)
CONSOLIDATIONS.
*$1.50 Feb. 2 *Holders of rec. Jan. 20
$6.50 preferred (quar.)
$75,000 Empire Dist. Elec. Co.6% pr.(mthly.). 50c. Mar. 2 Holders of rec. Feb. 14a
-The First National Bank of Cadiz, Ohio
Jan. 12
100,000 Empire Gas& Fuel,8% pref.(mthly.).6 6 2-3c. Mar. 2 Holders of rec. Feb. 14a
The Harrison National Bank of Cadiz, Ohio
7% preferred (monthly)
5 8 1-3o. Mar. 2 Holders of rec. Feb. 14a
125,000
Cadiz, Ohio
The Fourth National Bank of
6.34% preferred (monthly)
5 4 1-6c. Mar. 2 Holders of rec. Feb. 14a
Consolidated to-day under Act of Nov. 7 1918 under
50c Mar. 2 Holders of rec. Feb. 140
6% preferred (monthly)
of the First National Bank of Cadiz, No. 100,
charter
160. Feb. 16 Holders of rec. Jan. 31
A & B(qu.)_
Bank &
European Elec. Corp.. corn.
and under the title of "The Union National
Fairmount Park & Haddington Pass. Hy. "51.50 Feb. 5 *Holders of tee. Jan. 24
Trust Co.of Cadiz," with capital stock of $200,000.
"68c Jan. 15 *Holders of rec. Jan. 6
National Bank, Granite City. Ill---- 150,000 Fitchburg Gas dc El. Light (quar.)
Jan. 17
-The Granite City
*51.50 Feb. 15 *Holders of rec. Jan. 30
100,000 Georgia Power & Lt.,$6 pf.(quar.)
The First National Bank of Grande City, Ill
Houston Ltg.& Power,7% pref.(qu.).._ *1% Feb. 1 *Holders of rec. Jan. 15
Consolidated to-day under Act of Nov. 7 1918 under
*51.50 Feb. 1 'Holders of rec. Jan. 15
$6 preferred (quar.)
charter of the Granite City National Bank, No. 6,564,
31.76 Feb. 10 Holders of rec. Jan. 31
Illuminating & Power Sec., corn.(qu.)_
and under corporate title of "First Granite City Na131 Feb. 13 Holders of rec. Jan. 31
Preferred (quar.)
with capital stock of $200,000.
tional Bank,
134 Feb. 16 Holders of rec. Jan. 31
Interstate Public Serv., pref.(qu.)
BRANCH AUTHORIZED UNDER ACT OF FEB. 25 1927.
Italian Superpower. pref.-Dividend act! on dere rred.
*81 Mar. 2 "Holders of rec. Feb. 18
Keystone Telep. of Phila. $4 pf.
-First Camden National Bank & Trust Co., Camden,
Jan. 16
*65c. Feb. 2 "Holders of rec. Jan. 20
Lawrence Gas& Elec.(quar.)
N. J. Location of branch, N. W. Cor. of Second and
Lehigh Power Seoul's. $6 pref.(quar.)._ .331,60 Feb. 2 *Holders of rec. Jan. 20
Market Streets, Camden.
*134 Feb. 10 *Holders of rec. Jan. 31
Lincoln Tel.& Tel., pref.(quar.)
Louisiana Power & Light. $6 pf.(quar.). 81.60 Feb. 2 Holders of rec. Jan. 17
4334c. Mar.25 Holders of rec. Feb. 28
Louisville G.& E.
-Among other securities, the following Lowell Elec. Light(Del.) corn A&B
Auction Sales.
*1330. Feb. 2 *Holders of rec. Jan. 19
(quar.)
not actually dealt in at the Stock Exchange were sold at auction Malone Light Heat dr Pow.$6 pf.
'51.50 Feb. 1 "Holders of rec. Jan. 15
in New York, Boston, Philadelphia and Buffalo on Wednes- Milwaukee Elec. By.& Light Co.
*134 Mar. 2 *Holders of rec. Feb. 16
7% preferred (series (1921)
1
• ),Li Mar. 2 *Holders of rec. Feb. 16
day of this week:
6% pref. (series 1921)
Feb. 16 *Holders of rec. Jan. 31
*2
Montreal Light, Heat ,k Pow.(quar.)
By Adrian H. Muller dr Son, New York:.
*20c. Jan. 15 *Holders of rec. Dec. 31
New Brunswick Telep.(guar.)
$ per Sh. New Jersey & Bud.Riv.Ry.& Ferry, pf. *3
Shares. Stocks.
$ per Sh. Shares. Stocks.
Feb. 2 *Holders of rec. Jan. 31
2.793 Amer.Seat-Hap Corp.(Mass.)
50 E. J. Spicer, Inc. (N. Y.), no
65c. Mar, 2 Holders of rec. Feb. 16a
N.Y. Steam Corp., new, corn.(No. 1)_
class A corn.; 21334 Cl. B corn.;
$50101
Par
M Apr. 1 Holders of rec. Mar. 5
North American Co.,corn.(guar.)
1,621 Am. Seal-Hap Corp. of
5,000 General Natural Gas Corp.
75c, Apr. 1 Holders of rec. Mar. 5
Preferred
$5,000 lot North West(quar.)
Delaware
$200 lot
(Del.). par $5
•134 Feb. 16 "Holders of rec. Jan. 31
Utilities, pref.(guar.)
5 Iowa Farm beneficial int. eds.- _517 lot 150 Ready Bullion Copper Co.. par
Norwood Gas Co., corn.-Dividend omit ted.
31: 100 Hidden Fortune Gold
98
24 Chase Nat. Bank. par 520
Oklahoma Natural Gas, pref.(guar.).
- *134 Feb. 2'Holders of rec. Jan. 15
$I lot Pacific
Mining Co., par $1
120 Washington Timber Corp.,
Power & Light, pref.(quar.)- 134 Feb. 2 Holders of rec. Jan. 17
$50 lot
pref.(Va.);90common
Peoples Light & Power, 17 pref.(quar.)_ '51.75 Feb. 2 *Holders of rec. Jan. 15
$640 preferred (quar.)
$1.625 Feb. 2 "Holders of rec. Jan. 15
By Wise, Hobbs & Arnold, Boston:
•51.50 Feb. 2 *Holders of rec. Jan. 15
$6 preferred (quar.)
$ per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
13‘ Feb. 2 Holders of rec. Jan. 17
Portland Gas& Coke, pref.(guar.)
20 Mass. Utilities Associates, pref,
25 Medford Trust Co., Medford,
•50c. Jan. 15 *Holders of rec. Jan. 12
3334 Public Electric Light, corn
par $50
65
par $20
56-57 Pub.Serv. of Colo., 7% pref.(mthly.)-5 8 1-3c. Mar. 2 Holders of rec. Feb. 14a
Mass. Companies
5 First National Bank, par $20-- 79 58 Western
50c. Mar. 2 Holders of rec. Feb. 140
6% Preferred (monthly)
25 Nat. Shawmut Bank, par $25._ 59% 50 Great North.Paper Co., par $25_38-39
5% preferred (monthly)
4 1 2-3o. Mar. 2 Holders of rec. Feb. 14a
80
52 Mass. Bonding & Insur. Co
10 Springfield Chapin Nat. Bank &
Co., 1st pref. 7034 Public Service Corp. of N. J., corn.(qu.) •85c. Mar.31 'Holders of rec. Mar. 2
250 7 Heywood-Wakefield
Trust Co.(Springfield)
$5 preferred (quar.)
*51.25 Mar. 31 'Holders of rec. Mar. 2
69
25 Federal Nat. Bank. par 520- _- 8934 27 Plymouth Cordage Co
*134 Mar. 31 *Holders of rec. Mar. 2
7% preferred (quar.)
20 Candy Brands, Inc., common.
Associated Textile Cos. as follows:
Mar. 31 *Holders of roe. Mar. 2
8% preferred (aura%)
*2
$3 lot
par $1
5 at 35; 5 at 35; 23 at 35; 5 at 35;
*50c. Feb. 28 *Holders of rec. Feb. 2
6% preferred (monthly)
1.700 State Street Investment Corp.,
5 at 35 and 5 at 3634.
Public Service Elec. dr Gas, 7% pf.(qu.) •134 Mar. 31 "Holders of rec. Mar. 2
66
B
class
501
62 Farr Alpaca Co
*136 Mar.31 *Holders of rec. Mar. 2
6% preferred (quar.)
20
3234 58 units First Peoples Trust
25 Sanford Mills, common
Seattle Gas Co., pref.(guar.)
"134 Jan. 15 *Holders of rec. Dec. 31
235 Shepard Stores, Inc., corn; 700
100 Berkshire Fine Spinning Asso50o. Feb. 23 Holders of rec. Jan. 31
Southern Colorado Power, corn. A (qu.)
cum, and Cl. A
$725 lot
76
elates, common
1% Apr. 1 Holders of rec. Mar. 14
Tenn. Elec.Power Co.,5% pt.
3334
5 Sanford Mills, common
134 Apr. 1 Holders of rec. Mar. 14
6% first preferred (quar.)
Bonds.
80-84
Per Cent.
60 Naumkeag Steam Cotton Co.
1% Apr. 1 Holders of rec. Mar. 14
7% first preferred (quar.)
3534 $10,000 Holyoke Street Ry., 1st
50 Graton & Knight Co., pref
1.80 Apr. 1 Holders of rec. Mar. 14
7.2% first preferred (quar.)
11 and int.
42
55, April 1935
30 U. S. Finishino Co., pref
50c. Feb. 2 Holders of rec. Jan. 15
6% first preferred (monthly)
50c. Mar. 2 Holders of rec. Feb. 14
By R. L. Day & Co., Boston:
6% first preferred (monthly)
Spot Sh.
$ per Sh. Shares. Stocks.
50c. Apr. 1 Holders of rec. Mar. 14
6% first preferred (monthly)
Shares. Stocks.
2 Essex Co., par $50
Bank, par
60c. Feb. 2 Holders of rec. Jan. 15
12934
7.2% first preferred (monthly)
143 18-20 Federal Nat.
80 50 Beacon Participations, Inc.,
7.2% first preferred (monthly)
60c. Mar. 2 Holders of rec. Feb. 14
520
preferred A
1034
7.2% first preferred (monthly)
60c. Apr. 1 Holders of roe. Mar. 14
8 16-20 Federal Nat. Bank. par $20 80
Union Pub. Serv.(Minnesota), com.(qu) "134 Jan. 1 "Holders of rec. Dec. 20
45 Federal Nat. Bank, par 520_ 85 5 New Bedford Gas dr Edison Light
Co., undep., par 825
80
25 Federal Nat. Bank, par $20__-_ 8934
'134 Jan. 1 *Holders of rec. Dec. 20
Preferred A & 13 (quar.)
78.35 22 Heywood Wakefield Co., com__ 12
25 U. S. Trust Co., par $25
Preferred C & D (guar.)
•$1.50 Jan. 1 *Holders of rec. Dec. 20
Utica Gas & Electric. $6 pref. (guar.)--- '51.50 Jan. 31 *Holders of rec. Jan. 20
1 Brookside Mills
1834 125 Great Northern Paper Co.,
par $25
Associated Textile Cos. as follows:
3734-3834 Washington Gas & Light (guar.)
*90c. Feb. 2 *Holders of rec. Jan. 19
25 Springfield Fire dr Marine Ins.
5 at 35; 5 at 35; 5 at 35; 5 at 35;
Wisconsin Elec, Pow.,034% pref.(qu.). •1% Apr. 1 *Holders of rec. Mar. 16
102
Co., par $25
Sat 35; Sat 3634.
6% preferred (quar.)
*154 Apr. 1 "Holders of rec. Mar. A0
3334
•13„4 Jan. 31 *Holders of rec. Jan. 20
50 Sanford Mills
Winsconsin Telephone, pref. (guar.)Per Cent.
Bonds534
50 Queen City Cotton Co
$2,000 National Service Cos. 6s,
15 Pub. Serv. Co., New HtunpJoint Stock Land Banks.
99
90 & int. Pacific Coast Joint Stock Land Bank_ -- *4
Dec. 1932
shire. 56 preferred
Jan. 1 *Holders of roe. Jan. 1
6 New England Power Assoc.corn__ 7034 $1,000 Susquehanna Public Utilities
95& int.
Os, Nov.1931
Fire Insurance.
1 Boston Athenaeum, par 5300-600
Amer. Equitable Assurance (guar.)
•30e. Feb. 2'Holders of rec. Jan. 26
By Barnes & Lofland, Philadelphia:
Amer. Re-Insurance
75e. Feb. 16 Holders of rec. Feb. 7
$ per Sh. Bankers & Shippers (guar.)
$ per Sh. Shares. Stocks.
Shares. Stocks
(quar.)
$1.50 Feb. 4 Holders of rec. Feb. 2
Bk., Par $10 59 30 Real Estate-Land Title & Tr.
30 Central-Penn. Nat.
Bronx Fire (quar.)
"51.25 Feb. 16 "Holders of rec. Jan. 31
33
par $10
405
8 First Nat. 13k. of Phlla
General Alliance Corp.(*Var.)
40c. Feb. 16 Holders of rec. Jan. 310
6 Olney Bk. dr Tr. Co., Par 550-166 89 Pa. Co. for Ins. on Lives, &c.,
Guardian Fire
*50c. Feb. 2 *Holders of rec. Jan. 26
8034 KnickerbockerAssurance (guar.)
Par $10
240 Tioga Nat. Bk. dr Tr. Co.,
Fire Ins., corn. (guar.)... "373411 Feb. 2 "Holders of rec. Jan. 21
20 4 William H. Horstmann Co., pref. 50
.13.‘ Jan. 16 *Holders of rec. Jan. 14
par $25
Preferred (guar.)
85
11534 20 Pa. Salt Mfg., par 550
New York Fire (quar.)
5 City Nat. Bk.& Tr. Co
•30e. Feb. 2 "Holders of reo. Jan. 21
RR.. 1st pf., par
United States (quar.)
2 Comm'l Nat. Bk. & Tr., par $10.. 19 8 CatawLssaIns. Co.. par $10 550 47
"60o. Feb. 2 "Holders of rec. Jan. 22
13
25 Sylvania
2 Corn Exch. Nat. Bk. St Tr., 93 75 Sixth National Bank
225
par $20
Miscellaneous.
10
10 Glenside Trust Co
100 Cont.-Equitable Title dr Tr.,
Per Cent. Acme Farmers Dairy, Ltd., pref
Bonds.
26
par 55
*314 Feb. 10 *Holders of rec. Jan. 81
Agricultural Bond & Credit, pref.-I:313dd end o mltted.
125 Industrial Trust Co., par $10 6614 $1,000 Strawbridge dr Clothier Co., 98
1st mtge. 5.9 1948
35
Alliance Realty, pref. quar.)
(
115 Franklin Trust Co., par $10_
114 Mar. 1 Holders of tee. Feb. 21
$1,000 Pub. Serv. Corp. of N. J..
Preferred (quar.)
30 No. Central Trust Co., Dar 510. 20
134 June 1 Holders of rec. May 20
1st mtge. 68 perpetual (M.&N.)11534
145
Preferred (quar.)
Girard Trust Co., par $10
134 Sept. 1 Holders of rec. Aug. 20
15
Preferred (quar.)
134 Dec. 1 Holders of roe. Nov. 20
Wright & Co., Buffalo: Stocks.
By A. J.
26
$ Per Sh. Allied Internat. Investing, $3 Pt. (on.). *50e. Feb. 2'Holders of rec. Jan. 20
$ per Sh. Shares.
4.1,4 Jan. 24 *Holders of rec. Jan.
Shares. Stocks.
American Book Co. (quar.)
Premier Gold Mines, Dar $1-- 70c.
500 Creighton Fairbanks Mines, lot 200 Assets Realization Co., par $10.52 lot Amer. Dept. Stores, 1st pref.-No action taken.
100
50o.
Ltd., par 51.
Amer. Show Case dr Mfg.. pref.-Divide nd act' on defer red.
$2 lot
Anglo Steel Stool, com.-DIvidend omit ted.
100 Peer 011, no par
Angus Company,Prof. A (quar.)
Feb. 1 Holders of reo. Jan. 22
$1
Art Metal Works
150. Feb. 1 Holders of tee. Jan. 26
DIN IDENDS.
Avery Power Machinery, pref
Jan. 20 *Holders of rec. Jan. 10
Bamberger (L.) & Co.. Pref.(quar.)--- *1% Mar. 2 *Holders of rec. Feb. 18
Dividends are grouped in two separate tables. In the Bandini Petroleum (monthly)
•100. Feb. 20 *Holders of rec. Jan. 31
1
"75e.
first we bring together all the dividends announced the Bessemer Limestone dr Cement, A (qu.)_ *134 Feb. 2 *Holders of roe. Jan. 20
*Holders of rec. Jan. 23
Carpet,
Feb.
in Bigelow-Sanfordcorn. pref. (quar.)
current week. Then we follow with a second table,but Blauner's, Inc.,
(quar.)
500. Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
750. Feb. 15 Holders of rec. Jan. 31
which we show the dividends previously announced,
•15.i Jan. 24 *Holders of rec. Jan. 1
Bonded Capital Corp., pref. (quar.)..
which have not yet been paid.
Hondo's, Inc., pref. (quar.)
quote Feb. 16 "Holders of rec. Feb. 2
The dividends announced this week are:
JAN. 24 1931.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Buckeye Pipe Line (quar.)
Mar. 14 Holders of rec. Feb. 20
$1
Burns Bros., class A-Dividend action de erred.
Calotex Royalties Corp.(monthly)
*1
Jan. 25 *Holders of rec. Jan. 10
Campbell, Wyant & Cameron Fdy.Common (quar.)
•25c. Mar. 1 *Holders of ree. Feb. 14
Canadian 011 Cos. Ltd., corn.(quar.)- •25e. Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
'2
Apr. 1 *Holders of rec. Mar. 20
Capital Securities, pref. (quar.)
*5254e Feb. 2 *Holders of roe. Jan. 26
Carey, Lombard, Young Co., prof
*3
Feb. 1 *Holders of rec. Feb. 1
Charts Corporation, corn. (quar.)
50e. Feb. 1 Holders of rec. Jan. 23
Common (extra)
250. Feb. 1 Holders of rec. Jan. 23
Chic. Wilm.& Franklin Coal. pref.(OIL) 154 Feb. 2 Holders of roe. Jan. 20
Chile Conner Co. (quar.)
*50e. Mar.3 'Holders of rec. Mar. 6
Cincinnati Postal Term.drIlity., pf.(qu.) *134 Jan. 15 *Holders of rec. Jan. 5
Cities Service, common(monthly)
234c. Mar. 2 Holders of rec. Feb. 14a
Common (payable in common stock)_ ./54 Mar. 2 Holders of rec. Feb. 14a
Preference B (monthly)
Sc. Mar. 2 Holders of rec. Feb. 140
Preference and pref. BB (monthly)_._
50c. Mar. 2 Holders of rec. Feb. 140
City Ice & Fuel, corn.(quar.)
*90e. Feb. 28 *Holders of rec. Feb. 15
Preferred(quar.)
'134 Mar 1 *Holders of rec. Feb. 15
Clinchfield Coal. pref. (guar.)
•154 Feb. 2 *Holders of rec. Jan. 24
Coast Breweries Ltd. (guar.)
•460. Feb. 2 *Holders of rec. Jan. 21
Columbia Invest. Corp., corn. (quar.).. *1254e Feb. 1
Preferred (quar.)
*154 Feb. 1
Columbus Packing, pref. (guar.)
•134 Feb. 2 *Holders of roe. Jan. 19
Connecticut Invest. Trust
•35e Jan. 15 *Holders of roe. Dec. 31
Copperweld Steel Co., corn. (quar.)
*50e Feb. 15 *Holders of rec. Jan. 31
Cushman', Sons, Inc., corn. (quar.)'Si
Mar. 1 *Holders of rec. Feb. 13
7% preferred (guar.)
'134 Mar. 1 *Holders of rec. Feb. 13
$8 preferred (guar-)
Mar. 1 *Holders of rec. Feb. 13
"32
Dail Steel Products (quar.)
"20c Jan. 2 *Holders of rec. Dee. 25
Daniels & Fisher Stores, corn.(quar.)
*SI
Jan. 31 *Holders of rec. Jan. 20
634% preferred (quar.)
•134 Mar. 1 "Holders of rec. Feb. 18
De Meta, Inc., pref. (guar.)
"55e. Feb. 1 *Holders of rec. Jan. 19
De Vilbles Co.,corn.(quar.)
•3754c Jan. 15 slioldesr of rec. Dec. 31
Preferred (quar.)
•1754e Jan. 15 *Holders of rec. Dec. 31
Decker (Alfred) & Cohn, pref. (quar.)_ "134 Mar. 1 *Holders of rec. Feb. 20
Preferred (guar.)
*134 June 1 *Holders of rec. May 20
Preferred (quar.)
*IV Sept. 1 'Holders of rec. Aug. 20
Diamond Ice & Coal, pref. (quar.)
•134 Feb. 1 *Holders of rec. Jan. 26
Diem & Wing Paper, pref. (quar.)
'134 Feb. 15 *Holders of rec. Jan. 31
Distillers Corp.-Segrams, Ltd. (quar.)__
25e, Feb. 18 Holders of rm. Jan. 31
Diversified Invest Trust (Akron) WILL,. •20c. Feb. 1 *Holders of rec. Jan. 31
Diversified Standard Securities. pref.-D Widen d passed
Dominion Bridge, corn. (guar.)
90e. Feb. 14 Holders of rec. Jan. 31
Douglas (John) Co., pref.(guar.)
"1.34 Feb. 15 "Holders of rec. Feb. 10
Dow Chemical. corn. (guar.)
*50e. Feb. 16 *Holders of roe. Feb. 2
Preferred (quar.)
*154 Feb. 16 *Holders of me. Feb. 2
DulaIan Silk Corp corn
50e. Feb. 16 *Holders of rm. Jan. 31
Dupuis Freres, Ltd., pref.(quar.)
*2
Feb. 16 *Holders of roe. Jan. 31
Eisemann Magneto Corp., pref.(nu.)--- 1.44 Feb. 2 Holders of roe. Jan. 23
Eisenstadt Mfg., pref. (guar.)
134 Jan. 31 Holders of rec. Jan. 26
Federal Fidelity(KY.)
•20e. Jan. 1 *Holders of rec. Dec. 31
First Security Corp.(Ogden) A & B (qu.) •50e. Apr. 1 *Holders of rec. Mar. 20
Fitz Simons & Connel Dredge & Dock
Common (quar.)
*50e. Mar. 1 *Holders of Mc. Feb. 20
Flint Mills.
-Dividend omitted.
Franklin Company
6
Feb. 2 Holders of rec. Jan. 16
Frost Steel & Wire, 1st pt. ar pf. A
134 Feb. 2 Holders of rec. Jan. 20
(George A) Co., partle. pr. pf.(qu) 134 Apr. 1 Holders of rec. Mar. 10
(1.)Fuler
Partie. prior pref. (panic.
1.11 Apr. 1 Holders of rec. Mar. 10
Pattie. second Prof.(guar.)
154 Apr. 1 Holders of roe. Mar. 10
Pattie, second pref. (panic.(11 1.)-77e. Apr. 1 Holders of roe. Mar. 10
,
General Steel Wares, Ltd.. Pref.(guar.). 154 Feb.
General Utilities. pref. (monthly)
•58 1-3c Feb. 1 *Holders of rec. Jan. 25
German Credit dr Investment
First preferred
•354 Feb. 2 Holders of rec. Jan. 20
Ins. Prof. allot. etfa. 25% paid
8754e. Feb. 2 Holders of rec. Jan. 20
Gilman Gasoline Plant No. 1 (monthly). •20e. Jan. 25 *Holders of rec. Jan. 22
Globe Construction Co., prat
*7
Feb. 1 *Holders of rec. Dec. 31
Globe
-Democrat Publishing (guar.)-134 Mar. 1 Holders of
Grand Rapids Store Equip., pref.(qu.)-- *1754e Feb. 2 *Holders of rec. Feb. 20
rec. Jan. 20
Groton & Knight, pref. (quar.)
•134 Feb. 16 *Holders of rec.
Great Britain & Canada Invest., pref._ •254 Apr. 1 *Holders of rec. Jan. 21
Mar. 31
GreatLakes Dredge & Dock (guar.)
25e. Feb. 14 Feb. 6 to
-Feb. 15
Extra
25e. Feb. 14 Feb. 6 to
Feb. 15
Griggs Cooper ar Co. (extra)
•50o. Feb. 1 "Holders of rm. Jan. 25
Guelph Carpet ar Worsted Spinning
Mill,, Ltd., common
25e. Feb. 1 Holders of rec. Jan. 19
634% preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 19
Halle Bros. Co., corn. (guar.)
'25c Jan. 31 'Holders of rec. Jan. 24
Preferred (quar.)
"144 Jan. 31 *Holders of me. Jan. 24
Hamilton Bank Note Eng. & Ptg. (g11.) *254c Feb. 15 *Holders of roe. Feb. 1
Hanna(M. A.) /4 Co., $7 pref. (quar.)-- "31.75 Mar. 20 *Holders of rec. Mar. 5
Hawaiian Sugar (monthly)
•30c. Jan. 15 *Holders of roe. Jan. 10
Hormel (George A.)& Co., corn. (qu.)... •50e. Feb. 16 *Holders of rec. Feb. 2
Preferred A (guar.)
•154 Feb. 18 *Holders of rec. Feb. 2
Herrn Signal Mfg., panic. pref. (quar.)_ •25e. Jan. 15 *Holders of rec. Jan. 5
Houston Oil (Tex.) new pref.(No. 1).-- *700. Feb. 2 *Holders of rec. Jan. 16
HUmPhreys Mfg.. pref.(guar.)
*50e. Mar.31 "Holders of rec. Mar. 17
*9
Imperial Tob.of Gt. Brit.& Ire.. ord
Ordinary (extra) 1 shilling 6 pence.-Income Shares Corp.(monthly)
•330. Feb. 1 *Holders of roe. Jan. 25
Industrial Finance Corp., 7% pref.(OW .15.‘ Feb. 2 *Holders of roe. Jan. 21
•10.4 Feb. 2 *Holders of roe. Jan.
6% preferred (quar.)
21
Ingersoll Rand Co., common (quar.)... *El
Mar. 2 *Holders of
Insult Utility Investments, pref. (guar.) .$1.50 Mar. 2 *Holders of rec. Feb. 3
rec. Feb. 19
Internat. Safety Razor. class A (quar.)
60e. Mar. 2 Holders of rec. Feb. 13ct
Clam B (quar.)
50c. Mar. 2 Holders of roe. Feb. 13a
Class D (extra)
25e. Mar. 2 Holders of
Interstate Dept. Stores. prof. (quar.)--- 154 Feb. 2 Holders of rec. Feb. 13a
rec. Jan. 28
Interstate Equities. pref.(guar.)
75e. Feb. 2 Holders of rec. Jan. 21
Interstate Petroleum, pref. A (quar.)_
•50e. Apr. 1 "Holders of rec. Mar. 20
Iron Fireman Mfg.,corn.(guar.)
•40e. Mar. 1 *Holders of rec. Feb. 14
Jackson & Curtis Seeur. Corp., pf. iqu.) •1 14 Feb. 2 'Holders
of rec. Jan. 15
Kekaha Sugar Co.(monthly)
"20e. Feb. 1 *Holders of roe. Jan. 25
Kendall Co., partic. pref. (quar.)
*154 Mar. 1 *Holders of rec. Feb. 10
Kentucky Rock Asphalt, common.
-Div Mend passed
Keyes Fibre Co., class A (guar.)
75e. Feb. 1 Holders of tee. Jan. 19
Kinney (G. R.) Co., corn.(quar.)
*25e. Apr. 1 'Holders of rec. Mar. 20
Preferred (guar.)
•2
Mar. 1 *Holders of roe. Feb. 16
Kodel Elec. & Mfg., pref.-Dividend 0 !flitted
Lake of the Woods Milling. corn.
-No ac ion tak en
Preferred (guar.)
Mar. 2 *Holders
Land & Royalty Corp., class A (mthly.)_ *8 1-3e Feb. 1 *Holders of rec. Feb. 14
of rec. Jan. 25
Landis Machine, common (guar.)
750. Feb. 16 Holders of rec. Feb. 5
Common (quar.)
75e. May 15 Holders of rec. May 5
Common (quar.)
75e. Aug. 15 Holders of rec. Aug. 5
Common (quar.)
750. Nov. 15 Holders of rec. Nov. 5
.1.1X
Preferred (guar.)
Mar. 15'Holders of rec. Mar. 5
Preferred (guar.)
•15i June 15 *Holders of rec. June 5
Preferred (guar.)
•15d Sept.15 *Holders of rec. Sept. 5
•1%
Preferred (quar.)
Dec. 15 *Holders of rec. Dec. 5
Lansing Company (quar.)
*40e. Feb. 1 "Holders of rec. Feb. 1
Leaders of Industries, class A shares-•23 1-5e Feb. 1 *Holders of roe. Jan. 15
B shares (No. 1)
.30e. Feb. 1 *Holders of rec. Jan. 15
B shares (extra)
"9.7e. Feb. 1 *Holders of rec. Jan. 15
C shares
• 16 2-5c Feb. 1 *Holders of roe. Jan. 15
Loew's, Inc., prof.(guar.)
81.625 Feb. 16 Holders of rec. Jan. 30
Loew's Ohio Theatres, 1st pref.(quar.). *2
Feb. 2'Holders of rec. Jan. 24
Lord ar Taylor. 1st pref. (quar.)
154 Mar. 2 Holders of roe. Feb. 176
Louisiana Oil Refining. Pref. (guar.)._ •1*.i Feb. 14 *Holders of rec. Jan. 31
*2
Luther Manufacturing (guar.)
Feb. 2 *Holders of rec. Jan. 20
"15‘ Feb. 2
Majestic Royalty Corp.(monthly)
•1g Feb. 2 *Holders of roe. Jan. 24
Mallory Hat Co., pref.(guar.)
•IN Feb. 1 "Holders of rec. Jan. 17
Martin & Schwartz, pref. (guar.)
Mayflower Drug Stores, pref.-DivIden d pass ed
*25o. Feb. 18 *Holders of roe. Jan. 31
May Radio & Television (quar.)
250. Feb. 1 Holders of rec. Jan. 19
MeMarr Stores. Inc., corn. (guar.)
134 Feb. 1 Holders of rec. Jan. 21
Meletio Sea Food, pref. (guar.)
154 Mar. 1 Holders of rec. Feb. 14
Mengel Company. pref. (quar.)
Name of Company..
611
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (continued).
.3
Midland Grocery Co
Feb. 1 *Holden of rec. Jan. 20
Miss. Val. Utilities Investment Co.
37 preferred (guar.)
*31.75 Mar. 2 *Holders of roe. Feb. 14
Missouri Portland Cement, corn.(guar.)
50e. Jan. 31 Holders of rec. Jan. 22
Morris Plan Bank (Cleveland) (quar.)__ *3
Feb. 1 *Holders of rec. Jan. 25
Morris Plan Co.of Rhode Island (au.).. _
154 Feb. 2 Holders of rec. Jan. 23
Mortgage Corp. of Nova Scotia (guar.) •1M Feb. 1 *Holders of rec. Jan. 24
Nairn (Michael) & Greenwich, Ltd.
Amer. deposit receipts for ordinary-Jan. 27 *Holders of rec. Jan. 14
National Bearings Metals, pref. (qu.) -- 154 Feb. 1 Holders of rec. Jan. 21
National Biscuit, corn. (guar.)
"70c Apr. 15 *Holders of rec. Mar. 20
Preferred (quar.)
"1.54 Feb. 28 *Holders of roe. Feb. 13
National Dairy Products, corn.(quar.).65c Apr. 1 Holders of rec. Mar. 10
Preferred A and S (quar.)
134 Apr. 1 Holders of rec. Mar. 10
Nat. Invest. Shares, Inc., pref
'62340 Feb. 1 *Holders of rec. Jan. 10
National Lock Washer,core.(quar.)... *31
Feb. 2 *Holders of rec. Jan. 24
National Refining, corn.(quar.)
•3754c Feb. 15 *Holders of rec. Feb. 1
National Republic Investment Tr. (qu.) *75c Feb. 2 *Holders of rec. Jan. 27
National Sash Weight, pref. (quar.)
•87340 Feb. 1 'Holders of rec. Jan. 27
National Securities Corp. (Calif.)-Divi dend a orlon de [erred
Neon Products of Wed. Can., pi.(qu.). 'The. Feb. 1 *Holders of me. Jan. 15
Neptune Meter Co., pref. (guar.)
Feb. 15 Holders of rec. Feb. la
2
Preferred (guar.)
2
May 15 Holders of rec. May la
Preferred (quar.)
2
Aug. 15 Holders of rec. Aug. la
2
Preferred (guar.)
Nov. 15 Holders of roe. Nov. la
New Engl. Furniture & Carpet, pf. (1111.) 4,1yi Feb. 1 *Holders of rec. Jan. 31
New England Grain Prod., cl. A (qu.). *31.50 Jan. 1 *Holders of rec. Jan. 1
Common (payable in class A stock)_ _ •1
Feb. 1 *Holders of me. Jan. 4
North American Invest. Corp.(quar.)..
*50e. Feb. 2 *Holders of rec. Jan. 31
Ontario Steel Products, corn. (guar.)--40e. Feb. 16 Holders of rec. Jan. 31
Preferred (quar.)
154 Feb. 18 Holders of rec. Jan. 31
Oshkosh Overall pref. (guar.)
*50c. Mar. 1 "Holders of rec. Feb. 21
Owens Illinois Glass, corn.(guar.)
75e. Feb. 15 Holders of rec. Jan. 30
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 16
Pacific Associates. Inc., corn. (quar.).•25e. Feb. 15 *Holders of rec. Jan. 31
Parker Pen (quar.)
.6254c Feb. 14 *Holders of rec. Feb. 1
Pemberton Injector(quar.)
*37.50 Jan. 15 "Holders of rec. Jan. 10
Penn Bradford Co., pref.-Dividend am ltted.
Petroleum Oil& Gas
•40c. Jan. 15
Petroleum Landowners (monthly)
•25e .Feb 15 *Holders of rec. Jan. 31
Piedmont Manufacturing
Jan. 1 *Holders of rec. Dec. 21
•3
Plg'n Whistle Corp., prof. (quar.)
"1.5e. Feb. 2 *Holders of roe. Jan. 15
Pillsbury Flour Mills, corn.(quar.)
50c. Mar. 2 Holders of rec. Feb. 14
Powdrell & Alexander, corn.(quar.)._ •50c. Feb. 16 *Holders of rec. Feb. 2
Preferred (quar.)
*1.54 Apr. 1 "Holders of roe. Mar. 115
Public Investing Co. (guar.)
25e. Mar. 16 Holders of rec. Feb. 16
Public Utilities Corp. (extra)
*33 Feb. 2 *Holders of roe. Jan. 20
Public Utilities Securities, pref. (quar.). 131.75 Feb. 2 Holders of rec. Jan. 24
Pullman, Inc.(guar.)
*El Feb. 16 *Holders of rec. Jan. 28
Randall Co., class A (quar.)
*50e. Feb. 1 *Holders of rec. Jan. 25
Reyner & Bros. (guar.)
•25e. Feb. 15 *Holders of rec. Feb. 1
Rich Ice Cream, corn.(guar.)
*60e. Feb. 1 *Holders of rec. Jan. 15
Richmond Guano, 1st pref
.3y.6 Jan. 15 *Holders of rec. Dec. 20
Robinson (D. P.) & Co., 1st p1.
Jan. 2 *Holders of rm. Dee. 20
Rose's 5-10& 25e. Store, pref.(quar.)
Feb. 1 *Holders of rec. Jan. 20
Royalty Corp. of Am.panic. pref.-Di4g dend o mitted.
Russ Bldg. Co..6% pref.(quar.)
"154 Feb. 15 *Holders of rec. Jan. 31
Russ. Manufacturing, class A (quar.)___ 491.75 Feb. 1 *Holders of rec. Jan. 21
St. Louts Screw dr Bolt, Prof. (quar.)..__
154 Feb. 1 Holders of rec. Jan. 24
St. Paul Garage, pref.(guar.)
.1.54 Feb. 1 *Holders of rec. Jan. 25
Seaboard Nat. Securities, pref. (guar.)._ "3754c Feb. 2 *Holders of roe. Jan. 20
Silver Rod Stores, Inc., pref
•354 Feb. 15 *Holders of me. Feb. 1
Spitzer Properties,6% pref. (quar.).._. •3754c Jan. 23 *Holders of rec. Dec. 31
Standard Cap & Seal, corn, (guar.)
60c. Feb. 16 Holders of rec. Feb. 2
Standard Corp., Inc.(quar.)
*10e. Feb. 1 'Holders of roe. Jan. 20
State Guaranty Corp., corn. (quar.)- •354c Jan. 15 *Holders of roe. Jan. 12
Common (extra)
'Sc, Jan. 15 *Holders of roe. Jan. 12
Preferred (guar.)
•3254c Jan. 15 *Holders of roe. Jan. 12
Preferred (extra)
•12e. Jan. 15 "Holders of rec. Jan. 12
State Street Invest.(Boston)(quar.)--__ •75e. Jan. 15 *Holders of rec. Dee. 31
Stott Briquette, pref. (guar.)
•50c. Feb. 1 *Holders of rec. Jan. 21
Mar. 1 *Holden of roe. Feb. 14
Strawbridge& Clothier (quar.)
Sutherland Paper (guar.)
•15c. Jan. 31 *Holders of rec. Jan. 26
Thomson-Gibb Elec. Weld., pref. (qu.).. '134 Feb. 1 *Holders of rec. Jan. 20
10e. Mar. 6 Holders of roe. Feb. 20
Tobacco Products Exports Corp
Troxel Mfg. Co., corn. (quar.)
Feb. 1 *Holders of rec. Jan. 20
Preferred (guar.)
•134 Feb. 1 *Holders of rec. Jan. 2Q
Underwriters Finance, pref.(quar.)
•154 Feb. 2 *Holders of rec. Jan. 15
United Guaranty Corp., el. A (quar.)... •27540 Feb. 16 *Holders of rec. Feb. 2
United Milk Co.(monthly)
•6c. Feb. 10'Holders of rec. Feb. 1
U.S. Fidelity a Guaranty (quar.)
*50c. Feb. 14'Holders of rec. Jan. 31
U. S. & Internat. Securities, 1st Pref.- Divide nd not declared
United States Pipe & Fdy., cam.(qu.)._
50e. Apr. 20 Holders of roe. Mar.31
Common (guar.)
50e. July 20 Holders of rec. June 30
50c. Oct. 20 Holders of rec. Sept. 30
Common (quar.)
Common (quar.)
50e. J1120'32 Holders of rec. Dec. 31
First preferred (quar.)
30e, Apr. 20 Holders of rec. Mar. 31
First preferred (quar.)
300. July 20 Holders of roe. June 30
First preferred (quar.)
30e. Oct. 20 Holders of rec. Sept.30
First preferred (guar.)
30c. Jn20'32 Holders of rec. Dec. 31
Utility & Industrial Corp.. pref. (guar.) 37V c Feb. 20 Holders of rm. Jan. 31
Vanadium Corp. of Amer.(quar.)
*75e. Feb. 16 *Holders of rec. Feb. 2
Virginia-Carolina Chemical, pr. Pf. (q11.) 154 Mar. 2 Holders of rec. Feb. 16a
Walker & Co.. class S (quar.)
*30e. Feb. 1 *Holders of rec. Jan. 20
Warner Bros. Pictures, Inc., pref.(qm.). 9654c Mar. 1 Holders of rec. Feb. 9
Wesix, Inc., pref. A (quar.)
*50e. Jan. 16 'Holders of rec. Jan. 15
Western Dairy Prod.. $6 pref. (quar.)
*31.50 Mar. 2 *Holders of rec. Feb. 9
Western Newspaper Union, pref.(guar.) .134 Feb. 1 *Holders of rec. Jan. 24
Western Paper Goods, el. A &B (qu.)
*50e. Jan. 31 *Holders of rec. Jan. 24
Weston (George), Ltd., pref.(quar.).
151 Feb. 2 Holders of rec. Jan. 20
Wheeling Metal Mfg. (quar.)
.75e. Jan. 15 *Holders of rec. Jan. 5
Will & B
Wiaumer Candle Co., corn.(quar.)
10e. Feb. 15 Holders of rec. Feb. 2
Common (extra)
10c Feb. 15 Holders of rec. Feb. 2
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 18
2
Willialns (R. C.) le Co.(guar.)
35c Feb. 2 Holders of rec. Jan. 20
Wilson Stat.& Env., Ltd., 1st pt.(gu.). *31.75 Jan. 15 *Holders of rec. Dec. 31
Winsted Hosiery Co.(guar.)
'254 Feb. 1 'Holders of roe. Jan. 15
Wotola Royalty Corp.(guar.)
*200. Jan. 5 *Holders of rec. Dec. 31
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
CPS. Payable.
Boots Closed.
Days Dunmire.
Railroads (Stearn).
Alabama Great Southern,Preferred
Feb. 18 Holders of roe. Jan. 9
33
Preferred (extra)
111.50 Feb. 18 Holders of roe. Jan. 9
Aneghany Corp.. Prof. (guar.)
$1.38 Feb. 1 Holders of roe. Jan. 230
Atch.,Topeka & Santa Fe.COM.
(guar)
- 254 Mar. 2 Holders of rec. Jan. 300
Preferred
234 Feb. 2 Holders of roe. Dee. 1510
154 Mar. 1 Holders of roe. Jan. 17a
Baltimore & Ohio.common (guar.)
Mar. 2 Holders of roe. Jan. 17a
1
Preferred (guar.)
Boston Revere Beach & Lynn
*300. Jan. 31 *Holders of roe. Jan. 15
Canada Southern
154 Feb. 2 Holders of rec. Dec. 260
*6
Jan. 31 *Holders of rec. Jan. 21
Cincinnati Northern
Jan. 31 Holders of rec. Jan. 21a
Cleve. Cm.Chic. & St. Louis, corn
5
Preferred (quar.)
134 Jan. 31 Holders of rec. Jan. 210
Feb. 1 Holders of roe. Jan. I
Connecticut & Passumperie Rivers, pref- 3
Feb. 2 Holders of rec. Jan. I50
Cuba RR., preferred
3
254 Feb. 2 Holders of res. Dee. 29a
Great Northern, preferred
Hudson ar Manhattan RR.. Prof
234 Feb. 16 Holders of ree. Feb. 2a
Kansas City St Louis AL Chits.. Pf.((Pl./- •15I Feb. 1 *Holders of rec. Jan. 21
Kansas Clty Southern RI..corn.(go.).. 134 Feb. 2 Holders of roe. Dec. 31a
•354 Feb. 1 *Holders of rm. Jan. 21
Louisiana& Missouri, preferred
354 Feb. 10 Holders of ree. Jan. 15a
Louisville & Nashville
$12.50 Feb. 2 Holders of rec. Jan. 15a
Mahoning Coal RR..COM.
(guar.)
612
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
14 Mar. 2 Holders of rec. Feb. 16
Maine Central, pref. (guar.)
Feb. 1 Holders of rec. Jan. 1
3
mageowippl Valley
Jan. 31 Holders of rec. Jan. 21
25
Michigan Central
"$1.25 July 9 "Holders of rec. July 8
Mill Creek & Mine Hill Nay. es RR
*$1.25 Feb. 1 *Holders of rec. Jan. 15
Mine Hill & Schuylkill Haven
24 Feb. 2 Holders of rec. Jan. 240
Nashville Chattanooga dr St. Louis
Feb. 2 Dee. 27 to Jan. 28
2
N. Y. Central P.R.(guar.)
Feb. 19 Holders of rec. Jan. 310
1
Norfolk & Western, aril. prof.(quar.)..
14 Feb. 2 Holders of res. Dee. 310
Northern Pacific (guar.)
Mar. 1 'Holders of rec. Feb. 18
- •1
Northern RR.of New Jersey (quar.)
Feb. 10 "Holders of rec. Jan. 23
*4
Peoria dr Bureau Valley
14 Feb. 2 Holders of roe. Jan. 2a
Pere Marquette. pref. dr pri. pref. (qu.)
'1j Apr. 1 *Holders of rec. Mar.25
Peterborough RR
•$2.50 Feb. 2'Holders of roe. Dec. 26
Pittsburgh dr Lake Erie
Pittsburgh & West Va., corn.((luar.)--- 14 Jan. 31 Holders of roe. Jan. lea
Feb. 12 Holders of rec. Jan. I50
El
Reading Co., corn. (quar.)
-San Francisco,6% pref.(qu.). 14 Feb. 2 Holders of roe. Jan. 2a
St. Louis
May 12
14 May 1 Apr. 12 to
6% Preferred (guar.)
14 Aug. 1 Holders of roe. July la
6% preferred (guar.)
14 Nov. 2 Holders of rec. Oct. la
6% preferred (guar.)
*31.50 Feb. 1 *Holders of rec. Jan. 15
Shamokin Valley dr Pottsville
2 Feb. 2 Holders of rec. Jan. 2a
Southern Ry.common (quar.)
2 May 1 Holders of rec. Apr. to
Common (quar.)
1.65 Aug. 1 Holden' of rec. July la
Common (ouar.)
United N. J. RR.& Canal Cos.(quar.) *234 Apr. 10 *Holders of rec. Mar. 19
Feb. 2 *Holders of rec. Jan. 17
*3
Virginian Ry., preferred
Public Utilities.
$1.25 Feb. 2 Holders of roe. Jan. 15
Alabama Power, $5 pref.(quar.)
$1.75 Apr. 1 Holders of rec. Mar. 14
V7 preferred (guar.)
61.50 Apr. 1 Holders of rec. Mar. 14
$6 Preferred (quar.)
$1.25 May 1 Holders of roe. Apr. 15
$5 Preferred (guar.)
Power & Light-American Cities
Feb. 1 Holders of rec. Jan. 5
Class A (1-32 sh. el. B stk. or 75e. cash)
Feb. 1 Holders of rec. Jan. 5
Class B(24% in class B stock)
el. A&B(qu) (f) Jan. 26 Holders of roe. Dee. 31
Am.Commonwealths Pow..
$1.75 Feb. 2 Holders of rec. Jan. 15
First preferred series A (quar.)
$1.62 Feb. 2 Holders of rec. Jan 15
66.50 find pref.(guar.)
$1.50 Feb. 2 Holders ef rec. Jan. 15
$8 first preferred (guar.)
Feb. 2 Holders of rec. Jan. 15
Second preferred series A (dust.)
$1.50 Feb. 2 Holders of roe. Jan. 10
dr Eke.. Prof. (guar.)
Amer. Gas
62 ric Feb. 2 Holders of rec. Jan. 160
Amer. Light & Tract.,corn.(quar.)
3714c Feb. 2 Holders of rec. Jan. 160
Preferred (guar.)
Amer. Natural Gas Corp., pref. (guar.). $1.75 Feb. 1 Holders of rec. Jan. 20a
Amer.Pow.& Light,$5 pref. stpd. (qu.) 1)4 Apr. 1 Holders of rec. Mar. 140
Apr. 1 Holders of rec. Mar. I40
$5 preferred (guar.)
$1
$1.50 Apr. 1 Holders of rec. Mar. 14a
$13 preferred (guar.)
The. Feb. 2 Holders of rec. Jan. 9a
Amer. Water Works & EL, corn. ((itr.)._
-Missouri Power. pref. (quar,). •1ei Feb. 2'Holders of rec. Jan. 15
Arkansas
Associated Gas dr Elec. el. A (quar.).__. re50c. Feb. 2 Holdas of roe. Dec. SO
Feb. 2 Holders of rec. Dec. 30
$4 pf.(qu.)(No.1)$1 or 1-70th sh.$5
50c. Feb. 2 Holders of rec. Jan. dlOg
Bangor Hydro-Electric, corn. (quar.)___
•134 Feb. 1 'Holders of rec. Jan. 17
Birmingham Gas, 1st pref (guar.)
Holders of rec. Jan. 31
Brazilian Tr. Light di Power, ord. (qu.) _ f2
Feb. 2 *Holders of rec. Dec. 30
Broad River Power, pref. (guar.)
-Manhattan 'Fran., pt. see. A Wu.) $1.50 Apr. 16 Holders of reo. Apr. la
/Hun.
Buff. Niagara & East Pw.1
41.25 Feb. 2 *Holders of roe. Jan. 15
65 Bret preferred (guar.)
•13.4 Feb. 2'Holders of rec. Jan. 15
Calgary Power.6% prof. (guar-)
160. Jan. 26 Holders of rec. Doe. 31
Canada Northern Pow. Corp.. oom.(Clu.)
Canadian Western Natural Gas. Light.
•25e. Mar. 2 *Holders of roe. Feb. 14
Heat & Power, preferred (extra)
•25e. June 1 *Holders of rec. Slay 15
Preferred (extra)
•20e. Feb. 1 *Holders of roe. Dee. 31
Central Hudson Gas & Elec., corn.(qu.)
& Light,7% Pre::(qu.)-- •144 Feb. 1 'Holders of rec. Jan. 15
Central Power
'13.4 Feb. 1 *Holders of rec. Jan. 15
6% preferred (guar.)
ti Apr. 15 Holders of rec. Mar. 31
Central dr S. W. Utilities. corn. (guar.)
Feb. 1 *Hoak rs of rec. Jan. 15
Central West Pub.Serv.. pref. A (qu.)._ 02
,
•151 Feb, 1 *Holders of rec. Jan, 15
Preferred B (guar.)
65c. Feb. 2 *Holders of rec. Jan. 20
Chicago Rap.'Pr., pr. pref. A (monthly).
.65c. Mar. 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
preferred B (monthly)
Prior
Cities Sen. Pow.& Lt.$7 pf.(mthly.). 68 i-3c Feb. 16 Holders of rec. Jan. 31
50e. Feb. 16 Holden of rec. Jan. 31
$6 preferred (monthly)
41 2-3e Feb. 16 Holders of rec. Jan. 31
$5 prefer•ed (monthly)
°134 Feb. 2 *Holders of roe. Jan. 20
City Water Co. Chattanooga. prof.
14 Mar, I Holden of roe. Feb. 16
Cleveland Elec.III., pref.(guar.)
50c. Feb. 16 Holders of rec. Jan. 200
Columbia Gas & ElectrIc.common (qu.)
134 Feb. 16 Holders of rec. Jan. 200
6% preferred A (qear.)
1 3.4 Feb. 16 Holders of rec. Jan . 200
5% preferred (guar.)
Consumers Power Co.. $5 pref.((Mar.)_ _ $1.25 Apr. 1 Holders of rec. Mar. 14
134 Apr. 1 Holders of rec. Mgr. 14
6% preferred (quar.)-.
1.65 Apr. 1 Holders of rec. Mar. 14
6.6% preierred (quar.)
14 Apr. 1 Holders of rec. Mar. 14
7% preferred (guar.)
60e. Feb. 2 Holder" of rec. Jan. 1.5
preferred (monthly)
8%
50c. Mar. I Holders of rec. Feb. 14
6% preferred (monthly)
1 Holders of rec. Mar. 14
50e Apr
0% preferred (monthly)
650. Feb. 2 Holden of rec. Jan. 15
6.6% preferred (monthly)66e. Mar. 2 Holders of rec. Feb. 14
6.6% preferred (monthly)
55e. Apr. I Holden of rec. Mar 14
6.6% preferred (monthly)
Feb. 2'Holders of rec. Jan. 15
*2
Commonwealth-Edison Co.(guar.)
Community Power & Light, corn. (au.). 6234c Feb. 2 Holders of rec. Jan. 21
$1.50 Feb. 2 Holders of rec. Jan. 21
preferred (guar.)
lot
•s3
Feb. 2 *Holders of rec. Jan. 10
Community Water Service. corn
Mar. 16 Holders of rec. Feb. (ia
Consolidated Gas of N. Y coin.(qu.)_. $1
$1.25 Feb. 2 Holders of rec. Dec. 270
Preferred (dear-)
135 Feb. 1 Holders of rec. Jan. 17
Cumberland Co.Pr.& Lt., pref.(qu.)
•500. Feb. 2 "Holders of rec. Jan. 20
Dayton Pow. & Lt., pref. (monthly)
268. Feb. 1 Holders of rec. Jan. 10
Eastern States Power, Cora. (quar.)____
$1.75 Feb. 1 Holders of rec. Jan. 10
Preferred A (guar-)
$1.50 Feb. 1 Holders of rec. Jan. 10
(quar.)
Preferred B
Edison Elec. ilium.(Boston) (quar.)_._ $3.40 Feb. 2 Holders of ree. Jan. 10
Electric Bond & Share Co.. $6 of.(qu.). $1.50 Feb. 2 Holders of rec. Jan. 8
$1.25 Feb. 2 Holders of rec. Jan. 8
$5 Preferred ((uar.)
250. Feb. 2 Holders of rec. Jan. 10a
Elec. Power dr Light Corp., corn.(quar.)
(full paid) (corn. stock)._ 124c Feb. 2 Holders of rec. Jan. 100
Allot. Otis.
861c. Feb. 2 Holders of rec. Jan. 10a
Allot. ctfs. 70% pald
$1.75 Feb. 2 Holders of rec. Jan. 100
Second preferred A (guar.)
60o. Feb. 1 Holders of fee. Jan. 150
Empire District El. Co.. prof.(mthlg.)1 Holders of rec. Jan. 15a
1
Empire Gas & Fuel Co., 8`0 Pr.(mthly) 68 2-3c Feb. 1 Holders of reo. Jan. 15g
58 1-3c Feb.
(monthly)
7% preferred
54 1-80 Feb. 1 Holders of rec. Jan. 150
64% preferred( monthly)
500. Feb. 1 Holders of rec. Jan. 150
6% preferred (monthly)
60e. Mar. 1 Holders of rec. Feb. 20
Federal Water Service, corn. A (guar.)
50e. Feb. 2 Holders of reo. Jan. 15a
(monthly)._
Gas & Elec. Securities, corn.
f Si Feb. 2 Holders of ree. Jan. 15a
(payable In com.stook)
Common
58 1-3c Feb. 2 Holders of roe. Jan. 15a
Preferred (monthly)
1500. Feb. 2 Holders of reo. Jan. 15a
Gas Securities Co., corn.(In stock)
50o. Feb. 2 Holders of roe. Jan. 15a
Preferred (monthly)
•68.4e Feb. 1 *Holders of rec. Jan. 15
Hartford Electric Light (guar.)
134 Feb. 16 Holders of rec. Jan. 17
Utilities. 1st pref.(qu.)
Havana Elec. dr
$1.25 Feb. 16 Holders of rec. Jan. 17
Cumulative preference (guar.)
134 Feb. 2 Holders of rec. Jan. 15
7% Pref.(guar.)
Idaho Power Co..
11.4 Feb. 2 Holders of rec. Jan. 15
6% preferred (quar.)
'134 Feb. 2 *Holders of rec. Jan. 15
Illinois Nor. Utilities, pref.(quar.)
of rec. Jan. 10
$ti pref.(guar.)-- $1.50 Feb. 2 Holders
Illinois Power & Light.
l34 Jan. 2 *Holders of rec. Dee. 15
Inland Power dr Light. pref. (quar.)-Holders of roe. Jan. 180
Utilities Corp.. $7 pf.(do.) $1.75 Feb. 2 *Holders of rec. Jan. 15
International
Feb. 1
Jamestown Telep. Corp., corn. & met_ _ '24 Feb. 20 *Holders of rec. Feb. 2
"8754c
Kentucky Utilities, Junior pref. (guar.).
75e. Feb. 1 Holders of ree. Jett. 23
:3 pref.(qu.)
Keystone Telep. of Phila..
•$1.63 Feb. 2 *Holders of rec. Jan. 20
Lone Star Gas. 61.4% Pref.(quar.)
Hold.of rec. Feb.2 1931
(V)
Lone Star Gas Corp.. corn. (In corn.stk.) .150. Feb. 1 *Holders of rec. Jan. 16
Long Island Ltg., corn. (guar.)
*Holders of rec. Jan. 15
'11.4 Feb. 1
Michigan Gas & Elec., pref. (quar.)_..
*134 Feb. 1 "Holders of rec. Jan. 15
Prior lien stock (guar.)
Feb. 16 Holders of rec. Jan. 15
12
Middle West Utilities, oom. (quar.)._
Feb. 16 Holders of rec. Jan. 15
or 3-80ths oh. corn, stock)
Prof. ($1.50
si34(c Feb. 1 *Holders of rec. Jan. 15
•
Mid-West States Utilities (guar.)
1!.v Jan. 31 Holders of ree Jan 20a
Milwaukee Elec. Ry.& Lt.. pf.(quar.).-
[York 132.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable
Books Closest.
Days Inclusive.
Public Utilities (Concluded).
Mohawk & Hudson Power, 1st pref.(qu) $1.75 Feb. 2 Holders of roe. Jan. 15
.14 Feb. 2 *Holders of rec. Jan. 13
Montana Power. preferred (quar.)
380. Jan. 31 Holders of roe. Doe. 31
Montreal Lt., Ht.& Pow.Cons.(quar.)
Municipal Service Co., pref. (guar.)- --- 135 Feb. 1 Holders of rec. Jan. 15
•8c. Feb. 2 'Holders of rec. Jan. 17
Mutual Telephone (Hawaii) (monthly).
45o. Feb. 1 Holders of no Jan. 15a
National Elec. Power Co.. Corn. A (qtr.)
25c. Mar. 2 Holders of rec. Feb. 140
National Power & Light common (qu.)__
$1.50 Feb. 2 Holders of roe. Jan. 17
preferred (guar.)
$6
40e. Mar. 15 Holders of rec. Feb. 27
National Public Service,common A (qu.)
40c. Mar. 1 Holders of rec. Feb. 10
Common B (guar.)
874c Mar. 1 Holders of rec. Feb. 10
$3.50 preferred (guar.)
The. Mar, 1 Holders of rec. Feb. 10
$3 preferred (quar,)
87c. Feb. 1 Holders of rec. Jan. 17
National Tel. & Tel. class A (guar.).--14 Feb. 1 Holders of rec. Jan. 17
Preferred (quar.)
14 Feb. 2 Holders of rec. Dee. 30
Nevada-Calif. Elec., pref.(dear.)
New England Wat.L.& Pr. Assn.pf.(qu) '134 Feb. 2 *Holders of rec. Jan. 17
North American Edison. pref.(quar.),... $1.50 Mar. 2 Holders of rec. Feb. 180
North American Gas & Elec., Cl, A (qu.) (u) Feb. 1 "Holders of rec. Jan. 15
Feb. 16 Holders of rec. Jan. 200
North Amer. Light de Pow.,corn.(qu.)__ 12
Northern N. Y.Telephone Corp.(qu.)._ *24 Apr. 15 •Tioklers of rec. Mar. 31
10
Northern N. Y. Utilities, Inc., Prof.(qu) 134 Feb. 1 Holders of rec. Jan. 31
500. Jan. 26 Holders of rec. Dec.
Northern Ontario Power, corn. (Guar.).
135 Jan. 26 Holders of roe. Doe. 31
Preferred (quar.)
Feb. 2 Holders of rec. Doe. 31
Northern States Pow.(Del.),oom.A(qu) 2
pref (monthly).___ 68 1-3c Feb. 2 Holders of ree. Jan. 16a
Ohio Pub. Serv
50o. Feb. 2 Holders of roe. Jan. 15a
8% preferred (monthly)
41 2-3o Feb. 2 Holders of roe. Jan. 15a
5% Preferred (monthly)
*3740 Feb. 16 'Holders of rec. Jan. 31
Pacific Gas & Elec.. 6% pref.(quar.)
*3434e Fob, 16 *Holders of rec. Jan. 31
5)5% preferred (guar.)
750. Feb. 16 Holders of rec. Jan. 31
Pacific Lighting, corn. (guar.)
$1.25 Feb. 16 Holders of rec. Jan. 31
$5 preferred (dust.)
Northwest,Pub.Serv., let pf.(qu) •$1.80 Feb. 2 *Holders of rec. Jan. 15
Pacific
Pacific Public Service, class A (quar.).__ z3214c Feb. 2 Holders of rec. Jan. 10
550. Feb. 2 Holders of rec. Jan. 20
Penna. Power Co., $6.60 pf.(mthly.). _
55c. Mar. 2 Holders of rec. Feb. 20
$8.60 preferred (monthly)
$1.50 Mar. 2 Holders of rec. Feb. 20
$6 preferred mar.)
20e. Jan. 31 Holders of rec. Dec. 31
Philadelphia Company. corn. (quar.)___
350. Jan. 31 Holders of rec. Dec. 31
Common (extra)
Jan. 31 Holders of rec. Dec. 31a
1
Common old $50 par ((uar.)
14 Jan. 31 Holders of roe. Dee. 31a
Common old $50 par (extra)
10a
Philadelphia Electric Co., 1.5 pref. (qu.) 11.25 Feb, 2 Holders of rec. Jan. 15a
Jan. 31 Holders of roe. Jan.
$1
Phila. Rapid Transit, corn.(guar.)
14 Feb. 28 Holders of rec. Feb. 120
Philadelphia Sub. Water, pref. (quar.)-•14 Feb. 2'Holders of roc. Jan. 20
Potomac Edison,7% pref.(quer.)
•1H Feb. 2 *Holders of rec. Jan. 20
6% preferred (guar.)
50e. Feb. 20 Holders of rec. Jan. 31
Power Corp. of Canada, corn.(quar.)_
681-3e Feb. 1 Holders of rec. Jan. 154
Pub.Sere.of Col.7% pref.(mthly.)_ _
50o. Feb. 1 Holders of roe. Jan. 154
6% preferred (monthly)
41 2-30 Feb. 1 Holders of roe. Jan. 15a
5% preferred (monthly)
500. Jan, 31 Holden of roe Jan. 20
N.J..6% pf.(mthly)
Pub.Sem Corp. of
Public Service of Nor. Illinois
Feb. 2'Holders of rec. Jan. 15
•2
Common ($100 par) (guar)
Feb. 2 "Holders of rec. Jan. 15
0$2
Common (no Par) (guar.)
'134 Feb. 2 *Holders of rec. Jan. 15
6% preferred (quar.)
•i3I Feb. 2 *Holders of rec. Jan. 15
a
ied
711%w prefear (guc rities.
& Lght sepri
506, Feb. 2 Holders of rec. Jan. 15
co m.(quar.)
ar.)
$1 Feb. 2 Holders of rec. Jan. 15
Common (extra)
14 Feb. 2 Holders of rec. Jan. 15
Preferred (quar.)
Feb. 2 Holders of ree. Jan. 150
Rhode Mend Pub. Sere.. el A (guar.)._ $1
60o. Feb. 2 Holders of rec. Jan. 150
Preferred (guar.)
•22e. Feb. 2'Holders of rec. Jan. 15
Roekland Light & Power (quar.)
Sierra Pacific Electric Ito.. pref.(guar.). 134 Feb. 1 Holders of rec. Jan. 21
50e. Feb. 15 Holders of rec. Jan. 20
Southern Calif Edison, corn.(quer.).--Southern California Gas. Prof. (quar.).... •11.625 Feb. 28 *Holders of tee. Jan. 31
250. Feb. 16 Holders of rec. Jan. 31
Southern Canada Power Co.. corn. (qu.)
Southwest Gas Utilities, prof. (Illar.)--* II.625 Feb. 2 *Holders of rec. Jan. 22
Standard Gas dr Elec., corn.(quar.)____ 8734c. Jan. 24 Holders of reo. flea. 310
$1.75 Jan. 24 Holders of rec. Dee. 3I0
$7 preferred (quer.)
$1.50 Jan. 24 Holders of rec. Doe. 31a
$6 preferred (quar.)
qu
and Pow. dr air )
Stpreierred( L ght, corn.& corn. B(qu) 50e. Mar, 2 Holders of reo. Feb. 11
$1.75 Feb. 2 Holders of ree. Jan. 16
"51.75 Feb. 1 *Holders of rec. Jan. 15
Standard Telephone, pref.(guar.)
161 Feb. 2 Holders of rout. Jan. 17
Texas Power dr Light 7% pref.(qu.)__
$1.50 Feb. 2 Holders of rec. Jan. 17
$6 preferred (guar.)
58 1-3c Feb. 2 Holders of rec. Jan. 15e
Toledo Edison 7% pref. (monthly)
50c. Feb. 2 Holders of rec. Jan .150
6% preferred (monthly)
41 2-3c Feb. 2 Holders of rec. Jan. 150
5% preferred (monthly)
Tri-State Tel.& Tel.,6% prof.(quar.)_ _ •15c. Mar. 1 *Holders ofrec. Feb. 14
25e. Feb. 2 Holders of rec. Jan. 150
United Lt.& Pow., new corn. A & B 0(11.)
$1.25 Feb. 2 Holders of rec. Jan. 160
Old common A dr B(quar.)
United Lt.& Rys.,7% pref.(monthly).* 58 1-3c Feb. 2 *Holders of rec. Jan. 15
.53c. Feb. 2 *Holders of rec. Jan. 15
6.36% preferred (monthly)
•50e. Feb. 2 *Holders of rec. Jan. 15
6% preferred (monthly)
United Telep. Co.(Del.), 2d pref. (qu.)_ 41.75 Feb. 1 *Holders of rec. Jan. 20
Cl. A (qu.) •50e. Feb. I *Holders of rec. Jan. 15
Western Power, Lt. & Telep..
West Penn Elec, Co.,7% prof. (quar.).... 14 Feb. 16 Holders of rec. Jan. 204
1)5 Feb. 16 Holders of rec. Jan. 200
6% preferred (guar.)
West Penn Power Co.. 7% prof.(qu.).- 14 Feb. 2 Holders of roe. Jan. 54
14 Feb. 2 Holders of rec. Jan. 50
6% preferred (quar.)
6235c Jan, 31 Holders of rec. Jan. 20a
York Rya., pref.(guar.)
Trust Companies.
Corn Exchange Bank Trust Co.(qu.).
Kings County (guar.)
El
•20
Feb. 2 Holders of rec. Jan. 230
Feb. 2 *Holders of rec. Jan. 24
Miscellaneous.
134 Jan. 31 Holders of ree. Jan. 154
Abraham & Straus, Inc.. prof. (quar.)_
Adams(J D.) Mfg..common (guar.).- 0600. Feb. 1 *Holders of ree. Jan. 15
500. Feb. 1 Holders of rec. Jan. 170
Adams-Millls Corp., corn.(guar.)
First and second preferred (quar.)...- 0134 Feb. 1 *Holders of rec. Jan. 17
100. Feb. 2 Holders of rec. Jan. 100
Alaska Juneau Gold Mln.(qu.)(No. 1)..
160. Feb. 18 Holders of roe Jan. 310
Allegheny Steel(monthly)
$1.50 Feb. 2 Holders of rec. Jan. 150
Allied Chemical & Dye.corn.(guar.)
14 Feb. 1 Holders of rec. Jan. 15
Allied Kid Co., preferred (guar.)
- 75c. Feb. 16 Holders of rec. Jan. 245
Allis Chalmers Mfg.,common (quar.)
50e. Jan. 24 Holders of roe. Dee. 310
Alpha Portland Cement, cons. (quar.)Altorfer Bros. Co., common (quar.)...... •36c. Jan. 30 'Holders of rec. Jan. 15
•75c. Jan. 30 *Holders of rec. Jan. 15
Convertible preferred (quar.)
50c. Jan. 30 Holders of rec. Jan. 150
Amerada Corp.(guar.)
American Aggregates, Prof. (guar.)._ _ _ •$1.75 Feb. 2 *Holders of roe, Dec. go
Amer. Brake Shoe & Fdy., corn.(quar,) 60e. Mar. 31 Holders of roe. Mar.204
14 Mar. 31 Holders of rec. Mar.20a
Preferred (quar.)
$1 Feb. 16 Holders of rec. Feb. 20
American Can,corn.(guar.)
50c. Apr. 1 Holders of rec. Mar. I20
Amer. Chicle (guar)
25e. Apr, 1 Holders of rec. Mar. 120
Extra
American Coal (quar.)
Feb. 2 Holders of rec. Jan. 120
$1
). 25e. Feb. 1 Holders of rec. Jan. 20
Amer. Elec. Securities. pref.(bi-mthly.
Amer.European Securities, pref.(qu.)__ 61.50 Feb. 13 Holders of rec. Jan. 31
Amer. Founders Corp.. lot pref. A (qL) 874e. Feb. 2 Holders of rec. Jan. 3
7% first preferred, series B (quer.) _ 87)5e. Feb. 2 Holders of rec. Jan. 3
% first preferred. series D (quar.)_
75e. Feb. 2 Holders of rec. Jan. 3
35e. Feb. 2 Holders of roe. Jan. 14a
Amer. Home Products(monthly)
75e, Jan, 26 Holden of rec. Jan. 90
Amer. Ice Co.,corn.(guar.)
Preferred (ufar.)
$1.50 Jan. 26 Holders of roe. Jan. 9a
American Investors, $3 pref.(quar.)__._, *75e. Feb. 15 *Holders of rec. Jan. 31
Amer. Machine & Foundry, corn.(quar.)
35e. Feb. 2 Holders of roe. Jan. 220
Mar. 31 Holders of rec. Mar. 15
Amer. Manufacturing Co.. corn. (Guar.)
July 1 Holders of roe. June 15
Common (guar.)
1
Common (guar.)
1
Oct. 1 Holders of rec. Sept. 15
Common (quar.)
Dec. 31 Holders of rec. Dec. 15
Preferred (dust.)
134 Mar. 31 Holders of roe. Mar. 15
Preferred (quar.)
134 July 1 Holders of roe. June 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
14 Dee, 31 Holders of rce. Dee. 15
Amer. Shipbuilding. corn. (guar.)
$1.25 Feb. 1 Holders of rec. Jan. 150
•1% Feb. 1 *Holders of roe. Jan. 15
Preferred (quar.)
American Smelting ds Refg.. corn.(qu.). $1 Feb. 2 Holders of rec. Jan. 160
Preferred (quar.)
1)4 Mar. 2 Holders of rec. Jan. 300
1)5 Mar. 2 Holders of rec. Jan. 300
6% second preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 5'
American Sugar Refining, corn.(quar.)_ _
131 ker. 2 Holders of rec. Mar. 50
Preferred (quar.)
JAN. 24 1931.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaseous (Continued).
Amer. Thermos Bottle, common (quar.) "30c Feb. 2 'Holders of rec. Jan. 20
Amer. Vitrified Products, pref. (quar.)_ •1
Feb. 2 *Holders of tee. Jan. 20
Anaconda Copper Mining (quar.)
82540. Feb. 18 Holders of rec. Jan, 10a
Anaconda Wire & Cable (quar.)
250. Feb. 9 Holders of rec. Jan. 100
Andes Copper Mining (qua?.)
250. Feb. 9 Holders of rec. Jan. 10a
Andrews Invest. Tr.,6% pref.(guar.)._ "750. Feb. 1 *Holders of rec. Jan. 25
Anglo-Persian 011
*w4
Feb. 6 *Holders of rec. Jan. 5
Am. dep. rcts. for lot pref. reg
*w454 Feb. 6 *Holders of rec. Jan. 5
Am. dep. rcts for 2d pref. reg
Animal Trap Co. of Amer., pref.(quar.) *87K c Feb. 1 *Holders of rec. Jan. 20
Archer-Daniels-Midland Co., corn.(qu.) 50e. Feb. 1 Holders of rec. Jan. 210
154 Feb. 1 Holders of rec. Jan. 210
Preferred (quar.)
Artloom Corp.. preferred (guar.)
154 Mar. 1 Holders of rec. Feb. 13a
63c Feb. 2 Holders of rec. Jan. 100
Associated Dry Goods, corn. (quar.)._.
154 Mar. 2 Holders of rec. Feb. 7a
First preferred (quad)
154 Mar, 2 Holders of rec. Feb. 70
Second preferred (quar.)
Associated Security Investors, pref.(qu.) "31.50 Feb. 1 *Holders of rec. Jan. 20
1;4 Feb. 2 Holders of rec. Jan. 20a
Atlas Powder pref. (Smar.)
Atlas Stores, corn,(pay.in corn.stock)
fl M Mar. 2 Holders of rec. Feb. 180
75c. Feb. 1 Holders of rec. Jan. 15a
Austin, Nichols & Co., prior A (quar.)__
*75c Mar. 27 "Holders of rec. Mar. 16
Balaban de Katz, common (guar.)
•154 Mar. 27 *Holders of rec. Mar. 16
Preferred (Soar.)
Bancroft (Jos.) & SODS. Pref.(guar.).
- 154 Jan. 31 Holders of rec. Jan. 15
Barnacle!! Corp.. class A & B
25c. Feb. 16 Holders of rec. Jan. 20a
Bastian Blessing Co.(guar.)
•75e. Mar. 2 *Holders of rec. Feb. 14
Baumann (Ludwig) & Co., Pref.(qu.).. 1M Feb. 15 Holders of rec. Feb. la
Beacon Mfg., con). & pref.(quar.)
'134 Feb. 16 *Holders of rec. Jan. 31
Beatty Bros.(Toronto), pref.(guar.)
134 Feb. 1 Holders of rec. Jan. 15
Beaux-Arts Apt.(N. Y.), 1st pref.(Mx) 0E1.50 Feb. 2 *Holders of rec. Jan. 10
Belding Cortieelli, Ltd.. earn.(quar.).... 1M Feb. 2 Holders of rec. Jan. 15
Beneficial Industrial. common (guar.)._ '3734c Jan. 30 *Holders of rec. Jan. 10
Preferred (guar.)
'87)4c Jan. 30 *Holders of rec. Jan. 10
Benson & Hedges. prof.(guar.)
•500. Feb. 1 *Holders of rec. Jan. 21
Bethlehem Steel, corn. (quad.)
$1.50 Feb. 16 Holders of tee. Jan 190
Bird dr Son. Inc., pref.(quar.)
*2154 Feb. 2 *Holders of rec. Jan. 26
Birtman Electric Co.,common (guar.).- •25c. Feb. 2'Holders of roe. Jan..15
Preferred (quar.)
•
$1.75 Feb. 2 *Holders of rec. Jan. 15
Bliss(E. W.). oom.(pay.ln tram.stook) 12
Apr. 1 Holders of roe. Mar. 20
Common(payable in common stook)_ _ 12
July 1 Holders of roe. June 20
Common (payable In common stook)__ 12
Oct. 1 Holders of tee. Sept. 20
Bloch Bros. Tobacco,common (qu.)___ •37Sic Feb. 18 *Holders of roe. Feb. 10
Preferred (quar.)
'134 Mar. 31 *Holders of rec. Mar. 25
Bloomingdale Bros., Inc. pref.(qUar.)--154 Feb. 1 Holders of rec. Jan. 20a
Blue Ribbon Corp., pref.(quar.)
81540. Feb. 2 Holders of rec Jan. 150
Bohack (H. C.) Co.,corn.(guar.)
$1
Feb. 2 Holders of rec. Jan. 15a
First preferred (quar.)
154 Feb. 2 Holders of rec. Jan. 15a
Boback Realty Corp., pref.(quar.).... 154 Feb. 2 Holders of rec. Jan. 15a
Bon Aml Co., class A (quar.)
51
Jan. 31 Holders of rec. Jan. 140
Borden Co., corn. (guar.)
75c Mar, 2 Holders of rec. Feb. 190
Boss Mfg., common (quar.)
1
Feb. 16 Holders of rec. Jan. 31
Preferred (quar.)
154 Feb. 16 Holders of rec. Jan. 31
Bower Roller Bearing (quar.)
•25c Mar. 1 *Holders of rec. Feb. 16
Brandram Henderson, Ltd., corn.(qu.). •50e. Feb. 2 *Holders of rec. Jan. 2
Briggs Manufacturing (quar.)
3714c Jan, 28 Holders of rec. Jan. 10a
Extra
12 Sic Jan. 26 Holders of rec. Jan. 100
British Columbia Pulp & Paper (am.)- - - •14.4 Feb. 2 *Holders of rec. Jan. 15
British & Foreign Invest pref.(guar.)-- '824r Apr. 1 "Holders of tee Mar. 15
British Type Investors, el. A (bi-mthly)
9c. Feb. 2 Holders of ree. Jan. 2
Broadway Dept. Stores, 1st pr. (guar.). 154 Feb. 1 Holders of rec. Jan. 17
Brown Company, pref. (quar.)
154 Feb. 1 Jan. 16 to
Jan. 31
Brown Shoe, pref, (guar.)
1 5 Feb. 2 Holders of rec. Jan. 20a
4
Buck Hills Falls Co.,corn. (quar.)
•25c. Feb. 15 *Holders of rec. Feb. 1
Bulloeke, Inc., 7% pref. (quar.)
*154 Feb. 2 *Holders of rec. Jan. 11
Bunte Bros.. common (quar.)
*El Feb. 1 *Holders of rec. Jan. 25
4114 Feb. 1 *Holders of rec. Jan. 25
Preferred (guar.)
Burger Bros.,8% pref. (quar.)
.51
Apr. 1
8% preferred (quar.)
•$1 July 1
8% preferred (quar.)
Oct. 1
Burma Corp., Amer. dep receipts
Div.of 2 annas plus bonus of 1 mina_
Feb. 20 Holders of rec. Jan. 14
Burroughs Adding Mach., COM.(extra).
50c. Jan. 31 Holders of rec. Jan. 80
Bush Terminal Co..corn.(guar.)
62Ke Feb. 2 Holders of rec. Jan. 2n
Byers(A. M.) Co., pref.(guar.)
1M Feb. 2 Holders of rec. Jan. 19s
California Packing, common (guar.).--_ $1 Mar. 16 Holders of rec. Feb. 28a
Cambria Iron
'Si
Apr, 1 *IIolders of rec. May 14
Cam pe Corp.. 634% preferred (guar.).- "I.M Feb. 2 *Holders of rec. Jan. 15
Canadian Bronze, Ltd.. corn.(quar.)___ 62!4c. Feb. 1 Holders of rec. Jan. 20
Preferred (quar.)
1 M Feb. 1 Floiders of rec. Jan. 20
Canadian Converters (quar.)
14 Feb. 16 Holders of rec. Jan. 31
Canadian Dredge & Dock corn.(quar.)__
750. Feb. 2 Holders of rec. Jan. 20
Preferred (guar.)
1M Feb. 2 Holders of rec. Jan. 20
Canadian Industries.tom.(guar.)
"62 Sic Jan. 31 "Holders of rec. Dee. 31
"51.25 Jan. 31 *Holders of rec. Dee. 31
Common (extra)
Canadian Investors (quar.)
*25c. Feb. 1 'Holders of roe. Jan 15
Canadian Pow.& Paper Invest.. Pt. qu.) 62 W.. Feb. 16 Holders of rec. Jan. 20
Carman dr Co., Inc., class A (quar.)____ *50c. Feb. 28 *Holders of rec. Feb. 13
Class B (quay.)
5,25e. Jan. 26 *Holders of rec. Jan. 15
Carter (William) Co., pref. (guar.).- 14 Mar. 15 Holders of rec. Mar. 10
Castle(A. M.) de Co.(quay.)
•750. Feb. 1 *Holders of rec. Jan. 20
Central Cold Storage (quar.)
"40e. Mar. 31 'Holders of rec. Mar. 25
Central Ills Securities, pref.(quar.)._.. 37.4e. Feb. 1 Holders of rec. Jan. 200
Centrifugal Pipe (guar.)
15e. Feb. 16 Holders of rec. Feb. 5
Quarterly
150. May 15 Holders of rec. May 5
Quarterly
15c. Aug. 15 Holders of rec. Aug. 5
Quarterly
15c Nov. 16 Holders of rec. Nov. 5
Century Ribbon Mills, pref. (cmar.)____
. Mar. 2 Holders of rec. Feb. 250
4
Century Shares Trust, mill°. shares..
Feb. 1 Holders of rec. Jan. 2
Cerro de Pasco Copper corp.(guar.)...
500. Feb. 2 Holders of rec. Jan. 15a
Chain Belt Co. (quar.)
•82 Sic Feb 15 "Holder. of rec. Feb. 1
Chartered Investors. Inc., corn.(No. 1)_ •50c. Feb. 15 'Holders of rec. Feb. 1
Checker Cab Mfg.(monthly)
150. Feb.
Holders of rec. Jan. 20a
Monthly
15e. Mar. 2 Holders of rec. Feb. 20a
Cherry-Burrell Corp., corn.(quar.)
•62 r Feb. 1 *Holders of rec. Jan. 15
Preferred (Soar.)
'13.4 Feb. I *Holders of rec. Jan. 15
Chicago Flexible Shaft (quar.)
•30c. Apr. 1 "Hollers of rec. Mar. 21
Chicago Yellow Cab (monthly)
25e. Feb. 2 Holders of ree. Jan. 20s
Monthly
250 Mar. 2 Holders of rec. Feb. 20
Cincinnati Advertising Prod.(extra)... •500. Feb. 1 *Holders of rec. Jan. 20
Cities Service common monthly)
2Ko. Feb. 2 Holders of rec. Jan. 15a
Common(payable In common stock).. 134 Feb. 2 Holders of etc. Jan. 15a
Preference B (monthly)
Feb. 2 Holders of rec. Jan. 15a
Preference and pref. BB (monthly)
50e Feb. 2 Holders of rec. Jan. 15a
Cities Service Bankers Shares
• 20.21c Feb. 1 *Holders of rec. Jan. 15
City Investing Co.
Common (payable in common stock) f331-3 Feb. 2 Holders of roe. Jan. 2a
87540. Feb. 2 Holders of rec. Jan. 20a
City Stores Co., class A (quar.)
75e. Feb. 2 Holders of rec. Jan. 2Ia
Cluett, Peabody & Co., Inc.. corn.(qu.).
25c. Apr. 15 Holders of rec. Apr. 4
Coca Cola Bottling (quarterly)
Quarterly
25e. July 15 Holders of rec. July 3
Quarterly
25e. Oct. 15 Holders of rec. Oct. 5
15e. Feb. 1 liolders of rec. Jan. 20
Cockshutt Plow (quar.)
15.4 Apr. 1 Holders of rec. Mar. 10a
Golgate-Palmolive-Peet. Pref. ((Mar.)._
$1.25 Feb. 2 Holders of rec. Jan. 190
Columbian Carbon (guar.)
25e. Feb. 2 Holders of rec. Jan. 19a
Extra
•124e Mar. 31 *Holders of rec Mar. 26
Comm anity State Corp.. class B
•1255e Dec. 31 *Holders of rec. Dec. 26
Class B (float.).
*75e. Feb. 1 *Holders of rec. Jan. 15
Confed.Invests..Pt.(qu.)(No.1)
Consol. Chem.Indus., partic. pref.(qu.) 3754c Feb. 1 Holders of rec. Jan. 15
Consolidated Cigar, 7% pref.(guar.)... 154 Mar. 2 Holders of rec. Feb. 14
144 Feb. 2 Holders of rec. Jan. 19
6)4% preferred (quar.)
Consolidated Laundries. Prof. (Guar.).- •11..6 Feb. 1 *Holders of ree. Jan. 15
50c. Feb. 1 Holders of rec. Jan. 15
Consol. Press. Ltd.. class A ord
Feb. 1 'Holders of rec. Jan. 21
Consolidated Rendering, pref. (qua?.).. *2
*740 Jan. 25 *Holders of rec. Jan. 15
Consolidated Royalty Oil(quar.)
.58754c Feb. 1 'Holders of rec. Jan. 20
Construction Materials, pref.(quar.)
6254c. Feb. 16 Holders of rec. Jan. 310
Continental Can, corn. (quar.)
'400. Feb. 1 *Holders of rec. Jan. 14
Coon (W. B.) Co., corn.(Qua?.)
•11
Feb. 1 *Holders of rec. Jan. 14
Common (payable in common stock)..
•1%" Feb. I *Holders of rec. Jan. 14
Preferred (quar.)
Corporation Securities, pref.(quar.).... r75c. Feb. 2 Holders of rec. Jan. 10
Crandall, McKenzie Jr Henderson (qu.)_ •250. Feb. 1 'Holders of rec. Jan. 20
613
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cont(nued).
*53.50 Feb. 2 *Holders of rec. Jan. 24
Crowell Publishing, preferred
134 Jan. 31 Holders of rec. Jan. 15a
Crucible Steel, common (quar.)
2
Mar. 31 Holders of rec. Mar. 21
Crum & Forster, preferred (quar.)
"354 Feb. 2 'Holders of roe Jan. 15
Cuba Company. preferred
06234c Feb. 1 *Holders of rec. Jan. 15
Cuneo Press, Inc., corn.(quar.)
"1.54 Mar. 15 *Holders of rec. Feb. 28
6Si% preferred (quar.)
50e. Feb. 2 Holders of rec. Jan. 206
Curtis Publishing. corn.(monthly)
$1.75 Apr. 1 Holders of rec. Mar. 200
Preferred (quar.)
31.75 Jan. 24 Holders of rec. Dec. 31
Deep Rock 011 Corp.,$7 pref.(qu.)
20c. Feb. 1 Holders of rec. Jan. 15
De Forest Crosby Radio (guar.)
Dennison Manufacturing. pref. (quar.)
134 Feb. I Holders of rec. Jan. 20
Feb. 1 Holders of rec. Jan. 20
2
Debenture stock (quar.)
Apr. 1 *Holders of rec. Mar. 20
Denver Union Stock Yards,corn.(qu.)-- .$1
50e Mar. 2 Holders of roe. Feb. 13
Dictaphone Corp.. corn. (guar.)
2
Mar. 2 Holders of rec. Feb. 13
Preferred (guar.)
Maher Steel Construction, pref. A (qu.) 373.4 c Feb. 2 Holders of rec. Jan. 15
Distillers Co., Ltd.
Feb. 7 *Holders of rec. Jan. 12
Amer. dep. rcts. ord. shs., 15. 6d____
*25c. Feb. 1 *Holders of rec. Jan. 15
Dolphin Paint & Varnish A (guar.)
Dominion Scottish Invest., Prof. (qua?.) *6254c Feb. 1 *Holders of rec. Jan. 20
IM Feb. 1 Holders of rec. Jan. 5
Dominion Tar & Chemical pref.(quar.)_
Du Pont(E.I.) de Nemours & Co.
154 Jan. 24 Holders of roe. Jan. 100
Debenture stock (qum.)
25c. Feb. 2 Holders of rec. Jan. 15
Eastern Dairies, Ltd.,corn.(qu.)
50c. Mar, 2 Holders of rec. Jan. 31
Eastern Theatres, Ltd.. corn.(quar.)_ _ _
354 Jan. 31 Holders of etc. Dec. 31
Preferred
Eastern Util. Investing, yard°. vi. (q.) 51.75 Feb. 2 Holders of roe. Dee. ao
51.50 Mar. 2 Holders of roe. Jan. 30
$6 preferred (quar.)
$1.75 Mar. 2 Holders of rec. Jan. 30
$7 preferred (quar.)
$1.25 Apr. 1 Holders of rec. Feb. 27
$5 prior preferred tamer.)
40e, Feb. 1 Holders of rec. Jan. 150
e.aton Axle & Spring, corn.(guar.)
250, Feb. 2 Holders of rec. Jan. 15
Electric Power Assoc.corn.& el. A (qu.).
Elgin National Watch (quar.)
*3754c Feb. 1 'Holders of rec. Jan 15
Feb 2 Holders of rec Jan. 21
Empire Title dr Guarantee(qua?)
1
Feb. 2 Holders of rec. Jan. 21
Extra
1
25e. Feb. 1 Holders of roe Jan. 15
Enamel & Heating Products (quar.)
Feb. 2 *Holders of roe. Jan. 26
EPPens, Smith & Co., corn
*2
Feb. 2'Holders of rec. Jan. 26
Extra
•1
Eureka Pipe Line (quar.)
Feb. 2 Holders of rec. Jan. 15
$1
Exchange Buffet (queer.)
3754e. Jan. 31 Holders of rec. Jan. 156
Faber, Coe ,k Gregg common (quar.)
Mar. 1 *Holders of rec. Feb. 20
"El
Preferred (quar.)
"134 Feb. 1 *Holders of rec. Jan. 20
Fair (The)corn.(quar.)
60e. Feb. I Holders of rec. Jan. 210
Preferred (quar.)
154 Feb. 1 Holders of rec. Jan. 210
Fashion Co..corn
*500 Feb. 1
Mar. 17
Faultless Rubber Co.,common (quar.).. 6214c Apr. 1
Federal Electric Co., $7 pref.(qua?.)...•51.75 Feb. 1 *Holders of rec. Jan. 15
$6 preferred (quar.)
•51.50 Feb. 1 'Holders of roe. Jan..15
Federal Grain. Ltd., 634% pref. (quar.) "1.54 Feb. 2 *Holders of rec. Jan. 15
Federal Knitting Mills, CoM.(quar.)___ '6234c Feb. 1 *Holders of rec. Jan. 15
Common (extra)
'1234c Feb. 1 *Holders of rec. Jan. 15
Common (quar.)
'6234c May 1 *Holders of rec. Apr. 15
Common (extra)
1254c. May 1 'Holders of rec. Apr. 15
Federated Publications, common (guar.) .30e Jan 31 *Holders of roe. Jan. 15
Fibreboard Products, prior pref. (quar.)_ •134 Feb. 1 *Holders of roe. Jan. 16
Financial Institutions, Inc., corn
*250. Feb. 1 *Holders of rec. Jan. 15
Common (payable in COrGl. Biqa)_ _
*f2
Feb. 1 *Holders of rec. Jan. 16
Preferred (guar.)
"$1.50 Feb. 1 *Holders of rec. Jan. 15
Firestone Tire ar Rubber, pref. (guar.).
134 Mar. 2 Holders of reo. Feb. 13a
Floresheim Shoe. corn A (quar.)
750. Mar. 1 Holders of rec. Feb. 140
Corn B (quar.)
371.4c Mar. 1 Holders of rec. Feb. 146
$1.50 Apr. 1 Holders of rec. Mar. 164
Preferred (guar.)
Foreign Power Secur. Corp.. prof.(qu.). 114 Feb. 18 Holders of roe. Jaw. 31
Food Machinery Corp.,634%pf.(mthly) 5%500 Feb. 15 *Holders of rec. Feb. 10
•50c Mar. 15 *Holders of rec. Mar. 10
634% preferred (monthly)
'50e Apr. 15 *Holders of rec. Apr. 10
Si% preferred (monthly)
6 Si% preferred (monthly)
•50e May 15 *Holders of rec. May 10
634% preferred (monthly)
•50c June 15 "Holders of rec. June 10
•50c July 15 'Holders of rec. July 10
634% preferred (monthly)
634% preferred (monthly)
'50c Aug 15 *Holders of rec. Aug. 10
64% preferred (monthly)
•50c Sept.15 *Holders of rec Sept.10
Foundation Co. of Canada corn.,(guar.)
25e Feb. 14 Holders of rec. Jan. 81
Freeport Texas Co. Hoar.)
Feb. 1 Holders of rec. Jan. 150
$1
Fulton Industrial Securities (Atlanta)
"123.4c Feb, 2 *Holders of roe. Jan. 15
Common
'87 Si c Feb. 2 *Holders of rec. Jan. 15
$3.50 preferred (quar.)
Gardner Denver Co..pref. (quar.)
.IM Jan. 31 "Holders of rec Jan 20
General Cable, preferred (guar.)
14 Feb. 1 Holders of rec. Jan. 220
General Cigar. corn. (quar.)
Feb. 2 Holders of rec. Jan. 160
$1
Preferred (quar.)
I% Mar. 2 Holders of rec. Feb. 200
900 Jan. 24 Holders of rec. Dee. 19a
General Electric (quar.)
Special stock (quar.)
15e Jan, 24 Holders of rec. Dee. 190
General Foods Corp.. corn.(quar.)
75c Feb. 2 Holders of rec. Jan. 15a
General Mills, Inc.. corn. (guar.)
75e Feb. 2 Holders of rec. Jan. 156
General Motors, $5 pref.(guar.)
$1.25 Feb. 2 Holders of rec. Jan. 50
General Parts, Prof. (quar.)
•30c Feb. 2 *Holders of rec. Jan. 20
• ieneral Pub.Service. $5.50 Prof.(quar.) 51.375 Feb. 2 Holders of rec. Jan, 9
$6 preferred (quar.)
51.50 Feb. 2 Holders of rec. Jan. 9
General Stockyards Corp.,corn.(quar., _
50c. Feb. 2 Holders of rec. Jan.15
25c Feb. 2 Holders of rec. Jan. 15
Common (extra)
$8 preferred (guar.)
$1.50 Feb. 2 Holders of rec. Jan. 15
General Tire & Rubber, corn. (quar.) _ _ *31
Feb. 1 'Holders of rec. Jan. 20
Gibson Art Co.. common (quar.)
"65c Apr. 1 *Holders of rec. Mar.20
Gilbert(A.C.)Co.,corn.(quar.)
"250 Feb. 16 *Holders of rec. Feb. 5
Gilmore Oil(guar.)
'300. Jan. 31 *Holders of rec. Jan. 15
Gillette Safety Razor,$5 Pf•(qu.)(No.1) $1.25 Feb. 2 Holders of roe. Jan. 2
Gimbel Bros., pref.(quay.)
14 Feb. 1 Holders of rec. Jan. 150
Gold Dust Corp.. corn. (quar.)
6254c Feb. 2 Holders of rec. Jan. 10a
Goldsmith (P.) Sons (guar.)
"30c Feb. 1 'Holders of rec. Jan. 20
Goodyear Tire & Rubber, corn. (guar.). $1.25 Feb. 1 Holders of reo. Jan. 176
Preferred (quar.)
$1.75 Apr. I Holders of rec. Feb. 28a
Gorham Mfg., common (quar.)
50e Mar. 2 Holders of rec. Feb. 16
Gotham Silk Hosiery, pref.(qu.)
134 Feb. 2 Holders of rec. Jan. 126
Granby Consol. Mln.Smelt & POW.(an.) 50e Feb. 2 Holders of tee. Jan. 160
Grand (F. & W.) 5-10-250. Stores
Preferred (quar.)
51.825 Feb. 2 Holders of ree. Jan. 196
Grant Lunch Corp.. corn
'400 Jan. 31
Common
'400 July 31
Great Lakes Engineering Works (qu.)
*25c Feb. 2 *Holders of rec. Jan. 26
Gruen Watch, common (quar.)
•500 Mar. 1 *Holders of rec. Feb. 20
Preferred (quar.)
'1)4 Feb. 1 *Holders of rec. Jan. 20
Haiku Pineapple, preferred (guar.)
•4334c Feb. 1 'Holders of rec. Jan. 15
Hall(W.F.)Printing.common (qua?.)..
50e. Feb. 2 Holders of rec. Jan. 200
Hamilton Bridge, common (quar.)
500 Feb. 1 Holders of rec. Jan. 23
6K% preferred (quar.)
154 Feb. 1 Holders of rec. Jan. 23
Hamilton Watch.com.(no par) (rattily) 150 Jan. 31 Holders of rec. Jan. 104
Common $25 Dar
•300 Jan. 31 *Holders of roe. Jan. 10
150 Jan. 31 Holders of rec. Dec. 290
Common(special)
Hammermill Paper, common (quar.)... •25c. Feb. 15 *Holders of rec. Jan. 31
Hartford Times(quar.)
•75e. Feb. 15 *Holders of rec. Feb. 1
Hawaiian Commercial & Sugar (mthly.) *25c. Feb. 5 'Holders of rec. Jan. 25
50e, Feb. 28 Holders of rec. Feb. 140
Hawaiian Pineapple (quar.)
154 Feb. 14 Holders of rec. Feb. 30
Hercules Powder. pref. (quar.)
Hershey Chocolate Corp.. corn. (quar.). $1.25 Feb. 15 Holders of rec. Jan.4240
Si Feb. 15 Holders of rec. Jan.4240
Convertible preferred (quar.)
Si Feb. 15 Holders of rec. Jan.4240
Convertible preferred (extra)
Hibbard.Spencer. Bartlett & Co.(mthlY) 250 Jan. 30 Holders of rec. Jan. 23
5e. Jan, 28 Holders of rec. Jan. 14
Hollinger Consol. Gold Mines(mthly.)__
50e. Jan, 26 Holders of rec. Jan. 20a
Homestake Mining (monthly)
Horn & FIardart(N. Y.) corn.(qua?.)... 62 34c. Feb. 2 Holders of rec. Jan. 12
'134 Feb. 1 *Holders of rec. Jan. 24
Horne (Joseph) Co., pref.(quar.)
50c. Feb. 1 Holders of rec. Jan. 15
IIumberstone Shoe (guar.)
Hunts Bros. Packing, class A (quar.)___ *50c. Feb. 2 "Holders of rec. Jan. 15
'334 Feb. 2 'Holders of rec. Jan. 21
Hurst (J. E.) & Co., lot pref
•30e. Apr. 15 *Holders of rec. Apr. 3
Illinois Brick (quar.)
0300. July 15 *Holders of roe. July 3
Quarterly
•30c. Oct. 15 'Holders of rec. Oct. 3
Quarterly
•75e. Feb. I *Holders of roe. Jan. 21
Illinois-Pacific Coast Co.. prof.(guar.)
50e. Feb. 14 Holders of rec. Jan. 23
Indiana Pipe Line (quar.)
Industrial Finance Corp.
Common (Payable In common stock).. 1234 Feb. 1 Held.of rec. Apr.18'30
614
Name of Company.
when
PC?
Cont. Payable.
Books Closed.
Daps Inclusive.
Miscellaneous (Continued).
Industrial Credit Corn.of Am..com.(qu)3234c. Feb. 15 Holders of reo. Jan. 31
Inter-Island Steam Navigation (mthly.) .100. Jan. 31 *Holders of reo. Jan. 24
Internat'l Cigar Machinery (Quar.)_ _ _ 6234c.Feb. 2 Holders of reo. Jan. 22
International Harvester, pref.(guar.) -- 1 St Mar. 2 Holders of reo. Feb. 50
Feb. 18 Holders of rec. Jan. 260
International Mercantile Marine
$1
International Nickel of Canada
13j Feb. 2 Holders of reo. Jan. 36
Preferred (Par SBA)(qua?.)
8940. Feb. 2 Holders of rec. Jan. 36
Preferred (Par $5)
Internat. Printing Ink. pref. (quar.)....- 134 Feb. 1 Holders of rec. Jan. 124
International Shoe. pref.(monthly).•500. Feb. 1 *Holders of rec. Jan. 15
Preferred (monthly)
•500. Mar. 1 *Holders of rec. Feb. 14
Preferred (monthly)
•50o. Apr. 1 *Holders of reo. Mar. 14
*50o. May 1 *Holders of rec. Apr. 15
Preferred (monthly)
*500. June 1 *Holders of reo. May 15
Preferred (monthly)
Intertype Corp.. corn. (guar.)
500. Feb. 16 Holder' of rec. Jan. 300
Investors Trust Associates(guar.)
121.4e Feb. 2 Holders of rec. Jan. 15
Jantzen Knitting Mills, new com.(quar.) *37%c Feb. 1 "Holders of rec. Jan. 15
Julian di Kokenge (final%)
.250. Feb. 1 *Holders of rec. Jan. 15
Kaufmann Dept. Stores, corn.(quar.)
38c. Jan, 28 Holders of reo. Jan. 100
821.4c Feb. 1 Holders of rec. Jan. 150
Kayser (Julius) & Co., corn.(quar.)
Kelsey Hayes Wheel Corp., pref.(Qnse.) 134 Feb. 1 Holden of reo. Jan. 20
Kentucky Cons.Stone, pref.(guar.).
- '134 Feb. 1 *Holders of rec. Jan. 15
Keystone Watch Case, new corn.(No.1) 750. Feb. 2 Holders of rec. Jan. 166
*250. Apr. 1 "Holders of rec. Mar. 20
Klein(D. Emil) Co.,corn.(quar.)
Preferred (quar.)
*134 Feb. 1 'Holders of rec. Jan. 20
Knickerbocker ain't. Sec., pref.(qua?.) '134 Jan. 30 "Holders of rec. Jan. 20
25c. Feb. 2 Holders of rec. Jan. 200
Kress (5.11.) At Co.. corn.(quar.)
•15c. Feb. 2 'Holders of rec. Jan. 20
Special preferred (quar.)
Kroger Grocery & Baking, 2d pf. (qu.) '194 Feb. 1 *Holders of rec. Jan. 20
Lane Bryant, Inc., pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 15
Lanston Monotype Machine(quar.)_ 194 Feb. 28 Holders of rec. Feb. 186
250. Feb. 28 Holders of rec. Feb. 186
Extra
Lawbeck Corp., preferred (guar.)
•11.4 Feb. 2 *Holders of rec. Jan. 21
Lazarus(F.& R.)& Co.. pref.(guar.)
*154 Jan. 31 *Holders of rec. Jan. 20
40e. Feb. 16 Holders of rec. Feb. 5
Lefcourt Realty, corn. (quar.)
Lehigh Portland Cement, corn. ft:Mari
25e. Feb. 2 Holders of rec. Jan. 140
Lerner Stores Corp., pref.(guar.)
*I% Feb. 1 *Holders of rec. Jan. 20
Limestone Products. 7% pref. (Quar.) •6234e Apr. 1 *Holders of rec. Mar. 15
Lincoln Printing, corn.(Guar.)
50c. Feb. 2 Holders of rec. Jan. 22
Preferred (quar.)
87)4c Feb. 2 Holders of rec. Jan. 22
Link Belt Co.. tom.(quar.)
600. Mar. 1 Holders of reo. Feb. 140
Liquid Carbonic (quar.)
Jan. 31 Holders Of rec. Jan. 20a
81
Loew's Boston 'Theatres (quar.)
150. Feb. 2 Holders of rec. Jan. 24
Loose-Wiles Biscuit, common (guar.)._
65e. Feb. 1 Holders of rec. Jan. 226
Common (extra)
100. Feb. 1 Holders of rec. Jan. 226
Lord & Taylor,2nd pref.(quar.)
Feb. 2 Holders of reo. Jan. 176
2
Los Angeles Investment(quar.)
•200. Feb. 15 *Holders of rec. Jan. 15
Lynch Corp. (quar.)
*50c. Feb. 16 *Holders of rec. Feb. 5
Stock dividend
*el
Feb. 16 *Holders of rec. Feb. 5
MacKinnon Steel. pref.(quar.)
134 Feb. 2 Holders of rec. Jan. 16
Macy (R. H.)& Co., common (quar.)
50c. Feb. 16 Holders of rec. Jan. 235
Common (payable In corn.stock)
Feb. 16 Holders of rec. Jan. 230
5
Magnin (I.) & Co.,6% pref.(quar.)...... •134 Feb. 15 *Holders of rec. Feb. 5
*11.4 May 15 *Holders of res. May 5
6% preferred (qua?.)
6% preferred (guar.)
'134 Aug. 15 *Holders of ree. Aug. 5
8% preferred (qua?.)
'134 Nov. 15 *Holders of reo. Nov. 5
Mansfield Theatre Co.(Toronto) pref
834 Jan, 30 Holders of reo. Dec. 31
'355c. Feb. 15 *Holders of rec. Feb. 1
Marathon Razor Blade, Inc.
(monthly)M
•3340. Mar.15 *Holders of rec. Mar. 1
*334c. Apr. 15 *Holders of rec. Apr. 1
Monthly
•334e. May 15 *Holders of rec. May 1
Monthly
*334c. June 15 *Holders of reo. June 1
Monthly
'354c. July 15 *Holders of rec. July 1
Monthly
'3340. Aug. 15 *Holders of rec. Aug. 1
Monthly
43340. Sept.15 *Holders of rec. Sept. 1
Monthly
4
.334e. Oct. 15 *Holders of reo. Oct. 1
Monthly
0334c. Nov.15 *Holders of reo. Nov. 1
Monthly
*3340. Dec. 15 *Holders of rec. Dec. 1
Monthly
51.50 Feb. 2 Holders of rec. Jan. 150
Maytag Co.. let pref.(guar.)
7543. Feb. 2 Holders of roc. Jan. 150
Cumulative preferred (qua?.)
6234e Feb. 2 Holders of reo. Jan. 206
McCall Corp.(qua?.)
McCrory Stores Corp.. pref.(guar.).-- 134 Feb. 2 Holders of rec. Jan. 200
25e. Mar, 2 Holders of rec. Feb. 20
McIntyre Porcupine Mines (quar.)
50e. Feb. 1 Holders of rec. Jan. 18a
Melville Shoe Corp.,common (quar.)
Feb. 2 *Holders of reo. Jan. 21
*51
Merchants Rettig., cons. (extra)
*134 Feb. 2 *Holders of rec. Jan. 21
Preferred (qua?.)
234 Mar. 2 Holders of rec. Jan. 9
Merrimack Mfg.. preferred
Metropolitan Industries,$6 pref.(qu.) •$1.50 Feb. 2 *Holders of reo. Jan. 20
$8 pref. allot. nts., 50% paid (quar.)_ •750. Feb. 2 *Holders of reo. Jan. 20
Mlckelberrys Food Prod.. corn. (guar.) *15o. Feb. 16 *Holders of reo. Feb. 2
•1234 Feb. 18 *Holders of rec. Feb. 2
Common (quar.)
•1234 May 15 'Holders of rec. May 1
Common (payable In corn. ertock)
'/234 Aug. 15 *Holders of rec. Aug. 1
Common (payable in corn. stock)
*121.4 Nov.16 *Holders of rec. Nov. 2
Common (payable In corn. stock)
50o. Feb. 16 Holders of rec. Jan. I50
Mid-Continent Petroleum (qua?.)
-Dividend omitted
Milburn (Alex.) Co.
Minneapolis-Honeywell Regulator corn_ 51.50 Feb. 14 Holders of rec. Feb. 3
500. Feb. 14 Holders of rec. Feb. 3
Common (extra)
•31.75 Feb. 1 *Holders of rec. Jan. 20
Minnesota Val Can.. pref. (qua?.)
Mississippi Val. Util. Investment Co.
$1.50 Feb. 2 Holders of rec. Jan. 15
$6 prior lien preferred (quar.)
Mitten Bank Securities Corp.. cora
6234e Feb. 16 Holders of rec. Dec. 31
821.4e Feb. 18 Holders of rec. Dec. 31
Preferred (quar.)
•75e. Feb. 1 *Holders of rec. Jan. 20
Modine Mfg.(quar.)
250. Feb. 28 Holders of rec. Jan. 31
Mohawk Mining (quar.)
Moody's Investors Serv.. partic. pf.(qu.) 75e. Feb. 15 Holders of rec. Feb. la
51.75 Feb. 1 Holders of rec. Jan. 156
Mullins Mfg., pref.(quar.)
IM Mar, 2 Holders of rec. Feb. 18
Muskogee Company 6% pref.(qua?.).._
Feb. 2 Holders of rec. Jan. 200
$1
Nash Motors, corn. (quar.)
20o. Feb. 1 Holders of rec. Jan. 115a
National Acme, common (quar.)
Feb. 2 Holders of rec. Jan. 20
2
National Carbon. pref.(quar.)
154 Feb. 2 Holders of reo. Jan. 15
Nat. Department Stores, 1st pref.(qu.)_
National Distillers Products, corn. (qr.) 500. Feb. 2 Holders of rec. Jan. 150
760. Feb. 2 Holders of rec. Dee. 31
National Fireprooling. corn. (quar.)
134 Mar, 14 Holders of reo. Feb. 270
National Lead. pref. A (qua?.)
134 Jan, 81 Holders of rec. Jan. 16*
Preferred B (qua?.)
Nat.Securities Investment, pref.(qu.).... 134 Feb. 15 Holders of reo. Jan. 28
National Short Term Secur.. Cl. A (an.). •1234c Feb. 2 *Holders of rec. Jan. 10
•17340 Feb. 2 *Holders of rec. Jan. 10
Preferred (Guar.)
National Supply Co.of Del.com.(Quar.) $1.25 Feb. 16 Holders of rec. Feb. 50
1.3540 Feb. 1 Holders of reo. Jan. 14
National Tea, 534% prof. (guar.)
National Terminals,7% cony pref.(q11.) *4354o Feb. 1 *Holders of rec. Jan. 22
*25o. Feb. 1 *Holders of rec. Jan. 22
Participating preferred (quar.)
1 lo. Feb. 1 Holders of rec. Jan. 15
Nation-Wide Securities series B ctts.(qu.)
134 Feb. 1 Holders of reo. Jan. 15
Neisner Bros., pref.(guar.)
(A.E.) Co. Co., prof.(qu.)..- •1% Feb. 1
Nettleton
'134 Mar. 2 *Holders of reo. Feb. 16
Newberry (J. J.) Co. pref.(quar.)
Newberry (J. J.) Realty. pref. A (qUar.)- •134 Feb. 1 *Holders of reo. Jan. 16
•134 Feb. 1 *Holders of rec. Jan. 16
S* 6% preferred B (quar.)
'134 Jan. 31 *Holders of rec. Jan. 15
Newton Steel, pref. A (quar.)
rec. Jan. 15
Equity Corp., 00In.(qu.) 62340 Feb. 2 Holders of rec. Jan. 200
New England
50c. Feb. 10 Holders of
New Jersey Zinc (quar.)
381.50 Feb. 2 Holders of rec. Jan. 18
New River Co.. pref
60c. Feb. 1 Holders of rec. Jan. 60
N. Y. Al? Brake (quar.)
Jan. 31 Holders of rec. Jan. 20
N.Y.& Honduras Rosario Sibling (qu.) 250. Jan. 31 Holders of rec. Jan. 20
250.
Extra
250. Feb. 2 Holders of roe. Jan. 20
New York Merchandise,common (quar.)
134 Feb. 2 Holders of rec. Jan. 20
Preferred (quar.)
Feb. 2 *Holders of rec. Jan. 15
Niagara Falls Smelt. & Ref., cl. A (qu.) *50c Feb. 2 *Holders of rec. Jan. 15
*25o
Class B (quar.)
200 Feb. 1 Holders of rec. Jan. 20
Corp., common (guar.).Noma Electric
Holders of rec. Dee. 31
North Amer.Securities, corn. an stock) /134 Feb. 1 Holders of reo. Jan. 15a
Feb. 5
$1
North American Match
(monthly).. •10e. Feb. 1 *Holders of reo. Jan. 20
North American Oil Consol.
•50c. Feb. 1 *Holders of rec. Jan. 15
Northwest Engineering (guar.)
*450. Feb. 1 *Holders of rec. Jan. 21
Noyes(C.F.) Co.. Inc.,corn.(quar.)
'134 Feb. 1 *Holders of rec. Jan. 21
8% Preferred (quar.)
•2c. Jan. 25 *Holders of rec. Jan. 18
Oceanic 011(bd-monthly)
•100. Mar. 31 *Holders of rec. Mar. 16
011stocks, Ltd.. class A & B (quar.)
Jan.
Oliver United Filters. class A (guar.).- •150e. Feb. 2 *Holders of rec. Jan. 20
300
750. Feb. 16 Holders of rec.
Oppenheim Collins & Co., cons. (quar.)
Fore. 132.
FINANCIAL CHRONICLE
Name of Company.
Wan
Per
Can. Payable
Rooks Closed,
Days Inclusive.
Miscellaneous (Continual).
Holders of reo. Jan. 20a
$1 Feb.
Outlet Co., common (quar.)
Holders of reo. Jan. 20a
134 Feb.
First preferred (guar.)
Holders of rec. Jan. 206
114 Feb.
Second preferred (qua?.)
Holders of rec. Jan. 20
60o. Feb.
Pacific Clay Products (quar.)
*Holders of ree. Jan. 15
Pacific Finance Corp., pref.%(qua?,)... *200. Feb.
*Holders of rec. Jan. 15
*113%c Feb.
Preferred C (qua?.)
*Holders of reo. Jan. 15
•17Sic Feb.
Preferred D (quar.)
*Holders of rec. Jan. 20
Package Machinery, 1st pref.(qua?.)... *$1.75 Feb.
15e. Mar. 1 Holders of reo. Feb. 140
Packard Motor Car (qua?.)
*Holders of rec. Jan. 20
Peabody Coal,8% preferred (qua?.)... '134 Feb.
Feb. 1 Holders of rec. Feb. 5
$1
Penman's. Ltd., corn,(quar.)
Holders of rec. Jan. 21
1% Feb.
Preferred (quar.)
Holders of rec. Jan. 15
134 Feb.
Pennsylvania Industries(quar.)
Holders of rec. Jan. 15
7340. Feb.
Penn Traffic
250. Jan. 3 Holders of rec. Jan. 286
Petroleum Corp.of Amer.(qua?,)
*Holders of res. Jan. 15
*500. Feb.
Petrollte Corp., Ltd.(qua?.)(No. 1)
*Holders of rec. Dec. 81
Feb.
Philadelphia Bourse. common (No. 1)..'Si
*Holders of rec. Dee. 81
11.50 Feb.
1
Preferred
Holders of rec. Jan. 15
$2.50 Feb.
Philadelphia Insulated Wire
Holders of rec. Jan. 206
IS( Feb.
Phillips-Jones Corp., prof. (quar.)
•20o Jan, 2 *Holders of reo. Dec. 15
Pickwick Corp.,8% pref.(quar.)
•100. Feb. 1 'Holders of rec. Jan. 31
Pierce Petroleum, common
*Holders of ree. Mar.24
Pitney-Bowes Postage Meter (guar.)... 'Sc, Apr,
*25e. Jan. 2 *Holders of reo. Jan. 15
Pittsburgh Forgings (quar.)
Holders of rec. Feb. Ta
154 Mar,
Pittsburgh Steel, pref.(quar.)
Holders of rec. Jan. 12a
1.% Feb.
Pittsburgh United Corp., pref.(au
Jan. 2 *Holders of reo. Dec. 81
Polygraphic Co.of Amer., pref.(quar,). *2
*Holders of reo. Jan. 15
•15o. Feb.
Sulphite & Paper (quar.)
Port Huron
vise. Feb,
*Holders of reo. Jan. 21
Process Corp. (quar.)
60o. Feb. 1 Holders of rec. Jan. 240
Procter & Gamble Co., common (quar.)_
*Holders of reo. Dec. 81
*S1.25 Feb.
pref.(quar.)
Public Utilities Invest.
*51.75 Feb. 1 *Holders of rec. Jan. 31
Public Utilities Corp.(quar.)
Holders of reo. Feb. 180
Purity Bakeries Corp., common (quar.)_ $1 Mar.
Jan. 17 to Feb. 1
200. Feb.
Pyrene Manufacturing,corn.(quar.)
•114 Feb. 28 *Holders of reo. Feb. 3
Quaker Oats, pref.(Guar.)
*Holders of reo. Jan. 20
"50o. Feb.
Raymond Concrete Pile, common
*Holders of rec. Jan. 20
•750. Feb.
Preferred (guar.)
Holders of rec. Jan. 21
50o. Feb.
Reed (C. A.) Co., class A (qua?.)
Holders of rec. Jan. 21
12340 Feb.
Class B
*Holders of rec. Jan. 15
•51.50 Feb.
Republic Service, pref. (guar.)
750. Apr. 1 Holden of reo. Apr. 1
Republic Supply Co. (guar.)
75e. July 1 Holders of roe. July 1
Quarterly.
750. Oct. 1 Holders of rec. Oct. 1
Quarterly
Holders of rec. Jan. 100
Revere Coroner & Brass. pref.(guar.)._ 1% Feb.
*Holders of rec. Jan. 16
*31.50 Feb.
Riverside Cement,1st pref.(qua?.)
*Holders of rec. Jan. 15
•150. Feb.
Participating stock (quar.)
*Holders of rec. Jan. 15
Feb.
Rogers Paper Mfg., class A (guar.).
*Holders of ree. Jan. 16
•900 Feb.
Hollins Hosiery Mills. pref.(quar.)
*Holders of reo. Jan. ii
'62340 Feb.
Roos Bros.. corn.(guar.)
*Holders of roe. Jan. 15
• 31.625 Feb.
Preferred (guar.)
*Holders of rec. Jan. 18
.17%0 Feb.
Hoovers Bros., pref
Royal Dutch Co., New York shares__ _3 1.3404 Jan. 3 Holders of reo. Jan. 200
Holders of rec. Dec. 31
1% Feb.
Russell Motor Car, corn.(quar.)
Holders of rec. Des. 31
I,' Feb.
Preferred (quar.)
Holders of reo. Jan. 20
650. Feb.
Ruud Mtg.(qua?.)
*Holders of reo. Jan. 19
*500. Feb.
Ryerson (Jos. T.) & Son, Inc. (qua?.)600. Mar.2 Mar 10 to Mar.20
(qua:.)
St. Joseph Lead 0*.
Holders of rec. Jan. 19
St. Lawrence Flour Mills, pref.(qua?,).. 1% Feb.
Holders of reo. Jan. 15
500. Feb.
Salt Creek Producers Assn.(quar.)
Savage Arms Corp.. 2nd pref (quar.) •$1.50 Feb. 1 *Holden of reo. Feb. 2
Holders of reo. Jan. 15
Savannah Sugar Refining, WM.(guar.). 31.50 Feb.
Holders of reo. Jan. 15
Preferred (quar.)
134 Feb.
Holden of rec. Jan. 17
1% Feb.
Scott Paper Co., pref. A (guar.)
Holders of reo. Jan. 17
1% Feb.
Preferred B (qua:.)
Feb. 1 *Holders of rec. Jan. 81
•1
Seaboard Surety (quar.)
Holders of rec. Jan. 2
Seaboard Utilities Shares,corn.(quar.)_.. 12340 Feb.
Holders of reo. Jan. 90
Sears, Roebuck & Co.(quar.)
621.40 Feb.
Holders of rec. Jan. 90
Stock dividend (qua?.)
Feb.
s1
Holders of reo. Apr. So
May
01
Stook dividend (qua?.)
Holders of rec. Jan. 22
100. Feb.
Securities Corp. General,cam.(qua?.)
Holders of rec. Jan. 22
$1.75 Feb.
$7 preferred (qua?.)
$1.50 Feb.
Holders of rec. Jan. 22
$8 preferred (quar.)
Holders of reo. Jan. 15
730. Feb.
Seeman Bros.. Inc., corn. (quar.)
Holders of rec. Jan. 15
Service Stations, Ltd., pref.(quar.)____ 1% Feb.
1% Feb.
Holders of rec. Jan. 15
Preferred, series A (quar.)
*Holders of rec. Jan. 16
•250. Feb.
Beton Leather (quar.)
*Holders of roe. Jan. 20
*30o. Feb.
Shareholders Invest. Corp.(qua?.)
Holden or rec. Jan. 166
87%e. Feb.
Sharp & Dohme, Inc., pref. (quar.)
4.$1
Mar,1 *Holders of reo. Mar. 1
Sheaffer (W. A.) Pen Co., common
•1500. Mar. 1 *Holders of reo. M. 1
Common (extra)
Sept.1 *Holders of reo. Sept. 1
'Si
Common
Apr. 20 *Holders of tee. Mar.80
•2
Preferred (quar.)
July 20 *Holders of reo. June 80
*2
Preferred (qua?.)
Oct. 20 *Holders of reo. Sept .80
*2
Preferred (quar.)
(C) Feb. 1 Holders of ree. Jan. 5
Shenandoah Corp., 8% prof. (Qua?.)....
Silver (Isaac) Bros. Co.. pref.(guar.).- •1,4 Feb. 2 *Holders of rec. Jan. 19
50o. Feb. 2 Holders of reo. Jan. 20
Simpson's, Ltd., class A (qua?.)
1% Feb. 2 Holders of reo. Jan. 20
Preferred ((Mar.)
Feb. 14 Holders of reo. Jan. 316
2
Consol. Oil, pref.(quar.)
Sinclair
Feb. 2 Holders of rec. Jan. 20
Skelly 011. pref.(guar.)
'6254c Feb. 2 *Holders of rec. Jan. 28
Skinner Organ (guar.)
154 Feb. 15 Holden of rec. Jan. 150
Solvay Amer.Investment, Dr.(au.)
Squibb(E.R.) dr Sons,common (quar.)_ *500. Feb. 2'Holders of rec. Jan. 15
*1% Feb. 2 *Holders of rec. Jan. 15
Preferred (guar.)
Steel Co. of Canada, cam. & pref. (qtr.) 485(e Feb. 2 Holders of use. Jan. 7 ,
40c. Feb. 16 Holders of rec. Jan. 30
Stein(A.)& Co..corn.(guar.)
Sterling Securities Corp., 1st pfd.(qua?.) 750. Mar, 2 Holders of reo. Feb. 136
300. Mar. 2 Holders of rec. Feb. 130
Preference (quar.)
*250. Feb. 1 *Holders of reo. Jan. 24
Storkline Furniture, cony. pref.(quar.)
•5650 Feb. 1 *Holders of rec. Jan. 20
Stouffer Corp., class A dr B (guar.)
•75c. Feb. 1 *Holders of reo. Jan. 15
Straus(S.W.)Investing Corp.(qu.)*1% Feb. 2 *Holders of rec. Jan. 15
Suburban Elec.Securities, let Pl.(qu.)
Sun Investing Co., Inc., $3 pref.(quar.) 750. Feb. 1 Holders of reo. Jan. 19
Superior Portland Cement, el A (mtbly.) '21%o Feb. 1 *Holders of rec. Jan. 23
230. Feb. 2 Holders of reo. Jan. 150
Sweets Co.of Amer.(qua?.)
$1.50 Feb. 15 Holders of reo. Jan. 15
Swift International
150. Feb. 2 Jan. 18 to Feb. 1
Took-Hughes Gold Mines (quar.)
85e. Feb. 2 Holders of roe. Jan. 150
Telautograph Corp.. corn.(Qum.)
Tennessee Products Con.. corn.(Qua? ) •25e. Apr. 10 *Holders of me mar. al
*131 Jan.'81 *Holders of reo. Jan. 26
Tante Creosoting, Prof.(quar.)
90e. Feb. 15 Holders of rec. Feb. 50
Thatcher Mtg., cony. pref. (qua?.)
Thermoid Co., pref. (qua?.)
'154 Feb. 1 *Holders of reo. Jan. 15
300. Feb. 16 Holders of fee. Jan. 310
Tide Water Associated 011. common
1% Feb. 16 Holden of reo. Jan. 176
Tide Water Oil, pref. (quar.)
20e. Feb. 18 Holden of reo. Jan. 236
Tobacco Products, class A (quar.)
150. Feb. 16 Holden of reo. Jan. 230
Class A (extra)
Transamerica Corp.(qua?.)
250. Jan: 25 Holders of reo. Jan. 50
Tri-Utilities Corp., pref. (qua?.)
750. Feb. 1 Holders of rec. Jan. 15
$1.50 Feb. 1 Holders of rec. Jan. 15
$6 preferred (quar.)
Truax-Tracr Coal. corn. (quar.)
40e. Feb. 1 Holders of reo. Jan. 21
Trunz Park Stores, Inc.(qua?.)
•25c. Feb. 9 *Holders of reo. Jan. 80
Truce! steel, corn.(pay. In corn. stock) /6 Mar.10 Holders of reo. Jan. 54
,
Tung Sol Lamp Works, corn. (quar.)
•250. Feb. 1 *Holden of reo.'Jan. 20
Preferred (quar.)
•750. Feb. 1 *Holders of rec. Jan. 20
Twelfth Street Store(Chic.),com.A(au.) *50o. Feb. 2 *Holders of reo. Jan. 24
Underwriters Finance, 7% pf.(au.)
'154 Feb. 2 *Holders of rec. Jan. 15
Union 011 Co. of Cal. (qua?.)
500. Feb. 10 Holders of rec. Jan. 150
Union 011 Associates (qua?.)
•500. Feb. 10 *Holders of reo. Jan. 15
United Biscuit of America (guar.)
50e. Mar. 1 Holders of rec. Feb. 1613
Preferred (guar.)
134 Feb. 1 Holders of no. Jan. 164
United Cigar Stores of Amer.. pref.(qn ) 134 Feb. I Holders of reo. Jan. 9a
Preltrred (quar.)
1% May 1 Holders of reo. Apr. 100
Preferred (qua?.)
1% Aug. 1 Holders of rec. July 100
Preferred (guar.)
134 Nov. 2 Holders of res. Oct. 9a
United Dairyman Co-operat.(annual). _ ss
Feb. 1
United Ohio Utilltiee, Prior prof.(aIL)._ '154 Feb. 1 *Holden of rec. Jan. 10
United Piece Dye Works. corn.(quer.)
50e. Feb. 1 Holders of rec. Jan. 150
Common (quar.)
50e. May 1 Holders of reo. Apr. 150
500. Aug. 1 Holder of reo. July 150
Common (quar.)
Common (guar.)
50c. Nov. '1 Holders of reo. Oct. 15a
United Verde Extension Mining (Guar.). 50c. Jan. 81 Holders of rec. Jan. 2a
JAN. 24 1931.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days inclusive.
Miscellaneous (Concluded).
U.S.& British Int.,$3 pref.(quar.)---750. Feb. 2 Holders of rec. Jan. 15
Class A (guar.)
Feb. 2 Holders of rec. Jan. 15
U.S. Capital, class A (guar.)
*25c Apr. 10 *Holders of rec. Afar. 25
U.S. Chain & Forging, coca.(guar.)-- - *750. Feb. 15
U. S. Electric Power, pref. (guar.)
•164 Feb. 2 *Holders of rec. Jan. 9
U.S.& Foreign Securities Corp.
First preferred (guar.)
$1.50 Feb. 2 Holders of rec. Jan. 124
U.S. Industrial Alcohol (guar.)
31.50 Feb.' 2 Holders of rec. Jan. 154
U.S. Realty &'mot.(quar.)
75c. Mar, 16 Holders of rec. Feb. 16a
Universal Leaf Tobacco,corn (quar.)--75e. Feb. 1 Holders e rec. Jan. 22a
Universal Pipe & Radiator, pref. (guar.)
Feb. 2 Holders of rec. Jan. 150
Utilities Hydro dr Rails shares
10e. Feb. 2 Holders of rec. Jan. 2
Victor Talking Mach., corn. (quar.)---- *El
Feb. 2 *Holders of roe. Jan. 17
Western Air Express (guar.)
*15e. Feb. 1 *Holders of rec. Jan. 20
Western Grocer of Iowa, corn.(cum..)
3765c Feb. 1 Holders of rec. Jan. d20
Western Steel Products, 61g% Pref.(qu.) 16g Feb. 1 Holders of rec. Jan. 15
Western Tablet At Stationery, corn.(qu.)
50c. Feb. 1 Holders of rec. Jan. 20
Westinghouse Air Brake(guar.)
50c. Jan. 31 Holders of rec. Dec. 24a
Westinghouse El. dr Mfg.,coin. dr pf.(qu) 31.25 Jan. 31 Holders of rec. Dec. 310
White Rock Mineral Springs, corn. ((lu.) $1
Apr. 1 Holders of rec. Mar. 14a
Common (extra)
50c. Apr. 1 Holders of rec. Mar. 144
First preferred (guar.)
1 6g Apr. 1 Holders of rec. Mar. 14
Second preferred (guar.)
5
Apr. 1 Holders of rec. Mar. 14
Second preferred (extra)
2;g Apr. 1 Holders of rec. Mar. 14
Wilson Line. Inc., preferred
$3.50 Feb. 15 Holders of rec. Jan. 15
Wood,Alexander & James, pref. ((luar.) 1)1 Feb. 1 Holders of rec. Jan. 21
Woods Bros. Corp., corn. (In stock)110
Feb. 1 Holders of rec. Jan. 20
Woolworth (F. W.) Co., COM.(guar.). _
60c. Mar. 2 Holders of rec. Feb. 105
Wrigley (Wm.) Jr. Co.(monthly)
25e Feb. 2 Holders of rec. Jan. 205
Monthly
50c. Mar. 2 Holders of rec. Feb. 200
Monthly
25e. Apr, 1 Holders of rec. Mar. 204
•1
Wurlitzer (Rudolph), pref. (guar.)
Apr, 1 *Holders of rec. Mar.20
Preferred (guar.)
July 1 *Holders of rec. June 20
•From unofficial sources. S The New York Stock Exchange has ruled that
Stock will not be quoted ex-dividend on this date and not until further notice.
j The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on title date and not until further notice.
a Transfer books not closed for this div1dend.
d Correction. e Payable in stock.
f Payable In common stork. g Payable In scrip. 6 On account of accumulated
(1_
dividends. j Payable In preferred ntock.
{Public Utilities Securities dividend is optional, payable either in cash or on
twentieth share of Utilities Power & 1.ight cora, stock.
O Shenandoah Corp. dividend wit be paid, 1-32d. share com,stock. unless holders
notify Company on or before Jan. 15 of their desire to take cash-75c. per share.
r Corporation Securities div. Is optional, either 75e. cash or 1-40th oh. corn. stock.
t Community Water Service dividend Is payable In common stock or non-dividend
bearing scrip.
I 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.
oMid-WeA State Utilities dividend payable in cash or stock.
re Leas deduction for expenses of depositary •
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.
p Lone Star Gas dividend is one share for each seven held.
I Bird & 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.
Weekly Return of New York City Clearing House.
Beginning with March 311928, 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, pages 3812-13. The figures
given below therefore now include returns from these two
now members, which together add $35,750,000 to the capital,
837,339,600 to surplus and undivided profits, $147,946,000
to the net demand deposits and $113,780,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN, 17 1931.
*Capital.
•Surplus and
Undivided
Profits.
$
Clearing House
Members.
$
Bank of N.Y.& Tr. Co_
Bk.of Manhattan Tr. Co
Bk.of Amer. Nat'l Amen
National City !tank...__
Chem,Bk. & Trust Co__
Guaranty True* Co
Chat.Ph.Nat.11k.&Tr.Co
Cent. Han. Bk.& Tr. Co
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continent'l Bk.& Tr,Co.
Chase National Bank._
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Trust Co
Marine Midland Tr. Co_
Lawyers Trust Co
New York Trust Co.
Com'l Nat. Bk.& Tr. Co
Harriman Nat. Elk. dr Tr.
Public Nat, Trust Co
Idanutactlirer Trust Co.
,
6,000,000
22,250,000
36,775,300
110,000,000
21,000,000
90,000,000
16,200,000
21,000,000
15,000,000
10,000,0011
50.000,000
6,000,000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
3.000,000
12,500,000
7,000,000
2,000,000
8,250,000
27,500.000
Clearing Non-Members:
City Bank Farm,Tr. Co_
Mech. Tr. CO., BAYOLMO
10.000,000
500,000
'meal.
Net Demand
Deposits
Average.
$
14,178,200
66,227,000
54,439,900
258,978,000
40,579,700
162,093,000
114.554,300 a1,009,024,000
43,426.000
239,509,000
207,442,800 6946,440,000
20,086,300
163,576,000
87,278,200
433,412,000
35,431,300
190,050,000
114,009,500
275.517,000
85,390,500
422,408,000
11,353,100
11,809,000
209,775,900 c1,465,219.000
3,842,100
28.825,003
88,887,300 d454,574,000
24,830,000
32,834,030
0,527,100
44,696.000
4,622,500
18,115,000
35,554,700
186,886,000
9,992,600
43,994.000
2,811,000
29,662,000
13,729.300
37,833.000
23,610,300
110,113,000
12,894,700
924,800
4,870,000
2,887,000
Time
Deposits
AVer006.
$
14,155,000
50,242,000
54,162.000
201,289.000
29,902,000
121,121,000
34,294,000
76,465.000
36.459,000
25.020,000
50,386.000
641,000
193.788.000
3,084,000
71.574.000
1,784,000
4,781,000
1,83E000
49,937,000
4,518.000
6,479,000
38,761,000
75,019,000
5,291,000
668,475,300 1,267,173,000 6,640.260.000 1.156,886,000
• As per official reports. National, Dec. 31 1930; State, Dec. 31 1930; trust
companie3. Dec. 31 1930.
Includes depotits In foreign branches as follows. a $282,176,000;($137,028,000;
g$151,132,000; d$58,201.000:
615
The New YorkrTimespublishes regularly each week
returns of a number of banks and trust companies which are
not members of the Now York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Jan. 14:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF
BUSINESS FOR THE WEEK ENDED WEDNESDAY, JAN. 14 1931.
NATIONAL AND STATE BANKS-Average Figures,
Loans
Dint. and
Invest.
0th. Cash Res. Dep., Dep. Other
Gold. Including N. Y. and Banks and
Gross
Bk.Notes. Elsewhere. Trust. Co., Deposits,
s
$
$
S
187,600
63,800
1,817,600
67,595 2,178,224 1,238,535 19,414,100
Manhattan8
$
2,488,600 71,000
Bryant Park Bk_
Grace National__ 20,539,176 3,000
Brooklyn
Brooklyn Nat'l__ 10,194,600 22.000
People's Nat'l_ _ _
6,900,000 5,000
166,100
130.000
578,700
498.000
617,000
170,000
7,121,500
6,995,000
TRUST COMPANIES
-Average Figures.
Loans,
Disci. and
invest.
ManhattanBank of Europe & Tr
Empire
Federation
Fulton
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. J.
Mechanics
Cash.
Res. DCp., Dep. Other
.V. Y. and Banks and
Elsewhere. Trust Cos.
$
$
$
753,523
14,782,100
251,607
74,454,000 *3.928.600 13,912,500
220,791
15,450,713
1,106,775
18,624,100 *2,500,400 1,703,900
69,248,679 3,993,253 13,272,550
111,852,000
28,554,637
8,584,351
2,781,000 30,843,000
2,171,930 5,842,745
376,490
701,217
Gross
Deposits.
$
8
13,255,157
3,414,700 80.108.100
235,053 15,252.777
17,985,900
57.219,885
465,000 125,454,00(
29,956,504
292,217
8,552,292
* Includes amount with Federal Reserve Bank as follows. Empire, $2,361,100:
Fulton, $2,350,800.
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. 21
1931.
Changes from
Previous
Week,
Week Ended
Jan. 14
1931,
Week Ended
Jan. 7
1931.
$
$
$
$
Capital
94,075,000 Unchanged
94,075,000
94.075,000
Surplus and profits
06,982,000 Unchanged
96,982,000
98
.337 000
.
Loans,clisc'ts & invest'ts_ 1,034,620,000 -10,546,000 1,045,166,000 1,051.355.000
649,184,000
Individual deposits
+2,625,000 646,559,000 659.541.000
Due to banks
163.140.000 -3,021,000 166,161,000 168,900,000
Time deposits
276,256,000 -3,549,000 279,805,000 277.717.000
United States deposits_ _ _
10.252,000 -2,697,000
12,949,000
16.564.000
Exch.for Clearing House_
18,057,000 -2,230,000
20,287,000
27.902.000
Due from other banks.. _ .. 124,905,000
+8,990,000 115,915,000 121.500.000
Res've in legal deposit'les_
84,442.000 -2,133,000
87,502,0051
86,575,000
Cash In bank
6,537,000 - 415,000
6,952,000
7,298,000
Res've In excess in F.R.Bk
4.070.000 -1,360.000
5.430.000
5.733.000
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
Showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Jan. 17
1931.
$
Capital
82,534,000
Surplus and profits
258,305,000
Lowas,(awls. and invest_ 1,480,08E000
Each, for Clearing House
27,012,000
147,670,000
Due from banks
Bank deposits
244,968,000
Individual deposits
743,119,000
Time deposits
391,665,000
Total deposits
1.379.752,000
Reserve with F. It, Bank_ 120.944.000
Changes from
Previous
Week.
1Week Ended
Jan. 10
1931.
Week Ended
Jan, 3
1931.
$
$
$
82,534,000
Unchanged
82,534.000
+902,000 257,463.000 258,519.000
+1.497,000 1,458.587.000 1(.456,992.000
29,472,000
-2,480,000
47.552,000
+15,129,000 132,541.000 124.378,000
+23,939,000 221.029,000 203.003.000
-7.763,000 750,882.000 767,122,000
-109,000 391,77E000 394.871.000
+16,067.060 1.363,645,000 1. 6 ,996.000
34
-1.450.000 122.394.000 1241 Aso one
616
[VoL. 132.
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following Is the return issued by the Federal Reserve Board Thursday afternoon, Jan.22 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 576, 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. 21 1931
Jan. 21 1931. Jan. 14 1931. Jan. 7 1931. Dec. 31 1930. Dec. 24 1930 Dee. 17 1930. Dec. 10 1930. Dec.3 1930. Jan. 22 1930.
$
$
$
$
$
$
$
$
$
RESOURCES.
1,763,219,000 1,740,589,000 1,691,189,000 1,730,439,000 1,703.400.000 1,665,310,000 1,650,870,000 1,588,506,000 1,680,014,000
Gold with Federal Reserve agent,
36,833,000
59,758,000
33,700,000 33.453,000
35,450.000
37,126,000
34,911,000
36,288,000
35,868,000
Gold redemption fund with U.S.Tress_
]old hold inclusively agst.F. R.notes 1,798,887.000 1,776,877,000 1,728.315,000 1.765.350.000 1,738.850,000 1.699.010.000 1.684.323,000 1.625.339.000 1,739,772,000
421,588.000 447,140,000 483.560.000 417,740,000 437,581,000 462,649.000 474,094,000 486,843.000 608,940,000
Gold settlement fund with F.R.Board
Gold and gold aril/10Mo held by banks_ 853,673,000 834,560,000 781,641,000 758,129,000 745.636,000 797,191,000 846.603.000 895,309.000 626,503,000
3,074,148.000 3,058,577,000 2.993.516.000 2,941,219,000 2.922,087,000 2.958.850.000 3.005.020.000 3,007.491.000 2,975,215,000
Total gold reserves
180,136,000 172,878,000 153.832.000 140,298,000 115,499.000 132.240,000 136,457.000 137.312,000 196,303,000
Reserves other than gold
3,254,284,000 3,231,455.000 3,147,348,000 3.081,517,000 3,037,566,000 3.091,090.000 3,141,477.000 3.144,803.000 3,171,518,000
Total reserves
61.565.000
76,354,000
59,961,000
62,779.000
59,750,000
79,932,000
84,498,000
81,652,000
85,071.000
1$on-reserve cash
BM'Methane/a:
93.371.000 239,394,000
89.676,000
86,750,000 115,501.000
79,612,000
89.421.000 219.422.000 144.528,000
S. Govt.ObligationsSecured by U.
150,273.000 156,590,000 176,884,000 161,977,000 228,927.000 186,793.000 167,421,000 158.556.000 193,829,000
Other bills discounted
229.885,000 243,340,000 292.385,000 251,398,000 448,349,000 331.321.000 257.097.000 250.927,000 433,223,000
Total bine diseouneed
151,625,000 196,180,000 265,456,000 363,844,000 259,837.000 251,591,000 243,697,000 218,937.000 298.389,000
BMA bought In open market
U.8. Government securities:
54,863.000
69.610,000
70.910,000
96,632,000 105,419.000 114,982.000 163.785,000 127,234,000 121.287,000
Bonds
181,452,000 189,439,000 201.369,000 226,473,000 193.090.000 200.030,000 239.282.000 247.269.000 170,213,000
Treasury notes
346,507,000 349,459,000 342.550,000 339.209,000 321,352,000 371,117.000 306,811.000 300.060.000 236,839,000
and DUB
Certificates
Total U.B. Governmentsecuritiee-__
Other securities (ass sole)
Foreign loans on gold
624.591,000
650,000
644,317,000
5,550,000
658,901,000
8,558,000
729,467,000
7,143,000
641,676,000
8,533.000
692,434,000
7,451,000
017,003.000
108,000
802.192.000 476,662,000
8,358.0001 14,530,000
1,006,751,000 1,089,387,000 1,233,300,000 1,351,852,000 1,356,395,000 1.282.797.000 1,117.905.000 1.078.414.000 1,222,804,000
Total bills and securities (its sc90
Gold held abroad
2.852.000
725,000
702.000
703.000
712.000
703.000
704,000
708.000
712.000
Des from foreign banks Um sa4)
26,194,000
26.015,000
Uncollected Items
25.468.000 584.783,000 570.952.000 733.584,000 528.348.000 571.488.0001 30,679,000
15,250.000 629,637,000
15,322.000
14.068.000
21,019,000
21.993,000
Federal Reserve notes of other banks-. 507,312,000 568,311,010 521,013,000
59.704.000
58,213,000
59,742.000
59.783.000
59,783,000
57,924,000
57,845,000
67,843,000
58,034,000
Bank promisee
19.861,000, 12,231,000
20,780.000
20,925.000
22,525,000
19,032,000
20,403,000
20,890,000
22,024,000
AU other resources
4.957,390.000 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 5,202,161,000
. 1,517.843,000 1,552,702,000 1.624.898.000 1,663,538,000 1,721.897,000 1,596,168.000 1.475,745.000 1.450,898.0001 1,739,241,000
2,430.730,0002.463.590.090 2,443,859,000 2,470,583,000 2.366.717,000 2,454.974.000 2,447,517.000 2,423.952.000 2,359,801,000
16.402.000
41.935.000
26,071,000
2,615,000
18,819,000
48.180,000
24.689.000
22,650,0001 32,202,000
5,557.000
6.152.000
6,958,000
5,611.000
5,761,000
5.856,000
5,779,000
5,758.000
40
6,0,000
20,273,000
20.248.000
22.148,000
20,348,000
18,396,000
21,970,000
25,390,000
18,734.000
19,752,000
Total resources
LIABILITIES.
F.R. notes in actual circulation
Denosits:
-reserve amount
Member banks
Government
Foreign banks (see so(s)
Other deposits
2,488,154,000 2.521,308,000 2,499,717.000 2,517,133,000 2,436,949.000 2.483.548,000 2,489.749,000 2,492,267,000 2,414,978,000
494,734,000 547.803.000 498.970.000 564.007.000 503,448,000 720.068.000 511,002.000 544,819.000 584,189,000
169.712,000 169,807,000 169.668.000 169,640,000 170.314.000 170.303.000 170.302.000 170.591.000 171.253,000
274,636,000 274,636,000 274,636,000 274,636.000 276,938,000 278.936.000 276.936,000 276.936.000 276,936,000
18.228.000
15,564,000
18,503.000
18,704,000
12,339,000
11,694,000
19,149.000
12,445,000
12.311,000
Total deposits
Deferred availability items
Capital paid in
Sendai
AU other liabilities
4,957,390.000 5.078.701,0005,078.228.000 5,200,648,000 5,128.693,000 5,265,727,000 4,942,237.000 4,953,737.000 5.202,161,000
Total liabilities
Ratio of gold reserves to deposits and
78.2%
71.6%
75.7%
72,5%
72.6%
70.3%
70.2%
75.1%
76.7%
F R. note liabilities combined
Ratio of total reserves to deposits and
79.8%
76.3%
75.8%
79.2%
73.7%
73.0%
76.3%
79.3%
81.2%
7.R. note liabilities combined
Contingent liability on Dille purchased
418,667,000 448,809,000 440,326,000 439.288.000 432,327,000 434.600.000 417.422.000 425.828.000 530,600,000
for foreign correspondent..
Disfribusios by Maittrifies1-15 day bills bought in,open market1-15 days bills disoou. ted
1-15 days U.8. certif. of indebtedness
1-15 days municipal warrants
15-110 days bills bought in open market__
15-30 days bills discounted
15-30 days U. B. earth. of indebtedness18-80 days municipal warrants
51-80 days bills bought in open market_
$1-80 days bills discounted
5140 days D. 8. certh. of indebtedness
5140 days municipal warrants
01-90 days bills bought in open market_
01-00 days bills discounted
51-90 days U.S .cerilf. of indebtedness_
51-90 days municipal warrants
Over 00 days bills bought In open market
Over 90 days Dille discounted
Over 00 days certif. of Indebtedness_....
Over 90 days munloipal warrants
S
71.689,000
147,597,000
$
102,715,000
156,008,000
$
141.785,000
203,724,000
27,266,000
19,316.000
26,107,000
37,931,000
20,661,000
169,000
60,355,000
21.889.000
3
219,272,000
175,501.000
2,425,000
185.000
68,082,000
17,659,000
21,502,000
29,716,000
24,858,000
31,647,000
26,107.000
29,926,000
20,414,000
29,722,000
21,755,000
12,000
34.434.000
31.489.000
24,182,000
3.000
27,929.000
22,799,000
29,000
47,249,001)
26,968.000
24,182.000
15.000
28.129,000
19,459.000
1,242,000
12,842,000
320,400.000
954,000
13,267,000
333,352.000
953,000
12,484.000
318.368.000
674.000
1,132.000
11,813,000
312,602,000
614,000
$
149,905,000
355,958,000
$
107.130.000
241,075.000
109.000.000
5
92.595.000
171.392.000
73,555.000
$
84.859.000
167.328.000
72,765.000
15
154,156,000
326,283,000
60,720.000
22,149,000
77,280,000
27,077.000
70,984.000
24.410,000
51.691,000
23.983.000
41,457,000
28,139,000
194,000
40,712.000
34.937.000
23,457.000
15,000
8.218.000
23,255,000
110.000
55,973,000
30,673.000
67,414,000
30,269.000
68,277.000
28.745.000
70,537,000
42,550,000
79,979,000
24,000
282,000
12,050.000
297,895,000
14.000
11,160.000
19.838.000
33,957.000
3.000
48.000
12,658.000
228,180,000
24,000
74.000
14.062.000
19.230.000
38.707.000
10,000
48.000
49,000
11,641,000
11.496,000
194,549,000 188.588.000
24.000
24,000
84,000
12.655.000
19,530,000
38,707,000
884,000
11,082,000
156,860,000
30,000
3,450,558,000
1,281,274,000
PR.110tel resolved from Comptroller-1.11. notes held by P.R.Agent
DMA SO Federal Reserve Banks
,...
Hew Secured
By gold and gold oectlIteatee
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
31,355,000
25.169,000
2,031,901.000 2,068.736,000 2.101.889.000 2.093,625,000 2,121,087,000 2.047,285,000 1.981,938,000 1,874,572,000 2,169,284,000
625,539,000
636,409,000
636,009,000 621,009,000
625,644.000
617,054,000
571.114.000
512.250.000
420,894,000
1.137,680,000 1,104,180.000 1.055.180,000 1,109.430,000 1,077,756,000 1,048.258.000 1,079.756,000 1,076.256.000 1,259,120,000
336,319,000 391.988.000 508.820.000 507,788,000 631,915,000 518,689.000 437.991.000 407.769.000 712,598,000
,4,3'2,UIh,UVV
. . „. ,
. . .
. . .
•
•
•
•
.
•
vtii a. Desunaus alto toe statement of ties. 7 11426. two new Items were added in order to show separately the amount of balances tield abroad and amounts due
to foreign oorrespondents. In addition, the caption. "All other earning sitilete." previously made up of Foreign intermediate Cradle Bank debentures, was °hanged to
- The latter Item waa adopted as a more ea:orate description of the total of
votoer securities." and the caption. -Total earning assets- to -Total bill' and Murtha.
provision of Sections 13 and 14 of the Federal Reserve Act. which. it wee stated, are the only Items included
the discounts. thoeptanctos and securities seaufred under the
therein.
AND LIABILITIES OP EACH OF THE 12 FEDERAL RESERVE BANES AT CLOSE OF BUSINESS JAN. 21 1931
KIM STATEMENT OF RESOURCES
nee Ciphers (0O) risithrd•
Beebe. New York. Ma. mamma. Mamma Atlanta. Cilease. St. Louts. Attaseap Kas.City. Dallas San Fran.
Total.
MOM Ranee Bost of----$
$
$
$
$
5
$
$
$
$
$
$
$
ABSOURCSIL
144,917,0 460.729,0 160,000,0 182,550,0 83,150,0 133,550,0 163,000,0 75,885,0 47.825,0 63,000.0 27,850,0 220.783.0
0011d With Federal Reserve Agents 1,763,219,0 1,390,0
13,829.0 1,402,0 2.785.0 1,437.0 1,674,0 4,058,0 1,573,0
792,0 4,503,0
35,668,0
793,0 1,432,0
rand with U.S.Treas.
Geld fern
225,266,0
146,307.0 474,558,0 161,402,0 185,335.0 84,587,0 135,224.0 167,058.0
Gold gold slot agel.7.R. notes 1,798.887.0 22,946.0 151,523.0 41,585,0 42,209.0 10,613.0 11.818,0 57,493.0 77,458,0 48,618.0 64,432,0 28.642,0 25,077.0
10.170,0
Gold settlert fund with F.R.Board 421,588,0 36,575,0 497,650,0 23.377,0 65,466,0 9,860,0 8,013,0 136,444,0 15.519,0 11,147,0 21,488,0 11.484,0 39.150,0
10,219,0 6,136,0 9,499,0
Bold and gold elfsJ1eld by banks- 853,673.0
Total gold reserves
Reserve other than gold
3,074,148,0 205.828,0 1,123,731,0 228,384,0 293,010,0 104,860,0 155,055,0 360.995,0 103,196,0 65,901.0 95,419,0 50,296,0 289,493,0
51,978,0 11,662,0 11,471,0 10,105,0 10,138,0 25,794,0 11,208,0 4,936.0 8,414.0 8,185,0 10,708,0
180,136,0 15,537.0
3,254,284.0221,365,0
Total reserves
85,071,0 11,146,0
Non-reserve cash
Bill. discounted:
79,612,0 3,104,0
Bee. by U.S. Govt. obligations
150.273.0 7,831,0
Other Mils discounted
229,885,0 10,935,0
151,625.0 11,506,0
1,175,709,0 238,026,0 304,481,0 114,985,0 165.193,0 386,789,0 114,404,0 70,837.0 103,833,0 58,481,0 300,201.0
21,086,0 4,564,0 6,846,0 4,840,0 4,485,0 11,000.0 5,201.0 2,214,0 2.187.0 3,474,0 8,028.0
4,708,0
6,499,0
577,0 1,028,0
3,608.0 15,088,0
476,0 13,284.0
5,070,0 5,223,0
42,767,0 25,772,0 28,589,0 21,589,0 21,965,0 22,727,0 11.207,0
38,600,0 3,568,0 16.939,0 8,239,0 9,092,0 28,503,0 5,948,0
4,185,0 16,096,0
5,505,0 6,920,0
5,546,0 18,507,0
5,234,0 13,571,0
516,0 8,905,0
18,900,0 9,382,0 15,098,0 3,634,0
23,867,0 16,390,0 13.491,0 17,955,0 21,449,0 13.822,0
Total bills discounted
Bills bought In open merkst
1Us B. Government sosuritier
Bonds..
Damao notes
Certificates and bills
96.632.0 1.799,0
181 452,0 14,999,0
346:507,0 29,735,0
50,977,0 1,353,0 1.162,0 1,531,0
33,554,0 19,640,0 25,673,0 5,446,0
129,397.0 29,571.0 31,524,0 10,284,0
400,0
630,0 10,380,0
220,0 22,191,0
692,0 5,297,0
4,257,0 20,666.0 13,102,0 9,114,0 9.458,0 6,323,0 19,220.0
3,239,0 38.987,0 10,357.0 11,886,0 18,940,0 12,734,0 19,853,0
regal TI.. SI Me** Imoden•111••
R91 501
n en 533 0
213.928.0 50.564,0 58,359,0 17,201,0
7,716,0 81,844,0 24.151.0 26,297.0 29,028,0 29,437,0 39,473,0
JAN. 24 1931.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)Tee Miami (00) omitted.
Total.
Boston.
Total bills and securities
Due from foreign banks
Uncollected hems
F. R notes of other banks
Bank premises
AU other resources
Phila.
New York.
$
550.0
$
100,0
3
650,0
Other securities
Foreign loans on gold
1,006,751,0 69.074,0
712,0
53,0
28,194,0
223,0
507,312,0 54,226,0
58,034:0 3.458.0
19,032.0
110,0
$
617
Cavalries. likb710114 Atlanta. Chicago
s
3
s
Si. Louis. Minseap. Han.City. Dallas
$
$
3
3
$
Sashes,
3
295,845,0 79,904,0 103,887,0 45,089,0 38,773,0 133,074,0 41,306.0 35,987.0 52,044,0 40.217,0 71.551,0
237,0
70,0
72.0
28,0
25,0
96,0
25,0
16,0
21,0
21.0
48,0
293,0 1,482.0 3,018.0
10,676.0
919,0 2,979,0 1,448,0
820,0 1,387,0
350.0 2,599,0
131,134,0 44,437.0 48,010,0 44,485,0 19,286,0 61,835,0 22,961,0 8,938,0 26,691,0 16.977,0 28,282,0
15,240.0 2,614.0 6,968,0 3,305,0 2,573,0 8,061,0 3,635,0 1,926,0 3,803,0 1,830,0 4,621,0
170.0 1.035,0 1.008,0 4,356,0 1,029.0 3,086,0
6.453,0
524,0
255,0
630,0
376.0
Total resources
4.957,390.0 359.655,0 1,656.380,0 370,078,0 472,781.0 216.738,0 235,610,0 604,863.0 192,066,0
F. R. notes In actual circulation_
1,517,843.0 128,261.0 307,745,0 140.047,0 181,323,0 88,833,0 135,116,0 143,408.0 81.447,0
Deposits:
Member bank-rescave am's 2,440,730,0
142,557,0 1.061,784,0 142,431,0 193,517.0 62.967,0 59,664,0 337,108.0 66,994,0
Government
22,650,0 1,278.0
2,830,0 2,390.0 2,273,0 1,707,0 3,648,0 2,191,0 1,243,0
Foreign bank
6,040,0
565,0
428,0
2,209.0
577,0
228,0
206.0
771.0
200,0
Other deposits
18,734,0
121.0 2,352,0
92.0
8,611,0
181,0
247,0
483,0
573.0
Total deposits.
2,488,154,0 144,355,0 1.075,434,0 145,507,0 198,719.0 65,083,0 63,765,0 340,553,0 69,010.0
DefeTed availability items
494.734.0 53,754,0 124,303,0 40,535,0 46.894,0 44,164,0 18.609,0 58,811,0 24.656,0
Capital paid in
169.712,0 11.877,0
65,682.0 16,784,0 15.914,0 5,802,0 5,285,0 20,099.0 5,052,0
Surplus
274,636,0 21,299,0
80,575,0 27,065,0 28,971,0 12,114,0 10,857,0 39,936,0 10,562,0
All other liabilities
12.311,0
109,0
2.641,0
122,0
960,0
742,0 1,978.0 2.056,0 1,339,0
121,312,0 190,221,0 121,980,0 415,706,0
49,997,0 67,401,0 29,281,0 164,984,0
49,918,0 83,240,0 58,752,0 181.798,0
1,501,0
805,0 1,638,0 1,146,0
131,0
166,0
171,0
388,0
119,0
218,0
98,0 5,639,0
51,669,0 84,429,0 60.659,0 188,971,0
8,686.0 24.990,0 18,132,0 31.182.0
3,062,0 4,265,0 4,386,0 11,504,0
7,144,0 8,702,0 8,936,0 18.475,0
434,0
754,0
586,0
590.0
Total liabilities
4,957,390,0 359,655,0 1,658,380.0 370,078.0 472,781,0 216,738,0 235,610,0 604,863,0 192,066,0 121,312,0 190,221,0 121,980,0 415,708,0
Mammascia.
Reserve ratio (per sent)
81.2
83.4
81.2
85.0
80.1
74.7
79.9
83.1
76.0
69.7
68.4
65.0
84.8
Contingent liability on bills pur
k chased for foreign oorresponcr 448.667.0 33.6270 147.815.0 44.388.0 45.285.0 17.933.0 16.141.0 60.529.0 15.693,0 10,312.0 13,002,0
13.451,0 30,489,0
FEDERAL RESERVE NOTE STATEMENT
-
Parlarai &SEM Agent at-
Total.
Boston.
New York.
Phila.
s
s
Cleveland. Richt:soma Abate. Chicago. Si. Louis. Alinneap. Kan.City. Dallas. Sas Fresh
Two Ciphers (00) assflted5
s
Federal Reserve notes:
Issued to F.R. bk by F.R.Agt- 2,031.901,0 160.439,0
Held by Federal Reserve bank_ 514,058,0 32,178,0
s
S
3
$
3
$
3
3
$
514,095.0 174.671,0 219.763,0 104,173,0 162,528,0 196,410,0 90,685,0 55,058,0 79,459,0 34,639,0 239,981.0
206.350,0 34,624.0 38,440,0 15,340,0 27,412,0 53,002.0 9,238,0 5,061,0 12,048,0 5.358,0 74.997.0
In actual circulation
1,517,843,0 128,261,0
Collateral held by Agt. as security
for notee issued to bank:
Gold and gold certificatee
625,539,0 35,300,0
Gold fund-P.R.Board
1,137,680.0 109,617,0
Eligible Paper
336,319,0 19,742,0
307,745,0 140,047.0 181,323,0 88,833,0 135,116,0 143,408,0 81,447,0 49,997,0 67,401,0 29,281.0 164,984,0
Total oollateral
395,729.0 38,700,0 12,550,0 5.150,0 7.900,0, 40,000,0
65,000,0 121,300,0 170,000,0 78,000,0 125,650,0 123,000,0
65,039.0 23,085,0 41,871,0 26,361,0 29,721,0 46,280,0
1
525.768.0 183.085.0 124.421.0 109.511.0 163.271.0 209.280.0
1
2.099 538.0 164.659.0
14,085,0 11.825,0
14,300,0 50,000.0
61,800,0 36,000,0 63,000,0 13,550,0 170,763,0
15,207,0 8,359,0 21,802.0 9.460,0 29.392,0
91.092.0 56.184.0 84.802.0 37.310.0 250.155.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following Is the weekly statement issued by the Federal Reserve Board, giving the
elnd liabilities of the reporting member banks from which weekly returns are obtained. principal items of the resources
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
the figures for the latest week appears in our department of "Current Events and Discussions." on page 577, immediatelyupon
preceding which we also give the figures of New York and Chicago reporting member banks for a
week later.
Beginning with the statement of
Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold wall endorsement, and Include all real estate mortgages and mortgage loans
held by the bank. Previously acceptances of other banks and bills sold with
end weement were included with loans, and some of the
no longer shown separately only the total of loans on banks Included mortgages in investments. Loans secured by U.S. Government obligations are
securities being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U. S. obligations and
those secured by commercial paper, only a lump total being given. The number of reporting nooks is now omitted; in its place the number
of claim included (then 101) was for a time given,
The figures have also been revised to exclude a bank in the Ban Francisco district with loans and but beginning Oct. 9 1929 even this has been omitted.
Investmdnte 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
BANES IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JAN. 14 1931 (In millions of dollars)
Federal &mem Matta
-
Tong.
Boston. New York
Loans and Investments
-Iota
-
$
22,666
$
1,489
$
9,097
Leans-total
15,922
1,107
7,522
8,400
434
673
6.743
3,146
3.598
CleretasS, Richmond Attasta
Net demand deposits
Time deposits
Government deposits.
Due from bank'
Due to banks
6,401
891
3,510
2,891
467
424
382
2,696
151
231
1,364
1.332
99
16
1,710
3,698
Reserve with B. R. Bank
Cain in vault
8
4,203
13,862
7,059
115
k
3
1,308
1,870
255
On securities
All other
Investments-totalU. B. Government securities
Other securities
Phila.
$
Chicago. Et. Louis. Menem, /Cas.Cga. Dallas. Sas Fran.
624
571
3
3,344
1.449
447
429
695
754
172
275
139
290
417
754
177
131
286
361
393
70
107
943
74
91
17
138
29
904
513
11
6,498
1,720
23
783
350
9
111
151
174
1.384
123
256
$
$
S
3
S
651
435
$
1,942
230
399
318
1,313
78
151
107
292
92
225
412
901
170
131
253
118
630
37
132
67
65
108
145
65
52
318
312
25
6
53
13
32
7
111
24
208
149
1
461
195
1
269
150
7
752
1,020
14
7
83
171
214
103
109
224
283
639
361
2,470
469
1,215
1,255
200
270
142
874
60
81
413
461
37
14
39
11
258
36
1,081
988
12
335
242
8
312
224
11
1,888
1,273
18
167
353
100
112
87
101
45
8'
371
236
1
275
97
520
131
80
2
11
7
14
7
10
9
1
•Exclusive of figures for one bank in New York City, closed Dee. 11. Last
report of bank showed loans and investments of about
Borrowings from F. R. Bank
7
12
5190,000,000.
Condition of the Federal Reserve Bank of
New York.
The following shows the condition of the Federal Reserve Bank of New
In comparison with the previous week and the corresponding date last year: York at the close of business Jan. 21 1931,
&MIMS
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury.
Gold bold 02011111V047 amt. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold cornflowers bad by bank_
Total mud reserves
Reserves other than gold
Jan. 21 1931. Jan. 14 1931. Jan. 22 1930,
460,729,000
13,829.000
445,729.000
13.829.000
238,594,000
16,254,000
474,558.000
151,523,000
497,650,000
459,558.000
165,155,000
498.185,000
254,848,000
231,045,000
375,045,000
1,123.731,000 1,122,898.000
51,978,000
50.537.000
860,938.000
55,986,000
Resonrom (Coneleded)Gold held abroad
Due from foreign banks (See Not,)
Uncollected items
Federal Reserve notes of other banks
Bank premises
All other resouroes
Tots lemurs:we
Jan. 21 1931. Jan. 14 1931. Jan.22 1930.
237,000
10.676.000
131.134.000
15,240,000
6,453,000
233,000
10.418,000
161,006,000
15.240,000
7,216.000
241,000
10,620,000
160,795.000
15,664,000
3,783,000
1.656.380,000 1,729,582.000 1,552,101.000
Total reserves
1,175,709,000 1,173,435,000 916,924,000
Non-reserve cash
21.086,000
23,348,000
16,855.000
Bills dismountedideoured by O. S. Govt. obligations-18,900.000
23.475,000
72,627,000
discounted
Other
23.867.000
27.686.000
17,028,000
LtriadteesFea'l Reserve notes in actual circulation_ 307,745,000 326,646,000
Depoeits-Member bank, reserve and.. 1,061,784,000 1,087,445,000
Government
2,830,000
6,200,000
Foreign bank (See Note)
2,209.000
1,927,000
Other deposits
8.611,000
9,610,000
286,291,000
952,245,000
4,161,000
3,276,000
10,378,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury noted
Certificates and bills
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
970,060,000
144,468,000
67,382,000
80,001,000
3,899,000
Waal U. S. Government seourillies...
Other securities (Se. sae)
Foreign loans on gold
42.767,000
38,600,000
51.161.000
50.934.000
89.655,000
117,264,000
50,977,000
33,554.000
129,397.000
58,352.000
37,489,000
138.050.000
11,383,000
87.229,000
112,188,000
213,928.000
550,000
233,891,000
2.700,000
210,800,000
9,500,000
Total liabilities
1,075,434.000 1,105,182,000
124,303.000 148,894,000
65,682,000
65,679.000
80,575.000
80,575,000
2.641.000
2,606,000
1,656,380,000 1,729.582,000 1,552,101,000
Ratio of sow reserves to deposit and
Fedi Res ye note liabilities oombined85.0%
82.0%
73.0%
Contingent liability on bills ourckased
Total bills and maul:Mee (See Noss)-- 295,845,000 338,686.000 427,219.000
for foreign correspondence
147.815,000 147,956.000 174,103,000
NOTE -Beginning with the statement of Oct. 7 1925. two new Items Were added in order to show separately the amouot ot ualaucee held aoroad
and amounts due to
foreign eurreePondente. In addition, the caption -All other earning assets.- previous y made UP of Federal Intermediate Credit Bank debentured was
changed to "Other
securities," earl the caption, "Total earning assets" to "Total bills and amanitas." The latter term VICIA adopted as a more accurate demotion of
the total of the discount
aoquired under the provisions of Sections 13 and 14 of the Federal Reserve Aot. which. It was stated. are the only
tweet:gam:see and securities
Mame Included therein.
[VOL. 132.
FINANCIAL CHRONICLE
618
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
(Ali erica dollars per share)
gankers' Gazettt.
Maturity.
June 15
June 15
Sept. 15
Deo. 15
1931 __
1931__.
1931_
193!.....
Int.
Rate.
BM.
Asked.
.
Matur14
lat.
Rats.
Bid.
Asked.
234% 100us, 100.1,, Sept.15 1031-32 3 34% 10011s, 100,s,
151% 100.s, 100.s, Mar.15 1931-32 334% 10071,, 100,,,,
234% 100711, 100.,, Dec. 15 1931-32 354% 1011.ss 111..s,
174% 100.s, 10077s,
Wall Street, Friday Night, Jan. 23 1931.
-The review of the
Railroad and Miscellaneous Stocks.
Market is given this week on page 606.
Stock
United States Liberty Loan Bonds and Treasury
The following are sales made at the Stock Exchange this
-Below
week of shares not represented in our detailed list on the Certificates on the New York Stock Exchange.
we furnish a daily record of the transeations in Liberty
pages which follow:
Loan and Treasury certificates on the New York Stock ExRange Since Jan. 1.
Range for Week.
Sales
STOCKS.
change. The transactions in registered bonds are given
for
Week Ended Jan. 23.
Highest.
Lowest.
Highest.
Lowest.
Week.
in a footnote at the end of the tabulation.
Par. Shares. 5 per share. i 5 per share. $ per share.$ per share.
RailroadsSept
Jan 19 7834 Dec 96
10 88 Jan 19 88
Caro Clinch & Ohlo_10
Feb
200 22134 Jan 2322134 Jan 23 18934 Dec 315
Central RR of N J_100
Jan 10934 Oct
20 10734 Jan 23 10734 Jan 23 98
St Louis p1_100
CCC &
Sept
Jan 20 7034 Oct 80
10 77 Jan 20 77
Cleve & Pittsburgh_100
Mar
Dec 70
Jan 20, 3834 Jan 17 33
170 35
100
Cuba RR pref
5/1 Aug 3
Feb
Jan 20
Jan 20, 1
100 1
Duluth SS & Atl pf_100
30 7534 Jan 17! 7534 Jan 20, 7034 Dec 8354 Sept
Ill Cent leased line 100
Nov 3234 Jan
Jan 22 1034 Jan 22 9
100 1054
Int Rys of Cent Am _ 100
Nov 7334 May
Jan 17i 4934 Jan 21 36
25r 44
100
Preferred
Dec 83 June
500 7254 Jan 211 7351 Jan 21, 74
Hudson & Manh p1_100
54 Oct 1% Apr
% Jan 20
51 Jan 20
100
100
Iowa Central
Sept
Jan 22 46% Sept 75
Jan 22 56
50 56
Manhat Elev guar_ _100
Nov 1051 Mar
Jan 20 9
200 8 Jan 20 8
Market St Ry pref_ _100
34 Jan 23
34 Dec 3% Feb
54 Jan 23
20
NY State Rys pref.100
Pacific Coast 1st DL 1
100
2d preferred
Phila Rap Transit pf
Dec 2954 Mar
Jan 23 7
Jan 23 10
30 10
Dec 1934 Mar
Jan 23 4
10 7 Jan 23 7
25% Jan 22 2951 Sept 3
634 Apr
20 2534 Jan 221
Rensselaer & Sara_ _100
Rutland RR pref_ _ _100
20137
100 30
Jan 21 130
Jan 22 22
Dec 14734 Sept
Dec 6734 Mar
South Sty 38 & C ctfsl
Wheel & Lake Erle_10
1
Preferred
100 7534 Jan 20 75% Jan 20 60
Jan 20 93
Jan 20 90
10 90
Jan 22 90 Jan 22 93
10 90
Dec 13551 Mar
Jan
Dec 110
Dec 11034 Juno
Indus. & Nliscell.
Amaigamat Leather_ _*
Amer Agric Chem(Del)*
•
do
(Conn)
•
Preferred
Amer Beet Sug Pfd-100
Amer Chain pref._1
1
1.10
1
Jan 21 144
Jan 22 30
21
20
22
23
19
2
1
2634
2%
25
17
88
Jan
Jan
Jan
Jan
Jan
Jan
21
54 Dec 334 Mar
23
22
23
Mar
De 45
19 8
Mar
23 7511 Jan 101
1
22
2%
100 25
10 17
200 87
Jan
Jan
Jan
Jan
Jan
Jan
Amer Colortype
Amer Rod & Standard
Sanitary pref_ _ _.100
Amer Water Wks v t c•
Arch Daniels Mid p1100
Assoc Dry Gds2d p1100
700 16
Jan 23 17
100145
200 5434
10 102
200 80
Jan
Jan
Jan
Jan
•
Barnet Leather
Celotex Co ctfs
Preferred
Certain-teed Products
100
1st preferred
25
Chile Copper
Cob Fuel & Iron pf_ 100
54 Dec 754 Apr
I% Jan 21 134 Jan 21
1
Sept
Dec 12
20
534 Jan 19 551 Jan 23 3
Jan 21 2634 Jan 21 1751 Dec 8434 Apr
50 26
200 14
330 31
30105
Conn Sty & Lt pref_100
Consol Cigar pf ox-war.
Crown Cork & S pref_•
Crown Wmette lot pf
Cuban Dom Sugar _ _ _ _•
Cuahmans SOIL9 pf (8)_*
10
20
100
10
300
10
20 145
19 5851
22 102
19 82
Jan 21 15
Jan 31 34
Jan 21 105
Jan 22 1534 Dec 22
Jan
Jan
Jan
Jan
Oct
Oct
20 12634 Jan 148
23'
Apr
2210034 Sept 110
19 8134 Dec 10034 Apr
Jan 17 651 Dec 4534 Mar
Feb
Dec 65
Jan 21 19
Dec 13534 Aug
Jan 21,100
71%
69
3354
68
51
95
Jan
Jan
Jan
Jan
Jan
Jan
17
22
23
20
17
19
Jan 19 1634
• 10,600 15
Diamond Match
25 2,200 2454 Jan 17 2534
Preferred
Jan 17 104
10 104
Elec Pr & Lt elf,70% pd
200 1834 Jan 22 1851
Fashion Pk Assoe p1100
Jan
Jan
Jan
Jan
23
23
Dec 120
17 100
22 12% Dec 80
Oct
Mar
19(08
1 110
21 82
23 90
1911234
Jan
Jan
Jan
Jan
Jan
19 97
17 11034
23 63
23 75
22 10034
Dec 125
Nov 120
Dec 111
Dec 122
Ja. 115
Jan
July
Apr
Apr
Sept
71%
69
3334
68
34
95
•
240110534
Gen Baking pref
100
80110934
Gen Cigar pref
70 80
•
Gen Gas& El pf A (7).
Preferred A (8)____•
101 90
60 108
Gen Sty Signal pref_10
Gillette Safety Razor
100 2,900 6251
Cony pref
600 104
•
Gold Dust pref
Gotham Silk Hosiery101 52
100
Pref ex-warr
_ __25
Houston Oil
newIndian Refining ctfs_ _ _
_
Internat Silverpf. _100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
17
22
23
20
17
19
53
30%
6831
31
97
Dec 93% May
Oct
Dec 35
Dec 98% Apr
Dec 234 Jan
Apr
Dec 120
Jan 21 67
Jan 19 106
Jan 19 5651 Dec 7051 Nov
Jan 111% Aug
Jan 23 100
Jan 22 52
Jan 22 50
Dec 79
May
854 Jan 19 934 Jan 23 6.54 Dec 1151 Oct
7,
Jan 22 3% Dec 451 Dec
400J 354 Jan 21 4
20182 Jan 19 82 Jan 19 70% Dec 11251 Feb
Jan
Jan
Jan
Jan
54
2
451
1
23 35
21 107
Holster Radlo ctfs
Kresge Dept Stores_ •
100
Preferred
Kresge (9 S) Co pf_100
201
%
100 434
10 35
110 107
Laclede Gas pref_ 100
Lig'ett&MyersCo.pf100
Jan 23 100
10 100
200 13734 Jan 21 140
Jan
Jan
Jan
Jan
34
23
17 454
23 3254
2110434
Dec 3
July
Dec 934 July
Jan
Dec 62
Dec 115 June
Jan 10034 Apr
Jan 23 OS
Sept
Jan 21 12734 Dec 146
Metro-Goldwyn Picpfz7
100
Mex Pet pref
Nat Hellas Hess pfd_100
Nat Supply Pref--_100
•
Nelsner Bros
•
Newport Co
50
Class A
800 2534
30 100
100 23
80 108
100 20
2,10 15
100 45
Jan
Jan
Jan
Jan
Jan
Jan
Jan
20 2634
21 100
22 23
22 109
23 20
22 1634
21 45
Jan
Jan
Jan
Jan
Jan
Jan
Jan
23 23
21 100
22 1334
1710634
23 20
17 1531
21 30
De 2651
De 100
Dec 82
Au: 116
De 54
Dec 1734
Dec 85
May
Dec
Jan
July
Apr
Dec
Mar
Omnibus Corp pref_100
Oppenh,CollIns &Co_•
Penn Coal & Coke_ _50
Peoples Drug Storas__•
__
Plana Co6% 131 new.
Phoenix Hosiery p1_100
1,000
400
100
500
100
10
68
2254
4
26
98
70
Jan
Jan
Jan
Jan
Jan
Jan
23
20
19
21
20
19
6934
233-4
4
2734
98
70
Jan
Jan
Jan
Jan
Jan
Jan
23
23
19
23
20
19
65
22
4
2134
95
70
Nov 85
De 56
Dec 1254
Dec 6034
Dec 104
Dec 88
June
Apr
Mar
Apr
Oct
July
Pierce-Arrow Co pf_100
Pitts Term Coal_ __ _1001
25
Pitts United
100
Preferred
-5
& Ref Corp PL 0
Prod
Punta Alegre Sug ars 50
400
40
300
80
10
100
65%
4%
1354
94
13%
1%
Jan
Jan
Jan
Jan
Jan
Jan
22
23
19
17
22
19
6551
451
1354
94
1334
134
Jan
Jan
Jan
Jan
Jan
Jan
22
19
19'
17
22
19
58
2%
11
19%
1131
Apr
Dec 82
Dec 15% Jan
Dec 19% Oct
Oct
Dee 103
Mar
Dec 40
154 June
Au
600 4831
1,700 IS
1,110 3534
110 334
70 .55
200 10354
Jan
Jan
Jan
Jan
Jan
Jan
19 53
19 18
23 3531
23 331
23 55
21 104
Jan
Jan
Jan
Jan
Jan
Jan
22
19
19
17
23
21
42
12
28%
2%
28%
93%
Dec 9951
Dec 5654
Dec 82
Dec 1054
Dee 82
Dec 114%
100
Skelly 011 pref
.
Sloss-Sheff St &II _.100
100
Preferred
Spear & Co
100
Preferred
Stand Gas& El Pf(7) •
Underw-Ell-Flser pf 100
US Distributing pf _100
Badsco Sales pref_ _ _100
•No par value.
34
June
Mar
Mar
Feb
Mar
Sept
Feb 12534 Apr
10012234 Jan 22 12254 Jan 22,121
Jan
Nov 95
Jan 19 50
Jan 19 49
400 49
23 1734 Jan 23 1254 Dec 7934 Apr
100, 1734 Jan
Daily Record of U. S. Band Prices. Jan. 17 Jan. 19 Jan. 20 Jan. 21 Jan. 22 Jan. 23
102.n 102.31 10213, 102.n
First Liberty Loan
f High 101.33 102
101",, 102.31 102.n 102=31
.
334% bonds of 1932-47_ Low- 101.31 102
33
,
1022,, 102.n 102 33 102.
102
Close 101.,,
(First 354')
38
40
32
31
52
50
Total sales in $1,000 units_ _ _
4% bonds of(High
Converted
{Low1933-47 (First 4s)
(Close
Total sales in 51.000 units_ _ _
103 - 1i33
- - 1;,
Converted 431% bonds{High 103 - 103.n 103.;11
of 1932-47 (First 451s) Low- 10335, 103.n 103.. 103.33 103.n 103.33
103.31 103.,, 103.,, 1031.3,
Close 1031s, 103.n
21
26
30
51
66
19
Total sales in $1,000 units_ _ _
Second converted 434 7/High
bonds of 1932-47(First LowClose
Second 45113)
_
Total sales in $1,000
- 3;1
-3
104.n 104 ;3- 104 - 101c
lh
Cii
Fourth Liberty Loan units_- 101.3.; 104
104
104
,
414% bonds of 1933-38_1 Low- 103 .st 103"st 103"n 104
104
104's,
Close 103.31 103"33 104.31 104
(Fourth 431s)
178
109
168
226
87
75
Total sales In $1,000 units_ _ _
113.n 113.n
(High
Treasury
113.31 113.3,
,
Low_ 113 s,
434*, 1947-52
113.n 113.n
(Close 1133s,
14
1
8
Total sales in 81,000 units_ _
- 711
108 7
1092,1 109h, 109
,( High
108.131
109
109.n 109
Low_
45, 1944-1954
109.33
109.n 109.,, 109
Close
210
5
30
5
Total sales in $1,000 units_ __
107
107.33 107.33 107
High 10Y-107.n 107.n 108.131 100.33
{Low. 107
351s, 1946-1956
107
,
,
107 n 107 32
Close 107
6
25
25
1
1
Total sales in $1,000 units...
103.,, 113.n
103.n
High 103'n
,
103.33 113 n
{Low. 103.31 103.33 103.n
334s, 1943-1947
,
31 113 n
103.
Close 103.,, 103.n 103.31
7
6
2
1
19
Total sales in $1,000 units_ _ _
102..31 10221,, 10225”
(High 102.
113
102..32 102771, 102.n
Low_ 102"a
354s. 1940-1943
102..n 10277,, 102..n
Close
40
2
1
52
Total sales in ELM units...
I
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
0s,
103"at to 103.
1032/1 to 103'31
9 4th 451s
5 Trea.;354s, 1043-17
Foreign Exchange.
To-clays' (Friday's) actual rates for sterling exchange were 4.85 3-160
4.85 5-16 for checks, and 4.85 7-16®4.8554 for cables. Commercial
on banks, sight, 4.85@)4.8534; sixty days, 4.8334; ninety days, 4.82 3-16;
and documents for payment, 4.82%(4)4.834. Cotton for payment,
4.844, and grain for payment. 4.844.
To-days' (Friday's) actual rates for Paris bankers' francs were 3.9134
54
@)3.9134 for short. Amsterdam bankers' guilders were 40.2034@40.22
for short.
Exchange for Paris on London, 123.87; week's range, 123.88 francs high
and 123.87 francs low.
The week's range for exchange rates follows:
Checks,
Cables.
Sterling, Actual4.85 5-16
4.8534
High for the week
4.85 1-16
4.85 5-16
Low for the week
Paris Bankers' Francs
High for the week
Low for the week
Germany Bankers' Marks
High for the week
Low for the week
Amsterdam Bankers' Guilders
High for the week
Low for the week
3.9154
3.9154
3.92
3.9134
23.7654
23.724
23.77
23.74)4
40.23
40.1854
40.23%
40.2254
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, Sze., at London,
as reported by cable, have been as follows the past week:
Wed.,
Thurs.,
Fri.,
Tues.,
Mon.,
Jan. 17. Jan. 19. Jan. 20. Jan, 21. Jan. 22. Jan. 23.
13 15-16 13 15-16
14
1334
1331
Silver, P. oz_d- 1334
Gold, p.fine oz. 84s.1151d. 84s.1.154d. 84s.11.14d. 848.1154d. 845.11540. 845.1154d.
5754
57345734
5734
5734
5731
2%
Consols,
104
10354
104
10351
10351
British, 5%.......
10134
10154
10151
10134
10174
434 %. --French Rentes
86.50
86.60
86.40
86.20
86.40
_Cr
(in Paris)
French War L'n
102.70
102.60
102.60
102.50
102.50
(in Paris).ft.....
The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(cts.).
4
287
29
Foreign
2031
30
2954
2951
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 609.
A complete record of Curb Exchange transactions for the
week will be found on page 637.
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, gee precedin
g Page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 17.
Monday
Jan. 19.
Tuesday
Jan. 20.
Wednesday
Jan. 21.
Thursday
Jan. 22.
Friday
Jan. 23.
sales
JOT
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PEK .511.451
,
Range for Year 1030.
On basis of 100
-share tots.
Lowest.
Highest.
$ per share $ per share $ Per share $ per share 5 per share
$ per share Shares
Railroads
Par $ OCT share
3 per share
18812 189
187 1883 18718 19014 191 1923 19215 19314 193 19512 7,000 Atch Topeka
4
4
& Santa Fe__100 168 Dec 17 2421
*1043 10538 105 105
:Mar 29
4
1058 1057 10512 10512 *105 106
8
10514 1057
500 Preferred
100 100 Dec 18 1084Sept 29
.11414 115
115 115
118 118
118 118
11712 11712 1174 120
800 Atlantic Coast Line RR
100 9514 Dec 30 17512Mar 18
75% 7618 7414 7612 754 778
8 78
79 4 784 80
3
7914 808 22,200 Baltimore & Ohio
100 558 Dec 16 1228 Mar 31
8
8
•
7514 7812 7714 7714 •7514 7712 .7514 7712 76
76
7612 7612
645 Preferred
100 701 Dec 19 843
/
4
8July 25
*57
591 *58
5912 *57
5912 593 5978
8
59
59
61
200 Bangor & Aroostook
50 5018 Dec 29 8412 Mar 29
•10812 1107 *10712 1107 •110 1107 *110 1107 •57
8
8
8 110 110
40 Preferred
1107 1108
8
100 10612 Dec 18 11614June 4
.55
65
*50
65
60 60
60
62 .62
68 .62
400 Boston & Maine
68
100 44 Dee 16 112 Feb 8
*8
8% .8
83
3 *8
8% *8
8% .815 8% •818 85,
Brooklyn & Queens Tr_No par
612 Dec 11 15 4May 22
*5012 56% *5012 567 *5012 567 *5012 567 *55
7
8
568 *55
Preferred
567
8
No par 53 May 3 6612May 29
583 5914 5912 59 4 594 59 4 60
4
8
3
6112 61
61
61
6218 4,200 Bklyn-Manh Tran v t c No par 5518 Dec 23
*8518 89
7878 Mar 18
*8518 89
*854 874 8578 85% 8712 8712 88
88
900 Preferred v t c
No par
.614 Ps .618 67
4Sept 25
67
8
512 6I
712 73
678 68
4 4,100 Brunswick Term & fly Sec_100 83 Dec 17 983
83s
514 Nov 11 33 3 Apr 23
393 404 393 407
8
3
4
8 4018 41
4012 414 4178 42
33,000 Canadian Pacific new
417 43
8
25 3514 Dec 17 5214May 14
4014 4038 397 4012 40
8
42
4112 433
8 4238 434 433 4418 35.000 Cheepeake & Ohio new
8
2' 32% Dec 17 513
218 214
2Sept 9
2% 214
218 212
214 212 .218 21
/
4
218 2% 3,300 Chicago & Alton
100
8 Dec 10 10 Apr 2
8
114
114
13
114
13
11 13
/
4
8
112
114
138
114
114 3,400 Preferred
100
14Dec23 10% April
•____ 15
*5
15 .____ 15 •____ 15 •____ 15 •___ 15
Chic & East Illinois RR__ _100 144 Jan 7
/
1
• --- 25 *___ _ 25 ( _ _ _ 25 .____ 25 •____ 25 ... _ __ 25
23 Mar 26
8_
Preferred
100 29 Sept 25 527
7
7
7
714
67
2Mar 28
714
7
73
8
73
8 73
8
73
8 712 4,500 Chicago Great Western
100
434 Dec 15 17i Mar 31
2112 214 21
2112 2112 2218 2214 2378 223 23
8
23
233
4 9,900 Preferred
100 12 Dec 15 523
14 73
2Ma7 16
7
8
7
7
/
1
4
712 77
8
8 778
73
78
8 8
5,800 Chicago Milw St Paul & Pao__
71
8%
4 Dec 17 283 Feb 7
/
1
4
1218 1212 113 12
2
4
12
1212 1278 1314 134 133
4 133 1478 17,000 Preferred new
4
73 Dec 17
4
393 4014 394 3918 4014 41
4
42
427
4212 4314 43
4 7,300 Chicago & North NNT(tern_100 2812 Dec 29 4814 Feb 10
433
•106 115 *106 119 .106 110 *108 115 *106 115
89% Feb 8
107 107
200 Preferred
100 101 Dec 30 140 4June 3
3
*5412 5614 5478 55
5814 5734 5912 5914 613
5914 5614 57
8 8,800 Chicago Rock 1st de Pacific _100 45 Dec 17
/
1
4
.97 101 .98 101
12512 Feb 14
*98 102
09
90 .98 100
*98 100
200 7% preferred
100 92 Dec 17 1103
•89
94
82%1m 20
*89
94
*89
95
*89
92 .89
92 .89
92
6% preferred
100 81 Dec 15 1044 Mar 21
.35
481 .35
4812 *35
471 .35
4812 *35
45
*35
Colorado & Southern
45
100 4018 Dec 31 95 Feb 13
.4914 70 .4914 70
04914 70 *4914 70 •494 70
/
1
*494 70
/
1
First preferred
100 8588 Dee 30 80 June 19
•____ 62 *___ 62 *__ 62 .____ 62 •__ 62 *
62
Second preferred
100 60 July 11 75 Apr 23
•35
377 *35
377 •35
3912 .35
391 •35
3914 *35
3914
Consol RR of Cuba pref
100 30 Dec 30 82 Apr 10
.143 146 *14314 148
143 143
146 146
1473 148
4
148 149
1,000 Delaware & Hudson
100 1304 De4329 181 Feb 8
93
94
9012 90 4 9014 905 .93
3
8
98
9312 9312 94
97
2,100 Delaware Lack & Western. 100 6912 Dec 15 153
*34
35
*34
35
34
34
34
34
344 344 35
3514
500 Deny & Rio Gr West pref_100 254 Dec 18 80 Feb 8
2978 30's 2978 30
Mar 28
29 4 30 8 31
3
3
3312 31
3214 3214 327 10,400 Erie
8
100 2218 Dec 8 834 Feb 14
.3712 39
39 393
4 393 393
4 41
4
4 393
41
41
41
42
2,600 First preferred
100 27 Dec 16 8778 Feb 19
*3112 39 *32
40
*3212 40 •34
40
*338 40
8
*35
40
Second preferred
100 28 I)ec 17 8212 Feb le
6312 6312 637 1337
s
8 6378 647
8 6412 944 6412 663
4 6718 69
10,800 Great Northern preferred 100 51 Dec 16 102 Mar 29
•17
20
1612 1612 1612 19
2012 2012 2012 21 14 203 20 4 2,300 Gulf Mobile & Northern
4
3
100 1018 Nov 11 4812 Feb 17
.133
70
*81
70 .66
70 *65
70
0814 6814 .65
70
100 Preferred
.38
38i2 38
100 55 2 Nov 11 9814 Mar 10
3
383
8 3812 3812 39
4012 40
/ 4012 41
1
4
4218 3,200 Hudson & Manhattan
100 347 Dec 17 5378 Mar 25
86
8814 .84
86
85
8512 8414 87
85
8712 8612 88
4,600 Minis Central
100 65 4 Dec 22 13684 Apr 22
3
60 60
57 57
*57
60 .5718 60
*584 60
60
61
210 RR Sec stock certificates- 68 Dec 10 77 May 13
.25
26
2412 2412 *2412 2012 26
2678 .26
2612 2614 2614
800 Interboro Rapid Tran v t 0_100 20 2 Jan 3 3912Mar 18
*3712 40 .3712 3912 3712 3712 *3814 3918
3
39
40
40
41'8 1.500 Kansas City Southern
100 34 Dec 30 8578 Mar 29
.56
64
5612 5612 .5612 64
*563 70
*5678 64
8
*5612 58
100 Preferred
100 53 Dec 19 70 Apr 18
.56
57
*56
57
58
59 .55
GO
*56
GO
593 60
4
1.000 Lehigh Valley
50 40 Nov 12 84 2Mar 31
7
10312 104 •102 104
10334 104
106 106
106 107
108 108
1,400 Louisville & Nashville
100 84 Dec 29 18812 Apr
31
3478 3384 333
5
4 332 33% 34
3434 34
34
34
341 2,800 Manhat Elev modified gi,arIOO 24 June 28 4212Sopt 4
/
4
*17
1914 *1712 1914 17
27
17
1712 17'z 17
191 •1712 1914
200 Market St fly prior pref_100 13 Dec 17 2512 Feb 13
3
4
34
3
4
"12
12
13
12
h
12
'2
900 Minneapolis & St Louls
12
12
100
14 Oa 16
10
11
24 Apr 5
09
11
*9
11
.9
101
.9
1012 .9
1012
300 Minn St Paul & S S Marle_100
042
/
1
4
8 Dec 30 35 Feb 7
45 .4112 45
*42
45
*42
45
•42
45
*42
45
Leased lines
100 41 Nov 10 591s Feb
248 25
8
2412 2514 2314 264 2414 25
2412 2518 25
254 27,800 Mo-Kan-Texas RR____No par 1472 Dec 17 68% Apr 21
8 4 843
4 83
43
14
8412 8212 8212 83
8413 83
83
8312 8312 1.500 Preferred
100 00 Dec 17 1083
353 353 •343 38
4
8Mar 27
4
355 363
8
4 36
383
37
40
39
393
4 7.400 Missouri Pacific
100 203 Dec 17 9812Mar 8
8
03
05
943 947 •9412 947
4
95
08
9678 08
98
9812 2.800 Preferred
100 79 Dec 17 1451286ar 8
___ •80
___ *80
___ *80
___ •80
_ .80
__
Morris & Essex
50 75 Dec 17 87 Oct 2
•80.75
85 .75 85
*75 85 .75 84 .7614 -- - •78l4 -84
84
Nash Chatt & St Louis_..J00 70 Dee 17 132 Mar 25
•3
8
1
03
8
1
8
8
3
8
12
12
"2
12 .
3
2
12
200 Nat fly, of Mexico
pref_100
11814 120's 11714 11878 1184 122
11* July 29
h Dec 18
121 14 1231 12114 1237 12312 12512 31,300 New York Central 2d
8
100 10518 Dec 17 1923 Feb 14
•85
4
89
85 85
*8412 8812 85
85
86
86
.813
89
400 NY Chic & St Louis Co_100 73 Dec 29 144 Feb 10
.81
86
*81
86
*84
85
85
85 •87
90
*8712 90
200 Preferred
100 75 Dec 30 110 1 1ay 14
•166 175 *16614 175
841.
170 170
174 174
172 180
179 184
290 N.Y.& Harlem
50 162 Dec 23 324 Feb 3
84
843
8312 8312 85
85
85
87
8618 87
86% 88
3,800 N.Y. N.H.& Hartford___100 573 Dec 17 1284 Mar 29
•11414 115
2
11414 115
118 116 *11512 117
116 117
11612 11612 1,000 Preferred
.63
1084 Doc 17 13512Mar 21
8 7
63
2 63
8 *63
4 7
7
7
7
714
7
7
600 N. Y. Ontario & Western _100
113
•114
33 Dec 17 174 Mar 31
4
114
11
*114
112 •114
112
118
114
118
11
/
4
500 N. Y. Railways pref___No par
1 Oct 16
.12 1
*12 1
44 Jan 16
*12 1
.
12 1
•12 1
•12 1
N.Y.State Rye
6
77
0
100
.54 77
/ Aug 27
1
4
8 *6
212 Feb 8
.638 67
*612 74 *64 77
s
100 Norfolk Southern
44 Dec 11 3312 Feb 14
100
•200 205
200 200 .20012 205
20312 20414 204 204
207 2094 2,300 Norfolk de Western
.9212 96
•92
100 18112 Dec 17 265 Feb 18
06
*92
96
*92
96
•92
98 .92
96
Preferred
*54
55 .5314 54
100 83 Feb 3 9212 Oct 14
53% 54% 543 5812 55
584 8,700 Northern Pacific,
*312 41
*312 412 *312 412 *312 412 .312 5712 58
100 423, Dec 17 97 Feb 21
412
414 43
300 Pacific Coast
593 601
4
5912 60
100
312 Dec 26 19% Apr 9
598 6012 603 611 1 6112 62
8
6214 63
29,700 Pennsylvania
*55 1114 .5
0512 1114 .512 1114 *512 1114 0
11
50 53 Dec 17 88% Mar 31
512 1114
Peoria & Eastern
.78
88
• 8314 8314 *80
100
412 Dec 30 241254ar 31
95 .80
90 .80
90
*80
90
100 Pere Marquette
•86
90
8618 8818 86
100 7612 Dec 31 16412 Apr 10
80
*88
90 .86
•86
90
60 prior preferred
•____ 80 •____ 80 •___. 80 *--- 80 •____ 96
100 90 Dee 3 101 May 17
80 •___- 80
Preferred
80 .70
.70
80
*70
80 .70
100 9112 Oct 9 99 Apr 15
791 .72
791 .75
80
.8612 932 86
Pittsburgh & West Virginia 100 4811 Dec 16 1218 Feb 11
86
SG
86 .864 9112 .8712 91
4
91
9314
500 Reading
47
*41
*41
47 •41
47
50 73 Dec 17 14112 Feb 6
*41
47
*41
47 .41
47
.47
First preferred
4814 .47
4814 *47
481 4 *47
50 4412Mar 11 63 Feb 21
481( V
47
47 47
400 Second
4712 4912 4814 4814 .4812 4912 493 507, 50
4
50 46 Dec 13 57 Feb 8
5112 51
5212 3,200 St Louis preferred
731 7114 7114 71
/
4
•71
71
100 39 4 Dee 29 1187
71
71
8
71
836ar 27
71
7112 7112 2,500 First -San Francisco
•24
29
29 .24
*24
29
preferred
29
100 132 Dec 17 101 Apr 2
/
1
4
30
313 32
4
33
33
900 St. Louis Southwestern
60 .40
*40
463 .40
4
GO
•40
100 1713 Dec 30 768
60 .45
4May 18
60 .45
51
% 1
1
Preferred
1
1
1
100 35 Dec 16 948
4 1
4July 24
7
8
1
7
8
1
13,900 Seaboard Air Line
8
15
18
8 17
1138
13
8 1%
IN
100
12 Dec 15 1212 Feb 15
13
4
1% 13
8
15, 11
1,500 Preferred
1004 1017 1003 101
8
4
1013 10214 102 103
4
100
12 Dec 27 28 Feb 7
103 104
104 1054 5,700 Southern
/
1
4
5514 5612 583 53 4 58
3
Pacific Co
5918 583 5912 59$8 10'z 6012 623
4
100 88 Dec 17 127 Feb 10
4 7,100 Southern Railway
*80
82
80
80
*80
82
8018 8012 .8014 82
100 4612 1)ec 29 13133 Jan 13
4
*80
82
200 Preferred
90 .95
*95 100 .95
99 .95
99 .95
100 76 De4321 101 Mar 20
99
.9.5
99
Texas & Pacific
100 85 Dec 18 145 Apr 24
*6
0% .6
7
*8
7
7
712
7
7
*7
712
*9% 1014
700 Third Avenue
94 918 *9
978 *9
100
4 Dec 23 1512Mar 20
9'3
91
/
4
9
400 Twin City Rapid Transit_ _100
914 Oh
411 42
4114 4114 *4114 42
/
4
42
42
712 ()et 25 8112 Jan 29
*43
45
45
180' Preferred
188 1883 18814 1897s 189 1903 *43
18712 18912 187 187
4
100 4484 Dec 31 79 Feb 9
2 19014 1923
4 5,400 Union Pacific
8512 85'l 8512 8512 .
8514 857
8 86
86
100 16612 Dec 17 24284 kIar 29
86
86
*858 8812 1.9001
4
21
2214 221s 2312 23
221
22
Preferred
2414 230 24
100 8214 Jan 17 883
29ept 30
4
23
2334 5.1301J
45
45
47
47
50
*45
*4712 50
100 1114 Dec 17 1378 Apr 1
2
4714 4714 4814 4912 1,0901Wabash
15
153
4 143 157
143 153
Preferred A
8
4
8 155 16%
5
100 39 Dec 16 8914 Apr 8
8 1614 167 20,600 Western
1578 161
*13
17 .15
18
•13
1712 *10
Maryland
100 10 Dec 17 36 ?der 29
18 .15
18 .15 4 19
3
1Second preferred
*10
14
*10
13
14
.11
10
113 .11
111 D 16 38 Mar 28
/ Dec If
4
4
1212 *11
1212
900 Western Pacific
/
1
4
26
26 .234 283 *24
*23
26
712 Dec 29 3011Mar 29
100
2712 2712 2814 28
2814 1.300
Preferred
100 23 Dee 29 5312Mar 19
Industrial & Miscellaneous
012 92
98
7
*93
8 95
8
9 2 94
3
94 10% 1,4011 Abitibi Power & Paper_No par
42 .4112 42
4112 4112 .41
8 Dec 27 4278 Apr 9
42
4112 417
8001 Preferr
Preferred
31h *25
313 *25
4
100 30 Nov 17 8612 Apr 8
3131 25
27
*20
29%
400 Abraham & Straus____No par 21 Dec 29 86 Apr 21
10214 ...._ 10214 *___- 101 ._-__ 101 •____
101
Preferred
18% 183 197
8
193 2012 2018 207
8
100 102 Nov 21 11012 Aug 25
8 20
1t 211 29,700 Adams
/
4
Express
1414 Dec 17 374 Mar 31
No par
87
*85
87
87
87 .851 87
/
4
86
86
80 Preferred
24
*2212 23
*22
24
100 8018 Dec 29 94 Sept 10
223 2234 223 243
4
4
8
$OO Adams Millis
22
22 .2112 228 .211 233
22
No par 21 Oct 20 33 Mar 31
8
/
4
8 *213 233
4
2
100 Addressograph Int CorpNo par 24 Dec 30 344June 13
314 *318 314 *34 314
31
318
314
314
Low Advance Rumely
lor
01018 15 .104 15
212 Dee 30 2314 Jan 24
15 .1018 15
*11
15
Preferred
100 10 Dec 20 411 Jan 29
/
4
• Bid and asked Prices; no sales on this day. c 60% stock dividend paid.
z Ex-dividend. tr Ex-rights. a Ex-dIvldend and ex-rights.
*10
94
1018
42
43
*42
301s *25
*25
10214 *--._
iii, 1914
1818
/
1
/
4
854 851 *8514
*22
24
.22
.2114
*2114 22
*318 31
.318
•10141, 15
•1018
I"KR bli AKA
Range for Previous
Year 1929.
Lowest
Iiighest.
It per share
19518 Mar
99 May
161 Nov
10514 Nov
75 June
55
Oct
210314 Oct
85 Apr
7 Nov
44 Nov
40
Oct
7812 Nov
412 Oct
I per shard
2985 Aug
10472 Dec
20912 July
14512 Sept
81 Dec
9078 Sept
115 Sept
145 July
15 Dee
85 Sept
817 Feb
8
925, Feb
444 Jan
_ - ----.
i 'Nov -- - 4
193 Fet
3 Nov 25 4 Vet
12
3
lb Dec 43 Fet
3084 Dec 884 Fet
7 Nov
2372 Fet
1712 Nov 63 2 Jar
3
16 Nov 447 Aul
8
2812 Nov 8878 Bel)
75 Nov 10812 Aul
134 Apr 145 Fol
101 Nov14312 Sep
100 Nov109 00
947 Nov 10314 No,
8814 Dec 135 Jul:
8512 Oct 80
Jal
84 Apr 7212 Ma
45 Nov
7078 JAI
14112 Oct 226 Jul.
12014 June 15984 Sep
49
Oct 771 Fel
4
4112 Nov 9312 Sea)
5512 Nov 6814 Jul
52 Nov 63 2 Jul
7
8514 Nov 12814 Jul
18 Nov
59 Fe
70 Nov 103
Ja
34l May 583 Ja
2
118 Nov 15312 Jul
70 Nov 8012 Fe
15
Oct 5878 Fe
80
Oct 108% Jul
63 Nov
7012 Ja
65 Nov 10214 Fe
110
Oct1543 Sec
4
24
Oct574 Ja
1412 Nov 8912 is
114 Nov
33 Ja
4
3.5 May 8112 Se:
51 Dec 80 .11
274 Nov 854 Jul
9372 Nov 10712 At
40 Nov 1013 Jul
2
105 Nov 149 0(
7578 Oct8678 is
173 Nov 240 Au
1
Oct378 is
160 Nov25612 Au
110 Nov1923 Au
2
100 May 110 De
156
Oct370 is
807 Jan 18212 01
8
11478 Jan 1344 At
8 Nov 32 Ft
112 Dec
9% Ft
1
Oct 144 Mi
/
1
14% Dec 48 Ft
/
1
4
191
Jan 290 Bei
82 Nov 87 Ms
14
7512 Nov 11872 in
47 Dec 43 Ft
7212 Mar 110 At
17 Dec 35 Ju
140 Nov 260 At
04 Nov 101 M
90 Nov 97 It
90 Nov 1483 is
4
101'1 May 1474 Se
4112 Apr 50 Se
4878 Stay 60$4 Se
101 Nov 133 4 Al
8
87 Nov 9812 Fe
50 Nov 11.53 Ft
4
84
Oet 94 Al
04 Dec 214 34
1814 Jun
413 0
4
105 Nov 157 Se
12
109 NovI 18218 Se
93 Jun 100 D
116 N0YI 181 MI
812 Nov39 F
2014 Dec 5814 J1
75 Dec MO 1
200 Nov297 2 Al
3
80 NOv 8512 Be
40 Nov81% Ji
82 Nov1047 1
1
10
Oct54 F
1478 Nov53 F
12
15
Oct417 St
e
8712 NOv 87 4 is
8
344 Dec 5712 A'
/
1
69 Nov88h J,
43 Dec 15913 J.
10012 Nov11212 0
20 Nov34 N
84 Nov96
J
19 Nov357 J
2
i
15
Oct iiiiis ii
Oct 119
NI
620
New
York Stock Record-Continued--Page 2
see second page preceding.
F.. wales during the week of stocks not recorded here.
PER SHARE
PER SHARE
Range for Profane
STOCKS
Range for Year 1930.
Sales
-PER SHARE, NOT PER CENT
Year 1929.
HIGH AND LOW SALE PRICES
NEW YORK STOCK
for
On Oasis of 100-share lots.
EXCHANGE.
the
Friday
Highest,
Lowest.
Highest.
Wednesday Thursday
Lowest.
Tuesday
Monday
Saturday
Week
Jan. 23.
Jan.22.
Jan. 21.
Jan. 20.
Jan. 19.
Jan. 17.
$ Per share $ per share
ci. n
Shares I dus. & Misceil. (con.) Par $ per share $ per share
5
Ca Feb
$ per share
% Dee
,
1 8Mar 28
14 Dealt)
1
Slyer share $ per Share $ per share $ per share $ per share
00 Ahumada Lead
12
4
4
Nov 223% Oct
4
12
8
3
,
4
8
3
12
12
Reduction Ino____No par 8712 Dec 17 155 8June 2 77 Dec 421i May
1812
4
953 974 9712 99% 26.600 Air
97
64 Dec 29 36 Mar 24
4 931 95% 95
933 951: 9212 933
Air-way Elea ApplianceNo par
818
8% 914 3,000
1 Dec 1114 Jan
212 Jan 9
8
4 Deo 11
81 84
No par
838
8
712 712
9
9
38 1.000 Ajax Rubber Inc
13
3
414 Nov 1014 Jan
13
12
91t Jan 7
2
412June 18
1
%
s
,
%
1
13
12
914 9% 113,400 Alaska Juneau Gold Min_10
918 9%
Oct
9%
9
6 Dec 16 1512 Feb 17
918 934
No par
812 9%
9
Paper Co
8%
500 A P W
8
8
2
21
17 O v 5: Fitt
712 7%
3
5 4 Dec 16 3514 Mar 31
4 9
No par
4 7% *63
634 634 *63
634 634
97 103 109,000 Allegheny Cori)
4
90 Nov 1183 July
912 104
10712 Feb 11
Dee
914 1018
8 914
87
8
812 87
3
24 9
600 Pref A with $30 warr__100 3614 Dec 30 99 4 I;117 --- -__
52
5334 *48
1
,A
30
50 5218 53
$40 warr___100 37%
52 *47 52
*47 5218 *48
800 Pre( A with
5212 z5312 5312
Feb 24
5212 52
4 Oct 7 9614
4912 4912 50
*42 4812 *48 51
400 Fret A without warr____100 843 Dec 17 343
50 x491 51
- 7:ii
50
jai Nov Ili.--3142 50
50 *4014 50 *4014 50
Chemical & Dye_No par 17014
*41
1591 162 164 16814 33,700 Allied
4
100 1202 Dec 15 12614 Apr 1 11812 Nov 135 Apr
4
15534 162 153% 1563 158 16012 156 15912 *12312 1237 12318 1237
200 Preferred
8
8
3518 Nov 75% Sept
-No par 8114 De3317 68 Mar 11
8
*12218 12418 *12218 1237 *1221 1238 123 123
3814 11,000 Allis-Chalmers Mfg.
4
23 Nov 22 Nov
4214 Mar 27
Dee
4 3478 3518 3518 373 z3612 1638
3312 3424 3312 343
3412 35
800 Alpha Portland Cement No par 1112 Dee 17 3112June 3
17% Oct 4338 Jan
1612 *1518 1612 1618
17
No par 164
1612 1512 1532 16
16 *15
*15
1,900 Amerada Coro
4 Oct 2318 Jan
1912 1918 20
19
20 20
118 Dec 29 108:Mar 31
1912 20
*1912 20 *1912 197
------ Amer Agricultural Chem__100
18 Nov 782* Jan
100 1712 Dec 29 3918 Aug 18
------ Preferred
65 Nov 157 Got
9738Mar 27
12Nov 11
' 10 45
,
57 July 65 4 June
ii- -it/ ii- -56- iff- 1,400 American Bank Note
50 60'4Novl1 60% Jan 31
;ii" 16" iiii 163; -iir4 "ii" "EI 120 Preferred
6414 6414 6414 6414
14
5 Dec 2012 Jam
,
63 2 6318 *6312 64% *6318 6414 64 644
24 Dec 17 12 Jan 16
Beet Sugar__No par
900 American
4
4
27 Nov 76% Sept
0312 4
Feb 14
*34 4
31338 4
*314 4
Amer Bosch NIagaeto_No par 1514 Dec 17 5478 Mar 20
*314 4
401a Nov 62 Feb
Shoe & Fdy-No par 30 Dee 30 543g
34
Mar
33
33
33
33
100 118 July 17 128 Feb 13 113 Nov 13612 June
i3275 al" *32; 121.12 •11713 12212 *11712 1224 1,000 Am Brake
33 33 -52" ii"
70 Preferred
,
44 Oct 34 4
Apr 25
12112
4
614 Oct 31 213
El.No par
011712 1221 *11712 12212 119 119
4 918 1,800 Amer Brown Boverl
88
4934 Jan 104 June
81 84
81 812
100 38 Oct 31 84 Sept 18
*814 8%
1
814 81
1
20 Preferred
47
46 I *46
86 Nov 18410 Aug
4518 151 43
25 104% Dec 17 15612 Apr 16
*4514 471 •4512 4712 *4512 47
American Can
1031 110 4 109 11112 111% 11314 225,30) Preferred
100 14014 Jail 27 150% Oct 2 1334 Nov 145 Dee
10718 10918 10314 107341 1071 109% *14714 14334 *14714 14814 *14714 1433
4
75 Nov 10612 Jan
4
Fdy-.No par 241: Dec 30 824 Feb 8
*1463 14334141147 1434
Car &
314612 14834
32 331 311 3214 3212 33 I 3,603 American
100 70 Dee 29 116 Jan 4 11012 Oct 120 Jan
3214 3212 3212 325 3214 33% *78 85 *78 85 I 80 80 1
400 Preferred
79
79
No par 27 Dec 17 69% Apr 10 ---- -78
78
78
200 American Chain
Sept
33% *3214 3312
8
297 30 •30 3312 *31
No par 35 Dec 11 314 Apr 8 27 NOV 11.71 May
•30 3012 *2938 30
8
417 43 I 42 4314 8.403 American Chicle
20 Oct 55
42
9 Nov 19 33 Jan 16
4112 4112 *4012 4114 4112 41% 4114 98
912 1,900 An Comal'i Alcohol...No par
4
9
9
1814 Nov 4711 Feb
9
9
912 9'8
8 Nov 11 301 Mar 81
9%
Tiling_No par
.9
9
9
900 Amer Encaustic
13 ,
11
23 Nov 984 Sept
11
*10
11
*10
11
*10
par 17 Dec 30 5912 Mar 31
11
*10
11
*10
2134 214 231 2318 1,033 Amer European See's-No par 25 Dee 17 10184 Apr 16
50 Oct 19914 Sept
22 2212 214 22
21
*20 22 *20
8 3014 32 ,123,609 Amer & For'n Power...No par 84 Dee 30 11112 Apr 29 1011 Nov 10812 Feb
2318 231 2312 297
No
4 2778 277 29
2738 2918 261
103 Preferred
93 1
98 1 98
8614 Oct 103 Feb
93 *93 91 *92
No par 6312 Dee 17 10034June 11
93 *90 93 *91
*91
503 2d preferred
4
4
743 743
75
94 Dec 100 Feb
75 *71
73 *71
71 .71
No par 73 Dec 30 101 May 17
71
76
71
.
603 $3 preferred
1712 Dec 42 Apr
81 . *80 81 I
828 838
82 82
512 0,115 333 Mar 19
79
10
78
8
*767 78
3,000 Am Hawaiian 58 Co
9
9
3% Dee 10 Jan
7 Apr 10
94 918 *818 918 .812 912
14 Dec 17
814 938
814 814
American Hide & Leather.100
212
212 *2
2314 Nov 5214 Aug
212 *2
21
132
84 Dec 30 34"1/ April
212 *2
100
212 *2
*2
2
4_ Preferred
13101
4
69% Mar 20 40 Nov 853 Jan
*101 14 1 •1014 14
14
par 4812 Dec 17
4
*103 14 •104 14 I *10%
5
5338 534 54141 - :100 Amer Home Products-No
8 517 52 1 52
5114 517
51
29 Oct 5314 Aug
*5014 5012 51
No par 2412 Dec 26 4178 Mar 27
3,600 American Ice
4
2912 Nov 961 Sept
4
233 2414 2414 3414 2414 2418 25 25 I 2434 25141 33,500 Amer Internet Corp---No par 16 Dec 17 551s Apr 2
312412 25
21 Oct
872 Jan
4
4 Apr 2
4 Deo 23
4
183 1918 1914 201 1918 194 194 203
4
1878 191 183 19
1,600 Amer L France & FoamItelO
2712 Nov 76 Feb
14
3 1
7
4'
3
4
3
8
7
4
*3
8
7
7 1)e030 35 Feb
100
*114
7
4
*3
8
7
8
7
20 Preferred
10
11 I 10
90 Nov 136 J11117
Jan 8
10 *10
1158 10
1158 *10
1158 *10
*10
American Locomotive_No par 1814 Dec 30 105 Mar 1 11114 Nov 120 Dee
2412 2334 2412 2314 244 24% 2434 3,400 Preferred
Dec
D 23 11812
2418 2418 237 237e 24
10
7 793
7912 81500
- ---- -4
Sept 6 --- 4 793 7934
*77
80 80
4
1380 81 .80 81
Mach & Fdy new_No par 293 Dec 17 45
Amer
18
8
8 357 36' z35% 3614 3614 37 20,900 Amer Mach & Metals_No par
3 Dec 15 1412Ju17 $
36% 368 367
3514 3618 36
418 41 2,100
414 4%
Feb 7 -Iiii: Nov -Oa Feb
414 4¼
Dec 16 5112
438 418
10414 4% .418 438
800 Amer Metal Co Ltd_ __No par 1312 Dec 29 116 Feb 18 106 Nov 135 Feb
1934
1838 1812 1812 19
18 *18
100 80
1714 1714 1714 1714 18
Preferred(6%)
90 i *80 90
27 95 Mar 27
971 *80 90 *80 90 *80
*80 90 *75
470 Amer Nat Gas pref____No par 20 Dec 16 119% Apr 1
5
831 Sept
4:
3614 3512 36
3614
37
8 37
7
3618 Dec
3614 397
371 37
38 38
Light___No pa
Feb
8
477 4914 4958 51% 10,000 Am Power &
4712 49
4518 467
47
No par 90 Dec 17 107 Mar 24 924 Oct 105 Feb
468 471 48
600 Preferred
9714
*9714 99 1 97
70 May 80
7
87 e Sept 19
97 97 *97 99
No par 744 Deo 30
96 96
97
Preferred A
*96
Feb
80 1 *7912 80
*
No par 7484 Dee 29 8912Sept 27 727 Nov 8418 Sept
80 *7912 80 *7912 80 *7912 80 *7912
A stamped
*7912
100 Prof
a
28 Oct 553
80% 8011 8013
3 Apr 7
*80 8012 *80 801 *80 8012 •80 8012 *80% 1712 1712 18 31,500 Am Rad & Stand San•y_No par 15 Dec 29 30 4 Mar 25
1212 Nov 6434 Jan
4
518 Dec 17 37
8
1634 1714 163 171 163 1714 1718 1712 1714 812
300 American Republica_No par
18
4
4 73
73
2
81 84 •712
25 28 Dee 27 1007 Feb 17 60 Nov 144 Sept
812
8
8
Rolling Mill
28,246 American
•74 84 *71
44 Nov 7414 Jan
e 29% 3118 2918 3018 2918 30% 17,400 American Safety Razor_No par 5212June 18 Vas Apr 26
* 29% 317
2912 3018 2838 295
6218 6314 6234 6318
17 Dec 417s Mar
5 Dec 4 2612 Feb 18
*
63 6318 625 63'S 62% 6318 6218 634 *618 7181
500 Amer Seating v t c____No par
74 74
7 Feb
% Oct
5
38MaY 6
Dec 10
*618 712 *64 712
74 464 v
Comm.__No par
'7
800 Amer Ship &
8
7
7
8 1
*7
5412June 6
1
8
*7
8
7
8
7
8
7
4
3
goAmerShlpbulldlngnew_Nopar35 Dec 16 7912 Apr 2 -al Nov 554 Sept
4 1
115 *0
40
40
42
40 42 *39
Smelting & Refg_No par 3712 Dec 29
39 39 *39 42 *40 42
4314 44 I 4434 464 17,900 Amer
4
421 433 4318 44
413* 43
42 * 437
5
100 131 Dec 15 141 Apr 8 123111 Nov 1311 Jan
200 Preferred
134
12934 12934 *12934 134 *12934 100
3
100 93 8 Dee 31 10318 Aug 14
300 6% cum 2d pref
443012 1311 *13012 13114 13114 131141 *97 99
99 100
99
9714
25 3578 Dec 29 4378 Jan 27 "al Oct "ii" Klii
*9614 961 *9314 9612 1397
200 American Snuff
2 38% 39
387
98 Nov 112 Jan
3878 1338
100 1004 Jan 3 112 Sept 18
1338 39 *38
39
393 *38
1338
10 Preferred
*105 108 ,*105 108
2 Dee 30 221:Mar 7
105 105 *105 108
par
*105 108 *105 108
31 3% 2,500 Amer Solvents & Chem_No par
234 3 I
3
3
234 23
3
5 4 Oct 23 334 Mar 5
No
3
2 4 234
3
Preferred
13212 2 4
834 •7% 10500
8
4
4 73
73
o
4
5214Mar 20 "iii4 -35- i "iiii, Feb
4 *74 78
4 *712 78
•712 73
5,100 Amer Steel Foundries_ _No par 2312 Dec 17 110 Feb 25 110 June 114 Mar
27
26 I 26
4
100 110 Dee 17
4 251 2534 2512 2614 253 264 2512 11212 111 111
2534 253
30 Preferred
40 Oct 85 Apr
No par 3612 Dec 26 5512 Apr 16
11212 *111 11212 *111 11212 111 11212 31111
•110
400 American Stores
39
3
3812 384 *38
58 Nov 94 4 Jan
37% 3734 38 38
100 394 Dec 27 693* Mar 28
•3718 39 *3718 39
1,300 Amer Sugar Refining
464 4612 4612 47
4518 457
100 95 Nov 10 110 Apr 24 99 Nov 111 Feb
46 46
46 46
134514 47
100 Preferred
18 Nov 60 Jan
4
1034 1033 *10112 104 *10112 104
5 Nov 10 2634 Feb 10
par
,
105 8 *10112 104
*101 103 13101
500 Am Sumatra Tobaceo__No
g 03
9
83
8 *8
17 Jan 3212 Feb
4 834
*73
*712 9
100 15 Dec 29 2712 Feb 8
13712 9
k .7Is 9
150 Amer Teleg & Cable Co
17%
17 I 17
17 *1514 17 •16
16
100 17032 Dec 17 27414 Apr 17 19314 Jan 3104 Sept
8
167 17
*1512 17
__ Amer Telco & Teleg
18312 18558 184 187381 18724 189
185
8 26414May 23 160 Mar 2324 Got
Jan
4
1.18114 18378 18014 1813 18134
_________ American Tobacco com___-50 197 Dec 16 127 Sept 10
-1
25 9812
108i3 109242,800 New w I
Oct
"
50 197 Jan 8 26912May 23 iiii Oct"iiii "
151 167 - 156" 10611 10612 1671; 10812 10i83; iiii" itiolz
Common class B
25 9914 Dec 16 13072Sept 10
109 11138 11014 11114 16:200 Class B new w I
3
4
100 120 Feb 8 129 Sept 25 Hi; Nov iiiViii
PlE414 116 IOW, 1664 1067 ilia; i657 fill; 1271 1271 •12714 12814 1,400 Preferred
Apr 1 115 Nov 181 Sept
12712 128 127 127 *12718 12814
*12714 128
947 95
800 American Type Founders 100 95 Nov 17 1414
951 100
105
,
100 10312Nov 7 114 4July 24 108 Nov 112 Apr
*No no .100 105 13100 110 *100 106 1064 106 I*105 106
40 Preferred
106 106 105
•105 106
par 471 Dec 17 1247 Apr 23 60 Nov 199 Sept
*105 106
Am Water Wks & Eleo_No
3
5812 60
97 Jan 104 Jan
4 533 55
547 56% 55 4 5714 5618 58 *10134 102 16,500 1st preferred
4
98 Nov 25 1081* Oct 6
55 553
300
*10112 102
8
8
57 Oct 27 2 Jan
*10218 1037 *10218 1037 .1021 10378 102 102
7
518Nov 11 2014 Feb 17
100
878 914 3.300 American Woolen
938
9
912 978
914 91
151 Nov 58% Jan
1014
10
100 15% Nov 11 447 Feb 18
1012 11
30 1 2814 3018 14,900 Preferred
8 29
2912 3034 2912 303
4 Nov 1612 July
11 Dec 29
29
9 May
4 293 30
30% 313
23
2,800 Am Writing Paper etfs_No par
4 4
*212 234
2% 224
234 234
28 Nov 46 Ma:
•234 3
13234 3
Preferred certificates___ _100 1018 Dec 23 4434 Feb 27
*1212 17 01212 17 1 *1212 17
311212 17 •121 17
,
3 3 Dec 17 1778 Feb 8
*1212 17
51
5
2,200 Amer Zinc& Smelt_25
434 434
412 412
5
31412
7
5
5
5
4
25 263 Dee 29 79 .18,13 20
5
30
100
30
30
mar
30 *29 30 *29
29
'29 30 .29 30 *29
•
4 331 347 80.854 Anaconda Copper Mining_50 25 Dec 17 8112 Apr 2 6714 Dec 140 Sept
8
s
8
46 Dec 8934
3218 32% 3234 3314 3258 3312 331 33
3278
•
e &W
3
(
1 %)
f 0 taxr p Ire dr Cable No par 19 Dec 27 5314 Feb 8
8
2412 *2312 2412 247 247
25 *2312
132314 25 *24
25
24
•
2912 30
2912 •28 2812 *2818 2918
2934 *28
4
*2714 203 *28
900 Andes Copper Mining__
4
8 1412 1412 143 15 1 1514 16
1414 147
1812 Nov 491s Mar
15 .13% 147
*14
8
8' 163 1618 1,900 Archer Daniels MidI'd_No par 1318 Dec 17 2914 Apr 5
163
1614 16
,
Oct
4 1612 16 4 *16
4
:1
1 eo
16% 163 168
*16
& Co.(Del) pref_100 003.10v ?.? '
63 6512 63 6312 *62 63 1 6014 63 1 2,000 Armour of Illinois class A-25
65
NIS j::
I
8
6312
=2: 7:11
2
*65 87
33* 312 7,500 Armour
318 314,
3% 312
4
234 Nov 101 Jan
48s Mar 26
3% 312 313% 312
112Nov 10
25
3% 312
21 214 6,100 Class B
24 214
214 214
214 214
218 214
218
218
900 Preferred
3614 3614' 3614 38%
37
3612 3512 *36
39
r
1 4
rnoldre cefa
37 38 *36
400 Affiee Coostpble Corp./701 5
418 44i
44 4181
4
4
418
*4
1634 Nov SO Feb
4
4
43 Dec 17 2014 Apr 28
4
No par
.3% 4
8 *514 612 135% 6121 *54 6121
67
34 Nov 5834 JUlle
8
67
*613 6% *514 2712 *5% 2614 263e 2612 2614 2614 2614 2634 2.300 Associated Apparel Ind_No par 20 Nov 3 We Mar 10
2614
3
25 Nov 70 4 313n
No par 19 Dee 17 5012 Apr 15
4 2612
263
243* 25 I 3,000 Assoc Dry Goods
*26
243
24
Apr
2418 2418 2384 24
Associated Oil
35
2414 2414 2312 23% *30 35
35 1 •30
4130 35 *30
35
n 2
j:
3' ) IT: Dec,
Ire N :08 Ia 31
400 All 13 & W I 13 S Line_No par
1330 35 *30
36 1 *3412 38
36 *35
3512
4534 Feb 11278 Sept
3512 *3412 39
35
100 48 Dec 23 6514 Feb 26
*351 37
400 Preferred
53% 5312 53% 5218 524 5318 531
7
30 Oct 77 e July
6
25 16 4 Dec 17 613e Apr 7
*52 5312 *52 5312 •53 2137
20% 20% 2138 14,500 Atlantic Refining
8 2012 20% 20
8
7
20% 20 8 2014 20 8 2012
No par 42 Dec 16 106 Mu 22 67 Nov 140 saw
300 Atlas Powder
4
4914 493 I
50 •50 63
90
1348 50 *48
49 49
70 Preferred
*48 50
1,98 100 •98 100
9E1
98
N"
5---- -- 106" 4s°
No 12 1455e1 ? 181 :fry l:
1 ev 3
,13 1
12
1
97 9812 z99 99
600 Atlas Stores Corp
8 *9% 11%
.9812 100
934 1014 *9% 107
Fri Ali
94 912
94
a Nov "
1
81Mar
*812 91, *9
12
No par
2 Oct 10
Atlas Tack
312
.3
312 *3
*3
34
"0
Oet 514 Sept
312
312 •3
3
312 *3
12414 150.800 Auburn Automobile _No par 1503t Nov 6 262 4 Apr 1 12
.318
11912
14 ....i.10412 110 110 116 11514 12318
7 May
s
300 Austin Nichols
e
4
; 13 Dee 8
;i
21 24
4
2
332
10412 1083 10312 10612 *2
2
2
Dec $511 Aug
214
No
2%
,0_0_ Preferredoos o
*114 134 15, 151 2 Aulltt sare i Corps
218 *2
.2
5
:1
8 .
1$ Dec 457 111 1
134 3133 184 133 13
134 .114 3 *112 3 *112 3 *112 3 *2 3
ee
Me Nov SS
j ly
.1rpf la
fr
e
Sat Razor A.,, par
*112
•112 3
20 Aug
- ---- --3 7a 1 18 :
3 1
Xr
e2a )11: °IL Plarar 1
:
9:600 Aviation Corp
ii4 2
44
4- -- .1- --iF2 -,
414 4
15 Oct 66 8 Aug
4
-i- -ail! -- - 2218 2234 2212 2212 2212 2314 24,200 Baldwln Loco Works No par 191:June 17 38 Feb 18 10911 Nov 125 Apr
100 84 Dee 27 116 Jan 21
4 215* 2214
90 Preferred
*
92
213 213
92
92
2134 22
98% Nov 110% Feb
93 *9112 92 I 92 10612 *10518 10612
1391
10 Bomberger (L1 & Co pref 100 103 Dec 29 11012 Feb 4
92
92
•92 93
10 Dec 8334 Jan
3105 107 *10518
107 '
3
8 Nov 28 20 4Msr 5
No par
210 Barker Brothers
94 9181
914
105 105 •103 107 *103
*9
91
70 Nov 97 Jan
94 94 .9
100 58 Dec 30 91 Mar 31
8
130 Preferred
55 1
55
8
56
814
*8
56 I •55
20 Oct 4918 May
56
56
25
56
818 Dec 17 84 Mar 28
class A
5712 5514 56
1
122 12% 17,800 Barnsdall Corp
*59
55 Nov 11334 Jan
1238 124 12,8 1134 1212 301 304
No par 23 Nov 7 68 Feb 4
140 Baynk Cigars Inc
31
1218 12% 1178 12% 21134 34 *3018 34
31
98 Oct 10634 Jan
100 89 Dec 9 101 July 24
50 First preferred
8712 8712
3134 3134 33 33 *3018 91
Oct
*8712 91 I *8712 91
69 Dec 181
92 69r 14
50 62 Dec 16
*8712
4 3,000 Beatrice Creamery
*8712 91
6914 68% 683
*8712 91
6618 6612 67
'
Dee 1744 Au,
100 10114 ?Aar 20 1094801 22 100 Nov 106 1 A pg
67 67
900 Preferred
10712 108
6718 673* 66 67
4t2 3e 101 JAE
4
1063 1034 1064 108 108
Packing Co-__20 4684 Nov 10 70', i
1,400 Beech-Nut
106 106 *103
5112 53
51
106 106
5112 51
63 Jan
218 Dec 31
50% 50% *51
200 Belding liem'way Co__No par
23
.,,, 9474 Yoe
5112 5112 1150 52
Ig N
21 218 *21
,
11514 Me 10
218 *218 212 *218 2% 803 8014 *801 81)4
,
200 Belgian Nat Rye Dart oref._ 7514 Dec 13
218 ..' 1
*21
4
:21_29 I
*7938 8018 *7912 8012 8014 8014
y Ex-rIght84
s Ez dividends
this I '''
•Bid and asked prices no sales on
.184i, Nov
Mar
44 Novo• gra:
Oct 6°883 Lt`
8
2rar, %%Ir.?.? IP, tgr,21 13
Nov S. it
,
22'Vg.T.,ig 11.4i1;21 6;14
P.
g2
?I
New York Stock Record-Continued-Page 3
621
For sales during the week of stocks not recorded here, see third page prscomng.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Jan. 17.
Monday
Jan. 19.
Tuesday
Jan. 20.
Wednesday
Jan. 21.
Thursday I Friday
Jan. 22.
Jan. 23.
Sales
for
the
TVeek
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1930.
On basis of 100-share lots.
Lowest.
Highest.
PER SHAtils
Ranofor Preeloss
Year 1929.
Lowest.
Highest.
Per share $ per share $ per share $ per share $ per share
I $ per share Shares Indus.& Miscell.(Con.). Par $ per share $ Per share 8 per share
182 19
177 188 18% 19
$ per chart
1834 1912 19
2012 193 2033 30,100 Bendix Aviation
4
No par 1414 Nov 10 57% Apr 7 25 Nov 104% July
3312 331
33
33
33% 33% 3334 3434 34
347! 3458 3538 5,400 Best St Co
No par 30 2 Dec 17 5614 Apr 25
3
493 x455 47
25 Nov 1234 Sent
4812
8
46% 48% 47% 48% 4712 4911 4914 517 157.700 Bethlehem Steel Corp
/
4
8
100 4732 Dec 29 110 Apr 1
/
1
4
*1164 11712 11612 11712 11614 11614 116 11618 11514
/
1
7814 Nov 104% Aug
116 117
1,200 Preferred(7%)
100 11284 Dec 17 134 Mar 22 116% MAY 128 Sete
251 27 .2514 2614 2512 2614 2614 2618 2514 116
27
4,200 Blaw-Knox Oo
No par 23 Oct 23 4112 Apr 24
*1612 201 *1612 2012 *1613 2012 •1612 2012 •1613 2612 26
2012 •1612 2012
Bloomingdale Brothers_No par 1612 Dec 23 2972 Apr 24
s
2234 Dec "Ni Apr
•85 94 *85 94 *85 90 •80 90 *80
94 1 •80
94
Preferred
100 95 Dec 18 104 Oct 10 100 Oct 111
*7518 85
Jan
*753 85
75% 7518 •751 85 '75's 85
20 Blumenthal & Co pref
100 74 Feb 7 90 Apr
221 2211 23 23 .7518 85
7012 Dec 118 Jan
23
23
2312 23% 2334 2434 244 2513 6,400 Bohn Aluminum & Br__No par 153 Nov 12 69 Apr 7
/
1
4
7
37 Nov 18634 Mar
*60 6334 6014 6014 *430 633 *60 63% *60 63
4
•60
8334
500 Bon Ami class A
No par 6912 Oct 24 78 Apr 6
•114 2
70 Oct 89 Jan
12
112 112 .114 2
*13
4 2
178 17
•11 2
/
4
200!Booth Fisheries
No par
1 Oct 81
5 Mar 26
3 Dec 1134 Jan
•6
10
*6
10
•6
10
*6
10
*6
10
10
10
200 lot preferred
100
514 Dec 10 8314 Jan 3
18 Dec 63 4 Jan
6834 69's 6734 683
3
/
1
4 6812 6914 684 6912 6914 70
69% 7014 25,200 Borden Co
25 6012 Jan 8 9032May 29
53 Oct 1004 July
2112 2212 21
3
2214 22 23
2258 2.335 2278 2434 2413 2514 32,400 Borg-Warner Corp
10 15 Nov 10 5012 Mar 27
26 Nov 148% May
*112 3
*112
*112 3
*112 3
•112 3
Botany Cons Mills class A 50
'112 3
14 Dec 15
5 Mar 27
1612 1714 1634 17
2 Dec 15 Feb
12
12
4
163 17% 17
8 17
173
173
4 1718 18 34.100 Briggs Manufacturing_No par 12% Oct 10 25%July 23
*1712 181 *1712 173
$4 Nov 63 Jan
12
17 *1714 1814 •1714 1814 1814 1814
4 17
200 Briggs & Stratton
No par 1514 Nov 10 3512 Apr 4
1732 Dec 434 July
3
3
3
314
278
278 3
3
'278 3
/ .3
1
4
3
/ 1,700 Brockway Mot Truck No par
1
4
152 Dec 25 2214IdaY 19
14 Nov 73%, Jan
17
17 *17
23 *17
23 *1712 23
17
17 *17
23
20 Preferred 77
100 13 Dec 15 85 Apr 24
714 Dec 145 g Jan
*106 109 1043 10612 *105 106 *106 108 10734 108 10914 111
4
3,200 Brooklyn Union Gas___No par 9812 Dec 16 IMAM& r 8
gg Nov gen Aug
3512 351
3512! 3512 *3512 36
3512 3512 3234 3512 3434 347
2,800 Brown Shoe Co
No par 3334 Nov 11 42 Feb 18
56 Oct Si'* Sept
•1012 111
11
11 *1012 11 •105 11
8
11
11
1034 1112 1,700 Bruns-Balke-Collender_No par 10 Dec 15 80% Mar 31
164 Nov 53 Jan
*1414 15
14
1418 148 15
15
14% 1518 1453 15
1538 16
2,300
10 1112 Dec 17 3172 Mar 24
14 Oct 4253 Jan
2638 2638 *2514 2614 25% 2612 *26- 2712 27
2718 2712 284 1,300 Preferred
10 21 Dec 17 43 Mar 25
*111 114 .
261 Oct 50 Feb
/
4
0112 114 •I12 114 *112 114 112 112 •11I 114
10 Preferred (7)
100 10734 Jan 3 117 Sept 11 1027341„
*4
/ 4
1
4
1227 Apr
17
/
1
4
418 41
*414 4
/ •414 412
1
4
48
412 412
700 Budd CEO) Mfg
43
4
No par
3 Dec 30 1632 Apr 15
Dec
1014 103
8 1018 1018
9% 10% 10% 1018 10
No par
63 Oct 81 145s Feb 6
4
*1214 1212 *1214 1212 1212 1212 1214 1214 1214 1018 1012 1014 2,800 Budd Wheel
74g DOC 1212 Dee
121
1212 141 3,000 Buiova Watch
/
4
No par
5 Dec 17 43 Mar 31
/
1
4
•1432 15
214 Nov 84 Dee
/
1
4 1412 15
1434 148
1514 17
1612 1653 1633
8 5,800 Bullard Co
No par
978 Dec 17 74 Apr 2 23 Nov 54 July
*41
47 *4014 47 *3018 33 *3018 43 *304 45 •3018 175
/
1
4
/
1
35
Burns Bros new clAcomNo pa
2512 Dec 15 11012 Apr 2 88 Nov 127 Jan
*7% 914
718 733
512 61
•6
7
*512 8
*512 8
1.100 New class B com_No par
3 Dec 12 85 Apr 2 224June 39 Jan
83 83 *81
1
85
8014 85 *8018 85
*8014 85 •8014 85
30 Preferred
4 Dec 16
*2218 23
2218 2218 22% 2314 23 23
88 Nov 10514 Jan
2318 2333 23% 2433 9,600 Burroughs Add Mach__No 100 713 Dec 17 100 Feb 19
pa
1832
2414 2414 2414 241 2414 2414 *24
5172Mar 1
39 Oct $29 4 Jan
3
2412 2314 24g
/
4
1
241
1,100 Bush Terminal
2112 Dec 17 48's Mar 6
No Pa
101 101 *104 1043 *104 1043 •104 1043 *104 10434
2
311 Nov 13 ,F
1012 74a
9
4
4
104 104
270 Debenture
100 97 Nov 11 110 Mar 15
•109 110 *109 110 •109 110 10914 10914 •10914 110
Nov
*10914 110
10 Bush Term Bldgs pref
100 108 Oct 21 118 Apr 7 104517: Nov 11812 Feb
*114 184 *114 112 *114 11
9.14 112
13
8 138 *138 11
100 Butte & Superior mining-1
78 Deo 24
*134
18
4 18
514 Jan 6
17
4 *13
Dec
Jan
4 17
13
4 13
8
4
13
4 13
4
1,100 Butte Copper & Zinc
13
4 13
14 Dec 15
*1212 18
Do
414 Feb 20
12911 Jan
*1212 14
an
1234 14
1234 14
*1353 15
15
15
1,100 Butterick Co
41
4278 4012 4118 41% 421
1712 Deo 41 Jan
17's
42 433
4 4053 4353 421 4333 39.900 Byers ds Co (A M)____No 100 10 Nov 14 2932 Feb 24
/
4
pa
8312 Dec 16 112 Apr 26
*____ 106 *105 106
/
1
4
50 Nov 19272 Jan
104 105 *9814 100 •984 100 *984 100
/
1
/
1
20 Preferred
10 106 Dec 9 114 Jan 23 105 Apr 1214 Jan
4312 44
4234 44
4318 44
44
44
441
44
4413 44
5,400 California Packing--No Pa
4114 Dec 31 7712Mar 5 6312 Oc
8472 Aug
*5
8
3
4
*5
8
*5
8
3
4
3
4
5
8
5
*5
8
8
3
4
500 Callahan Zino-Lead
*5
8
3
4
10
% Deo 20
*37 38 *37 39
/
1
4
24
1 Oct
4 Jan
37% 3712 3218 3718 37
37
3812 3812
700 Calumet & Arizona Mining_20 28 Dec 16 8972 Feb $
/
1
4
918 953
914
614
Jan 9
9
734 Nov 136% Aug
/ 953
1
4
93
8 912
9% 91
/
4
912 94 1.800 Calumet & Recta
/
1
73 Dec 29
25
•1212 131 4
.1212 1312 1258 1312 •1212 1314 13% 141
25 Oct 6172 Mar
1353 1433 5,000 Campbell W & C Fdry_No par 10 Nov 8 3332 Jet' 7
31
3133 297 311 3018 32
80 Mar 25
19 Dec 6912 Aug
8
31
31% 311 32
/
4
317 3212 27,000 Canada Dry Ginger Ale No par 30 Dec
12
*1812 191 .1818 19
17 755 Mar 10
45 Oct 983 July
19
4
19 •1918 1912 19
1914 •19
400 Cannon Mills
19%
No par 1618 Dec 30 8414 Mar 18
10
10 *10
11
27 Dec 48% Sept
103 103
11
4
1034 1134 12
4 11
13
1,500 Capital Adminis Cl A No par
7 Dec 29 2834 Apr 4
/
1
4
*30 3018 3018 3012 *30 31 •30 3012 *30
17 Nov 6512 Oct
3012 3012 31
500 Preferred A
50 2912 Dec 26 42 Mar 19
84
8518 8134 831
29 Nov 3972 Oct
8312 8612 845 867
8 854 8912 8912 9112 85,500 Case(13 Co)
/
1
8
100 8312 Dec 27 8824 Apr 23 180 Nov 457 Sept
113 •____ 113 113 113
113 113 113
113 113
170 Preferred certificates__.100
31
31
3014 311
3112 33% 33 3312 3314 34
3438 3512 12,000 Caterpillar Tractor___ _No par 113 Dec 30 132 Mar 25 113 Nov 1234 Dee
•214 7
22 Dec 17 7934 Apr 28
*212 7
*214 638 '214 512 •2
5014 Dec 61 Dec
/ 512 *24 513
1
4
/
1
Cavanagh-Dobbs Ine_No par
112 Dec 11 1372 Jan 11
*24
25 *24
25 *24
614 Dee 4212 Feb
25 •24
25
2418
25
100 Preferred
•1112 13 *1112 13 *1112 13 *1012 13 *1032 24% •24
100 24 Dec 9 75 Jan 18 $8 Dec 1054 Mar
13
*113 13
1
Celanese Corp of Am__No par
6
912 Dec 17 2085 Oct 25 ----6
6
6
*512 612 •512 614
6
8
*61 61
/
4
500 Celotex Corp
No pa
.2214 224 22
3 Dec 16 60 Mar 10
2214 2234 223 *2212 2234 2212 2212 2238 225
St Oct 7933 Feb
4
s
700 Central Aguirre Mao-No Pa
*212 33
•213 31
18 Dec 17 80i235ay 81
312
21 Oct 413 4 Jan
*212
3
*212 312 •212 3
/
1
4
3
3
100 Century Ribbon Mills_No pa
*59 62 •59 62 *59 62 •59 82
2 Dec 31
14
814 Mar 27
$ Oct 2012 Jan
6112 65 *59 84
160 Preferred
*2312 2414 2334 24
Feb
8July 16
24
5014 Dec 83 Jan
24
24
2412 245 243
4 2433 2553 6,600 Cerro de Pasco Copper_No 100 51 Dec 27 697
pa
21
318 318
15 6531 Jan 6
318 35
8 •313 3% *3% 312
5214 Nov 120 Mar
33
33
38 31
900 Certain-Teed Products_No pa
*3512 361 *36
2 Dec 17 154 Feb 6
36i •35
/
1
1072 Dec 32 July
3614 3
/
1
614 3614 364 3612 •3614 361
200 City Ice & Fuel
No pa
7753 77% *773 79
327 Dec 31 49 Feb 4
2
4
78% 78% 77% 79
394 Dec 53% Jan
787 787
79
79
160 Preferred
100 79 Oct 28 9834 Feb 11
1818 2014 1812 191 21912 19% 18321 1934 1914 21
96 Sept 105 Jan
/
1
4
*
2153 221 17,300 Checker Cab
No pa
1453 Dec 17 677k Mar 27
18 Oct 8034 Sent
4214 43
42 43
/
1
4
43 4414 4414 4614 45
48
47
4872 11,400 Chesapeake Corp
No par 8214 Dec 17 8212Mar 29
10% 10% 10
101
4212 Nov 112 July
1018 10% 1012 1012 1012
*2512 30 *2512 30 *2512 30 *2512 3012 •2613 1034 1118 1178 3.400 Chicago Pneumat Tool_No par
7% Nov 10 37 Mar 31
21% Oct 47 Sent
12
30 *28
30
Preferred
No par 2212 Nov 11 5572
*2012 23 *2012 23 *2012 24
47 Nov 61 Sere
23
23
224 2212 23 23
/
1
320 Chicago Yellow Cab.._No par 2012 Dec 22 82 Mar 14
*1114 13 •1114 13 *1112 121 .
Mar 20
21% Oct ze Jan
01112 12
1118 1118 1178 1178
200 Chickasha Cotton Oil
26
10 104 Dec 29 32 Apr 10
/
1
26
25
/ 26
1
4
/
1
4
26
2614 2614 2614 2612 2814 28
23 Dee 30 Jan
29
5,000 Childs Co
No pa
1818 1678 16
22% Dec 29 6732.1une 6 4415 Nov 75 2 Sept
161
1614 163
1614 17
7
1653 17
167 173 56,950 Chrysler Corp
8
No pa
3
1418 Deo 16 48 Apr 11
318
3
318
3
/ 3
1
4
/
1
4
3
26 Nov 185 Jan
3
314 388 5,700 City Stores new
31
3'±
•1612 1812 •1612 18 •1612 18
No pa
212 Dec 17 1814 Apr 25
74 Oct 27 Feb
2014 2014 1918 Ms *18
1
201
200 Clark Equipment
•26
No pa
1512 Dec 30 4412 Apr 21
28 •26
28
26
25 Nov 6172 Oct
273 •25
28 •25
/ 28
1
4
28
28
300 Cluett Peabody & Co No pa
•95 1043 *95 103
21 Dec 11 60 Apr 6 3412 Dec 72% Jan
4
99 99 •99 102
288
30 Preferred
1473 149% 145% 147% 147 1507 14918 1503 100 4 100 *26
8
100 914 Jan 2 105 Apr 8 90 Dec 119 Jan
/
1
/
1
4
12
8 1493 15353 15212 155
18,600 Coca Cola Co
No pa 1834 Jan 8 191112,Tune 4 101 Nov 154% Aug
503 50% 5034 503 •5034 50 *50 4 51
4
4
7
8
503 50 4 *50
3
4
51
300 Class A
No pa
4712 48
4812 Jan 8 53 Mar 21
4712 4734 47
4424008 50 Feb
471
47
/ 471
1
4
47
4712 4712 471
1,200 Colgate-Palmolive-Peet No DO
102 102 .101 103 103 103 1
44 Dec 17 6472May 2
'1011 104 •10112 104 *1011 104
/
4
/
4
200 6% preferred
1212 127
10
97 Mar 13 104 Dec 11
8 12
1214 124 12% 1218 121
/
1
12
/
4
121 1218 1353 12.900 Collins & Alkman
No pa
*.
12 Oct 18 3534 Feb 18
75 *73
72 73 *---- 73 •---- 724 *--- 72
10 Nov 791 Mar
4
/
1
405 Preferred non-voting__ __10
;e12 1013 *912 1012 10
.
73 Jan 3 92 May 24 65 Dec 10812 Feb
10
•9
/ 101
1
4
*912 104 10
/
1
10
2,400 Colonial Beacon 011 Co_No pa
24
23
2378 2312
83 Dec 15 2032 Apr 28
4
2312 247
2378 243
244 241 2412 26
/
4
5,900 Colorado Fuel & Iron
7834 80 z7512 7712 7712 79
1834 Dec 15 77 Apr 8
10
7$1 Mar
773 83
7914 791
273 Nov
4
83
843 11,600 Columbian Carbon v
34
34% 33% 34% 334
to No
6518 Dec 17 199 Mar 11 106 Nov 344 oat
343
3 34
343
4 3415 3518 353 375 44,600 Columbia Gas & Eleo_No pa
4
1043 104% 105 105 3104 104
4
par 30% Dec 17 87 Apr 10
10213 1021 10233 10233 •103 104
500 Preferred
78 78
7
7
100 99 Nov 11 110 Apr 11
74 8
3
818 8%
8% 8%
9912 Nov 109 July
814 818
812 87 20,100 Columbia Graphopho
ne
74 Dec 13 37% Apr 28
164 Nov 883 Jan
19
1914 19
4
1914 1914 1914 •1858 19
1838 20
1914 197
2,800 Commercial Credit____No par 1512 Dec 17
*3412 3512 35 35
35
35
4034 Apr 1
35
35
3518 3518 3518 3518
18 Nov 62% Jan
500 Class A
.2112 24 *22
24
21% 2158 *22
50 304 Dec 12 44% Apr 1
/
1
24
2112 23 *2134 24
28 Nov 51% Sept
150 Preferred B
82
.81
81
__25 201 Dec 18 28 Apr 29
81
*8018 81 .8018 8014 8018 8012 80
/
4
2032 Nov 28 June
80%
120 1st preferred (6 A 7)_100
•25
27 •24
2512 25
2612 2614 26% 2678 27
70 Oct 106% Jan
27
278 2,700 Gem Invest Trust____No par 7614 Jan 18 95128e94 11
•80 83 •82
83
82 82 *82 83
21% Dec 17 55 Mar 6
83
83% 844 854 1,150 Cony preferred
284 Nov 79 ON
/
1
*234 333 II% 3% *278 3% *278 338 *284 3% *284 338
No par 80 June 18 87 Mar 28
Warrants stamped
15% 16
1512 153
2 Dec 17
12
4 15% 1818 16
161
6 Oct 6
1612 1714 1712 1834 100,300 Comm
Solvents
878 9
g
834 9
.31
No par 14 Dec 17 38 Apr 11
87
8 9
(414 912 73.900
8% 912
Commonwlth & Sou-rn No par
9514 9514 95 4 9558 96
*95
9.513 951
3
712
17
95% 96
95% 96
10 Oct 2434 Oat
2,200 $6 preferred series__ _No par 8612 Dee 17 2014 Apr 7
383 •33
*33
3634 *34
363 *33 353 •33 368 •33
Dee
4
4June 8
1043
4
35
Conde Nast Publica
814 8%
8
8
No par 3112 Dec 30 57 Mar 27
8
8 18
8
81
8
814
35 Nov 98 .Ian
8
9
6.600 Congoleum241
241 241 2514 25323 2514 251
/
4
*23
/
4
538 Dec 30 1934 Mar 24
2514 2514 2512 2612 2,200 Congress Nairn Ino_No par
11 Oct 8334 Jan
2712 271 *2612 30 *26% 2812 .2612 2812 •2612 2712
Cigar
No par 18's
48 Nov 9232 Feb
2612 2612
200 Consolidated Cigar____No par 24%Sept 29 66% Mar 11
•57 64 *60 64 •60 64
6018 601s 63% 6312 64
Des 1
5932 Mar 17
40 Oct 961 Jan
4
220 Prior preferred
121
12
1214 1214 12
1218 1214 124 1214 12% 12% 68
100 53 Dec 30 80 Mar 25 63 Nov 96 Jan
/
1
124 3,300 Consol Film
/
1
•17
171
17
1718 1713 1718 .
017
778 Dec 27 273
1712 174 17% 17
2Mar 11
10 Oct 2532 Sept
/ 1712 1,900 Preferred IndusNo par
1
4
8212 84
8
833 841
833 8514 84
No par 12 Dec 26 2814 Jan 10
4
/ 85% 8518 87% 8732 913 65,400
1
4
/
1
4
154 Oct 30 4 Apr
3
4
Consol Gas(N Y)
10314 1031 10314 10312 10318 10312 •10338 104
No par 781 Dec 17 136% Apr 26
4
10314 10312 104 104
8012 Nov 1881 Sept
4
1,700 Preferred
5
8
5
5
8
5
3
No par 99 Jan 28 10512SePt 26 9212 Nov 10012 Die
3
5
8
8
,
12
8
%
%
3
4 3,800 Consolidated Textile
8
8
7 4 778
3
712 734
14 Dec 1
No par
7
714
3 Jan 27
% Dec
614 Jan
612 7
63
4 7
2,100 Container Corp A vot No par
271. 278
•25
8 3
278 275 *2% 2% *238 278 •25
5 Dec 1
/
1
4
2212 Feb 24
12 May 3312 Jan
8 2%
700 Class B
20% 22
8
2238 2478 24
207 211
No par
2 Dec 16
253
8 24
34 Nov 1112 Jan
812 Feb 20
2514 2538 26 37,100 Continentavoting
l Bar.- cl A_No par 1634 Dec 2
5212 Feb 17
2514 Oct 90 July
2% 2 8
258 258
5
234 3
3
318
3
318
3% 318 8,000 Class B
72 72 •70 72
74
No par
7572 7518 7518 7518 7614 75% 7612
2 Dec 26
7 Feb 17
44 Oct 1514 July
2,000 Preferred
4934 493
48% 49 4 4914 497
3
4938 4978 50
794 Nov 100 June
/
1
503
4 507 51% 9,800 Continental Can Inc-N 100 62 Dec 30 9472 Feb 17
8
1214 12
12
113 12 •12
12
o par
4
12
12Deo 1
401 Oct 92 Sept
/
4
31
1134 1214 12% 13
1,800 Cont'l Diamond Fibre_No par 43 Dec 10 7132 Mar 21
45% 45% 4518 453
4 46
46
46
37% Apr
46
9%
2034 Nov 3312 Dec
45
46
4614 461
4,000 Continental Ins
318
318
318
315
3
3
7732 Mar 31
10
3
3
4612 Nov 1101 Sept
3
4
3
3
318 6,200 Continental Motors_No par 3714 Dec 1
0 8 10
5
933 107
91
: 94
3
2's Nov
814 Feb 19
1078 104 1012 104 103
8 10
64 Dee 38% Jan
/
1
/
1
17,800 Continental Oil
93
91
78 Dec 17 3012 Apr 14
968 9%
/ 98
1
4
No par
9
9
/ 94
1
4
3
18 Nov 37 Aug
/
1
4
912 1014 10
1014 9,700 Continental Eihares
774 78
/
78
1
78
7833 78
78
8 Dec 27 4072 Apr 1
/
1
4
7913 7914 8114 8012 817
No par
2612 Dec 4578 Dee
*14714 148 *14714 149 148 148
148 148 *14818 149 •14812 1491 15,200 Corn Prod eta Refining_ _25 65 Deo 1 111% Apr 23
70 Nov 1265s Oct
/
1
4
50 Preferred
100 140 Feb 1 15114 Oot 16 137 Nov 14434
8
/ 814 *814 8
9
1
4
/
1
4
9%
PS 51
87
s 91
9% 9% 3,000 Coty Inc
Ds Dec 29 33 Feb 8
*27 2712 27
*27
27 28
No par
2814
287
18 Dec 821 Jan
8
2878 291
4
29% 30
1,800 Cream of Wheat
.15% 18 •1518 16
15% 1518 •1478 1518 *1478 151 •1478
No par 25 Jan
/
1
4
35% Mar 20
24 Nov 31 Nov
151
100 Crex Carpet
4% 4%
51
5
5
100
5
9 Jan 2
2912 Mar 5
5% 518
16 Dee 57 Apr
8
/ 61
1
4
7
'71
1,600 Crosley Radio Corp___No par 3 Des 2
*31
33 •30 32
321 33 *31
/
4
14
22 Jan 2
33 *3012 327 •31
15 Dec 125 Feb
400 Crown Cork & Beal____No par 31 Dec 16 59%
33%
457
3 61
6
8
61r •6
614 614
63
2
374 Nov 79 Aug
API' 7
64 6% *6
6%
900 Crown Zellerbach
No par
434 Deo 17 1812 Feb 19
*5514 55% *5514 5612 5518 558 5634 59
17 Oct 3514 Jan
55% 55% *5612 60
700 Crucible Steel of America_100 5012 Dec 13 93% Mar 35
105 105 10534 10534 104% 1053 •10418 1051 *104% 1053 103 104%
4
71 Nov L21% Aug
4
460 Preferred
100 10112 Dec 10 117 Mar 13 103 Nov 11634 Feb
*44 4%
478 47 •41 5
/
1
/
4
8
•412 5
412 41
5
5
300 Cuba Co
4.113 134
par
2 Dec 30 1912May 29
/
1
4
184 13
No
14 154
5 Nov 34 Jan
*13
4 1% •13
4 17
/
1
4
15
8 1%
400 Cuba Cane Products _ _No par
1 Oct 2
.
7 Mar 3
/
4
4
4
414
41 418
*4
43
4 *4
4
4
*41 414 1,100 Cuban-American Sugar_l
/
4
O
2 Dec 27
30 *27
67 Dec 17
2952 30 *27
30
9 Feb 4
•27
30
30
30 •27
Jan
31%
40 Preferred
100 20 Dec 31 65% Feb 11
4234 42% 43 43
4212 421 42 42
/
4
56 Dec 05 Jan
4234 43
4312 4312 1,000 Cudahy Packing
50 381*June 25 44 Jan 3
86 Nov 677 Jan
•Bld and naked pilot& no sales on this days a le rdleld end
Ex-d eldend and
622
New York Stock Record-Continued-Page 4
not ecoraed hese. erse fourth oafs* precealo:.
For sates during the week of otocke
PEE SH ARE
PER SHARE
Range for Previous
STOCKS
Range for Year 1930.
Sales
-PER SHARE. NOT PER CENT
Year 1929.
HIGH AND LOW SALE PRICES
NEW YORK STOCK
Aosta of 100-share fors.
for
On
EXCHANGE.
the
Hiehesi.
Lowest
Highest.
Wednesday I Thursday ' Friday
Lowest.
Saturday 1 Monday 1 Tuesday
Week
Jan. 23.
--Jan. 22.
Jan. 21.
Jan. 19. I Jan. 20.
Jas. 17.
sha,
per share $
per share $ per share
& Miscell. (Con.) Par $
S per share ; $ per share Shares Indus.
12618May 20 100 Nov 132 Del
$ Per share i $ per share $ per share $ per share *9018 9212 91
1,325 Curtis Publishing Co_ __No par 85 Dee 29 1214 Mar 19 11214 Nov 1211 May
91
4
/
92
8
No par 112 Dec 17
,
*9112 7212 2897 90 2 92
*9112 0212
1.600 Preferred
4
3
114 114 1 1133 114
63 Dec 3014 Aim
4
114 114
4
13 Deo 17 147 Aur 7
No par
114 114 I 114 114
114 114
34 44 30.000 Curtiss-Wright
4
4 4
33
1314 Def. 377 Aug
4
3 Dee 17 193 Apr 2
34 4
100
3
3 4 34
2
33
4 37
4
3 4 34
512 612 4,900 Class A
4
2 53
2
54 57 • 53
4
4 52
53
3
No par 35 Dee 17 9012Mar 31
*512 55
8
-Hammer Mfg
8 57
57
4,500 Cutler
36
35 I 36
.ISO
3612 35
2114 Oct
No par 10 Dec 17 4353 Mar 31
4
363 3718 3614 3644 36
38
*37
4 2,600 Davison Chemical
153
15
41
1
/
4
20 Dec 464 Jan
1413 143 143
14
14
912 Dec 29 80 Apr 14
14
4 1312 14
Debenharn Securities____5 Sc!,
*1353 143
18
18 ' •11
.11
18
*II
June 18 2412May 24
18
20 20
18 "11
*11
18
*11
300 Deere & Co Prof new
2
1
*203 2112 2112 2112
100 161 Dec 17 25534 Apr 23 ill" KO; - 81 11;r
' *2012 2112 *2012 2114, 214 2114 *2052 2114 *1743 180
400 Detroit Edison
17514 18014
4
4
24 Nov 647 1e1
4
1
/
42 Mar 4
4
•1743 17714 17512 17512
4
1
/
*174 17714 *1744 17714.
300 Devoe & Reynolds A__No par 1113 Dec 26 2148 Nov 14
15
14
16
*13
16
*13
16
*14
15
8
144 147 '13
Diamond Match ctfs. of dee.- WO Nov 26
_..
_ _
174 Aut
6 Nov 3Sept 1.0
64 Jay 3 103
No par
DoMe Mines Ltd
7,iioo
16
; 1912 -- 12 - 1
12 Oct 544 July
2
1- -10T2 16
12 Nov 19 3053 Apr 5
10 2
No par
1
2 10 4
-151- -- -1- - lois 162 - lil- - - -1- -10T2 168; 17
8 174 18 1 6,900 Dominion Stores
177
69 Nov 12614 Feb
1612 173
8
17
No par 575 Dee 13 8738 Mar IC
164 1814 1612 1712 17
41
6712 683 12,200 Drug Inc
25 Oct 92 Jan
66321 6612 68
5 Dec 26 4312 Apr 7
International_No par
65
6512 6514 6614 66
654
65
400 Dunhill
512 6 I
4
1
/
514 6
10 Nov 28 .1111)
618;
612 *6
No par 13 Oct 0 19 Sept 9
612 "6
•513 612 "6
Duplan Silk
4
143
4
143 '14
491$ Jan 10072 MAI
4
143 "14
Oat 17
4
143 *14
1434 *14
1434 "14
•14
200 Duquesne Light 1st pref__100 100 Jan 7 I064 Jan 31
10313 104 1
3
19 Oct 3912 Soo:
614 Dec 31) 2512
Mill__ _No par
0314 10412'10314 104 1'1033 10412
*1034 104111 *10314 10412'1
500 Eastern Rolling
4
8'* 82!:84 9 I
*814 812
No par 14213 Dec 161 2554 Ape 25 150 Nov 3643 Oct
*81 4 10 I '814 12
Kodak Co
*814 10
4
4 14712 153 I 155 1573 28,800 Eastman
8
4
4
145 14814 1434 145 I 1443 1483 14612 1483
8
100 1207 Feb 14j 134 Nov 5 117 Nov 1284 May
I 6% cum pref
4
76 Feb
18 Nov
4
1293 •12913 12933 *1294 1293
1158 Dec 17 3714 Feb 20
3
*129 12934 "129 12034 "129 129 4 •129l3 14 i 137 1412 1412 1718 10,600 Eaton Axle & Spring___No par
2
Oct 231 Sept
SO
,
13 8
20 8413 Dec 16 14514 Apr 10
8
4
4
133 133 *137 14
14
14
89 66,000 E 1 On Pont de Nem
4
874 88
1
-4
100 11413 Feb 4 123 Sept 25 10712 Nov 1193 Aug
864
94
8314 83
87
6% noo-vot deb
900
8414
4
1
/ Jan
39
'2 1204 *11912 12053
4 Dee
9
11. 3
8
213 Oct 2 107 Feb 6
No par
4
4
Eitingon Schild
119 1191.3 1193 1193 120 12012 "312 1i953'119
413, '34 412 *313 412
39 Dee 113 Jan
5
100 35 Nov II 02 Feb
3
*338 44 '3 8 412 *34 412
100 Preferred 634%
50 Oct 174 July
2
8
,
3612 36 2' *36, 38 ' *3613 38
*3612 38
No par 33 Oct 10 1147 Mar 29
*3613 38
Electric Autolite
•3612 38
3
4
2
517 5314, 5214 5312 5312 553 27,700 Preferred
4
100 10312 Oct 20 1103 Jan 7 1023 Nov 115 Apr
5113 5213 504 5114 5114 52
3
201
*106 10814 *106 10814
34 Oct 183 Mar
94 Mar 31
10814 10134
218 Dec 16'
No par
1,200 Electric Boat
•10811 110 *10314 110 *10514 109
314 34
3
3
294 Nov 8194 Sept
34 312,
2
No par 313 Dec 17 11)312 Apr 23
314 312
Lt
34
3 *3
33
Electric Power &
*3
3
8
98 Nov 1094 Feb
Apr 25
4314 4413 435 4533 454 491 168,600 Preferred
4
No par 90 Dec 17 112
4113 4212 413 4314
4
413 43
303
4
._
4
*1033 1013: 1024 103 *1033 104
4
No par 8444 Dee 30 102 Sel.t 11
10414 10414 "10233 104'* •1033 1044 894 8912. 8914 894 893 90
2.400 Preferred (6)
4
Gel
64 Nov
Feb ILO
8914
89
89
884 8833 *88
3,000 Elec Storage Battery_ No par 4713 Nov 11 7914
58
56 I 57
56
55
34 June 1012 Oct
55
512Mar 24
5312 5312
53
4 Dec 19
4 53
Elk Horn Coal Corp__No par
514 513
2
*114
*114 2
34 Oct 'J24 Feb
*124 2
I Emerson-Brant cl A__ _No par
74 Jan 24
"114 2
54 Dec 29
*114 2
*114 2
100
1
1
S332 Jan
112
4914 Nov
112 .1
112 *1
1
/ Jan 22
112 *1
3
112 *1
4.1
400.Endic3tt-Johnson Corp__50 367 Deo 30 594 NOV 21 1084 Seut 12414 Feb
40 I *3912 40 I 40 40
40
42
8
100 10712 Jou 7 116
3912 -397 *40
*394 40
1001 Preferred
Oct 7938 Am
4
31
4
1123 1123 *11112 118 i*1114 11414
par 3673 Nov 8 6712 Apr 7
*11112 114 *11112 114
*11112 11414
200 Engineers Public Serv_..No
4312 4312
45
80 Nov 1234 Aug
4612 "40
*40
45
*40
45
45
No par 8058 Dec 26 10713May '26
47
"42
Preferred $5
90
90 .
4
843 Oct 109 Oct
*834 90,
*8314 90
90
No par 894 Dee 2 1047e Apr 21
81
. 90 *81 854 .8333 86 *8312 86 '8314 8534 "844 8534 200 Preferred (553)
*85
*8312
3114 Jan 41 May
4June 4
22 503
85
87
*85
800 Equitable Office Bldg No par 3112 Dee
33 1 "3312 35
33
3612 Dec 54 Feb
33 "3312 35
41.444r 5
1
/
33
4
1
/
6 Oct 9 43
3312 324 33
.33
Eureka Vacuum Clean_No par
900
10
11)08; 10
3
15 Nov 73 4 Mar
4
1
/
1018 104 104 10
1018 10
5
4 Oct 9 30 Feb 18
*912 1012 10
514 1,000 Evans Auto Loading
I *5
5
5
44 5
s 512
47
5
5
*44 .54
2214 Jan 2712July
12Seot 17
16 27
8
790 Exchange Buffet Corp_No par 215 Dec 31
8
223
134 Dose
4
33 Nov
2043 2012 22 I 21
6
4 204
94 Jan
4July
4
1.3
25
2
2014 213 *203 2114 2012 213
Fairbanks Co
Apr 35 .14
22 10 14 212 *112 212
11
,2 *114 :1
4
.112 2
312 Dec 12 393 Jao 20
100
94 212 *114 211
60 Preferred
7
4
293 Oct 544 Bout
632 612 "6
6,8 612
•532 7
618
6
3 814
*53
No par 104 Dec 20 5012May 17
400 Fairbanks Morse
4
3
4 Jan
23 , 233 233
23
23
4
224 223 *22
23
*22
100 1112 Jan 7 41112May 18 10112 Dec 1107 Mar
23
*21
Preferred
22 Deo 7254
8
1091 "104 1094 "104 1094
24 Der 20 2714 Feb 27
3
*104 1094 *104 1097 •104 1094 •1045
2,600 Fashion Park Asset)._ __.No par
,
5
5
4
601 Nov 109 June
Mar 18
3 3 514 '44 5
4
4 43
43
5
•342 412 *4
3
15 43 4 Dee 17 9014
600 Federal Light & Trao
5012
*42
41
41
90 Nov 104 Feb
53
41
4213 43
*43' 43 .41
No par 85 Dec 18 98114 Apr 22
55
20 Preferred •
3
92
92
*90
5 Oct 223 Feb
*90
90 90
91
*90
4
1
/
5 Nov 10 1214 Feb 26
91
*00
92
*90
100 Federal Motor Truck_No par
712
712 •7
28 Nov 5814 Sept
2 67g .7
67
7
733
Dec 17 43 Mar 10
407
714 .
713 *7
4 1,900 Fed'i Water Serv A_ _ _.No par 1712 I)ec 27 38 Apr 16
2513 Dec 33 Dec
4
25
2513 243 2514 254 253
25
1212
2412 2413 25
,
.24 2 25
300 Federated Dept Stores_No par
1912
1912 *17
*16
47.3 Nov 123 Sept
19
19
8934 M ar 31
17
1812 1812
18
19 .15
*15
500 Fidel Phon Fire Ins N Y__ _ _10 4214 Dec 31
6 Oct 1334 Mar
1012 Apr 4
4914 •4812 5012 *4814 5012 4814 5012 5012 5012
8
67 153,0
No par
5012 48
48
.
110 Fifth Ave Hos
8
8
8 I
30 Dec 9812 Feb
*7
8
4 *7
73
16 Dec 22 4912 Jon 22
No par
8 64 *7
67
3
/ 74
.137
Filene's Sons
30
25 1 *16
*16
84 1)ec 107 Jan
30
30 •16
31) *16
100 89 Dec 30 10014Sept
30 "16
*16
9050 Preferred
9012 *86
:
241 Dee 37 Dec
9012 *87
8 331s Jan 7
2
3
egots 90 4 *904 90 4 9012 9013 *88
3
900 Firestone Tire & Rubber _10 153 Oct IS. 8774 Mar 24
1714
4
1
/
53
83 Dec 89 Dec
174 1714 1728
8
100 535 Oct
1712 171. 1714 1712 •1714 18
18
57181 58
4 3,840 Preferred
% 17
Z 593
4411 Nov 90 Sept
,
614 Jan 30
5812 5812 5814 584 58 2
8
,
5312 58 2 58 2 59
,
4,500 First National Stores__No par 385 Dec 22
4
45 I 4512 453
214 Dec 20 Jan
45
4472 45
45
512 Apr 2
It Deo 9.
No 1p0a0r
444 454 45
45
45
5.100.FLsk Rubber
8
5
53!
8 Dec 724 Jan
58
SA
SS
SA
8
5
114 Dec 19 21 Apr 2
S4
8
5
53
750 1st preferred
2
21
213: *24 214!
32
8 Dec 8212 Jan
2,4 33
4 24
3
23
3
2 8 212
4
114 Dee 16 213 Apr 11
100
3 *214 313
1st pref convertible
214 23
Jan
33 Nov 54
30 Dec 17 537251er 21
,
3 2 *24 312 *214 313 *21
*214
Florsheim Shoe class A_No par
*214 3
334,
4
333 *32
*30
4)04 Oct 1021s Jan
34
3
•30
34
3414 "30
100 94 Dec 15 10012 Get
*30
38
Preferred 6%
4 30
102 1
'
102 •__- 102 *100 102 *100 102 .4 1004
4
1
/
102
Nov 82 Aug
32,4
*95
3
No par 12 Dec 23 507 Mar 26
100IFollansbee Bros
17 I 1513 1513
"14
33 Nov 95 Sop1
17
*14
2
*147 17
20
:
No par 371 Dec 17 10412June 4
*141s 1612 *14
4 4814 5012 24,200 Foster-Wheeler
4
11
8
1234 Nov 69/ Apr
4 465 483
4714 464 473
46
,
r
312 Dec 17 28 4 Apr 14
par
4453 46
1
/
444 47
8 94 4.200 Foundation Co
73
7 I
7
712 712
712 712
712 753
8
1814 Deo 17 50 Apr 12
N°
4 712 77
,
Fourth Nat Invest w vr _ No
2812 4,100
2712 27
27
4
1
- -/
1914 Nov 105 Sept
4
1
/
NNooppaarr
164 Jon 3 57 A pr 25
2514 2512 2514 264 2612 27
class A
2512 2512
2
1
/
234 Nov 544 Jan
4
273 284 284 3075 307 314 119,400 Fox FilmTexas Co
28
2412 Dec 16 5513 Apr 11
2672 2753 261/ 2714 27
Freeport
824 Nov 10712 May
30
3012 3012 3012 304 314 3138 314, 8,300 Fuller Co prior pref__ __No par 75 Des 23 9512 Mar 8
294 30
3
29 4 30
*794 87
3
*8112 87
5 Oct 337 Feb
87 •7712 87
4
/
111 Apr 9
Nov Ii
par
80 *77
24
.No
*7513
47512 go
200 Gabriel Co (The)CIA.
4342 34
6514 Nov 8312 July
313 312 '312 4 i
5
3 8 352
No par 50 Oct 21 80 Mar 28
3 *333 34
*353 37
650 Garnewell Co
52 I 5012 52 2
51
3 Dee 25 Jan
55
5212 *52
74 Feb 18
1 Nov 8
4 52
5
543
53
*5212 55
700 Gardner Motor
112
14
113 112.
113 4,14
112
8 '1,
13
4
34 Dec 17 1812 Feb 18
4
13
3
13
3
13
514 512 3,900 Gen Amer Inveetors__No Par 74 Dee 17 105 Apr 25
54'
8 512
47
S
44 458
3
100
4
1
/ *44 47
4 4
43
600 Preferred
4
80 I 823 824
c
80
75 Nov 11311 -43- i
80
80
s
80
par 53,a Dec 29 1117 Apr 4
80 "79
80 .79
8.
6924 62i2 637 11,200 Gen Amer Tank Car__ _No
•79
1
/
944 Aug
4214 Nov
3
2 60 4 6112 6118
607
3
100 223 Dee 17 714 Apr 7
5912 6072 5911 5912 60
3 3214 3314' 9,400 General A3IMal4
24 Nov 69'g June
4
513 Dee 30 3812 Feb 15
2712 273 284 2812 294 2913 313
No par
27
2733 2753
0 General Bronze
74
7
7
7
23 Nov 61 Feb
7
4 7
83
,
64 Dee 29j 3412Mar 7
74
No par
.718 714
724 714
General Cable
9 I
.8
*74 9
634 Dec 1204 Feb
9
.8
4
9
8
•
1314 Dec 29 743 Feb 5
9
*8
9
*8
18
184; 2.018 800 Class A
4 18
183
20
0
pa
1814 1814 •I8
No 10r 36 Dec 26 10904 Apr 7 102 Nov 111711 Jan
*1814
20
18
•
100 7% cum prof
4
4
513 513
52
*50
42 Oct 74 151,
52
2 52
5112 527
53
No par 30 Dec 17 61 Mar 7
*52
5212 54
384 384 1,500 General Cigar Inc
384 39
3
38
3812 38 4 39
38
No of; 414 Dec 27 95 Apr 10 164,2 Nov 403 Aug
4
*373 3812 *3712 38
46 244,103 General Electric
Jan
4
11
113 Feb
8
114 Oat 22 12 Aug 27
4212 415 4314 4252 4313 424 4413 4412
2
5
8
425 43 8 413
2
*117 12 I 1,800 8Pee1a1
8
4
117 114 117 12
86 Oct 774 July
2
3
4
4 117 12
No pa 443 Dee 17 6114May 1
113 113
4
/
*111 12
52 I 27,100 General Foods
51
5
3
2
4
3
37 Dec 30 183 Apr 10
49 3 494 493 5014 5012 50 8 5012 51
__No par
5014
50
4
5e 57 10,700 Gen'l Gas & Elee A_
2 5
47
5 5
47
a 5
47
5
5
513
5
No par 38 14ec 12 10612 Apr 16
1,000 Cony pref scr A
65
6414 6414 65
3
4
283 Dee 27 443 Feb 10
6314 6314 .
6314 65
2 634 64
*6312 647
200 Gen Ital Edison Elec Corp___
32
32
4 3158 3153
34
4
No par 40109un 25 59 Apr 12 "Io Oct "ibig Jan
8
3
•3132 315 .307a 32 "30 4 313 *3112 313
2,900 General Mills
4612 4614 47
46
46
874 Dec 100 Jae
4618 48
46
89 211110 30 984 Dec 9
100
4 4512 4613
463
46
.
500 Preferred
96
96
98 1 96
4
96
3312 Get 913 Mar
,
97 2 96
•4113
10 3112Nov 10 5414 Apr 1
96
9614 9614 9
6
3 3712 384 216.800 General Motors Corp No par 914 Dec 17 100 Sept 1
364 373
2
4
1
/
4 363 37
4
353 3612 3618 363
8532 37
$5 preferred
8
30 Oct 52 Jan
4
2 983a 9812 933 9812 9812 9812 3.600 Gen Outdoor Adv A.
,
983
8
No par 203 Dec 17 4114 Apr 14
984 0812 984 9813 *244 98 2 *24
100
27
"25
24 I
2412 24
4
/
,
25
5 swot 24 211 Apr 3
NNooppaarr
27
27 .24
*25
400 Common
3 84
83
812 812;
4
812 842 *83, 83
4
123 Dec 17 5273 Apr 7 "Id Nov 98 Aug
4
,912 83
4
Service
4 .91g 83
1634 1618 1612 164 174 3.000 Gen Public
70 Oct 12612 Aug
1553 1553 16
No par 56 Ora 20 10074 Mar 28
Gen Sty Signal
,
•15 8 1512 1513 154 69
7541 8,300
1 73
717
3 70
6918 70 4 713
3
4
34 Dee 27 193 Apt 10
4
693
3
893 694 69
0,400 Gen Realty & Utilities_No par 49 Dec 27 100 Apr 14
8 6
57
4 6
53
54 618
54 618
No par
512 614
6
6
600 156 preferred
6018
, 59
co *58 60
*58
61
54 Oct 88's AUg
*57
61
No par 39 Dee 26 90 Mar 28
,
*55 2 6514 *57
43 I 4314 444 9,300 General Refractories__ _No par SO Dec 22 101 Mar 12
5
4318 4214 42 8 42
42
3
Gen Steel Cast $6 pref
424 433 .4214 4212
8912
8912 •78
8912 *75
,
89 2 •73
54 Dec 30 10 Dec 11
par
8912 *70
8912 .70
3 14 1 87,800 GenTheatres Equip newNo par 18 Dec 27 10614 Jan 16
*70
1213 123
11
11
10
80 Nov 143 001
912 94
912 10
2
97
Razor__No
8
,
92
4, 2518 257 93,200 Dinette Safety
8 234 2413 234 243
:
101 Nov 4815 Jan
414 Dec 30 204 Apr 14
2713 224 243
No par
2714 2753 2312
44 44 3,300 Gimbel Bros
4
44 43
4,2 434'
4
50 Dee 94 Oct
,
4 3 43
100 39 Dec 31 8212 Apr 25
4
412 43
Preferred
44
4
43
*3812 43 1 •3813 43
26
Oct 641s .11117
par
,
7 Dec 17 38 Mar 20
4
443 *38 2 60 '3812 44
,
*35 4
1,000 Glidden Co
10
10
10
*3814 50
10
94 10
95 Nov 1061s Apr
6312 Dee 19 10514Mar 27
*94 10
No
Prlor preferred
*Ts 10
78
•75
7
9 3 10
78
*75
78
.75
4
19 Fa. 7
3 Dee 17
*743 76
918 Nov 66 Feb
No par
76
*7412
78
614 64 15.800 Gebel (Adolf)
812
*74
61 4
6
614
314 Oct 82 Jan
6
64
6
v t .3_.No par 29 Dec 17 474 Apr 28
8
4 612
53
3312 3414 337 3413 344 3474 32,300 Gold Dust Corp F)
4
3814 Dec 1053 Jan
No par 154 Oct 10 581231ar 25
3253 334, 3313 3412 1514 154 154 1.512 155 16
8,200 Goodrich Co (1)
8
4
337 34
5
I 1512 163
16
1/512 Der Ilala Feb
100 62 Dec 3(1 1044 Mar 24
,
15 2 154 1512
200 Preferred
,
*58 2 64
•56
64
*60
64
66 Oct 15412 Mal
par $54 Oet 22 967 Mar 31
4
& RubNo
63 •60
6211 60
*59
8 3813 3913 3952 404 29,000 Goodyear Tire
4
4 384 407
87 Nov 11.147 Feb
No par 7814 Oct 22 10214 Apr30
3 404 4113 394 413
100 1st preferred
84
414 427
*83
*814 84
81
81
84
14 Nov 60 Apr
"81
No par
3
3 4 Dee 29 2873 Mar 8
84
*81
8 1,000 Gotham Silk Hos
614 63
8
6
*81
.554
68 Dec 10114 Jan
100 50 Nov 26 8212 Apr 4
6
'514 6
50 Preferred
•504 6
55
55 '52
•52
52
52
OR 14 May
4
52
No par
4 Dec 16 154 Apr 23
*50
52
400 Gould Coupler A
*50
4
414 4,
52
414
41 4 *4
.50
414 *4
3
7 4 Oct 54 Jan
8
3 Dec 16 133 Apr 1
44 414 *4
418 418 3,100 Graham-Paige Motors_No par
418
4
*414 5
4 12
4
7 Nov 4911 Jan
44
4
No par
4
312Nov 7 1(13 Apr
4 13
4
Certificates
44
*4
3
43
414
*4
4
; *4
4
/
41
4
/
461 Nov 1037 Mar
44 *4
4
Pr_ .100 12 Nov 12 597 Apr 2
44 *4
44 *4
*4
2
$ 1818 174 3,700 Granby Cons M Sm &
163 163
s
16
2
32, Dec 447 Dec
Apr 2
par
3
2
157 3612 1513 1512 15 4 154 154 24
234 2253 2312 9,400 Grand Silver Stores_ No par It) Dec 16 52 Feb 13
23
4
1
/ Jan
94 Nov 32
1
No
/
10 June 17 204
234 2214 234 2318
Grand Union Co
53 244 22214
23
4
/
4 114 1134 2,100
113
3
10 4 114 11
30 Oct 541 Jan
No par 31 Dee 17 44 Aug 4
4
1114 11,
12
11
300 Preferred
3.712 3712 3712
11
11
*38
4
1
/
32 Nov 63 Sept
3912 *3614 38
4
No par 18 Dec 30 503 Apr 3
37 "36
1.800 Granite City Steel
24
3812 37
*22
1
/
15
2112 22
*
23'
3212 Dec 1444 Feb
22
21
No par 263 Dec 29 43 J1117 9
21
3
21
8 6,300 Grant(W T)
21
305
4 30
4
213 22
19 Oct 394 Feb
4 294 293
274 293
4
277g 2912
Ore Prop_No par
1712 Dec 17 253 Mar 25
4
294 2914 283 29'3 2013 204 2014 2014 204 2012 2012 2012 3,000 Gt Nor Iron Sugar
28 Nov 44 Jar
No par
7 Dec 29 3412 Jan 141
913 2,500 Great Western
9
1101s Feb
9
OSA
2014 2014 *2013 2014 •9
914 91 4
914
100 85 Dec 21 120 Mar 14 101 Nov
944
80 Preferred
,
94
9
3
947 •93
•93
914
1414 Nov 70 Sept
93
014
93
93
213 Dee 30 28 June 2
93
No par
93
93
41.500 Grigsby-Grunow
8 4
31
93
511 Jan
93
312 314
1 Nov
34 313
4 Fob 4
3 12
3
- No par
14 Dec 23
•5
400 Guantanamo Sugar24 313
1
2 1
43
7
2 8 34
ai
42 Nov 79 Mat
4
3
1
4
*3
No par 15 Deo 29 80 Feb 19
4 I
*3
2
7
4
7
234 2514 1,000 Gulf States Steel
24
1
/
994 Dee 109 Feb
*20
24
"20
24
100 8314 Dec 15 109 Apr 30
"21
Preferred
24
*2312
85
25
*24
85
87
87
86
85
ex.:Jetta
Lula days s Ex-dividends 0 Ex-dividend1
1111d and asked prices; no gales On
•
1.1-rIghtai
New York Stock Record-Continued-Page 5
623
.04 sat.. during rne ...et or stocks not recorded there, oee fifth uaf3e Preceding.
HIGH AND LOIV SALM PRICES
-PER SHARE, NOT PER CENT I Sales
: for
Saturday
MondayTuesday
Thursday i
Friday ! the
Wednesday
Jan. 17.
Jan. 19. I Jan. 20.
Jan. 21. i Jan. 22. I Jan. 23. 1 Week
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share ' $ per share $ per share I $ per share' $ per share I Shares Indus. & Miscell. (Con.) Par
.26
28 .26
2712 *2612 275 2718 27181 *2614 31 1 .2614 31
25
100 Hackensack Water
.28
283
4
283
60 Preferred A
4
25
4.
4,200 Hahn Dept Stores____No par
718 83
8
74 73
738 8
7 I
713 74
718 718t
8.
7
"
55% 5712 5518 55121 *5212 55
55 55 1 .5212 55 I 55 55
100
500 Preferred
.1634 17
16
17 x1618 1618 1612 1612 16
10
16 1 164 1614 1,100 Hall Printing
•103 ____ *103 ____..103 ____ •103
____ •103
Hamilton Watch pret__100
____;•103
•8912 9014 9014 90 4 90 90
3
90 90
*90
260 Hanna pert new
No par
91 i 908 91
40 4014 40
40
39% 4012 4014 41
40
407. 4012 41% 7.500 Harulson-Walk Refrac_No par
*414 5
.414 43
4
5
53
8' 43
800 Hartman Corp class B_No par
4 43
4 *412 43
4
43
4 5
*9
10
*9
93
4 .914 93
10
•9
93 • *9
No par
Class A
4 .914
918
*3
4 318
34 33
4
313 3% .3 8 4
1
No par
4 1,100 Hayes Body Corp
33
3 31
311 34
8212 8212 *8312 88
•8312 87
25
*8312 87 .8512 87 I 8512 8614
500 Heinle(0 W)
*13
1412 *13
1412 .
13
1412 1412 1412 .13
.No par
800 Hercules Motors
16 I
es
15
15
11618 11818 117 117 .11612 11712 •11612 117 2 *11612 11712.11512 11712
140 Hercules Powder $7 cum of 100
,
.
88
90
87
87 .8712 8718 87% 8834 *88
600 Hershey Chocolate____No par
90 1 x8812 8812
*93
95
*9312 95
•94
95
95
93
*95
100 Preferred
No par
9712 .933 9712
4
-__
I ____ ____i ______
100
Prior preferred
*6
812 *612 8
*6
8
-;a- -- . *6
i
How (R) & Co
No par
*6
8
8 I
•
28
2812 *2712 2812 *2814'283
4 29
29
8 1,200 Holland Furnace
28
2918 293
29
No par
814 814
812 812 *814 812
8% 8 4 *73
600IHollander & Sons(A) No Par
,
4 8121 .712 8141
*78
86 .80
84
*8118 86
*814 84 •
Homostake Mining
82
84
84 I •82
100
472 5
43
8 5
/
1
4
47
8 518
47
8 5
434 54' 5
51 11,000 Houdaille-licrshey el B No par
/
4.
*60
62
59
60
59 59
*62
6214 61 18 62 I 60% 6212 1,300 Household Finance part p1_50
373 3812 37
4
3712 37% 3312 3812 39% 3918 40% 41% 423
4 6,40 Houston 011 of Tex tem Mrs 100
23
23
223 2314 2312 2312 231 24
4
8
4
No par
2334 2418 233 2412 3,60.11HoweSound
2212 23
22
2212 225 223
4 2118 2212 2112 2214: 2218 23 • 21,7000Hudson Motor CarNo par
71
Vs 818
8
77
8
818 814
8
818 834 10,100 Hupp Motor Car Corp......10
83
8
Independent Oil&
par
-.7.1 -Ii 3 3 3 18 318 .*3 318 ------- _ 1,565 Indian Motocycle Gas_No par
o
--No
37
37
4
4
4
4l', Indian Rennin'
4
4
4
,
'
4
,
10
*48
49
48
*45
48
45
49
46 .42% 48
*45
600 Industrial Rayon
47 I
No par
177 1773 177 177
4
17613 1763 177 17712 2,200'Ingersoll Rand
17612 177
17512 177
4
No par
623 623 *61
4
4
6213 *61
62
*61
6214 61
300 Inland Steel
61
6012 6012
No par
8
838
818 834
8
8 14
814 8 4
814 84, 812 81* 4.600 Inspiration Cons Copper___20
,
7% 7(4 *7
714
73
77
734 734
734 712
734
8 : 2,650 Insurarishares Ctrs Inc_No par
63
8 63
8
12 65
612 7
6% 634
6
2 .63
712 2.300 Insuransharm Corp
4 7 I
7
No par
23
4 3
.
212 3
*212 3
.23
8 3
*23
8 3
*23
8 3 i 6.200 Intercont0 Rubber
No par
*1312 137
8 133 133
4
4 133 131 133 133
4
4
/
4
4 133 1414 1413 1412 1,400 Interlake Iron
4
No par
318 31s
34 34 *34 34
3
4 314
No pa
314 34
314 313 1,000 Internatl Agricul
*4611 493
4 48
4912 .4613 491 *4613 47
*45
4
493 *45
4
300 Prior preferred
49 4
3
100
14618 14618 14512 1451s 148 143 1 150 150
15214 155 1 155 15614 2,200 Int Ilusinew Machines_No pa
*1012 11
1012 104 1012 1114 .11
113
8 104 11 I 1012 11 , 2,400 Internet Carriers Ltd__No pa
*50
5012 *50
543
41 3,500 International Cement_No pa
504' 6018 504 *5012 52
517 53 I 53
8
2
2
2
2% 214
212
' 213 214 4,400 Inter Comb Hug Corp_No pa
2
2% 214
218
•25
271 *25
28
254 2512 2413 2713 *24
28 1 2612 2613 2.100 Preferred
100
4812 4938 4814 494 493 518
8
8 5018 5218, 5014 5173' 5134 523 17,300 Internat Ilarvester___No p •
3
•1324 13414 1323 1324 *1323 134 *133 134 1 134 13514 *134 13514 2,809 Pee red
8
8
100
23
23
224 2318 2284 2318 233 2414; 2318 2434 243 251s 5,500 list Hydro-El Sys Cl A_No par
4
4
563 563
4
6612 5634
4 557 5614 5614 58 t 503 58
International Match pref.. _35
8
,
8
163 163
8
8 16
16
16
153 1614, 163 1612 1612 1612 5.500 lot Mercantile Marine ctts_100
8
s
143 1514 1413 15
4
1434 154 15
153
8' 1518 15% 15% 16 I 71,300 Int Nickel of Canada_No par
•36 ____
36
36
*30
36
36
36
35
35
*30
280 Internat. Paper pref (7%)_100
36 I
.814 9
.814 9
*812 914 .814 9
9
*8% 9
9
200 Inter Pap & Pow cl A_No par
4
512 5,1,
514 514 *Pa 618
•514 57
*514 57
3 *512 6
700 Class B
No par
312 313 *33
8 313
33
8 334.
312 312
34 4
4
Class C
4 18 4.100
par
No 1c o
.36
37
35
361
4 3514 3612 3512 354, 351 353
/
4
8 3512 357
8 1,000 Preferred
*12
13
13
13
13
*1238 14
*123 1613 *123 1612
13
8
8
200 Int Printing Ink Corp No par
*68
65
•64
65
•64
64 64
65
.60
64 .60
64 1
20 Preferred
100
3711 373
4 374 3734 3714 373
4 371 373
4 377 38
8
38
3812 3.70(1 International Salt new__ 100
.4718 4713 47
47
*47
481
47 47
47
4718 474 483 17,600 International Shoe_ _ _ .No pa
4
*35
43
*35
444 *35
4412 *35
4412 •36
4413 *35
International Silver
4412
100
2214 2318 22
223
4 2214 23
23
234 2318 24381 2413 2538 107,500 Inter Telep & Teleg____No pa
•1613 1612 164 163
/
1
8 1618 174 1714 173
1714 1752 17
4,500 Interstate Dept Stores_No pa
•
____ 62 •____ 62
*60
60
62
60
*81
62
61
61
18
30 Preferred ex-warrants_ __IGO
*1618 17
*1618 17
0164 17
•1618 17 .16% 17
.1618 17
No pa
Intertype Corp
64 612
•612 734
612 6141
612 612
634 634
612 74 1,400!Investors Equity
No par
30
30 .2812 31
.29
30
2812 29 I 29
29
29
1
29700 Island Creek Coal
I
.
40
42 •40
4014 4018 4112 *4012 42
42
42
43
800.Jewel Tea Ina
43
No par
59
6034 5714 59
585 61
8
5914 617
8 GO
623
623 65
29,6001Johns-Manville
4
No par
12012 12012 .120% 120 2 12013 12012 *12012 12134'12012 1213 *121 12112
,
4
50 Preferred
120 12012 12034
12012 121
121 121 *12014 121
450 Jones & Laugh Steel pref _ _100
12018 121 I
14
*1
*12 120%54 1
3
*3
8
34;
•58
4
34
*58
34'
100!Jordan Motor Car
No pa
534 512 *53
532 53
4 *512 5
s 534 *552 6
/ *54 54 1,1001Karstadt(Rudolph)
1
4
.1412 1612 *1412 1612 •1412 1613 *1412 1612 •15
1613 *1518 1612
!Kaufmann Dept Stores_312.50
17
17
17
17
*16
17
*1618 17 1 17
17 1 17
174 1.500'Hayser GI) Co v t c____No par
•____ 40 •____ 40 •____
•____
' ____
40 1
Keith-Albee-Orpheum .No par
*90 109 .90 109 •90 109 .90 109 1 *90 109 1I
Preferred 7%
100
2 13
113 11
2
15
8 15
13
8
8 .118
14 •13
15 " 10512 1.900 Kelly-Springficld Tire...No par
8
?
12 1
*1234 131
1211 1212 •12
1213 11
12 .11
1212 1212 1212
210 8% preferred
100
*304 38
*3012 38
*3012 38
*3114 3713 •32
35 I
3713 35
10 87 preferred
4
100
23
23
22% 223 .2214 23 .2212 23
4
23
2312 2334 243
8 4,200 Kelsey Hayes Wbeel___No par
93
8 9%
9
/ 93
1
4
4
912 10
9.18
94 94
94 103 28.300 Kelvinator Corp
8
No par
•2514 34
*2514 34
•2314 34
2514 2514 •2514 34
*2512 34 1
20 Kendall Co pref
No par
244 244 2334 243
/
1
8 2418 243
8 2413 25 8 243 2514 2512 2612 45,400 Kennecott Copper
,
3
No par
•
38
4013 .3813 4012 .3818 4012 38% 4012 *3818 401 *3818 4012
*2
Kimberley-Clark
No par
•17
21
193 194 •17
8
19
*17
19
*1718 19
*17
19 1
100 Kinney Co
par
59
69
59 59 .
60
70
60 • 70
85
697
81 65 65
7.50 Preferred
No
14 14
41
14
1
1
Ps
114
I% 118
1
14 2,000 Holster Radio Corp
No par
,
8
263 2618 2614 2614 208 2612 2614 26% 2614 2612' 2814 26111
6,900 Kresge (S 13) CO
10
.
43 60
*43
*43
47
50
*433 60 •45
4
4913 *46
4913,
Kress Co
No pat
2113 2134 214 2113 213 223
8
8 2112 22
22
2238 2214 223 34,100 Kreuger & Toll
4
2014 207
2014 23
2213 2313 224 2312 23
24
237 243 56.400 Kroger Gros & Bak_ ___No par
8
8
- Lego 011
II; Ws; -Firs
-iiii 16- Ws Vir Ws WI; -iiE - -- ----- Lam mrt & Transport. No par
e
8 ._1 12 23,100
/i
No par
Co
*33* 33
.34 311 *312 3 4 *313 33
1
4 *33
4 4
4
33
4 33
4
100 Lee Rubber & Ture_ __ No par
173
•17
4 17
17
•16
18
*15
18
17
18
173 177
4
8
600 Lehigh Portland Cernent___50
•9811 101
9912 100 .99% 101
995 99% •9912 100
8
•993 100
4
13(8 Preferred 7%
100
8
84
8
8
73
4 7 4 0713 8
3
74 74 . 1
7
712
600 Lehigh Valley Coal__No par
21
21
*20
22
*20
21
*20
21
.20
21 I *20
21
100 Preferred
50
4
5714 5714 56
5712 554 584 59
564 563 57
/
1
5914 60
9,900 Lehman Corp (The)_ _ _No par
.
2412 26
*2412 26
*2413 26
26
26
2812 263
8 2678 264
70() Lehn & Fink
par
•1218 124 1218 124 1212 123
8 1214 1218 12
1238 12
1213 2.200 Libby Owens Glass...No
88
•86
871a 871g 873 873
4
4 884 89
8712 88 I 8914 8914
1.200 Liggett & Myers Tobacco__25
88
88 88
87
88
883
4 89
893
4 8818 894' 8914 91 14 14,100 Series B
25
*273 284 *28
*273 28
4
4
29 .27% 29% .29
3012 301 3018
100 Litna Locomot Works. No par
30
30 •29
*29
2814 30 .29
3013 *29
3013 .30
500 Link Belt Co
30's
No pa
434 4312 *4212 433
44
*43
4 431s 4313 4314 44
444 4513 2,500 Liquid Carbonic
par
473
4 4614 47
47
47
4818 48/8 50t4 49
52
514 523 72,4011 Loew's Incorporated
8
NNoo
91
9112 91
•90
•86
DI
9113 91 12 93
93
*04 109
400 Preferred
No par
9l) •90
897 90
90
95 .90
95 , •9012 95
.91 14 95
Pref ex-warrants...
..No pa
23
4 23
318 3 4
4
24 3,
6
3
,
34312
34 37
8
34 378 9,600 Loft Incorporated
No Pa
*314 4
4
•3
•
314 4
.314 4*314 4
*34 34 6,700 1 tlf w ilos Biseuit A__No par
Loo e_Bel Lumber
-0
48
473 481
4734 4814 43
4
4712 4918 z473 4813 483
8
4 5018
1418 1412 1312 1418 133 141
4
14
1438 14
144 1414 143 25,600 Lorillard
3
25
4
4
4
4
4
4
418 418 *418 412
44 414 1,700 Louisiana 011
60 •
*50
60
50 60 •50
*50
60 •50
60 1 •50
60 1
Preferred
.No
8
*283 2812 2814 2814 2812 281
2812 2812 29
29
293
2
8 123 13
124 123
8
125 13
8
123 124 124 1312 1318 3018 1,600 Louisville 0 & El A__ No par
8
13
/ 7,900 Ludlum Steel
1
4
No pa
50 .40
*40
60
*40
50 .40
50
*40
50
*40
50 I
Preferred
24
*22
23
22
*22
22
*21
2213 .21
24
2212 224
200 MacAndrews & Forbes_iVa fia
io ct
383
3
4 3712 3814 35 8 3912 39
38
3934 39
4()
3912 40181 5,300 Mack Trucks Inc
No pa
85
84
853 87
4
• 8 857
847
88
88
8812 9012 288
8678t 8.600 Macy Co
par
5
5
6
*5
5
5
5
5
514 512
513 518
9 00 Madison Su Garden
Trta
2212 2214 2214 214 2212 2214
3
221 *20 4 224 .21
•
21
2213 1,203 Magma Copper
No par
.212 3
*212 3
*24 3
.
213 3
24 24 *212 3 1
100 NIallison (II R)& Co No pa
43
33
4 *3
3
37
*3
3
334 .3
33
4 .3
33
41
50 Manati Sugar
1112 *8
818 81
*8
1114 .8
104 *8
1112 *8
111
/
4
'
30 neferred
45
6
*5
.5
6
6
6
•5
54 54 •5
6
20011.. ttiel Bros
No lV
pa
*73
*73
4 8
4 8
73
4 8
*Ws 9
9
9 1 *9
10
600 Manhattan Shirt
2.
*214 3
*214 3
.21
*214 3
3
.214 27
'234 3
Maracaibo 011 Explor__No par
213 213
8
214213
221s 2214 224 2234 2212 23 1I
* 2114 22
5,100 Marine Midland Corp
10
*224 244 .227 243 . 8 247 .227
24 •
*21
8
22s 2(1
4 227
8
8 2441
Marlin-Rockwell
No par
614 6%
11
6
6
6
6
6 1
54 64
614 64 1,500 Marmon Motor Car_ _ _No par
•Bid and 11,3211d prices; no sales on this day, a hi-dividead g
p Ex-d 1vItlend. ex-eightaa
PER SHARE
Range for Year 1930.
On basis of 100
-share tots.
Lowest.
per share
36 Jan 4
20 Jas
613 Dee 29
4513 Dec 27
16 Dee 11
99 Jan 7
85 Jan 16
38 Dec 30
2 4 Dee 27
,
714 11ec 29
24 Nov II
.7718 Dec 24
1312 Dec1
1.164 NOV 26
70 Jan 2
8313 Jen 2
1414 Feb 21
4 Dec 23
2614 Jan 14
6 June 18
72 July 12
4 Dec 17
49 N•ar 6
2914 Dee 17
20 Nov 10
18 N. 10
,
712 Dee 29
11 18Nov 11
2 Nov 5
3 Dec 15
31 Oct 10
11714 Nov 10
58 Nov 11
63 Dec 17
8
5 Dec 16
4 Dec 15
112 Dec 4
1114 Dee 5
38 Dee 17
3
4214 Oct 10
131 or! 18
87 Dee 17
3
4912 Dec 22
114 Dec 16
13 Dec 16
4514 I've 27
133 1 1er 31
1813 Dec 17
624 Dec 17
15 Nov 10
124 Dec 17
28 Dec 30
512 Dec 17
338 14, 30
2 Dec 9
21 Dec 30
10 Dec 29
55 Dec 26
31 ('Cl 10
4713 Dee 241
26 Dee 291
1712 Dec 29!
144 Dee 17'
5852 DEC 19.
12 Dec 121
414 Dec 29
2.5 • Let 22
37 Dec 17
494 Dec 17
117 Dec 26
118 Dec 16
14
23
1418 Dec 26
14 Dec
2412 Dec 2'
81 Jan 8
8 Jan 7
1 Dee 30
29 Dec 17
17 Dee 171
913 Ort 22'
273 Nov 12
8
25 Dec 21
2e•fi Dee 17
38 Dec 23
174 Dee 30
51 Dec 18
4 Dee 29
3618 001 21
39 Nov10
203 Dec 17
2
1718 Dee 29
214 Jan 11
703 Nov II
4
34 Nov 12
11 Dee 17
9834 Dec 2.6
414 Dee 164
144 Dee 171
613 Dec 29
4
21 ors 10
1014 Nov 11
76 2 Dec 16
,
7814 Dec 16
1812 Oct 20
28 Dec 22
39 Dec 17
413 Dec 17
4
854 Jar 17
784May 6
212 Dec 17
3 Dec 26
44114 1)
) )ec 7
13
ee17
ec
65r 1>ec 117
2 Dec 1
94 Dec 11
20 11e, N
343k1 ce
334 Dec 17
EZ
.)
21)
ITI:
1914 Dec 16
134 Dec 16
: 1):e
1113 l)
) ce
61 Dec 11
/
4
13 Dec 16
4
4
173 Dec 17
2114 De4831
44 Dec 29
Highest.
PER SHARE
Ranye for Precious
Year 1929.
Lowest.
Highest.
3 per Marc $ per share $ per share
38 July 29
2312 Nov
3.5 5.115
30 Aug 27
26 Jan
BO Aug
384 Apr 17
12 0•11 563 Jan
4
861s April
711 Dee 115
4
Jan
3154 Mar 25
27 Det 2978 Dec
1084 oct 9
99 Nov 1053 Jan
8
98 Apr 14
7214 Apr 21
Jaa "itY73 Oct
64
20 Seb 6
13 Oct 414 Aug
234May 24
167 Oct 31 Sept
8
174 Apr 4
54 Nov 083
3May
934 Feb 19
84 Nov 11811 333
31 Apr 11
214 Dec 3312 Oct
1234June 4 11218 Dee 121
Oct
45 Nov 1434 Oct
109 May 211
4June
60 3 Nov 1434 Oct
3
1083
1083 Oct 18 104
Jan 1063 Oct
4
4
123 Dec 33 AIN
4
3514 Feb 27
21 Nov 61 Msg
4114 Mar 28
1218 Jan 24
134 May 244 Aug
65 Nov
ti3 Aug
83 Sept 26
13 Nov 521 May
29 Feb 5
4
45 Aug 534 Sept
en, Oct 16
26 Oct 109 Apt
1167 Apr 25
8
344 Nov
8211 Mar
414 Feb 7
627 J1513 6
8
38 Nov 9312 Mar
264 Apr II
18 Nov 82
Jan
173 Oct 31133 May
4
82 Apr 7
3 Oct 324 Jan
13
17 Mar 4
1318 Oct 53 Aug
284 Mar 2
684 Nov 135
124 Jan 10
Jan
Jan 2234 Oct
339 Apr 34 120
98 Mar 11
71 Dec 113 Aug
22 Oct 6612 Mar
304 Feb 7
1312July 81
1738Mar 10 "1-2 Dee -10 ti•if22
712 Apr 1
2 Nov
1414 Jan
284 Apr 2
812 Apr 7
Oct -1252
8714 Apr 9
40 Nov 884 Jan
1974May 28 109 Nov 255 Oct
1214 Mar 29
75 1 Apr 2
3
48 Nov 1021 Fen
4
1413Mar 26
414 Due 1034 Feb
78 Apr 1
1813 Dec 121 Feb
68 Nov 142 Aug
1154 Apr 16
14612Sept 26 137 Aug 145
Jan
64 Al'! 11
23 Nov 594 Sept
92 Apr 24
47 Nov 1024 Jan
83 Apr 17
1813 Nov 394 Oct
4438 Apr 4
25 Nov 723 Jan
4
77 Nov
86 Apr 29
9412 Jan
3I18 Mar 22
20 Nov
4414 Cct
12 Nov 33% Oct
223 Apr 14
4
9 Nov
18 Apr 14
261 Oct
/
4
86 Mar 26
77 Nov 95 Oct
51114 Apr 5
40 Nov 684 Oct
914 Nov 108 Mar
101 Am 12
4514Junt 20 .5
_
4 _oci 7711 wtyt
.
62 Jan lb
95 Nov 15912 Aug
119 Feb 1
63 Nov 1494 Sept
774 Apr 24
40 Feb 4
2513 Oct 934 Jtet
80 Aug 29
74 Dec 97 May
32 Apr 91
17 Nov 11217 July
s
29 Feb 19
1212 Nov 7218 Aug
43 Mar 19
39
Oct 69 Mar
664 Apr 30
39 Nov 162 4 Feb
,
1454 Feb 5
90 Nov 2421 Feb
4
1231*Nov 12 118 Nov 123 May
1234 Apr 11 117 June 126
Oct
613 Apr 9
113 Oct 164 Jan
184 Jan 16
107 Nov
8
1378 Nov
2012Mat 7
1714 Dec 374 Feb
30 Nov 684 July
41 12 J51/ 2
45 Apr 23
1612 Nov 46
Jan
160 Apr 24
70 Nov 138
Jan
613 Apr 10
3 Dec 23 Jan
/
1
4
42 Jan 24
16 Dec 944 Jar,
55 Jan 25
26 Dec 100 Feb
3912 Apr 11
18 3 Nov 69 May
3
14
26% Apr 28
5 Ott 1914 Feb
89 Mar 21
76 Nov 96 Feb
4
523 Feb 7
494 Nov 1047 Mar
8
59 Mar 31
454 May 6714 Oct
4014June 4
21% Nov444 July
97 Apr 17
80 Ott 1093 Mat
4
S's Apr 14
312 Dec 784 Jan
861 Jan 2
4
28 Nov
5713 Mar
70 J1512 24
6314 Nov 114 jail
354 Apr 10
2218 Nov
4612 Mar
484 Jan 23
384 Nov 1224 Jan
2911July 17
1613 Nov
23 4 June
3
113 Apr 1
8013 Nov 1571 Mar
.
11 5f3r 25
5 Oct 25
Jac
42 Apr 1
30 Nov 65 Feb
10812May 24 '00 Nov 11014 Mrs
10
174 Mar 17
Oct 22 Oct
81 Dec 4414 July
3712 Mar 19
9714 Apr 15
28 Nov - , Feb
681
36 Apr 14
17
81121Mar 29
Oct 43 Aug
4
8014 Nov 100 Oct
1133 Apr 1
80 Nov 10614 Oct
1144 Apr 1
30 Nov
571 July
4914 Feb 15
4
3711 Nov 61 Feb
451 Feb 21
3
851ar 28
40 Oct 113 Jan
7
,
817
Oct 841s Feb
32
95 4May 14
3
31une 3
80 Oct 110 4 Jan
1123
1
3
80 4 Nov 85 Mar
1393 Oct 3
4
64 Feb 191
34 Dec 1112 Apr
12 Dec 2213 Jan
4Mar 22
I61
7014 Apr 2
391s Nov 874 Sept
1414 Oct 314 May
2813 Mar 8
18 Jan
12 Apr 28
7 Oct
90 Sept 4
80 Nov 10014 Feb
28 Oct 724 Sent
6114 Apr 25
447 Mar 12
8
22 Nov 108 2 July
7
4
76 Nov
18 June
991 141 ar 18
393 Apr 3
4
3014 Oct 46 Jan
8812 1.1112 27
5512 Nov 1141 Feb
4
1594 Feb 3 110 Nov 25512 Sept
114 Nov
1633June 6
24 Feb
5234 Jan 7
35 Nov 821s May
13 July 3
6 Nov
39/8 Jail
3 Dec 26
8 Jac 29
Jan
194 Dec 5012 Jai)
60 Jan 28
14
15 Jan 14
Oct 584 Mar
243 Jan 10
3
1914 Dec 864 Jan
103 Mar 18
3
618 Dec 1812 Apr
324 Aug 6
56 Feb 28 "ifo
Octit37;
3072 AM
in wm, 104
New York Stock Record-Continued-Page 6
624
For sales during the week of stocks not recorded here, see sixth page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
Jan. 23.
Jan. 22.
Jan. 21.
Jan. 20.
Jan. 19.
Jan. 17.
SMes
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER 811,11W
Range for Year 1930.
On basis of 100-share NW.
Highest.
Lowest.
PER S1141k.
Range for Previous
Year ig29,
Lowest.
Highest.
share 5 per share shares Indus. & Miscell. (Con.) Par $ per share S per share $ per share $ per Mars
$ Per Share 5 Per share 5 Per share $ Per Share $ per 2614 2614 27% 23,100 Marshall Field & Co---No par 24 Dec 30 4818 Apr 24
4
/
2538 25% 2434 2512 238 2514 231 2412 24%
8 Oct 11
lie
212 Nov lit- 214 Dee 29
200 Martin-Parry Corp__ _..No par
314
278 27s *3
212 212 *212 258 *212 258
*214 212
29
51%
2512 283 13,000 Mathieson Alkali WorksNo par 3018 Dec 29 138 Mar 28 120 Oct 218 Feb
4
/
2578 251 257
25
248 257
8
2514 243 25
, 25
Oct 7
Jan 125 Jan
100 115 Jan 24
Preferred
4
4
4
4
•1203 12912 *12034 12912 *1203 12912 *1203 12912 *12034 12912 *1203 12912 18,300 May Dept Stores
4512 Dec 108.2 Jan
4
25 273 Dec 17 61% Jan 81
8
4 287 3014 2934 3038 2914 308
30 3058 2912 303
•303 31
4
1
/
15% Oct 29 Aug
5 Nov 10 23 Mar 26
No par
200 Maytag Co
6
6
4
/
4 61
3
*534 612 *5 4 812 *53
6
8
*534 614
4
1
/
2814 Dec 49 AU,
No par 1418 Nov 13 4012 Apr 7
300 Preferred
19
194 19
17 *1718 1934 •19
8 17
8
18 *167 187
18
4
1
/
7513 Nov 90 Jan
No par 68 Dee 17 8412Mar 28
88
300 Prior preferred
*66
67 67
67 67
.67 68
67 67
•6512 67
8914 Dec 108 Oct
No par 33 Dee 17 60 Ain 1
200 McCall Corp
*33 34
4
/ 34
4
x333 3334 •3218 34 *321
4
/
*311 347 *3112 34
4
Stores class A No par 37 Dec 20 74 Jan 2 74 Dec 11811 Feb
38
240 McCrory
*36
38
38 *36
736
38 '
3513 3512 35 3613 *36
70 Dec 115 Feb
4
1
/
No par 3814 Dec 18 70 Jan 16
10 Class D
384
384 *35
384 *35
384 *35
3512 35 35 *35
*35
81311 Nov 120 Feb
100 78 Oct 1 97 Mar 24
130 Preferred
1
/
*734 79
76
76
4
1
/ 79
7818 *7312 79 •73
7934 78
*75
30 Oct 43 Feb
100 McGraw-Hill Publica's No par .27 Dec 30 44 Apr 7
29
2812 2812 *28
29
12 Nov 23 Jan
*28 29 *28 29 .28 29 *28
4
4
1
1
/
/
4
4
4
/
2313 241 5.800 McIntyre Porcupine Mines__5 143 Jan 2 203 Dec 31
24
8 23
2218 2218 227
22
4
/
4
1
/ 2218 *211 22
22
54 Nov 82 Jan
McKeesport Tin Plate_No par 61 Jan 2 8912.1one 4
1
/
4 7512 764 7712 784 13,400
4
1
/ 7413 7412 7514 758 7.53
2118 Oct 59 Mat
7412 73
74
900 McKesson & Robbins_ _No par 1012 Nov 17 8738 Apr 12
14
14
1
/
134 1313 137 *134 14
134
4
133 14
8
*137 14
40 Oct 83 July
50 25% Oct 28 4914 Apr 8
600 Preferred
8
315 32
3
4
/
4
181 Dec 591s Ault
*303 3112 *30 4 3112 *3138 3112 3112 3112 3112 3112
6 Dee 17 2014 Jan 7
No par
700 McLellan Stores
1
/
713 74
1
/
4
1
/ 74
712 *7
7
7
7
714
4
1
/
26 Dec 72 Jan
1753 713 *7
No par 25 Nov 29 42. Apr 16
300 Melville Shoe
30 30
30
3014 30
4
1
/
4
4
*2834 3012 *283 3014 *283 3014 *29
9 Oat 847s &us
5 Dec 30 235,Mar 10
No par
800 Mengel Co(The)
612 634
812
6
612 *6% 634
4
/
61 *8
914 Oct 693* Jae
*553 612 *8
934Nov 10 87 Apr 7
1514 144 1512 125,000 Mexican Seaboard 011 No par
14
4
/
3
20 Oct 5413 Mat
1312 1418 1318 134 133 1412 141 1434 *814 812
18 337 Feb 13
4
7 Dec
5
812 1,300 Miami Copper
8
8
8
8t4 814
818 *814 812
818
44 Dec 1227s July
No par 3812 Dec 17 77 May 13
200 Michigan Steel
4
/
4614 461 4814
1
/
4614 *454
743 4614 *45
397k Jab
4814 '
44 44 *44
No par 11 Dec 17 33 Apr 7 2212 Nov
3,200 Mid-Cont Petrol
4
143 15
1412 148 *1412 1434 1458 1518 1458 15
358 4117
4
8 Nov
212Mar 17
.147
7 8 15
%Sept 22
Middle-States Oil Corp Ws__
____
._
iiii: _ i14 ....iiiz
1,800 Midland Steel Prod-- No par 1512Nov 12 53 Feb 28
23
22
21%
_ii_21% 215 2112 2112 *80 217 *80 90
2
100 74 Nov 10 110 Feb 28 ---- --- ---- --8% cum 1st pref
8712
90 •80 90 •80 8712
59 Nov 12814 iep1
*80 90 •80
300 Minn-Honeywell Regu_No par 37 Dec 26 7634 Mar 19
5014 4514 4514 50% 60%
1
/
504 *45 5914 *46
10 Oct 431k Jul,
4
8
•413 5014 *43
314 Dec 15 287 Mar 17
8 2,200 Minn-Moline pow Impl No par
413 45
412 47
4
1
/
412 4
412 412
412 412
4
85 Nov 102 July
434 43
No par 44 Dec 30 9214May 28
100 Preferred
42
740
40 •____ 4214 •____ 42 '
4
85 Nov 80% Mat
•____ 423 *---- 424 40
958 Dec 30 40 Jan 27
1712 171 1812 5,600 Mohawk Carpet Mills_No par
4
/
1612
16
16
1
/
47 Nov 8013 Oct
.1412 1512 1512 154 *1512 18 *21
7
8
2014 218 205 2158 1,600 Monsanto Chem Wks No par 1838 Dec 17 8334 Apr 21
22
2134 *2012 22
4258 Dec 1567s Jan
2114 2114 20
1713 1812 1812 1934 98,100 Mont Ward Co III Corp No par 1518 Dee 29 497a Jan 2
3
4
1
/ 165 1713 1658 1714 1718 1712
112 Oct
5 Oct
1634 17
%Noy 17 1812 Apr 2
No par
Moon Motor Car
- -- - Oct
Oat 9
No
co
Loa Morrell
Li lit, ;5212 5313 Liis IA Liis 1112 1,100 Mother (I) At Coalition_No par 4878 Dec 13 72 Feb 5 42 Oct 813* Mar
1
.
2
iBii 5214 .761.3 ii
112 Oct
1313
2 Jan 2
12
par
Lode
12
62
12
12
52
52
62
62
52
52
62
*12
814 Oct 3114 Aug
112 Oct 1 1158 Apr 10
Gauge& Eq No par
27
278 1,000 MotoMeter
*258 214
*258 23
5
2 8 278 *258 21
5
234 2 4
36 Nov 206 Mae
1,800 Motor Products Corp No par 25 Dec 15 81 Apr 7
3112 334 38
1
/
30 .30 3013 3012 3012 31
30
•30 31
21 Nov 5518 Aug
No par 1414 Dec 18 34 Mar 19
3,200 Motor Wheel
4
/ 1618 16
4
/
1512 1512 1513 1512 1514 1512 1514 1514 151 151
10 Oct 817. Jan
No par
814 Nov 10 2034 Feb 14
50 Mullins Mfg Co
8 *913 103* *958 1114
*814 1112 *9 107
*814 107
912
12
9
55 Dec 10214 Jan
No par 3512 Dec 29 847j Jan 31
10 Preferred
45
4
1
/
•43 50 I 4312 4312 *3912 45 *3912 45 *3912 45 *4312 2934 1,700 Munsingwear Inc
38 Nov 6134 Mar
No par 2618 Dec 11 5312 Feb le
29
28% 29
3
2712 27 4 2712 2712 2713 2812 *2714 29
1478 Nov 10078 June
No par
9 Nov 11 2514 Apr 11
13,200 Murray Body
1
/
1258 1334 134 14
4
/
1278 1278 1218 1214 121 1212 1258 13
4
1
/
30 Oct 87 Oct
No par 34 Oct 24 4912Mar 25
500 Myers F & E Bros
4114 413* 4158
5
40% 40 8 *4012 4112 *41
4
1
/
40 4012 4012 4012
40 Oct 1187s Jan
No par 2114 Dec 16 5812 Jan 6
32,200 Nash Motors Co
8
3114 317
4
8
4
/
307 3114 303 311
8 31 .32% x301 31
.
3113 323
1458 Nov 417 JUIY
5% Dec 29 281g Feb 14
812 1,800 National Acme stamped--10
8
8
8
8
8
8
8
778 778
*712 8
10 Dec 4814 May
6 Dec 24 30% Apr 14
No par
Nat Air Transport
4
1
/ 1012 •712 1012 *712 1012
*712 101 *712 1012 *712 1012 *7
4
/
91 Dec 71 Mar
'214 Dec 17 20 Apr 7
No par
37
4
/
41 412 3,300 Nat Belles Hess
4
/
41
4
4
/
414
4
/
41 41
8 418
418 *37
4
8514 Dec 73 Dee
10 8858 Nov 12 93 May 29
773 7912 64,100 National Biscuit new
79
1
/
774 788 78
79
78% 77
1
/
3
79 79 4 764
100 14212 Jae 23 152 Oct 8 140 Aug 140 Oct
400 7% cum pref
14914
148 150 *148 149 149 149 •148 150 *148
•14712 149
8
3518 16,500 Nat Cash Register A w iNo par 275 Dee 30 834 Feb 3 69 Nov 1485, Mar
3414 32
8 32
4
1
/ 317 325
32 32
3158 32
33 33
38 Oct 8612 Aug
No par 35 Dec 17 82 June 2
4138 4214 4218 4234 33,800 Nat Dairy Prod
403* 4112 4118 42
40 407
4012 41
20 Dee 873* Mat
313 Dec 30 2412 Feb 27
Nat Department Stores No par
900
1
/
*54 6
1
/
*54 6
*518 8
6
6
RI 6
512 6
15 Oct 58 June
4
/
4
No par 181 Dec 16 391 Feb 6
/
1
/
244 2438 2614 23,900 Nat Distil Prod ctfs
2534 24
245
21
3 24
21
20
*1934 2114
14
2512 Dee 62 Jan
21
200 Nat Enam & Stamping____100 1714June 14 3312Mar 1
21
21
*20
21
21
21
.20
7
*20 21
21
•20
100 114 Dee 17 18912 Feb 7 12914 Nov 210 Oct
900 National Lead
121 121
120 12014 *11814 120 11812 120
•120 12812 120 120
4
1
/
100 135 Dec 17 144 Sept 5 Uhl Nov 141 Feb
50 Preferred A
140 140
143 140 140 140% 14014 140 140
•140 143 .141
100 116 Jan 17 120 Nov 28 115 Oct 12334 Apt
80 Preferred D
120 120
'11812 122 •120 122 •120 122 *120 122 119 119
33 Nov 713* AIM
7
No par 30 Nov 10 583* Apr 24
4
/
361 51,300 National Pr & Lt
8
3184 3214 317 3318 3212 3313 3234 3378 34
3218 33
112 Dec 17 Jan
4
1
/
4 Jan 15
13 Dec 1.
No par
100 National Radiator
41
*3
8
7
1
4
*3
4 1
4
*3
*3
4
/
4 11
*3
1
1
4
1
/
1 Dec 41 Jan
8
111 Dee 9 11 Jan 16
No par
Preferred
*1% 2
.134 2
*1% 2
*112 2
*112, 2
1
/
•14 2
No par 41 Nov 12 62 July 28
4 2,800 Nat Steel Corp
4
1
/ 443
4414 4414 443* 4412 4413 4412 44
45
4514 4514 4414
111112 Nov 144 Jan
50 60 Dec 23 12434 Apr 7
700 National Supply
4
62 623
62
62
•60 63 •60 62 *60 63 *60 63
7014 Dec 155 Feb
50 35 Dec 17 98% Mar 22
4
/
4
/
4914 4913 5014 5014 50 501 5013 511 2,800 National Surety
4812 49
48 50
2
311a Nov 0188 Mar
No par 13 Dee 29 617 Feb 4
4
16% 1812 173 1814 3,700 National Tea Co
g
4 156 1618 *1614 1612 1812 17
*1518 164
1
234 Nov 6273 Mat
32% Jan 7
9
8
4
/
111 1078 1138 113 12 14,500 Nevada Consol Copper_No par 1134 Dec 17 58 Apr 14
1118 1112 11
11
1114 11
35 Dec 113 July
11
Dec 17
No par
900 Newton Steel
4
/
161 18
17
1812 17
15% *18
15
15
1
/
*1512 164 15
3512 Oct 493* Mai
No par 2113 Dec 30 47 Feb 19
1,300 N Y Air Brake
4
/
241 247 25
23 234 23 24 *23
24
24
•24 28
83 Nov 583* Feb
100 22 Dee 29 48 Apr 25
500 New York Dock
3
265
26
27
27 •24
25 *24
25
28 *25 28
•25
82% July 90 Apr
4
1
/
100 7712 Dee 17 88 Apr 24
Preferred
78
*74
78
76 *74 78 *74
78 *74
78 *74
*74
4
1
/
9 Dec 16 32 Apt 24
No par
3,700 NY Investors Inc
4
1153 113* 113 117
1
/
114 12
12
•111 1112 1112 1158 113*
.Ian
No Dar 98 Des 17 10612Sept 3 9312 Nov 108- - 40 NY Steam pref (13)
s
101 101 *10013 1013 10012 10012
*101 101% *101 101% 101 101
No Par VIA Dec 29 117 Aug 28 107 Nov 115 Aug
160 1st preferred (7)
4
/
113% 113% Ill 111 *110 114 11112 11112 11112 11112 1111 11378
6812 Nov 1863 Sept
1
4
4
1
/
No par 57 Dec 17 132* Apr 11
3
67% 8913 69 4 717 44,400 North American Co
67 68
43 Nov 5414 Jan
4
/
651 6612 65 6614 68 678 *531 54 •53
50 51 Jan 13 57 June 4
1,500 Preferred
54
54
4
1
/ 54
4
/
54
8 54
1
/
534 537
*63 64
414 Dec 17 14% Apt 10
634 7 17,800 North Amer Aviation-No par
4
1
/
834 7
4
1
/
634 7
4
1
/ 67
6
812 85
612 7
98 Nov 10334 -Jan
4
1
/ Oct 4
4
200 No Amer Edison pref__No par 993 Dec 16 105 4June 11
104 104 •104 1041•104 10412 *104 10412
4113 Dec 6414 Jan
104 104 *102 104
2878 Dee 30 553
100 North German Lloyd
2812 2812
28
2814 *27
2612 •27
4012 Dec 50 Mr
*2434 253* *2518 2614 *26
10 Northwestern Telegraph_50 4113 Dec 16 5018Mar 14
48 *45 46
46 *45 46 •45 46 *45
745
48 '
44 Oct
4 Mar 26
4
81 Feb
46
II Dee 17
Tire & Rubber__ __10
200 Norwalk
8
7
*12
3
7
*12
12
12
8
7
.12
8
5
1
7
34
.12
No par 16 Dec 17 87 Aug 21
8,800 Ohio Oil Co
18
8
4
/
181 1818 1818 175 1818 18
18
77 boo 32 Jan
17% 1812 173* 18
4
/
91 Jan 3 248 Sept 9
25
Oil Well Supply
4
883 Dec 106 Jan
4
1
/
100 86 Mar 10 110 Sept 12
Preferred
__
8 Oct 64 Apr
12
8
13 Dec 30 3473 Apr 17
No par
____ ____ ---- ---- ---- ---- ...... 011ver Farm Equip_
____ ___. ---17 Oct 891 Apr
4
1
/
2 Dee 29 413% Apr 17
Cony participatIng_No par
_ ...
. _
_ _
_ _
_ _
6412 Deo 991k May
No par 1258 Dec 20 9024May 13
450 Preferred A
1212
211 Oat 1078 Feb
8% Mar 81
;i612 11 ilia Iii4 ;iiiiz if Ilia 1612 *His lila iiii - 434 1.500 Omnibus Corp
25, Oct 18
No yar
37
4
418
4
4
*334
373
4
4
412
*4
50 Oct 9084 Jan
4
1
/
7
Orpheum Circuit Inc pref_100 60 Dec 30 998 Apr 24
763 65 *63 65
4
*83 65 *63 85 *83 643 •63 65 '
par 4814 Nov 10 80118Mar 13
No
7,800 Otis Elevator new
4
/
4
36.7 6658 5514 5612 557 5814 5512 5612 5512 561 5613 57
-1
/
100 1184 Jan 23 128413(101 25 11878 Oct i1ii- -Jan
20 Preferred
127 127
8
*12612 12734 *12812 12734 *126 12714 1265 12658 *126% 127
4
1
/
9 Dec 29 887s Mar 31
2214 Nov 55 Oat
No par
800 Otis Steel
1313 1412
13 •1312 137
8 13
14 *1234 137
1.1234 1412 *13
8934 Nov 108 Feb
100 75 Dec 30 99 Apr 29
74%
Prior preferred
748 *71
1
/
7458*---- 7412 *70 744 *70
•__ 7458*-___
6078
43 Nov 3913 SW
4 3,500 Owens-Illinois Glom oo____26 32 Dec 29 747k Feb 7
1
/
4
1
/ 3712 3934 364 3612 *3834 3734 3714 373
37
•35 3612 36
Mar 31
42 Nov 9834 Sept
25 4012 Dec 17
475 4914 4814 4918 9,800 Pacific Gas & Electric
467 4712 4712 48
47 4714 4638 47
3
5818 Nov 14812 Sept
No par 46 Dec 17 1077 Mar 28
4
5558 553 5653 10,000 Pacific Ltg Corp
5412 54
53
53
5313
5212 53
*5212 53
100 15 Dec 17 30 Feb 8
1713 Nov 37 Ate
Pacific Mills
130
4
/
1712 1711 *1714 181 •174 1812 *1713 1914
1814 19
8
•1814 201
1
11114: ov 163
5055
%
eeb 5
00 16 jsu 7 40 F b 2119
0 AA0 5
10 0 114 Dee 10 17 P: 144 1368 Nov 22;14 Ju11
u0505
110 Pacific Telep & Teleg
12313 12312 124 124
124 124
4
•12112 134 *12112 12334 *1213 124
FFJan
Preferred
•123 131 *123 131
4
1
/
•121 129 *121 129 *122 129 *122 129
7 Nov 11 2358 Mar 18
13 Nov 8212 Sept
Car_ _ __No par
914 912 26,900 Packard Motor
4
1
/
4
1
/ 9
9
914
9
9 14
9
918
4
1
/ 914
9
14 l
7 Ma
9
Pan-Amer Petr & Trans--50 42 Nov 12 :41im
.
- _ _ _
_ _ -_ _
_
50 30 Dec 35
,
s 314 1- i5o Class 13
s if *ails ititz .5418 16 *ai Idh O if iiii 3
5 Dee 24 35 4 Apr 7
34 Nov 8772 Jos
No par
800 Park & Tilford Inc
4
/
61 612
4
/
634 634 *612 712
61 612
4
1
1
/ /
4544 714 s64 7
258 Dec 29 261a Mar 10
1512 Dec 21 Dec
5,600 Parmelee Transporta'n_No par
4
1
/
312 47
312 3
312 312
4
1
/
358 *314 3
3
312 312
14 Dec 6 128 May 14
3 Nov 15% Jan
Panhandle Prod & 10LN° par
600
2% 2 4
212 278
8
3
2 4 2%
27
7
100 4712 Jan 14 80 May 14
*212 2 3 *213 27 •_ *212 55 *____ 55 ...--- 55 *---- 55
Jae
6713 Feb 76
___
55
oaceece t
8 O 3
3
52251z DDDoc 57,1104:7571545ss m
•- - 55 •_ _- 4158 4138 42s 4214 4312 423 441
7 7
NN00 p3,ar
17 0 7arI 3117:4 D30 237 773815 Moptw0brr 35575
44l 453 62,900 Paramount PubIIx
206 122414 FAAA ar 22 1
2 338 .0
43 DDD7
3:
4
JJa
433
3
i. 4212 41l
Feb
600 Park Utah CM
112 112
4
/
112 11 *113 158
712 112 .5112 1%
8
N.
•Ny
Jan
4,100 Pathe Exchange
4 17
13
1% 13
4
112 134
1% 134
Ns4 154
s
, le
II
4
1
/ 37
3
Class A
35
1,800
4
4
4 *312
3% 33
3
3
4
33
e3
4
1
/
8 Dec 15 8273
500 Patin° Mines & Entrepr_-20
1112 11% •1012 12 *1012 1114
11
11
4
1
/
50
3 Nov 7 14 Feb 3
518 Oct 32 Jan
*1012 1112 1034 11
37
*37
*37
414 1,100 Peerless Motor Car
4
4
*378 4
4
4
8
3
4
*4
4
/
No par 261 Jan 7 MN Apr 1.0
23 Nov 6078 Sept
44
4478 17,300 Penick & Ford
45
1
/
4 4212 434 43
4
1
/
4258 42 433
8 4138
NO par 2758 De322 80 Jan 8 56 Nov 10514 Oct
4218 427
4 2912 30% 14,500 Penney (J C)
2938 2913 2934 2912 29% 2918 293
29
100 90 Dec 18 1013
4Sept 23 83 Oct 97 Dee
7
28 8 29
100 Preferred
9114
9112 *90
9112 *90
4
/
911 *90
90 *90
4
1
/
2 Dec 17 12 Mat 8
9112 90
4
1
/
3 Nov 27 Jan
.790
200 Penn-Dixie Cement---No par
4 414
4 414 *33
*33
4
41
4
*4
4
4
1
/
44
*372
100 16 Dec 22 5612Mat 13
2013 Nov 94 Jan
1,100 Preferred
*2818 30 *2813 30
30 *2618 30
30 *26
0L &0(Ch10) 100 18514 Dec 17 325 May 17 208 Jan 404 AIM
25 *2.5
23312 4,300 People's
24%
22414 228 225 225 225 229 229
No par 17 Dec 29 2213 Aug 11
4
1
/
18 Dec 4512 Jan
Pet Milk
22014 229 222 225
*1712 19
12 19 *1713 19 *1712 19
57 Dec 30 2714.rune 10
717
4
1
/ 19 ' 12 1912 *17
.17
4
1
/ 14,700 Petroleum Corp of Am-No par
4
1
/ 8
8
4
/
81 813
818 88
818 814
4
1
/
8
8
25 193 Dec 30 443 Apr 7
31 Nov 7978 Ma,
818 882
4
-Dodge Corp
2158 1,600 Phelps
21
*2012 21
2012 2012 21
*20 2012 2012
Philadelphia Co (Pittsb) 50 170 Oct 9 218 Apr 15 15713 Apr 285 Oct
•20 21
200 100 200 •100 200 *100 200
Mls Nov 64 Mar
50 5018 Jan 15 573
8dept 29
55
600 6% preferred
*100 200 *100 200 *100 5313 5313 5312 5313 534 *53
1
/
4
1
/
4
1
/
0 Nov 34 Jan
1
/
612 Dec 16 26%may 33
4
1
/ 1018 11,600 Phila & Read C & I---No par
9
*53 5312 *53 4 534 53 8 0
8% 912
878 91s
85
0
81,
912
9
Hp
161,Mar II
4
10
53 Oct 2314 Feb
812 Jan 3
600 Phillip Morris & Co Ltd
912
912
3
914 914 *9 3 912
1
/
1913 Nov 73 mar
18
4
1
/ 914 *94 914
79
2
Phillips Jones Corp---No par 1014 Dee 15 277 Feb
1253
4
1
/ 9% '
*9
125s *11
1258
12% *11
1258 •11
85 Nov 96 May
100 52 Dec 15 75 Feb 11
1258 *11
Phillips Jones pref
4
•11
58 *483 58
74514
58 •4814 58 '
2414 Nov 47 Jan
4
No par 1112 Dee 17 443 Apr 80
134 14 98.500 Phillips Petroleum
•50 58 *50 58 *4814 1344 1338 14
1338 14
8
105 Oct 3758 Jan
1
/
1212 1278 1278
7 Dec 17 204 Apr 80
5
Phoenix Hosiery
9
*7
4
1
/ 14
12
9
*7
9
*7
9
7
18 Nov 37 8 Jan
*7
9
--No par 18 Dec 16 33 Apr 3
*7
9
4
/
'7
211 1,400 Pierce-Arrow class A.
21
22
2012 *18
20
20
1 Oct
3% May
4
1
/Mar 17
20 •18
25
2
Is Deo 18
1914
19
900 Pierce Oil Corp
19
4
3
4
3
5
5
8
5
8
5
8
5
4
3
20 Oct 5112 Mat
*513
100
4
1
/
7 Dec 19 52 May 1
4
3
8
*5
100 Preferred
*1018 12
53
Its
*934 12
57 Jan
*912 1212 *934 12
12 Oct
10
10
No par
4
1
/
7 Apr 24
his Dec 17
12
'10
7
2% 24 4,900 Pierce Petroleum
4
253 23
8
*213 25
212 25
238 238
*213 258
* Bid and asked
WOGS; no
08 012 Inla cay.
625
New York Stock Record -Continued-Page 7
Fer sales during the week of stocks not recorded here, woe seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Jars. 17.
Monday
Jan. 19.
Tuesday
Jan. 20.
Wednesday
Jan. 21.
Thursday
Jan.22.
Friday
Jan. 23.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1930.
On basis of 100-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Highest:
Lowest.
per share 5 per share
Per share $ per share
$ per share $ per share $ per share $ Per share $ per share $ per share Shares Indus.&Miscell.(Con.) par 52518 Dec 29 8734 Apr 11 $$O Oct 637s Jan
300 Pillsbury Flour MIlls-No par
28
2812 28
02718 28 *2714 28
28 28 *28
28 28
11114 Oct 65 Aug
30 Dee 29 5074 Feb 27
/
1
4
8 1,500 Pirelli Co of Italy
353 353
8
*3312 3412 *3338 3414 34 34 *33% 3412 3434 35
54 Nov 8248 Jan
100 18 Dec 31 7811 Jan 7
100 Pittsburgh Coal of Pa
•28 36
28 28 *25% 3434 *2514 2812 *2514 2812 *2514 2812
Ms June 110 Oid
100 66 Dec 17 110 Jan 7
Preferred
8
*7218 84 *7211 84 •721 84 *7278 84 *7278 84 *727 84
17 Dec 374 Alill
/
1
4
500 Pittsb Screw & Bolt_ _No par 13 Dec 20 227s Feb 18
144
*14
1412 *14
1412 14
144 *14
14
14
14 •14
84 Dec 27 103 Jan 7
/
1
4
cum ad_
9214 Feb 110 Oet
280 Pitts Steel 7%
86
86
86
86
86 86
85% 86 *85% 86 *8512 86
No par 1814 Dec 29 22% Apr 8
o
Pittston Co
0174 20 *1714 20 *1714 20 *1714 20 *174 20 *1714 194
/
1
20 Nov Zais Ant
No par 1018 Dec 30 3458Mar 18
1,000 Poor & Co class B
1278 13
13
125 1258 121 1212 1258 1258 *1218 13
8
13
18 3038July 8
/
1
4
•1612 19
16
181s 1912 3.300 Portollican-AmTob olANo par 14 Dec 10 3714Mar 10
18
1612 17
18
1734 177 18
8 Nov 501 Jan
/
4
4 Oct
No par
512 53
4 2,300 Class B
/
1
4
5
5
/
1
4
5
5
/ 5
1
4
5
434 5
*4 4 5
3
98 Nov 105 Jan
Jan 21
341
4
343 3614 2,100 Postal Tel & Cable 7% prof 100 20 Dec 22 103 Apr 1
34
331 34
*33 34
334 33%. 34 34
/
1
4
40% Oct 65 Jan
25 1114 Dee 16 54
1418 1414 6,400 Prairie 011 & Gas
144 1358 14
1334 1378 137 14
14
14
14
45 Oct 65 Aug
/
4
25 1658 Dec 17 601 Feb 7
4
1834 19
8 183 1914 12,200 Prairie Pine Line
1812 19
4
1812 1812 183 1912 18% 187
618 Nov 2551 Mar
8 Nov 8 16% Feb 18
14
No par
45
47
47
/
4
51 5% 2,900 Pressed Steel Car
53
8
458 458 *45
*434 475
5 47
8
50 Dec 81 Mar
100 26 Dec 17 7612 Feb 14
100 Preferred
*35 37 *35
354 354 *36 40
/
1
*35
37
37 *35 37
48 Nov 98 Ana
8
No par 523 Jan 3 7874June 2
Procter Gamble
6914 9,100
66
6778 6912 268
s 6612 67
6678 66 663 664 667
4
4 Oct 351s Jail
1 Dec 13 1178 Mar 17
300 Producers & Refiners Corp__50
3
3
314
314 34
*3
314
314 *3
314 *3
/
1
4
54 Nov 137 Sept
par 85 Dec 17 12814 Apr 11
8
75
771
7614 76
753
75
4 73% 741
76% 783
4 7834 801 18,100 Pub Ser Corp of N .J-No par 913
4June 18 100 Oct 4
No
5
800 $5 preferred
*97
9734 *971 973
/ 975e 97% 97
1
4
3
97
4 9714 97 4 •97% 98
98 Nov 1081a Feb
100 10434 Dec 17 117 &DM
600 6% preferred
*11178 11214 11178 11178 112% 11212 113 113 113 113 I 115 115
100 121 Jan 10 1354 Oct 6 105 Nov 1247a Jaa
200 7% preferred
130 130 *12834 130 130 1
5
'129 130 *129 134 *129 133
100 142 Dec 15 158 June 7 13911 Nov 151 SKI
200 8% preferred
/
1
4
•148 149 149 149 15012 15012 *15012 15612 *1501 15612 *1501 159
4 Jan
500 Pub Serv Eleo & Gas pref-100 10714 Feb 5 112 May 91 1044 Nov 1091 SePt
*110 1104 110 110 11018 11018 110 110 110 110 I 11014 11014
1
78 Nov 99 4
/
1
4
No par 47 Dec 30 89 Jan 8
9,700 Pullman Inc
57
56
56
5412 55
543 55% 54
4
54
55
5234 54
/
4
6 Dec 211 July
8 Jan 17
/
1
4
12 Oct 30
50
300 Punta Alegre Sugar
/
4
112 11
*112 172
112 112 *112 134 *114 Ds *114 11
3
20 Nov 804 May
758 Dec 17 2714 Apr 7
25
1014 1018 1018 10
/ 1018 1014 1014 1014 1014 11 I 1012 1014 7.100 Pure 011 (The)
1
4
12
100 90 Dec 15 11414 Apr 8 108 Nov 116 Feb
300 8% preferred
9912
99
101 101
99
99
/
1
99 99
100 10018 *974 100
No par 36 Dec 10 8878 Feb 15 55 Oct 148% Atte
4.500 Purity Bakeries
45 4534 44 4414 45
45
4618 4412 4574 4634 48
461
4
26 Oct 1143 Sera
*
No par 113 Dec 29 6935 Apr 24
s
1258 1354 1218 1234 123 133
4
4 1234 1334; 1314 143 150,700 Radio Corp of Amer
4 13% 133
50 Nov 57 Jan
50 47 Dec 17 57 Apr 21
500 Preferred
49 49 *4734 49 *4734 49 *4734 49 *4734 49 ' 4815 49
12
/
4
No par 311 Dec 30 85 Apr 2 62 Nov 82 Apr
41
4018 411 41% 2,300 Preferred B
4118 40
41
540 4214 40
40 40 '
7
12 Oct45 s Jan
4
/
4
RN 171s 1634 16% 167 1734 1718 177
8
8 173 181; 1818 183 107,400 Radio-Keith-Orp cl A No par 1438 Dec 17 50 Apr 24
8
28 Nov 5812 Sept
700 Raybestos Manhattan_No par 16% Dec 17 58% Apr 17
21
•1934 21
19% 1914 21
20
20
*20 21
*1984 21
864 Nov 843s Mar
10 2212 Deo 30 64%Mar 26
1.300 Real Silk Hosiery
*26
2512 2512 28
26 *25
257 26 *25
26
28
26
/
1
4
8614 Dec 102 Feb
100 83 Dec 22 100 Mar 29
30 Preferred
84
*83 85 *83 85 *83 85 *83 84 *83 84 ; 84
8 8 Dec 1614 Feb
5
57 Feb 8
s
No par
5 Dec 26
8
100 Reis(Robt)& Co
11s
*1
112 *1
*I
11
118 11
*1
11 , *114 11
40 Dec 10812 Feb
8 Nov 17 37 Jan 28
100
11% 1,160 First preferred
*12
12 *Ills 1312 *1112 1212 *1112 1212 11%
131a 12
/
1
4
203s Nov57 Oct
/
1
4
No par 14 Nov 11 4512 Apr 14
1558 16
1618 16
1614 16
16
1638 16
s
167* 167 1714 24,500 Remington-Rand
/
1
81 Nov964 Oct
100 84 Nov 7 100 sMar 28
7
100 First preferred
88
8212 8212 *80 874 •80
*8118 85 *8118 85 *8278 85
93 Mar 101 Apr
100 95 Jan 4 104 July 15
Second preferred
98
98 ; *90
*90 98 '
590 98 *90 98 *90 98 *90
10 Oct 317. Jan
/
1
4
10
734 Dec 17 1478Mar 24
5,900 Reo Motor Car
812 87
8; 84 9
85
8 9
9
9
9
9
9 18
9
/
1
4
17
1758' 17% 1814 33,100 Republic Steel Corp---No par 1012 Dec 27 79 Apr 16 ---- ---- ---- -1734 1634 1714 1678 1758 1718 1778 17
100 28 Dec 29 9512May 5 _--- --- ---- --4
'38
40
37% 3713 3812 39 *4014 4114 4114 414 421s 4318 1,000 Preferred cony 6%
/
1
Dec 814 Nov
514 Dec 16 80 Jan 3 25 400 Revere Copper & Brass No pa
97 10
'58% 97 1
*9
10
*812 978 *812 97
*834 10
70 Dec 78 Nov
Dec
D 12 72 Jan 24
No pa
100 Class A
30
30
30
30 *26
*26
33 *26
33 *26
33 *26
7-No par 10 Dec 30 84 Apr 14
/
1
4
1418 4,500 Reynolds Metal Co
13%
4
14
1414 14
514
1414 1312 1414 133 14
14 '
1 Dec 27
No pat
.I"
aga Nov 13'4 7 Jan 29
/
1
4
200 Reynolds Spring
*134 2
158 14 *134 2
/
1
4 134 *134 2
13
*158 2
39 Nov 66 Jan
4378 443
4 441s 447 46,700 Reynolds(R J) Tob class B_10 40 Dec 27 5858Mar 11
4234 4314 423 4314 43 4314 4318 44
/
1
70 Apr 894 Oct
10 70 June 3 80 Jan 2
220 Class A
7012
7012 70
704 7112 *70
/
1
7012 *70 7012 7012 701 *70
418 Dec 17
934 Dec 4
4
43 26,600 Richfield 011 of Callf__No pa
378 4
37
41
4
334 3 4
418
34 4
3
3
/
1
4
15 Oct 42 Mar
5 Dec 17 2534 Apr 7
No par
6
638 4,200 Rio Grande 011
618 614
6
6
6
614
6
534 6
/
1
4
634
40 Nov 70 Jose
No par 255$ Des 31 59 Feb 5
/
1
4
900 Ritter Dental Mfg
32
*28 32 *28 32 *28 32
31% 3134 31
30 30
10 1434 Dec 17 4834 Mar 8 28 Nov 96 MaY
1958 1934 2018 2014 1,200 Rossi& Insurance Co
1854 19
/ 1918 1918 19
1
4
1914 *194 20
48 Oct 64 Sept
/
1
4
/
1
4
4
3,100 Royal Dutch Co (.N Y shares) 363 Dec 16 56 Apr 7
3914 3934 3858 38 8 238
/
4
38g 384 3832 391 395
3814 38
5
3814 Nov 94 Jan
10 1914 Dec 17 5714 Feb 6
2612 2712 4,000 St Joseph Lead
26
25
26'a 26
25
26
2514 2514 26
26
No par 3834 Dec 30 1223s Jan 23 9018 Nov 19514 Jan
12,600 Safeway Stores
*41
4238 4014 4134 4112 4414 43 4434 4278 46
44
457
4
100 84 Dec 31 9978 Feb 7 85 Oct 101 Sept
50 Preferred (6)
8978
89% *86
897 *86
*86 89% *86
86 86
*86
87
100 95 Oct 31 1097
8Mar 26 100 Oct 1094 Dee
30 Preferred (7)
98
•98 100 *98 100 *98 100
9812 98
98 98 *96
s
MI Nov 517 Jan
NO par 1214 Dec 17 8134 Apr 2
1334 134 2,200 Savage Arms Corp
13
14
14
1314 14
1314 *13
'13
1318 "13
8 Dec 4118 Jan
/
1
4
4 Dec 9 1312 Jan 23
418 414
414
414
/
4
412 412
414 414 2,000 Schulte Retail Stores No par
4
/ 418 *4% 41
1
4
20 Dec 11812 Jail
100 35 Jan 2 75 Jan 21
*4012 49 *4012 49
30 Preferred
4012 *4012 49
8 4012
48% 487 *4012 487
8
10 Deo 2214 AP11
538 Dec 31 144Mar 11
No par
Seagrave Corp
*534 7
*534 7
*55
4 7
•614 7
*614 7
*53
4 7
Jan
80 Nov 181
/
11
4718 4834 46% 473
4834 5034 5018 5138 46,200 Sears, Roebuck & Co No par 431 Dec 26 1004 Jan 81
8 484 49
47% 487
9 Dec 1513 Nor
214 Dec 30 28 Feb 17
1,000 Second Nat Investors No par
414 412
4
418
414 412 *414 41
*33
4 4
4% 5
45 Nov 6314 Nov
No par 35 Dec 16 8254Mar 18
*41
44
45
44
45 *4612 497 *48 49% 1,800 Preferred
4518 45 46
No par
600 Seneca Copper
No par
54,000 Servel Inc
No par
0,100 Shattuck (F G)
No par
300 Sharon Steel Hoop
No par
300 Sharp & Dohme
No par
100 Preferred
90 Shell Tramp & Trad Co Ltd £2
No pa
29,500 Shell Union 011
100
700 Preferred
1.700 Shubert Theatre Corp-No par
28,000 Simmons Co
No par
10
1,200 Simms Petroleum
28,600 Sinclair Cons 011 Corp_No par
100
100 Preferred
25
7,000 Skelly 011 Co
600 Snider Packing
No par
No par
Preferred
600 Solvay Am by Trust pref-100
4,800 So Porto Rico Sugar
No par
25
5.900 Southern Calif Edlson
500 Southern Dairies ol 13-No par
100 Spalding Bros
No par
...... 1st preferred
100
200 Spang Chalfant&CoIno No par
50 Preferred
100
5,300 Sparks Withington- _No par
Spencer Kellogg & Sons No par
No par
900 Spicer Mfg Co
No par
100 Preferred A
1,100 Splegel-May-Stern Co_No par
91.500 Standard Brands
No par
401. Preferred
No par
Stand Comm Tobacco_No par
12,300 Standard Gas & Elec CoNo par
1,300 Preferred
50
400 86 cum prior pref____No par
500 Stand Investing Corp__No par
1,000 Standard Oil Enron pref__100
15,001 Standard 011 of Calif-No par
800 Stand Oil of Kansas
25
75,200 Standrad 011 of New Jersey_25
28,200 Standard 01101 New York-25
200 Starrett Co(The) L S._No par
2.200 Sterling Securities cl A_No pa
20
2,400 Preferred
1,1001 Convertible preferred
50
1758 177
18
1818 1814 19
181
10
18
1834 19 1 1818 1918 6,200 Stewart-Warner Sp Corp
4234 4418 4334 4418 44
453s, 4538 46% 14.600 Stone & Webster
431 4314 4234 43
/
4
No pa
'
22% 233* 21%22's 2112 2254 2112 2212 2212 2314 29,000 stuaeter Corp(The) No par
2218 23
100
20 Preferred
116 116 *116 120 *116 120 *116 120 *116 120 •116 120
14
14
14 *15
18
*is
18
mos
14
No par
14 2,700 Submarine Boat
Is
14
/
1
No par
40 4012 4012 4012 4012 4012 4018 404 3934 41 I 40% 4038 2,000 Sun Oil
100
100 Preferred
10214 10214 *10112 103 10218 103 *10318 104 *10318 104 *10318 104
35
35 *35
-No par
300 Superheater Co(The)
/
4
/
4
355
8 351 351
/ 35 *34 35
1
4
35 *34
*34
132 112 *132 i'll
132
132
Ds 112
112 14
/
1
132 112 2,100 Superior 011
No par
81s 818 *818 812
612
4,9
912 .59
912 9
100
300 Superior Steel
*9
912
1212 1212 12 *121 13
121s *12
/
1
4
50
/
4
*1214 1212
300 Sweets Coot America
1218 1218 *12
*114 2
*112 2
No pat
*112 2
*112 2
*112 2
Symington
5
.112 2
414 414 '4lg
*414 5
No par
*44 5
5
5
5
400 Class A
514
517
1712 *17
1712 *17
No par
1712 '
Telautograph Corp
17% *174 1712
1712 *17
•17
9
(118
915 *9
.9
912 •9
No Par
9l4
4
800 Tennessee Corp
8
32
25
3212 3158 3212 323 3314 30,000 Texas Corporation
8
4 3118 3111 318 32
3118 313
4
4
4918 16,700 Texas Gulf Sulphur_ __No par
4812 43
4 4534 4634 467 4734 467 4774 47
4338 463
5
5
472 518
5
5
.5
514
Oil-710
514 2,500 Texas Pacific Coal Ss*5
518 514
1
s 13% 137
8
8
51 137 1414 16.900 Texas Pac Land Trust
127 1334 125 1278 1218 14% 1338 141
8
1512 1412 151 *14
No par
514
1514 '
144
/
1
15 .14
300 Thatcher Mfg
151 *14
•15
No par
4
100 Preferred
*3512 3712 *35 3712 3612 3612 *35'4 373 *3514 371s *3514 375a
114 11
Dg
•114 11
114
114 112
514 51
518 514
514 6
558 6
2212 221
2218 2214 2212 2358 2335 24
*1212 121
12
1218 121 *12
1234 *11
*12
131 *12
1312
13% *12
131 *12
*5314 56 *5314 56 *5314 56 *5314 56
*3018 331
/
4
*291 36 *2914 36
31
31
914 958
9
912 10
9
/ 10
1
4
91s
6612 6612 *65
69 69
70
70
791
434 434
*434 5
412 412 *434 5
15
151
1538 1558 1434 15'e 15
1534
*734 9
*715 9
8
8
*8
93
4
1138 1168 1118 1111 114 12's 1115 1214
595
96
96 '
97 •95
*95
97 *95
85
8 87
8
8% 854
812 9
8% 9
218 21
*2
212
*2
21
*2
3
*614 12
10
*6
*6
12
*6
12
*9058 9234 93
54 9334 9312 93's 93 93
1412 1514
15
1434 15
15
1434 15
8
47% 4712 x4712 47'2 467 4738
4678 48
41
*4
418 *4
*418 414
4
4
*34 35 *34 35 *34 35 *34
35
0111 -_ *111 ____ *Ill _.. *111 ____
28 *23% 25
28 *24
*24
28 *24
9212 921
*9212 95 *92% 95 *921s 95
97 1014
91 10
8
912 10
10
1014
*1012 103 *1012 1112 *1012 1112 •1012 11
4
1118 111 *1118 1114 1118 1114 1118 1114
/
4
/
1
*2712 2912 2712 2712 *274 3018 *2714 287
618 7
4 612
Ms 55 .53
8
*538 612
17 8 1818 18
7
1758 1778 1738 18
18'g
*11914 1191 *11914 11912 11912 11912 *118 1191
*27
31
*2% 311 *278 31
'5278 31
6t8
3
7
/
1
1597 60 4 5812 594 59 1 60 8 61
4
3
3
59 4 5978 59% 60 4 *59% 60 *5912 60
3
95
95 *9312 95
94 94
1; 8 94
0915
3
212 212 *21
*214 3
In 238 2
3
*10312 1037 10358 10358 10312 10358 *10318 1033g
4634 4734
4512 4618 4534 47
465 47
8
1678 167
, 1712 17's 1634 17
17
17
4534 4714 4614 4814 47 48
le 4675 477
4
1 233 2358 2314 2334 2314 2312 2234 233
8
*2012 23 *2012 23 *2012 23 *2012 2234
4
4
4
4
4
4
4
4
714 Ps
5
7% 734 *712 7 4
712 71
34 *34
/
1
4
3412 3412 3514
341 *34
*31
1
•Bid and asked prices; no sales on this day.
*114 1121 *114 111
71
61
5'8 61 •
2313 24 I 247 2538
*1212 13
12
12
1312
12
1212 •12
*5314 56 I 5314 534
4'
*2914 333 *2914 34
97 10's
4
9% 93
67 6712 70
67
47
538 534
8
55
1738
1518 1614 16
915 95
934 10
/
4
118 1214 121 121
99
596
96 '
96
98
91
8% 9
27
8 27
•212 3
s
*6
9
10
*6
8
*885 93 *885 92%
8
8 1534 1614
155
15
4
4735 4812 483 50
414 44
*41a 414
34% 3478
*3412 35
Ill ---- *111 ---28
25 *25
25
92
911s 9112
92
10
4
1034 1034 103
*1012 11
*1012 104
1138 1134 1134 11%
*2714 28 *2714 28
714 778
7
7
18
185
8 1812 187
8
11914 11912'118 120
*3
3% •27g 334
fills 63% 6334 65%
5978 60
60 6035
95 95
*94
95
*212 21
25
s
4 23
4
10334 10334 10334 1033
4
4834 471k 471 48's
*17
1714 1714 1714
471 4812 4814 4938
/
4
2435
2234 2374 24
24
*2212 24 1 23
4
414' 4
418
734 7
8
8
54
35
35 1 35 35
I
z Ex-dividend,
r Ex-rights.
1 Dee 13
31eNov 7
204Nov 10
/
1
9 Dec 17
1118 Dec 30
54 Jan 2
26 Dec 17
514 Dec 29
55 Dec 30
418 Nov 10
11 Nov 5
558 Dec 15
934 Dec 17
86 Dee 22
104 Dec 23
/
1
1% Nov 11
8 Dec 19
90 Dec 29
/
1
4
1018 Dec 17
4018 Dec 17
3 Jan 4
/
1
4
32 Dec 16
108 Jan 13
197s Jim 2
92 Jan 20
8 Dec 17
834 Dec 30
75 Dec 15
25 Dec 4
412 Dec 17
141 Nov 12
/
4
114 Nov 12
21 Dec 30
534 Dec17
55 Dec 15
923 Dec 30
4
112 Nov 12
98 Feb 8
424 Dec 17
1438 Dec 17
4312 Dec 17
198 Dec 17
19 Dec 15
8
23 Dec 27
5 Dee 15
30's Nov 11
1434 Dec 17
3712 Deo 17
18% Nov 11
116 Jan 21
Is Dec 4
39 Dec 17
973 Dec 19
30 Nov 8
34 Dec 28
4
53 Dec 31
8 Jan 24
/
1
4
1% Dec 30
4 Dec 16
155 Jan 25
8
7114 Dec 16
2814 Dec 17
4014 Dec 17
4 Dec 23
10 Deo 17
1212 Dec 30
3.5 Dec 30
1
9 Nov 10 1 Mar
312 Jan 29
74 Nov 2118 Aug
1818 Apr 25
25 Oct 194 Aug
/
1
4
52 Apr 21
3
32 Feb 13 20 Nov 53 4 MY
/
1
4
167 Nov 22 Not
8
27
/
1
4Mar 10
7
50 Nov 65 s Aug
6834 Mar 10
43 Jan 5534 Jan
48118 Apr 23
19 Oct 304 Apr
2512 Apr 7
10614 Apr
21-8 Dec 744 -Jas.
35 Apr 25
1194 Nov 188 Sept
947s JIID 2
15 Nov 4018 Aug
37 Mar 24
82 Apr 7 21 Nov 45 Jan
11214 Apr 24 103 Oct III Jan
42 Apr 9 28 Oct 4614 May
8 Nov 1614 Feb
/
1
4
8 Jan 9
14 Nov 6412 July
863 Feb 14
4
85 Nov 111 SePt
12112 Apr 8
22% Dec 45 MaY
80 4 Jan 16
3
6518 Nov 984 elePt
72 Apr 14
212 Nov 153s Jan
9 Mar 3
80 Nov 6812 Mat
45 Mar 17
115 Aug 27 107 Nov 117 Feb
15 Oct 5214 Jan
3714June 14
98 Jan 2 89 Mar 98 Oct
Ms Nov 73 Aul
3012 Apr 10
25 Apr 15 90 Nov 45 AuZ
4
20% Dec 663 Mar
36 Feb 4
/
1
4
8
88 Nov 551 Mar
4518Mar 31
52 Feb 3 84 Dec 11778 Feb
8
20 Oct 64 4 Sept
2914 Feb 8
12112Sept 23 11414 Nov 1134 SW
3 Dec 431s Jae
/
1
4
7 Feb 11
14
73 Nov 24104 Sept
/
1
4
12914 Apr 15
5812 Nov67 Feb
67 May 28
104 Sept 12
4 bee 66 Sold
1512Mar 27
/
1
4
,
106 Oct 7 ---- - ---7
8 5111 -Oct 517 MO
75 Apr 25
49 Apr 21 ..-- --- ---- -Feb 83 Seer
48 84% Apr 30
s
613 Nov 481 Sept
4
/
4
401 Apr 28
/
1
4734 Apr 28 804 Oct 4772 Oot
814 Nov 88 SeP1
20112 Mar 81
914 Nov 15% Jul?
1434Mar 31
31 Oct 5512 Sept
48 Mar 18
80 Oct
47 Apr 5
/
i13 8 Apr 8 64 Nor
3814 Nov
4714 Feb 6
125 Mar 18 115 Nov
38 Oct
15 Mar 31
70 Apr 7 55 Dec
10812Sept 30 100 Jan
4514Ju1y 29 -- --Vs Nov
938May 12
lb Nov
2938 Mar 27
5 Nov
/
1
4
1108 Mar 28
212 Dec
7 Apr 23
614 Nov
/
1
4
17 Apr 23
147 Dec
8
2614 At2 7
912 Nov
17 Apr 10
5012 Nov
6012May 1
113% Nov
673 Mar 24
8
9 Nov
/
1
4
1412Mar 18
614 Oct
8
323 Mar 22
16 Mar
/
1
4
1
363 Apr 4
15 Mar
48 Mar 31
77 Mar
20111 Aug
98 Jan
126 June
412 Mar
86 s Oct
2
1054 Jar
/
1
--- 24 Aui
78 Apr
/
1
4
224 Apr
9 May
19% May
2511 Mar
20% Apr
5178 Sept
8514 Apr
23 8 Mar
7
4413 Jan
311 Sept
491 Sept
1
626
New York Stock Record-concluded -Page 8
For Woo during the week of awake not recorded here. oee eighth page pr.:eating
Sates
for
the
Week
IGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Jan. 17.
Monday
Jan. 19.
Tuesday
Jan. 20.
Wednesday
Jan. 21.
Friday
Thursday
Jan. 22. ! Jan. 23.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARP
Range for Year 1930.
On Casts of 100
-share lots.
Lowest.
Highest.
PER SH A RE
Range for Profess
rear 1929.
Lowest.
Highest.
rer share
$ ver share $ Per share 8 per Mar:
per share 8 per share $ per share
Per share $ per Share $ per share Shares Indui. & Miscell.(Conel.) Par
*215* 24
2512 Dec 517 Jan
No par 2114 Dee 17 82 Jan 18
2
100 The Fair
8
*213 24
23
*A 23 *22 23 *22 23
23
100 102 Jan 21 110 Feb 13 102 Nov 11014 Oct
50 Preferred 7%
'105 10612 *105 106
10. 105 *105 10612•
105 10612 *105 10812,5
No par
3% Dee 17 267
2May 1.11
400 Thermold Co
53
.5
8
5
53
57* 05
*5
54 *5
53
2 *5
3
1,100 Third Nat Investors_No par 154 Dec 16 46 4 Apr 14
24
_
*2012 22
23
2312 2314 *224 228, 23
23
*2014 24
25 23 Dee 27 4712Mar 12 _110_ Oct
500 Thompson (J R) Co
2514 26 ; *25
26%
*25
30
26
*25
30 *25
295* *25
4 2.400 Thompson Products IncNo par 10 Nov 10 395* APT 10
2
*1314 1312 1212 13
137 *1212 13% 1212 1212 137 143
2
•11
41
5
3 Dee 15 18% Mar 28
12
2,200 Thompson-Starrett Co_No par
414 47*
*45
4 5
412 45
8
6
44 412 .4 2 5
No par 2358 Dee 19 4952 Mar 22
27
400 33.50 cum pref
2712 27
27
*27
4
2312 *27
2812 *28
2812 *273 28
57 Des 27 1712 Apr 7
8
712
10 Nov -23;iune
712 8%
--75* 77* 20.400 Tidewarer Assoc 011-_ _No par
75*
74 714
714 712
72 812
6212 6212
7412 Nov 907 Aug
100 63 Dee 30 89% Mar 26
2
900 Preferred
62
63
61
63 *61
•6112 83
6112 61
61
14 Nov 40 June
100 12 Dee 30 81 Apr 23
Tide Water Oil
134 *1012 1314' *1012 1314
*10
125 *10
2
125 *10
8
12 2 *10
5
854 Nov 974 Jan
2
100 68 Dec 30 4147 Apr 18
300 Preferred
76 I 77
76
•7414 78
*7414 76
*744 76
*7414 76
10
114 Oct 843 Sept
8 Oct 10 314 Apr 11
2
4 1,400 Timken Detroit Axle
1014 1014 1014 104 *1014 10 8 1014 10% *1014 1012 10% 103
1
5812 Nov 150 Jan
437 445
8
4518 443 4518 4518 4614 7,000 Timken Roller Bearing_No par 4018 Dee 17 8914 Apr 11
8 433 432
4
435 4412 44
1 °CI 2212 Mir
2 Dec 15
3
612 Jan 23
212 2 8 •214 2%
2 2 212
3
7
4. *214 2 4 2,300 Tobacco Products Corp_ _ _ _20
4
24 24
3
3
75 Jan 2 1314July 9
54 Nov 2258 Mar
20
3
1112 1118 10% 1114 *1012 104 7.800 Class A
1012 10
1012 107
8 107 11
8
25 10% Dec 13 25',Sept 8
23,000 Transamerica Corp
1312 1318 14
1314 13
12
7 13
12% 127
8 123 1314 13
4
15% Dec 53 2 Apr
3
612 Nov 12 283 Jan 31
2
4 912
100 Transue & Williams St'l No par
8 2 8% *812 912 *83
3
*84 912 *814 912 *814 9 4
3
55 Dec 16 2014 Ayr 10
812 812 14,900 Td-Continental CorpNo par
814
8
814
73
4 78
74 8
3
8
74 8
3
100 8914 Apr 10 9812Sept 18
4
8 923 923
4 1,400 6% preferred
2
923
• 4 9312 923 93
3
4
923 924 92% 92 4 923 927
4
30 Dec 63 Job
3134 3112 3112
1001 Trico Products Corp___No par 2814 Oct 17 4134Mar 1
313 *31
4
.31
314 *31
313 .
4 31
3114 *31
No par
1812 Dec 317 Jan
2
9 2 Deo 17 22 Mar 18
1014
300 Truax-Traer Coal
*7
10
10
10 *_ _ 10 •____ 10 ; •7
10
10 2
3012 Nov 616 Jan
2
2212
2
100 Truscon Steel
2
I
054 Nov 10 3732 Mar 26
2212 223 223 .22
2212 5 2
2212 *22
23
*22
No par
_
1414 Dec 17 24 Sept 5
4 1,100 Ulen & Co
17
1718 1752 173
1512 17
17
•1412 17
*15
*1412
*1412 17
82 Nov 1811 Oct
2
6312 8,100 Under Elliott Fisher Co No par 49 Dec 17 138 Mar 21
5912 6112 61
57 57
5612 583 *5812 59
4
57
57
*912 1112
7 Nov 48 Jan
8% Dec 17 1914 Sept 12
1012
200 Union Bag Jr Paper Corp_ _100
*912 1112 10
2 *952 11
.12 1112 *912 113
9
59 Nov 140 Sept
3
4
56 2 583
5
4 5712 5932 594 603 77.300 Union Carbide & Carb_No par 5212 Dec 17 106 2Mar 31
5618 5712 5512 5652 564 58
*2212 23
224 Nov
157 Sept
25 2012 Dec 16 60 Apr 7
3
2214 227
2 22 4 234 234 244 23 4 24%, 2414 255* 8,700,Union 011 California
3
No par 23 Dee 16 3812 Apr 10
5001 Union Tank Car
4 233 233
*23% 233
4
4 23% 2312 234 2312 2334 2352
4 234 233
Nov81
ii2- May
2
3
24
235* 24 4 24% 254 2414 2534' 2514 274 137,900 United Aircraft & Tran_No par 183 Dec 17 99 Apr 8
2352 24% 23
444 Nov 10114 May
50 4134 Dec 17 77% Apr 7
50 I 50
51 I
900 Preferred
*48
54
484 .49
48
*49
4818 4818 47
27 Nov 7612 Sept
7
163 *15
4
163
4
*15
United Am Bosch Corp No par 151 Dee 29 54 2 Feb 14
17
185 •15
8
185 *15
8
•15
18% *15
334 Deo 60 Oct
No par 3212 Dec 30 5/ 4May 28
4
*384 37 i 387 373
2
2
900 United Biscuit
36
3514 3514 3514 3514 36
36
*36
Oct
100 115 Oct 22 142 May 28 11412 June 136
3
Preferred
4
3
3
*1093 118 *109 4 118 *109 4 119 *109 4 117 *109 4 118 1'1093 118
4
3
4012 Nov 1111 Sept
/
4
5
No par 145 Deo 17 84 Apr 24
26 I 17.500,United Carbon
4 227 243
2
2 23% 24% 23% 2512 25
223 2312 225* 223
4
47
44
34 Dee 17
812Jure
48
4 44
4% 434 2,300'United Cigar Stores_ ..No par
4% 4%
412 412
4
43
4 43
*63
197 Dec 104
2
Jan
100 26 Jan 2 68 June 5
683 *6514 67 ,
4
300 Preferred
66
67 67
6612 *85
67
67 *65
19 Nov 754 May
137 Dec 17 52 Apr 28
8
No par
8 2012 21% 336.950 United Corp
19% 1912 203
18% 184 1914 19
1814 18% 18
5 487
424 Nov
297 July
2
No par 43120e0 16 634 Apr 23
485 43 8 4,900 Preferred
7
48% 483
2
4 48
48% 4832 4812 4812 48% 4812
6 Dec 814 Feb
7
412 412
43
8 412
24 Dec 20 19 2 Feb 19
45* 63
2
614 5% 10,500 United Electric Coal_ _ _No par
514 6
3 2 57
3
21
99 Oct 15812 Jan
No par 4612 Des 22 106 Jar 13
80% 61 i 6,900 United Fruit
56
67
5714 58 4 59
3
6014 594 60
5614 58
22 Oct 59% Jul,
3
2818 285
3
2814 28
2812 2812 28 4 2ftse 2912' 2914 3014' 39,520 United Gas de Improve_No par 2414 Dec 17 49 2May 1
8 28
904 Oct
984 Del
No par 97 Jan 13 10412 Oct 7
•99
993 99131 995* 9912 1,900 Preferred
2
991
9912 995
2 9912 991
9912 99
*3
*25, 3
7 Nov 265* Jan
212 Dec 9 14 Mar 14
100
3
3
312
100 United Paperboard
•25
2 3 I •25
•2 2 3
5
8 3
1614 Nov 487 Aug
2
8 3,700 United Piece Dye Wka_No par 2012 Des 17 32% Apr 7
25 4 26121 2612 265
3
*2412 2512 2434 26
*244 2512 *2
414 26
*6
312 Dec 14
Oct
2Juue 7
534 6
Os Jan 2 147
4'
6
,
814
512 512 1,800 United Stores cl A__No par
5% 53
o% 6
614
1414 Dec 40% Oct
3
42
42
43
2,300 Preferred class A _ _ _ No par 1512 Jan 2 50 4July 18
43
43
4412 4414 447* 45 45
454 43
254 Nov 857k May
32 *30
•30
30
300 Universal Leaf Tobacco No par 1972 Aug 13 89 Mar 15
32
31
31
*30
32 32914 2914 *28
28 Dec 93 Jan
*31
38
Universal Pictures 1st pfd_100 27 Dec 19 76 May 9
38 .31
•31
38
38
*31
40 .31
38
*31
24 Dec 224 Jan
9 Apr 10
3% 313
2 Dec 17
1,100 Universal Pipe & Rad__No par
3
3
25* 25
2 *2
52 312 *24 312
*2
4 312
12
Oct 5572 Mar
20 184 Jan 2 384 Apr 10
285 2918 2814 2918 29
8
28,300 U. S. Pipe & Fdy
8
30
297 3014 295 303
4 3012 31
15 Oet 19
Jan
No par 15% Jan 7 21 May 27
183 183
4
4 183 183 *183 19
*187 20
2
500 Ist preferred
19
19
4
4
4
*183 141
4
9 Oct 28 Soot
7 Dec 15 20% Jan 17
US Distrib Corp
*7
10
No par
*7
10
*7
10
*7
10
*7
10
2 . Jan 10 Apr
468 Apr 14
3 Dec 19
4
100
1
13
2 1,800 U ES Express
*La 1712
14 112
8614 Nov 13412 Britt
No par 164 Des 17 103 Apr 7
.
21
20 11
52
•
21
24
.1
21
-- -2;Ili 2112 234 2,100 US Freight
1
174 Nov 72 Aug
6% Dec 30 32 NIar 80
8% 8%
8% 94 3.100 US & Foreign Secur_ _ _No par
814 814
8 12 812
7s 8
3
8
4 84
82 Nov 92 Aug
,
7
No par 73 Dec 15 101 mar 21
884 1,000 Preferred
*8214 88
5
8.57 88 .85
*8214 88
*8212 8312 82 2 84
1712 Dee 49 Jan
12
6 Dec 17 3056 Mar 12
200 U S Hoff Mach Corp_ No par
8
714
Vs •
7%
*714 8
*74 8
*714 8
*74 8
95 Nov 24358 Oct
3
6,300 US Industrial Alcohol_ _ _100 5012 Dec 17 139 2 Jan 2
6214 85
595 628 613 613
2
617 617
4
4 6014 62
8 6014 61
5 Nov 3512 Jan
34 Des 13 1512 Mir 21
No par
4% 54 1,300 U S Leather
*45
8 5
*45
5
5
5
.5
5
*4% 5
8
*754 812
8
1414 Dec 617 Jan
2
400 Class A
514 Dec 18 26 Apr 21
No par
•8 2 10
7
8
814 *712 814 *712 9
8114 Dec 107 Feb
200 Prior preferred
80 80
100 8414 Dee 17 94 Juno 23
77
77
*75
76
*75
76
78
*75
76 .75
504 Nov 11912 Feb
5,900 US Realty & Impt _ _ _No par 25 Deo 16 7512Mar 26
.
3212 3213 33
3
4
30 4 3014 303
3
2 305* 30 4 313 32% 32
304
16 Oct 65 Mar
8 5,300 United States Rubber
10 11 Oct 10 36 Apr 10
123
8 1218 1212 1212 1212 1212 127
12
12
1218 1214 12
404 Nov 9212 Jan
2512 1,400 lst preferred
100 1912 Dee 17 63% Apr 4
231 2312 2334 2334 25
4
2313 24
*333 243 02312 24
4
297 Oct 72 Mr r
8
22 1 2012 2114 1,100 U S Smelting Ref & Mtn_ _ _50 174July 10 8012 Jan 6
2118 *20
21
21
21
21
21
*2012 21
48 Nov 58 Jab
8'
100 Preferred
50 40 Dec 23 5312 Jan 7
4334 43 4 *435 4512 *43% 4512 *4352 44% *435 443 *435 447*
3
4
4
13432 Dec 17 1983 Apr 7 150 Nov 26134 Sept
13918 1407 13818 1394 13914 141
139 14112 13914 1414 1413 14314 183.200 United States Steel Corp_
2
100 140 Jan 18 161148ePt 29 137 Nov 14414 Mar
14612 1463 1465* 1465 1463 1473 147 147% 147 14714' 14714 14714 4,600 Preferred
4
8
4
4
5513 Nov 713 Nor
4
No par 5918 Dee 27 68 I eb 10
6212
,
6212 *80
*60
6212 '
100 US Tobacco
560
6212 *60
6212 6212 6212 .60
244 Nov 6812 Aug
25 I 244 2
8
34,400 Utllies Pow & Lt A__ _No par 1914 Dee 17 45 4 Apr 10
24
8
2312 3372' 223 233
4
4 23% 24 4 2412 25
3
Nov
134 Jan
No par
112 Da' 112 112 1,600 Vadsco Sales
74 Mar 12
Is Oct 9
1%
138
18
,
1 8 1 73
,
,
1 8 13
,
8 *11,3
3712 Nov 1164 Feb
014 181,800 Vanadium Corp
No par 44118Nov 7 14314 Apr 26
8
46
48
454 465
2 485 4812 463 48% 485 4812 48% 5
8
312 Oct 2434 Jan
1% Dee 16
8
111 Apr 1
No par
2% 25
8
*258 2 4 *212 234 *212 2 4 *212 25
3
3
900 Virginia-Caro Chem
s
4
24 23
15 Oct 684 Jan
9 Dec 23 3414 Apr 1
100
*1312 1418 141s 1412
144 13
400 6% preferred
13
*13
1412 1252 127* *13
69 Nov 9712 Feb
2
*7012 72 . *7012 7
2
100 7% preferred
100 6712 Dec 26 823 Apr 9
72
*6918 70
*6912 70
70
70
*70
4
4
*10212 10318*10212 10318 *102 10312 10318 10314 1013 1023 *10214 103
200 Virginia El & Pow pf (6) No par 100 Dec 24 10712 Oct 2
39 Deo 48 Jan
*50
70 ; *50
7O
4
70
*50
70
*50
.50
70 , *50
70
Virg Iron Coal & Coke pf_ _100 38 May 1 743 Nov 21
455 4614 483
.
88 Nov 1497 Aug
2
4 1,120 Vulcan Detinning
43
44
100 3618 Dec 16 156 Mar 24
4314 4412 *4252 441 *4312 4112 43
*85
90 ' *85
9O
90
81 Nov 110 Apr
100 85 Jan 24 100 Mar 24
*85
90
*85
90
*85
Preferred
*85
90
44 3,700 Waldorf System
20 Nov 8612 Oct
23
23 23
22% 2314 2312 2312 2312 2
No par 21% Dec 18 31% Apr 11
23
2312 23
13
133
4, 133 133
4
22 Nov 497 Oct
13
13
134 124 13
No par 1012 Dec 30 42% Apr 2
*13
1312 13
4 2,500 Walworth Co
19 1 194 194
4
*18
19
19
19% *18
20 Dee 341 Ian
173 21
2
230 Ward Bakeries class A No par 1212 Dec 30 54 Mar 24
*174 19
44 43
41
412 53
44
,
438 43
112 Oct 214 Jar,
3 Dec 30 15% Apr 1
6,200 Class B
No par
414 44
414 412
52
*50
52 1 50
5O
*50
53
*50
53
53
*50
53
50 Nov 8712 Jan
300 Preferred
100 45 Dec 26 774 Apr 8
3
,
154 16
154 1614 1618 16 8 167* 16% 1612 1712 173 18 298,400 Warner Bros Pictures_ _No par
30 Nov Cu5 Ain
9 4 Dec 17 8014 Mar 28
3
39
*30
3912 •30
3912
40 .30
4012 38
38
*30
*38
254 Oct 5l114 Jan
31 Dec 17 7014Mar 28
100 Preferred
No pa
4% 514, 1,300 Warner Quinlan
2
412 412
,
.43
4 47
*412 41
*412 41
8 *4 8 47
2
414 Dec 30 17 Apr 12, 16 Oct 437 Jan
No pa
31
2914 2912 29
2914 273 30 4. 3012 31
3
317, 313 3
_
4 34 7,800 Warren Bros new
2
No par 263 Dec 17 8312 Apr 11
4312 .42
4312 *42
4312 4312 4312
.42
4312' *42
4312 *42
_
10 Cony pref
No par 4012 Noy 13 511 Sept 12
.2412 2512 *2312 2514 *2312 2512 *2312 2512, 2552
4 • 4
300 Warren Fdy & Pipe__ No par 2212 Dec 16 43
4
1512 Mar 34112151sy 19
43
5
*37
412' 412 43
8 *37
200 Webster Etsenlohr
8 412 *37
*37
8 412 *37
4 Oct 113% Feb
212 Dec 16
25
94 Mar 81
22
81 214 213 *214 22 ! 22
21 8 217g 217 217
,
*
8 21% 213
800 Wesson 011 dr Snowdrift No par 19% Dec 30 29% Mar 27
Oct 48 Mar
20
5512 5Vs
55 4
724 Mar
Preferred
5712; *5514 5718 . , 5718'.
.414 5613 *5414 5718 *55
5
4912 Nov
5012 Jan 15 5912 Apr 7
139 141 I 14112 142 , 5,700 Western Union Telegraph par 12218 Dec 29 21983 Feb 19 160 Nor 27214 Get
13912 1403 137 13914 138 14012 140 141
4
No_l0
0
3
34 1 34
34
3352 34
34
412 4,100 Westingh se Air Brake_No par 3114 Dec 17 62 Fen 27
34
34
333 34
4
34
2
3812 Oct 873 Aug
,
8, 833 8514 8412 86 8' 87
4
8
812 148,300 Westinghouse El & Mfg___60 8818 Dec 27 20112 Apr 15 100 Oct 39252 Aug
8412 863
8 8312 8412 8318 863
41
108 109
108 108
10434 1043 10412 1057 104 1043 1034 108
8
460 1st preferred
4
3
50 1075 Noy 6 197% Apr 15 103 Nov 284 A113
*2012 22 41 21
22
3
2212 2212 2212
•20
21
21
*21
22
800 Weston Elm Instrurn't_No par 1712 Doe 15 48 8 Mar SI
19,6 Nov 64% Sept
1
*35
3712 *3812 37121 *3512 3712 3814 3
814
100 Class A
*3412 37
*3412 37
par 33 June 23 36 Jan 28
3212 Aug 3812 Apr
1027 1027 •100 103 ,*100 103 ; 101 101
8
8
20 West Penn Elec class A_NNoo
Feb
•100 103 *100 103
95 Dec 30 110 Apr 18
90 Nov 110
104 10418 104 10418! 10412 10112, 1041s 10452
210 Preferred
*105 110 *10512 108
100 102 Nov 14 11212Sept 18
07 Nov 1114 Jan
97 I *9612 97 , 953 97
80 Preferred (8)
4
4
4
*964 977
2 973 973 29612 9612 97
Jan
100 9014 Dec 29 104 July 31
8812 Nov 102
115 115
*1143 115
4
1143 1144' 115 1154
4
Mar
334 West Penn Power pref_ _.i00 11312 Jan 3 1184June 17 110 Nov 117
115 11512
115 116
_1'108 112 I •108 112
30 6% preferred
1087 108% *108 110 *108
2
100 10314 De018 11112Sept 12 102 Sept 11012 Jan
108 108
2814' 25
25 1 25
2
800 West Dairy Prod cl A_ _No par 20 Oct 16 50 Mar 10
*25
2612 2612 2612 2518 2512, *25 364 Nov 60 Sept
53
4 8
1,900 Class B
55
2 578I
5 4 53
,
4,
53
4 534!
No par
44 Nov 8 2412 April
4
7 Nov 40 Sept
6
6
53
4 53
,
22121 2212 2212; *22 8 23 8 23% 23%
,
*22
500 Westvaco Chlorine ProdNo par 18 Deo 20 5912 Feb 17
22
22
22
30 Oct 9412 May
22
1 18 5,500 Wextark Radio Stores.No par
118
118
1181
1281
1123
14 112
7 Dec 30 21 Jan 7
2
Oct75 SCA
13
2 112
19
2412: 24
2412 2412' 24
24
500,White Motor
25
*24
21% Dec 23 43 Apr 4
25
2714 Nov 53 Mar
12
*2414 2512 *24
*42
43 1 *42
43
4001White Rock Min SpringetfI O 32 Dec 16 54 2 Mar 20
No _T
'
8
4112 427 *4114 42% 42 42
653 SePS
4
43
43
277 Nov
4
1
*31
*312 312 53
White Sewing Machine_No par
2% Dec 11
3121 *31.2 3%
312 *3% 312
Oct48 Jan
187 Mar 41
2
1
*3% 312
712 712; 5712 8
200 Preferred
8
No par
*7
4 Dec 6 397 Apr 31 27 Dec 577 Jan
*7
8
2
4
*712 8
*7
8
100 Wilcox Oil dr Gas
No par
4
612 Dee 17 21 Apr 25
4
*612 712 *612 712 *612 712 .612 712; 5612 71
127 N.Y293 Feb
7
7
2134; 2112 211
100 Wilcox-Rich class A_ No par 19% Dec 24 3414 Jan 29
2114 *20
2134 *20
4
213 *20
19 Oct614 May
22 .20
*30
j$7*____ I6%
Class B
2
No par 19,
,
2May 6 273251er 81
12118 Oct 63 May
8
*____ 167 •____ 16% *____ 16 8 *---- 167 *--47
518 5% 4,400 Willys-Overland (The)
512I
Oct51
Jar
47
2 512
5
5
35
5
5
514
5
5
33 Gel 22 11 Apr 9
4
612
*4514 4512 4612 4
300 Preferred
Jan
100 4512 Nov 12 85 Apr 3
85 Deo 103
4 4612 4012 *4512 48
4
*4613 523 *4612 523
3 8 1,100 Wilson & Co Inc
318.
3
No par
1% Den 19
318 318
3
3's
3 Dec 1313 Jan
3
73 Mar 27
4
*3
314
3
3
,
Class A
Jan
No par
9% 9141
9% 9 8
654 Nov 27
4%Nov 8 18 Mar 27
914 94 *94 912
8%
912
113
4 9
49 .4834 4
600 Preferred
Jan
100 35 Dec 16 544 Mar 31
4
353 Nov 79
4
4914 4914 483 484 49
*4712 49
49
49
% 24,200 Woolworth (F W) Co
10 15112 Deo 17 72 8 Jan 2
4 5812 58%, 573 58
5618 573
6314 Nov 112 Sept
8
8
554 5613 555 57
5612 57
,
32,100 Worthing P 32 M
,
100 47 Deo 16 169 API' 23
4 63 4 66141 65 4 69
43 Mar 1174 Sept
3
6114 634 6252 643
,
82 64 8 59 4 62
14
*7912 90
Preferred A
100 88 Jan 17 107 Apr 25
,
75 Nov 10012 Sept
*7218 90 .74 8 90
*72 8 90
,
*723 90
2
.72 8 90
,
793
4
Preferred B
793 *74
4
100 63 Dec 17 93 Mar 29
68 Apr 9012 Sept
*73
79
*73
79
794 *72
1
*72
75
*72
*1112 2.5
Wright Aeronautical_ _ _No par 1012 Dec 27 6912 Mar 6
25
*13
80 Nov 399 Feb
25
*13
20
*13
20
20 *13
*13
Nov 801 Jan
2
68321 68% 68%
900 Wrigley(Wm)Jr(Del)No par 65 Dec 15 80 July 26
6814 8814 *68
68
6812 6814 673 68 x88
30
400 Yale & Towne
25 25 Des,30 77 Mar 1
WA Feb 813 Aug
2912 2912, 29
30
29 •28
*27
*27
30
*27
30
97 1014 1012 1112 45,500 Yellow Truck & Coach Cl B-10
7 Nov 8112 Apr
12
97
812Nov 6 82% Apr 23
9 4 10
3
2
912
912 97
03 10
1
90 Mar 9812 May
80
200 Preferred
100 50 Dec 22 105 Apr 2
80 .75
*75
80
*75
75
75
*75
80
*75
80
2
200 Young Spring & Wire_ _No par
33 Oct 501 Aug
12
19 Oct 23 47 Mar 7
*2212 23 .2212 23
8 23
23
8
2 227 227
*225 227
8
*32 2 23
5
100 Youngstown Sheet & T_No par 6912 Dec 16 152 Apr 7
91 Nov 175 Sept
80
•72
*72
84
84
*72% 7312 .72
7312 7312 7312 *72
4
2,8001ZenIth Radio Corp__ _No par
64 Dec 423 July
2 Dec 23 1642June 2
3
3
4 3
3
•23
3
*212 3
*212 3
24 3
'22
-iois -if-
5
Ile
na
ski
2,00ct
• Bid and asked prices; no sales on this day. S122-divIdond. p Ex-tights
627
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jae. I 1999 the Exchange method of quoting bonds was changed and prices are now "and OUerest"--except for income and defaulted bonds.
BONDS
N. Y.STOCK EXCHANGE.
Week Ended Jan. 23.
a.
Price
Friday
Jan. 23.
Week's
Range or
Last Sale.
g
Range
for Year
1930.
1.1
BONDS
N. Y.STOCK EXCHASGE.
t
',a,
Week Ended Jan. 23.
Price
Friday
Jan. 23.
Week's
Range or
Last Sale.
D463
Range
for Yew
1930.
INS
Bid
Ask Low
High No. Low
U.S. Government,
BUS
Bid
Ask Low
High No. Low
(Republic)(Concluded
First Liberty Loan
97 10218
Sinking fund 63.48 Jan 15 1953.1 J 98 Sale 98
34% of 1932-47
.1 D 0241 Sale 101",, 102333 263 981611 102
94
12
70
Public wits 534s June 30 1945 .1' D 8014 Sale 79%
Cony 4% of 1932-47
981138 101
.1 D
001532Nov30
.Cundinamarea (Dept) Colombia_
Cony 434% of 1932-47
.1 D age; izifi 103132 1031383 213 1001141610311
42 84
External s f 6 Ns
1959 MN 5512 Bale 5312
985%299843
2d conv
% of 1932-47
23
.11)
_ 99038 Feb'30
8 17 109 111%
Czchosiovakia (Rep of) 8s.1951 A 0 11014 Sale 11018 1105
Fourth Liberty Loan
1952 A 0 11014 Sale 11014 15809] 39 1084 111%
Sinking fund 8s ser D
434% of 1933-38
10
58
A 0 04333 Sale 1031331 10483 783 ion. Mo.
2197
100 100
Dantsh Cons Municip 85 A_1946 F A 10712 Sale 10712 107
12
Conversion 3s coupon
I MTh 111 •
J J
100 Sent'30
1946 F A 10712 107 8 107158 107 8
5
5 f 8s series B
5
7 10746112
Treasury 4348
1947-1962 A 0
&if; 113134 113134
28 1091431111(43
-year exti 68-1942 .1 J 1055, Sale 10518 1053
4 24 103126107
Treasury 48
1944-1954.1 D 08143 Sale 108033 10913 251 10514410943 Denmark 20
9912 1014
1955 F A 10112 Sale 1007
107
External g 5348
102
29
Treasury 3als _ _ _ __1946-1956 M S 07
Sale 1061,, 107'3, 59 103
9012 95
External g 4 Ns__Apr 15 1962 A 0 9518 Sale 9412
9514 374
Treasury 34s
1943-1947.1 D 031411031n 10343 103tU
28 9914310281u
96 1024
7
97
9814,1021ga Deutche Bk Am part ctl 68-1932 M S 977 Sale 97
54
Treasury 345 June 15 1940 1943.1 D Nun 1021538 1021111102"3
95
88
99
9888 9812 Dominican Rep Gust Ad 5345'42 M S 9012 Sale 903
8
9112 21
Panama Canal 3s
1961 @ M 0934 1004 9834 Sept'30
87
964
lot ser 545 of 1926- _ ..1940 A 0 89 Sale 863
4
89
State and City Securities.
18
8512 96
89
N Y C 34% Corp st_Nov 1954 M N
914 92
2d series sinking fund 5345 1940 A 0 89 Sale 8612
17
92 Nov'30
3
___ ___
Dresden (City) external 70.1945 MN 81
85 110011i; 10021:4
79
334% Corporate st_ -May 1954 M N
80 2 10 675 46104
5
8514 Aug'29
4
Dutch East Indies exti 6s-1947 ./ J 1015, Sale 10112 102
48 registered
1955 M N
28 1013 103
994 Jan'31
40-yr external es
48 registered
1958 M N
15 10112 1034
94 Feb'30
10118 104
4% corporate stock- ___ 1957 MN
97% 975
30-yr external 5348
97 8 June'30
5
1010,104
1953 MN 102 10212 100 4 Jan'31
10214 104
434 corporate stock30-yr external 5345
3
1957 M N
104 Mar'30
98 110%
103 10578 El Salvador (Republic) 88-1948 J .1 99 Sale 99
10014 14
434% corporate stock__ 1957 MN
105 4 Dec'30
7
4818 88
100 1005, Estonia (Republic of) 75„-1967 J .1 60 Sale 52
4% corporate stock__
_1958 MN
60
43
100 Mar'30
84 4 973
3
4
98 100 2 Finland (Republic) extl 68_1945 M S 88
4% corporate stock
7
N
88
87
1959 M
8718
3
100
100
9018 10114
100 100
External sinking fund 75_1950 M S 9412 9512 94
44% corponite stock- 1931A 0
9514 15
100 July'30
WI% 981s
95 10018
434% corporate stock.- 1960 M S
External sinking fund 6 Ns 1956 M S 9014 Sale 89
904 23
10012 1005
8
8
724 92
434s
1023 1023
4
4
External sinking fund 53481958 F A 80
1964M S
82
7818
81
3
1023 Nov'30
4
86
99
Finnish Man Loan 6345 A 1954 A 0
881g
% corporate stock- 1972 A 0
884
1
9912 Oct'29
87
9218
434% corporate stock__ 1971.1 D
1085, 1-1;8-1;
External 6345 series B -1954 A 0 8934 Sale 89 4
3
89
3
1
10814 Nov'30
14 95
975 1074 Frankfort (City of) s f 648.1953 M N 74
8
73'r
761 7312
434% corporate stock- 1963 M
8
6 68
10614 Dec'30
5
1054 106
434% corporate stock__ 1985.1 D
French Republic ext 734s- 1941 .1 D 125 8 Sale 12512 126
7
138 117 86127
1054 Dec'30
.
1071s 10834
External 7501 1924_ _ - 1942J D 121 Bale 1204 121
138 11246122
434% corporate stock July 1967.1 .1
107% Nov'30
New York State 48 canal Mar '58 M S
German Government Interna10414 JUne'29
68
914
-iii- feif"
tional-35-yr 5 Nsof 1930.1065.1 D 76 sale 7334
Canal impt 4s
1981J J
761 1002
101 June'30
*
9934 1061
434s
German Republic extl 70_ _ _1949 A 0 10112 Sale 10118 102
1963 M S
2f1_
.
112 Jan'31
93 109
434s
ioi- gli- Graz (Municipality) 8s.. -.1954 al N 994 Sale 983
1984.1 .1
4
991
10
109 June'30
10212 10614
Foreign Govt. & Municipals.
Ca Brit & Irel(UK of) 5346.1937 F A 105 4 Sale 10514
1054 269
3
104 104.
49 4 86
3
Agri° Mtge Bank s f Os
Registered
1947 F A 5814 Sale 51%
5814 17
6
48
87
4 9014
8712
64% fund loan £ opt 1960_1990 MN 49018 ____ 2 7 Jan'31 ---- 6025 92
Sinking fund es A.
28 I 3
4
-Apr 15 1948 A 0 57% Sale 51
6012 20
097 101
14
65% War Loan £ opt 1929_1947 J D 6100 Sale 6100
Akershus (Dept) ext 58- .1983 M N 95 Sale 9412
10014
3
9512 57
53
874 Greater Prague (City) 7348.1952 MN 1043 1047 1043
Antioquia (Dept) col 76 A 1945.1 J 6212 Sale 6078
4
8
4 104 4
3
I 101 10718
6212
9
97 10114
52
8718 Greek Governmental ser 75 1964 m N _1975:8 Sale4 138404 102
External s I 7sser B___ 1945.1 .1 6314 Sale 5814
33344 18
e 00
012 24
13
80
83 4
3
54
8712
Sinking fund sec 618_ - _ _
External 51 70 ser C-- - 1945.1
863 123
4
87
62 Sale 60
62
4
92 1004
52
88
Haiti (Republic) s f 68
External 8175 ser D_ ...1945J .1 63 Sale 58
63
10
141 I 130A
941i A
80 6984
External s f 78 1st ser_ -1957 A 0 52
821 84% Dec'30
5914 50
50
1
8484 1044
44
4
871' lietmb berg tate any)ext1 748'50 .1 a
9
9 Hfidelml (term 9
(
)9
External sec 5 f 78 2d ser 1957 A 0 53 Sale 48
94 Dec'30
53
12
80
944
414 88
External sec ,f 7s 3d ser_1957 A 0 53 Sale 494
HeLsingtors (City) ext6Na-1960 A 0
Sale 8214
834 18
53
6
921461014 Hungarian Munic Loan 734s 1945 j -1 83 Sale 113
73 69E34
14
Antwerp (City) external 53.1958
D 99 4 Sale 99
8412
8
3
10014 31
Sept 1 1946 J J 7512 7712 743
66
94
88 100
External a f 78
Argentine Govt Pub Wks 60_1960 A 0 905 Sale 89
4
753
4 16 on% 100
8
903
4 20
Argentine Nation (Govt of)
Hungarian Land M Inst 734s '61 MN 83
863 825
4
8
83
5
9812
87 •100
81
Sink fund 6801 June 1925_1959
Sinking fund 734s ser B-1961 M N 85
D 905, Sale 90
8416
87
8412
5
82
903
4
98 101%
EMI s f 68 of Oct 1925..1959 A 0 9118 Sale 90
87
997 Hunfary (Kingd of) of 745_1944 F A 10013 102 10012 1004
8
5
9113 35
98 6104
Sink fund 688 series A__ 1957 M S 907 Sale 8912
87 6100
Irish Free State extl s f 5s_ -1960 ga N 1034 ____ 1025
1
8 102, 17
4
907
8 56
89% 101
External 88 series B Dec 1958.1 D 91 Sale 90
Italy (Kingdom of) exti 718_1951 a D 985, Bale 96
9712 316
87 100
91
43
984
Exti s t 6s of May 1926..1960 MN 9014 91
3 88
884 10013 Italian Cred Consortium 78 A '37 m s 93% 951 946
8
955
s
9014 11
8934
Externals 168 (State Ry).1960 M S 903 Sale 897
834 984
87 4:100
External sec of 'laser 13 _1947 m is 903 92 9012
4
91
2
4
91
89
77
98 4
3
Extl 68 Sanitary Works._ _1961 F A 9012 Sale 90
87
994 Italian Public Utility extl 75_1952 J J 89 Sale 867
8
90
66
9054 26
8
Exti 65 pub wks(May'27).1961 M N 905 Sale 897
8
871 100 3 JapaneseGovt30-year s f 6345 1951 F A 103 8 Sale 1033
3
7
4 10414 117 10112 1067
8
8
9052 26
196
89
1s 94%
_1-7 M
Public Works extl 5 Ng__ _1982 F A 83
78 697
Extl sinking fund541_68 935 A No 9318 Sale 92 4
7
934 297
834 83
85
9
Argentine Treasury 56
Mtge
82
93
Jugoslavia
..i945 M S 80
86
84 Dec'30
76
86
Australia 30-yr 58_ _July 15 1955.1
70
9414
Secured,f g 78
79 Sale 784
71 Sale 6918
793
4 18
7112 139
76 8 1014
1
External 5801 1927-Sept 1957 M S 72 Sale 6918
70
944 Leipzig (Germany)s 1 75-1917 F A 84 Sale 7914
84
9
72
42
924 100
External g 4358 of 1928-1956 MN 6412 Sale 6212
624 85 4 Lower Austria (Prov) 7346-1950 J 13 99 Bale 98 4
3
19
3
99
6412 80
Austrian (Govt) Sf 75
10214 108
1943.1 D 108 Sale 1054 106
Lyons (City of) 15-year 6s 1934 M N 10418 10412 10414
4 1024 1064
1044
35
954
International a f 78
87
1957 J .1 94 Sale 93
94
354
Bavaria (Free State)6345-1945 F A 783 80
74% 9813 Marseilles (City of) 15-yr 68_1934 MN 10414 Sale 10114 104 4
6 10246107
3
4
7818
797
8 12
39
80
Belgium 20-yr s f 8.4
1941 F A 10712 Sale 10712 1075, 35 10734 11113 Medellin (Colombia)646-1954 J D 497 Sale 43
8
497 _...!
25
811 18
-year external eNs
4611013 Mexican IrrIgat Asstng 448_1943 __
1949 M S 109 Sale 1074 109
193 1053
26
26
Externals 168
1.91g
Mexico (US) exti 55 01 1899 £ . ?J_ ---- ---- 26I: Aan 31 _ _._
1955.1 .1 10834 Sale 10314
9
j pr 0
:
10374 120 1004 106
9
26
External 30
53
Assenting 5,011899
-year s I 75. .191.5.1 D 1114 Sale 11114
"ii" li" 113
4
12 ii10
112
174 1094 115
1312 24
107 1104
Stabilization loan 7s
Assenting 55 large
1956 M N 10834 Sale 108
--14 Dec'30
1
108, 77
8
171
4
Bergen(Norway)25-yr s f 6s 1949 A 0 10012 1003 1004
9614 102 3
,
Assenting 4s of 1904
-io- li
. 8
10
7
4
10034
6
1
8
12 21 4
Extl 8 as
944 57
Assenting 46 01 1910 large --Jan'31
Oct 15 1949 A 0 96 Sale 95 4
3
98
2
8% 214
Extls f 58
94
97
11
Assenting 48 of 1910 small
1960 M S 95
-iel- -- -1i
912 32
96
95
98
7
_____-8Berlin (Germany) 51 645-1950 A 0 74 Sale 74
114 2718
9.0
70 17 12 Sale 1102
4 699 4
Tress es of'13 assent(large)'33 ,
.2 1
3
4
9
'4
74
11
945
1118 27
64
External sink fund 44._ _1958 J 13 72 Sale 6712
Small_ _
1012 1134
1314 11
72
203
en 9913 Milan (City, Italy) ext18 Ns 1952
Bogota (City) exti s 1 8.s.. _1945 A 0 8414 Sale 8414
8514 Sale 83%
847
8
85738 137 6818 96
3
Bolivia (Republic of) m1185_1947 M N 52 Sale 50
635 100
Minas Genes(State) Brazil
5212 40
423 U
4
30
85 4
3
External 6 f 6348 .1958M 9 62 Sale 57
External securities 7s_._ A958 J J 37 Sale 36
62
15
38
28
8218
42
2978 84
Extl sec 64s series A _..1959 M S 62 Bale 57
Externals f 78
1969M S 333 Sale 3314
62
30
8
28
35
70 108
3
Bordeaux (City of) 15-yr 63_1934 M N 10414 Sale 10414
85
6
8518
10434 11 10214 1065 Montevideo (City of) 78--1952 J 13 8512 88
7318 967'
8
57 1021,
Bran.(U S of) external 85_1941 J D 9018 Sale 8512
Externals f 6s series A_ _ _ _1959 MN
774 80
Jan'31
78
92
92
474 8813 Netherlands Os (fiat prices). _1972 M S 10534 106 10518 1053
External of 6>4801 1936..1957 A 0 6712 Sale 64
8
3 103 107%
145
69
SO
474 68813 New So Wales(State) exti 58 1957 F A 64 Sale 62
59%
EMIs f 6 Ns of 1927
6418 44
1957 A 0 6712 Bale 64
883 107
4
6118 90
52
934
Apr 1958 A 0 64 Sale 634
7s (Central Railway)
External,f 5s
1952.1 D 73 Sale 667
65
26
8
73
16
95 1054 Norway 20
1943 F A 10512 Sale 105
7348 (coffee secur) (flat)_1952 A 0 101 102 101
-year extl 138
10512 65 101 106
101
1
88 104
Bremen (State of) eat' 78_ _.1935 M S 94 Sale 93
20
1944 F A 10512 Sale 1043
-year external 65
4 106
59 102 106
94
19
Brisbane (City) s f 5s
7
62
90
30
1952A 0 10214 Sale 1013
-year external Os
19571M S 66
4
10214 38 100 6 104
68 83
6812 22
Sinking fund gold 5s
59
88 4
3
1958 F A 835, 681 , 63%
40
19651 D 10212 Sale1013
-year s f 54s
4 10212 52 1004 10354
65
20-year s f 883
964 10112
79
93
1950 J D 77
External of 5s___Mar 15 1963 M S 1014
10112 152
80131 77
803
4 13
61
Budapest (City) eat's f Os_.1962.1 13 69 Sale 6712
943
46102
85
13
Municipal Bank extl 8 f 5s 1947 J 0 100 4 Sale 100% 100 4 15
3
3
6912 69
Buenos Aires(City)634s 2 11 1955.1 .1 75 4 79
894 10017
973 10114
8
Municipal Bank extls f 58.1970.1 D 1007 Sale 10012 101
3
8
8412
8
87
5
External s f fls ser C-2„ _1900 A 0 845 85 85 Dec'30
784 981 Nuremburg (City) extl 6s_1952 F A 687 Sale 67
:
63
974
8
s
70
17
External s f Gs ser C-3....1960 A 0
96% 104
8018 983 Oslo(City) 30
,
-year s f6s--1955 MN 10112 Sale 10112 102
81
847 Jan'31
8
53
Buenos Aires (Prov) eat' 68.1901 M
62
91
981 107
1
67 Sale 64%
Sinking fund 5345
1946 F A 10018 101 10014
4
10014
4
110
67
Exti 8 f 6 Ns
1961 F A 673 Sale 6614
634 861 Panama (Rep) extl 5548-- 1953 J D 1003 102 10012 Jan'31
4
1004 10818
4
6614
4
5
Bulgaria (Klagdom) e f 78 1967 J J 6912 Sale 6912
66
85 4
3
8918 96
Extl s f 5s ser A May 15 1963 MN 88 Sale 87
70
9014 10
8
Stabil'n s f 7358 Nov 15 '68 67
3978 90
9014 Pernambuco (State of) call 7s '47 IN 9 67 Sale 585
727 Bale 722
8
7278
8
67
28
2
Caidas Dept of(Colombia)730'46
52461014
66
931- Peru (Rep of) external 75_ 1959 al 5 5912 Sale 57
64 Sale 63
64
13
60
26
Canada (Dominion of) 55_1931 A 0 1004 1003 10014 10012 17
99 4 10113
3
33
44,4
4
Nat Loan exti s f 65 1st ser 1960 1 0 383 Sale 383
4
40
63
4
55
1952 M N 10614 Sale 10512 10614 146 10214 10618
314 8414
Nat Loan extl 8 f 6s2d 0er.1981 A 0 3814 Sale 3814
394 83
4345
1930 F A 101 Sale 101
974610234 Poland (Rep of) gold (is- -.1940 A 0 64
58
81
66
11
66
64
10118 11
Carlsbad (City) s f 8a
1954.1
68
813%
106 10712 106
Stabilization loan is 1 75-1947 A 0 7912 Sale 7714
106
794 115
a 102 1097
Cauca Val (Dept) Colom 734s'46 A 0 6312 6512 62
694 98
523 95
4
External sink fund g 8s_ -.1950.1 J 8212 Sale 8212
63
834 51
Central Agric Bank (Germany)
Porto Alegre(City of) 89_ _1981 J D 734 Sale 73
733
4
9 664 100
9418
Farm Loan of 7s_Sept 15 1950 M S 81 Sale 785
76
59
9818
8
Exti guar sink fund 734s_ -1966.1 J 65 Sale 62
65
7
8012 18
Farm Loan s f es_July 15 1960.1 J 7634 Sale 7212
70% 834
65
90
53 Prussia (Free State) extl 63-4,'51 A 0 767 Sale 75
7
7634 240
76 8 48
4
77
Farm Loan s f Os_Oct 15 1960 A 0 7612 Bale 7314
63
65
90
71
80
7613 214
External s t 65
1952 M S 71 Sale 6818
Farm Loan 68 ser A Apr 15 1938 A 0 8512 Sale 8012
90 110
757 94
97
12
8512 12
Queensland (State)extl s f 78 1941 A 0 97 Sale96
77 1044
Cher (Rep)-ext s I 75
1942 M N 93 Sale 9212
87 10314
25
85
7
84
-year external Os
1947 F A 85
943
4 40
6918 103
External sinking fund 68_1960 A 0 81 Sale 7814
70
94% Rio Grande do Sul extls f 8s-1946 A 0 77
8
78
80
7812
81
58
External s f 61
34 8 8C3
7
8
1961 F A 81 Sale 7914
70 69413
23
48
81
External sinking fund 681-1968 J D 48 Sale 464
51
Ry ref exti s f 6s
1961 J J 81 Sale 7834
474 93
14
4 21
60 3
81
94
External s f 713 of l926_._.1908 MN 60 Sale 60
22
70
8412
1961 M
Extl sinking fund 1318
46
81 Sale 7814
70
94
55 4
3
7
munic loan_1967 J D 55 4 Sale 5514
3
81
External s 76
28
!
65 1064
Eat' sinking fund 684
1962 M 8 81 Bale 7812
4 14
69
70
90 Rio ci° Janesrt644
941
4
753
;
E, r
81
teml i o25-year 5 f 88-1946 A 0 7512 ____ 745
4
28
1963 M N 81 Sale 77
4211 85
Extl sinking fund 68
54
48
81
1953 F A 55 Sale 50
95
70
94 4
Chile Mtge Ilk 6348 June 30 1957 .1 D 7914 85 8012
3
8114
857 106
8
75
29
1952 A 0 85% Sale 8412
Rome(City) eat'6345
6
4
S f 645 of 1926_ _June 30 1961 J D 85 Sale 8118
52 1023 106
75 100 4 Rotterdam (City) extl 6s-1964 M N 104 Sale 10312 104
3
85
15
85
71
Apr 30 1961 A 0 7714 Sale 75 8
Guar f 13s
942
781
22
65
7612 Sale 75
5
7712 35
(Monopolies) 7a 1959 F A
Roumania
510% 91%
1962 M N 77 Sale 747
Guarsf6s
8834 12
6412 91
90 8618
77
19531 J 85
40
Saarbruecken (City)(is
1960 M S 76
67 107
Chilean Cons Munk 75
85
3
70 c98
87 85
Sao Paulo(City)sf 88_ _Mar 1952 MN 71
793 7514 Jan'31
4
D 27
47
64
Chinese (Ilukuang Ry) 55..1951
2912 2738 Jan'31
21
34
597
8 18
597 Sale 55
External s f 6 Ns of 1927..1957 MN
68 10214
Christiania (Oslo) 30-yr s f 6s '54 M S 100 Sale 1004 10018
894 11
90 4 698. SaEParns 8eo te 8 xti s f 88_1936 .1 J 8712 Sale 8712
79 103 4
1
. n44eulol Stas f e
4
)4
8
(
60 101
Cologne(CityGermany 630 1950 M S 74
8
807
8 59
767 74
8
1950 .1 J 807 Sale 774
74
8
50
944
15
Colombia (Republic) 6s._ _ _1961 J .1 663 Sale 614
73
75
6
5 683
4
External s f 79 Water L'n-1956 M S 7314 75
664 27
37
81
External s f 138 of 1928-A961 A 0 66 Sale 6212
52
47
554 8174
4
19681 J 503 Sale 50
External s f 66
663
4 82
67
9618
61
8
82 8 62
7
6112 55
Colombia Mtg Bank 6358 of 1947 A 0 58
1940 A 0 827 Sale 754
8214
Secured s f 78
21
61
774 INN
Sinking fund 78 of 1926-1948 MN 65 Sale 62
558781 6
Santa Fe (Prov Mg Rep)78_1942 M S 8014 Salo 79
65 4 24
3
77 100
64 Sale 60
8212 19
4
4
Sinking fund 76 of 1927_1947
5518 86
Saxon State Mtge Inst 7s_ -1945 J D 813 823 8012
65 4 28
3
69 4 97
3
1952 J D 99 Bale 98
804 36
Copenhagen ICILY) 5s
95 4 10012
3
Sinking fund g 6 Ns_ _Dee 19461 D 804 Sale 75
9914 82
1953 M N 943 Sale 941k
1073
8 53 106 6109%
4
13818 9418 Seine Dept of (France)exti 7s'42 .1 J 10714 Sale 107
945
25-yr g 4 Ns
4 62
0118 98
92
10
Cordoba (City) extl s f 78_ _1957 F A 6712 Sale 67
Serbs, Croats & Slovenes 85.1962 81 N 92 Sale 91
8 645
93
874
75
88
80
46
4
__ -1962 1411 N 7912 Sale 783
External s t 78_ „Nov 15 1937 MN 77 Sole 74
11
75
70
0
7614
7312 73
734
7
59 100
0
1955 F A 73
9E9s SyExternaldney (Cit3 8 1 5
2
Cordoba (Prov) Argentina 78 '42 J .1 77 Sale 77
79
s 78 815%13
,
14
48
82
61
5812
19381 13
(Repub) extl 78_1951 MN 74 Sale 72
12
Costa Rica
Silesia (Prov of) extl 76
74
91
85
84%
6512 22
$2
97 6108
68_1947 r A 654 Sale 64
98
Jan'31
Silesian Landowners
Cuba (Republic) 58 of 1901.1944 M S 9514 98
12 101% 107
9618 103 Soissons(City of) exti 65_ _1936 M N 105 Sale 10412 105
External 58 of 1914 ser A.1949 F A 98 10012 98 Jan'31
86
9218
8
934
90
51614 99
8654
9
External loan 434s ser C-1949 F A 87
Styria (Prov) external 7s-1946 F A 9212 Sale 914
87
*Cash sale. e On the bests of $510 the £ ster Mg. a Option sales.
Cuba
-9i- -94-
1S24 :: S ISO., B-a2f-
93is
A. - .5
saw 101
see
Assn
New York Bond Record-Continued-Page 2
628
BONDS
N. Y. STOCK EXCHANGE. is
P
Week Ended Jan. 23.
,
Price
Friday
Jan. 23.
Week's
Range or
Last Sale.
re 4%
Range
for Year
1930.
Price
Friday
Jan. 23.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 23.
Week's
Range or
Last Sale,
al 42
Bid
Ask Low
High
High No,
High No. Low
102 Dec'30
1053
4 23 10212 10414 Chicago & East Ill 1st 623-1934 AO 100 _
33 10212 10614 C & E Ill Ry(new co) con 58.1951 MN 4334 Sale 4212
4612 63
1061
/
1
4
7
741 84 Chic & Erie let gold 58
s
17
1982 MN 105 Sale 10438 105
81
109
68
8714 9313 Chicago Great West 1st 45-1959 MS 6758 Sale 6612
38
92
1947 3.3 105 111 110 Jan'31
Chic Ind & Loulsv ref 6s
44 87
20
57
_ 1003
934 100
4 1023
1947 33 101
1
4 11
Refunding gold 58
975s
1947 3.3 4938 1314 93 Nov'30
9234 99
Refunding 45 series C
5
981
8114 9112
5
90 Jan'31
1st & gen 58 series A
1968 N 90 91
88
4
6
1st dr gen 68 ser B -May 1966 33 9812 100 9834 100
86 10914
991
2
94
94
72
70 c9912 Chien Ind & Sou 50-yr 4s_ _ _1956• J 934
84
3
42
71
9814 Chic L S & East 1st 4)4s.1969 3D 984 10i 100 Jan'31
831
8512 18
6
88 e1/8
941
Ch M dr SIP gen 48 A-May 1989 33 8518 857 85
8
Q J 75
_ 84 Oct'30
46
82 495
Registered
863
f53
4
41
Gen g 3)4s ser B_ _ _May 1989 J J 75 - - 72 Dec'30
48 833
4
827
954 107
55
Gen 4 Nsseries C ..May 1989 33 9518 9738 94
931s 9914
97
50
96
Gen 4 Nsseries E_ ---May 1989 33 9558 Sale 9212
4
Gen 4Nsseries F--May 1989 3J 10034 Sale 9914 1003 286
Railroad
10014 104$4 Chic Milw St P & Pac 521_1975 PA 74 Sale 7112
7414 51
Ala Gt Sou 1st cons A 5s____1943 J D 10112 ____ 103 Nov'30
94114
34 273
92
Jan 1 2000 AO 3312 Sale 2958
Cony adj 58
94 4 Oct'30
3
4
Ist cons 4s ser B
1943J D 933
8333 9111 Chic & No West gen g 3%8_1987 MN 7814 783 7838
5
7834 26
91
4
Alb & Susq 1st guar 3348-1946 A 0 8912 ____ 8914
Q F 72 80 77 June'30 _
85 8812
Registered
Alleg & West 1st g gu 48_-_ -1998 A 0 8618 -__ 86 Jan'31
924 9834
1
1987 MN 8938 Sale 885
8
981
897
s 22
General 4s
Alleg Val gen guar g 45
1942 M S 9818 Bale 9818
8918
9
4
78
80
90
Stpd 4s non-p Fed Inc tax'87 MN 8834 90 88
Ann Arbor 1st g 4s_ _ _ _July 1995 Q J 8014 82 80
9158 9914
103
6
Gen 43(e stpd Fed Inc tax-1987 MN 103 Sale 103
994 274
Atch Top & S Fe
-Gen g 48_1995 A 0 99 Sale 9814
90 97
4
98
6
107
Gen 58 stpd Fed inc tax_ _1087 MN 1074 10812 107
98
A 0
Registered
MN
874 95
10512 July'30
Registered
Adjustment gold 4s....July 1995 Nov 9534 9612 95 Jan'31
9714 55
1933 MN 10114 10184 10118 Jan'31
877 9814
8
Sinking fund deb 58
Stamped
July 1995 M N 9614 Sale 96
MN
8538 914
10118 99 Feb'30
Registered
91144 Sept'30
MN
Registered
15
87 9712
93 Dec'30
-year secured g 630-1936 MS lairs Sale 10714 10814 61
1955 J D
Cony gold 4s of 1909
10 88 973
97
Jan'31
May 2037 3D 10218 10512 101
1st ref g 5s
8
1955 J D 96 Sale 96
Cony 4s of 1905
F914 924
9214 Oct'30
86
96
May 2037 3D 9514 Sale 94
1st dr ref 4)45
1960 J D 9414
Cony g 4s issue of 1910
184 1084 14112
Ist & ref 430 ser C May 2037 3D 9434 95 9414
953 117
4
1948J D 119 Sale 11614 119
Cony deb 430
2 88
941
9612
9212 528
Cony 4Ns series A _-__1949 MN 9212 Sale 894
Rocky Mtn Div 1st 48. _1965 J J 94 95 9412
9012 973
4
Trans
-Con Short L 1st 48.19583 J 9612 98 95 Jan'31
95
18
10414 81
97 10412 Chic R & P Railway gen 4s 1988 J 3 9434 95 9414
Cal-Ariz 1st & ref 4s A_1962 M S 10458 105 104
Jan'31
J J 9012 9338 91
Registered
AU Knoxv & Nor 1st g 5s 19463 D 1034 ____ 1034 1031 _ 1 9712 10458
9912 382
1934 A 0 993 Sale 99
8
Refunding gold 45
95 100
8
J J 933 ____ 98 Jan'31
Atl & Chad A L 1st 4 Ns A.._1944
98 Nov'30
A 0
Registered
10014 11.1434
I944 J J 10338 10412 10312 10312
1st 30-year 58 series B
5
9514 124
90
2 87
OSle Sale 93 8
Secured 430 series A _1952 M
9412
Atlantic City 1st cons 48-1951 .1 .1 8838 ,94 90
9212 188
4
9212 Sale 893
963 974 96
4
96
54
5
Cony g 434s
88 973
8
Atl Coast Line 1st cons 48 July '52 M
9212 May'30 -- 9 ? I91 N
6
9212 9212 Ch St L St N 0 5s_June 15 195 J D 101 Sale 99 Dec'30
M
Registered
102 Mar'30
J D
20 9412 10312
Gold g14itered
Re 34is
General unified 4s _1964.3 D 101 102 10178 102
81 July'29
92
32 8712 944
June 15 1951 J D 815
8
L & N cull gold 4s __Oct 1952 M N 92 Sale 9112
50
6
903 Dec'30
8
Memphis Div 1st g 4s.._1951 J D
734
45
19483 J 42 Sale 42
All & Dan Isle 4s
101
3
62 624 Ch St L & P 1st cons g 5s_ _1932 A 0 1E" 6;11 101
19483 J ____ 40 52 Oct'30
2d 4s
8
84 65 Jan'31
101 1003 Atig'30
A 0
Registered
8218 6814
1949 A 0 71
All & Yad 1st guar 4s
▪
8512
_
3
854
99 10112 Chic T H & So East 1st 5s_.
19603 13
1941 J J 10314 _-- 10114 Jan'31
Austin & N W 1st gug 5s
70 Jan'31
9112 98
984 182
Inc gu 5s
Dec 1 1960 M S
Balt& Ohio 1st g 4s _ _ July 1948 A 0 9512 Sale 974
14
9212 Dec'30 _ _ _
;4182 s 3 8
78 18 l_041:
0
7.
4
90 98 Chic Un Stan let gu 4)4s A_1963 J J 10 ;14: 10314 105
Registered
July 1948 Q J
106
106
98 10112
6
let 5s series B
1963 J .1 106
1933 M S 16112 Sale 10034 10112 105
20-year cony 4 Ns
10478 10518 10
9934 Dec'30 _
984 10014
Guaranteed g 58
M S
Registered
115
jai" 6;1e- 10214 104 93 0534c10512 let guar 634s series C -1963.11J
1163
4 90
1944 .1 1:1
Refund & gen 5s series A 1995 J
Sale 8934
102 1023 Chic & West Ind con 4s
10234 Aug'30 _
19523 J
4
917
8 73
J D
Registered
91
1st ref 534s series A _ _ _1962 M S 10451 105 10418 10412 70
4
3
1st gold 5s
July 1948 A 0 15718 ail; 10614 1073 107 1014 109 4
Chic Okla tit Gulf cons 58-1952 M N 10038 105 10134 1013
110
2
30 105 gill
4
_1995 J D 110 Sale 109
Ref & gen 65 series C
91
9758 47
8
9714 Cin H & D 2d gold 4 Ns- _1937 J J 975 9914 98 Jan'31
PLE& W Va Sys ref 441-1941 M N 97 98 97
s _ -- 95 Jan'31
19503 J 10514 Sale 10434 10514 17 10012 10818 C I St L & C 1st g 413..Aug 2 1936 Q F 973
Bouthw Div 1st 58
98 94 Oct'30
Registered
7934 893
8612 20
4
Aug 2 1936 Q F 0612 Tol & Cin Div 1st ref 4s A-1959 J J 5612 Bale 8512
10314 Sale 103
10312 35 97 10514 CM Leb & Nor 1st con gu 4s_1942 M N 914 _- 9614 Nov'30
Ref dr gen 5s series D_ -- _2000 M
88 10434 Cin Union Term 1st 4)4s_2020 J J 10438 Sale 10418 10514 200
98
146
1960 F A 98 Sale 954
Cony 4)48
___ 10314 Jan'31 _
101N 105
100 July'28
Clearfield & Mah 1st gu 53_1943 J J
Bangor & Aroostook 1st 5s._1943 .1 J
8758 89 8734 Jan'31
4
84
93 Cleve CBI Ch & St L gen 48_1993 J D 9534 97 953
967
s 20
1951 J J 10412Con ref 45
6258
___ 6258 Dec'30.____
11014 Nov'30
General Be series B
19933 D
62
3s-1989 J D 69
Battle Crk & Slur 1st gu
99 9712 Jan'31
Ref drimpt 66serC
9512 99 8
5
1941 J J 1041z 10514 1044 Jan'31
Beech Creek let gu g 48.- 1936 J J 9758 100 100
100 Jan'30 _
4 29
10434
_ 10434 1043
Ref & impt 5s ser D
1936 3 J
2d guar g 58
78 87
4
8
Ref & impt 4 Ns ser E__ _1 67 3 .1.1 1015 lince 10034 1013 283
97 3
3
Beech Crk ext 1st g 3 s
1951 A 0 8438 ____ 87 Dec'30 _
4
10112 Sale 1003
4 1013 159
When issued
Belvidere Del cons gu 3Ns-1943 J J 8914
Wirt 9
-130 _
96 96 Dec
-81; Cairo Div let gold 4s...._1939 J J 97's.-- 9712 98 27
1944 J D 9434 Big Sandy 1st 441 guar
9212 104
93
Chi W & M Div lst g 4s_-1991 J J 9214 947 93
10
Boston & Maine 151 58 A C-1967 M S 102 Sale 10012 102 127
934 1034
St L Div 1st coll tr g 4s_ _ -1990 M N 9278 95 9234 Dec'30
193
1955 MN 10158 Sale 10014 102
latmlaserles2
81
_
1
Spr & Col Div 1st g 4s_ _ _ -1940 M S 934 _
874
9514
9514
I3oston dr N Y Air Line Ist 49 1955 F A 84 85 87 Jan'31
927 98
s
Drees 6 West 1st gu g 4s_1938 J J
4
98 9518 Oct'30
_7,- 9612 Dec'30 _ _
W W Val Div 1st g 4s- _ _1940 J J 93 9918 10314 CCC&I gen cons g 132___ -1934 J 3 10334
9534u
2
10414 1044
Buff Roch & Pitts gen g 58-1937 MS 10134 1s 10112 Jan'31
_ 10134 Jan'31
89
80 9614 Cley Lor & W con 1st g 5s_ _1933 A 0 101
24
1957 MN 89 Sale 88
Consol 430
Jan'31
101
Clevel & Mahon Val g 5s._ __1938 J J 100 101 101
8 9912 102
BurlC R &Nor 1st dr coll 58_1934 A 0 101 102 101
100 10114 10012 10012
Cl& Mar lstgug 435s
ILI
3 10212 110 Clseoles P 3m443 s ser BA 9 9 M N 99
98 Dec'30
3
evr & BRenr ,
1942 A O
Canada Sou cons gu 58 A-1982 A 0 108 Sale 108
931s 101
99 Sale 98
9912 46
19 A 0 5758_ 87 Mar'29
Canadian Nat 4 Ns_Sept 15 1954 M
9214 10012
9912 120
1957 j .1 9818 Sale 9712
Series A 4 Ns
1942.3 J 10014 11i14 10114 Nov'30
-year gold 4Na
30
9258 25
9214 10114
994 135
80 M A
48
1968 3 D 98 Sale 9712
4
Series C 3Ns
19 F N 5912 923 9258
Gold 4)48
8612 ___ 8618 May'30
9914 1084
105
60
Series D 330
Guaranteed g 542--July 1969 3 .1 10412 Sale 104
104 Sale 10358 105
10438 Sale 10358 10434 15
147 10114 108
Gen 4 Ns ser A
Guaranteed g 58
11
104
104 Bale 104
105
36 1034 106 Cleve Shor Line 1st gu 434s-197 F O 10234 10414 104
6
19 1 A A
Guaranteed g 5s
7
4
Guar gold 4 Ns- __June 15 1955 J 13 10114 Sale 10038 10178 153 9912 1017 Cleve Union Term 1st 5%41_1972 A 0 110 Sale 10934 110
8
10658
11034 Sale 11034 111
A
21 10912 1134
1st s f 5s series B9A 0 10658 Sale 106
Canadian North deb 5 f 70-1940 3
10412 Sale 10312 10412 150
1946 3 .1 11612 Sale 1164 1164 28 113 11834
let s I guar 4N8 series C...1197773
-year s f deb 6 Ns
25
11314 Jan'30
_ 94 Nov'30
11314 11314 Coal River Ry 1st gu 4s _ _ _ _1945 J D 95
Registered
;
.
1013
9818 102 4 Colo de South ref & ext 4;0_1935 MN 10134 Sale 101
1
4 82
1
10-yr gold 4 Ns___Feb 15 1935 F A lairs Eta 10112 10112
4734 Sale 873
48
97
8
8312 9012
4
8814, 61
8
Gent m 4 34s ser A
19 8 M N 965 Sale 9612
940 A o
Ry 4% deb stock j
Canadian Pac
95
95 Sale 92
9858 102
2
1946 M 5 10078 Sale 10078 1014 20
Col & H V 1st ext g 48
Col tr 4Ns
10414 Sale 10312 10412 36 10038 107
9112 96 9312 Jan'31
19443
Col & Tol let ext 4s
as equip tr ctfs
90 Dec'30
10378 45 9914 106 Conn dr Passum Riv 1st 48_1943 A 0 8978
Deal 1954j D 10334 Sale 103
Coll tr g 543
4
9914 245 95 4 100
3
7012
3
1960 3 J 983 Sale 9838
Consol Ry non-cony 48 _1954 33 7012 Sale 6914
Collateral trust 4)48
4
98 987
___ 984 Oct'30
/
1
4
5
4
713
4
8
1955• J 713 Sale 713
Non-cony deb 48
Carbondale & Shaw let g 48-1932 M
8512
74
77
794 75
75
3
1955 AO 7112 7412 7112 Oct'30
Non-cony deb 48
Caro Cent Ist cons g 4s -1949 .1 .1 95189912 103
103
27
Non-cony debenture 422-1956 J J 7112 7334 70 Jan'31
Caro Clinch &0 1st 30-yr5s-1938 D 10218 Sale 102
4 108 11012 Cuba Nor Ry 1st 5Ns
44
1942 3D 4258 Sale 424
35
Ist dr con g 6s ser A Dec 15'52 j D 10734 Sale 10738 108
8534 924 Cuba RR 1st 50-year 588-1952 3, 5712 6312 58
91
95 91
1
5812
19813 D 91
5
Cart & Ad Ist gu g 4s
78
87
82
1
50
1
let ref 73I8 series A
1936 J O 7114 74 78
1948 J D 82 874 80
Cent Branch U P 1st g 4s
101
__ 99 Dec'30
99 105
let lien dr ref 6s ser B __I936 3D 60 65 65 Jan'31
Central of Ga 1st g 5s--Nov
99 foo 101 Jan'31
9612 1044
Consol gold 58
100 100
100 Feb'30
Del St Hudson let & ref 4s...1943 MN 9738 Sale 964
MN
972 281
Regatered
8
:
100
3 (0 1053
1935 A0 100 10112 1014 3 ,..31
4
30
-year cony 58
Ref & gen 5 Ns series B-1959 A 0 100 15ife we
954 24
1937 MN 10414 10514 10434 10512 21
83 103
15
-year 530
1959 A 0 93 Sale 93
& gen 5s series C
Ref
98 98 Jan'31
844 8918 D RR & Bridge 1st gu g 4
91
8918 Oct'30
8-1936 P A 96
Chatt Div pur money g 48_1951 J D 86
100 104 Den & R G 1st cons g 48._ _ _1936 J J 9612 Sale 96
97
62
Nac dr Nor Div 1st g 5s 1946 J .1 10012 10312 100 Jan'31
98 10318
9314 10112 10212 Sept'30
1936 .1 J 9812 9878 9814 Jan'31
Consol gold 434s
Mid Ga & AU Div pur m 58'47 .1
100 10418 Den & R G West gen 5s_ Aug 1955 FA 795 Sale 7812
9718 ___ 104 Oct'30
8
1946
795
8 14
Mobile Div 1st g 58
8118 89
88 Sale 88
88
10
8212
Ref dr impt 55 ger B_Apr 1978 A0 8012 Sale 8012
Cent New Eng 1st gu 48_ -_ -1961 J
954 102 Des M St Ft D let gu 48......1935 33
4
8 25 2478 Sept'30
98 993 97 Jan'31
Cent RR dr Bkg of Ga coil 58 1937 MN 11212 11412 11258 Jan'31
8
10558e1163
J
8
197 15 Dec'30
8
Certificates of deposit
Central of N Jean gold 5s_ _.1987
11412 Jan'31
107 11834 Des Plaines Val let gen 4348-1947 MS 914
99 Nov'30
1987 Q J
Registered
8414 974 Det & Mac let lien g 48
9712 98 9738 Dec'30
1955 3D
43 Dec'30
19873 .1 11038General 4s_
9114 9812
9712 26
1995 J D
60 38 Dec'30
Gold 48
g 413.--1949 F A 9718 Sale 97
Cent Pac 1st ref gu
90 95
Detroit River Tunnel 434s.1961 MN
10314 10312
F A ____ 97 95 Sept'30
5
Registered
J
903 95
_
963
44
964
10318 Dec'30
Through Short L 151 go 48 1954 A .0 10412 Sale 10412 Jan'31 38 99 8 10633 Dul MIssabe & Nor gen 5s._1941 AO 104
,
2
105
1033 Sale 103
Dui de Iron Range 1st 5s _ -1937
4
4
1960 F A
1033
4
Guaranteed g 58
Dui Sou Shore & Att g 5s _ _ _1937 ▪ J 6018 66 6018
Charleston & Say'h 1st 7s_ _1936 J J 10818 __ 108 Dee'29 39
10512 106
in/ 1053 East Ry Minn Nor Div let 48'48 AO 9512 _ _ 9618 Dec'30
,
8
Oct'30
Ches & Ohio 1st con g 5s-_ _ -1939 M N 1055 ____ 1034 10312
___
3 10112 104
5s._1956 MN 10714 Sale 10718 108
East T Va dr Ga Div 1st
10
1939 M N 10318
Registered
4 58 9714 106
1063
Elgin Joliet dr East lst g 5s-1941 MN 103 10414 10412 Jan'31
106 Sale 105
1992 M
General gold 4545
10112 00'30
1965 AO 10214 10314 10218 10218
96 10212 El Paso & S W 1st 58
2
M S
Registered
10212 Eries 1st cony g 45 prior
.• 1 8634 Sale 8612
1996
73
87
_1993 A 0 102 Sale 10034 10214 86 94
Ref &'mot4 Ns
5
Registered_
1996 J
93 8 10258
81 Nov'30
.._1995J J 102 Sale 10112 10212 146
Ref & impt 4 Ns ser B
9658 102
10018 Dec'30
7814 Sale 754
1st consol gen lien g 4s_ _ _1996 J
7914 56
Craig Valley.lst 5s_ -May 1940 J J 1004 ____
Nov'30
8612 96
Registered
1996 .11
68 Dec'30
Potts Creek Branch Ist 48_1946 3 J 93_ 90 Jan'31
Penn coll trust gold 4s .1951 P A
8814 9818
1BI.; 100 Jan'31
9512 9612 95
& A Die ist con g 4s-1989 J J
8312 96
50-year cony. 42;series A 1953 AO
8
Sale 75
7812
1989.3 J 9212 9414 9412 Jan'31
2d consol gold 48
97 1014
Dec'30 _
1953 AO 7712 Sale 7712
Series B..
2
7712
Warm Spring V 1st g 5s...1941 M S 10014 107 1014
93 .102
Gen cony 4s series D
1953 A0 72
9914 138
9712
773 72 Jan'31
4
Cheap Corp cony 5s_May 15 '47 MN 994 Sale_ 723
(5514 7411
Ref St impt 5s
1967 MN 83 Sale 81
8412
I
72
4
723
4
ref g 3s_ _1949 A 0 69
Chic & Alton RR
7
Ref & impt 580! 1930_ - 1975 AO 8314 Sale 794
8312 19.
70 Jan'31-... 63 8 74
Ctf dep stpd Oct 1930 int_ -__
50
793
4
a
110
Erie & Jersey 1st s I 6s _1955 3, 10238 110 109
3
9
/0 79 4 Jan'31
2
Railuay first lien 3Ns_ _ -1950 3 J 7934 - 3 12 0112
Genesee River 1st s f 63-1957 J J 109 110 110 Jan'31
913
4
3 854 9118
Chic Burl St Q-Ill Div 3Ns_1949
Erie dr Pitts gu g 3 Ns ser B-1940 3, 9218
9212 Nov'30
844 91
5
91
__ 91
8738
3
Registered
9218 981
4
Series C 330
1940 Ii 924
. 8578 Oct'29
9812 31
1949 J J 9812 Sale 9818
Illinois Division 4s
89 984 Fla Cent & Pen 1st cons g 5s '43.33 82
81
85 81
9812 43
1958 M S 9812 Sale 98
General 45
98 108 4 Florida East Coast 1st 430_1959 3D 77
3
80 80 Jan'31
4 10314 46
1st & ref 4 Ns ser 13 ___ 1977 F A 103 Sale 1023
57
29
1st & ref 53 series A ---.1974 MS 2778 Sale 27
9 10318 1104
4
10914 Sale 10914 1093
1st dr ref 5s series A __ _1971 F A
Ask Low
Foreign Govt. & Municipals.
Bid
Sweden external loan 534s_1954 MN 10534 Sale 10512
Switzerland Govt extl 534s-1946 AO 10614 Sale 10578
Tokyo City 5s loan of 1912.1952 MS 81 Sale 7712
External f 534s guar__ _ _1961 AO 92 Sale 9114
Tolima (Dept of) exti 7s_ _ _ _1947 MN 5458 Sale 5314
8
Trondhjem (City) 1st 530_1957 MN 974 98 975
9812
Upper Austria (Prov) 7s_ - _ _1945 J D 984 99
External s 16 Ns June 15 1957 3D 4778 884 88
Uruguay (Republic) exti 8s-1946 P A 9912 Sale 985s
External 8f 68
1960 MN 84 Sale 8212
Esti sf68
May 1 1964 MN 83 Sale 82
9412 9412
Venetian Proy Mtge Bank 78 '52 AO 94
4
Vienna (City of) exti s 1 6s__1952 MN 863 Sale 8434
8
Warsaw (City) external 75_1958 P A 627 Sale 6512
3
Yokohama (City) exti 68_A961 3D 9812 9714 95 4
1
t
e Cash sales. a Option sales
Range
for Year
1930.
Low
High
100 ell05
26 84
10114 109
60 7484
110 11534
10184 105
92
98
897 105
8
96 10918
89 95
84
93 4 10118
3
774 57%
8134 85
72 79
89 9712
871s 98
/
1
4
93 10112
6514 963
4
23
Ms
724 8212
75
77
84 935
8
85 983
s
100 10812
103 11414
105 10812
994 10278
99 99
10412 1104
/
1
9712 109
874 101
82 4991
4
80 10514
88 90
8512 91
954 9912
95 98
8318 99
• 8114 1013
4
99 10412
102 102
88¼ 92
997g 10112
1003 1003
8
a
80 100
14
80 9414
97 10414
1014 198
101114 10588
11058 1187s
84
931
4
10018 1057
8
9978 10218
9512 99
9514 9812
94
944
884 9614
i00 104114
874 9714
105 1124
/
1
103 10658
100 10514
9344108
92 981:
80 954
/
1
3413 9318
93 9514
90 9518
103 .055
8
993 1023
8
g
98 101
98 100
98 98
flit;
854 8818
8818 5618
995 10278
4
9718 10414
10514 111
102 108 4
/
1
4
,
96 106
88 94
97 10314
92 10013
884 94
86 9514
864 90
/
1
65
76
70
76
714 781,
68
76
37 76
50 84
6413 9914
53 92
/
1
4
914 3981s
/
1
961 107
/
4
100 105
/
1
4
14
896 100
9258 epg
9414 102
67 9913
6912 95
2314 50
15
31
96 99
43 7412
38
el
95 4 mg
8
101 locs
10014 103
58
8434
0213 9614
100 11012
10078 10414
11013 10384
8013904
78
8514
664 85
88
Ms
9518 10114
65
871:
8714 £191/
09
87
684 98
6
134
108 11114
10113 114
8833 93
-86 715;
91
28
1714 61
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jaa. 23.
629
New York Bond Record-Continued-Page 3
1,
1
Price
Friday
Jan. 23.
Week's
Range or
Last Sale.
Range
for Year
1930.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 23.
Price
Friday
Jan. 23.
Week's
Range or
Last Sale.
•til
,
3
Range
for Year
1930.
High
Bid
Ask Low
High No, Low
High
High No. Low
212 1178
212 Dec'30
Max Internet 1st 48 asstd- -1977 hi S
20
36
24
4
100 101
1003 10038 Dec'30
8
9415 974 Mich Cent Det&Bay City 581931 M S
Aug'30
100 100
100 Jan'30
10474 107
Registered
QM
Dec'30
941 974
:
1940 3 J 965 ____ 9612 Dec'30
1024 105
8
Mich Air Line 4s
Jan'31
1951 M S
99 1011.3
Jack Lens & Sag 3;is
Jan'31
- - - 89
81
2
5 Jan23
1952 M N 87
3
18 -_ 8912 Ma7: ?
lat gold 3He
100%
2 99 2 101
98 10314
4 1023
a 11
Ref & impt 43is ser C_ _ - -1979 J J 10234 10434 1021
941 1008
4
4
Jan'31
93 a 9 4
9414 94 Nov'30
7
13
1940 A 0
Mid of N J lat ext 551
814 85
Jan'31
9614 9912
MII AZ Nor 1st ext 43is(1880)1934 J D 97 99 9812 Jan'31
9634 9978
19343 D 9612 9912 97
80 10214
97
1
Cons ext 43is(1884)
91
9412 90
91
4
90 9212
8
7112 75 73
73
10 654 784 Mil Spar & N W 1st gu 4s_ _ _1947 M El 913 94 91 Dec'30
90 Apr'28
_
Mtlw & State Line let 330- _1941 3 J
9834 Feb'24
15 .
4112
5
2
96', 1007 Minn & St Louis 1st cons 58_1934 M N 1618 30 1712
1712
9914 101 100 Nov'30
414
13
Nis 20 21
1934 MN
Jan'31
_
Ctts of deposit
11012 Sale 1104 11078 24 10912 1124
3 16
9
1
9
7
1st & refunding gold 4s-1949 M S
8
10614 Sale 10534 10614 33 104 4108
1518
8
96
98
.
83 Dec'30
4
20
8
Ref &est 50-yr 5s ser A - _1962 Q F
96 Nov'30
18
10
4
Nov'
883104
Certificates of deposit
11138 Sale 110
11138 190 1083 113
8378 92
15
11012 1103 11,18tP&SSMcong 4.sintgu'383 J "i8" 8814 8193
4
83
109 Jan'31
85 98 s
12
5
94 101
1938 3 .1
__ 90 86 Nov'30
Ist cons 5s
99 10178 9918 Jan'31
9412 10 914 9914
/fawns 5s gu as to int_ _ _ _1938 J .1 9412 Sale 9414
109 Sale 108
109
2 104 11214
99 1084
100
20 96 102
6Ss_ _ _1931 M S 100 Sale 99
10
-year coil trust
1053 Sale 10412 1053
4
4
7
3 7904 100
1946.1 J 89 Sale 81
89
lst & ref6s series A
994 991 9912 100
6 9414 1011a
50 91
1949 M S 633 Sale 033
3
1
63 4
25
4
4
-year 534*
9914 62 93 1014
9914 Sale 9812
92 9914
70 804
19783 J 9814 Sale 98
99 4 24
3
1st ref 534sser B
70
90 70 Dec'30
9504
91
12
324
1st Chicago Term s 1 4s_ - _1941 M N 92
8
_ 953 Dec'30
19
20 20
20
9211 9912
914 9454 Mississippi Central 1st 58_ 1949
4
J
954 ____ 943 Aug'30 _ _ _
91 97 Jan'31
1
50
SO
1959 3 J 64 Sale 64
64
1
100 10212 9934
994
5 98 10512 Mo-III RR lat Ea ser A
12
934 101
Mo Kan & Tex 1st gold 4s __ -1990 J D 91
91
35 85 92
9012 943 9012
914 8914
8
92
11
103 ____ 103 Nov'30 _ _ _ _ 103 10612
9718 10478
9614 103 Mo-K-T RR pr lien Is ser A-1962 J J 10212 Sale 10218 103
12
28
10478 Sale 10212 10678 89
8412 9$74
937 100
8
40-year 4s series B
1962 J J 90 Sale 893
90
8
13
100 Oct'30
9213 101
97 1004
Prior lien 4%a ser LI
19783 J 7418 741 95
96
9418
6
100 Sept'30
99 4 102
3
Cum adjust 55 ser A_Jan 1967 A 0 94 Sale 9312
10014
9412 23 86 10814
100 Jan'31
95 4 101
3
8912 10$
Mo Pac 1st& ref 5sser A _ ---1965 F A 99 Sale 973
16
10038 1003 1003
99
4
4
4 1003
4
3
9912 1014
General 4s
1975 M S 7412 Sale 7112
100 ____ 9912 June'30
744 163 63 8214 •
993 10215
4
1977M S 98 Sale 9718
1st 34 ref 55series F
10114 Sale 10114 10112
9814 87 89 103
5
93 10214
884 1020
4
1st& ref g 5s ser G
1978 MN 97 Sale 9678
9934 Sale 98
98
74
10014 160
Cony gold 534s
1949 M N 1004 Sale 993
7812 Sale 77
4 10012 62 87 11814
7812 108 6812 854
8914 10$
1st ref g 5s series H
1980 A 0 98 Sale 97
98
44
91
9824 Mo Pac 3d 7s est at4% July 1938 MN 9512 ____ 94 Nov'30
Illinois Central 1st gold 4s..__1951 • 3 9618 ____ 96 Dec'30
91
95
Si
8654 Mob &BR prior lleng 5s_
Ist gold 33is •
1951 J J 86
1945
100 100
.1
9114 8612 Dec'30
100 Mar'30
82114 823
4
Registered
95 9714
33 75
Small
Si
8614 Jan'31
97 Jan'31
83
8912
Extended 1st gold 3348-1951 AO 86 8912 8912 Dec'30
lat M gold 4s
84 974
1945J J
84 Dec'30
73
68
1st gold 3ssterling
1951 MS
.1 J
87
12
Small
80
73 Mar'30
82 82 Dec'30
868 944 Mobile & Ohio gen gold 4s---MS M S
4
921 96
4
Collateral trust gold 4s
1952 AO 914 Sale 9134
92
_ 95 Oct'30
51
874 874
AO
Registered
9011 104
Montgomery Div 1st g S3-1047 F A 1004 gills 994 1004 49
8712 Mar'30
95
let refunding 4s
1977 M S
Ref& impt 430
1955 MN 9214 Sale 92
9414 98
_ 8E7 9412 Oct'30
8
923
4 30 8414 89
81
Purchased lines 33:1s
193888 13
Sec 5% notes
1952 J J 84
80 Jan'31
89 984
87
11
8212 92
Moh & Mal 1st gu gold 4s._1991 MS
1953 MN 8718 877 8714
Collateral trust gold 40
8614 9014
Jan'31
8
877
8 11
874 9014 MontC 1st gu 6s
Registered
1937.1 .1 19 8 16i1- 10925
MN
106 10812
4
90 Aug'30
10611 - 8
994 1074
Refunding Is
1937.1 J
1st guar gold 5s
1955 MN 105 108 105 Jan'31
95 10212
___ 10212 Nov'30 _
107 112
15-year secured 634s g_ _ _1936 .1
Morris & Essex 1st gu 3Hs --2000 .1 D 85 Sale 85
77 SA
10914 Sale 10914 110
86
6
92 102i4
40
1955 MN 108 109 108
-year 4$1s
Aug 1 1966
Constr M 5s ser A
A 100 Sale 9812 100
10834 11 102 109
58
8812 94
Cairo Bridge gold 4s
1955 M N 102 103 102
1950
14
Constr M 43isser B
9212 __ 93 Jan'31
103
20 964 103
744 77
Litchfield Div 1st gold 3.1_1951
7818 ---- 7514 Nov'30
82
88
Loulay Div & Term g 334s 1953
974
Nash Chatt & St L 4s ser A_ _1978 F A 9438 953 94
84
94
8412 84
84
2 89
,
Omaha Div 1st gold 3s-_1951
1937 F A 10218 Sale 10218 10218
A 76
78
7812 77
2 100 1031s
5 744 80 NFla 34S lstgug 53
St Louis Div 64 Term g 38_1951
7514 784 Nat Ry of Max pr lien 434a. 1573
18 July'28
76
8012 77 Jan'30
823 874
Gold 3$4s
s
J J
1951
July 1914 coupon on
124 July'28
8412 86 83 Dec'30
Springfield Div 1st g 334s-1951
85 s 854
44 ---1
3
9
;
412 20 Anent cash war rct No.4 on
8012 ____ 853 Oct'30
13-4 4
8
944
1:1
Western Lines 1st g 451-A951
1977 A 89
A 874 ____ 9014 Jan'31
G : r 70
-year sf 45
87 Aug'29
8
9212 924
10
6
A
Registered
5
A -ent cash war rct No.5 on _ _ _ _
412 514 412
20
_
9212 Apr'30
Ill Cent and Chic St L & N 0
Nat .Mex pr lien 434s Oct'26 J .1
3512 July'28
12
987 107
2
Joint 1st ref 58 series A ___ -1963
ifs Wig
71
10178 Sale 10112 10218 38
As...Int cash war rct No.4 on
6
1st& ref 4Hsseries C
87 100
1951 ;5
-11
1963
96 Sale 9534
1st consol 48
22 Apr'28
96
11
hid Bloom& West lat ext 48_1940 A 0 9212 ____ 9138 Jan'31
8914 8914
-1
1
;
Assent mall war mt. No.4 on _ _ _
3
90
Ind III& Iowa 1st g 4e
97 Naugatuck RR 1st g 4s
11
1954 M N 835:4
8514 8912
1950
83614 Aug'30
8
13
4
9312 Nov'30
963
4
Ind & Louisville 1st gu 4a__ A956
84 90
1945 J J 98 105 101 Dec'30
9614 101
New England RR CODS 5s
87 883 8812 Jan'31
4
100 10414
Ind Union Ry gen Inner A-1959
1945 J J 80
8614 94
1034 ____ 10314 Dec'30
Consolguar 4s
9012 88 Jan'31
100 10414 N 3June RR guar 1st
Gen & ref Ea aeries 11
_ _1986 F A 883
85 92
1965
_ 92 Nov'30
1033 ____ 10334 Jan'31
8
4
Int & Grt Nor lat 6s ser A_ 1952
74 108
92 8 97
7
4s_8812 Sale 86
N O&N E lst ref & impt 43isA'52 J J ___ - - 8 9534 Oct'30
947
8812 17
31
924 New Orleans Term 1st48-- _1953 J J 90
Adjustment 68 ser A_July 1952 AO 5312 Sale 5112
90
92 90
3 85 94
8
5312
974
1st 58 series B
1956 33 77 Sale 75
77
9 53 100
504
lat g 58series C
95 4 100
0
1956 .1
N0Texas lls Min n-o Inc 58-1935 A 0 9912 10038 100 Jan'31
72
80 65 Jan'31
597 8118
8
Int Rys Cent Amer 1st 5s_ _ _1972 MN 694 70 694
1954 A 0 9312 944 934
874 1004
;
1st 5s series B
9312 14
694
70 944
hitcoiltr6% notes
1956 F A 9412 Sale 94
1941 MN 7212 7414 7112
9412 15 96 10112
18t 5s series C
723
8
9812
71
89 96
Ist Hen & ret 634s
1956 F A 82
1947 P A 707 Bale 7078
lst 43isseries D
884 89 Dec'30
707
8
8
35
12
Iowa Central 1st gold Is.. _ _ _193 JD 124 16
1954 A 0 10118 Sale 10078 10112 15 96 s 10112
7
lst 5Xsseries A
16
16
2
13
3412 N&CBdgegenguar 430-1945 3 J 973 Sale 9734
95 9704
Certificates of deposit......
99
4
11
13
20 15 Jan'31
2 4 10
3
984 100
NYB&MI31stcong 5s-1935 A 0
Refunding gold 48
1951 MS
514
_ _ 100 Mar'30
4 514
3 4 63
3
7
/ 97 N Y Cent RR cony deb 6s. 1935 MN 100- - 10612 1063
1
4
James Frank & Clear 1st 4s._1959 in 964 Bale 9038
10612 1073
4
964
4 19 105 10704
3 87
Kal A & R lat gu g 58
1998 F A 9718 Sale 9634
8818 974
Consol 4a series A
974 116
- 10014 Apr'29
_
1938 ii
8314 9011
Kan & M 1st gu g 4s
1990 AO 92
97 10$ 2
7
Ref & impt 430 series A 2013 A 0 10234 Sale 10218 104
921 90
51
924
6
9412 984
KCFtS&MRyretg 415-1936 AO 974 97 9612
52
8
Ref& impt &series C_ __ -2013 A 0 10814 Sale 1074 1083 102 103 110
1
9714 18
744 c82
Kan City Sou lat gold 3s__1950 AO 90 81
78 4 8612
87
N Y Cent& Hud Riv M 33181997 J J 87 Sale 85
45
8014
,
804
2
93 104
Ref & impt 58
Apr 1950 J J 10015 Bale 100
19973 J 85 Sale 8478
85
10012 38
Registered
7 75 85
884 c971s
KRDS88 City Term 1st
A960 J J 9512 Sale 9412
1934 MN 1004 Sale 10018 1003
04
9512 138
, 23 97 100
Debenture gold 4s
864 9512
Kentucky Central gold 4s_ _1987 J J 9278 94 9412 Jan'31
1942 J J 98
30
93 9814
-year debenture 4s
98 4 15
3
983 98
4
8514 92
Kentucky & Ind Term 4$88-1961• J
92 Sept'30
85
Lake Shore coil gold 330-1998 F A 85 Sale 84
754 84 a
19
7
88
95 4
1
Stamped
1961 J J 89 95 60
3
60
1948 F A 82
7514 8114
Registered
844 8214 Jan'31
89 89
Plain
1961 J J 025 --- 89 Apr'30
851 84
Mich Cent coil gold 3346.-1998 F A 84
2 784 85
8512
1998 F A 82 84 8214 Jan'31
Reglstered
3C12
78
Lake Erie & West Ist g 50-1937
103
J 10018 103 103
1 100 10238 N Y Chic & St L lst g 40
_1937 A 0 993 10014 9918 100
4
94 9912
16
99 10314
20 gold 58
1941 J J 10014 10312 100 Dec'30
1937 A 0
9314 Mar'30
Registered
9314 934
7914 8614
lake Sh & Mich So g 33is _ 1997 J D 87 Sale 86
8718 42
1931 MN
25
-year debenture 48
Sale 1004 1003s 8 97 102
1997.i D 85 Bale 85
Registered
0
4
85
1932 A 0 10118 1013 10118 1015* 26 99 103 8
7 77 4 841
6% gold notes
3
1931,M
25-year gold 4e
987441010s
1003 Sale 10014 1003
8
8 38
Refunding 53isseries A -19741A 0 10278 Sale 10278 1054 23 985 108
2
'M N
Registered
9912 10014
10014 June'30
1978 MS 92 Sale 9014
Ref 43•18series C
92
8014 9914
103 1074 N Y Connect 1st gu 4 3is A-1953 F A 103 Sale 10212 103 284
Leh Val Harbor Term gu 58_1954;F A 10114 105 104 Jan'31
961a 10314
61
96 10314
Leh Val N Y 1st gu g 4 Hs---1940 J J 10034 10312 100
101
4
1953 F A 105 10514 105 Jan'31
1st guar 55series B
100 1054
8014 94
Lehigh Val(Pa) cons g 4E3.-2003 M N 8918 Sale 88
8914 90
N Y & Erie lat ext gold 4s_ _ _1947 MN 9214
9234 Dec'30
89 9414
Registered
86 894
IM N
86 Jan'31
_
3d ext gold 4;is
1933 M S
100 100
100 June'30
2003 M N 993 100 987
General cons 4343
9512 104
4
8 1003
4 27
102 11072 N Y & Greenw L gu g 5s_ _ _ _1946 M N 96
Lehigh Val RR gen 5sseries_2003 M N 10614 Sale 10614 10614
93314
5 95
1
97
9712 9712
Leh V Term Ry 1st gu g 58_ _19411A 0 10114 10412 10412 1044
99 106
N Y & Harlem gold 334s_ _2000 M N
2
7
80 85 4
80 Dec'30
Lehigh & N Y Ist gu g 48 _ _ _1945:M $ 90_ 854 Jan'31
864 945 N Y Lack & W 1st & ref gu 53'73 M N 102 __ _ _ 9718 Oct.'2
4
0 11114
8
Lex & East Ist 50-yr 5a gu_ _ _1965;A 0 10934 1133- 10934 Jan'31
100
4
1st & ref gu 434sser B _ _ - _1973 M N 10212
-1180. 10234
- 4
_ 102 Dec'30
Little Miami gen 48 series A_19621 h1 N 883 ___- 93 Nov'30
874 93 N Y & Jersey 1st 5s
8
1932F A looki gs
s 1003a 100
ie
' 2 9912 10114
I935,A 0 10512
Long Dock consol g 6s
103144109
- 10518 10518
NY & Long Branch gen 48_ _19411M S 8614
8612 884
8838 Aug'30
Long Isid 1st con g Ss-July 1931j(1
101 Sale 101
101
NY& NE Bost Term 4s1939 A 0
7 9914 101
_ 754 Juty'2
-1st consol gold 4s---July 1931.Q ,T 1004 10114 984 Sept'30
984 983 NYNH&Fin-cdeb4s1947 M S 854 90 88 Dec'30
5
88's 90
19333 D 9614 98 9618
54334 98
General goid 4s
96'*
77
8314
Non-cony debenture 334s A947 M S 7914 85 8218 Dec'30
19323 D 9312 ____99 Sept'30
Gold 4s
99 99
1351a 81
79
Non-cony debenture 330_1951;A 0 79 Sale 77
56
1949 M S 9212_ 9234
Unified gold 45
874 94
923
797s 8814
4
85
15
Non-cony debenture 4s..._1955'3 J 85 Sale 85
1934J D
Debenture gold 53
162 101
- 9914 1014,
Jan'31
43
85
Non-cony debenture 4s_ _ _1956 MN 86 Sale 8412
734 884
1937 M N 10014 Sale 994 10014 57
-year p m deb 5s
20
974 10211
77
32 624 8114
Cony debenture 3Sis
195613 J 774 7812 76
1949 M S 93 9312 927
Guar ref gold 4s
87
9704
8
934 16
39 110 136
Cony debenture 6s
19483 J 117 Sale 11512 117
Nor Sh B 1st eon gu 58 Oct'32 Q J 100 ___ 9934 Dec'30
994 1004
110 131
110 Dec'30
13 J
Registered
Louisiana & Ark let 5.4 sor A_1969 J J 69 Sale 68
54
87
6914 49
Sale 10534 10612 47 10018 10014
Collateral trust65
1940 A 0
Louhs& Jeff 1.3dge Co gd g 40_1945 M S 96 Sale 95
9614 25 8912 96
7478
15214
5 66
744
1957 M N 743 76
8
Debenture 48
fize_ 10434 Oct'30 _ 101 10484 15t& ref 430 ser of 1927- _19674 D 954 Sale 9312 9514 158 8512 9734
Louisville & Nashville 55.-1937 M N
1940
98
Unified gold 4s
9414 99
983
8
9912 56
874 93
9178 92 Jan'31
_
Harlem It & Pt(flies 1st 481954 M N 90
J J
Registered
924 9411 N Y0& W ref g 4s June
9412 Nov'30
4418 18
6E14
36
1992 hi S 44 Sale 44
Collateral trust gold 5s_..1931 M N 1011s 1015* Ica
993 10118
4
Jan'31
26
64
3812
5
19513 D 34
General 4s
363 3678
4
1st refund 5SO series A_ - _2003 A 0 105 106 105
10312 108
105
NY Providence & Boston 4s1942 A 0 95
9012 934
92 Oct'30
2903 A 0 1053 Sale 10434 10512
8
1st& ref 5sseries B
7 994 1064 N Y & Putnam 1st con gu 48-1933 A 0 9234 9612 934
8511 96
1
9314
2003 A 0 10214 Sale 10114 10214 48
lat& ref 4 Hsseries C
95 103
8814
69
70 Jan'31
N Y Susn & West lst ref 5s _ _1937,1 J 72
79
F A 931
Paducah & Mem Div 4s_
--- 95 Dec'30
914 95
75
75
_
19371F A _ _ 83 75 Mar'30
2d gold 43is
1980 M S 644 6812 65 Dec'30
4St Louis Div 2d gold 3s
65
70
55
79
19401F A 58
58
60 58
General gold 5s
Montg 1st g 4 3is._1945 M S 100 --- 100 Dec'30
Mob &
9704 1024 • Terminal 1st gold 5s
941e 101,
1943M N 94
994 9812 Dec'30
4
South Ry joint Monon 45_1952 J J 93 Sale 8918
874 98
93
8612 33
N Y W'ches & B 1st ser I 4 Hs'461.I 3 8612 Sale 6414
7754 973
20
4
AU Knoxv & Cin Div 413_ _1955 M N 95 98 10634 10 3
90
9014 98
9 4
1
8 10212 10718
0
6
Nord Ry ext'l sink fund 63i8 1950 A 0 1064 Sale 10614 1063
8
LoulsvCln & Lax Div g 4 Hs'31.1 M N
3812 11
04
0
3 98 100 4 Norfolk South 1st & ref A 5s..1961 F A 38 Sale 373
3014 79
4
99
77
2
80
Norfolk & South 1st gold 53_1941 M N 77 Sale 77
1934.1 J 10118 _
10278 Dec'30
Mahon Coal RR. 1st 5s
99 10278 Norfolk & West RR gen 6s.. _1931 M N 1003 10114 1007 Jan'31
52
8
4
100 4 10212
8
Manila RR (South Lines)9s_1939 M N 7518 -767- 7418
8
7218 7714
744
Improvement & ext6s _ _1934 F A 10314 -- 1044 Aug'30
1034 10438
..
1959 M N 67 68 6712
71
latest 4s
5 60
6712
New River 1st gold 6s_ _ _ _1932,A 0 10114 --- 1024 June'30
10214 10204
994
Manitoba S W Coioniza'n 58.19343 D 97 9912 9912
974 1004
2
99
N& W Ry latconsg 4s_ 1996A. 0 99 Sale 9812
45
9012 984
1941 J S 864
_ 8914 Oct'30
87 90
Man G B & N W 1st 3 Sis
1996 A 0
Registered
9714
974 10
90 9544
Due February. c Cash sale. a Option sale.
Fonda Johns & Glov 1st4Hs 1952 MN
Fort St
Co 1st g 43is--1941'.1
Ft W & Den C 1st g 53is___1961 J D
Frem Elk & Mo Val 1st 6s_1933 AO
GH&SAM&P 1st 58_1931 MN
20 extens 58 guar
1931 J
Galv llou.s & Rend 1st 5s-_1933 AG
Ga & Ala Ry 1st cons 56 Oct 1945 J J
Ga Caro & Nor 1st gu g 5s '29
Extended at6% to July 1_1934 J J
Georgia Midland 1st 38
1946 AO
Gouv & Oswegatchie 1st 55_ _1942 in
Gr R & I ext 1st gu g 4Hs_ -1941 J J
Grand Trunk of Can deb 78_1940 AO
15
-years 16s
1936 M S
Grays Point Term 1st 5s
1947 J D
Great Northern gen 7s ser A_1936 J J
Registered
3D
1st & ref 4)8E3 series A____1961 ii
General 530series 12
1952 J J
General 58 series C
1973 J J
General430series I)
1976 J J
General 434s series E
1977 J J
Green Bay & West deb Ws A....
- Feb
Feb
Debentures ctfs B
Greenbrier Ry 1st gu 48---1940 MN
Gulf Mob & Nor let 530-1950 AO
1st M 58 series C
1950 AO
Gulf & S I 1st ref & ter 5s_Feb'52 J J
Hocking Val 1st cons g 4%5_1999 J J
Registered
1999 J J
Housatonic Ry cons g 53----1937 MN
H & T C lst g 5s int guar_ 1937 J J
Houston Belt AZ Term 1st 58_1937.13
Houston E & W Tex lat g 5.11_1933 MN
1st guar 5s redeemable__ _A933 MN
Hud & Manhat 1st 5s ser A_1957 P A
Adjustment Income 56 Feb 1957 AO
Ask Low
Bid
25
27 24
964
9112
1033 -- 105
8
10318 -- 10434
1004 101 10012
10034 10114 1003
8
9912
59 55
56
82
8a 87 Kos
630
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 23.
Price
Friday
Jan. 23.
Bid
Week's
Range or
Last Sale.
Ask Low
47=3
5
High No. Low
Norfolk & West (Concluded)Dly'l 1st lien & gen g 48_ _1944 Si
recall C & C johat 4a
1941 SD
North Cent gen & ref 59 A..1974 MS
Gen dc ref 48 ser A
1974 M
North Ohio 1st guar g 53__ _1945 AO
North Pacific prior lien 49__1997 Q J
Registered
Q J
Gen lien ry & ld g 33_Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & impt 4149 series A.2047Si
Ref & impt 68 serial B__ _ _2047 Si
Ref & impt Is aeries C _ _ _2047 Si
Ref & impt 53 series D _2047Si
Nor Pac Term Co 1st g 65__1933
'S
Nor Ry of Calif guar g 59-1938 AO
Oga L Cham 1st gu g 49-1948Si
Ohio Connecting Hy 1st 49._1943
1938 in
Ohio River RR 1st g 55
1937*0
General gold Is
Oregon RR & Nay con g 49_1948 JD
Ore Short Line 1st cons g 59_1948 Si
1946 J J
Guar stud cons 5s
Oregon-Wash let & ref 49_1961 is
99
973 99
4
985
8
37
Jan'31
9718 99
97
10878 ____ 107 Nov'30
_ 10212 Jan'31
10112
Jan'31
93
12 98
97
9814 116
9618 Sale 95%
Jan'31
95
92% 97
69
883 Sale 88
4
33
Jan'31
/
4
651 69
67
997 8 38
993 10012 9914
4
112% 49
11278 Sale 112
10318 Sale 102% 10318
8
10512
1044 105 104
/
1
7
1035
8
10512 Jan'31
10418 Oct'30
10214
_
- 14 78 Dec'30
71
9514
0414 Dec'30
1011s
- 10213 Dec'30
101, 103 10118 Dec'30
2
97% Sale 96
97% 38
1065 110 108 Dec'30
8
10914
10818 Sale 108
8
9512 110
9514 Sale 94%
Pacific Coast Co 1st e 511---1_ _„ J D
94
6
Pac RR of Moist ext 4S--196a PA
1938 Si
2d extended gold Is
Paducah& Ills 1st sf g 4149_ _1955 Si
Paris-Lyons-lided RR esti 89 1958 PA
Sinking fund external 79._1958 MS
Paris-Orleans RR ext 514s-1968 M
Paulista Ry lat & ret f 79_ _1942 MS
Pennsylvania RR cons g 43-19 MN
43
1948 MN
Consol gold 4a
49 aterl stpd dollar_May 1 1948 MN
Registered
Consol sink fund 4143..._ -1980 PA
3
General 4149 series A--1965 11968 JD
General 59 series II
1936 PA
15
-year secured 8%a
FA
Registered
40
-year secured gold 5s._ -1064 MN
1970 AO
Deb g 4149
Pa Co gu 314s coil tr A reg_ -1937 M S
Guar 334s soli trust ser B_1941 FA
Guar 3149 trust et/3 C-1942 SD
Guar 35 trust cas D___1944 SD
Guar 15-25
-year 3
010,48-1931 *0
Guar 49 ser E trust ctts._ _1952 MN
1983 MN
Secured gold 4149
Pa Ohio & Det 1st a. ref 4149A'77 AO
Peoria & Eastern let cons 4s_1940 AO
April 1990 Apr
Income 45
Peoria & Pekin Un let 559_1974 FA
Pore Marquette let ser A 55_1958 Si
1958 Si
1st 48 aeries B
1980 M
1st g 4145series C
PhIla halt ac Wash 1st g 4s_1943 MN
1974 PA
General Is series B
50 Jan'31
9614 Jan'31
100 Dec'30
_ 10018 Dec'30
Sale 104% 105
3:i
Sale 106% 106 4 33
,
10318 1035 Jan'31
8
Sale 92
92
99
97 Dec'30
99
9814
98% 13
Sale 9814
98 4 20
,
9314 May'30
105 10614 10618 10614
2
10312 Sale 1023
4 10378 82
11014 Sale 109
11114 61
1093 Bale 109
8
110
63
10812 Oct'30
105% Sale 1043
4 1053
4 48
98% Sale 973
4
99
392
95 Sept'30
8912 Dec'30
-- 873 Dec'30
4
8788
92 8912 Nov'30
10018 Sale 0018 10014
6
94 Sale 93
94
5
10112 Sale 007
8 101% 134
1004 101% 01
/
1
10112 11
84
88 81
85
21
20
20 Dec'30
10214 10414 03
103
5
104% Sale 04
10518 35
95
95 Sale 94
22
101 Sale 9012 10112 87
9714 9814 98% Jan'31
9912 Nov'30
110
Phillippine Ry let 30-yr B 1 49'37 Si
1932
Pine Creek reg let 65
Pitts & W Va 1st 4 As ser A_1958 SD
1959 A0
1st M 414.1 series B
1960*0
lst M 414s series C
P C C & St L gu 4%9 A---1940 AO
1942 A0
Series B 414s guar
1942 MN
Series C 4149 guar
1945 MN
Series D 45 guar
Series E 3149 guar gold-1949 PA
Series F 48 guar gold--1953 SD
1957 MN
Series G 49 guar
Series Ii cons guar 4
9
1900 PA
Series I cons guar 4145-1963 FA
Series J cons guar 4149-1984 MN
General 36 Is series A---1970 ill
Registered
J D
Gen mtge guar 5a ser B--1975 AO
1977 J. J
Gen 414s series C
Pitts McK & Y istgu6slO32 Si
1934 Si
2d guar Se
0
Pitts Sh & L E 1st g 5s----194 AO
1943 Si
let consol gold 53
1943 MN
Pitts Va & Char 1st 4a
Pitts Y & Ash 1st 45 see A-1948 J D
1962 PA
1st gen 55 series B '
1974 J D
1st gen 5s series C
Providence Secur deb 49.-1957 MN
Providence Term let 45----1956 MS
Reading Co Jersey Cen-co1149'51 AO
Gen & ref 4%5 series A-1997 .1 .1
Gen & ref 4145 series B-1997 J J
Rensselaer & Saratoga 6s---1941 MN
1948 MN
Rich & Meek 1st g 43
RIchm Term Icy let go 59-1952 is
Rio Grande Jund 1st Cu 5s_1939 SD
Rlo Grande Sou let gold 49.-1949 Si
Guar 49 (Jan 1922 coupon)'40 Si
Rio Grande West 1st gold 49-1939 Si
let con & coil trust 45 A-1949 *0
R I Ark & Louis Isr 4%9.-1934 M
-Canada let go g 49_ ---1949 Si
Rut
Rutland 1st con g 4348_-1941 Ii
23
2318
102%
9218 97
93
9512
9412 Bale
_
10112
101 102
10114
96
----
----
iL
100
100
104%
106%
8
1025
92
97%
98%
98%
97
101
10212 -_
10213
no nil.
25 Jan'31
0212 Dec'30
91 Dec'30
94
12
93
945
8 14
9414
01% 1013
8
1
4
0114 10114
974 Dec'28
/
1
95% Jan'31
95 June'30
98% Dec'30
97 Aug'30
97 Nov'30
0014 Nov'30
02 Dec'30
1014 110 4 14
3
073 Mar'30
4
10
110
13
0114 102% 278
03 Dec'30
02% Oct'30
Jan'31
01
00% Aug'29
9234 Mar'30
9228 Jan'31
05 June'30
Ho fill,
10214 Sale
/
4
1021
10318 _
103 __ _
1013
4
923 -4
94 4 __-3
105 _
1021
89 47512 75% Nov'30
9212 70 Nov'30
88
9714 9712 97
9712 12
10318 Sale 1017
8 10318 138
1023 Sale 102
4
103
43
_ 113
10014
Oct'30
7912 Sept'30
10212
_ 103 Sept'30
91 160 100 Dec'30
- .
7 111 ay'28
112
112 6i_ 712 Apr'28
94 94
9412 26
84
8612 84
85
29
100% Sale 100
100% 23
61
7812 78 Sept'30
83
/ 897 8512 Jan'31
1
4
2
_-
s 8818 ____ 8812 Jan'31
St Jos & Grand Isl 1st 4s--1947
St Lawr & Adir 1st g 59.-1996Si 0328 ____ 96 Nov'30
1996 AO 100 10412 101
101
2d gold as
3
8
St L It 38 & S gen con g 59-1931 *0 100 8 Sale 10014 1003
1931 AO
101% Dee29
Stamped guar 53
1933 MN 99 4 Sale 987
3
8 1008
Riv & G Div lst g 49
14
8914
-San Franc pr nen 45 A--1950 Si 89 Sale 8714
St L
8514 Sale 8114. 8512
1978 M
Con M 4 he series A
91
Oct'30
When issued
4
3
1950Si 1013 Sale 100 4 1013
4
Prior lien 58 series 11
_
100 4 Jan'31
3
9
St Louis & San Fr BY gen 6 -1931 Si 101
3
3
3
1931 J, 100 4 101 100 4 100 4
General gold 53
3
St L Peor & N W lat gu 53-1948 Si 10532 10612 105 8 10328
99 4 Dec'30
3
St Louis Sou 1st gu g 49_ -1931 M
8614
3
St L SW 1st g 45 bond ct1.3_1989 MN 85 4 8614 86
2d g 49 Inc bond ctts Nov 1989 Si 7618 7912 8214 Oct'30
10018 10018
1932 in 100
Consol gold 43
9712
let terminal& unifying 59-1952 J J 948 Sale 94
9714
973
4
St Paul& K C Sh L lst 4149-1941 PA 9718 98
_1007 Aug'30
8
Paul & Duluth let 59--1931 PA 10012 _
St
Jan'31
9512 89
1968 5' D 91
let consol gold 45
9918 Aug'30
J
St Paul E Or Trk 1st 43,4s_1947
0812 Jan'30
Bt Paul Minn & Man con 45-1933 J J
/
4
1933 Si 10312 105 10312 1031
1st consol g 63
8
7
(111 reduced to gold 4149-1933 Si 100% 10114 100 8 1007
98 Feb'30
Si
Registered
97 Jan'31
1937 in
Montext lst gold 48
93 Dec'30
Pacific ext guar 49 (sterling)'40 Si
13t Paul Un Dep 1st & ref 59_1072 is 11012 Bale 10918 11012
8
967
8
BA 14 Ar Pass lstgug 4s1943is 9512 995 0412
Sante Fe Free & Phen 1st,59.1942 MS 10412 ____ 103 Dec'30
flay Fla & West 1st g 69_ _1934 A0 10312 ----106 Dec'30
let gold 59
1934 *0 19012 ____ 10012 Jan'31
9712
Scioto V & N E 1st
g 43. _1989 MN 9712 Sale 9712
•Cash sale.
Range
for Year
1930.
1
29
180
149
343
58
2
1
10
30
54
8
11
101
_
14
t
High
Seaboard Air Line let g 49_1950 AO
Gold 49 stamped
1950 AO
Adjustment 58
Oct1949 PA
Refunding 4s
1959 AO
1945
1st & cons 6s series A
S
Ati& Birm 30-yr 1st g4s_d1933 M S
Seaboard All Fla 1st go Cia A-1935 PA
Series B
1935 PA
Seaboard & Roan 1st 5s extd 1931 Si
S.& N Ma cons gu g 5s
1936 PA
Gen consguar 50-yr 5s_ _ _ _1963 AO
So Pac coil 49(Cent Pac coil) k'49 SD
1st 4149(Oregon Lines) A_ 1977 MS
1934 in
20
-year cony. Is
1968 M
Gold 4145
1969 MN
Gold 4148 with war
1950 AO
San Fran Term 1st 45
Registered
AO
So Pac of Cal 1st congtlg 591937 MN
So Pao Coast 1st guS 49---1937Si
1955 is
So Pac RR 1st ref 4s
Registered
J J
Stamped (Federal tax)_1955 J
Southern Ry 1st cons g 5s--1904 J J
Registered
Si
50
62
12
Devel & gen 48 series A- __1956 AO
9214 10014
1958*0
Devel & gen (Is
97% 101
1958 AO
Develop & con 6348
98 10111
1996 Si
Mem Div 1st g Is
102 105, St Louis Div 1st g 49
1951 J J
1
10314410712
East Tenn reorg lien g 59-A938 MS
1938 365
9934 1051
. Mob & Ohio coil tr 45
80 103
Spokane Internet 1st g Is - A955Si
92% 9811 Staten Island Sty 1st 434s_ _ _1943 J D
92% 991s Sunbury & Lewiston 1st 46-1938 Si
92% 99
Tenn Cent let 69 A or B_ _ _ _1947 A0
9211 9311 Term Assn 01St L 1st g 434s-1939 AO
1944 FA
98% 10614
1st cons gold 59
97% 104%
1953 is
Gen refund s 1 g 4s
105% 112 4 Texarkana & Ft S 1st 5345 A 1950 PA
3
10718 1111s '1'ex & N.0com gold 59.Aug 1943 J J
1084 109
2000 in
Texas & Pac 1st gold 59
9914 1053
4
20 ine59(Mar'28 cpon)Dec2000 Mar
913
1977 A0
841013
4
Gen & ref 59 series 1.1
90 95
1979 AO
Gen & ref &I series C
1980 SD
87
9112
Gen & ref Is merles D
8734 ao
Tex Pac-Mo Pac Ter 534s_ _ _1964 MS
$44g 89 4 Tol& Ohio Cent 1st go 5s_ _ _1935 Si
3
9818 100 4
1935 AO
3
Western Div 1st g 59
1935 in
9914 9514
Gen gold Is
95 108
1950*0
Tol St L & W 50-yr g 49
1931 Si
8
94% 1013 To1WV&Ogii414sA
1933Si
75
9014
19t guar 4149series B
1942 MS
20 17%
let guar 49 series C
101 1041* Toronto Ham& Buft 1st g 4s 1946 in
101 106
90
95
12 Ulster & Del 1st cons g 5s._ _1928 J D
Stpd as to Dec'28 & J'ne '30int
9614 108
1st cons 59 ctts of deP
98
12 98
1st refunding g 45
1952 A 0
10644 110%
Union Pm 1st RR & ld gr 49_1947 J J
2234 82
Registered
J J
103 10312
let Ilen & ref 4s
June2008 M S
9034 97
1967
Gold 4 As
92
967
8
June2008 M S
Ist lien & ref 55
92 c981
: 40
-year gold 45
1968 J D
971A 1021s U NJ RR& Can gen 49
1944 M s
19335
9812 102% Utah 54 Nor 1st wit 49
Vandelia cons g 4s series A -1955 F A
9414 9834
1957 M N
Cons f 45 series B
93% 95
Vera Cruz & P assent 4%3.-1934
/
1
1931
9832 984 Virginia Mid 55 series F
1936 M N
9634 97
General 5s
942898'. Va & Southw'n 1st gu 55_ _ -.2003 J s
1958 A 0
97 105
-year 53
let cons 50
99 10312 Virginia By 1st 55 series A1962 M N
/
1
4
1043 1131
4
1982 MN
, 1st M 4149series B
10744 107% Wabash RR 1st gold 59 ___1939 M N
195 4 112
1939 F A
3
2d gold Is
9612 1015
8
Ref ,S3 gen 91 5149ser A_ - -1975 M S
1011 103
/
4
Deb 6s series 33 registered-1939 J .1
/
1
4
102% 104
latIlen 50-yr g term 4s _ _ -1954 J J
19415 j
100 8 103
9
Det& Chic ext 1,1 5*
Des Moines Div 1st g 45-1939
J
935 0224
Omaha Div lst g 3145_ -1941 A 0
9111 98
1941 M B
Tol & Chic Div g 49
10214 106
Wabash Ityrer & gen 5.s B_ -1978 F A
Ref Rt gen 4 As series C.__1978 A 0
8214
75
Ref & gen 5s series D
1980 A 0
70
88% Warren 1st ref gu g 310.-- _2000 F A
90
9818 Wash Cent let gold 45
1948 Q M
98 10314 Wash Term Ist gu 3;0
1945 F A
97 10314
1st 40
1945 F A
-year guar 45
109% 113
West'n Maryland 1st 49___ _1952 A 0
7912 7974
1st & ref 5145 series A _ -1977 J J
101 103
West NY & Pa 1st g 53
1937 J .1
94 1021,
Gen gold 43
1943 A 0
Western PaC 1st 5s ser A._- _1948 M S
Registered
M 8
'in' Wit West Shore lst 49 guar
2361 J J
79
91
2381 j
Registered
9544 1011 Wheel & L E ref 4149 ser A 1968 IQ
,
75
78
Refunding 53 series B _ _ _1968 M 5
94
$O
RR lat consol 45
1949 M S
Wilk & East lat gu g 53
1942 i D
8914 Wlil&SF 1st gold 5.3
85
1938i D
90
98
Winston-Salem S B 1st 49_ .19605J
101 10412 Wls Cent 50-yr 1st gen 4s_ _1949
J
993 102
4
Sup & Dui div & term 1st 49'38 MN
Wor & Conn East lot 43-48_ _1943 J I
144 iiii
78
92%
INDUSTRIALS.
71
95% Abitibi Pow & Pap 1st 53_ _ _1953 J D
89
94
Abraham & Straus deb 1345.1943
92 410414
With warrants
AO
100% 102
1952 AO
Adriatic Elec Co exti 79
Adams Express coil tr g 4s_ _1948 MS
101 1011, Ajax Rubber 1st 15-yr sf 89_1938 SD
01
54
944 49% Alaska Gold M deb 63 A_ -1925 MS
847 91%
8
1928 M
Cony deb 68 series 13
7117 8474 Albany Pefor Wrap Pap 89_ A948 A0
4
971 10014 Allegany Corp col tr Is
4
1944 FA
81 103
Coll & cony 59
1949 in
93
9974
1950 AO
Coll& cony 5s
100% 1007 Allis-Chalmers Mfg deb 5s 1937 MN
8
911s 951s Alpine-Montan Steel let 79_ _1955 MS
Am Agile Chem 1stre 61 7349'41 F. A
99 11/054 Amer Beet Bug cony deb 89- -1935 PA
96% 994
102 10634 American Chain deb at 89.-1933 *0
Am Cot Oil debenture 59_ -1931 MN
Am Cyanamid deb 55
1942 AD
Am 2, Foreign Pow deb 59.-2030 M
1953'ID
Amer Ice s f deb 5s
2.1499917 1 19
1.4i 1979:4 s Amer I G Chem cony 510_ _1949
s 01
8'i
N
911% 96% Am Internet Corp cony 53,45 1949 is
1939 *0
99% 1118% Am Mach & FdY 416
9
188 196
Amer Metal 514% notes_ _ -1934 A0
904 1981 A, Nat Gas 6143(with war) 1912 AO
4
1111. 97 km iam & It lot 31-yr lo ser A '47 *0
,
91114 99
92% 97
100 107
98 104
92
9914
8812 97
86% 93 4
3
63% 70%
62
691s
9$18 102
109 11512
10018 107
101 106%
10314 10512
.4
101 1043
77
83
92% 9614
100 10212
99 10314
91
96
104 109
10374 109
88% 96
Due May. e Due June. k Due August. a Option sale.
BONDS
N. Y.STOCK EXCHANGE,
Week Ended Jan, 23.
Price
Friday
Jan. 23.
Week's
Range or
Last Sale.
Bid
Ask Low
High
483 60 45
2
Jan'31
4814 Sale 4814
483
8
8
8
7%
77
8
1814 20
1814
1812
1812
18 Sale 17
54
55
59
53
10
912 Bale
912
8
7
912 7%
96
90
90 Nov'30
_ 102
1003
4
Oct'30
110
1093 --- 110
4
97 Sale 95
97
10112 Sale 101% 102%
10214 10318 10214 10214
4
9914
99 Sale 973
9912
9918 Sale 9818
9618
97
9612
87 Dec'30
102
102
_ 96 June'30
9718
9712
9712 Sale 9612
95 Sept'30
9212 May'30
110
1113- Sale 108%
.
10814 Oct'30
_
8784 Sale 87
88
112 Sale 11012 112
118 11712 1155
8 117
10218 108 100 Dec'30
9112
9012
- 9012
101 Nov'30
94
9212
-- 93%
44 2 1012 4412 Jan'31
3
Oct'30
_ 87
98
- 95 Apr'28
92
-94
91
901a
0018 Jan'31
100% 102
105
105 Sale 05
8
9314
9314 Sale 923
8 1054
/
1
4
1043 10512 043
1007 - - 0018 Jan'31
8
112 Sale 1112 113
95 Mar'29
99
"ioi"
8 9812
99
99 Sale 98
98%
9812 Sale 9812
10312 10712 0212 Jan'31
Jan'31
101 ---- 01
0012 Nov'30
__-- _
_
10212 007 Oct'30
8
501- --_ - 91 2
8
,
9112
00 Jan'31
9812
0018 Oct'30
658 9518 Jan'31
95% 9212 9314 9112 Jan'31
Range
for Year
1930.
High
No. Low
TO%
40
3914 f1
4
1
11138
6018
13
11
3
190 J(1 4 79
89
48
3
79
26
7
ps
85
9112
100% 11%17s
8 1043s 110%
114
8818 IN%
246
9434 103%
10 100 10112
9112 100 8
107
3
117
93 410134
23
89 96
87
87
4 100 104
96
96
91
301
9112
91
913
4
9912 109
96 103 41104
1051s 101114
76
80 4 13
8
14 108 1.2
14
55 :12 19112
100 108
12
87 2 917
1
2
91 101
10
90% 904
79
44
82% 87
-3 87
9914
97 10214
16 49944 104
22
8714 98
32 10018 10112
3
98 2 101
35 105 111%
11
157
122
104 111i98 108
98 101
97% 101
9412
90
9812 100
981 1003
8
4
92 2 95
1
101
93%
90 31 Jan'31
1
75 July'3I
7014 June'30
56
Jan'31
99
09 4 71
1
945 Dec'30
8
971 Sale 96%
9734 70
102 Sale 101% 10214 92
4 113
113 Sale 1123
10
9414 192
94 Sale 93
98 Jan'31
100 Sept'30
9814 ---- 97 Nov'30
_ 8212 May'28
98
4 8 Jan'31
3
452
10018 Dec'30 _-_-_-_
100
8
1017
8
10112 10212 1017
5
9713 Dec'30
97
99
Jan'31
77
75
80
10714 Sale 10812 10712 92
101 101% 10112 10112 25
10434 Sale 10413 105
14
102 Sale 102
10218 18
102 Sale 1003
4 102
17
9812 May'29
8514 89'2 9412 Jan'31
10018 102 10012 Oct'30
91
91
95 91
3
_ 8712
8712
87%
1
92%
94 92 8
7
92
2
954 9612 9414
/
1
9612 51
883 Sale 87
8
8912 45
95% Sale 94%
957
2 64
81 Nov'30
917 87 Nov'30
8
_
9114
9114 15
- 9114
9614 gailr 88 Dec'30
e
8314 Sale 8214
83 4 257
3
065 Sale 94%
8
96% 88
103
1025* Jan'31
9512
95 Sale 84
/
1
4
4
8
9312 95 947
9514 14
97 Feb'30
/
1
94I4 Sale 924
9414 24
92
92
03 90
12
90
2
90 Bale 90
_ 10112 10114 Nov'30
- _ 9012 89 Dec'30
44
4318
1
497 4318
8
9978 ____ 10212 Sept'30
90
90 Nov'30
64 dile 57
64
100
75
83
70
80
10
90 4 Sept'30
3
871 00%
/
4
764 7912
/
1
885
8
4712 56
993 Sale
4
----
--
743 Sale
4
06
90
8612
10
014
514
717
s
743
4
941s 10412
94 10412
65
9919
79
67% 97
14
7014 7014
NI
AO
993.99 *
5
914 97%
88% 974
4
96 109
1061s 113
8714 94
11318 99%
9814 100
98 97
- - 118
1
4
98% 10114
100 1023
4
95 10118
834 93 4
1
3
101 10912
95 10914
997 106
8
52
96 106
9112 103114
84 .
9612
100 10312
90
9312
81% 87%
8814 93%
84 10214
9/12
77
84 10138
7212 8312
83% 90
9214
82
8314 913
8
74
817
12
89 1013
4
98 10712
8814 9472
811% 9584
97
97
8
8544 947
8419 9312
87% 97
ggs4 10114
8712 93
71
40
102 101%
86 4 94
,
47 2 8814
7
91%
65
901190'.
68
888
8
Sale 96
96
.5
89 10112
Sale 00
0312 31
8912 100%
Jan'31
89
91
86
80
1912 8 Jan'31
12
80
12
8 Oct'30
1
54 12
514 jan'31
7
514 9
93 Dec'30 _ _
85
INN
433 10114
9843 325
4
843 Sale 83
8
84
115
61 10412
8312 Sale 8012
62
991s
8314 110
314 Sale 8012
8
10212 44
9814 103
10212 Sale 101
8218 100
8
814 9
0 86 Jan'31
10412 25 102 10112
104 Sale 104
/
1
4
4
4618
35
4518 5112 4618
87%
9912
5
97 103
9912 13.319 9834
99 101
7
10012 100% 100 8 Jan'31
92 10112
95 92 Dec'30
94
c8512 171
7414Nlj
4:8512 Sale 80
83
/
1
4
84
10
79% 90
85
82
993 182
4
91 10812
99% Sale 9918
0322 47
87 1014 •
/
1
4
93 Sale 90
5 19304 10514
104 1043 10412 10438
/
1
4
9214 177
85
993
4
4
92 Sale 911
45
30
28
923
8
44 Sale 4311
.
991 Ina
10312 Sale 10234 1033 113
New York Bond Record—Continued—Page 5
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 23.
ta
Prim
Friday
Jan. 23.
Week's
Range or
Last Sale.
Rqnge
for Fear
1930.
t>
Ask Low
Btd
111011 No.
Amer Sugar Ref 5-yr (343
1937.3 3 101 Sale 1033
4 104 2 34
,
Am Telco & Teleg cony 48
1936 M S 10018 101 100
101
3
30
-year cony 4;4s
1933 M S 1005 Sale 100
8
102
12
30
-year coil tr 5s
1946 .1 D 10612 Sale 106
1063
4 91
Registered
J 0105 Sept'30
35-yr s f deb 5s
1960.3 J i07E8 §a1e 10612 1073 237
--4
20-year s f 5 yie
1913 MN 109 Sale 10812 10918 192
Cony deb 434s
1939 J 1 12814 Sale 12518
12812 56
35
-year deb 5s
1965 F A 1075 Sale 10678
8
1073 320
4
Am Type Found deb 6s
1940 A 0 10412 1043 1043
4
8 10438
5
Am Wat Wks & El coll tr 58_1931 A 0 10218 Sale 10178
10238 83
Deb g lls series A
1975 SIN 10212 1033 10314
4
16
1033
4
Am Writ Pap let g 68
1947 J J 68 Sale 66
4
68
Anglo-Chilean s f deb 743_ ....1940 SI N 71 Sale 6718
54
71
Antilla(Comp Astic) 7;is _ _.1931) 1 J
16
2
16
17
16
Ark & Slem Bridge dz Ter 53_1961 M S 10114 105 10114 Jan'31
Armour & Co (111) 4 Yis
1939 1 0 883 Sale 863
4
4
883 114
4
Armour & Co ot Del5 As_ — _1943 J J 77 Sale 7418
70
78
Armstrong Cork cony deb Os 1940 1 D 9334 Sale 9314
37
94
Associated 0116% gold not 1935 M S 1023 104 10234 1023
4
4
4
Atlanta Gas L 1st 5s
1947 3 1 103
____ 10318 June'30
Atlantic Fruit 78 ctfs dep_ -1934 J D
14
1 Nov'30
Stamped cite of deposit
J D
14
125 Nlay'28
8
Atl Gulf & WI SS L coil tr 5s 1959 1 J 6312 65 83
1
63
Atlantic Refg deb 5s
1937 J 3 101 10214 10112 10212 26
Bahlw Loco Works let 5s__ _1040 M N 1063 10712 10612
4
10812
13aragua (Comp As) 734s_ _1937 J J 4712 55
48
48
Batavlan Pete guar deb 4 As 1942 J
9514 Sale 9412
9514 138
Belding-Heingway6s
1936 J
85
50
90
90
90
Bell Telep of Pa Sc series B...1948 J J 108 Sale 10734
29
108
let & ref 58 series C
1960 A 0 1113 Sale 11134 c114
4
47
Berlin City Elm! Co deb 6048 1951 J D 717 Sale 70
8
7218 40
Deb sink fund 6 As
1959 F A
703 727 7012
8
8
5
715
8
Deb68
1955 A 0 6712 Sale 65
675
8 70
BerllaEleeEl&ijndg634s.1956 A 0 73 Sale 7111
8
733
Beth Steel let & ref 5s guar A '42 M N 104 Sale 10312 104 4 22
30-yr p m & Inlet et 5s. _ _1936 J
1025 Sale 102
8
13
103
Bing &Bing deb 6 SO
1950 51
81 Sale 81
1
81
Botany Cons Alli le 634s
1934 A
3211 Sale 3212
35
4
Bowman-Bilt Hotels 7s
1931 M S 9812 100
9812
99
4
B'way & 7th Av let cons 543.. _1943 J D
514 8
518 Dec'30 - Certificates of deposit
6 Dec'30 43
4
Brooklyn City RR let 5s _ __1941 J
8518 86
85
85
2
Bklyn Edison Inc gen 5s A_ _1949 JJ 107 Sale 10612 107
8
Bklyn-Manh R 7'sec 6s
1968 J J 10012 Sale 997
8
1005 322
8
Bklyn Qu Co & Sub con gtd 58'41 SIN 64 Sale 64
64
21
let Os stamped
1941 J J 6818 69
6613 Jan'31 - _
Brooklyn 11 Tr let cone g 432002 J
9212 June'28
Bklyn Union El 1st g 4'58_ _ _1950 F A 87 Sale 86
24
87
Bklyn Un Gas let CODS 8 5s_ _1945 NI N 10738 - 10714 Jan'31 -lst lien & ref 6eserles A_ _1947 MN 1173
8 - - 108 1)ee'30 - _
Cony deb g 5)46
218
1936
J
Jan'31 Cony deb 53
1950 0 10414 Sale 10314
10414
11
Ituft& Sueq Iron let s f 5s_ _ _1932 J I) 94
96
Jate30
96
Bush Terminal let 4s
1952 A 0 887 _
8
83 Jan'31 _
Consol5s
1955
J 9911 Sale 9912 100
14
Bush Term 13Idgs 58 911 tax-ex'60 A 0 10318
102
10318
5
By-Prod Coke let 5 As A _ _ _1945 SIN 101 Bale 101
10112
Sale
l'al G & E Corp unit & ref Os _1937 MN
Cal Pack cony deb Is
1940 J J
Cal Petroleum cone deb s t 581939 F A
COnv deb a I g 5;48
193851N
Camaguey Sug let s g 7s_ _ _1942 A 0
Canada SS L 1st & gen Eis_ _ _194 I A 0
Cent Dist Tel let 30-yr 55_ _ _1943 J D
Cent Foundry let s f 6s May 1931 F A
Cent Ilud
& E 5s__ _Jan 1957 MS
Central Steel 1st g s t 8s_ _1941 MN
Certain-teed Prod 5045 A..,...1948 51 S
Cespedes Sugar Co 1st s f 7 As'39 M S
Chic City & Conn Rye 5s Jan 1927 A 0
Ch G L & Coke 1st gu g be__ -1937 J J
Chicago Rye let 5s Med rcts 15%
principal and Aug 1930 int_ _ F A
Childs Co deb 5a
1943 A 0
Chile Copper Co deb 5s
1947
J
Cln G & E 1st M 48 A
1968 A 0
Clearfield Bit Coal let 4s_ _ -1940 1 2
Colon 011 cony deb 68
1938 J .1
ColoF541Cogenst513
1943 F A
Col Indus let & coil bs gu _ _ _1934 F A
Columbia G & E deb Is May 1952 M N
Debentures 58_ __Apr 15 1952 A 0
Columbus Gas let gold 5s _ _ _1932 J J
Columbus Ity P & 1. let 4548 1957 J .1
Commercial Credit s f 6s_ _1931 M H
Col tr s f 534e notes
1935
Comin'l Invest Tr deb 68_ _19 M S
Cony deb 534s
1949 F A
Computiug Tab-Rec 81 Gs_ A941 J J
1033
4
987
8
963
4
10014
38
55
105
75
10434
112
33
— - 10318
Sale 9812
971 1 97
Sale 10014
40
40
0314 55
105
7912
80
10434
1137 112
8
Bale 3214
59
3714 - - -- 5312
10334 104 1033
4
Jan'31
99
97
10012
40
Jan'31
Jan'31
Nov'30
4
1042
112
333
4
59
Mar'30
1033
4
_
47
6
39
1
60
4
7
6612 70
6612
6912 35
8018 81
80
80 14
7
9414 Sale 9312
9414 47
923 Sale 9212
4
93
257
77 Dec'30
- - 75
_
-6312 Sale 60
112
69
9812 Sale 9812
993
8 18
9412 12
9414 Sale 94
9318 Sale 93
98 4 107
3
9812 983
98
8
983
4 19
Jan'31
_
9614 9814 96
953 961 1 9518
4
957
3 36
983 997 98
8
8
99
10
95
963 9512
9512
1
1047 Sale 1013
8
4 1047
8 22
Sale 9411
95 4 363
3
105
5 ____ 10612 Jan'31 _
Conn Ry & L 1st & ref g 434s 1951
J 934 ____ 99 I)ec'30
Stamped guar 454s
1951 ii 100 10112 10112 10112
2
Consol Agricul Loan 640_ _ _1958 J o 72 Sale 6912
73
90
Consolidated Hydro-Eiee Works
of Upper Wuertetnberg 78_1956 .33 83 Sale 83
84
7
Cons Coal of Sid 1st & ref 58.1950 J o 25 Sale 247
8
25
8
Consol Gas(NY) deb 554s1945 FA 10614 Sale 10534
1063 129
4
Consumers Gas of Chic go bs 1936 J o 10318 1033 10318
4
1033
4
7
Consumers Power let 5e _ _1952 MN 1033 Sale 103
4
10514
3
Container Corp 1st 65
1946 • D 80
89
85
85
1
15-yr deb 5s with warr__ _ _1943 .31) 62
6212 6214
6212
3
Copenhagen Telep Os Feb 15 1954 FA 99 Sale 97
99
7
Corn Prod Refg 1st 25-yr s 15s'34 MN 1025 10112 10212 Jan'31
8
Crown Cork & Seal s f 6s_ _ _ _1917 J o 07
98
98
98
2
Crown Willamette Pap 6s_ _1951 J J 95 Bale 95
96
10
Crown Zellerbach deb 65w w 1940 M S 84 Sale 83
84
15
Cuba Cane Sugar cone 7s_ _1930 .33
41 Mar'30
30
Cone deben stamped 8% _193o J J -_ _ 41 e277 Dec'30
2
_
Cuban Am Sugar let coil 88_1931 MS 993 Sale 99
4
9934 120
Cuban Cane Prod deb 6s__ _1950 J J
8
9
812
9
17
Cuban Dom Sug let 754s _ _1914 • N
18
16 Dec'30
Stud with purch war attached_
1612 Sale 1612
17
3
Cumb T & T 1st & gen 53_ _ _1937 .1 J 104 Bale 10314
10414 81
Cuyamel Fruit lets t 6s A _ 1940 A0 1035 104 10312
8
104
14
Denver Cons Tramw 1st 5s _ _1933 A 0 63
76 Dec'29
_
Den Gas & E L let & ref s I 5s'51 MN 101 1023 101
4
1013
4 10
Stamped as to Pa. tax_ _ _ _1951 MN 1015 10234 101
8
10153
4
Dery(D G) Corp lets f 78_ ..1942 MS
61
Oct'29
2d 7s stpd Sept 1930 coupon_ _
5
614 3 Dec'30 - - _ _
Detroit Edison let coil tr 59_1933 JJ 1027 103 1025
si
8
103
17
let & ref 5s series A_July 1940
10518 10514 10518
10512 41
Gen & ref Is series A_ _ _1949 AG 10612 Sale 10618
107
27
let & ref 6s series 13_ _July 1940 M S 10512 Sale 10514
10512 81
Gen & ref Os series B
1955• D 10614 10658 106
10614
7
Gen & ref 5s series C
1962 F A 10612 107 10612 10713 22
Gen & ref 4 yis series D
1961 FA 10138 Sale 10078
1015 482
8
Bet United let con g 4;4s-1932 J J 9713 99
9818
9318
2
Dodge Bros deb 6s
1940 MN 8912 Sale 8712
8913 36
Dold (Jacob) Pack 1st es__ _1942 SIN 65 Sale 65
66
4
Dominion Iron & Steel 58-1939 M S 90
101
A pr'30 - - Donner Steel let ref Is
1942 J J 91 101
94
Jan'31
N 10314 Salo 10318
Duke-Price Pow 1M Os ser A.1966
1033
4 18
Duquesne Light let 43443 A _ _1967 A0 1043 Sale 104
4
4 91
1043
East Cuba Sug 15-yr s f g 7 Yis 37 MS 32
35
31
'
Jan'31
98
Ed El III Skin 1st con 6 4s_ 1939 J
9914 9914 Jan'31
Ed Elm(NV) let eons 855.1995 J J 11618 ____ 11511 Jan'30
Option sale.
c Cash sale. s
High
Low
8
1013 1063
4
943 101%
1
99, 101
4
103 106%
193 105
1004 107 4
3
10434 1091
:
116 19$1
:
10018 108
101 107
9914 101
995 1081
1
:
5214 84
66
0814
14
66
9814 10514
.
8113 c943
71
883
4
;Oils 1644
10134 10318
It
100
103 1
,
106 1074
44
Cl
92
91%
90%
67
102 c1081s
1033
3r11273
66 47
/
1
4
6613 96
63% 883
4
96
67
100 c107
971 104
92
143
47
33
97 105
3% 441a
414 5
78
88
10313 10638
94 11117
4
64 ell()
r81 c82
-82
94
103 1011 8
,
116 11814
232 106
100% 10514
96
96
871 931
4
:
94 102
99 104%
1001 106 1
4
,
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 23.
cv
631
Prlee
Friday
Jan. 23.
131st
Edith Rockefeller McCormick
Trust coil tr 6% notes__ _1934 J
Elec Pow Corp(Germany)6 543'50 N S
1953 A 0
Iststayis
Elk Horn Coal 1st & ref 634431931 1 D
Deb 7% notes (with warr) 1931
0
Equit Gas Light let con 5s_ _1932 IA
Ernesto Breda Co lst m 7s_ _1954
With stock purchase warrants_ F A
Federal Light & Tr let 513— _1942 MI S
let lien s f 5s stamped_-- _1942 N S
1942 141 S
1st lien 6s stamped
30-year deb 65series 13_ _ _ _1954 J D
1939 1 1)
Federated Metals st 7s
Fiat deb Is (with warr)
1946 J .1
Without stock much warrants
Flak Rubber let s f 88
1941 M S
Framerican Ind Dee 20-yr 734s'42 J
Francisco Sug let a f 7 Y4s_ _194'2 MN
Gannett Co deb es
1943 F A
Gas& El of Berg Co eensg 581949
D
Gelsenkirchen Mining 6s_ _ _ _1934 M 8
Gerd Amer Investors deb 56_1952 F A
Gen Baking deb 51 5 Yis----1940 A 0
Gen Cable 1st s f 554s A_ _ _ _1947 J
Gen Electric deb g 3 Yis
1942 F A
Gen Elec(Germany)7s Jan 15'45 J J
S f deb 6 Ms with warr_ _ _ _1940 J D
Without warr'ts attach'd_1940 J D
20
-year s f deb 643
1948 Al N
Gen Mot Accept deb 139_ _ _1937 F A
Goal Petrol let s f 5s
1940 F A
Gen Pub Serv deb 534s
19393 J
Gen Steel Cast 534s with wart.'49 J J
Gen Theatres Equip deb 68.1940 A (
Good Hope Steel & I sec 7s _ _1945 A 0
Goodrich (13F) Co let 634s.I947 J J
Cone deb 134
1945.3
Goodyear Tire & Rub lst 5s_1957 MN
Gotham Silk Hosiery deb 68_1936 J D
Gould Coupler lets f es_ _1940 F A
Gt Cons El Pow (Japan) 78_1944 F A
1st & gen s f Ms
1950J J
Gulf States Steel deb 554s1042 J D
Hackensack Water 1st 4[3_1952 J J
Ilarpen Mining Os with Mk purch
war for coin stock or Am sits'49 J .1
Hansa SS Lines tls with warr 1939 A 0
Havana Elee comet g 5s_ __ _1952 F A
Deb 5345 series of 1926_ _ _1951 NI S
Hoe(R)& Co 1st 6 Yisser A _1934 A 0
Holland-Amer Line 68 (flai)_1947 M N
Houston Oil sink fund 534s_ _1940 MN
Hudson Coal let s 55 ser A _1962 J
Hudson Co Gas 1st g 5s
1949 NI N
Humble Oil& Refining 5;0_1932 J .1
Deb gold 5s
1937 A 0
Illinois Bell Telephone 5s_ .1950 J D
Illinois Steel deb 434s
1940 A 0
I'seder Steel Corp mtge 6s_ _1948 F A
100§8 105
:
933 991 Indiana Limestone lets t 68_1941 1A N
4
1936 M N
94 1001 Ind Nat Gas & 0115a
:
Inland Steel let 4
1978 A 0
9814 103
Inspiration Con Copper 6 Yis 1931 M S
83
60
I uterboro Nfetrop 4;4s_.._ _19543 A 0
56
97
CU, of deposit
10214 1051
:
Interboro Rap Tran let 5s__1966 J J
7914 86
J J
Stamped
10018 106
Registered
11015 126
1932 A 0
10
-year 65
et
25
19
-year cone 7% notes_ _ _1932 NI S
7814
50
5313 53', lilt Agri Corp 1st 20-yr Os. _1932 M N
Stamped extended to 1942_ ___ M N
100 10513
Int Cement cone deb Os_ _ _ _1948 M N
Internet Hydro El deb 68_ _1944 A 0
64
66
Internet Match s f deb 5s_ _ _1947 NI N
7812 92
87
9814 Inter Merest] Marine et 6s _ .1941 A 0
84318 93% Internet Paper Is ser A & B,1947 1 J
Ref 8 t f3s series A
1955 M
63
77
41
Me, 111Doeey ) b7 s deb g 434B 1952 J .1
iel& 4
d
rrnb5a e 'eleg
Cony deb
96 10014
1 J
84 3 36
5
IIII A
IF s
985 103 4 Kansas City Pow & Lt 55_ _19 2
8
1955
3
1st gold 454s series B_ _ _.1957 J J
98% 103 3
3
95 101,1 Kansas Gas & Electric 4545.1980
D
Karstadt (Rudolph) 65
98
90
93% lull% Keith (13 F) Corp 1st 65_ _ _1943 51 N
1946 M S
86 IOU
Kendall Co 5 Y4s with warr_ _1948 51 S
SO 106
Keystone Telep Co 1st 5s 1935 J J
Kings County El & P g Os. 1937 A 0
83
98
10114 10614
Purchase money 6s
1997 AO
Kings County Elev let g 4_1 7 I A
1919 ,
9512 10014 Kings County Lighting 55_ _ _195 t J .1
9$13 10914
First and ref 6 Yis
J J
851 ter
:
Kinney(GE)& Co 734% notes 5 1
1934
'6
Kresge Found'n coil tr 65...A936 1 0
80 40644 lireuger & Toll 5s with ware.1959 MS
22
413
106 108
Lackawanna Steel let 58 A.._1950 M S
98.4 108,s Lael Gas of St L ref & ext 55.1931 A 0
10314 106
Col & ref 534, series C..1953 F A
837 963.
3
Coll & ref 534,ser 0
1960 F A
597 87
8
Lautaro Nitrate Co cone 65_1954
915 :00
4
Without warrants
J J
9714 10354 Lehigh C & Nays t 43-4s A _ _1954 J J
94 l04, Lehigh Valley Coal let g 5
9-1933
9413 1413
1st 44)-yr gu Int red to 4% _1933 J 3
73
V8
lst&refsf5c
1931 F A
1st & set s t 5s
884 41.,
1944 F A
277 11312
e
let & ref St 55
1954 F A
9214 IOW,
1st & ref s t 58
1964 F A
5
385
s
1st & ref s f 58
1974 F A
67
16
Liggett & Myers Tobacco 70_1944 k 0
14
5s
40,
1951 F A
10014 105
Locw's Inc deb es with warr 1941 A 0
10214 106
Without stocks purch warrants A 0
Lombard Elec let 7s
J D
102% Without warrants with war '52 J D
011 106
t
Lorillard (P)Co 7.
1944 A 0
5s
1951 F A
47
1)eb 654,
1937
1691 104
0
Louisville Gas & El(Ky) 58_1952 NI N
191 1014, Lower Anstria Hydro El Pow1013 196'1
4
1stst633s
1944 F A
10/ 106,1 McCrory Stores Corp deb 5 54s'41 J D
103 1071 McKesson .5.: Robbins deb 554s'53 M N
.
10243 107% Manatl Sugar 1st s t 7 Y4s_ - _1942 A 0
Manhat Ry(NY)cons g 4t3_ _1990 A 0
96 101
2d 443
2013,1 D
75
11111r Manila Elec Ry & Lt fl 1 5s _ _1953 91 8
35
75
Mfrs Tr Co ctts of partic In
10• 101
14
A 1 Namm 6:. Son let 6s_ _1913 .1 D
9273.1041f Marlon Steam Shovel e t fis_ _1947 A 0
i6113 1061
, Market St Ry 7s ser A _ April 1940 Q .1
91114 10413 Meridionale Elec 1st 7s A.. _1957 A 0
,
30
97
Mead Corp lit 641 with wars_ 1945 A 0
944. 994 Metr Ed let & ref 58 ser C 1953.11 .1
.
400 ivss,
lag 4y4sserD
1968 PA S
Week's
Range or
Last Sale.
Ask Lao
Range
rot Year
1930,
6412 Sale 6338
93
95
97
935 Sale 93
8
102 10212 102
98
973 99
s
95 Bale 95
7978 85 80
8112 Sale 7912
3212
8
325 48
106 Sale 10512
58
67 61
75 Sale 75
1053 _ -- 103
8
9012 Sale 90
8
88 Bale 873
95 Sale 95
4
87 Sale 863
9514
9514 96
97 Bale 95
91
903 92
4
91 Sale 9 3
04
89 Sale 83
10312 Sale 10318
10212 10254 10212
9412
9412
5
94 Bale 93 8
73 Sale 67
e94 Sale 89
10112 Sale 97
6912 Sale 6914
89 Sale 883
4
7618
77
80
68
681 68
98 Sale 97
90 Sale 87
89 Sale 8912
90
6412
Jan'31
935
8
102
98
95 3
8
80 3
4
82
3212
10614
Jan'31
77
Dec'30
9012
88
9614
897
8
9514
97
Dec'30
92
89
10312
10212
95
95
7
73 8
c94
10114
7012
8914
7618
68 12
98
90
8912
Bale
Sale
103
1031
5712 Sale
983 101
4
9714 __991s - -7712 81
___ 63
____ 597
_ ___ 50
122 Sale
10514 106
105 Sale
98 Sale
85
86
93
87
108 Sale
8312 Sale
9512 Sale
104% 105
8012 83
947 Sale
8
8338 Sale
33
27
5512 571
4612 471
95 100
9234
47
961 g
913
4
87
105
10112
10212
10312
10212
10212
100
72
693
4
_ 79
64112
_
99 4
3
_
6
5
7
103ft
9712
0412
98
75
10112
5
_ -5
4
3
11
2
35
1
28
_
10
_
26
24
37
7
2
22
-4
26
67
11
20
38
548
7
30
178
241
10
10
13
32
4
58
84
94 11,038
92 1001s
92 105
9218 10012
93 102
7412 107
741 947
:
1
26
39
103 109
7213 97
80
937
3
997 10318
3
82
963
4
8014 111
9513 91113
93 163 3
1
94
96
8913 105
91 124
8411 101
80
9714
100 1063
4
99% 102%
89 103
89 14/614
50 10014
81 .103
95% 107%
79
63
8213 46
9711
75
667s 8473
Cl 10113
83
95
89 1007
8
Jan'31
8134 Bale 7814
813
4
75
76
75
7612
51
5312 60
Jan'31
283 297 283
4
4
8
283
4
65 Sale
59
68
59
80
93 Sale 93
93
557 Sale 5234
8
56
105 10612 105
105
10214 Bale 102
10214
10134 Sale 101
1013
4
8 10618
106 Sale 1055
10112 Bale 10112 10214
7314 Bale 7414
7412
4914 Bale 48
50
100
_ _ _ 100 Dec'30
9734 Sale 965s
973
4
100 Sale 100
100
912 Jan'31
912 20
77a 912 Jan'31
6914 Sale 683
4
6912
697 Sale 6812
8
697e
734 Sept'311
8
56 Sale 54
06
91 Sale 893
8
91
99 Sale 9834
99
76
76
77
76
9614 Sale 05
9614
903 Sale 8812
4
91
927 Sale 92
8
9314
96 Sale 9412
96
7512 Sale 75
76
66 Sale 66
63
8018 Sale 77
81
8938 Sale 8434
8918
847 Sale 8218
8
86
10512 - - 105
10544
10312 Sale 10312 10312
9514 Sale 95
9512
62 Sale 593
4
62
76
76
79
76
56 Sale 50
58
82
82
88 82
1033
104
4 - - 104
13812
135
13512
7618 797 SO
SO
8
105
__ _ _ 10512 105 2
,
1181g
11812
11812
____ 893 8712
4
89
1023 Sale 10238 1023
8
s
90 Sale 88
90
103
10314
10212
103
High
lligh No, Low
4
1013 Sale 10112 10114
7812
7818 Sale 78
763 7614 77
s
77
793 Dec'30 _
4
6012 Oct'30 _
1013 Jan'31 _
4
103
1033
2
103
103
85
12
25
7
2
2
5
205
1
41
58
16
64
13
25
_
1)6
27
46
125
11
32
8
3
62
37
217
3
4
5
43
284
230
6
5
119
131
1
13
1
5
1
20
1
242
7
27
20
39
917
4
94
77
70
92
60
8412
,
2118 6e12
65
DO
0%18 931s
8913 11714
4878 73
10114 107
101 103
9941 103
103 1063
4
97 10213
92
67
45
8538
100 10118
91
99
9911 10113
Sig 94
114
14
til
7514
61
7514
60% 73%
4474 68
84
9314
931tc100
744 7913
91 103 8
4
76 104
94 101
92 1023
4
72
W112
5978 34
6713 94
77% 139%
73
99%
108 166%
9513 103
911% 971a
1
4
563 837
74
91
30
943
4
921:
76
10014 10414
126 138
7513 88
11101,101
11414 11914
85 10714
10114 105
8974 1004
190
39
100
1003
4
104
10"
10514
105
38
8714
5418
5712 127
10014
9912
101
3
9914 1.02
1013
8
1013
1
8
9513 973
4
9712 Mar'30
8113 100
9912 Dec'30
763 03
4
Jan'31
78
74
66
66 Aug'30
70
7614
70 May'30
60
75
60 Mar'30
120
121
29 11711 125
4
993 10934
105
18
106
21 100 130
10012 105
913 10113
4
15
9712
98 2
,
9913
70
8512
46
90
7113 99
85
35
86
10614
30 101 11113
103
77% 9114
853
4
8812 67
9714
84
9414
9512 170
10412 104% 13 )00 10612
8112
9
8142
9478
9412
8
84
8112
117
35
3218
3
5518
25
57
48
Jan'31
98 Dec'30
931 9412
Sale 42
953
4
97
91
94
Sale 87
1051 10412
Sale 1003
4
9412
47
9612
94
8812
105
10112
2
20
14
12
38
28
33
7214
9334
7t)
131j
40
42
90
91
10014
93
86
60
54
99 4
4
92 100
46
883
4
973
4
83
94% 102
89
9038
lel 13512
9714‘101484
New York Bond Record-Continued-Page 6
632
Price
Friday
Jan. 23.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 23.
Metrop WatServ & Dr 5348_1950 A 0
1,1etr West Side E(Chic)
.45.1938 F A
Niag Mill Mach 75 with war_1956 J D
J D
Without warrants
Midvale St & 0 colt tr f 58 1938W
Milw El Ry& Lt let 5s B___1961 J D
Montana Power 18t 55 A___1943 J J
Deb 58 series A
1962 J D
Montecatinl Sun & AgrIcDeb 7s with warrants......1937J J
.1 J
Without warrants
Montreal Tram let & ref 58_1941 J J
Gen & ref f 58 series A ___I955 A 0
Gen & ref sf 5s ser B
1955 A 0
Gen & ref s 434s ser C 1955 A 0
Gen & ref s f 58 ser D___ _1955 A 0
Morris & Co 1st f 434s
1939 J .1
Mortgage-Bond Co 4s ser 2_1966 A 0
10-25 year 5s series 3
1932.9 J
Murray Body 1st 65.413
1934 J D
Mutual Fuel Can 1st gu g 53_1947 M N
Mut Un Tel gtd 68 ext at5% 1941 MN
Week's
Range or
Last Sale.
14
ccl,%
II
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Jan. 23.
Price
Friday
Jan. 23.
1Veek's
Range or
Last Sale,
5
20
27
5
95
9412 Sale 94
95
93
9412 95
9912 Sale 99%
9912
99
4
913 94% 99
4
4
913 - - 963 Sept'30
8412 Dec'30
86
82
92
4
913 ---- 9178
81
81 Sale 7912
73 June'30
90
70
98 14
9814 Sale 98
97
95
8
967 95%
8
10614 -- 1057 Jan'31
10212 103 10314 Nov'30
7
24
2
13
50 Jan'31
5012 51
9212 9712 95 Dec'30
3
101 Sale 100 8 101
16
11 Sale 11
105
10412 10612 105
94
94 Sale 91
8
1095
10918 110 109
10514 10512 10514 10512
8912
8912 Sale 8814
90
8
90 Sale 877
8112
8114 Sale 8114
7811
7412 Sale 7412
11514
114% Sale 1147
5
4
1053 Sale 105 8 106
4
3
109 4 ____ 10858 1093
9914
9814
9014 100
100 112 Sept'30
90 Dec'30
8
1005
43% Oct'30
54
40
40 Dec'30
212 Dec'30
4
1
14 -- 1 July'29
2% Sale
212 3
46% 52% 50
50 14
106 107 10618 10618
N Y State Rys 1st cons 430_1962 MN
MN
Registered
-Certificates of deposit
50-Yr 1st cons6Hsseries B 1962 MN
N Y Steam 1st 25-yr 68ser A 1947 M N
let mtge Be
1951 M N
N Y Telep lot & gen sf4348_1939 M N
-year deben at 6s__Feb 1949 F A
30
1941 A 0
-year ref gold 6s
30
1946J D
N Y Trap Rock 1st 65
Niagara Falls Power 1st 5s_1932 J J
Jan 1932 A 0
Ref & gen 68
Nlag Lock &0Pr 1st 55 A_ _1955 A 0
Niagara Share deb 5348____1950 MN
Norddeutache Lloyd 20-yrsf68'47 M N
Nor Amer Cem deb 6348 A_I940 M
No Am Edlaon deb 5,5 ser A_1957 M S
Deb 534sser B__ _ _Aug 15 1963 F A
Deb 55 series CNov 15 1969 MN
Nor Ohio Tmc & Light 68_ _1947 M £11
Nor States Pow 25-yr 58 A.1941 A 0
_1941 A 0
let dr ret 5-yr 6s ser B
North W T 1st fd g 4 Ms gtd_1934 J J
Norweg Hydro-E1 Nit 5348.1957 M N
17
7
7
7 Bale
6 Dec'30 _ _ _
2
7
4 7
83
7
3
9
9
10
7
1
10712 108 10712 10712
4
1013 Sale 10134 10212 14
10514 Sale 10212 10512 60
5
11114 111% 11118
ill's
4 10718 40
107 Sale 1063
2
9614
9614 96
96
20
101
101 Sale 101
9
10218
10218 Sale 102
Jan'31
104
10418 _
18
93
93 Sale 92
29
85
85 Sale 8414
56
45
43
45 41
8 17
10258 Sale 10214 1025
10314 Sale 10212 10312 43
4
983 109
4
983 Sale 98
3
105 4 Sale 10334 1054 32
20
10318 10312 10212 103
s 13
10678 Sale 10512 1067
10014 Jtua'30
10018
116
100 Sale 9814 100
Ohio Public Service 73.45 A-1946 A 0
1947 F A
Ist & ref 75 series B
Ohio River Edison 1st Os_ _1948 J J
1944 F A
Old Ben Coal 1st 6s
1943 F A
Ontario Power N F Ist 58
J
Ontario Power Serv 1st 5391_1950
Ontario Transmission 1st 50_1945 M N
1953 M
Oriental Devel guar (is
1958 MN
Esti deb 5345
Oslo Gas & El Wks esti 58_ _1963 M S
Otis Steel 1st M 65 ser A_ _ _1941 M
11014
111 11114.110
11218
112 11214 112
10112 Sale 10112 10115
51
4912 Sale 49
8 1043
8
10411 10512 1043
9212
0114 Sale 924
10014 10312 100 Jan'31
9712
9712 Sale 9618
9112
9112 Sale 9012
9714 sale 95 4
3
9714
971 Sale 97
9712
Pacific Gas& El gen & ref 58 1942 J J
Pacific Tel & Tel 1st 55_ _1937 J J
1952 M N
Ref mtge 5s series A
Pan-Amer P & T cony s f 68_1934 MN
Pan-Am Pet Co(ot Cal)conv 65'40 J D
-B
Paramount way 1st 5 Ms_ _1951 J J
Paramount-am's-Lasky 68_1947 J D
Paramount Public Corp 530 1950 F A
Park-Lex Mt leasehold 6348_1953 J J
1944 A 0
Parmelee Trans deb 68
Pat & Passaic G & El cons to 1949 M 8
Pathe Exch deb 78 with warr 1937 M N
1941 M
Penn-Dixie Cement as A
Peop Gas ,St C 1st cons g 68-1943 A 0
1947 M $
Refunding gold he
M
Registered
s 10312 14
10312 Sale 1027
4
1043 Sale 10414 1043
4 16
7
3
4
1063 108 106 4 106 8 10,
4 10214 15
1017s 10214 1013
5512 29
5312 Sale 50
11
10218 Sale 10218 103
97
67.
97 Bale 9512
884 Bale 871
3
88 4 122
6211 12'
6212 Sale 6034
10
36
4
393 36
36
106 ___ 10512 Jan'31
6212 54
60 Sale 53
19
75
75 Sale 711
Jan'31
1121 ____ 114
56
8 107
10812 ____ 1065
____ 102 Dec'30
101
1967! D
Phil& Co sec 5s ser A
1967 MN
Phil& Elec Co 1st 434s
Phil&& Reading C & I ref 5s- 1973 J J
1949 M S
Cony deb 68
Phillips Petrol deb 5315_ _ _..1939 J D
Pierce Oil deb 8 f 8s_ _Dec 15 1931 J D
Pillsbury Fl Mills 20-yr 68_ _1943 A 0
Pirelli Co (Italy) cony 7s. _ _1952 M N
Pocah Con Collieries 1st e f 5s'573 J
Port Arthur Can & Dk as A.1953 F A
1953 F A
1st M 6s series B
Portland Ry L & P 1st ref 53,1942 F A
1st lien & ref 734s ser A_ _ _1946 MN
Portland Gen Elec 1st 58_1935 J J
Porto Rican Am Tob cony 6s 1942 J J
Postal Teleg & Cable coil 58_1953 J J
Pressed Steel Car cony g 58_1933 J J
Pub Serv Corp NJ deb 4345_1948 F A
Pub Serv El& Gas 1st & ref 5E1'65 J D
19673 D
1st & ref 4345
1970 F A
1st & ref 4348
Sugar deb 75_ _1937 J J
Punta Alegre
Certificates of deposit---------1937
Pure Oils f 5 % notes
1940M S
SI534% 905,73
Purity Bakerels s t deb 5s_1948 J J
10018 Sale 9914 100 4 2721
3
8
1033 Sale 10338 10312 15
8212 12
8112
8
825 87
52
82
82 Sale 7812
88% 56
8714 Sale 8512
1
10312 Sale 10312 10312
4
105
105 Sale 104
2
3
95 4
3
3
95 4 9812 95 4
93 Nov'30
91
Rig: sale 102% 10312 14
101 10312 102 Jan'31
1
105
105
105
17
4 107
107 10714 1063
1017 -- 10112 Jan'31
4
8 23
697
6978 Sale 6512
63
73
73 Sale 69
1
8512
8511 Sale 8512
Jan'30
190
1
105
105
10514
32
10318 Sale 10318 104
8 76
Bale 0318 1035
10314
4212 1212 June'30
7
Jan'31
- 12
3
9178 Sale 9112
9314 34
23
92
91% Sale 91
20
941
94
4
9414 943
Remington Arms 1st at 6s_ _1937 MN
Rem Rand deb 5345 with war '47 M N
Repub I & S 10-30-yr 5581_1940 A 0
Ret & gen 5345 series A_ _ _1953 J J
Revene Cop & Br 65_ __July 1948 3.1 S
Rheinelbe Union 75 with war 1946 J J
, Without stk porch ware. 1946 J J
-Main-Danube 78 A _ _1950 M
Rhine
Cash sale.
s Option sale.
95% Sale
89 Sale
9934 Sale
8714 89
9912 100
8512 Sale
8518 86
91 Sale
_
468
26
1
14
40
14
15
61
29
28
8
14
6
9
_ _ -_ __
_
9514
95
89$4
8812
4 100 _
993
Jan'31
80
100
9912
8515
8512
$5l j
85
92 I
90
_
51
19
5
5
2
1
16
5
9
26
36
65
21
5
45
-9
1
31
10
1'1
Range
for Year
1930.
Ask Low
Bid
Rhine-Westphalia El Pow 75 1950 M N 97 Sale 9134
1952 MN 82 Bale 79%
Direct mtge 65
Cons M 68 131'28 vrIth war_1953 F A 79 Sale 7512
F A 75
76
81
Without warrants
Con m Os of 1930 with war 1955 A 0 78% Sale 7612
69 66
Rhine-Ruhr Wat Ser 6s____1953 J J 66
1944 M N 58 Sale 53
Richfield Oil of Calif 65
1955 F A 85% 87 86
Rime Steel 1st t 7s
5
Rochester Gas & El 78 ser B_1946 M S 105 s Sale 05%
1948 M
102 105 0512
89 108
12
Gen mtge 5345 series C
8734 102
99% 10014 9912
Gen mtge 4348 series D-1977 M
M N _ _ 90 85
95 101
Roth & Pitts C&Ipm 58_ -1946
90
9114 96 8 Royal Dutch 48 with warr 1945 A 0 91
3
3
9178 96 4
844 9914 St Jos Ry Lt H de Pr let 55_1937 MN 99% 9912 9914
47
50
9114 95
13 St L Rock Mt& P 5s stmpd_1955 J J 47
3
3
18 St Paul City Cable cons 58-1937 J J 87 g 92 87 8
85
79
19373 J 88 8 92 92
3
14
73
TS
Guaranteed As
ems 100
San Antonio Pub Serv lot 08.1952.9 J 107 Sale 06
89 100 Saxon Pub Wks(Germany) 7s'45 F A 82 Sale 8018
1951 MN 77% Sale 75
7
99 s 106
Gen ref guar 6SO
9833 10314 Schuico Co guar 0348
1946 J J 60
6212 60
634s series B___ _1946 A 0 60 Sale 60
Guar
Sharon Steel Hoop 8 f 530-1048 F A 8814 Sale 87
4438 59 3 Shell Pipe Line at deb 58-1952 MN 913 Sale 8814
3
4
95 1024 Shell Union 011 s 1 deb 58-1947 M N 843 Sale 8414
4
1949 A 0 8718 Sale 85
94301014
Deb 5s with ware
40
14
2
Shlnyetsu El Pow 1st 630_1952 J D 897 Sale 85
102 1074 Shubert Theatre 6s_June 15 1942.9 D 213 Sale 18
4
1935 J J 9012 sale 95
99
81
Siemens & HaLske s I 713
1951 81 S 00 Sale 89
12
103 110
Deb St 0345
4
9813 1051. Sierra & San Fran Power 58_1949 F A 102% Sale 023
71
9538 Silesia Elec Corps!630-1946 F A 67
65
81
8
83 96
Silesian-Am Corp coil tr 78-1941 F A 6118 617 6112
80
3
14 864 Sinclair Cons 011 15-Yr 78.-1937 M 8 9934 sale 99 4
19383 D 97 Sale 97
86
70
1st lien 6 Ms series B
4
11113 115
Sinclair Crude 0115 Xsser A_I938 J J 102% Sale 013
8
10214 106
1942 A 0 101 Sale 997
Sinclair Pipe Line 81 58
1939 M S 8012 Sale 8012
10418411011 Skelly Oil deb 5348
03
3
924 98 4 Smith(A 0) Corp 1st 630-1933 M N 10212 103
1942 M S 9914 Sale 96
90 102 Solvay Am Invest 5.5
96
99% South Bell Tel & Tel 1st f 55'41.9 J 105 Sale 10434
434 4318 S'west Bell Tel 1st & ref 5s 1954 F A 106 Sale 106
10214 Sale 10214
43% Southern Cob Power 65 A...1947
60
3
24 4 4 Stand 011 of N J deb 5s Dec 15'46 F A 1043 Bale 10418
8
Stand Oil of NY deb 4348..1951 J D 10012 sale 9912
11
2
Stevens Hotel 1st 685er A...1945 J .1 63 Sale 62
24
45
21
7214 Sugar Estates (Oriente) 75-1942 M
1071s
10313 1.0814 Syracuse Lighting 1st g 58_1931 J D 10714
High No Low
Molt
9712 18
81 104
26
83
74
95%
26
79
734 944
78
3
79 94
47
9333
79
TO
1
66
4
561 89
584 228
9814
61
2
87
14
97
79
8 105 1101s
1063
4
Jan'31
_ 1044 108
9912
4
97 1014
Dec'30
85 85
9114 309
8614 92
3 c25
Tenn Coal Iron & RR gen 55_1951 J J 105 ---- 105
9612
97
17
5
Tenn Cop & Chem deb 6813,1944 MS 96
20
5
Tenn Elea Power 1st 65--1947 3D 10614 Sale 10614
3 c24% Texas Corp cony deb 5s.---1944 AO 100 Sale 9814
10518 109
Third Ave Ry 1st ref 48-1960 J J 5012 Sale 49
4
9912 104
AdjInc 58 tax-ex N Y Jan 1960 AO 31 Bale 293
3
98 5 10312 Third Ave RR 1st g 58
1937 J J 9614 Sale 9614
g
11014 112
1955 MS 9014 Sale 957
Power 1st 78
Toho Elec
10534 1081
1932• .2 98% Sale 98s
3
6% gold notes
94 104
Tokyo Elec Light Co, Ltd
14
4
1
/
100 104
1953 J D 88% Sale 871g
1st 6.5 dollar series
10412
10013 1041 Trenton G & El lot g 5s_ _ 1949 MS 104114
:
72 •
72
101 105% Truax-Traer Coal cony 6345.1943 MN 71
94
87 104
Trumbull Steel 1st sfOs._ 1940 MN 9712 98
9313 Twenty-third St Ry ref 58..1962 J J 20
844
2612 2612
70
44
Tyrol Hydro-Elec Pow 7348_1955 MN 9512 Sale 9512
18
99 104
1952 FA 873 8812 88
Guar sec s t 78
4
994 194%
99
9412 102
12 Uligawa Elec Pow,f 7s..._1945 M
99% 100
4
1013
98 108
Union Elec Lt& Pr(Mo)55.1932 MS 101%
1933 MN 102 Sale 101
9914 10414
Ref & ext 68
5
102301104 Un E L P (III) 1st g 530 A 1954 .1
104 Sale 1035
69%
98 1004 Union Elev Ry (Chic)5
51- -1975 A0 6814 74
8
88% 9818 Union Oil 30-yr 68A_ ,....May 1942 FA 10514 107 1047
4
8
1st lien f 58 tier C-Feb 1935 A0 997 sale 993
2
110 1124
Deb 58 with ware..._Apr 1945 J D 9512 96 947
110 115
United Biscuit of Am deb 68_1942 MN 10211 sale 10212
1953 ▪ S 99 Sale 9814
106 4109
United Drug 25-yr 55
6014 60
484 4103 United Rys St L 1st g 4s
1934 I, 59
8
1
99 4 106
1937 MN 10114 10112 10114
United SS Co I5-yr as
- Un Steel Works Corp 634s A-1951 3D 74 Sale 72
711g
1951 3D 717 73
98 103 4
3
8
Sec s OM series C
92 100
1947 .1 .1 7012 Sale 70
SIdeb(33488er A
Ws 934 United Steel Wks of Burbach984
pp
8
Esch-Dudelange 5 1 75._ 1951 AO 106 107 1053
94 104
,• j 74% Sale 72%
US Rubber 1st & ref 55ser A 1947
Jan'31
9714
2
8 43
1063
100
557
5114 85
3212 33
5 10
963
9614 34
991g 32
High
High No. Low
Ask Low
Bid
75
70
4 44
743
72 Sale 71
551, 551,
4
7512
---- 7512 7512
Jan'31
78 97
643 7712 65
4
57
1
91,
66
66
6712 66
994 103
86
102
4
1013 Sale 101
964 104
10114 45
101 Sale 100
10412 Sale 10418 104% 136 100 1047
s
4
95 1044
8 19
1005
100% Sale 100
Namm (A 1) & Son_ _See Mfrs Tr
J
Nassau Elec guar gold 4s_ -1951
1942! D
Nat Acme 1st s 6s
Nat Dairy Prod deb 53(5_ _1948 F A
1947 F A
Nat Radiator deb 6345
Newark Consol Gas cons 58_1948 J D
Newberry(J J) Co 53.4% notes'40 A 0
New Engl Tel & Tel 5s A- 1952 J D
1961 MN
Ist g 4348 series 13
New On Pub Serv lot 55 A_ _1952 A 0
First & ref 55 series B__ _1955 J D
N Y Dock 50
-year 1st g 4s 1951 F A
1938 A 0
Serial 5% notes
N Y Edison 1st & ref 6348 A.1941 A 0
1st lien & ref 58 series B1944 A 0
NYGasElLtH&Prg56-1948 J D
Purchase money gold 4s..1949 F A
NYLE&WCoal&RR 5345'42 MN
NYLE&WDock&Imp 55'43 J J
N Y Rya 1st R E & ref 48_ _ _1942 J J
Certificates of deposit
-year ad) Inc 5s___Jan 1942 A 0
30
Certificates of deposit
N Y Rys Corp inc 65Jan 1965 Apr
1965.9 J
Prior lien as series A
Y & RIchm Gas 1st 6s A--1951 M
Range
for Year
1930.
s
997
Jan'31
874
Jan'31
10714
82
7712
60
60%
89%
4
913
86
8
885
89%
4
213
9612
90
103
7114
6134
100
97%
10212
101
8112
1031g
9714
10514
10612
10312
3
104 4
19012
6312
24
Dec'30
7
a
15
22
50
9
10
17
46
66
171
32
24
8
45
2
3
21
59
20
167
51
13
10
19
67
17
3
128
274
20
1
9934
94
64
46
80 c92
92
813
102 10912
7314 100 4
3
7
66 8 c99
45
80
45 c95
85 100
80% c99%
71
99%
72% 10211
94
68
164 6911
971s 104
87 108
13
96 1034
62
9018
654 c97
91 105
904 10413
94% 1024
944 10234
76
97
101114108
9374 10114
101% 105%
102 1064
99 c107
1001 104 4
4
1
95 100 4
3
61
90
12
48
1034 1074
101 105
8912 10212
10338 108
9638 106
4212 551g
3514
22
92 100
921s 100%
954 10013
8812 163
9213
81
Nov'30
102 10412
72
2
941*
72
9712
5
88 104%
Jan'31
494
23
96
5
92 102
88
4
5
82 8 95
9918
4
4
1013
5
102
34
104
19
4
693
1
1047g 10
100
25
95
37
10312 10
9914 134
Jan'31
10112
74
49
73
18
7112 29
8
1053
7412
7
67
100% 104% Universal Pipe & Rad deb 6s 1936 J D 50
60 61 Nov'30
100 106
4 12
743
1953 AO 73 Sale 71
Unterelbe Pow dr Lt 68
101% 107 Utah Lt & Trac 1st & ref 58.1944 A0 9611 Sale 94 4
3
13
9612 50
1014 107
3
. Utah Power & Lt 1st 5g.. _1944 FA 101% Sale 100 8 1017
5
8 38
70
9813 Utica Elec L & P 1st
3
' 1031z 10012 10714 Oct'30
g 58 1950
99 103
14 Utica Gas& Elec ref & ext 55 1957 .1 .1 109% Sale 109 4 1097
3
6
2
89 103
14 Util Power & Light 5)4s
43
81
1947 3D 81 Sale 79
7613 94 8
7
4
743 112
Deb 58 with warrants_ -1959 FA 7414 Sale 71
60
86%
FA
-Without warrants
4
35
4
911 Vertlentes Sugar 1st ref 78..1942 JD 42 1E1- 42 -- 42 101 107
24
1953 I
20 Nov'30 _
22
Victor Fuel let 5 1 58
80
86
78
80 Dec'30
72
Va Iron Coal & Coke Mt g 58 1949 M
5514 83
Va Ry & Pow 1st & ref 55....1934 3' 10214 Sale 10218 10212 25
11018 115%
101 c105% Walworth deb 634s with war 1935 A0 7812 94% 70 Dec'30
100% ioa
85 Nov'30
7912 90
Without warrants
7614 Sale 7412
3
75 8 11
1st sink fund as series A-1945
14 Warner Bros Pict deb 68-1939 M
12
95 103
71% 458
71 Sale 6812
97 103 4 Warner Co 1st 68 with warr-1944 AO
3
_ 9512 96 Jan'31
7513 88 8
5
96 Dec'30
A0 la 105
Without warrants
68 110
Warner Sugar Refin 1st 78_1941 J O 105 Sale 10312 105
9
8214 97
12 Warner Sugar Corp let 78-1939
3 15% 2414 1712 Jan'31 _
'
103 107
1518 2912 15
Stamped Jan 1 1930 coup on'39
1514 30
%
10212 10614 Warner-Quinlan deb 65_ -1939 MS 5412 Sale 46
5412 16
3
3
93 4 113 4 Wash Water Power 5 t 5s-1939 J
105
1
103 104 4 105
3
93 95
Westchester Ltg 58 styd gtd_1950 3D 107
3
107
10714
98 106
5
West Penn Power ser A 58_1946 MB 10514 fitait 10514 10512
1002 105
1963 MS 10612
let 58 series E
4
3
105 4 106
96 1051s
1953 A0 105 _ _
1st 5345 series F
5
10512
105
1041s 1094
1950 3D 105 Sale 105
1st sec fai series G
2
10512
9814 1034 Western Electric deb 58--1944 AO 106 Sale 1045
40
4 106
28
60
Western Union coil trust 58_1938 J J 1033 105 10312 10412
8
9
2612
50
Fund & real eat g 430-1950 MN 101 Sale 10084 101
25
94
74
1936 FA 10811 Sale 108
-year 6345
15
10812 23
181 194
1951 3D 10312 Sale 102
25
-year gold 58
103% 79
10218 106
1960 M
244
-year 58
30
4 104
104 Bale 1023
3
V510103 4 Westphalia Un El Pow 65._1953'.9 70 Bale 683
88
70
4
18
95 10318 Wheeling Steel Corp lot 534131648 3' 101% 103 100 4 101
3
813 55
31
911
let & ref 4348 series B.---1953 AO 913 Sale 90 4
3
4
34 65
White Eagle Oil & Ref deb 5348'37
8514 1004
26
103
With stock punch warrants _ _ M
10212 102% 10214
&us 100
White Sew Mach Os with ware'36 3J 33 Sale 3512 Jan'31
1
854 97 4
32
7
Without warrants
J J 32 Sale 31
221
5
Panic s 1 deb Os
2212 Sale 2212
1940 MN
14
93 100
Jan'31
.j935 J J
Wickwire Spen St'l 1st is.
13% 10
9
8214 101
8 Jan'31
Ctf dep Chase Nat Bank......
812 18
14
9318 103
8 Jan'31
78(Nov 1927 coup on)Jan 1935 111
26
8
81
79% 104%
7
9% 812
Ctt dep Chase Nat Bank.. _
8
1
96
14 Willya-Overland s 1630---1933 1 98 103
96
96
4
7 i 95
76 10714 Wilson & Co 1st 25-Yr 81 68_1941 AO 10012 Sale 100
100% 45
Jan'31
99
76
Repeat Arms 7345'41 AO
8
__ 727 83
Winchester
10314 66
87 1036 Youngstown Sheet & Tube 55'78 J J 103% Sale 1027
s
97 10114
100 103
100 103
10013 105
8313
68
10558 110
1
96 4 103
904 10113
99 70414
904 101
74
60
964 1014
684 92
684 92
66% 9112
102
68
1076
1
884
60 63
91
67
9114 9914
975.3035.
99 1074
10214 110
95
71
92
62
5420
70
9914
62
30
80
103
70 10912
9614
86
6134 934
60 113
96 1004
9912
89
98 107
104 564
514
10
95
45
10013 106
3
103 0109
10114 1064
102 1067
6
106 10616
101% 10613
10112 1054
82
100 10516
95 - 1024
105% 1104
100 10514
100 107
91
62
96 1043
4
854 9312
100 1084
90
29
86
27
21
.
801
40
8
74 39%
41
5
613 39%
91 c105
9644102%
100 104
904 1044
JAN. 24 1931.]
FINANCIAL CHRONICLE
633
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Jan. 17 to Jan. 23, both inclusive, compiled from official sales lists:
Stocks--
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
'ar. Price. Low. High. Shares.
High.
Low.
334
1,075
35 85
5 250
327
3
25 23%
100 80
40 15
247 127
4%
60
70 100
1434
1.39
80
5
50 84
80 14
1,530 12
760 3754
834 27
270 40
1,900 450
Dec
Dec
Dec
Oct
Nov
Oct
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Dec
Nov
Jan
XX M
NONON,.4004.0A04.0VA0
M094. 4M0.04.44
.0
Union Twist Drill
United Founders Corp com
U £3 Shoe Mach Corp pf.25
United Shoe Mach Corp_25
U.S. Elec Power Corp__
Utilities Equities Corp prei
Venezuela Holding Corp--Venezuela Mex 011 Corn-10
Waltham Watch pref
Prior preferred
Warren Bros Co new
Convertible preferred
Westfield Mfg Co
23
9
31%
57
5%
70
90c
234
45
90
32%
4034
22
270
1,343
1,193
1,474
125
10
100
315
20
6
415
5
130
18
6
30
6034
3%
134
250
134
3934
89%
27
40
20
Nov
Dec
Jan
Dec
Deo
Dec
Dec
Deo
Dec
Dec
Nov
Dec
Dec
..,10.54.0.04NNOt.
WV4000 NOMWOM
134 134
8% 9%
634 7
134 134
43-4 534
134 134
870
870
18
18
530
89
305
2,435
320
300
400
100
134
744
534
90e
434
990
36o
14
Jan
Dec
Dec
Alas
Nov
De(
Jar
De(
.00.NN.N
4
M. .
11% 11%
134 134
3
3
14
14%
734 834
7
734
134
10
1,150
38
175
650
934 De(
1
Sep'
1% Del
10
jai
6
Oa
6 Da
1
Jul3
134
134
3
1.100
1,400
71
00
993-j Tel
0
XM
98
Jai
9934 Jai
an
00
71% 72
13,000
32
32
1,000
1003-4 100% 15,000
101% 101% 2,000
85
85
500
101% 101% 25,000
I:, at
72
134
W
834
754
+422.1!g.ifi.d<g=
7
144
N40,,,pwo
N
.0400
BondsAmoskeag Mfg 6s.__ _1948
Chic Mil & St Paul adj---Mass Gen Co 4345_ _ _1931
New E ngl Tel & Tel 53232
Sevilla-Blitmore 714e-1937
1932
Wegtern T ez T 5s
32%
Oct
De
25% Dec
4%
WWWW=
Nevada Consol Copper_
234
North Butte
25
Old Dominion Co
P C Pocahontas Co
25
Quincy
St Mary's Mineral Land_25
5
Utah Apex Mining
563-4
21
7%
31
5534
534
70
900
2
45
90
29%
4034
22
8
X X XXX
Mining
5
Arizona Commercial
25
Calumet & Hecla
25
Copper Range
East Butte Copper Mine__
Isle Royal Copper
25
Keweenaw Copper
25
La Salle Copper Co
25
Mohawk
9
216
20
1,880
Dec
Dec
Jan
Dec
Oct
Dec
Oct
Dec
Nov
Dec
Dec
4,g... mo.w.. .
!Wass Utilities Assoc v t(3- 4%
4
434
Mergenthaler Linotype_
88
88
88
National Leather
i6
750
75c
Nat Service Co com she_ __ _
3% 3%
3%
New Eng Equity Corp corn
30
30
Preferred
5834 513%
New England Pub Fiery20
20
New Engl Tel & Tel_ __100 137
136 139
North American Avis
6% 634
Northern Texas Elea cam
__ __.. 15o
15
Pacific Mills
17% 18%
100 18
Public Util Holding nom--734
7
734
41
42
Railway Light
Reece Buttonhole Mach Co 15
15
15
Shawmut Assn T C
15% 14% 15%
Stone& Webster
42% 4434
Swllt & Co,new
* 28% 28
28
Torrington Co
4334 44
• 44
Tower Mfg Co
970
1
75e
.gewc<4,2e-.
Jan
Dec
May
Dec
Dec
Dec
25Waa5zazdaam2d
10
17%
3934
16
934
144
134
5
38 15
101 76
205 83
435 17%
10 42%
65 92
110 16%
681 225
620 16
10
334
XXXXXX
95
2,423
50
40
80
1,035
X
MX
X
..0 Q 0401.10
4
,
..4 .0,144
X
X
XX
,14.400Q0ONV
VOCINOVoVNNM
.
0
East Boston Land
2% 2%
East Gas & Fuel Assn
18% 20
20
434% preferred
81
85
100 85
6% preferred
92% 95
100 95
Eastern SS LinesInc_ _ _ _25 21% 20
22
Preferred
43
43
First preferred
94% 95
100
Economy Grocery Stores__ 18
18
Edison Elea Ilium
240 248
100 248
Empl Grout)Assoc T C___ 17
17
18
Galveston Houston Elea Pf
5• 5
(The) Georgian Inc-Preferred Class A
834 9
General Alloys Co
434 4%
General Capital Corp
35)5 31% 35%
German Credit & Invest
Corp 245-1st preferred_
17
17
Gillette Safety Razor
22% 27%
Grief Bros Cooperage Corp
21
21
Hygrade Lamp Co
22
22
23
Internat Hydro-Elec
23
23%
Jenkins Television
2% 3
3
t5a2gM'a'aBra
De
De
Oct
Dec
Dec
170g Dec
634 Oct
134 Dec
23% Dec
80
Oct
16% (Dec
Dec
1
714 Dee
50
Nov
634 Nov
XX
XX X XX
M.O.ONVOMgONNP.ON
MO.
00 NOr...mON
3
854
2
7
37%
X
1,487
565
10
380
40
3,096
250
150
492
5
888
407
310
5
200
X
Miscellaneous
American Founders Corp-- ----4% 4%
Amer & Conti Corn
10
12
Amer Pneumatic Service2% 234
Preferred
7% 8
First preferred_ --40
43
Amer Tel & Tel
100 18834 180'4 18834
Amoskeag Mfg Co
8
834
Aviation Sec of N E
4
3
Bigelow Sanford Carpet__• 29
33
27
Preferred
83% 83%
Boston PersonalProp Trust 19% 18
19%
Brown Durrel Co
2% 234
Columbia Graphophone___
7% 834
Continental Sec pref
50
50
Crown Cork Internat Corp
734 734
X
134
100 60c Dec
8.2
Dec
7
Oct
5
11
6
3
27
1% Dec
81
60 6034 Dec
86%
338 8734 Dec
109
8 10834 Feb
135
30 129
July
130
Jan
45 125
Dec
1,511 53
63
t'rnt
eeallo c.0 2,4=.trt4
Deo
Dee
Dec
Nov
Dec
..*Nwg..ovo
134
634
6
8
2%
2%
61
8434
109
135
130
6234 5934
103
70
100
95
180
XV
155 98
525 58
110 94
5 88
40 165
102
60
100
95
180
X
103
70
100
XV
204 17334 Dec
Dec
70 66
40 81 June
Dec
15 90
Oct
70 88
.900t
vvaom .Noow
-m
178
175 178
89% 69% 69%
80
80%
100 100
88% 86
8835
mo0.0
Railroads
Boston & Albany
100
Boston Elevated
100
Preferred
100
First preferred
100
2d preferred
Boston & Maine
Pr. pref.stpd
100
Class A 1st pref
100
Class B 1st pref
100
Class C 1st pref unstpd_
Boston & Providence-100
East Mass St fly Co
Common
100
1st preferred
100
Preferred B
100
Adjustment
Maine Central corn
N Y N H & Hartford-100
Northern RR of N H
Norwich & Worcester Prof
Old Colony
100
Pennsylvania RR
50
Range for Year 1930.
•No par value. i Ita-41vIden4.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Jan. 17 to Jan. 23, both inclusive
compiled from official sales lists:
Friday
Saks
Last 1Veek's Range for
1Week.
of Prices.
Sale
-Par.Price. Low. High. Shares.
Stocks
Abbott Laboratories coin_•
Acme Steel Co cap stk_ _25
Adams Mfg
Adams Royalty Co com •
All
-Am Mohawk Corp A_5
Allied Motor Ind,Inc coins
Altorfor Bros cony pref. •
Am Co mmonw Pow A come
Amer Equities Co corn....'
Amer Pub Serv Co pt._100
Appalachian Gas Cor come
Art Metal Wks Inc com *
Assoc Invest Co corn
•
Assoc Tel & Tel cl A
•
36 pref with warr
*
Assoc Tel ULU Co corn •
Auto Washer cony pref
Baxter Laundries Inc A_ •
Beatrice Creamery com_50
Bendix Aviation corn.. -*
Borg-Warner Corp com_10
100
7% Preferred
Bonin Vivitone Corp pref.*
Brach & Sons(ES)corn...*
Brown Fence & Wire
Class B
•
Bunte Bros corn
10
Burnham Trad Corp corn.*
Preferred
Butler Brothers
20
Canal Const cony pref *
Castle & Co(AM)com_10
CeCo Mfg Inc common..'
Cent Illinois Sec Co ctLs-Central Ill P 5 pref
•
Cent Pub Serv class A--*
Common new
Cent SW Util coin new--•
Prior lien pref
•
Cent States Utll 87 pre:
--•
Cherry-Burrell Corp corn •
Chic City & Cons fly
Part share common_ •
Panic preferred
•
Chicago Flex Shaft com--5
Chic Investors Corp cam_•
•
Convertible pref
Chic N S& MilwPreferred
100
Chicago Rye part ctts 2_100
Cities Service Co com___*
Club Aluminum Uten Co_*
Commonwealth Edison_100
Rights
Community Tel Co
Cumulative particlp- •
Comm'ty Water Service--•
Constr Mat'l Corp
3334 preferred
•
Consumers Co
Common
100
6% prior pref A
100
Preferred
Warrants
5
Cent Chicago Corp
•
Common
Preferred
Cord Corp
5
Corp Sec of Chic allot cu..
Common
•
25
Crane Co corn
100
Preferred
Curtis Light Inc coin
•
Decker (Alll&Cohn Inc..'
Dexter Co (The) com
_5
El Household Utl Corp. 10
Empire G & F6% preferred
100
100
7% Preferred
Fltz Simmons & Connell
D&Dcom
Foote Bros G & M Co...._5
Gardner-Denver Co corn.'
Gen Theatre Equip
•
Common new
Preferred
Gleaner Corn Harv com •
Goldblatt Bros Inc corn..'
Great Lakes Aircraft A---*
Great Lakes D & D
•
Grigsby-Grunow Co corn.'
Hall Printing Co corn.- _10
Harnischfeger Corp corn..'
Hart-Carter Co cony Pref..*
Bibb Spell Bartlett com _25
Hornell & Co A
Houdalle-Hershey Corp A•
Class B
•
Hu.seman-Ligonier Co coins
Inland UM Inc class A-'
Insull Utll Invest Inc....'
2d preferred
Inv Co of Amer corn
•
Iron Fireman Mfg Co v t
Kalamazoo Stove cam_ _.•
_10
Kellogg Switcbb'd corn _b
Preferred
100
Ken Red Tube es Lt A_ •
Keystone Steel & W cam_•
Kirsch Co cony. pref__ •
Ky Utll jr cum pfd
50
3734
4
1
31
14%
544
23
5%
20%
25
1314
634
5
2334
9334
18%
2031
81%
2%
17%
240
14
914
32
4
43
134
350
350
10
1,300
100
950
20
300
650
40
300
3 Ill
,
50
20
40
2,050
400
Low.
May
Feb
Mar
1601
May
Feb
Jan
Dec 12
Dec 9134
No
5734
No
5034
De 101
Oct 17%
Oct 18
Jan
Apr
AM
Mai
Apr
Jan
Jan
Dec 31
5
150
10 16% Oct 28
200
134 Dec 17%
4% Dee 3634
2,200
1,800
444 Dee 17%
10
334 Oct 11%
100 21% Nov 71
1,650
1% Dec 2034
1,100 21
Dec 33
750 oosi Dec 97
3,650 11% Dec 42%
100 11
Dec 4034
5,400 1314 Dee 31
100 94% Dec 105
96
80 80% Oc
20 24
Dec 40
Apr
Feb
Apr
Apr
Jan
Apr
Apr
Jan
Feb
Mal
AM
May
Mar
Apr
Jan
Jan
254
20
16
10%
41
June
Mar
Jan
AM
Apr
Dee 40
6
Feb
Dec 4434
7
Dec
Dec 338
Dec 12%
Feb
June
AIM
Am
Aro
Dee
3735
41
2034
4
1
134
31
14%
6
91%
734
6
58
67
87%
23
6
2
66
17%
21%
88
3
12%
20
2
100
66
20% 14,650
2514 38,140
900
90
100
3
300
1334
634
17%
1%
5%
6
5%
28%
4
23%
9234
18%
16
1831
9534
80%
27
634
17%
1%
8
6%
5%
2834
534
25
9314
1831
16
2034
98
81%
27
3,200
150
50
SOO
100
13‘
63
1434
15
88%
2
10
34
4
14
114
26%
9
20
9
9
140
134
34
54
42,400 13%
1634 18
2% 3
2%
300
23234 240
3,000 220
13% 14% 20,550 10%
15% 1534
934
9
29
32
3% 434
45
45
40
43
134
1
734
37%
734
6%
37
6)4
53
19% 16%
40
40
117% 111334
7
7
10
2634 24%
84
76
7%
38
734
55
1934
40
11734
7
7
10
2834
High.
3334 Dec 48%
31,4 Oct 99
Deo 37
18
Dec 18
2
4%
34 Oct
1
Dec 19%
45
28
De
934 Oct 2714
3% Deo 22
93
Deo 100
5
Dec 1454
214 Dec 2714
55 June 62%
58
Jan 70
86
Nov 97
18% Deo 29%
1% Dec 15
3634
3834
2034
4
I
1%
30
13%
534
91%
7
434
58
65%
863(
21%
5%
34
34
5
5
12
12
234 234
27
28%
Range for Year 1930.
Dec
Dec
Feb
Deo
Dec
Mat
Jan
MAY
Apr
Apr
Feb
Mar
Mar
Mar
ma
50
300
11
Dec
Dec
39
19
Apr
Apr
350
22
Dec
49
Apr
234
45
40
3-4
Deo
Deo
Nov
Oct
8
64
66
334
Fob
Atli
Jan
Feb
Dee 25
Deo 4934
Dec 1714
Dec 7234
Dec 3334
Nov We
June 118
Nov 22
Dec 16
Dec 18
Oct 2734
AM
Oct
Mae
AM
Aug
Mat
Aug
Feb
Mar
Jan
AM
1,005
10
80
2,050
834
5
11,850
4,100 35
32,200
334
150 44
25,300 14
130 mom
30 113
50
5
320
544
10
934
11,050 2134
64%
100
so
64
75
Dec
Dec
8634 May
9734 APT
28%
3%
32
26% 27
334 3%
32
33
300
800
50
19
2
30
Dec
Dec
Dec
6434 Mar
22
AM
8434 Feb
13%
934
25
434
14
I%
2314
2%
14
1,65
750
2711
4% 1,350
14
so
55
1%
1,250
26
4% 30,87
6
24
434
13
1
19
234
Dec
Dec
Deo
Dec
Dec
Dec
Dec
8%
2834
3614
2834
834
3114
2736
Dee
Dec
AM
Jan
teD
Jlily
.1884
16
7
834
43
24
834
3 34
12
6
334
50
3%
10%
18%
50
900
50
1634
7
1134
200
30
49%
28
250
13% 1,900
5
1,050
100
534
4
430
42
65,830
85
600
550
7%
750
200
3
17
3%
400
4
20
50
800
334
550
10%
5
Ism
40
50
12
1
2734
72
534
143-4
2334
3
43
214
10
1634
MI
Dec
Dee
Dec
Oct
Dec
Dee
Dee
Mar
Deo
Dec
Dec
Dec
Dee
Dec
Dec
Dee
Dec
June
Feb
Dec
8154
3014
2734
57
3634
Si
2834
2334
34te
7034
9934
5644
29
8314
a%
53
153-4
22
19
52
Mar
AM
Feb
Apr
Jon
Feb
MX
Jan
Ago
Bab
SIM
June
J1181
Ave
Ape
July
Apr
Jan
Dec
July
15
4
10%
21
41
634
35
16
14
2%
17%
9
23%
1734
2
19
1534 3,32
300
5
11% 9,600
22%
90
41%
200
250
6%
200
3934
560
17%
450
15
5
47,850
450
1834
1034 1,160
2734 14,250
17%
50
234
250
200
19%
12
134
9
1754
4034
434
35
1054
14
444
15
4
24
1534
1
1534
Dec
Dec
Dec
Oct
Dec
Deo
Nov
Dec
Dec
Dec
Dec
Dec
Deo
Nov
Oct
Dec
37
12
9734
2934
4734
3934
52
3134
2754
74
401
1634
5334
25
4%
36
12
13
100
2
2
130
19% 22% 77,500
95% 99
850
134 1%
850
2
2%
500
11
1
1434
9334
1
13-4
Dec 1534 Rept
Dec 12
Jan
Dec 3834 Apr
Dee 10834 MU
Nov
534 AM
8
Feb
Dec
26
4
1334
5%
42
85
734
17
3334
334
10%
.5 15
Leath & Co cumul prof.
Common
•
4
Libby McNeill dr Libby_ _10 1144
Lincoln Printing corn__ * 21%
7% preferred
50 41%
Llon OH Ref Co com
•
8%
London Packing Co com_ •
Lynch Corp common.....* 1744
McGraw Electric Co com_•
Majestic Househ Utll cam•
334
Manhattan-Dearborn com• 18
Marks Bros Theat cony pf•
934
Marshall Field & Co corn• 2734
Material Serv Corp com-10
•
Meadows Mfg Co
2
Mer & Mfrs Sec Co A coma 19%
Mickelberry's Food Prod
Common
1 13
..*
Mid-Cont Laundries A.
2
Middle West Utilities new• 22%
68 cum preferred
Warrants A
134
Warrants B
2%
15
6
11%
49
27
12
5
534
334
3334
83%
634
7s
ah
Jan
Mar
API
Apr
Aug
Ape.
Apr
Apr
Feb
Apr
Mar
Feb
Feb
Feb
Feb
May
634
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Said
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Midland Nat Gas part A_•
Midland United Co co m_ _•
•
Preferred
•
Warrants
Midland Util100
6% prior lien
100
6% preferred A
100
7% prior lien
100
7% preferred A
Miss Val Util•
7% preferred
.5
Mo-Kan Pipe Line corn.
•
Modine Mfg cam
Monighan Mfg Corp A---*
Monroe Chemical Co pref..*
•
Common
Morgan Lithograph corn •
234
20
Nat Elea Power A part._ _•
7% preferred
100
Nat'l Family Stores corn_•
National Leather corn_ _10
Nat Secur Invest Co com_•
•
Certificates
•
Nat'l Standard corn
Nat'l Union Radio cora_ •
Noblitt-Sparks Ind corn_ •
No Amer Gas & Elea A_ _ _*
No Am Lt & Pr Co corn_ •
N & S Am Corp A com - •
Northwest BancorP com-50
•
Northwest Eng corn
Northwest Util100
7% prior lien
100
7% Preferred
Oshkosh Overall cony pref•
Parker Pen(The) Co corn 10
Perfect Circle (The) Co-.'
Pines Winterfront corn.. 5
Polymet Mfg Corp corn..'
•
Potter Co(The)cons
Pub Baty of Nor Ill com_ •
100
Common
Rights
100
6% preferred
100
7%preferred
Q-R-S De Vry Corn (The)•
Quaker Oats Co
•
Common
100
Preferred
Railroad Shares Corp corn •
Ratb Packing Co co m._ _10
RaytheonMfgCo v t c corn'
Reliance Internat Corp A-•
Reliance Mfg Co com- _10
Rollins Hos Mills cony pf_•
•
Ross Gear & Toolcom_
Ryerson & Son Inc corn..'
2335
92
534
134
235 234
19
20%
394 4034
134
1
Low.
131
14%
8534
34
High.
Deo
Dee
Dee
Nov
184 May
89% Het
494 Ace
Ma;
Apr
Mar
102
100
114
105
82
80
96
8835
74
213.4
5
54
7034
28%
12%
834
22
25
18%
3
22935
214
133%
235
83
80
9835
9035
50
180
30
60
7935
7834
924
8735
Dec
Dee
Dec
Nov
93
635
36
19
22
5
534
93
74
36
2135
22
5
531
50
4,000
100
270
120
700
350
93
435
324
10
154
334
34
Dec
Dec
Dec
Jan
Dec
Dec
Dee
22
92
435
1
434
6534
28
131
4134
1034
61
834
83
1234
2334
92
535
1
5
7015
28%
I%
43%
1234
62
9
334
13
550
20
5,850
150
600
900
950
50
2,900
450
250
250
5,700
150
19%
90
2%
34
44
135
21%
14
31%
11
00
7
804
12
Dec 3834 Feb
Nov 97 May
Apr
Dec 20
2% Apr
Dee
Dee 2035 Mar
Deo 1014 Mac
Nov 44
Are
Apr
Dec 10
Mar
Oil 59
Dec 284 Apr
Noe 844 Apr
Dec 2534 Ave
Dec 5534 Jan
Mar
Dec 31
92
90
90
87
343i 2235
WM 22
25
25
17% 1834
2% 3
834 9
226 230
227 281
2135 214
1244 125
133 13375
235 214
30
170
10
650
100
6.300
700
200
775
1,775
5,350
30
50
200
9234
85
18
15
2231
12
14
5
1884
1864
13
115
120
231
157% 15535 15734
1154 115 11515
435
4%
194 20
20
5
515
535
435 414
435
7
7
35
35
35
224 23
244 2415
22
111
511
63.5
535
Bonds
Appalachian Gas6s._ _1945 77
1945 62
(Is series 11
Chicago City Rye 55-1927
Certificates of deposit...
ChicRailway1927
let mtge 55
let mtge 58 ctfs of dep'27
1927
A
5s series
1927
5s series B
Common Edison
1953
5s series A
1943
1st mtge 58
1940 924
Insull Util Inv 6t)
55 without warr_ _ _1949
Kresge(SS)& Co 5.5.-1945 9534
Northern Util Co 65 A 1943
Northwestern Elev 5s 1941
Pub Serv Corp 1st ref 50'56
1st & ref mtge 5358 1a62
Southwest Nat Gas63_1945 64
Standard Tel Co 5355_1943
Swift & Co lst sf g 511-1944
1945 7235
Texas Gas Utillls
Toledo Lt & Pow 58_ _ _1932
United Amer Veil 6s_ _ 1940 64
• No par value. •125-01vIdends
Dee 293
Feb 122
Nov
9%
Dec 26
Dee se
Nov 164
Oct 1934
Dec 5536
Sept 374
Dec 36.4
Feb
May
Jan
Mar
Ape
Apr
Apr
Mar
Feb
Jar
Feb
40
864 Apr
4735 Sept
Apr
1535 Apr
Mar
25
Feb
35
264 Apr
2534 July
Oc:
95
3234 Mat
3335 Mat
Jan
18
235
2
431 435
3435 35%
2811 2935
24
21
3
2
134 135
150
100
2,350
3.750
450
1,350
250
I
2
29
27
1434
2
1
Dee
Dec
June
Dec
Dec
Dec
Dec
18
o4
3834
3315
32%
264
18%
635 7%
1015 13%
854 8531
1,600
1,700
50
24%
1034
194
2535
235
650
1,000
100
400
3.900
50
10
22%
935
1935
2534
234
1.050
95
98
635
21%
22
2031
135
534
634
4
214
234
10
6%
200
214
60
22
90
2134
135 4.700
100
531
634 2,400
535 • 400
350
2235
500
314
78
77
6131 62
6631 6634
68%
664
4036
2535
4)4 Dec
84 Nov
531 Oct
5,200
17,000
9,000
68% 1.000
6734 2,000
4015 3.000
2735 30,000
May
AP,
Aug
Sept
May
Pet
Pet
20
8
16%
2254
134
Dee
Dec
Nov
Nos
Dec
45%
28
294
34
14
1
10
Dec
Dec
1031 Jan
2535 Apr
Apr
ma,
Apr
AI
Feb
944 Dec 130
Jan
534
19
10
20
%
44
535
2%
20
2
Dec
Dec
Dec
Dee
Dec
Oct
Des
Dec
Dec
Dec
June
May
May
Aug
Jan
Apr
Jar.
Feb
Mar
June
91
65
Sept 104% May
Dec
Dec 65
6934 Feb
63
68
3734
18
1064 106% 2,000 102
2,000 101%
106 106
8834 9234 160,000 7835
7234 7234 1,000 64
9531 9534 9,000 9931
1,000 81
75
75
794 7,000 725.1
78
107 10731
65
63
7131 7131
103 103
7234
72
9934
99
69
64
5841
N Ex-r1112
Jan
Mar
May
Fer
Apr
June
May
Apr
20
224 Apr
2335 Apr
Oct 16
6
50
4,000 314 Dec 58
60 11435 Max 125
Jan lug
d
5,100
Dec 104
2
200
435 Dec 23%
3,150
2,100 144 Dee 29
235 235
10
10
98
Mar
Feb
Dee
Mar
Apr
Jan
Apr
Mar
Apr
Apr
Dec
Dee
Nov
Feb
Dec
Dee
Dec
Dec
Dec
Oct
Dec
Dec
Dec
Jae
Dee
Dec
July
84 835
4135 3935 4135
120 124
120
1734 1434 174
24 3
731
6
734
17
19
19
25%
234
101
9814
204
454
4434
45
18%
204
836
332
174
142
148
22
23
65
45
3
5
17%
17
20
7%
82
4
104
10
United Amer Util Inc com •
•
Class A
United Corp of Amer pf •
United Ptrs & Pubs
•
Common
20
US Gypsum
100
Preferred
US Radio & Telev cora_ •
Utah Radio Prod corn •
Util & Ind Corp com____•
Convertible preferred__•
Utilities Power & Lt Corp
•
Class A
Common non-voting...'
•
Vortex Cup Co
•
Claes A
•
Wahl Co common
Warchel Cori/
Common
•
Convertible pref
Ward (Montgomery) SE OP
•
A
WaynePump Co
•
Common
Convertible preferred-.'
Western Con Util Inc A._•
Western Pow Lt dr Tel cl A•
Wextark Radio Storescorn'
Williams011-0-Matic corn•
WisOnsin Bank She com_10
-Amer Mach part pf•
Yates
•
Yellow Cab Co Inc(Chic)Zenith Radio Corp corn...*
24%
10%
May
June
Ape
July
Feb
Jan
AIX
500
350
60
5,500
130
60
100
50
650
360
850
1.500
10
23
73
45
315
8
18
17
214
8
8734
64
13
94
7%
13
290 150
90 110
3%
5,400
300 1814
234
500
2
100
6
300
50 274
150 19
200 22
Dec
Dec
Jan
Dec
Dec
Dee
Dec
00;
Dec
Dec
Dec
.1•13
Jan
Dec
Apr
984
36%
7234
24
35
15
22
25
76
47
4
935
20
17
2134
835
93
735
1335
10
• 24%
Sangamo Electric Co
Seaboard PS Co 86 pref_•
$311 cony pref w w___ • 47
335
Seaboard Util Shares Corp"
•
Signode Steel corn
30
Preferred
Sivyer Steel Casting corn."
Sou Colo Pow Elea A com25
84
South'n Union Gas corn-.
Southwest Lt & Pr pref ..*
634
Standard Dredge corn-- -•
• 13
Convertible prof
9%
Storkline Furn cony pref_25
Studebaker Mail Order•
Claas A
4%
Super Maid Corp com__-_•
15 3535
Swift International
25 29%
SwUt& Co offs
Time-O-Stat Contr pf A •
2%
TransformerCorp of Am100
Twin States Nat Gas pf A •
950
5,035
300
1.150
Range for Year 1930.
Dec
Dec
Dec
Dec
1934
35
28
31
24
84
114
1734
31
1634
84% July
84
83
66
50
July
July
July
May
Mar 105% Dec
Feb 10635 Oct
Deo 11234 Mot
Dec
Mar 75
Nov 994 Nov
Apr
Aug 90
Dec 894 Sent
2,000 10435 Apr 107%
6,000 99 June 100
Dec 89
1,000 64
2,000 100% Feb 103
Apr 1064
6,000 103
6,000 9935 Dec 9933
803'4 Sept 9814
6.000
Sept
June
Feb
Sept
Apr
Dec
Mar
[VoL. 132.
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange Jan. 17 to Jan. 23, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Abitibi Pr & Pap com_ •
94 94
42
42
100
Preferred
2135
17
Atlantic Sugar common. •
82
82
100
Preferred
100 1424 14234 14534
Bell Telephone
12
13
Blue Ribbon Corp cora_ •
50 30
3435
30
634% preferred
21
22%
Brantford Cordage let p625
224 2435
Brazilian T L & Pr cora_ _* 23
2
3%
331
B C Packers common... *
22
22
Preferred
35
B C Power A
3534
1135 12
•
• 24
234 24
Building Products A
25
414 43
Burt(F N)Co com
Canada Bread common..'
Canada Cement common_•
100
Preferred
Can Steamship Lines pf 100
Canada Wire & Cable B. *
Canadian Bakeries A_ •
Canadian Canners corn_ _•
•
Cony pref
100
1st pre/
Can Car & FdY coin
*
Can Dredg & Dock com__•
50
Can Gen Elec pref
Can Indus Alcohol A____•
•
Canadian Oil common...*
Canadian Pacific Ry_ _100
•
City Dairy common
•
Cockshutt Plow corn
Conduits Co prof
100
Consolidated Bakeries_ __•
Cons Food Prod corn__ •
i5
A
Cons Min & Smelting__ _25
100
Consumers Gas
Cosmos Imp Mills pref_100
Crows Nest Pass Coal..100
734
13
134
92
31
204
60
835
935
183
91
734
7
1335 13%
9175 92
17
1735
29
29
12
10
13
1334
134 14
924
92
1834 19
31
30
5934 6034
34 54
235 234
21
19
39% 394
60
59
834 935
90
90
834 1134
14 2
6
6
138 14134
183 186
92
91
12
12
Range Since Jan. 1.
Low.
934
75
60 42
770 45%
10 7934
253 141
175 12
70 30
90 194
8,715 204
2
28
5 18
201 35
100 114
60 2234
310 40
220
165
83
15
10
10
200
65
45
35
220
141
1,013
15
46
910
2
10
is
1,239
550
20
240
75
20
30
High.
Jan 1235 Jan
Jan 45
Jan
Jan 214 Jan
Jan 82
Jan
Jan 145% Jan
Jan 13
Jan
Jan 3434 Jan
Jan 2234 Jan
Jan 25
Jan
Jan
331 Jan
Jan 22
Jan
Jan 36
Jan
Jan 12
Jan
Jan 24
Jan
Jan 43
Jail
7
1234
91%
17
29
10
12
1334
91
1834
2534
60
234
234
18
3834
57
834
90
8
14
5
138
1804
91
12
Jan
735
Jan 13%
Jan 92
Jan 18
Jan 30
Jan 12
Jan 1331
Jan 14
Jan 924
Jan 19
Jan 31
Jan 6034
Jan
531
Jan
334
Jan 21
Jan 4235
Jan 60
Jan 10
Jan 94
Jan 1134
Jan
3
Jan
6
Jan 150
Jan 188
Jan 92
Jan 15
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 10.65 Jan
Jan 18
Jan
Jan 30
Jan
Jan 25
Jan
Jan
6
Jan
Jan
734 Jan
Jan 104
Jan
Jan 1234 Jan
Jan 16
Jan
Jan
Jan
5
Jan 8.40 Jan
Jan 102
Jan
Jan 16% Jan
Jan 37
Jan
Jan 2634 Jan
Jan
5
Jan
• 10.05 10.05 10.65
Dome Mines Ltd
18
16
Eastern Theatres pref.
.100 16
•
30
30
Fanny Farmer pref
22342434
Ford Co of Canada A....* 23
6
6
Frost Steel & Wire com_ •
7
5
General Steel Wares corn.*
Goodyear 'I' & R prat_ _100 10214 101 10234
1234
12
Gypsum Line & Alabas__• 12
16
16
Hamilton Cottons pref-30
5
5
Hayes Wheel & Forg cpro_•
Hollinger Cons Gold M..5 7.95 7.95 8.40
101 102
Internat milling 1st p6.100 101
• 154 144 154
Internat Nickel corn
3534 • 37
•
Internat Utilities A
2634 2634
Keeley Slicer Mines
1
434 435
Keivinator of Can corn... -- 434
3,685 9.20
1,181 14
29 28
1.311 21
6 6
5
315
111 101
460 104
135 15
4
40
4,905 6.20
15 101
5,304 1434
225 3335
200 2034
334
15
7
7
•
Lake Superior Corp
Lake Shore Mines
1 24.60 24.60 26.25
38
41
Laura Secord Candy corn.*
Loblaw Groceterias A_ __ _• 1131 114 11%
11 11%
30
30
Loew's Theatres corn_ _100
35
37
Preferred
100
94
8
9%
Massey-Harris common..*
• 22.00 21.75 24.00
McIntyre Pore Mines_
Moore Corp common_ _ • 1734 1735 1734
ioo 105 104 105
A
275
Muirheads Cafeterias corn *
6
10
Preferred
21
20
Ont Emilt Life 10% Pd-100 21
Page-Bershey Tubes com_• 8434 8434 86
73
73
Penmans Limited pref_100
22
21
Photo Engrav & Elea_ -•
1234 14
*
Framed Metals corn
15
15
•
Riverside Silk Mills A_
Jan
7
50
7
Jan
2,750 23.00 Jan 26.25 Jan
Jan 41
37 38
Jan
Jan 114 Jan
1,280 11
Jan 11% Jan
325 10
1 30
Jan 32
Jan
Jan 37
10 35
Jan
8
Jan 1035 Jan
933
2,555 20.65 Jan 24.00 Jan
235 1634 Jan 17% Jan
Jan 1084• Jan
130 104
2
Jan
335 Jan
400
6
1
6
Jan
Jun
14 20
Jan 21
Jan
Jan 86
107 82
Jan
Jan 73
5 73
Jan
Jan 22
405 18
Jan
220 1035 Jan 14
Jan
10 124 Jan 15
Jan
SImpson's Limited B__ • 3334
100 92
Preferred
731
Stand Steel Cons com---•
Steel Co of Can corn...." 3934
Steel Coot Can pref._ _25
Tip Top Tailors corn
•
Traymore Limited pre:_20
Twin City R T corn_ _100
Vinond Consol Mines_ _1
8
Walkers-Gooderbam-W __*
Western Can Flour M corn*
Preferred
100
Weston Ltd Geo pref._100
Winnipeg Elec common_ •
Wood,Alex & James pf_100
Zimmerknit pref
100
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
229
221
223
286
320
Loan and Trust
Canada Perm Mort__ _100
Huron & Erie Mort_ _100
100
Real Estate Loan
Toronto General Trusts 100 231
50
343
50
262
10
20
30
10
350
15,295
20
17
17
5
85
85
5
84
84
1431 14%
30
1
80
80
4
7
7
3334
89
74
36
3514
13
12
954
1.15
33%
92%
74
404
3534
13
12
934
1.15
3334
89
734
36
354
13
12
934
1.15
614
17
85
84
1431
80
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3375
92%
734
41
3631
13
12
94
1.15
84
1735
95
86
1575
80
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
228
221
223
286
318
278
230
230
222
225
290
320
280
232
68
59
19
4
27
10
46
225
21934
217
279
318
272
217
Jan
Jan
Jan
Jan
Jan
Jan
Jan
230
222
225
290
325
280
232
Jan
Jan
Jan
Jan
Jan
Jan
Jan
208
160
105
227
212
150
105
231
80
5
2
7
206
150
105
227
Jan 212
Jan Ian
Jan 105
Jan 235
Jan
Jan
Jan
Jan
• No par value.
-Record of transactions at the Toronto
Toronto Curb.
Curb Jan. 17 to Jan. 23, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price, Low. High. Shares.
Beath & Son(W D)A___•
Canada 13ud Brew corn...
•
Canada Malting Co
Canada Power & Paper •
Canada Vinegars corn_ •
•
Canadian Wineries
Can Wire Bound Boxes J1._•
•
Carling Breweries
Consolidated Press A_ •
Cosgrave Export Brew._10
DeForest Crosley Radio_ _•
Distillers Corp Seagram&•
10
134
335
2
1134
12%
12
10
1335
235
194
33(
15
2
28
2.10
11)4
1134
12
log
1334
83.4
20
431
15
234
28
2.10
1335
124
25
430
100
170
110
390
35
30
110
100
1,712
2,810
Range Since Jan. 1.
Low.
12
835
13
234
19
334
15
2
28
2.10
10%
10
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
High.
12
104
134
44
20
44
16
3
28
2.10
134
124
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
JAN. 24 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
flange Since Jan. 1.
Low.
High.
Dominion Bridge
Dom Power & Trans ord100
Durant Mot of Can corn.10
English Elec of Can A_ _ _•
Goodyear T & H corn_ ___•
Hamilton Bridge corn- ---•
Honey Dew pref
•
Imperial Tobacco ord_ _ _5
Montreal LII & I' Cons_ _•
524
10
5254
10
5
33
98
15
56
9
55
53
10
734
34
100
1634
56.34
9%
55
100
550
130
165
35
62
5
55
1"
52
10
4
33
90
14%
55
9
55
Jan 53
Jan 10
Jan
734
Jan 34
Jan 100
Jan 1750
Jan 5630
Jan
931
Jan 5611
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
National Breweries com__•
National Steel Car Corp_ _•
Power Corp of Can corn_ _•
Ruddy & Co(R L) pref 100
Service Stations corn A..'
Preferred
100
Shawinigan Wat & Pow__•
Stand Pay & Mat'ls com_*
Preferred
100
Tamplyns Ltd (G) pref _100
Thayers Ltd pref
•
United Fuel Invest pref 100
Waterloo Mfg A
"
2854
34
51%
83
3214 32
8854
50
1414 1434
80
10134
25
25
60
6
2834
34
5151
8354
3254
8834
5034
1510
80
10134
25
60
6
50 284
90 34
100 51%
50 83
369 32
10 88%
140 50
399 1454
15 80
20 101
9 18
2 60
20
6
Jan 284
Jan 3554
Jan 52
Jan 8354
Jan 3251
Jan 9015
Jan 52
Jan 154
Jan 80
Jan 10151
Jan 25
Jan 65
Jan
6
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1.45
1454
451
1714
1414
19%
75
33
4.90
30
13
1.52
154
451
18%
15
22
75
35
4.9
3134
1434
1.52
16%
5
18%
15%
22
80
35
4.90
324
16
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Oils
Ajax 011 & Gas Ltd
1
British American 011_ __ _•
Crown Dominion 011_ *
Imperial Oil Ltd
•
International Petroleum.•
McColl Frontenac Oil corn•
Preferred
100
Norden Corp
•
North Star Oil pref
5
Superteet Petrol ord
•
Union Natural Gas Co •
• No par value.
15
56
9
1434
1731
1451
22
4.90
3034
525
5,485
GO
2,658
3.460
205
5
200
35
240
21
1.45
14%
4%
1751
1454
17
73
33
4.90
284
13
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Jan. 17 to Jan 23, both
inclusive, compiled from official sales lists:
454
331
2254
3034
9934
11
614
32
BondsConsol Trac NJ 1st 5s1932
Mee & Peoples tr ctis 4s'45
Inter-St Rys coil tr 4s_1943
Lehigh Nay Cons 451s 1954
Leh Power See Corp 6s'26
Phan Coos
1967
PhilaEl(Pa) 1st 448ser '67
1st 5s
1966
Phila El Pr Co 54s._1973
Strawbridge dr Cloth 581918
United Rya 4s tr ctfs_ _1949
verk Rys 1st 51
,
1937
8254
32
264
9914
10231
9934
103
108
106
9630
50
9831
8251
34
264
91(34
103
9931
103
109
106
98
60
99
$7,000 8130
13,000 3034
2,000 2534
3,000 9434
24,000 100
8,000 98
1,000 964
7,100 10354
1,000 10434
10,000 9334
1,000 55
4.000 91
Dec
Dec
Jar
Oct
De(
Des
No)
Jai
Fel
jai
Oc
Jai
oEm
XX g Xg AX
..4>"14m.'1>orgm›
ovmpom.0,.0=ovo
ntt.7:;Lttm7:57, C.
gX X
74
SOO
6
74
800
7
2530 5,700 2051
25
350 22
44 54
55
12
500 1234
1334 2,335 1354
8530
44 8594
87
32 85
734 13,200
5
62
4,400 53
24
14
5
91
110 8655
3231 2,900 30
43
5 42
765 20
2055
1,170 20
2554
94
300' 7
600 32
3334
324
100 3434
X ggg
4
44
700
351 Nov
200
6
6
45.1 June
34 434
900
234 Dec
424 423-4
21 42 June
10014 10054
10 101
Dec
2
2
200
154 Dec
151
134
100
Dec
1
4231 4231
17 34
Jan
1-16
1-16
200 1-16 July
% %
200
34 Dee
22
800 2130 Dec
2230
28
2934 18,200 2430 Nov
99
9934 1,300 9694 Jan
604 6031
100 52
Jan
11
11
200
754 Dee
300
634 7
3
Dec
3134 32
600 29
Dec
651
7
244
2430
55
12
1351
8530
87
634
5934
254
89
3230
43
1934
2330
9
3251
3231
T›.>>o»tzr.pc>rw
Railroad Shares Corp
Reliance Insurance
10
Seaboard Utilities Corp._
Scott Paper
7% A
Shreve El Dorado Pipe L 25
Sentry Safety Control
Tacony-Palinyrii Bridge_ •
Tono-Belmont 1)evel
Tonopah Mining
1
Union Traction
50
United Gaa Imp corn new.*
Preferred new
•
US Dairy Prod class A.._•
Common class B
•
Victory Ins Co
Warner Co
•
Nov
Jan
Dec
Nov
Feb
Jan
Dec
Jan
Mar
Dec
Dec
Jan
Jan
Aug
Dec
Nov
Dec
Dec
Oct
Nov
ttgttgla.n-annftt,5
Lake Superior Corp.__ _100
74
CtIs of deposit
Leh Coal & Nav new W I__
264
Manufact Cas Insur
Minch & Schuylk Hav_ _50 55
Mitten Bank Sec Corp_ _ _ _
12
Preferred
134
Northern Central RR
8534
Northern retina By
87
Pennroad Corp
751
Pennsylvania RR
50
Penn Traffic
214
Phila Dairy Prod pref_ _25
Phila Elec Pow pref
25 3231
Phila Insulated Wire
Phila Rapid Transit_ _ _ _50
7% preferred
50 2454
Phila & ltd Coal & Iron_ _ _ __ ___
Philadelphia Traction_ _ _50 333-4
Certificates
X ggg g X
14
131
1,350
4 Dec
600 364 Dec
700
500 11330 Jan
1.200
331 Dec
1,300
734 Nov
60 3
830 Jan
400 16
Dec
14 44
Nov
400
2
Nov
500 464 Nov
600
34 Dec
600 12
Dec
200 2230 Oct
tO 9730 Feb
1,600 4551 Dec
XVXXXXXXgggX
44
104
4131
19
4
94
384
38
1930 2134
11634 118
414 414
930 1031
414 4
1831 1831
4614 4614
251 3
5131 56
154
13.1
18
1854
35
35
100 100
5451 56
Re
or
ne
ly
eb
ov
ug
ug
ay
ct
et
ct
• No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Jan. 17 to Jan. 23, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Corporation
• 41
All Coast Line (Conn)_ _50
Baltimore Trust Co
10 30
Baltimore Tube pref._ _100
Black & Decker corn
• 13
Ches & Po Tel a Belt p11(10 117
Commercial Credit pf B.25
100
634% 1st pref
Coml Credit N 0 pref....
Copse! Gas E L & low...' 85
6% preferred ser D 100
100 103
5% preferred
40
115
30
371i
1254
1164
2334
SO
24
8234
111
10251
4154
115
3034
3731
13
11734
2354
81
24
85
111
10354
Range for Yeir 1910.
Low.
High.
940 35% Dec 4751
15 9954 Dec 175
495 294 Dec 444
13 37
Oct 55
365 10
Dec 56
20 113% Jan 119%
35 20
Dec 264
3 79% Jan 95
16 21% July 2454
477 80
Dec 136
Mar 11134
5 109
180 9954 Feb 105
New Amsterdam Cas ins..
Northern Central
Penna Water & Power__ •
Union Trust Co
50
United Rys& Electric_ _ _50
U S Fidelity & Guar new 10
Walton & Co pref
West MO Dairy Inc pref.-.
Prior preferred
50
Western National Bank_20
Bonds
Baltimore City Bonds
45
1962
354s
1980
Balt Spar Pt & Ch 43-4s'53
North Ave Market 68_1940
United By & E let 48_1940
Income 4s
1940
Funding 5s
1936
1st 69
1940
Wash Bolt A Annan 5s1941
• No par value.
33
574
29
95
48
33
8551
59
5751
5
29
96.
9436
15
3614
33
85%
5954
62
6
30
96
9534
55
38
10031
874
5034
85
48
23
40
61
30
10051
8754
5134
85
4954
25
40
65
35
178
3
110
80
45
1,86
34
4
75
3034
85%
57
50
354
23
98
85
48
39
$1,000 100
500 90
4,000 53
1,000 84
19.000 40
31,000 19
1.100 3234
5.000 50
14,000 2230
Dec 43
Feb 8954
Dec 95%
Dec 7451
Dec 1374
Dec 49
Oct 101
Oct 95
Jan 55
Oct 41%
Apr
Sept
Mar
Jan
Feb
Apr
Sept
Nov
Nov
Jan
Now 101
Oct
Oct90
Oct
Dec 66
Jan
Mar 93
Oct
Dec 68
Sept
Dee 4934 Feb
Sept 65
Apr
Dec 84
Jan
Dec 68
Apr
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange, Jan. 17 to Jan. 23, both inclusive, compiled from official sales lists:
High.
tzognm, ?J.59,S.5.
2130
Low.
©©
Almar Stores
•
American Stores
•
Bankers Semites pfd __ _50
Bell Tel Coot Pa pref_ _100
Budd (E G) Mfg Co
•
Budd Wheel Co
Cambria Iron
50
Camden Fire Insurance._.
Catawissa lst prof
Central Airport
Electric Storage Battery100
Empire Corp
Fire Association
10
Horn dr Ilard(N Y)corn.-•
Preferred
10
Insurance Cool N A
_10
Range for Year 1930.
AX gg X X
Stocks-
Friday
k•cues
Last Week's Range for
Sale
Week.
of Prices.
Par, Price, Low. High. Shares.
635
Friday
Sales
Last Week's Range for
Range for Year 1930.
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Low.
High.
•
Consolidation Coal_ _ __100
2%
2
24
71
1
Nov 15
Feb
Eastern Rolling Mill
•
8
104
9
Dec 2534 Jan
6
Emerson Bromo Seitz Awl
3254 3254
30 30
Jan 33% Feb
Empire 38th St Corp. pf 100
30
50 40
30
Dec 84
Apr
Fidelity & Guar Fire__ _10
25
28
40 21
Dec 49
Feb
Fidelity & Deposit
50
140 143
52 1254 Dec 190
Apr
Finance Cool America A.
136
• 104 10
10
931 Aug 13 May
Series 11
15 1051 Dec 13
10
10
May
Finance Service corn A__10
82
6
6
First Nat Bank w
43
110 38
434
Dec 51% May
Houston Oil pref v t ctfs 100 15
15
15
29 17% Dec 174 Dec
Mfrs Finance lot pref __ _25
12
13
66 10
Nov 20
Apr
20 preferred
296
5
3
654
Dec 17
Apr
151d Casualty Co new w L. 29% 29
304
482 224 Dec 46
May
Maryland Trust Co new w
31
32
59 30
Dec 3414 Sept
Mercantile Trust
50
410 410
5 409
Nov 465 June
Merch & Miners TransP- •
324 33
16 33
Dec 47
Jan
Monon W Penn PS pref _25
2431 24%
50 124 Oct 26
Feb
Mort Bond & Title w I_ _ _ _
150
5
654 6%
634
Dec 20
Jan
Mt V-Woodb Mills v t_100
170
5
534 5%
Dec 17
Mar
Mar
Mar
Apr
Apr
Mar
Aug
Apr
Sept
Aug
May
Oct
Oct
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Aluminum Goods Mfg_ •
American Austin Car_ __ _•
American Fruit Growers_ •
Arkansas Nat Gas Corp_
Preferred
10
Armstrong Cork Co
•
Bank of Pittsburgh
50
Blaw-Knox Co
Carnegie Metals
10
Clark(DL)Candy
•
Devonian 011
10
Duff Norton Mfg
•
HachmeLster Lind Corp..'
Flarbison Walker Ref_ _ _ _•
Horne(Joseph) Co
•
Independent Brewing__ _50
Preferred
50
Koppers Gas & Coke p1100
Lone Star Gas
Mesta Machine
5
Nat Fireproofing
50
Preferred
50
Penn Federal Corp
*
People Say & Trust
20
Pittsburgh Brewing
50
Pittsburgh Forging
•
Pittsburgh Plate Glass_ _25
Pittsbitrgh Scr& Bolt Corp*
Plymouth Oil Co
5
Resumers Brothers
•
Shamrock Oil& Gas
•
Standard Steel Springs_ •
United F.ngine & Fdy_ _ -*
United States Glass
25
Westinghouse Air Brake_
UnlistedFidelity Title& Trust_
Mayflower Drug Stores_ -•
Western Public Serv v t e-•
14
14%
151
iy,
651
654
25
26%
1234
5%
424
10 10
634 634
64 654
23
25
115 115
2554 2034
2
2
12
1234
554
514
19
19
10
11%
4034 4234
32
32
2
2
4
4
100% 100%
28
25
26
25
31
2
131
6
10
10
3954
1454
1434
17
1754
731
754
23
36
2
3454 31
1134
28
26%
27
31
2
135
6
10%
40
1434
17
1754
8
23
37
234
3454
160 160
131
154
11
1154
Range for Year 1930.
Low.
High.
75 13% Nov 24
230
1
Dec
754
35 8104 Feb 21
75
434 Dec 1654
17
634 Dec
8
345 20
Dec 62
10 150
Aug 175
1,215 214 Jan 4131
80
Dec
1
8
32
10
Dec 1954
100
354 Dec 1434
10
24
Dec 34
150 12
June 2034
400 3931 Dec 714
250 3154 Jan 37.51
210
1
Jan
4%
100
131 Jan
5
110 97% De 104
Jan
Jan
June
Nov
Feb
Jan
Jan
Apr
Mar
Apr
Apr
Mar
Mar
Apr
SePt
Feb
Feb
Dec
5,406 19% Nov 56%
23 1234 Nov 3251
160 25
Dec 4534
1
35
Jan 45
1
1
Aug
534
140
Sent 170
5
1.
24 Jan
550
854 Dec 25
59x
505 3234 Dec
40 14
Dec 23
25 16% Dec 2736
100 17 June 19
100 87
Oct 2754
55
100 2034 Dec
220 31% NOV 4954
130
3% May
6
15
314 Dec 5051
Apr
Apr
Apr
Feb
Feb
Isar
A
lp,
Mar
Jan
Jan
Feb
July
Apr
Apr
Apr
Feb
54 160
Nov 1874 Jan
10
1
Dec
5
Apr
1.85
951 Nov 33
Apr
Bonds
Shamrock Oil & Gas 68.'39
95
95
53.010 9551 Jan 108
Apr
• No par value. It Includes also record for period when
in Unlisted Dept.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Jan. 17 to Jan. 23, both inclusive, compiled from official sales lists:
Stocks-
Prlaay
Aaul
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Aetna Rubber cons
*
4
4
Canfield 011 corn
100
90
90
Central United Nat_ _20
58
5834
City Ice & Fuel
*
36
36
Clark Fred G corn
10
Cleve-Cliffs Iron pref__ _• 92
92
93
Cleve Electric 1116% pf100 11334 11231 1134
Cleveland Quarries
• 6034 55
6034
Cleve Railway co m _ _ _ _100 8134 8131 81 1
Cleve Railway ets dep_100 73
713-4 7351
Cleve Securities P L pf •
2
2
251
Cleveland Trust
100
320 321
Cleve Un Stocky'ds corn.'
17
17
Cleve Worsted Millscom100
454 434
Cleve & Sandusky Brew100
3
3
Cooper Bess Cum pf ser A •
78
78
140
4
Jan
4
6 90
Jan 90
140 5731 Jan 584
76 3554 Jan 37
100
134 Jan
2
145 92
Jan 94
160 11134 Jan 11334
110 55
Jan 6034
28 8134 Jan 814
299 6854 Jan 734
105
2
Jan
234
48 320
Jan 325
70 15
Jan 17
5
.5
Jan
5
150
3
Jan
334
10 78
Jan 794
Dow Chemical corn
•
Mee Controller&Mfg corn •
Faultless Rubber corn..---*
Ferry Cap & Set Screw__ _•
Foote-Burt common
•
Fostoria Pressed Steel__ •
Gen Tire & Rubber co m_25
6% preferred series A 100
Geometric Stamping_ _ _ _•
Godman Shoe com
•
Hanna M A 17 cum pref.'
Harbauer common
•
40
80
29
60
100
75
45
85
70
67
4
190
1515
151 154
,1
1
..........
nm-n s.
T ..U•nn,
.
•
90
in
45
604
35
CS
14
9
90
8536
5
754
8954
18
In
45
05
35
6
145e
954
90
86
54
734
8934
19
tote
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jar
Jar
Jan
Jar
Jar
Jar
Jar
45
5834
35
6
14
9
90
83
5 •
754
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1514
65
3634
6
1454
1134
95
86
554
84
Jar
Jar
Jar
Jai
Jar
jai
Jai
Jai
Jsl
Jai
18
Jan
19
Jaia
Jan
nt,
44.1.1.1
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
60
14
26
3434
14
Jan
Jan
Jan
Jan
Jan
30 45
23 65
8 26
34 265
4
114
336 4034
Jan 47
Jan 70
Jan 25
Jan 275
534
Jan
Jan 4234
Jan
Jan
Jan
Jan
Jan
Jan
834 834
National Acme com___ _10
834
325 325
National City Bank_ _100
20
20
National Refining com__25
135 135
100
Preferred
634 7
•
National Tile corn
3
3
National Tool, com- -50
234 234
211
•
Nestle-LeMur corn
* 6814 6834 70
Ohio Brass B
10534 10534
100
Preferred
12
12
Packer Corporation, corn *
27
27
•
Patterson Sargent
334 314
10
Peerless Motor com
2014 2034
•
Reliance Mfg corn
Richman Brothers com___• 6134 6134 62
3
3
Robbins& Myers vtc ger 1 *
7 •7
Voting trust ctfs pref_ _25
734
100
5 324
3
37 135
635
250
3
20
234
10
488 63
20 10534
260 1114
105 25
334
20
25 1934
142 54
234
100
7
300
834 Jan
Jan
Jan
Jan 327
Jan 135
734
Jan
3
Jan
234
Jan
Jan 70
Jan 10534
Jan 12
Jan 2734
4
Jan
Jan 2054
Jan 62
3
Jan
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
434 534
434
3eiberling Rubber corn_ _ _•
35
35
100
Preferred
13
13
• 13
3elby Shoe corn
63
3herwin-Williams,com_ _25 6214 62
4
4
•
3maliwood Stone com
7
7
3td Textile Prod B pref__•
5
5
•
3wartwout
30
30
Union Metal Mfg corn_ •
72
70
25 71
Union Trust
sli sg
Van Dorn Iron Wks corn.*
104 104
Secure pf_100
White Motor
101 101
Youngstown S az T pref 100
434
225
109 35
20 1214
280 6034
3
10
7
6
.5
20
20 30
701 6931
5
20
18 103
91 9974
53-4
Jan
Jan 35
Jan 1334
Jan 63
4
Jan
7
Jan
5
Jan
Jan 3214
Jan 75
Jan
534
Jan 104
Jan 101
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
58
57
Interlake Steamship corn.* 57
1234 14
Jaeger Machine com_ •
25
25
10
ICaynee common
Kelley 181 Line & Tr corn_* 3434 3434 3434
*
14
13
Lamson Sessions
McKee, Arthur G & Co
47
47
•
Class B
*
67
67
Medusa Cement
26
26
Metrop Paving Brick corn•
265 270
Midland Bank indorsed 100 268
5
4
4
Mohawk Rubber coin- _ _•
4034 41
• 41
Myers F E dr Bros
Bonds-
rn....am
A
,
T1.• B. T 0,24 Fe'KA
A
332
120
20
160
410
anion
57
1234
25
34
1234
A
Jan
Jan
Jan
Jan
Jan
_Tan
A
Tan
•No par value.
-Record of transactions at
Cincinnati Stock Exchange.
Cincinnati Stock Exchange, Jan. 17 to Jan. 23, both inclusive, compiled from official sales lists:
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
High.
Low.
Par. Price. Low. High. Shares.
StocksAluminum Industries, Inc•
Amer Laund Mach com_20
Amer Roiling Mill corn...25 3034
Amer Thermos Bottle A_ •
go 4934
Preferred
20
Baldwin corn
100
New preferred
Carey (Philip) pref_ ___100
100
Central Trust
100
Champ Fibre pref
•
Churngold Corn
•
Cincinnati Car B
20
Preferred
100
CNO&TP
Cin Gas& Elea pref.. _ _100 102
C N & C Lt ArTrac Pf _100
50 39
Cin Street Ry
50 9734
Cln dr Sub Tel
Cin Union Stock yards...• 28
•
City Ice & Fuel
814
•
Crosley Radio A
•
Crystal Tissue
14
1434
4354 44
31
29
9
9
4934 4934
5
5
60
60
114 115
265 265
10234 10234
13
1334
1
1
2
2
290 290
10111 102
90
90
3834 39
97
9734
29
28
3634 37
434 7
17
17
934 934
•
Dow Drug corn
534 53.4
534
Eagle-Picher Lead corn_ _20
2434
24
• 24
Early dr Daniel corn
25
2734
* 25
Formica Insulation
634 7
7
••
Gerrard S A
39
38
•
Gibson Art corn
32
32
• 32
Gruen Watch corn
107 107
100
Preferred
38
38
*
Hobart Mfg
28
28
40 28
Kahn participating
2314
• 2434 20
Kroger corn
100 9734 9734 9751
Lazarus pref
Proct er Gamble com new_* 6834 6534 69
170 17034
100
8% preferred
10834 109
100 109
5% preferred
100 8134 8135 8334
Pure Oil 6% pref
100 ogm 0034 9934
8% preferred
*
Randall A
•
B
•
Rapid Electrotype
*
Richardson common
10
U S Playing Card
IT S Print dr Litho com new*
50
Preferred new
•
1.48 Shoe corn
•
Waco Aircraft
*
Whitaker Paper corn
•No per value.
45
15
48
12
1334
4
441.4
15
46
12
38
31
314
54
143.4
4
45
1534
4931
12
38
11
314
54
1234
4231
29
9
4934
5
60
114
265
10234
13
1
2
290
10034
90
3734
9634
23
36
451
17
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1451
45
35
934
4934
7
60
115
265
10234
1431
1
2
290
10234
90
40
9734
29
37
7
17
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
110
936
5
231
115 24
185 25
651
600
75 3451
200 32
35 107
6 37
10 28
1,075 1834
40 9751
1,078 6334
66 170
67 10534
50 75
109 993-4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11
511
2434
28
8
39
33
109
41
2834
2434
9731
69
17034
109
85
100
Jan
Jan
Jan
Jan
Jan
„Tan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1314
4
433.4
15
46
12
38
31
334
54
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
143-4
4
45
16
50
15
38
31
334
54
Jan
jag
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
30
80
595
5
10
200
20
4
10
9
70
11
14
10
457
3
353
514
16
18
922
10
31
200
95
155
437
50
40
105
33
15
-Record of transactions at
St. Louis Stock Exchange.
to Jan. 23, both inclusive,
St. Louis Stock Exchange, Jan. 17
compiled from official sales lists:
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
High.
Low.
Par. Price. Low. High. Shares.
StocksBank & Trust Stocks.
Boatmen's Nat'l Bank_100
First National Bank _20 67
Franklin-Amer. Trust_100
Mere-Comm Bk & Tr_ _100 191
180
67
19851
190
180
70
200
195
Miscellaneous Stocks.
135 134
Bentley Chain Stores corn •
35%
35
Brown Shoe common..100 --35
117% 117%
100
Preferred
39
Coca-Cola Bottling Co___1 31% 31% 3
231
Consol Lead dr Zinc A. *
17% 17%
5
Curtis Mfg common
18
17
Ely & Walk D G corn__ _25 17
5
5
5
Fulton Iron Wks pref_ -100
534 5%
51-4
Hamilton-Brown Shoe_ _25
3% 3%
Hussman-Ligonier
48
47
Internat Shoe common__ • 48
107 108
iito 108
Preferred
30
25
• 25
Johnson-S-S Shoe
25
25
•
Key Boiler Equip
[VOL. 132.
FINANCIAL CHRONICLE
636
38 180
287 67
17 198%
245 190
1
225
20 35
14 117%
250 31%
2%
155
25 17
202 -17
5
20
514
20
351
35
6,297 47
14 107
7,605 25
100 25
Jan 180
Jan 70
Jan 200
Jan 195
Jan
Jan
Jan
Jan
2%
Jan
Jan 36
Jan 118
Jan 43
3
Jan
Jan 17%
Jan 18
Jan
5
555
Jan
331
Jan
Jan 49
Jan 108
Jan 37
Jan 25
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Laclede Gas Light pref_100
20
Laclede Steel Co
Landis Machine common25
•
McQuay-Norris
•
Moloney Electric A
Mo Portland Cement _ _ _25
National Candy common_•
100
2d preferred
Nicholas Beazley Airplane5
•
Pedigo Lake Shoe
Rice-Stix Dry Gds corn_ _.•
100
1st preferred
100
2d preferred
*
Scullin Steel, pref
•
Securities Inv., corn
Southw Bell Tel pref._ _100
Stix Baer & Fuller coin _ ...•
St Louis Pub Serv corn_ •
Wagner Electric com- _100
15
Preferred
Miscellaneous Bonds
Scruggs-V-B 7s. -Serial
*
United Railway 4c
99
99
99
33
32
32
2034
29
29
38
38
55
54
55
26
253.4 273.4
20
20
20
9634 9634
2
2
10
9
754 8
734
92
92
80
80
8
714 9
27
27
120 12034
120
14
11
11
g
334
17
15
16
10534 10534 10534
92
59
Range Since Jan. 1.
Low.
High.
Jan 99
15 99
50 3134 Jan 33
45 2634 Jan 2934
Jan 3834
50 38
Jan 55
85 54
278 2434 Jan 2734
Jan 22
365 20
5 9634 Jan 9614
2
Jan
2
10
Jan 10
9
110
714 Jan
83-4
290
Jan 9234
51 92
Jan 80
56 80
9
734 Jan
413
27 Jan 27
10
468 11714 Jan 1203.4
Jan 14
740 11
1% Jan
163
334
Jan 1751
1,675 15
41 10534 Jan 10534
9234 $1,200
2,000
60
92
59
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9234 Jan
Jan
60
• No par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Jan. 17 to Jan. 23,
both inclusive, compiled from official sales lists:
Sales
Friday
Range for Year 1930.
Last Week's Range for
Week.
of Prices.
Sale
High.
Low.
Stocks-Par. Price. Low. High. Shares.
•
Assoc Gas & Elec A
25
Barnsdall Oil A
10 1334
Bolsa Chica 011 A
Broadw Dept St pref. 100
100
Prof ex-warr
25 89
California Bank
Central Investment Co.100
Citizens National Bank _20 86
Claude Neon Elec Prod...* 1831
*
Douglas Aircraft Inc
• 2434
Food Machinery Co
Gold State Milk Prod Co 25
-25
Home Service 8% Pre:
Internat Re-insur Corp-10 2754
2034
12
12 .
75
70
8834
92
85
15
1554
2454
70
19
26
2034
12
1434
75
70
89
92
86
HU
1554
2436
75
19
2734
234 2.80
•
Lincoln Mtge pref
72
72
Los Angeles Biltmore pf100
10434 106
Los Angeles G dr El P1.100 106
103.4 1054
Los Angeles Invest Co_ _10
434
4
434
MacMillan Petroleum Co25
2434 2434
Pac Amer Fire Ins Co_ _10
2434 2451
Pac Clay Products Co_ _ _•
Pac Finance Corp corn_ _10 123.4 123.4 1434
10
1034
Preferred series A_ _10
10
831 834
Series C
Pac Gas & Elec com_ __ _25 4854 4814 4834
2.15 1.80 2.15
Rights
Pac Mutal Life Insur_..i0 5454 5214 5434
1.35 1.30 1.40
Rights
1
1
Pacific National Co
1
25
Pacific Pub Serv A com_ •
183-4 1834
754 714
751
Pacific Western 011 Co_ -•
.
Pickwick Corp com
10 1.15 1.15 1.25
Nov 4434
Dec 3334
1.50
Feb
Sept 72
Aug 80
Dec 120
Jan 99
Dec 11234
Dec 45
Dec 223-4
Oct 2754
Oct 29
Sept 2434
Oct 4954
Mar
Mar
Mar
Nov
Jan
Jan
May
Jan
Feb
Apr
Oct
Jan
May
Mar
sg
Dec
3
500
Nov 96
50 80
43 10034 Dec 111
Dec 2034
9
100
Dec 31
3
400
Dec 5734
100 25
Nov 3134
200 25
Dec 43
4,100 12
2.000
934 Oct 1134
7 Sept
934
600
500 4031 Dec 7334
0.500
Oct 94
750 50
6,700 2.90 Feb 4.40
Oct
1
500
83-4
100 1734 Dec 3914
Dec 1954
6
1.300
854
300 1.25 Dec
Mar
Jan
Sept
Feb
Apr
Apr
Apr
Jan
Apr
Dec
Mar
100
200
4,600
35
10
100
21
150
1,200
300
100
55
110
900
1834
1014
.99
70
65
78
90
80
1134
1134
2734
1634
20
32
Apr
Mar
Mar
Feb
Apr
Jan
Feb
4
900 1.15 Dec
Republic Petroleum Co_10 1.1712 1.17t2 1.25
Feb
100 2954 July 32
20
20
Republic Supply Co
•
434 Dec 2754 Mar
4
.25
Richfield Oil Co corn..
334 414 20,300
Dec 2251 Oct
6
25
534 554 4.600
534
Preferred
434 Dec 2534 Apr
2,000
Rio Grande 011 corn.....2.5
534
634
800
Petroite Corp
1734 1751
60 11134 Mar 12434 Sept
San J L & P 7% pr pr._100
11531116
1,600 7734 Dec 11834 Mar
93
88
Sec First Nat Bk of L A.25 93
6% Dec 2254 Apr
100
10 ,
10
Shell Union Oil Co com_25
Dec 3851 Apr
600 15
1534
15
25
& Gas A
Signal OR
So Calif Edison com _ _ _ _25 4954 46% 4954 5,400 4034 Dec 7131 Apr
Apr
Dec 70
110 53
57
55
25 55
Orig prof
600 2731 Jan 3054 Mar
2931 2934
25
7% preferred
800 2451 Jan 28 Sept
25 267-4 2651 2614
6% preferred
Sept
800 2234 Jan 26
25 2434 2434 25
554% preferred
,2.15 1.85 2.20 33,000
Rights
44 2434 Feb 26% Sept
26
26
Bo Calif Gas 6% pref_ _25
4531 4834 7,600 4214 Dec 7434 Apr
.
Standard 01101 Calif_ _ _• 48
10 1234 Sept 25 Sept
21
21
25
Superior 011 corn
Dec 4734 Feb
_25 1334 1234 1334 9,000 10
TransAmerica Corp_ -3,000 1951 Dec 4854 Apr
24
Union 011 Associates_ _25 2314 22
4,100 2054 Dec 4934 Apr
25 2434 2254 25
Union Oil of Calif
Apr
934 Dec 46
400
1514 1634
Western Air Express- _ _10
811
Bonds
L A Ry Co 1st R 52.. _1040
1944
Richfield 6s
5634
78
78
523.4 5694
1,000
5,000
75
69
Feb
Oct
Oct
84
9734 Mar
• No par value.
-Record of transactions
San Francisco Stock Exchange.
at San Francisco Stock Exchange, Jan. 17 to Jan. 23, both
inclusive, compiled from official sales lists:
Sates
rrtaay
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
High.
Low.
StocksPar. Price. Low. High. Shares.
414
334 Jan
100
Amour & Co A co m
334 334
7
175
......
536 Jan
531 594
Aviation Corp of Callf
8
365
734 Jan
Bond & Share
714 8
654
5% Jan
818
Byron Jackson
53-4 534
Jan 16
16
15 14
16
Calamba Sugar common
10 143.4 Jan 16
16
16
Preferred
7%
%
14 Jan
100
California Copper
,
54
%
551
Jan
5
555
5
5
Calif Cotton Mills corn
554
Jan 110
pfd_
10614 10655
15 10694
Calif-Oregon Pow 7%
43
4251 4414 2,782 4254 Jan 4734
Calif Packing Corp
Jan 89
89
89
20 85
Calif Water Serv pref
3514 13,459 2734 Jan 353-4
3534 30
Caterpillar Tractor
17% 18
325 1754 Jan 2031
Clorox Chem Co A
9914 9914
10 9834 Jan 9914
Coast Cos G & E 7% 1st pf
21
21
395 19% Jan 2134
21
Cons Chem Indus A
Jan 5434
55 45
Crown Zeller Corp pfd A 4854 485.4 50
Jan 5394
260 43
4834 49
Preferred B
Jan
614
5
611 1,828
6
634
Voting trust ctfs
Gageol Motors common-14 1
8511 8534
Flremans Fund Ins
2431 2431 2431
Food Mach Corp corn
27
27
Galland Mere Laundry12
15
Golden State Milk Prod.-, 15
Gt West Power 6% pref--- ...... 10314 10334
7% preferred
104 104
Hale Bros Stores
894 834
Hawaiian C & S Ltd
4394 44
25% 2594
Honolulu MCorp Ltd---.
53
53
Honolulu Plantation
934 10
Leslie Calif Salt
154 194
Magnavox
134
754 8
Merchant Cal Mach corn
14
800
20 84
154 2331
160 27
1,654 11
25 101
259 10234
814
150
260 42
200 24
35 52
9%
1,080
134
3.980
754
390
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
134 Jan
Jan
Jan
Jan 88
Jan
Jan 25
Jan
Jan 27
Jan
Jan 15
Jan 10454 Jan
Jan
Jan 105
Jan
9
Jan
Jan 4494 Jan
Jan 2854 Jan
Jan
Jan 53
Jan 1034 Jan
154 Jan
Jan
Jan
8
Jan
JAN. 24 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last 1Veek's Range for
Sale
of Prices.
TVeek.
Stocks (Concluded) Par. Price, Low. High. Shares.
Mere Amer Realty 6% pfd
84
No Amer Invest 6% pref__ ______ 82
North Amer Oil Cons
10
Oliver United Filters A_ - _
241
4 24
Pacific Gas & Elec rights__ 2 1-16
1%
Pacific Finance Corp
1211
1311
Pacific G & E common__
4834 4634
6% 1st preferred
2734 26%
Pacific Lighting common
5634 55
60)3- preferred
101
Pacific Pub Serv A
189-4
209-4
Pacific Tel & Tel corn
124% 12374
6% preferred
124
Paraff'W common
47
48
Pacific Coast Gas 534% pfd
2534
158 Pf
12
Range Since Jan. 1.
Low.
84
10 70
82
65 82
10%
9
460
2414
295 1934
234 132,333
131
14
300 1211
8,943 4531
49
271.4
1,359 263-4
1,805 Si
56'1
101%
100 10034
2034 4,154 1834
124%
230 118
125
25 12031
43
755 42
25%
151 25
12% 1,270 12
High.
Jan
Jan 85
Jan 83% Jan
Jan 11% Jan
Jan 2414 Jan
231 Jan
Jan
Jan
Jan 14
Jan
Jan 50
Jan
Jan 28
Jan 56,4 Jan
Jan 102354 Jan
Jan 20311 Jan
Jan 125 t1 Jan
Jan
Jan 125
Jan 43 •7 Jan
Jan 2594 Jan
Jan
Jan 15
2
Ry Equip & Rlty Ser 1 pref
18
18
50. 18
Jab 20
Series 2 preferred
20
17% 17
270 17
Jan 22
Convertible preferred10
10
100 10
Jan 10
Rainier P & P
10% 10%
110 10
11
Jan
Richfield Oil common
374 4
12,313
6%
2% Jan
7% preferred
534
5
5% 4,427
3% . Jan
775
Itoos common
14% 14%
100 14-g Jan 17%
S J IA & Pr 7% pr pref
115% 117
117
30 11534 Jan 117
Shell
10
934 10% 4,521
714 Jan 10%
Sherman Clay & Co pr pref
45
45
50 45 4 Jan 45
Spring Valley Water
10
10
10
1,065 10
10
Jan
Standard of Calif
4531 48% 7,507 45343, Jan 50
48
Standard of NY
23
23
100 23
Jan 25
Tide Water Assoc 6% pref_
62
62
20 56% Jan 69%
Transamerica
1334 12% 13% 34,622 1234' Jan 14%
Union Oil Associates
24% 21% 24%
1,364 21% Jan 24%
Union Oil of Calif
22% 25%
25
3.904 22% Jan 25%
Union Sugar common
3
3
950
3
Jan
3%
West Amer Fin 87 pref
_ __ __
2
600
2
2%
Jan
234
Western Pine & Steel Co
14% 161.4 8.614 14'< Jan
16
19%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
New York Produce Exchange Securities Market.Following is the record of transactions at the New York
Produce Exchange Securities Market, Jan. 17 to Jan. 23,
both inclusive, compiled from official sales lists:
Stocks-
Sales
0,8555
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Aetna Ins.(Fire)
10
Amer Corp
•
Warrants
Andes
•
Appalachian Gas War
Atlas Util 3d pre
*
Aviation Sub war 1934_ ___
49
48
4% 53-4
31
%
.14
.14
131
134
35
35
1% 2
5%
40
3,600
200
1,000
900
300
300
Range for Year 1930.
Low.
8034 Aug
3
Dec
31 Dec
.10 Dec
1
Dec
30
Dec
1
Dec
High.
85%
9%
2%
83
734
40%
314
July
July
May
May
Apr
Sept
Oct
637
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range for Year 1930.
Low.
High.
Bagdad Copper
1
British Can
•
5%
Chase Bank
20 100%
•
a
Chemical Research
Claude Neon Lights
1
7%
•
Columbia Baking
Comm'l Credit cond'I war_
Corp Tr Shrs
614
•
Detroit & Canada Tunnel *
331
Diversified Trust Shrs C__
6
Firemans Ins (Newark)_10
Hamilton Gas
331
1
Voting trust ars
3%
1
.70 .70
4% 5%
95% 100%
331
3
731
6
1
1
31
31
6% 614
331 4
634
6
283-4 2834
3% 3%
334 331
1,000
600
200
1,400
6,800
100
200
300
3,900
800
100
100
200
.40 Dec
Jan
3
Dec 14% Sept
6
7731 Dec 179.34 Mar
Jan
9
234 Dec
2% Dec 19% Feb
1
Nov
MaY
% Dec
2
Aug
531 Dec
9% June
3
Dec
931 Apr
.531 Dec
831 Sept
E Rubenstein pref
*
Internet Rustless Iron_1
Jenkins Television
*
Kelvinator (of Canada)_ *
Kildon Mining
•
Lautaro Nitrate
•
Macfadden
•
Manhattan (Bank)
20
Manufacturers Trust_ _25
Natl Avis E war
Natl City (Bank)
20
Natl Liberty Ins
5
New York Rio war
North Amer Finance A_ __.
North American Tr Shrs_
Petroleum Conversion_ _ _•
Photocolor
*
Pub Serv Corp N J rts w I
Public U1.11 Hold N pref._•
Reliance Intl pref
•
Rhodesian
5s
123-4 13
9-16 %
2% 231
5% 5%
7%
7
234 211
19 • 19
83% 8734
4331 4434
31
31
94% 9934
831
8
4
3-16 3
23% 23%
574 614
53* 694
2
23-4
1-641-64
26% 30%
33% 34%
4% 431
400
3,800
300
300
300
400
100
40
100
100
80
600
500
200
1,200
4,700
200
2,10
1,200
800
100
931 Nov 24%
.32 Dec
3
Dec
9%
2
4 June 11%
4
Nov
4%
134 Dec 10%
14% Dec 27
Dec 154
64
Dec 154
24
2
% Nov
Mar
Feb
Apr
Mar
Nov
Apr
Feb
Mar
Mar
Sept
18%
3%
23%
10%
13%
8%
Apr
June
Dec
Apr
Jan
Aug
1%
18%
34
.85
331
31.1
7
634
634
31
45
431
%
5%
.15
100
1 00
500
500
100
500
400
200
100
1,000
300
100
200
100
1,000
Roxy common
Roxy
Seaboard U til war
Sherritt Gordon
Southern Surety
Spiltdorf Bethlehem
Super Corp A
B
Trustee Std Oil B
Trent Process
Twin City scrip
Util Hydro w w
Warrants
Williams Alloy
Zenda Gold
•
31
2%
99%
%
23%
631
2
1-64
30%
3334
4%
1%
1
2.50
•
•
42
•
31
*
1
135
1835
31
.85
3%
2%
634
6%
6%
31
42
411
%
5%
.15
434
2
Dec
2% Dec
5%
34
22%
6%
534
131
Dec
Dec
Nov
Dec
Nov
Dec
734 June
5% Sept
Dec
28
30% Nov
Dec
3
Sept
46
July
36
13% Feb
131
18%
31
.75
Dec
Jan
Dec
Dec
3 May
30% Apr
1% Apr
3% Jan
1%
731
6%
634
11
50
434
34
5
.11
Dec
Nov
Dec
Dec
Dec
Dec
Nov
Dec
Dec
Dec
5% Mar
10% May
931 May
June
11
3% Feb
Dec
55
1131 May
Apr
2
Aug
15
1.75 Feb
Bonds
Intl Match 55 w 1_ __1941
9514 9534 95% $11,000
Phila-Bait 431s"C" WI '77 10331 103% 103% 41,000
*No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Ian. 17) and ending the present Friday (Jan. 23). 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.
5
314
934
12
2%
Apr
4,a
,
Jan
Apr
Mar
Mar
Mar
Feb
Mar
Nov
Apr
Apr
MAr
40
3231
45
3
8
33
1
3%
734
2.31
12
3
z20
334
Dec
Dee
Nov
June
Sept
Dec
Dec
Dec
Dec
Oct
Oct
Dee
Dee
Dec
75
60%
77%
334
20
1534
734
1434
4334
4
16
2334
6034
27%
Mar
Mar
Apr
Feb
Apr
Apr
Jan
Feb
May
Mar
May
Mar
Feb
Feb
434
3111
4
10
431
831
3%
I%
5%
1694
731
3534
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Nov
Nov
Dec
Jan
Dec
8
6014
2814
11-16
26
26
1434
831
1734
115
19
4934
ate
Apr
Feb
Apr
Apr
Mar
Mat
Feb
Feb
Aor
Apr
Mar
100
1%
43%
1%
28
23
Dec 141
Nov
734
Oct 5031
Nov
6%
Jan 33
Dec 73
Mar
July
Feb
Apr
Feb
Mar
334
Cable Radio & Tube v t c•
Can Cement Ltd com__100
Preferred
100
Can Indus Alcohol el A..5
Celanese Corp part p1_100
7% prior preferred_ _100
Centrifugal Pipe Corp___.
Chain Store Devel com_ •
Chain Store Stocks Inc_ •
Chatham & Phenix Allied _ *
Childs Co pref
100
Cities Service common...
Preferred
•
Preferred B
•
Cleve Tractor common___•
Club Alum Utensil corn...
,
Colombia Syndicate
Columbia Pictures com._*
Common vol trust etfs_•
Consol Automatic
Merchandising com v t c•
Consol Laundries corn___•
Consol Retail Stores com_•
Consol Theatres com v t c_•
Cont'l Shares cony pref _ 100
Coon(W B) Co corn
•
Cord Corp
5
Corporation Sec of Chic..
Corroon & Reynolds pf A_•
Courtaulds LtdAm dep rcts ord reg__El
Crocker Wheeler
*
Crown Cork Internal el A.•
com___Cuban Tobacco corny t c..•
Cuneo Press
61
-4% pref with warr 100
Curtiss-Wright Corp warr.
Curtiss-Wright Export_ _.•
Dayton Airplane Eng corn•
Deere & Co common
•
De Forest Radio corn
*
Delsel-Wemmer-Glibert._*
Detroit Aircraft Corp.....•
Dixon (Jos) Crucible....100
Dochler Die-Casting com..•
Douglas Aircraft Inc
•
Dresser(S R) Mfg Co cl A •
*
Class B
1534
4%
32
8835
175%
6%
11%
2
000.0000
00000000
48%
734
44
13%
80
9035
37
6
22
6%
81
1694
7%
Dee
Dec
Dec
Oct
June
4m:
Dec
Dec
Dec
Dee
Dec
Dec
13-4 Nov
1531
3%
3%
31% 3074
8834
175%
6%
1194
2
19%
2034
24
4
3434
34
1%
7
2034
21
2494
434
35
35
1%
7
000.90000
000p0000
18
14
24%
5
60%
60
6%
1%
334
3
30
Bliss(NW)Co common__*
Blue Ridge Corp com____•
Opt 6% cony pref____50
Borg-Warner Corp pref_100
Boston A: Albany RR__100
BourJois Inc
•
Bowers Roller Bearing- •
Bridgeport Machine com •
British-American Tobacco
Am dep rets ord bearerEl
Am dep rcts ord reg_ _El
Bulova Watch 3334 pref_•
Burco Inc common
*
6% cony pf with warr_50
Warrants
Burma Corp Am dep rcts_
Butler Brothers
20
21
0gQ00000.00000N0000
0000000000000000000
Apr
Feb
API
Sept
Apr
Apr
Sept
Dono0
.
,
WNONN
7%
Dec
3
Dee 15%
Dec 856
Dec 111%
Oct 24%
Dec 232
Dec 99%
%
434
140
1104
13
57%
35
0000000..0000
105
2%
37%
274
2994
35
511
42%
4%
Apr
Mar
Sent
May
Apr
00
105
2
3735
2%
2931
30
6
13
23%
20 4
85%
934
Oct
Nov
Dee
Nov
Dee
coo8..goo0=ogo q0cDo0o.g....
000 N000000
5%
44%
4%
3-16
7%
1035
5
334
11%
25%
12
3634
10
.
5
3934
43-4
31
731
10
331
231
834
2334
12
3611
431
MC6
45
28
45
3%
5
43
,
131
4
10
2%
10
6
2574
6
N
Babcock & Wilcox Co..100
•
Bahia Corp corn
*
Bancomit Corp
Beneon & Hedges com__ •
•
Bickford's Inc pref
Blgelow-Sanford Carpet __*
4234
28
39%
331
5
33.4
111
4
4
10
231
10
6
22%
5%
45
33-4
5
9%
68
34
0000000000N=0000Q200§000
000.000MM..0000000
0 000
Am Laundry Mach com_20
American Mfg corn_ _100
American Meter
•
American Thread pref_ _5
Amer Transformer corn_ •
Arn Util & Gen cl B v t c__.
American Yvette Co COM_•
Anchor Post Fence corn..
•
Anglo Chi! Nitrate Corp.
Aegio-Norweg Hold com_•
•
Apex Electrical Mfg
Arcturus Radio Tube____•
Armstrong Cork corn_ _ __•
Art Metal Works corn...•
Assoc Elec IndustriesAmer dep rcts ord shs_El
Associated Rayon pref _100
Atl Coast Fisheries corn...*
Atlantic Fruit & Sugar...*
Atlantic Secur Corp corn _•
•
Atlas Plywood Corp
Atlas Utilities Corp com __•
Automatic Vol Mach corn"
Cony prior panic stock *
Aviation Corp of the Amer*
Aviation Securities Corp.*
Axton-Fisher Tob corn A 10
High.
0000.0
p0000
N
Indus. & Miscellaneous.
Acetol Prod cony class A *
431 5%
Aero Underwriters
•
8
8
Affiliated Products Inc__ _* 14%
14%
14
Agfa Ansco Corp prof.
.100
68
68
Air Investorecom v t c_ •
1%
1
Allied Aviation Industries
with stock purch warr_ *
34
31
Allied Mills Inc
4% 5
431
•
Aluminum Co com
• 160
143% 160
6% preferred
100
107% 109
Aluminum Goods Mfg .•
14
14
Aluminum Ltd corn
60
60
•
6% cum preferred __ _100
9131 91%
Series A warrants w L__
31
30
31
Series B warrants w 1_ _ _
26
31
Series C warrants w L
33
33
Series D warrants w I
36
36
Amer Arch Co corn
* 24
24
24
Amer Austin Car com
134
•
114
1
Amer Bakeries class A • 28% 28% 28%
Amer Capital Corp com B *
5
5
$5.50 preferred
62% 65
• 65
Amer Cigar Co com
_100
65%
65
Amer Cyanamid corn 13__•
831 931
931
Amer Dept Stores Corp.
1% 1%
134
American Equities corn..
•
5% 6%
6%
Amer Founders Corp_ _ _ ..*
434 5
43.1
Am Hard Rubber com _100 30% 30
30%
Amer Investors cl B corn 5
531 5%
5%
.
Warrants
1%
13-4
Low.
Friday
pates
Last 13-eek's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
1
1
1274 z1234 12%
9231 92% 92%
335 5%
54% 5431
72
70
631
6
6%
1%
194
8
934
1531
1431 1531
105 107
1,07
17%
1634 1734
8234 8134 82%
731
7.31
10
935 10
214
294
34
31
31
20
1831 20
19
2074
20%
31
1334
45
15
711
19
831
9%
3-16
1235
434
231
4234
15
6%
17
43
11
1335
435
231
45
15
7%
19
46
835
931
7
634
834
9%
714
6%
35
34
5
234
3731
2%
12
234
34
1934
31
5
2
3634
2
12
114
126
6%
1131
323-iS
1934
35
%
5
234
39%
2%
12
231
130
634
1511
34
19%
•-•
Stocks-
Range for yew' 1930.
wo..
c=oot.0c0c,
20.0w =c0ocq00 =moo 000000000
cennonocmcno0m 000Q
Friday
Sales
Last Ircek's Range for
Sale
or Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Jan. 23.
Range for Year 1930.
Low.
High.
1334 Oct
2% Dec
30
Nov
3034 Feb
is is Mar
449-4 As
175
Mar 189
31.4 Oct
8%
8
20
NON
231 Dec
611
Oct
Apr
Apr
July
23
2431
20
4
3434
%
134
431
Dec
Aug
Nov
Dec
Dec
Dec
Dec
Dec
Jan
Mar
Mar
Apr
Jan
Jan
Jan
Jan
31
Oct
2814
2834
46
1034
41
e4
331
17%
931 Mar
431
48
70
431
1
5%
z13%
106
z1331
7834
z731
534
2%
%
1531
14 •
Aug 10
Oct 90
Oct 90
9%
Jan
Nov
831
Dec
17
Dec 25
Dec 114
Dec 443.4
Dec 9334
Dec
9
Dee 3534
Dec
691
dePi
44
Dec 5534
Dec 5434
Feb
Feb
Apr
1 Aug
Mar
Oder
31
10
334
131
3731
20
334
c14
40
Dec
Jan
Dec
Aug
Dec
Jan
Dec
Dec
Dec
131
16
13
5
89
2534
1734
2735
92
Mar
lAst
Feb
Sept
July
Feb
Aim
May
Apr
8%
6
674
694
Dec
Dec
Nov
Dec
1334 Feb
34
Arm
1236 Mal
Felt
20
84
Dec
% Dec
95 Jun(
434 Arn
13.4
z2934
%
10
134
130
6
1135
2894
1834
Ayr
May
Apr
APT
Apr
Apr
Apr
APT
Apr
APT
Dec
a% Eet
Dec 16231 Api
Dec
834 hut
Dec 2234 May
Dec
9
Jam
Dec 172
Apr
Dee 23
Ao
Dec 2334 Ao
Dec 5534 AD;
Dec 44% Junr
638
Friday
Last Week's Range
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High.
Driver-Harris Co com _10
Dubiller Condenser Corp.*
Durant Motors Inc
•
Durham Duplex Razor
54 pr pref with warr .
Durham Hos Mills corn B
Duval Texas Sulphur_ _ _ _•
East Util Invest corn A__*
Eisler Electric common *
Elec Power Assoc corn...'
•
Claes A
Elec Shareholdings com *
56 cum prof with warr_.'
Emerson Bromo Seitz A _ _*
Empire Corporate corn...*
Warrants
Empire Steel Corp corn_
European Elec Corp el A 10
Option warrants
Ex-Cello Aircr & Tool corn*
Fabrics Finishing corn..'
Fageol Motors com_ __10
Fairchild Aviation corn_ i6o
Fajardo Sugar
Fandango Corp common_.
•
Fansteel Products
Federated Capital corn- _.5
Federated Metals Corp-.*
Fiat Amer dep rcts
Fischman (I) & Sons cl A.*
•
Flintkote Co corn A
•
Foltis-Fisher Inc cornFord Motor Co Ltd
Amer dep rcts ord reg _ E_
Fors Motor of Can cl A---*
Ford of France Am dep rcts
Foremost Dairy Prod corn •
3
Cony preferred
Foundation Co
Foreign shares class A--•
Fox Theatres class A corn."
Sales
c for
Week.
Shares.
Range for Year 1930.
Low.
Dec 108 34 Apr
Sept 1831 Jan
7
„lae
134 Dec
231
16
14%
1031
3131
134
134
9
36
14
1131
335
194
244
134
334
3
531
14
15
4
14
400
400
5,300
16
231
331
434
1431
1331
93£
74
314
134
31
3
731
131
834
231
3%
44
16
14%
1031
74
3131
134
34
351
94
134
9
700
200
400
100
900
2,700
3,100
1,20
100
100
1,500
200
500
900
900
700
10
1
2
134
4
11
1031
731
67
3031
%
31
234
6%
131
6
Dec 20
June
534
Oct 204
Dec 18%
Dec 23
Dec 3934
Dec 37
Dec 324
Dec 108
Jan 3331
Dec
8%
1
Dec
Dec 1331
Dec 23
9
Dec
Dec 22
Mar
June
Apr
AD,
Mai
Apt
AP
,
m s•
Apr
Mar
Jul,
Oct
h
34
36
1
141
131
35 • 35
34
31
531
531
3
3%
10% 1034
1131 1131
331 5
331
834
131 2%
3,500
1,400
300
40
400
'Co
200
100
1,200
600
200
300
3(
31
34
20
31
331
2
8
1031
6
7
13,1
Dec
Dec
Dec
Dec
Nov
Dec
Nov
Dec
Dec
Dec
Dec
Dec
934
531
11
684
231
13
1131
2431
22,
5
49.
2734
974
Ms
Feb
Apr
r
Apr
Feb
Julie
Feb
Apt
Feb
Jar
Apr
104 Jan
1834 Oct
631 Jan
34 Dec
131 Dec
2334
3831
12%
10%
18
AU,
Acs
May
Mar
Jan
16% 1934 90,200
22%, 2431 2,400
s8
100
58
131
1,900
131
500
3% 4
231
4%
3
600
631 11,300
634, 631
15
15
34
%
16
16
2
2
13
13
28% 2834
43/ 434
104 1034 1034
100 100
2234 2331
334
3
3
300
200
300
700
400
100
100
5,250
200
25
500
1,000
431
931
64
53
35%
84
54
7
634
4
11
24
2634
831
134
8
1034
4%
931
731
53
4231
84
57
8
64
4
11
3%
29
831
131
84
1051
200
100
500
25
2,100
100
1,000
6,000
10(1
700
100
200
900
500
500
900
200
3,1
35
3
10
2031
25
32
3031
1%
134
1%
34
3531
331
10
2131
26
32
31
14
2
14
15
54
16
44
42%
84
5631
8
4
29
131
834
1034
26
134
14
z834 z831
*
MacMarr Stores Inc
231 231
Marion Steam Shovel corn *
34
34
Mavis Bottling Co of Am_•
42%
Inc.' 4231 40
Mayflower Associates
7931
Mead Johnson & Co corn.* 7934 78
Stores common* 22% 224 30
Mercantile
•
76
34
33
Mesabi Iron Co
24
34
Metal & Mining Shs corn.'
13% 14%
Midland Royalty pref__ •
2031
20
Midland United Co cont..* 2031
1331
13
Miller (I) & Sons com.---• 13
931 93.4
Miss River Fuel warr
Montecathal Min dc Agri
34
31
Stock warrants
102 102
Moore Corp Ltd pref A _100 102
431 431
44
Intl....*
Nat American Co
*
431 631
634
Nat Aviation Corp
331
334
Nat Bancservice Corp_ - _•
33%
30
Nat Bond & Share Corp..* - -3334
431 531
554
Nat Family Stores corn..'
331
331
Nat Food CIA with warr_ •
•
531
534
534
Nat Investors corn
50
50
100
preferred
531%
534
5
5
Nat Mfrs Ye Stores Corp •
•
3% 3%
354
Nat Rubber Machy
High.
224 2331
4
4
131
131
1% Dec
2% Jan
*
16
16
300 1431
Garlock Packing corn
431
4
300
4
General Alloys Co
5% 6% 5,000
431
634
General Aviation Corp....*
General Baking
1731 1334 8,900
1831
New corp when issued_ -34
Gen Baking Corp com____•
31
31 42,800
%
• 30
2831 3031 8,600 2351
Preferred
131
141
100
134
General Cable Corp warr__
Gen Elec Co of Gt Britain_
1034 10% 2,500
American deposit rots_ El
93£
14
16
500 2331
General Fireproofing cam • 16
400
34
h
Gen Laundry Mach'y corn*
34
534 5%
71
6
Gen Silk Corp let pref_ 100
1,8,100 224
General Theatre Equip Dr • 274 24% 28
_ _•
7
7
Co co
101
6
Gerrard (S A)
•
9
9
ii.
8
Gilbert(A C) Co corn_
5
5
100
5
Gleaner Comb Harvester.*
57
• 58%
59
1,700 50
Glen Alden Coal
*
7
7
7
1,500
631
Globe Underwrit Exch
631 731 31,200
7
431
Goldman-Sachs Trading- -•
1
31
1
1,100
34
Gold Seal Electrical Co....*
34
5-16
900
34
Gorham Knitbac Mach...
54 554
54
200
5
Grand Rapids Varnish_ _.•
•
2531 26
300 2031
Graymur Corp
Gt All & Pac Tea
18531 216
260 155
Non vot corn stock....' 215
118% 120
210 1143(
7% first preferred...100 120
97
97
50 90
Bros 7% Of-100
Greif(1)&
c_*
331 334
300
2
336
Grocery Stores Prod v t
200
.4
34
31
Guardian Investors
34
•
Hall (C M) Lamp
Habirshaw Wire & Cable.*
Happiness Candy Stores_ _•
•
Hazeltine Corp
*
Helena Rubinstein Inc
Heyden Chemical Corp- _*
Hormel(Geo A)& Co corn*
Horn (A C) Co common_ _*
7% 1st preferred -- __50
pf _100
Horn & Hardart
•
Hydro-Elec Sec corn
Hygrade Food Prod corn.'
Chem Indust
Imperial
Am den rcts ord reg_ - £1
India Tire & Rubber coin
Indus Finance corn v t C.10
100
7% cum prof
Insull Utility Investment.*
$6 pre( 2d ser with warr •
Insur Co of North Amer.10
Insurance Securities_ _ _ _10
Intercoast Trading com_-"
Internat Products corn...*1
Internet Safety Razor clB*,
Interstate Equities cOM--•,
Convertible preferred-*
Irving Air Chute cora_ _ _*
Warrants
Jonas & Naumberg pref..'
Kleinert (I B) Rubb corn.'
Kolster-Brandes, Ltd
£1
American shares
Lackawanna Securities...'
•
Mach
Lake Fdry &
•
Lercourt Realty corn
•
Preferred
Nay
*
Lehigh Coal &
Lerner Stores Corp com_ •
•
Ley (Fred T)& Co
•
Liberty Dairy Prod
Loew's Inc stock purch war
Louisiana Land dr ExPlor-*
[VoL. 132.
FINANCIAL CHRONICLE
19%
34
13%
134
1034
25
Jan
Mat
Ms,
Feb
7% Jan
1731 Ain
Nov
Dec
Dec
3331 Apr
1431 May
1234 Get
Dec
Dec
Oct
431
5431
144
Jr.,
has
Jan
Apr
Oct 14
Nov 3731 Apr
Dec 10% Jan
July
6
July
Dee 374 Oct
Dec e2331 Jan
Dec 21
Jan
Dec 36
Apt
4 Jai,
Dec 121 3
Nov 16% Fat
Dec 4631 API
Dec
6
Apr
Oct
354 Fet
Oct 934 Mar
Dec 44
Mar
Nov 260
Jai 122
Feb 100
Dee 14%
Nov
534
Jan
Dec
Oct
Ncv
rec
Dec
Mar
Jaz,
Nov
Fei•
Apr
25
Aug
el% Jan
May
35
74 Mal
23
Jan
3134 Feb
1234 Dec 2634 Jan
9931 Jan 10331 Oct
204 Dec 55
Apr
234 Sept 15
Mm
4
Dec
7
Feb
5
55
2734
71
4531
63
,
1
Dec
Des
Dee
Dec
Dec
Dec
Dee
June
Sept
Dec
Dec
De
Dec
Dec
Dec
29%
7031
71
984
8634
23
234
731
1434
1431
46
2534
931
22
25%
Apr
Apr
Pot
Mar
Mat
Mai
Apr
Mar
Oct
Mai
Apt
Apr
Apr
Jan
Jan
200
Sept
400 33
Dee
230
131 Dec
400
531 Dec
200 164 Dec
300 214 Dec
100 z2931 Dec
200
100
134 Dec
3,400
1% Dec
2,500
34 Nov
2
4331
12
2551
374
5031
56
Apr
Feb
Feb
Mal
Jet'
Mar
Apr
500
100
5,500
1,900
600
300
400
1,100
200
500
300
100
400
25
2,900
2,800
200
1,700
800
200
3,100
25
800
400
a
231
931
2
26
531
9%
831
131
34
35
5534
2031
31
31
1331
1634
1431
531
Dec
Dec
Nov
Dec
Fey,
Nov
Dec
Dec
Jan
Dec
Dec
Dec
31 Dec
831
835
2
26
254
131
831
72
5
xl 51
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Nov
Sept
3231 Apr
20% May
Jan
5
243£
1731
834
71%
90
59%
251
1631
2431
2931
3331
27%
Jan
Apr
May
May
Atilt
Feb
Jan
May
May
Feb
Mar
Mar
24 Feb
1234
21.4
3331
5131
20
20
50
85
1531
27
Jell
Aer
Jan
Apr
Mar
Jan
Feb
Mar
Feb
Apr
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par, Price. Low. High. Shares,
Nat Short Term Sec A__
Nat Steel Corp warrants__
National Sugar Refining_.*
Nat Union Rod corn...'
*
Nauheim Pharmacies_
Cunt cony prof
Nebel (Oscar) Inc
Nehi Corp common
First preferred
•
Neptune Meter class A...'
New Haven Clock corn...*
N Y Hamburg Corp..__50
Niagara Share of Aid_ _ _10
Niles-Bern't-Pond corn...*
Norden Corp Ltd
5
Nor Amer Aviation warr A
North American Cement.*
Northwest Engineering..'
Novadel Agene Corp corn.'.
011stocks Ltd class A....'
Oliver Farm Equip corn..'
Outboard MotCorp corn B*
*
Cony pre: class A
Overseas Securities Co- - _*
Ovington Bros particpref.'
1531
231
27
731
19%
13£
45
374
434
4
Paramount Cap Mfg corn.'
Parke Davis & Co
Pennroad Corp corn • c _*
731
Fender (D) Grocery Ji A_* 25
Class B
Perryman Elec Co corn...'
Philip Morris Cons corn...*
31
*
Philippe (Louis) mm B
Pie Bakeries of Amer cl A.' 31
Pilot Radio & Tube cl A__•
5%
Pitney Bowes Postage
Meter Co
•
851
Pitts & L E RR co m _ _ _50 10631
Pittsb Plate Glass corn. _25
Polymet Mfg common...'
3
Potrero Sugar Co corn_
•
Powdrell dr Alexander_ _ _ _*
Frov & Worcester RR_ _100 181
Prince &Whitely Trad corn'
131
$3 cony pref A
* 164
Propper-McCallum Hos_ _•
Prudential Investors corn_* 1034
Public Utility Holding Cdrp
Corn with warrants_
7
Corn without warrarcts_.
6
Warrants
131
Radio Prod Corp corn_ ..*
Railroad Shares Corp...'
4
Rainbow Lum Prod A _ _ __•
23,1
Common class 13
Reliance Internet corn A._*
431
Common B
•
Reliance Management_ _ 5
5
Reybarn Co
10
231
Reynolds Investing corn_
Itike-Kumler Co com____* 2334
Rolls Royce of Amer pf_100
Resale International
*
274
Ruberold Co
•
Safety Car Heat & Lt...100
St Regis Paper Co corn_ _10 1434
Saxet Co com
•
831
Schulte Real Estate Co- •
Schulte-United Sc 10 81 St•
34
cony pref
7%
100
Seaboard Util Shares..._•
34
Seeman Bros corn
Segal Lock Ye hardware..'
5
Selected Industries corn..'
45-4
Full paid stamped
6031
$531 prior stock
* 60
Allot ctgs 1s1 dr 2nd paid
Sentry Safety Control....'
431
Shenandoah Corp corn...'
50 30%
6% cony pref
Sherwin-Wms Co Can corn' 6234
Silica Gel Corp corn v t c 5
731
Silver (Isaac) Bros pref 100
100 340
Singer Mfg
Smith (A 0) Corp corn.' 157
Southern Corp corn
134
South Amer Air Lines corn*
Spanish & Gen Corp LtdAm dep rcts reg shs__£1
31
Spiegel-May-Stern pfd_ 100
Stand Motor Constr. AGO
34
Standard Screw Co_ .A00'
Starrett Corp corn
• 11
6% cum preferred_ _ _ _50 2331
•
Stein Cosmetics corn
334
331
Strauss-Roth Stores corn.'
Stein (A)& 00634% pf 100
Strornb Carlson Tel Mfg.* 18
20
Stutz Motor Car new
Sullivan Machinery
•
Sun Investing corn
•
$3 convertible pref.._.'
25 29
Swift & Co
Swift International
15 35
Syracuse Wash Mach Cl 13*
Range for Year 1930.
Low.
Mgr.
1531
5
2934
14
31
131
2
12
74
18
11%
27
74
1931
5-16
131
131
13
42
4
5
3
4%
4
2
1631
5
3034
231
1
131
231
13
74
19
1334
27
74
2031
31
131
134
13
45
4
534
3%
5%
4
2
2,900
100
400
1,400
400
100
200
200
50
200
1,200
200
1,500
500
500
3,400
100
100
700
100
900
1,400
900
300
100
12
734
25%
151
%
14
194
10%
694
17
8
1534
531
174
toi
si
31
1231
2231
2
4
2
4%
23.1
2
MRS'
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Feb
Dec
Jan
Dec
Nov
Dec
Dec
Dec
Dec
Jan
Dec
Dee
Oct
Nov
Dec
Nov
le% Sept
30
Apr
Man
35
At,
,
234 May
631 Apr
1431 Apr
Apr
26
74
Jan
2231 Apr
2234 Feb
37 May
214 Apt
4514 Mar
14 Sept
5
Aur
534 Mar
31% Apr
42
Dec
1131 Apr
6
Dee
13
Mel
1831 Mar
19% Apr
Mar
5
331
30
634
21
734
1
4
13
3034
334
434 1,400
100
30
774 18,900
300
25
300
9
131
300
1,600
34
13
100
32
1,000
633 2,700
2%
284
5
1031
431
1
54
10
204
231
Nov
Nov
Dec
Oct
Dec
Dec
Jan
Dec
Jan
Deo
134
4255
164
4231
3531
12
2
214
3531
151t
Jan
Jan
Feb
Feb
Feb
Mar
Apr
May
Jan
Apr
5
9834
33
Dec
2014
130
5934
1834
10
6331
Apt
Apr
Apr
Apr
Feb
Jan
631
105
40
234
431
25
181
I
1431
3
931
831
107
40
3
431
25
181
151
16%
3
1034
2,400
350
300
400
100
300
10
5,500
2,500
100
5,400
lee
Dee
4% Dec
2141 Dec
34 Oct
12
Oct
3
Dec
734 Deo
431
16,100
631 7
3,900
4
531 6
31
134 8,500
31
131
231
200
231
2,200 x33-1
331 431
2
231 2%
500
131
1% 4%
900
134
431
s3
1,900
34
100
h
234
4% 5% 2,200
231 24
I
900
131 2,700
131
34
22% 2334
200 20
414 431
34
500
231
234 3
2,600
344 3551
600 33
87
50 8534
87%
1431 1531 7,100 10%
6
84 2,300
8
331
100
331 334
31
41
34 4,800
134
2
1%
800
33£
331 4
700
3.5
35
200 82
4% 5
331
2,400
3% 431 8,300
2
55% 6031 2,800
4234
53
2,70
6031
55% 58
300 4434
131
1,200
1%
331 431
1,800 2 14
4
3031 30% 3,300 30
50 58
62% 62%
331
734
90
7
25 76
65
65
335 342
30 336
110 120%
133 157
331
131
331
200
131 3,800 tl 34
131
34
15
31
90
10
214
5
231
87
18
1931
194
431
3631
2831
35
431
35
15
1
93
11
23%
531
331
87
18
2031
20
5
3631
29
353/
4%
15% AV?
44
Apr
20
Mar
Mar
28
Dec 2734 Apr
Dec 104 001
931 Apr
Dec
Mar
Dee 27
Dec
431 SeltI
A9r
Dec 19
Dec
731 Feb
Apr
Nov
16
Dec
331 May
Dec 2636 Apr
634 Aug
Dee
814 May
Dec
Dec 80% Feb
Feb
Dec 18
Nov
Dec 14731 AP:
61
14
A
Dec
Dec 34
Aar
Dec 1754 Sept
Dec 1431 Mar
Dee
Dec 25% A
4
Arr
Dec 10% Apr
Dec 6331 Aug
9
May
Dee
Dec 1231 Apr
Dec 7131
Dec 8434
Dec
03,1
Dec 20
Nov 4834
Dec 85
Dec 3434
Dec 95
Dec 560
Dec 250
834
Dec
Dec
5
Apr
Mar
Mar
A.
Ain
Apr
Mar
Mar
Apr
Apr
Feb
Oct
34 Dec
2,4 Apr
300
8231 Feb
100 1234 De
331 Apr
1,900
31 Jan
Dec 15931 Mar
100 93
7
Dec 3731 Mar
500
600 1734 Dec 48% Mar
34 Der 2331 Apr
200
2,00CI
5
Oct 22% May
Feb 87
200 81
June
5
Oct 2231 May
400
700 1634 Dec 19
Dec
Dec 52
50 18
Apr
331 Dec 23
400
Apr
Oct 51
100 33
Apr
Dec 34% Jae
1,100 27
1,600 z2331 Jed, 3831 May
600
334 Dec 10
Oct
700 10
Dec 29%
13
1331
•
Taggart Corp corn
734 931 5,100
54 Dec 8634
Technicolor Inc corn
834
1
234 234
900
Oct
531
2
Thatcher Securities
234
200 184 Nov 4331
2731 274
Tobacco & Allied Stocks..'
2%
131
35 Nov
Tobacco Prod Exports. _ _•
31 14 3,700
4
331 Dec 1031
1,400
Transcont Air Transp_-"
37,4 431
Trans-Lux Pict Screen
631
731
1.600
431 Dec 134
7
Class A common
Dec
3
331
500 z2
9
Tr -Continental Corp warr
2931
Dec 5831
500 22
Tri Utilities Corp corn--• 29% 29
Tubize Chatilion Corp.
Dec 2231
4
3
4
100
Common Byte
200
531 Dec 2831
z84 10
Tung Sol Lamp Wks corn *
24
23% 22
700 13
Oct 3634
Ungeleider Milan Corp _ _
14
Dec 42
1731 1834 7,00
Union Amer Invest corn__* 1831
30
1
Union Tobacco corn
Y{
11
34 Sept
10031
Jan 110
100 101
United Carbon pref
100 100
Dee 44
1731 2031
1,400 14
United Chemicals pref...' 2031
6
Dec 30%
9
831 931 2,40
United Corp warrants
131 Dec
24 3
United Dry Docks corn...'
800
831
Dec 44
United Founders corn_ _ _*
931
731 931 45,100
6
United Molasses Ltd331 Dec 2931
231 3
400
Amer dep rcts ord reg £1
13 May
,
1
United Profit Sharing__ •
14 131
300
234
6
Dec
United Retall Chem pref._•
6
6
6
200
931
1% Dee
131
13
,
4 1% 1,900
United Stores Corp corn.*
63,1
Dec 26%
6
6
200 z3
U. S. Foil class B
20 42
Dec 58
U. S. Gypsum corn
39% 42
1,300 31
1
Nov
U.S. & Internet Sec corn.*
I%
300
154
8
Dec 75
First pref with warrants* 42
433£ 3,800 28
38
•
531 Dec 20%
U.S. Lines pref
534 631 2,30
53'
1531
13
U S & Overseas with warr_
1531 4,100 1031 Dec 23
4531 48
U.S. Playing Card com_10 48
600 45
Dec 84
5
Dec 23%
Utility & Indus Corp corn*
731
734 2,000
631
2.300 133 Dec 29%
4
19
1634 19
Preferred
Apr
Mar
Apr
May
Apr
Ape
Apr
Ayr
Mar
Apr
Mar
Feb
Apr
Jan
May
Feb
Apr
Jan
Mar
Jan
Jan
May
Ja12
May
Apr
Apr
Mar
Mar
May
May
Feb
Feb
JAN: 24 1931.]
639
FINANCIAL CHRONICLE
'Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range for Year 1930.
Low.
High.
Sales
Friday
Last Week's Range for
of Prices.
Week.
Said
Public Utiliti••
Par. Price. Low. High. Shares.
(Concluded)
Range for Year 1930.
Low.
High.
250 112
Nov 117% June
NY Telep 64% pref__100 11514 1144 11534
Niag & Bud Pr(new corp)_
84 Dec 244 Ape
37,200
10% 11
10 11
Common
2
1% Nov
214 6,300
2
634 May
Class A opt warrants....
44 Nov 15% Apr
5% 534 1,000
534
Class B opt warrants -2% 3
200
24 Dec 104 Apr
Nor Amer Util Sec corn_ •
99
75 044 Nov 103 Sept
99
N Ind Pub Serv 6% p1_100
8
84 5,400
54 Oct 13% Apt
50
103 1034
Mar Nor NY Utti 7% pref__100
1
Dec
1%
6
500
Feb
Nov 183
124 128
700 120
21%
Dee 35 May Nor States P Corp e ;m_100 127
21
200 17
30 9531 Mar 102% Sept
98
98
100
6% preferred
Oct 66
Jan
75 50
50% 5014
Oct
45 103
Nov III
15
9% Dec 4634 Apt Ohio Power 6% pref___100 1064 10614 10614
184 4,20
200 2534 Dec 2934 Bel%
2734 27%
15
Oct 39i' Fen Pacific Gas& El 1st pref_25
17
20
1734
400 1931 Dec 39% MX
20%
44 Dec
254 June Pacific Pub Serv ci Acorn.' 20% 20
20
34
%
Dec 95% Mar
600 57
6011
• 60% 59
454 4514
100 284 Nov 34% Aug Pa Water & Power
Mar
24
Dec 46
800 1,3
22
3% 4% 2,100
214 Dec 154 May Peoples Lt & Pow class A_• 24
100 29
Dec 43 Sept
284 284
Philadelphia Co new corn.*
35
May
13
15% 1,800 10% Oct
Dec 55
Jan Piedmont Hydro Electric
2034 2044
100 20
300
11
14
Option warrants now...
64 Feb
14 114
44 Dec
200
Nov 99% Oct Public Seri, Corp of No Ill
974 97%
30 98
300 195
Dec 25334 Sept
226 230
Common
• 230
84 9
Aot
734 Dec 21
5.700
25 1964 Dec 240
Nov
228 228
Corn $100 par stock_100
Dec 10134 Apr
40 98
9914
899
Puget Sd Pr & Lt6% pf_10
Rights
Dec 91% Sept
320 80
83% 84
Dee 114 Mat
1
2% 3
Associated G .Sc E deb rts------• 84
$5 preferred
2,700
Dec 2914 Apr
17% 1,000 15
414 Sept Rockland Light & Pow_ _10 17% 16
24 334
34 Dec
Stock rights
3%
700
1434
1344 1414 6,300 104 Dec 14% Oct
Commonwealth Edison_ _
Dec 7914 Jan
100 45
504 504
34 Feb Shawinigan Wet & Pow_ •
3-16 2,200
Flat
14
Oct34
100 28% Jan 3051 Sept
Dec 644 May South Calif Edison pf A.25 294 2934 29%
Loew's Inc deb rights
9% 934
400 10
1,300 244 July 28% Sept
264 27
214
Preferred B
25
Pacific Gas de Elec w I._
1% 254 51,700
900 22% Jan 2834 Mar
Pub Serv Corp of Nor In- 214 2114 224
54% pref close C._
Nov
254 2414 254
13% Dec 21
800
Dec 26% Mar
200 19
1% 234 5,000
2134 2214
Southern Colo Pow A. _25
234
Sou Calif Edison w I
Oct
500 11734 Jan 122
Souwest Bell Tel 7% p1.100 11934 119% 120%
34 Dec 204 Apr
Southwest Gas UM corn--•
Public Utilities
414
334 454 1,300
Dec 803( Apr
100 32
•
100 100
Ala Power 36 prof
354 3514
25 100 June 1044, Mar Standard P & Loom
•
Apr
Dec 80
200 33
214 3
Common B
944 Mat
Allegheny Gas Corp corn •
37% 38
14 Nov
1,100
Mar
200 403( Dec 98
Amer Cities Pow & Let A_• 3334 33% 333.4
Nov 49
Ma. Tampa Electric Co
100 27
• 51% 514 51%
Aug
25 1104, Jan 113
634 74 3,100
73(
414 Dec 2814 Api Texas Pow & Lt 7% p1_100
Class B
108% 108%
Dec 15% May
1
400
Am Com'w'Ith Pow corn A• 1434 123.4 144 8,700 10
Twin States Nat Gas cl A..•
Dec 2834 Ma
2
114 2
,
May
• 29% 2434 2934 1,800 204 Dec 501( June Union Nat Gas of Can_ •
500 13)4 Dee 35
Common B
144
14
200
8!( Dee 174 Feb
Am Dlit Tel NJ 7% pf_100
25 110
11034 110%
July 11214 Apr United El Serv Amer SDI
914
94 10
Feb
1
Amer & Foreign Pow warr_ 174 1434 174 11,900 114 Dee 7634 Feb
Purchase warrants
200
ii Oct
14 3-16
United Gas new cora_ _ _ _• 1134
7034 7634 11,000
634 Dec 28% Mar
Amer Gas& Eleo corn new. 76
1134 120,700
444 46
25 46
Prof non-voting
Nov 894 Aro
1,300 81% Dec 9914 Sept
Amer L & Tr corn
1,700 40
92 .
894 92
26
25 26
Warrants
26
21( Dec 11% Mar
0% preferred
100 284 June 30% Oct
444
334 4% 5.700
4
4
4
May
2
Dec 1941 AD, United Lt & Pow corn A__• 26% 2314 264 13,700 19% Dec 56
Amer Nat Gas corn v t c--•
100
6% corn 1st prof
Am Superpower Corp com• 121( 104 124 89.700
Dec 11944 Apr
• 96
1,050 87
941( 95
9
Dec 394 Apr
86
Dec 1024 Rent United Public Service__ •
• 86
Jan
First preferred
Nov 19
200
6
9154 3,300 80
634 7
864 8934 2,500 764 Dec 974 June U S Elec Pow with war?..'
• 89
34 Dee 22% Feb
9,300
54 6
$6 cum preferred
5%
Appalachian Gas com.- •
Dee 14% Ma, Util Power & Light corn..' 114
6%
Mar
63.4 734 8,900
5
914 114 8.700
754 Dec 28
100 100
Class B vot tr ctfs__ _ _• 264 234 264
1044 1044
Oct
Arkansas P & L $7 pref..'
Nov 110
400 13,4 Dec 683( Apr
Assoc Gas & El corn
• 2034 183.4 2034 1,200 11% Dee 5134 Mat Virginia P 5 7% prof. 100
9614 9614
214 1944 2134 13,900 1314 Dec 4614 Jar
Class A
Former Standard 011
89%
$5 preferred
• 8914 89
130 86
Dec 9534 Oct
Subsidiaries
85
250 65
82
$13 it-bear allot etts_
Dec 4734 Apr
85
Buckeye Pipe Line
43
Allotment certificates-. 20% 194 2034
43
50 43
100 3934 Dec 69
Jan
700
Cumberland Pipe Line_50
Warrants
50 204 Dec 654 Apr
25
26
44 7,500
34
Si
Galena 011 Corp
•
700
114 2
24 Jan
7 May
Barcelona Tram Lt & Pow
194 20
Humble Oil& Refining 25
200
300 573( Dec 119
6014 61
Ate
Bell Telep of Can
100
145 145
Dee 30
50 14034 Dec 15714 Feb Imperial Oil(Can)coup-. 18
Age
1744 184 4,300 15
Bell Tel of Pa 614% PI 100
Dec 28
• 18
25 115
117 117
Mar
Apr
174 18
Feb 116
Registered
1,200 15
Bratillan Tr Lt & Pr ord.' 244 224 2444 10.600 19)4 Dec 6254 Apt Indiana Pipe Line
18
10
300 144 Dec 41
18
Jan
Buff Niag & East Pr pf....25
25% 25%
200 11% Dec 2234 Jaa
134 13%
300 2414 Jan 364 Sent National Transit__ .12.50
let preferred
400 10034 Dec 108 May
.100 10234 1024 10214
994 99%
100 96% Dec 98
Dec Ohio 0116% cum pref.
Cables & Wireless Ltd
-*
Dec 32
25
100 12
Penn Mex Fuel
Apr
1334 134
Am dep rcts A ord shit_ g1
21
434 Dec 33
6
25
Jan
6
3( 2,200
II% Jan Solar Refining
Si Aug
Am dep rcts B ord shs...C1
25 234 2234 233(
400 1634 Dec 4.534 Mar
44 1,700
^
Jan South Penn Oil
54
34 Dec
.l
Am dep rcts prof *h5
10
100
3
1114 114
854 Nov 20% May
3
214 Oct
1,000
44 Jan Southern Pipe Line
Cent Bud CI&Evt C.... 18
800 14 Dec 3614 Apr Standard Oil(Indiana)_25 37% 3534 37% 15,700 so Dec 594 Ave
18%
18
CentIll Pub Serv $6 pf-- •
924 924
10 224 224 23
4,500 184 Dec 804 Alar
10 00)5 Jolv 9314 Dec Standard 011(Ky)
Cent Maine Pow 7% pt 100 102
Dec 4834 Mar
400 34
102 102
25 3534 3515 36
10 103
Dec wog Nov Standard 011 (Neb)
Cent Public Serv com__-• 17
49% 54
1,350 4331 Dec 1034 Max
1,500 17
153.4 17
Dec 404 May Standard 011(0) corn. 25 54
Chum A
• 183( 1614 19
103% 10334
100
Dec 10334 Oct
400 102
5% cum pref
8,30
114 Dec 4334 Apr
Cent & Sou'west Util corn.* 20
25 5651 55% 58
7,200 454 Dec 97% Ape
194 20
1.100 1434 Dec 3144 Feb Vacuum Oil
Cent States Elec corn
914 10% 14,300
10%
7% Dee 391( Apt
Cony pref new
100
Other 011 Stocks
5514 5514
50 4414 Dec 105
Apr
6% pref without warr100
5 • 54
434 May
544 54%
1.1
34 3,600
100 55
Dec 834 Apr Amer Maracalko Co
Dec54
Cleveland Elec III com- •
414 Dec i6% Apr
4814 4854
5% 634 1,90
700 45
Nov 93
AM Ark Nat Gas Corp corn..'
Com'velth Edison Co. 100
514 64 10,800
414 Nov 16% APT
• 6%
Class A
236 238
90 217,1 Dec 3354 API
Com'weolth & Sou Corp
10
64 Dec
634
844 Apr
634 614 3.000
Preferred
2,900 1314 Dec 21
Apr
Warrants
234
14 24 32,500
BritAmer Oil coupon stk.' 1434 1434 15
64 Are
1% Nov
Community Water Serv--•
44 Jan
5,600
$3( Apr
74 Dec 194 Apr Carib Syndicate corn
34
84 10
4
934
21,700
144 2% 5,200
1)4 Dec
Cons'i G El& P Balt corn.' 84
•
254
133( Feb
Dec 13614 Mai Colon 011 Corp corn
84
2,500 78
82
54 64 4,900
Consol Gas Util class A.-• 16
Apr
Dec 304 Mat Columb 011 & Gasol v to.'
611
154 16
3% Dee 21
600 13
24 234
14 Deo 764 Jan
21
500
%
ClassB v t c
•
414 Oct 1414 Mar Cosden 011 common
•
300
54 514
74 June
3
Dec
31( 334 2,600
Consol Traction of N J_100 431( 4214 4414
No
47% Oct Creole Syndicate
3%
•
200 45
34 1,600
Nov
1
Cont G & E 7% pr pref_100
34 De
25 964 Dec 10834 June Crown Cent Petroleum...*
34
34
994 994
434 44
234 Dec 2141 May
414
100
Darby Petroleum corn...
•
3,300
24 3
2
yton Pow & Lt6% Pf100
Dec 11
25
108 108
AP
Derby 011 & Ref corn....'
Duke Power Co
100 128% 120 12854
Jan 60
Apr
Dec 209
75 30
30
324
•
150 III
Au
Preferred
Doquesne Gas common...*
434 64 9,600
64
72% 4,300 5834 Dec 106% ADC
67
234 Dec 17 May Gulf Oil Corp of Penna._25 72
East Gas & 1r Associates..' 2034 19
2014
300 14% Dec 62
Apr
• 154 1414 154
500 104 Dec 44
1554 1434 154 1,000 12% Dee 474 Apr
Al) Indian Ter Ill Oil claw A__
,
Eastern Util Assoc cool...* 324 3214 3214
100 264 Dec 434 Apr
Class B
• 1534 14% 1534 1,200 12% Dec 5334 Apr
Edison Elec (Boston)_100 250
242 250
Dec 275 June Intercontinental Petrol__10
40 240
1% Mar
14 2.300
14
3.4 Oet
Elec Bond & Sh Co corn..' 45
45 203,400
40
• 1454 1434 1534 9,800 11% Deo
373.4 Dec 11734 Apr Internat'l Petroleum
24 Ape
Preferred
• 10434 103 104% 1.40 10014 Dec log% Mal Kirby Petroleuni
10
1
1
3
Mar
•
74 Dec
$5 cum prof w I
914 904 914
300 88
Dec 98
Set" Leonard Oil Develop_ _ _25
14 Dec
44 Apr
34
34 1,200
Elec P & L 2d prof cl A---•
96% 964
10
88
Dec 107
614 614
6)4
400
Mar Lion 011 Refining
434 Dec 29
•
Apr
Warrants
27
2114 27
3,60
164 Dec 784 Aug Lone Star Gas Corti
• 2834 25% 2834 2,700 19% Dec DM Apr
Empire0& Fuel8% pf 100
88
88
100 87
Dec 104
200
Apr Magdalena Syndicate. -1
34
re Dec
34 Mir
7% preferred
100 79
79
79
10
75
Dec 98
200
Apr Mexico Ohio cm co
13( Nov
•
734 Apr
154 114
Empire Pow Corp part stk• 32
32
32
200 31
Dec 60
200
Feb Mich Gas & 011 Corp
834
835 834
Empire Pub Serv el A --•
554
534 614
44 Dee 25
900
3%
Feb Middle States Pet cl A vtc•
374 1,800
234 Nov 1134 Apr
Class B vet tr ctD
Apr
600
1
14 Dec
•
Fla Pow & Lt $7 pref. •
100 100
100 100
Jan 105
Apr Mo-Kansas Pipe Line...-5
Dec 3634 June
6
74
631 731 8,600
,
Gen Gas & Bice $6 pref 13 • 63
61% 64
550 3734 Deo 97% Ap,
5 May
Class B vot tr
44 Dec
-1
34 2,400
Illinois P & L 36 pref
• so
8914 90
350 85
Dec 924 Nov Mountain & Gulf Oil Co--1
34 May
5-16 14
400
54 Mar
0% preferred
100
891( 8934
100 89% Nov 94
Nov Mountain Prod Corp_..10
31( Deo 12)4 AIN
400
51
534
514
Inland Utilities clan A.-_•
4
4
4
200
6
Dec
6
Dec
Internat Superpower
•
22
22
200 20
Dec 4614 Ma
, National Fuel Gas
400 194 Dec 41% May
• 24% 23% 2444
Internat UM class A----• 3514 36
364 1,400 30
De
334 Mar
134 Deo
50% Apr New Bradford 011 Co-- 5
134
144 1% 2,300
•
Class 11
754
6% 74 8,200
4
434 May
Dec 19% Apr North European Oil
14 Dec
2,400
1
•
54 1
•
Panic preferred
97
97
50 794 Jan 101
54 Dec 1914 AR
2,000
Sept Pacific Western 011
•
7% 8
Warr for class B
244 2%
100
1% Dec 10 May Panden Oil Corp
3( Sept
5-16 2,900
24 Mar
• 5-16
ol A__•
Italian Super Powerstock__---434
3
5
2,300
34 Dec
444 Mar
114 Dec 18
10
1% 144
Apt Pantepec 011 of Venezuela*
Warrants
134
3.4 14 2,100
514 Apr
14 Dec
50
44 Dec
1
1
94 Feb Petrol Corp of Amer warr-8 Sept
34 Dec
10
Producers Royalty Co_ •
Jersey Cent P & L 7% PI
10614 106%
50 10014 Jan e109 June Pure Oil Co 6% pref_ __100 81
5
8134 Nov 99 June
81
80
Long Island Lighting_ __ _• --3
30% 1,000 30
034 30
34 Dec
Dec 56
514 Apr
Apr Reiter Foster 011 Corp--•
134 1,700
144
0% pref series B....100
104 104
50 100
634 Dec 2334 Jan
Nov 107 Sept Richfield 011 Co pref...25
54 514 2.300
54
Marconi Internat Marine
514 Dec 1234 Aug
100
24 2%
Royalty Corp of Am pf__10
Common Am dep rots.------85( 84
500
24 Mar
200
714 Oct 13
Feb Salt Creek Consol 011_10
144 144
54 Dec
Marconi Wirel T of Can__1
2% 34 17,300
1,4 Dec
534 Nov 1531 APO
300
914 AI" Salt Creek Producers._ _10
6% 7
6%
4
Mass Utilities corn v t
4
44 1,400
Dee 17
334 Dec 10% Apr Southland Royalty Co...'
6
All
611 7% 1,900
734
50
5% partic pref
3431 34%
50 35
Dec 10
2
Aug 37
Apr
33( 3% 7,200
Sept Sunray Oil
31(
5
• 10% 10
Memphis Nat Gas
11
2,000
714 Dec 223(
8
Dec 1914 Sept
11% 1,500
Texan 011 & Land Co....* 114 11
Met Edison $6 pref C_ - •
9834 9814
50 1004 Oct 105% May Union Oil Associates--25 2314 2214 2344
Dec 47% ADP
500 19
22% 19% 224 8,90
Middle West Util
14% Dec 38
434 Mar
1
154 2,000
Dec54
A pi Venezuela Petroleum_ -5
14
1% 1%
A warrants
•
50
34 Oct
2% Apr
54 Apr Y Oil & Gas Co
34 Dec
34
1•4 1,300
234
24 24
B warrants
20
1% Nov
7
Feb
Mid-West States UM cl A • 224 21% 224 1,700 18
Dec 29( July
Mining Stocks
Mohawk & Hud Pr 1st 1/1.• 101
10015 101
100 103
44
44
so 48 Dee 9614 Jan
Nov 108% Oct Bunker Hill & Bull
10
Monongahela West Penn
13'wana M'kubwa Cori Min
2434 2434
Pub Serv 7% pref._ _25
100 22% Feb 264 Oct
100
114 144
54 Jan
134 Dec
American shares
554 57
Montreal Lt lit & Pr corn.' 57
100
134 Dec
2
50 55
2
Oct 64
84 Apr
10
May Carnegie Metals
884 90
Nat Elec Pow 7% pref_100
125 93
2
34 4,000
3
Aug 93
...5
Sorg
3
Aug Consol Copper Mines.
8% Feb
97
974
Nat Pow St Lt $6 pref__ •
200 93% Dec 10434 Oct Cresson Cons G M & M__1
8)4 July
3.4
44 5,406
si
14 Jan
31
31
Nat Pub Serv class B_ •
300 30
7-161 34 9,500
14 Dec
Nov 51
2
Mar Cosi Mexicana Mining_ __1
54
Feb
71
71
New Eng!Pow Assoc corn.'
10 74% Dec 100 May Evans Wallower Lead ____•
1
14 2,200
44 Nov
6
Mar
100 83
82
83
6% preferred
250 7634 Dec 9344 Sept Golden Centre Mines---5
1
114 6.500
Oct
7
Feb
New England Pub Serivce
2,100
1
Dec
34
Gold Coin Mines
544 June
•
99
99
27 prior lien pref
50 964 Dec 105
1,000 3-g Nov
Oct Goldfield Consol Mlnes...1
Jan
504 2,000 41
N Y Steam Corp corn....' 5034 47
Dec 5434 Oes Recta Mining Co
sno 634 Des 444 Feb
7
25c
714
Utility Equities Corp....*
644
Priority stock
71%
Vick Financial Corp... 10
6%
Want & Bond clani A__-• 15)4
Walgreen Co common__ --• 174
Walker(Hiram)Gooderham
dc Worts common
•
834
Watson (J Warren) Co---*
Wayne Pump cony pref. •
Welch Grape Juice com- •
Western Air Express.---10 184
Western Auto Sup corn A_•
West Va Coal & Coke_
•
Wheataworth Inc corn
Wit-low Cafeterias(tom-..
4%
•
Preference
• 154
Wilson-Jones Co
•
Winter (Ben)) Inc com- •
Youngst Sheet & T Pf 100
Zonite Products Corp corn•
8%
514 6%
714 714
64
6
154 15%
164 17%
1.000
100
1,400
1.000
700
34
68
4%
11%
14
Dec
Dec
Dec
Dec
Dec
Apr
22
734 Dec
94 Jar
Mar
21
Jan
61
25
,4
34
4
640
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Minine Stocks
Sale
of Prices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Hollinger Cons Gold
5
Hud Bay Min & Smelt.__•
Lake Shore Mines Ltd_ _1
835
435
Newmont Mining Corp _ 10
New Jersey Zinc
25
Nipissing Mines
5
Noranda Mines Ltd
*
Ohio Copper
1
Premier Gold Mining_ _ _ _1
Roan Antelope Copper-- --
50
47%
134
1635
St Anthony Gold Mines_ _1
Shattuck Donn Mining_ _*
Teck Hughes
1
United Verde Extens'n_50c
Walker Mining
1
Wenden Copper
1
34
5
7%
955
16%
4,600
7,500
100
735 811
4% 555
25
25
45
47%
1%
1514
11
35
15%
51
50
1%
17
11
15-16
16%
2,300
1,101
800
8,500
2,00(
400
400
Range for Year 1930.
Low.
Jan
5
11% Nov
2055 Dee
37%
45
15-16
11%
55
54
11%
High.
7
Apr
14% Feb
23
Nov
Dec 141% Apr
Dec 9114 Mar
Oot
1% Mar
Dec 453-4 Mar
Oct
1(4
Nov
134 Jan
Dec 33
Jan
lit May
2% Oct
4% Jan
6% Oct
155 Dec
1-16 Oct
3-4 Feb
915 Jan
755 June
16% Mar
4% Jan
34 Jan
99
0834 9934 131,000 93
Yob
103% 10255 10354 12,000 90
Jon
102% 10155 102%
4,000 100
Jan
104% 103% 10415 128,000 10015 Dec
99% 9855 9915 43,000 96% Dee
Oct
100
104% Oct
104
Aug
104% Sept
102
Sent
1-16
4
635
9
In
%
35 22,700
5
2,100
715 9,400
935 2,000
1%
100
54
500
Bonds
Alabama Power 4%8..1967
5s
1968
1st & ref 55
1956
Aluminum Co s I deb 5s '52
Aluminium Ltd 58_ _ _ _1918
Amer Aggregates 69 1943
With stock porch war_
Amer Com'ith Pr 6s_ A940
Amer G & El deb 59_ _2028
Amer Gas & Power 69_1939
American Power & Light
Os without warr_ _ _ _2016
Amer Radiator deb 4155'47
Amer Roll Mill deb 58_1948
415% notes_ _ Nov 1933
Amer Seating Corp 69_1935
Am Solvents & Chem 6545
with warrants
1036
Appalachian El Pr 59_1956
Appalachian Gas 65.1945
1945
Cony deb 68 B
Appalachian Pr deb 6s 2024
Arkansas Pr & Lt 5s_ _1956
49 new
1956
Arnold Print Wks 1st 68'41
Associated Elcc 4159._1953
Associated Gas & Electric
1949
4159 series C
Deb 415s with warr_1948
5s
1950
1968
Os
1933
5349
1977
5155
Assoc T & T deb 515s A '55
Assoc Telep Util 5%9_1944
Atl Fruit & Sugar 88_ _1949
.1043
Atlas Plywood 5159.
Bates Valve Bag Corp
69 with warrants_ __1942
Bell Tel of Canada 58_1957
1st M Os series A_ _1955
59 series C May 1 1960
Birmingham Gas 59. _ _1959
Boston & Maine RR 691933
Buffalo Gen El 434s B.
Burmeister&Wain (Conon)
1940
15
-year 6s
Canada Nat SS 59. _ _ _1955
Canadian Nat Ry 78_ _1935
25-yr guar 4555 13_1956
Capital Ado)deb 58 A_1953
With warrants
Without warrants
Carolina Pr & Lt 5s_ _ _1956
CaterpillarTractor 5s_1935
Central German Power
1934
65 partic ctfs
Cent Pow & L lot 59._1956
Cent States Elec 5s_. _ 1948
Deb 5555_Sept 15 1954
Cent States P & Lt 5345'53
Chic Dist Elec Gen 4358'70
Deb 5%9___ _Oct 1 1935
Chic Pneumat Too151-59'42
Chic Rys 5s ctIs dep._1927
Cigar Stores Realty
1949
5148 series A
CM St Ry 6s ser B _1955
1966
Cities Service 5s
1950
Cony deb 58
Cities Serif Gas 5559._1942
Cities Serv Gas Pipe L 69'43
Cities Serv P & L 5155 1952
Clev Elec Ill deb 7s___ 1941
1954
Gen Os series A
Cleve Term Bldg 65..1941
Columbia G & E deb 581961
Commander Larabee 6s '41
Commerz nod Privet
1937
Bank 5558
Com'wealth Edison
1st m 455s ser D___.1957
4348 series E when 138'60
1970
4155 series II
Consol GEL&P (Balt)1952
53s series F
Consol Textile let 88_ _1941
Consumers Power 4158 '58
1958
Cont'l G & El Os
Continental Oil 5119-1937
Crane Co 10-year 55_ _1940
1940
Crucible Steel 58
Cuban Telephone 71591941
534s 1937
Cudahy Pack deb
1946
59
7935
9854
77
78
97%
88
Dec 88
77
3,000 z72
Doe 8915
80
50,000 63
9811 264,000 9355 Jan 101%
90
9,000 84% Dee 9615
105
10435 105
,
93,000
100
100 10115 10,000
96% 95% 97
41,000
97% 9734 45,000
58% 6155 6,000
53%
100
7635
6215
53%
9935
76
60%
1031.5
97% 9755
98
98
583
89% 89
69%
53%
10035
7835
62%
10351
9855
9855
83
90
61
75
57115
574
570%
59335
87%
58455,
2%
59
70
76
77%
7655
7315
95
89
8655
2%
60
102
10334
10354
103%
9535
102
101% 10115
102
10415
10415
104
96%
103
10135
77
75%
73;5
94
8835
8615
255
102
104
1005
104
100% 101
93%
9654
90%
96
54
Dec
May
Dec
Dec
Dec
Dec
2,000 51
75,003 94% Dec
99,000 6534 Dec
223,000 4835 Dec
2,000 10034 Dee
Dec
90,000 93
24,000
Oct
1,000 88
76,000 7934 Dec
Mar
Sept
Mar
Nov
Feb
109
1(10
101
100
81
10015
10254
14615
till
108
101%
2,000
Mar
Sept
May
Ma,
Oet
Sept
Feb
Sept
94
92
13,000 5355 Dec 97
7,000 6915 Dec 124
56,000 *635( Dec SS
Dec 88%
41,000 63
Dec 87
83,000 59
29,000 8034 Dec 108
44,000 82
Dec e9435
Dec 108
49,000 67
1
Dec
5,000
6
June 86
21,000 z60
5,000
42,000
46,000
34,000
8,000
5,000
30,000
May
Mar
Sent
Jan
Mal
Jan
Sent
Sept
Mar
IMn:
Sept
,r1
Am
Mar
Jan 110
102
Apr
100
Fe. 105%
Jolt 105% Oct
100
Jun( 10546
102
9455 Deo 100% Sept
Dec 103% Aug
100
98
Jan 101%
Oct
10335 103% 2,000 99% Mar 10135 Sept
108% 10815 108% 20,000 106
Dec 110
Sept
98% 98,4 98% 10,000
82% 8255 8354 7,000
,
82
582
1,000
10255 101% 102% 48,000
99
5965.1 509
62,000
8054 Dee 0454 Apr
Jo, 85
74
Nov
91355 Jar 104
Or.
Deo 195 4 Nia,
92
(
93
93
93
95
95
63
6115 63
68% 50731 683'i
84% 84% 85
93
91% 93
100% 100 100%
9515 9515
67% 6615 6815
89
Dec
55
58
74
8455
9815
97
6215
Dec 81
Dec 89
Dec 92%
Dec 96%
Dec 1015
Jan 102
Dec 8155
7354
7255
555
7115
78
s75%
81% 8155
87%
8255 08154
106% 10655
105%
82
82
98
3915
2,000
3,000
52,000
71,000
8,030
50,000
29,000
1,000
19,000
8055 8151 32,000
102
100%
101% 102
28,000
100% 10035 57,000
101 104% 10,000
10715
25
101% 101%
8155
83
94
101%
9954 98%
100
100
9811 98
102% 102%
108
108
25
101%
83
94%
10135
101)
10235
9834
102%
78
Dec
89
e9935
88%
128
92%
97%
9454
110(
105%
99
15,000 106
1,000 28
201,000 91%
78%
246,00
14,00( 90
19,00
99%
85,00
96%
1,90 *10134
20,00
9435
5,00
9815
Mar
Mar
Sent
56c
Sep
Feb
Jul.
Mar
Apr
Mar
Oct
00:
Ma'
Jet
Sept
Sent
69-s
Ja!,
91
Ma:
93% Feb 102%
9834 Dec 10114
99% July 10334
8835 8831 9,000 87
Delaware El Pow 5155 1959
99
9934 9934 5,00
Deny & Salt Lake Gs A 1950
,
ser A _1947 106% 10616 1063.4 73,00 104
Det City Gas 69
15,00
9755
1950 100% 10015 101
1st 58 series B
1755
Detroit Int Bdge 63.54.1952 2635 26% 26% 4,00
1
2% 215 2,00
1952
25-yr sf deb 7s
Dixie Gulf Gas 6359_1937
9115 14,000 68
9115 588
With warrants
15,000 50
63
Duquesne Gas 1st 69..1945 62% 45
40
61,00
1935 60
59% 63
615% notes
East Utilities Inv 5s
49
61% 221,00
1954 61% 56
With warrants
99%
,
102 10255 81,00
Edison El(Boston) 55.1933
4% notes___Nov 1 1932 10034 100% 10015 15,000 99%
86;5 87 149,000 78
Elec Power & Lt 59 2030
2,000 72
58
58
Elec Pub Serv 5154 C_ 1942
1,000 97
98
98
El Paso Nat Gas 6158 A '43
1,000 93
101 101
1938
Deb 6158
7555
Empire Oil & Refg 5159'42 78% 7855 7935 100,00
Ercole Marelli El Mfg
5,000 62
64% 68
6358 with warrants_1953 66
European Elec 634s...1965
70% 24,000 64
Without warrants
70
70
12,000 82;5
Eur Mtge & Inv 75 C..1967 8234 82% 83
Sept
5
75
6,000 6255 Jan
Nov
595
5,000 92
7314 17,000 6431 Dec
79 2195000 6414 Dec
82% 20,000 7855 Dec
Dec
87% 16,000 86
Dec
83
54,000 75
106% 21,000 105% Dec
Jan
10555 2,000 101
82
Nov
1,000 80
9834 12,000
,
Dec
40
8,000 41
81
99
Oct
Oct
109
72
103%
94
98
102%
102
109
99
102%
Dec
Jan
801"
M.•
Mar
Sep.
Aug
Mar
Maz
Oct
Dec 9855
Oct 102
Dec 10735
Fer 104;4
Dec 89
Dec 78
Sept
Jan
J5117
OM
Ma,
Ma
Jan
Dec
Fen
Dee
Dec
Dec
Dec
Oct
Dec
Jan
Jan 9955 Jun.
Dec 10915 May
Dec 10555 May
Dec
Jan
Dec
Dec
Dec
Dec
Dec
Dec
87
102%
100%
9415
82
117
120
90
Mar
Sept
Nov
Mar
May
Sept
Stay
Sept
Apr
Dec
87
Dec
Dec
81% Aug
Sept
91
[VOL. 132.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Bonds (Continued) Par. Price. Low. High.
Fairbanks Morse Co 591942
Federal Water Serv 515s'54
Finland Residential Mtge
Bank 6s
1961
Firestone Cot
55_1918
Fisk Rubber 5%9
1931
Florida Power .5, Lt 58_1954
Gatineau Power 59._ _1956
6s series 11
1941
Deb gold 68
1941
Gen Bronze Corp cony69'40
Gen Indus Alcohol 6348 '44
Gen Rayon Os
1948
Gen Vending Corp
69 with warr Aug 15 1937
Gen Water Wks Gas & El
1944
Os series B
Georgia Power ref 5s_ _1967
Gesfuel deb 69
1953
With warrants
Without warrants
Gillette Safety Razor 55'40
Glidden Co 535s
,
1935
Gobel (Adolph) 6158._1935
With Warrants
Grand (F & W) Properties
Cony deb 6s_Dee 15 '48
Grand Trunk Ry 6359_1936
Ground Gripper Shoe Os'44
Guantanamo &
Ry 59'58
Gulf 01101 Pa 55
1937
Sinking fund deb 50_1947
Guff States Util 5s1956
1935
Hamburg Elee 78
Hamburg El & Und 5%8'38
Hanna (Si A) deb Os_ _1934
Hood Rubber 5158._ _1936
78
1936
Houston Gulf Gas 69_1943
Debenture gold 63651943
Hud Bay Min & Sm Os 1935
Hunger Ital Bank 75591963
Hygrade Food 68 A _ _ _1949
1949
6s series B
Range for Year 1930.
Low.
High.
81%
17%
8515
94
49
100%
77
88
97
83
4,000
25,000
92% Jan
74
Dec
99% Sept
97
Apr
77
8155
1615
85
8115
81
1755
8714
17,000
18,000
25,000
60,000
7255
7334
12
80
Dec
Nov
Dee
Nov
88
Mar
94
Apr
P4q Oct
Mar
92
9355
92
93
56
2915
49
94
19,000
92
1,000
93
5,000
56
1,000
2934 2,000
52
31,000
91
88
90
57
30
51
Feb 99
Dec 99%
Dee tol
Dee 3.10%
Dec 90
Des 80
10
83
95
81
10
11
Dec
74
876%
72
10715
27
34
102
10355
99
95%
99
82
99%
00%
77%
90
92
84%
80%
51
50
90
92
8015
98%
6055
77%
86%
92
84%
580
50
50
III Pow & Lt 51488er 111 1954 101% 101
Sinkingfund 515sMay'57
90%
Indep Oil & Gas deb Os '39
599
Ind'polis P & L 5s ser A '57 10056 100%
Insull Utility Investment
69 ser 13 without warr '40 92
88%
lot Pow See 75 ser E..1957 94
93%
Internat Securities 50_1947 73
71%
Interstate Power 55_ _1957 83% s70%
1952 79
Debenture Os
7655
Inter-State P 5 455s_ _1958
89
Invest Coot Am 59 A..1947
With warrants
78
78
Without warrants
77
77
Investors Equity 5s-1947
Without warrants
72% 7215
Towa-Neb I, & P 58_1957 93% 93
Iowa Pow & Lt 4558 A 1958 9315 93
Isarco Hydro-Elec 78_1952 8515 80
Issotta Fraschini 7s__1042
With warrants
63
61%
Without warrants
59% 59%
Italian Superpower of DelDebs Os without warr '63 62
60
,
Jersey C P & L 535s A 1945 10235
1947
1st & ref 59 B
7,000
75
6,000 70
11,000 105
15,000 20
12,000 30
111,000 993.4
18.000 90
41,000 9231
3,030
13,000
6,000
23,000
4,000
8,000
5,000
11,000
3,000
42,000
1,000
10154 65,000
90% 2,000
7,000
99
140,000
101
34
Feb
Nov e96
75
May
94% Jo' '023-4 Sept
76
78% 8,000 69
76% 77
15,000 69
087
247,000 z81
92
91
12,000 8955
70
107% 107
2315
34
32
102
100%
103
103
89
98
99
80%
99%
60%
10,090
6555 69
3,000
99% 10051 98,000
Oct
Sept
Mar
May
Jan
Star
95%
76
97
56%
71
67
64
8355
76
45
49
Dec 9415
Dec 9254
Dec 8755
Dec 100%
Oct
9955 May
Dec 92
Am' 109
Dec 70
July 52
I.
-, 04
Dec 104
io
102
Oct
Dec
Jan
Dec
Nov
Jan
Jan
Nov
Jan
Dec
Dec
May
June
Dee
July
May
Sept
Apr
Apr
Sept
Aug
Oct
1033-5 Sept
gsiw
June
Apr
Mar
Sept
June
June
Mar
Apr
Apr
100%
91
98
9835
100
108
92
'I'.',
6615
Dec -0454 Sept
97
Dec 97% Oct
93
Dec 110% Apr
93%
40134 Sept
78
8655
0815
79
70 ,
85%
Dec 11114 Mar
Dee 101% June
Dee 87
Mar
Dec .01% Mar
Dee 12% mar
Dec 94% Oct
7955 7,000
7834 16,000
82
65
Dec 10314 Apr
Dec 82
Mar
3,000
7254
93% 5,000
9315 11,000
8535 27,000
70
Jan
88
Dec
92
Aug
64% Dec
Mar
80
98% Oot
Sept
98
9435 Mar
63
62
63
65
Dec
Dec
92% May
Apr
89
92
9435
73
83%
79
90
276,000
24,000
65,000
41,000
6,000
11,000
11,000
15,000
65% 136,000 54915 Deo
102 103
37,000
98% 99% 37,000
80
Mar
99% No, 104
98
May 102
Beet
Nov
Kansas Power 5s A _ _ _1947 9555 95
9614
Kentucky Util 1st 5s__1969 98% 97% 9815
Koppers G & C deb 55 1947 10015 093-4101%
1950
5159
102 102%
Kresge (5 5) Co 1st 59 1945
9955
99
16,000
13,000
41,000
29,000
25,000
Dec 99
94
Sept
Dee 9935 Nov
95
10115 Sept
95% Jo
99% b' 101% July
9855 Dec 100% Nov
1935 10154 101% 101%
Laclede Gas 515s
Leh Coal - Nay 4349 C '54
9955 9915
Lehigh Pow Secur 69_ _2026 103
102% 103
Leonhard Tietz 73-4s._1946
Without warrants
84
84
Libby. McN & Libby 5s'42
91% 92
Lone Star Gas deb 58 1942 9715 97
98
Long Island Ltg 68_ __1945
104% 105
Los Angeles G Ar E 55.1901
101 101
Louisiana Pow & Lt 551957 98
9735 9851
19,000
15,000
14.000
97% Dec 101 54 June
, 99% Oct.
9754 No
Dec 107% Mar
98
100
97
100
106%
104
101%
Mar
Aug
Oct
Sept
Nov
Sept
Man Power 5358 A___1951 94
94
95% 15,000 94
Dec 101%
Mansfield Min & Smelt 7s
With warrants
77
7714 3,000 73% Dee 96
Without warrants
2,000 73
Oct 95
7715
7736 77
Mass Gas Cos 515s...._1946 10355 102% 10315 57,000 1003g Dee 105
55
1955 9855 98% 9915 116,000 95
,
Dec 101%
Mass Util Assoc 58 A_1949
94% 9415 1,000 9615 Nov 9655
Memphis P & L 58 A 1948
102 102% 3,000 10034 Oct 104
Middle West Util 5s_ _1932 99% 99% 100
50,000 9854 Dec 102
41 % cony notes_ __1931
5
8100 5100% 7,000 99% Dec 102
Cony 5% notes_ _ __1933 9751 5965.4 9714 27.000 92% Dec 100
Cony 5% notes1934 96% 9534 9634 28,090 92
Dec 100%
Cony 5% notes._ _ _1935 95
94
95% 79,000 91% Dec 99Si
Jan
May
A Pr
Oct
Nov
Nov
Nov
Nov
Bent
July
Sept
Slid-States Petro16%91945 48
Milw El Ry & Lt 55_1971 101
Milw Gas Light 4559.1967
Minn Gas Light 4159.1950 92%
Minn Pow & Lt 4%5_1978 9351
Min( Power & Light 581957 95%
MissRiver Fuel(39Aug 15'44
With warrants
103%
Without warrants
Miss River Pow deb 58 '51
Montreal LII & P coll 5951 103
1970
5s series B
122
101%
10115
,
104%
10454
Mar
Oct
Sept
Sept
Sept
Jan
Dec
Dec
Dee
Dec
Jan
Dec
Dec
June
Dec
Dee
Dec
10211
108%
95
86%
100
111%
95
93%
100
08
95
91%
Oct
Sept
Sept
Mar
Oct
Oct
Mar
Dec
Oct
May
Dec
Oct
Dec
Dec
Jan
Nov
Aug
t
Dee
Dee
Dec
Dec
90
Apr
98% Oct
107 June
94
MU
86
Oct
105
Aug
105
Aug
92% Nov
103% Oct
100% Oct
Narragansett Rico 58 A '57
Nat Pow & Lt. 69 A_ _ _2026
2030
5s series B
Nat Public Service 5s_1978
National Tea Co 59._1935
Nebraska Pr deb Os_ _ _2022
Neisner Bros cony 69_1948
Nevada Calif Edison 53 '56
Newton Steel cony 69_1931
NE Gas & El Assn 58_1917
1948
55
1950
59
N Y & Foreign Invest
5348 A with warr ....1948
NY1'&L Corp 1st 4149'67
Niagara Falls Pow 68_1950
Nippon Elec Pow 6159 1953
Nor Coot Util 53-45 A_1948
North Ind Pub Serv 55 1966
1969
55 series D
1st & ref 4155 ser E 1970
Nor Ohio Pr & Lt 53681051
Nor Ohio Tr & Lt 59_1956
1,000 76
Nov
19,000 90
Dec
9,000 NA Mar
2,000 102% Dec
2,000 97
May
43,000 92
Jo,
43
100%
103
91
93%
9454
48
101
103
9215
93%
96
10315
93;5
10315
10234
103
Dec
101 157,000 95
91
Dec
16,000 88
1,000 100% Oct
10315
,
10334 25,000 9855 Jan
5,00 10055 May
103
102% 10254 10255
1033-410431
88% 89%
73
7134 73
9754 9755 93
108 108%
75
75
9335 9255 9315
0755 97% 9715
8831 87% 90
90% 58955 91%
88% 8534 SP
78
97
96
105% 105%
87
73% 73%
102% 101
102
101%
9155
102% 100%
9555
79
97%
106
8734
74
102%
102
92%
102%
97
1,000
197,000
9,000
36,000
42,000
25,000
40
76% May
Jan 104
Sept
95
8455 Dec 053.1 Oct
Dec 97
88
Oct
8835 Deo 9931 Oct
23,000 97
13,00
97
93.000 80%
90,00
65%
7.000 95
3,00( 104
1,001
80
13,00(
89
3,00
99
55,000 80
83%
5,40
19,00
80
13,000
243,01)0
7,000
10.000
4,000
26,000
52,000
123,000
58.000
6,000
Dec
Oct
75
9054
00
82
72
07
9655
8855
96
90
JAN. 24 1931.]
Bonds (ConUnued)
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Range for Year 1930.
High.
Low.
Bonds (Concluded)
No Sts Pow 6%% notes'33
102 102% 9,000 10034 Feb 104% July
54% notes
1940 100
9954 101
10,000 98
Dec 10245 Oct
let lien 6s series A_.1948
1044 104% 7,000 103% rket 105% Oct
1st lien 534s ser B 1950
104 104
6,000 10154 Oct 1034 Dec
Nor Texas Utilities 78_1935
Without warrants
954 95
96
8,000 9144 Dec 10135 Aug
Northwest Power 6s A 1960
9534 96
Dec 10345 Sept
3,000 94
Ohio Edison lot 5s___1960 101
100 101 141,000 95% Dec 10244 Sept
'Ohio Power 5$ B
1952 102% 10
Sept
235 102% 8,000 98% Jan 104
445s series D
1956 97% 9731 97% 16,000 91
Jan 99
001
Okla Gas & Elec 5s_.1950 101% 100% 10115 66,000 97
1
Dec 102, 8118
Oswego Falls Os
1941 87% 66
Dec 80
Jan
6735 3,000 80
'Oswego Riv Power 60_1931 100% 100% 100% 5,000 99
Jan 10134 Nov
Pac Gas dr El 1st 4348_1957 974 974 98
96,00
93% Fee 984'
1st 6s series B
1941
1104 110% 7,00 10734 Dec 110% Oct
1st & ref 534s C
1952 105
105 105% 32,00 104
Dec 10515 No
1st & ref 435s F
1960 9734 974 98
Dec 99% Sept
23,000 95
445s series F new 1960
98
9835 42,00
Pacific Invest deb 5s 1948
Without warrants
74% 74% 1.000
Pao Pow dr Light 5s._1955 97% 9631 97% 66,000 9054 Dec 101
Sept
Pacific Western 0116346'43 73% 68
73% 30,900 z75
Dec 97
Aug
Penn Cent L& P 445_1977
934 93% 48,000 89
Dec 98% Oct
Penn-Ohio Edison 6s-1950
Without warrants
1014 1024 15,000 99
Jan 106% Am
5445
1959 994 974 9944 74,000 90
Jan 104% July
Penn Dock & W 85 w w '49
80
80
Dec 9854 Mar
2,000 82
Penn Ohio& D RR 434s'77 1004 1004 10034 12.000
Penn-Ohio P & L 5455 A'54 102% 10245 10345 38,000 10234 Dec 104
Nov
Penn Pr & Lt lot ref 55 B'52
102% 102% 6,000 99% Feb 104
Sent
Penn Telep 5s ser 0__ _1960 99
964 99
43,000
Peoples Lt & Pow 58..1979 88
65
87
Nov 9334 Mar
28,000 65
Phila Ball & Wash 4450'77 103
102% 103% 66,000
Phila Elec Co 5355___1947
107 107
1,000 105% Jan 108 June
Phila Elea Pow 53.55_1972 1083( 106 1064 34,000 104% Feb 1064 Mat
Phila Rapid Transit Os 1962 77
77
72
2,000 85
Beet 9334 Jan
Phila & Sub Counties
G & E let & ref 445 1957
102% 103% 15,000 98% Mar 102
Oct
Piedmont Hydro-El Co
81% 95,000 89
Dec 92 May
6458 class A
1960 804 79
90
Nov
Dec 92
Piedmont& Nor lst 55 1954
90
3,000 86
Pitts Coal deb Os
6,000 98
99
1949
99
Dec 1024 Mar
Pitts Screw & Bolt 5545'47
98% 9844 1,000 9844 Nov 10045 Oct
Pittsburgh Steel (35._ _1948 1014 10134 10145 2.000 100
Nov 104 May
Poor & Co cony 6s_ __1939
Oct 1104 Feb
39534 9554 6.000 89
Dec 93% Sept
Portland Gen El 4345_1960 88
874 8831 126,000 BO
99% 100% 22,000 9454 Jan 103
Oct
Potomac Edison 55_ _1956
Power Corp of Can 4345'59
8444 8445 1,000 81
Feb 92% Oct
93
Oct 105
2,000 99
Feb
30
93
-year deb 5s A__.1957
Oct
Dec 101
Power Corp of NY 5445'47 9334 90
9334 17,000 92
Procter & Gamble 434s '47 1014 810154 10234 20,000 9514 Feb 101% Sept
Oct
Dec 98
Pub Ber of N 111 445_1980 9854 95% 98% 50,000 91
Deb 5s
Dec 10154 Aug
1931 100% 100% 100% 7,000 99
434s series D
Dec 9454 Dec
9554 9534 1,000 93
1978
Pub Serv of Okla 513..1957 98
12,000 9854 Nov 29954 Nov
97
98
Puget Sound P & L 5%s'49 102
Dec 104% Bent
45,000 99
101% 102
1st & ref 55 C
Dec 101% Sept
9735 9841 2(1,000 94
1950
Queens Borough G de E
5534 series A
1952 101% 10145 10144 7.000 10034 Jan 10444 Oct
Ref 434s
Jan 102% Sept
1958 100% 10034 101% 10,000 94
Reliance Management
95
Mar
5s with warrants_ _ _1954 83
582% 5834 16.000 70 Jun
Dee 99% Feb
Remington Arms 534s 1933
95
95% 10.000 95
Dec 86
Rochester Cent Pow 55 '53 894 66% 6945 221,000 49
Mu
Ruhr Chemical 13s A__1948
Nov 83
July
67
68% 7,000 60
Ruhr Gas 6455
74% 7545 36.000 8954 'Dec 59% Mat
1953 75
Ruhr Uous'ng Corp 648'58 70
Dec 89% Apr
22,000 85
66% 70
Ryerson (Jos T)& Sons Inc
15
1943 95
Oet
-year deb 58
92
Jan 98
6
92% 95
St L Gas & Coke 68_1947
San Antonio Pub Bert,55'58
Salida Falls 1st 5s__ _ _1955
Saxon Pub Wks 5s__ _1932
Sextet Co 1st cony 6s A '45
Schulte Real Estate 68 1935
With warrants
Without warrants
Scripps(E W)534s._..1943
Servel Inc 5s
1948
Shawinigan W & P 414s '67
4358 series B
1968
1st 5s ger C
1970
let 434s ser D
1970
Shawsheen Mills 7s....1931
Sheffield Steel 545.-1948
Snider Packing 65_ ___1932
Southeast P & L 65-2025
Without warrants
Sou Calif Edison 55._ _1951
Refunding 5s
1952
Gen dr ref 55
1944
Sou Cal Gas 5s Corp_ _1937
181 & ref 55
1957
Southern Gas 6455 _ _1935
Without warrants
Southern Natural Gas 68'44
With privilege
Without privilege
So'west Dairy Prod 635538
Southwest G & E 5s A _1957
Southwest Lt dr Pr 5s A '57
So'west Nat Gas 6s.....1945
So'west Pow & Lt 60_2022
Staley Mfg Co 1st 6s__1942
Stand Gas & Eloc Os.. 1935
Debenture(is
1951
Debenture 6s Dec 11988
Standard Invest 5s.__1937
Without warrants
5355
1939
Stand Pow & Lt(W....1957
Stinnes(Hugo) Corp
7s Oct 1 '36 without warr
78 without warr____1948
Strauss (Nathan) 65_1938
1939
Sun 011545s
Sun Pipe Line Co 50..1940
Swift dr Co 1st m a f 5s_1944
1940
5s when issued
Tenn Elec Pow 5s_ _ _ _1956
1956
55 new
Tennessee Power 5s_ _ _1962
Tenn Public Service 5s 1970
Ternil Hydro-Elec 6145 '63
Texas Cities Gas Is _1948
Texas Elec Service 5s_1960
_ _1915
Texas Gas Util
Texas Power & Lt 58_1950
Thermold Co 6a w w_1934
Trl Utilities corn deb 5879
4934
97%
103%
91%
81%
9,000
11,000
13,000
27,000
18,000
88g
91
9914
87
75
Mar
Dee 88
Jan 10144 Oct
Mar 10334 Dec
July
Dec 98
Dec 100
July
58
58
545( 57
85% 8654
7034
70
9434 95
95
9535 94% 954
1024 103
103
9444 95%
95
1014 5101 10145
101% 1014
374 3734
2,000
26,000
4,000
10.000
63,000
33.000
7,000
97.000
14,000
2,000
7,000
51
53
78%
84
90%
90
98
904(
9854
97%
815(
Jan 87
June 85%
Dec 93%
Feb 7214
Feb 9834
Feb 9894
Feb 106
Dec 9754
Jan 101%
Feb 104
Dec 73
48%
47
97% 9854
102
103
9134 9154
8154 80%
54%
864
10234 103%
103
104% 104% 10415
104% 104%
102% 10244
9145 92
92
994 99%
99
76
7635
9545
94
64
104%
9954
9834
98%
9731
75
74%
65
954
93
63)4
104%
96
9835
9735
9744
70
62
60
101% 101%
99
984
102% 102%
100% 100%
77
65%
97%
72%
9954
68
82
77
77
66
95%
94
65%
104%
97
9915
9835
9845
99
9854
99%
9434
71344
85%
98%
71
99
88
858
74%
65
60
102
9945
103%
101
96
75
75
93
2,500 59
13,000 58
2,000 45
19,000 9944
32,000 9834
37,000 102
65,000 9754
99% 15,000
9954 46,000
99% 12,000
95
10,000
78% 20,000
67% 29,000
98 209,000
73
34,000
99% 100,000
68
6.000
62 184,000
7354 78%
1944 78
men Co Os
81
83
Union Amer Inv 65.._1948 83
Union El L & P 58 11-19137 103% 102 103%
101% 102
Union Gulf Corp 56 Jul 1'50 102
United Else Service 75
90
88
Without warrants-1958 89
76
75
United Indus Corp 6448'41 75
1,000
74.000 z83
8,000 64
8,000 41
24,000 89
18,000 90
47,000 49
1,000 100
12,000 97
78,000 98
33,000 9554
55,000 95
77
7935 3,000
77
78
8,000
9645 974 33,000
74
85
99%
99
134,000 98
38,000 99%
51,000 99%
2,000 100
16,000 89
4.000 98%
27,000
6,000
39.000
115,000
14,000
7.000
Dee
Jun
Feb
Feb
Dec
Jan
10845
105
10414
104
98
10434
Sent
Sept
tug
Sept
Sept
Sept
Sept
OM
July
Sept
Apr
Sept
Sept
Sept
Oct
Sens
Nov
Nov 100
Nov
Dec
Der
Dec
Dec
Dec
Dec
Dec
Nos
Dec
Dec
Dec
Apt
Sent
Jet,
Sent
Oct
June
Sept
Are
Aug
Sept
Sent
106
8854
91
99%
99%
99
10954
99%
10334
10334
10334
Dec 91
Sept
Apr
Dec 94
Dec 102% Sept
Dec
Dec
Oct
Dec
Dec
July
Aux
90%
88%
81
10334
10034
103
10134
June
July
Mar
Ides
Oct
Aug
Beet
974 Dee 100
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Chn
May
Apr
Aug
Ape
Oct
Mar
Mar
98
90%
7234
65
92%
55
93
7245
49
3314
7854
9954
99
98
98%
87
8634
100%
107%
102%
98%
100
Dec 941(
Apr
Dec 98
Jan 10454 Oct
Jun 102% Aug
77% Dec
Dec
68
9754 Apr
92% Ape
641
' Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High.
$
United Lt & Pow 68..1975
Deb 6448
1974
5548
1959
United Lt & Rya 5355_1952
(is series A
1952
U S Rubber
3
-year6% notes_ _ _ _1933
Serial 634% notes 1931
Serial 645% notes__1933
Vaispar Corp cony 65_1940
Valvoline Oil 75
1937
Van Camp Packg 60_1948
Van Sweringen Corp 65235
Va El & Pr 5s A
1955
Va Public Serv5348A.1946
6s
1946
Waldorf-Astoria Corp
1st 7s with warr____1954
Ward Baking 65
1937
Wash Wat Pow 55 w 1_1960
Webster Mills 645_1933
West Penn Elea deb 5s2030
West Texas Utll 5s A_1957
tis ser A WI new_ _1957
Western Newspaper Union
Cony deb 65
1944
Westvaco Chlorine 535s'37
Wise Pow & Lt 55 E._ _1956
Wise Pub Serv 5s____1942
535s series B
1958
Foreign Government
And Municipalities
Agri° Mtge Bk 7s A&O '46
Extl 8 f 78
J&J 1947
Baden (Germany)78..1951
Buenos Aires(Prov)748'47
7s
1952
Canada 30-yr 4a_Oct 1 1960
Cauca Valley(Dept) Rep o
Colombia extl 5 f 78 '48
Cent Bk of German State &
Prov Banks Os B___1951
1st 6s series A
1952
9231
9635
87
9134 9334 75,000
9834 9834 2,000
9535 9635 26,000
85
8734 6,200
44,000
99% 100
8434
824
100
753.4
774
98
u5331
814 7831
10334 10345
93
96
8934
6935
100
102%
9734 9634
_
8834
8834 88
8745
100
65
103
8534
93
Range for Year 1930.
Low.
High.
90
954
85
75
9454
Dec 6714 OeS
Dec 10054 Oat
Deo
Dec 98
Dec 9454 Sept
Dec 10434 Sept
14.000
3,000
1,000
1,000
5,000
2,000
206,000
14,000
28,000
1,000
7711
9645
75
794
98
44
64
9734
93
8834
Oct
Jan
Dec
Dec
Dec
Nov
Dee
Jan
Dec
Dec
20.000
70
10044 6,000
10344 12,000
9794 4,000
88% 4,000
8834 14,000
8831 7,000
7134
9944
9834
854
814
84
86
Oct 10334 Jan
Dec 10134 Nov
Jan 105
Sept
Jan 9734 Apr
Dee 9354 Mar
Dec 97
Sept
Deo 8934 Dee
8531
100
7535
7745
98
5331
8134
103%
96
8934
Dec
2,000 47
65
65
Feb
10145 10194 1,000 101
101 10144 20,000 99 June
10035 10045 1,000 10034 Dec
2,000 104% Nov
103 103
80
6334
82
8531
793.4
92%
8,000
83
8434 28,000
8,000
82
85% 1.000
80 • 3,000
933-4 204,000
Mar
June
Aug
Nov
Nov
8014
80
77
80
78
8934
Dee 9554
Dec Ng
Dec 9834
Dec 102
Dec 10034
• - • 8694
31117
Alm
June
Age
Apr
DM
51
Dec
5174 54
8934
88
68
Danish Cons Munic 540'55
68
1953
Danzig Port& Waterway
Externals 4 644s_ _1952
German Cons Munk 75'47
Os
1947
9945
9935 10034 14,000
9645 99
8,000
70
7934
7034
6934 70
5,000 65
7645 7935 40,000 74
75,000 66
6831 71
Hanover(Prov)6355._1949
Indus Mtge of Finlandlat mtge coll s f 78..1944
Lima(City)Penn 6%81958
80
Maranhao (State) 7s..1958
Medellin (Colombia) 78.'51
Mendoza (Prov) Argentine
External 74s a f g_1951
Mortgage Bank (Bogota)
75 issue of'27(M&N)
'47
7s issue of 1927 new 1947
Mtge Bank of Chile 65_1931
Mtge Bk of Denmark 5/1'72
4654
77
19,000
80
4,000
May
Mar
Apr
Apr
Mar
Feb
AN
Oct
ON
Deo
923g
10335
10354
10154
105
54
8934 24,000
15,000
70
100
101
100
100
10345
81
100%
10454
9934
9134
Deo
62
11334 Dee
99
AN
15634 Mai
87 .7013
974 Jan 101% Anil
Oci
903-4 Jan 100
Dec
'
•
s ••
8634 Mal
9854 Mel
Mu
91
95
75
APt
94
93
49% 4944
Netherlands (Kingd) 6s'72
Parana (State) Brazil 78'58 42
Rio de Janeiro 6353_-_1959 47
Russian Government
845s certificates_ _1919
Saar Basin (counties) 78'35 95
Saarbruecken (City)75 235 100
Santiago (Chill) 7s....1949
1961
7s
i -• 10154 SelY
3,000 193
2,000 6545 Oct 83. Eel
44
4854
6934 75
6,000
5,000
8154 82
8,000
6245
60
97
973.4
6434 4.000
6445 9.000
97% 13,000
9934 27.000
Dee
Dec
API
85
9234 Mal
6334 Dec
0454 MN
44
65
50t • 83
5454 Dee 84
101
95
9534 Jan 10031
Mal
Jul]
Atli
Oe
10434 10534 26,000 1033-1 Mar 10741 kw
3374 42
41,000 34
.- • 8234 Ma
49314 44,000 51
Ma
43
Oct 83
141
9435
9944
81
83
2
95
100
81
83
40,000
5,000
2.000
5.000
7.000
134
9234
98
84
803-4
I -.
7% Fla'
Dec 101
Fe. 103
99
D
Oct 97
AD
Sel)
All
Jun
* No par value. 1 Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. c Sold for cash.
a Option sales. t Ex-rights and bonus. w When lamed. z Ex-dtv. y Ex-rights.
Ex-first dividend paid in liquidation.
ery stock.
Ex-dividend of 34 share Beatrice Cream-
e "Under the rule" sales as follows:
Amer. Commonwealth Os, 1949, Jan. 22, 53,000 at 106-107.
Associated Telep. & Telex., deb. 54s, 1955, Oct. 28, 526,000 at 95.
Blaw-Knox Co., Jan. 2, 58 shares at 31.
Burco Co., Jan. 26, 50 warrants at 434.
Cincinnati St. Ry.(3s B, 1955, June 6, $19,000 at 100.
Coon (W. B.) Co., 7% pref. with warr, Oct. 9, 100 at 74.
Donner Steel Feb. 27. 50 shares common at 33.
General Wat. Wks. Gas & Elec. 6s, 1944, Jan. 29, 51,000 at 9634 •
Gerrard (S. A.) Co., Jan. 2, 105 shares corn. at 24.
Gorham Mfg. corn v t C. April 23, 1 at 4331.
Happiness Candy Stores corn., Feb. 3, 100 at 144.
Houston Gulf Gas, Mar. 3, 2 shares at 19.
Jersey Central Power & Light 7% preferred, Sept. 11, 50 at 10941•
Kopper Gas & Coke pref., May 6, 21st 102%.
Mohawk dr Hudson Power, Feb. 6, 75 shares 2d pref. at 112.
Neve Drug Stores, May 16, 20 shares at 2.
Russian Govt. 5355, 1921 ctfs., Feb. 7, 56,000 at 7.
Singer Mfg., Ltd., Feb. 18, 100 shares at 8.
z "Optional" sale as follows:
Air Investors cony. pref. Dec. 18, 200 at 341.
American Capital Corp. $3 pref. Dee. 18, 100 at 25.
American Aggregates deb. 6s. 1943, Oct. 11, $1,000 at 70.
Associated Gas & Elec. 58, 1950 Dec. 18. 86,000 at 63-6314•
Associated Laundries, Feb. 17, 100 at 35•
Atlas Plywood deb. 5455, 1943, Nov. 12, $1,000 at 55.
Cuban Telephone 7445, 1941, Oct. 15, $1,000 at 10111.
Gillette Safety Razor 5s, 1904 Dec. 17, 810,000 at 8031•
Industrial Mtge. Bank of Finland 78, 1944, Dec. 20, $LOW at 9234•
Intercontinents Power deb. 6s, 1948, with war., July 11, 85,000 at 97.
Italian Superpower (is, 1963, without warrant, Dec. 22, 310,000 at 49.
Leonard Tletz 7458 1946 with warrants, may 12, 83,000 at 115.
Montreal Lt., Ht. & Pow. Cons., Feb. 10, 100 shares at 138.
Morris & Co. 731s, 1930, June 30, 52,000 at 10131.
Pacific Western 01163-48, 1943, Dec. 30, $5,000 at 7335.
Public Serv. of Okla. 5s, 1957, ser. D. Nov. 11, 510,000 at 1004.
Railroad Shares Corp.. corn. Dec. 30, 500 at 335•
Southern Natural Gas 6s, 1944, Dec. 18, $2,000 at 51.
Swift & Co. 58, Oct. 15, 1932, Jan. 16, $5,000 at 9931.
Swift International. corn.. July 10, 100 at 2815.
Tri-Continental Corp., warrants Dec. 29, 100 at 14.
Iri cf I ec.Service 75, 1956, with warrants, Dec. 23, 85,000 at 77.
642
[Vol.. 132.
FINANCIAL CHRONICLE
Quotations for Unlisted Securities
•
Par
Bid
Par
AM
Bid
All
Par
Bid
Ask
Par
Bid
Ask
Public Utility Stocks
N.Y,Bank Stocks (Cond.)
Aeronautical Stocks
Industrial Stocks (Cana.)
Alabama Power $7 pref—100 113 11412 Alexander Indus8% pref_-_
170
Queensboro National....A00
_ 50
Franklin Ry Supply $4.--• 50 55
Am Pub ULU Co com _ __ -100 95 ... __ American Airports Corp_ __75
70
412 Seward Nat Ilk & Tr___100
212
14
1
Fuel 011 Motors Corp corn_
212 412 Gamewell Co $6 cum pref_• 96
26
Arizona Power 7% pref_ _100 81
Sterling Nat Bk & Tr___25 21
99
86
Aviation Sec of New Eng__
Ark Pow & Lt $7 pref____* 101 106
dl
5
Strauss Nat Bank & Tr_100 125 140
Gen Fireproofing 57 pf_100 108 113
Central Airport
55
Assoc Gas de El orig pref_ _• 44
1
50
212 Graton & Knight com- •
Textile Bank
5
48
Cessna Aircraft corn
$6.50 preferred
I
2
Trade Bank
100 150 160
50
57 preferred
100
• 8912 9112 Curtiss Reid Aircraft corn_
$7 preferred
85
12 2
Union Bank of Bronx Co_50
40
• 93 96
Great Northern Paper $3.25 37
Consolidated Instrument_ _•
Atlantic City Elec $6 pre!_• 10212 105
65
12 2
Washington Nat Bank 100
5
Hale de Kilburn pref _.._100
Federal Aviation
Bangor Hydro-El 7% pf_100 11712 11912 General Aviation lot pref.... 17
75
World Exchange
100
75
1812 Herring-Hail-Mary Safe 100 50
75
Binghamton L,H Jr P 36 pf
Yorkville(Nat Dank of).100 65
9
1111 13 Howe Scale
_ _ 93
Kinner Airplane & Mot new_
4
Trust Companies.
Birmingham Elec 7% pref.* I06 108
dl
3
29
100 26
•- Preferred
Lockheed Aircraft
Broad River Pow 7% pf _100 85 _ _ _
American Express
100 195 225
1
3
8
Hudson River Nay corn—
Maddux Air Lines
Buff bang ,k E pr pref... _25 2558 257 New Standard Aircraft corn 63
Bence Comm Itallana Tr 100 252 260
50 60
10
Preferred
8
32
Carolina Pow & Lt $7 pref.• 108 110
Bank of Sicily Trust
20 28
5
5
614 Industrial Accept corn- •
Sky Specialties
Cent Ark Ry & Lt 7% pref._
84
Bank of Europe Trust —25 64
52
100 45
d5
10
91
95
Southern Air Transport __ _
$7 preferred
Cent Maine Pow 6% pref100 94
dl
4
Bank of New York & Tr_10 580 000
23
100 20
Internal Textbook
96
Swallow Airplane
10 11612 11912
3
Bankers
7% Preferred
112 3
Jessup & Moore Paper
100 103 106
Warner Aircraft Engine39
37
4
2
Cent Pow & Lt 7% pref _100 99 102
Broadway Plaza Trust
let preferred
Whittelsey Manufacturing__ - - -12
20 90 .52
Cent Pub Serv pref
Bronx County
8
Karl-Keen Mfg Co
• 85 90
Cleve El Ilium 6% Dref-100 108_
100 508 518
33
Brooklyn
Chain Store Stocks.
38
King Royalty Co corn
20 253 258
Col Ry,P & L 6% 181 pf _100 10612 -0812 Bohack (H C) Inc.
Central Hanover
100 85
90
1
.
$7 preferred
812 101)
6%% preferred B____100 10712 10912
100 102 105
Chelsea Bank & Trust— —25
Lanston Monotype 51 $6 100 101 105
7% 1st preferred
Si
.d _ _ _
. 2
Consol Traction N J__100 11
Chemical Bank & Trust....10 49
.56
45
Butler (James) common.._
Lawrence Portl Cem VI 100 51
25
100 83 93
100 d
Clinton Trust
3
•
Consumers Pow 6% pref 100 104 10512
Preferred
Liberty Baking corn
25
6.60% preferred
Diamond Shoe pref with war
94
Continental Bk & Trust_10 22
25
__100
100 10412 _
Preferred
Dallas Pow & Lt 7% pref 100 2108 _
6
12
Corn Exch Bk & Trust....20 125 129
23
_ Edison Bros Stores com__ •
Locomotive Firebox Co.- _• 19
3312 3512
100 64
71
Dayton Pow & Lt6% 0_100 10912 111
County
22
_Preferred
Macfadden Publict'as corn 5 19
61
20 58
Derby Gas & Elm S7 pref__* 82
86
Fan Farmer Candy Sh pf_• 28
51
* 49
Empire
$6 preferred
50
100 400
Detroit Canada Tunnel__
Fishman (H M)Stores corn_ --_ _ 16
__100 _
312 4
Merck Corp $8 pref....
_ Fulton
07
100 502
Erie Railways
•
1
312
9()
Preferred
Guaranty
• 85 95
*
National Casket $4
20
100 110
100 40
48
Gt All & Pac Tea pref__100 116 119
• 107 110
7% preferred
Hibenila Trust
$7 preferred
20
Essex-Hudson Gas
100 157 _ _ _ _ Kobacker Stores pre _ A00
50
International Madison— -25 15
28
National Licorice corn...100 22
25 16
20
Foreign Lt & Pow $6 prat_ — __ _ _ 90
Kress(S H)0% pref
_- _- 101
93
4
International Trust
30
50
National Paper & Type Co_
Gas & Elec of 13ergen---100 101 ____ Lerner Stores 614% pref w w - __ _ 95
39
10 37
Irving Trust
50
New Jersey Worsted pref..
750
100 550
Gen Gas & El part Ws
9
Lord de Taylor
100 6175 250
Kings County
Northwmtern Yeast_ -100 101 105
Hudson County Gas_ -__100 157 ._ __
48
First preferred 0%
Lawyers Title & Guar-100 238
7
Nye Incinerator corn
100 90 95
Idaho Power 7% pref
47
25 45
10812 110
Second preferred 8% _ _100 692 100
Manufacturers
25
Units
Illinois Pow & Lt 6% pf_100 89 91
100 82 02
MaeMarr Stores 7% pf w w 70
M id wood
75
85
100
Okonite Co $7 pref
Inland Pow & Lt 7% pf_100 72
100 350 00
82
Melville Shoe Corp—
Mutual Trust of W
15
18
Parker Wylle Mfg Co corn__
Interstate Power $7 pref • 87
89
1st pref6% with warr_100 86 90
04
25 159
• 80 84
New York
$7 preferred
Jamaica Water Stipp pf--50 50
5112 Metropol Chain pref _ _100
512 712
20
7
9
Petroleum Conversion
51
4 612 Times Square
Jersey Cent P & L 7% pf_100 106 108
20 106 141
Miller (1)& Sons prof......1O() 40
212 5
50
Title Guarantee & Tr
Petroleum Derivatives
Kansas City Pub Service—* ___ _
112 Mork Juds&Voehungerpf100 ___- 80
200
100
Trust Co of N A
1
Photomaton Inc class B__
Preferred
•
10
25 2012 2410
Murphy (S. C.) 8% pf .100 685 100
Underwriters Trust
35
Pick (Albert) pref with warr
Kansas Gas & El 7% pf _100 106 108
Nat Shirt Shops corn
• 66
100 3025 3225
United States
10
6
Poole Eng & Mach class A_
Kentucky Sec Corp com_100 325 _ _ _ _
100 925 1025
100 d75
Westchester
4
Preferred 8%
80
Class B
8% Preferred
100 89 93
Nedick's Inc corn
•
1
Westchester Title & Tr-20 110 120
2
Publication Corp $3.20 corn. 58 63
Kings County Ltg 7% p1100 107 10912 Newberry (J) Co.7% p1100 693 96
Chicago Bank Stocks.
100 98 104
$7 1st preferred
Long Island Lt pref A100 108 11112 N Y Merchandise 1st pf_100 77 82
Central Trust Co of I11.100 259 265
RernIng'n Arms $7 1st p1100 80 85
Los Ang Gas & El6%p f_100 10412 10612 Peoples Drug Stores pref 100 96 100 i Robinson(D P) let $7 pf 100 80
Continental III Bk & 77_100 395 399
88
Metro Edison $7 pref B.--• 103 __ Piggly-Wiggly Corp
• d5
First National
100 508 512
10 1 Rockwood & Co $4 com_ • 30
$6 Preferred C
• 9812 10012 Reeves(Daniel)Preferred 100 97
Forman National
100 412 416
100 62
$8 Preferred
Miss River Power pref-100 105 _ _ _ _ Rogers Peet Co com_-__100 680 100
Harris Trust & Sav Ings_ _100 550 560
4
Rolls-Royce of America.._..
lio Public Service 7% pf 100 91
94
Schiff Co pre
100 50
Nat Bank of the Republic 20 73 75
4
60
Preferred
100
Mountain States Power—. 10
15
Silver (Isaac) & Bros pf_100 65
100 490 495
75
17
Roxy Theatres unit
1812 Northern Trust Co
7% preferred
100 95 100
Peoples Tr & Say Bank_100 355 375
Southern Storm 6 units—
25
Common
114 2
Nassau & Suffolk pref
103 105
U S Storm corn
*
1
3
Strauss Nat Bank & Tr_100 220 230
1612 18
Preferred A
Nat Pub Serv 7% pf A.100 8112 8612
Union Batik of Chicago_ 100 160 165
10
8
First preferred 7%__A00 635
40
Rubel Coal & Ice Co corn
Nebraska Power 7% pref 100 109 111
27 - - - Preferred
gewark Consol Gas_ 100 101 _ _ __
_100
Sugar Stocks.
Realty. Surety and
Ruberoid Co $4
100 33 38
New Jersey Pow & Lt $8 pf• 92
97
Mortgage Companies.
Fajardo Sugar
100 35
40
Safety Car Heat & Ltg_100 85 90
New Orleans PS 7% pf_100 92
96
Haytlan Corp Amer
1
3
Bond Jr Mortgage Guar_20 94
35
Scovill Manufacturing_ _ _25 33
97
g Y & Queens E L & P pf 100 9912 ____ New Niquero Sugar— -100
5
10
Empire Title & Guar.. 100 90 100
Singer Manufacturing....l00 337 342
gor N Y Utility pref.__ _100 102 105
• 65
Savannah Sugar corn
70
14
Franklin Surety
Smith (A 0) Corp ND $2• 148 158
For States Pow (Wls) pref-- 97 100
7% preferred
100 81
86
Guaranty Title & Mortgage 200 225
21
Smith-Corona Typewr $1 • 19
For States Pow (Del) corn A 126 128
412 612 Solid Carbonic Ltd
Sugar Estates Oriente pf 100
Home Title Insurance_ __ _25 44
49
7s
7
a, International Germanic Ltd.
Preferred
103 107
United Porto Rican corn
- 10
14
6
Southern States Oil
14
For Texas Elec com___-100 __ 5
4
23 26 Spiltdorf Beth Elec
2
Lawyers Mortgage
20 4314 4714
Preferred
Preferred
100
10
Vertientes Sugar pref:._ _ IOC(
Lawyers Wes Mtge & T1_100 190 220
100 90 100
15- 20
Standard Screw Co
2
WO Pub Serv 7% Pref_100 10412 106
National Title Guaranty 100 50
Standard Textile Prod_ _100
55
Jkla Gas & El 7% pref _100 106 _ _ __
Tobacco Stocks.
State Title Mtge
100 62
35
100
72
$7 class A
Pac Gas & El $1.50 pref_ _25 2614 27
American Cigar6% pref_10C 665 85
15
Suffolk Title & Mortgage__ 53 63
100 - $SclasaB
Pao Northwest Pub Serv--* 80
Investment Trusts.
90
Union Cigar
li Stetson(J B)Co $6.25 Corn..' 45
50
Pao Pow & Lt 7% pref__11111 9612_ Union Tobacco Co class A...d_ .._ 4
32
(See also following Page)
25 30
$2 preferred
Pa-Ohio Pow & Lt 6% pref_ 99 fin
s
Young(J 5)Co TO% corn 10
23
Amer Brit & Coot 38 nr--* 50
55
0 93
- Taylor Mill Corp 32.50com • 19
7% preferred
109 111
7% preferred
Ion um icia Taylor Wharton IrAr St corn• 6 8 Amer Composite Tr Shares.. 714 73.1
Pri Pow & Lt 7% pref
Amer Founders Corp—
32
109 110
100
Preferred
nedmont Northern Ry_100 d39
Industrial Stocks.
43
Convertible preferred........ x73
43
Tenn Products Corp $4 pf 50 40
7,
8
5
8
Port Elm Pow 6% pref-100
75
Adams Millis $7 Pr w w_ 5 - - -_ 98
23612 11 2
Trent Process Corp
-18% preferred
40
Pub Serv Co of Col 7% pf 100 Aeolian Co $7 prof
100 32
7% preferred
05 100
241
38
Tubize Chatillon $7 pf B 100 32
tochester0& E 7% pf 13100 102
Aeolian Weber P&P com 100 di
4
1-40ths
8c Ile
612 712
Unexcelled Mfg Co 70c_ _10
100 96 100
6% Preferred C
68
Preferred
4
10
5c
I-70ths
75
8c
United Business Pub $7pf100
Roux City 0& E 7% pf _100 99 101
Alpha Portl Cement pf_100 116 120
Warrants
86
United Publishers $7 pf_100
lomerset Un lid Lt_---100 78
Amalgamated Laund corn...
Amer & General Sec coin A _
1
3
13
60
U S Finishing $7 pref___100
South Calif El $1.50 pref_25 2612 100 87 95
Common B
1 12
73 10
8
2714 American Book $7
Walker Dishwasher corn__
25 29
51.75 preferred
30
Amer Canadian Properties_•
1
3
383
4
6% {met
5.5
Welch Grape Juice corn......• 50
lo Colo Pow corn A
25 1912 22
Amer Hard Rubber $4_100 25
30
Amer Insuranstocks Corp..
100 99
512 814
$7 preferred
7% preferred
100 110
American Hardware
25 50
52
Amer & Continental Corp_• 10
10
8
12
Westland Oil Corp
•
louthwest Lt & Pow pret• 87
Amer Mfg 4% corn
100 25 30
89
7
Assoc Standard 011 Shares....
35
W Va Pulp & Paper $2 corn • 32
710
Cann Elec Pow 6% pref. 100 96
98
5% preferred
100 48
55
All & Pac Intern Corp units 14
$0 preferred
17
100 9712 100
7% preferred
100 107 10812 American Meter new
• 241
45
112 2
Common with warrants
Wheatsworth $8 pref
• 108 Ill
Coxes Pow & Lt 7% pref 100 110 113
Babcock & Wilcox 7%- _100 105 108
1212 14
Preferred with warrants-33
Wheeling Steel $4 corn_ _100 29
'oledo Edison pref A _ _100 109 110
Baker (I T)Chemical com_• 10
14
Atlantic Securities Corp pf • 34
2712
100 100 112
$8 preferred A
Is
Jolted 0& E(Conn) p1100 9112 94
Bancroft(J)&Sons$2.50c0m•
S
13
Warrants
100 105 115
$10 preferred B
Jolted 0 ,k E(N J) pf 100
100 78
__
7% preferred
9
83
All America Investors A
95
3
White Rock Mill Spring—
Public Service units_
71-__ 47
Bliss (E W) S4 1st pref--50 56 _ _ _ _
Dalted
Bankers Nat Invmrg Corp• 16
$7 ist preferred
100 10212 106
26 preferred B
Dail Pow & Lt $7 pref_ ___• 16512 10612
10
9
Bansicilla Corp
$2026 preferred
100 190
612 812
811 7
•
Bohn Refrigerator 8% p1100 ____ 85
nice Gas & El 7% pref_100 102 104
Basic Industry Shares
50
41
Willcox & Gibbs 35 corn _ _ _
914 714
•
Bon Ami Co B corn
•
ItH Pow & Lt 7% pref--100 95 97
35
35
British Type invest
25
Woodward Iron $4
1
100 110 120
Bowman-Blitmore Hotels_
rIrginlan Ry corn
Chain Store stuireowo Inc
92
133 1412
100 87
3
4
112 Worcester Salt $5
4
Vashington Ry & El com100 410
1st preferred
100 17
_
22
312
Chain & Gen'l Equittes Inc •
2'4
100 98 fon
2d preferred
100
3
5
New York Bank Stocks.
5% preferred
47
52
Brunsw-Dalke-Col $7 prof _• 82
Ch" Store tiie
6 in% pr ererrvilCorp___ _•
a
Vestern Power 7% pref..100 98 102
88
3
39
_ _ Bunker Hill & Sull $3corn 10 41
Preferred
25 62 65
Vestern States Gas & El__..
45
100
America
50
Burden Iron prat
- 40
Chartered Investors corn....
100 45 60
7% preferred
98 102
American Union
13
15
Canadian Celanese corn_ _ _
4
10
Preferred
114 13
1112 Bank of United States units
76
78
Preferred
85
100 60 63
Chelsea Exchange Corp A...
100
Bank of Yorktown
',aleph. & Teiegr. Stocks
12 112
Carnation Co $1.50 com • 22
50 60 65
Class B
25
Brooklyn National
m Dist Tel of N J $4
• 77 85
2
30
100 110 112
$7 preferred
100 102
20 20
Corporate Trust Shares
Bryant Park
7% preferred
57
8 63
s
Chestnut Smith corn
4
20 993 1023 Crum & Foster Ins Sh—
4
2
Chase
ell Tel(Can)8W pref__100 143 148
Preferred
87
Common B
Chatham-Ph Nat Bk & Tr 20 78
Pa 61:% pref 100 11.512 11712
10 3412 3612
ell Tel of
Childa Co $7 pref
100 106 109
4
20 993 1023
98
4
City (National)
Preferred
in & Sub Bell Telep----50 96
95 100
812 Columbus Bank
Clinchneld Coal Corp. _100
100 165 195
Crum & Foster Inc corn B _ n 40
4115
icl _
uban TelePhone 8%
42
$7 preferred
100 2135
Comml Nat Bk & Tr_100 315 330
8% preferred
94
r/S9
10412 107
7% preferred
Color Pictures Inc
112 3
160 2300 25(10 cu
Fifth Avenue
eferredult Shares......
v Tri
mpire & Bay State Tel. 100 60 65
7313 8
Columbia Baking corn_ _ _ _•
First National of N Y _100 4000 4200 Deposited Bank & Tr Shares
12 2
rank lin Teleg 32.50.-100 440 44
1st preferred
100 125 140
Series N Y
97
•
5
Pa Fiatbush National
It Ocean Teleg 6% _-100 692
8
7 s 83
7
2d preferred
12 2
100
,lobe Bank & Trust Co_100
Series B-I
4120
incoln Tel & Tel8%
731 812
Colts Mfg Co $2
20
22
Grace National Bank.....100 600
_
Diversified Trustee Shares A
142 146
rtn States Tel & Tel
167 17511
s
Congoleum-Nairn $7 pf 100 99 __ _ _ Harbor State Bank
25
65
1514 16
ew England Tel & Tel_100 136 139
Crosse & Blackwell com____
112 3
Harriman Nat Bk de Tr_100 1500 1000
25
100 629
013
6
Y Mutual Tel
Crowell Pub Co $3 corn new 70
100 150 170
75
Industrial Bank
Equity investors Corp corn.. 24
27
orthw Bell Tel pf 634_100 103 110
z99 107
$7 preferred
Kingsboro Nat Bank.. .100 120 130
Units
16
62 67
ac & Al Teleg US 1%....25 dI3
25 24 28
Deep Rk 011&Ref $7 pf 100 50 60
Lafayette National
Equity Trust Shares A
23
53
s
5
eninsular Teleph $1.40—• 420
1
3
100
De Forest Phonofilm Corp.._
Lebanon
75
IN 99 103
Federated Capital Corp p125 4151 i 17
7% preferred A
4£1 59
Dictaphone Corp corn__ • 20
25
Liberty Nat Bk & Tr ....100 - First
•
d85
7 s 88
7
3
wto Rico TeleP
loci loo 105 Manhattan Company _ ._20 88 91 FixedAmerican CorpA
$8 preferred
Trust Shares
• 1538
och TeleP $6.50 lot p1_100 10812 --- 100 100 11(1
Melrose National
Dixon (Jos) Crucible $8_100 130 140
• 1312
25 615
20
) All Teleg $1.25
&
100 90 100
Merchants
Doehler Die Cast 7% p150 ._ _ _ 35
Pisularcental tr Shares A ..
100 162 107
1a
71s 7
idaNEGelep8%
• .. _. 65
20 113 16
4
Midtown Bank
$7 preferred
Shares B
712 8
100 119 122
W Bell Tel 7% Pref
Nat Exchange 13k & Tr.. 25 27
58
32
212 4
General Equity class A-10
- Douglas Shoe $7 pref. __100 54
d-Statee Tel & Tel $6....-*
100 55
60
Nat Safety Bk ek Tr.._.._ 100 34 44
Corp $4
Draper
Granger Trading Corp— -• 10
10 150--10
11
3.00 preferred
100 70 80
100 75
82
Penn Exchange
40
Gude-Winmill Traci Corp.• 30
leconsin Telep 7% pf_100 210924 ____ Driver Harris $7 pref
45
Peoples National
100 300 350
30
Dry-Ice Holding Corp
Incorporated Investors......
• 3418 3653
12
10
4
Port Morris
63
4
Etsemann Magneto corn _ iiiii
incorp Investors Equities_
13
90
Public Nat Bank & Trust 25 59 62
45
8 6is
$7 preferred
Independence Trust Shares.
•No paw value,
4 Last reported market.
I New stock,
z Es-dl•Idend
w Ex-rIghte,
JAN. 24 1931.]
643
FINANCIAL CHRONICLE
Quotations for Unlisted Securities-Concluded-Page 2
Par
Investment Trusts (Conc.)
Int See Corp of Am cons A__
Common B
656% preferred
8% Preferred
Invest Trust Associates.-Investment Trust of N Y__
Investors Trustee Shares.-Jackson&CurtisInvTrAsso•
.Tackson&CurtisSCorp p1100
Leaders of Industry A
B
Major Shares Corp
Mass Investors Trust
•
Mohawk Investment corn_•
Mutual Inv Trust class A_
Mutual Management corn.
.
Nation Wide Securities Co__
Net Industries Shares A.
_
No Amer Trust Shares
Northern Securities
N Y Bank Trust Shares__
North & South Amer B corn
Old Colony Trust Assoc Sh •
Old Colony Invest Trust corn
Oil Shares Inc units
Petrol & Trade Corp el A 25
Power & Rail Trustee Shares
Public Service Trust Shares
Research Investors corn_ __•
Units
Second Internet Sec Corp A
Common B
6% Preferred
Securities Corp Gen pref.Selected American Shares...
Shawmut Bank Inv Trust.
•
Spencer Trask Fund
•
Standard Amer Trust Shares
State Street Inv Corp
Super Corp of Am Tr She A
B
Selected Income Shares__
Standard Collet Trust She__
Trust Shares of America._
Trustee Standard Oil She A
B
20th Century Fixed Tr She.
Trusteed Amer Bank Shares
Trustee Steed investment C
D
Two-Year Trust Shares_ _ _ .
United Fixed Shares series Y
Unit Founders Corp I-70ths
United NY Bank She ser C3
United N Y Ins She series F
Bid
Par
Ask
Bid
Ask
Par Bid
Par
Ask
investment Trusts (Cone.)
Insurance Cos,(Con.)
37
183 _ _ _ _ US & Brit Internet class A_ x1314 _ _ Home
4
10 36
37
13 _- Home Fire & Marine_
4
Class B
10 32
112 612 712
x39
8712 _
Preferred
Home Fire Security
2914 3114 Homestead
17
U S Elec Lt & Pow Shares A
10 15
8212 _
4
1
714 73 Hudson Casualty
B
s
10
x83 4
27
57
8 6
3g Hudson Insurance
73
4 8 4 Universal Trust Shares
3
10 22
39
1014 1214
Importers & Exp of N Y_25 29
5
612 912
375 40%
Independence
Insurance Companies.
5
8
95 101
Independence Indemnity_10
Aetna Casualty & Surety.10 75 80
51
912 1212
53
77 _
8
Industrial of Akron
Aetna Fire
10
63
100 800 900
Kansas City Life
5% 618 Aetna Life
3
10 61
25 89 100
22
Knickerbocker corn
5 18
512 Ws Agricultural
25
10 2313 2812
Lincoln Fire
3114 3314 American Alliance
10 22
18
411 612
23
10
4412 4614 American Constitution
Lloyds Casualty
5
83 113
4
4
412 612
5
612 American Eoultable
Voting trust certifs____10
18
7
21
4
10
____
23 American Home
4
Majestic Fire
5 17
18
25 2813 3212
Maryland Casualty
American of Newark
85
25 78
Ps 712 American Re-Insurance- -- 4412 4912 Mass Bonding & Ins
33
54
638 67, American Reserve
Merchants Fire Assur corn 10 47
10 29
934 1134
25 82 85
6
Mereh & Mfrs Fire Newark 6
612 American Surety
105 112
10 2113 2613
10 3012 3412 Missouri State Life
Automobile
814 83 Baltimore Amer Insurance_5 1012 1112 Morris Plan Ins
100 120
4
19
National Casualty
10 17
12 2
Bankers & Shippers
25 100 115
32
me 530 560
34
National Fire
10 59 61
Boston
25 65 68
818 91s
8
912 Bronx Fire
National Liberty
5
22
13
26
National Union Fire
5 167 177
Brooklyn Fire Insurance_ _5 10
5 1612 19
New Amsterdam Casualty10 3214 3414
Camden Fire
27
10
New Brunswick
27
15
10 25
Carolina
10 25
10 ____ 38
New England Fire
9
5a 103 Central Fire
3
10 30
37
65s 73 Chicago Fire & Marine-10
8
812 1112 New Hampshire Fire- _ _10 45
50
Re) 250 275
26 -- - - City of New York
New Jersey
20 45
50
64
30
814 1114 New York Fire corn
5 25
Colonial States Fire
10
North River
183 __ - Columbia National Life..100 320 370
4
10 36
39
112 _
Northern
25 75
85
Connecticut General Life_10 114 119
4
6
39 - - - - Consolidated Indemnity-Northwestern National-... 90 100
10
Occidental
5
._10 20
80 85
25
Constitution
10
34
514 53 Continental Casualty _ _ _10 32
Pacific Fire
4
25 110 120
.
8
10
5
512 612
414 614 Peoples National Fire
Cosmopolitan Ins
10
5 1212 1312 Phoenix
_10 68
70
2.514 21312 Eagle
20 :8614 4814
71s 73 Excess Insurance
s
5
312 512 Preferred Accident
59
Providence-Washington.-10 4313 451s
64 66
Federal Insurance
10 54
Public Fire_
5
6
7
7 s Fidelity & Deposit of Md_50 142 145
3
8
30
Reliance Casualty N J
4
63
4 718 Firemen's
8
20 29
Republic Dallas
10 1213 20
63
4 714 Firemen's Fund
25 83 88
5 243 263 Republic (Pitts)
4
4
10 15
20
918 1018 Franklin Fire
20
24
Rhode Island
10 20
25
General Alliance
10
8
Rochester American
25 42
48
10
014 63 Germanic Insurance
4
(11s _ - - - Glens Falls Fire
10 4812 5012 St Paul Fire & Marine. 25 165 175
9
12
67
/0 714 Globe Insurance
10 1312 1612 Seaboard Fire & Marine__
Security New Haven
10 30
34
Vs 7 8 Globe & Rutgers Fire_100 660 710
3
10 2712 2812 Springfield Fire & Marine 25 98 108
778 87s Great American
3
23
Standard Accident
50 100 150
41, 4 8 Great American Indem'y_10 20
3
25 35 40
4
4
4
414 Halifax Insurance
10 173 193 Stuyvesant
100 1400 1500
2111, 227 Hamilton Fire
50 200 300
Sun Life Assurance
10
63
4 714 Hanover
10 3212 3412 Sylvania Insurance
9
11
120 15c Harmonis
4
4
10 253 273 Transportation Indemn'y 10
66
84 10 4
1234 141, Hartford Fire
Transportation Insurance 10
3
10 64
1014 113 Hart!Steam Boll Buskins 10 58
100 1015 1065
60
Travelers Fire
s
Bid
Ad
Insurance Cos.(Cona.)
U S Casualty
25 48 53
U S Fidelity & Guar'y Co 10 2812 3112
U S Fire
10 4412 4812
U S Merch & Shippers_ _100 270 300
4
Victory
10
go
Virginia Fire & Marine_.25 80
43
Westchester Fire
10 40
Industrial &Railroad Bds.
Adams Express 4s, 1947J&D 83 86
Amer Meter6s, 1946
d102
Amer Tobacco 4s, 1951 F&A 89
Am Type Fdrs 68, 1937 MAN 10212
Debenture 13s, 1939_MAN 10212
Am Wire Febries lst'42 M&S 495
Bear Mtn-Hudson River
A&O 96
Bridge 78, 1953
BlItmore Comm 75 '34 M&S 98 fir
Bois & Alb RR 58 Oet'63 1.4.1 4107
Boa & Me RR (is 1933_J&J 1100 101
84
86
Chicago Stk Yda 5e, 1961_
Clyde Steamship 58,'31 FAA 99
75
Consol Coal 4 Si a, 1934 MAN 60
54
Consol Mach Tool Is, 1942 480
Consol Tobacco 48, 1951_ 485
11
4
Continental Sugar 7s, 1938_
88
Equi Office Bldg 5e, 1952-- 86
Tire Fabric 6568. 1935 ---- 78
Fisk
F dr W Grand Prop
75
J&D 15 471
es, 1948
Hoboken Ferry 6e,'46 MAN 90 94
82
Internet Salt 55, 1951.A&O 76
93
Journal of Comm 64e, 1937 489
44
40
Kansas City Pub Serv 634s_
Little (A E) 7s, 1942-A&O 450 60
Loew's New Brd Prop
Os, 1945
J &D 03 95
Mallory Steamship 58,'32.1&J 99
Merchants Refill; 6s, 1937__ 97
N 0 Gr No RR 5s. '55 F&A 63 16N Y & Hob Ferry 5s,'46JdrD 86
N Y Shiptaldg Is, 1946 MAN 89
Piedmont&No Ry As.'54Jda 89 92
45
Pierce, Butler & P 634e,'42
Realty Assoc Sec 69.'37 Jar! 90 96
-Securities Co of N Y 4s_ _
45
94
61 Broadway 556e,'50 A&O 92
76
So Indiana Ry 4s, 1951 FAA 73
Stand Text Pr6
55
M&S 50
Struthers Wells, Titus94
ville, 6148. 1943
To!Term RR 434s,'57 MAN 94
US Steel Is, 1951
114
Utah Fuel Is, 1931_ ___M&S 99
Ward Baking Os.'37 J&D 15 100 WI;
so
Witherbee Sherman 6s, 1944 35
Woodward Iron 5s,'52_ _J &J
- 89
Quotations for Other Over-the-Counter Securities
Bid
Short Term Securities.
Bid
Ask
Short Term Secur's(Conr.)
Mass Gas Cos 5168 Jan 1940
.Proc & °arab 456e July 1947
Sloss-Shelf S & I 4)6e__1931
Union OU 58 1935-__F&A
United Drag Is 1932__A&O
Debenture Is 1933-A&O
10212 103
10112 10212
9912
98
10118 1013
s
993 10018
4
104 10412
10014 _ _
921,
91
10014 _ _ _ _
100 10112
97
96
10218 10212
10312 104
Railroad Equipments.
101 10112
4.00 4.40
9814 9812 Atlantic Coast Line as
4.35 4.15
Equipment 6165
4.90 4.40
1008._ _ Baltimore & Ohio es
3
4.35 4.10
Equipment 456e 412 53-4
1003 1003
8
102 10214 Buff Roch & Pitts equip 68_ 4.50 4.25
Canadian Pacific 434s & as. 4.75 4.50
4.90 4.40
100 __ _ _ Central RR of NJ 65
4.90 4.40
10012 _ _ _ _ Chesapeake & Ohio lls
4.40 4.15
10012 _ _ _ _
Equipment6Ms
4.35 4.15
10014 __ _ _
Equipment Es
10014 --__ Chicago & North West(Ie.__ 4.90 4.40
4.50 4.20
100 - - - Equinment6)58
Chic RI & Pee 456s & 55..... 4.50 4.20
8
1011 1017
,
4.90 4.50
Equipment Os
1031, 10314 Colorado & Southern es
5.00 4.60
Delaware & Hudson 63
4.90 4.50
10014 10112 Erie 434s & 58
4.90 4.35
100 _ _ _ _
Equipment Os
5.20 4.75
Great Northern ea
5.00 4.50
10012 ___ _
Equipment Es
4.40 4.15
Hocking Valley Is
4.40 4.15
Equipment 68
4.90 450
4 Last reported market.
x Ex-dividend.
el Ex rights
Allis Chal Mfg Is May 1937
Alum Cool Amer 58 May '52
Amer Metal 5568 1934 A&O
Amer Rest deb 434s May '47
Am Roll Mill deb 5s_Jan '48
Amer Wat Wks Is 1934 A&O
Bell Tel of Can Be A Mar '55
Baldwin Loco 534s '33 M&S
Cud Pkg deb 5165 Oct 1937
Edison Elec III Boston334% note Novi '31 MAN
4% notes Nov 1 '32 MAN
5% notes Jan 15 '33_ _J&J
General Motors, Accept5% sec notos_ _ _Mar 1931
5% ser notes_ _ _ kiar 1932
5% ser notes_ __Mar 1932
5% ser notes_ -Mar 1934
5% sec notes_ _ _Mar 1935
6% sec notes__ _Mar 1936
Gulf 011 Corp of PaDebenture 8s_ __ Deo 1937
Debenture Es___Feb 1947
Koppers Gas & CokeDebenture 5.s_ _June 1947
Meg Pet 416s Feb 15 '30-'35
Marland OilSerial 5% notes June15'32
• No par value.
Ask
CURRENT NOTICES.
-Sutro & Co. of Now York, San Francisco and Los Angeles, announced
the admission of two new partners, Allan Browning Lane, Member of New
York Stock Exchange, as resident partner in New York, and Randolph C.
Walker of San Francisco. Sidney L. Schwartz, member San Francisco
Stock and Curb Exchanges and former President of San Francisco Stock
Exchange; Gustav Sutro Schwartz, Arthur N. Selby, Emil Sutro, Frank
Foli Hargear, member Los Angeles Stock and Curb Exchanges; George M.
Lowry, Howard Greene, member San Francisco Stock and Curb Exchanges,
and Albert Bryan Sprott, member San Francisco Curb Exchange, are the
other partners. Sutro & Co. is the oldest brokerage firm on the Pacific
Coast and holds nine seats on six exchanges. The firm was established in
1858 by Charles and Gustav Sutro.
--W. C. Langley & Co. have prepared, for distribution, the seventeenth
edition of their Federal Income Tax Table, giving effect to the current rates
on incomes of individual for the year 1930. The introduction to the table
defines personal exemption and earned income and sets forth the method
for determining the gain or loss on the sale of securities acquired before
March 1 1913. It also presents a summary of capital net gain and capital
net loss. The table itself shows the taxes to be paid on incomes ranging
from $3,000 to $1,500,000.
-Wayne Hummer, a former President of the Illinois Bankers Association, announces the formation of Wayne Hummer & Co., members of
Chicago stock Exchange, to transact a general brokerage business in listed
and unlisted bonds and stocks, with offices in the Board of Trade Building,
Chicago. George E. Barnes, Rarsner Cleland and R. Edward Gam will
be Mr. Hununer's partners in the new firm.
Bid
Railroad Equip'nt (Cond.)
Illinois Central 455s & 58... 4.35
4.90
Equipment as
4.40
Equipment 7s dr OMB
Kanawha dr Michigan &L._ 4.90
Kansas City Southern 556s. 5.00
4.90
Louisville & Nashville 6s
4.40
Equipment 632s
Michigan Central 6s
4.25
EQUIpment 68
4.50
Minn St P & SS M 456s & 58 5.00
5.00
Equipment 8345 & 75._
4.90
Missouri Pacific 63411
4.90
Equipment Os
4.65
Mobile & Ohio 5e
New York Central 4345 & 55 4.20
4.90
Equipment 6s
4.35
Equipment 7s
4.30
Norfolk & Western 456e_ _
4.45
Northern Pacific 75
4.40
Pacific Fruit Express 7s
Pennsylvania RR equip Is.. 4.20
Pittsburgh & Lake Erie 6568 4.55
4.20
Reading Co SSis dr Is.
St Louis & San Francisco 5s 4.40
Seaboard Air Line 534s dr & 6.00
Southern Pisan, Co 434s...4.25
4.40
Equipment 7s
4.45
Southern Ry 416s & 5s
4.90
Equipment es
Toledo & Ohio Central es_
4.90
440
Union Pacific 7a_
Par
Ask
4.11
4.41]
4.15
4.50
4.50
4.51]
4.21
3.75
4.01
4.60
4.61
4.60
4.40
4.41
4.11
4.41
4.15
4.111
4.21
4.15
4.11
4.30
4.11
4.20
5.25
4.11
4.117
4.217
4.51
4.51
41(1
Bid
Ask
Investment Trust
Stocks and Bonds.
(See also preceding page.)
93s
9
All America Investors A..._
12
10
American & Continental__ __
7
Amer Invest Trust Shares..
5 2 5s
3
1514 1814
Beneficial Indust'l Loan corn
43
37
Preferred
27
Central National Corp A... 21
3
8
Class B
20
Colonial Investor Shares... 19
57
8 63
8
ConsolidatedTrust Shares.._
212
Continental Metropol Corp_
Continental Secur Corp...'
60
Preferred
37
Devonshire Investing corn.. 35
16
20
Inter Germanic Trust
Invest Fund of N J
3
7 8 83
3
Leaders of Industry ser C
61;
North American Trust She. x6 -414% )ds so
Old Colony Inv Tr
_
Shawmut Association corn.. 147 1514
8
712 91s
Shawmut Bank Inv Trust_
1942 78 82
414s
Is
1952 80 84
Os
1952 110 - -Standard Corporations
712 814
Standard Oil Trust Shares A
7
Class B
51
)3
-E. Felix Sha.skan and George Shaskan, formerly of the dissolved firm
of Luber & Shaskan, have formed the partnership of E. F. A G. Shaskan.
members New York Stock Exchange, with offices at 39 Broadway, New
York,for the transaction of a general commission and brokerage business.
-Frank Y. Cannon, John Stephan and Frank J. Nelson announce the
formation of the partnership of Cannon, Stephan & Nelson to deal in investment securities, specializing in Bank, Insurance and Trust Co. stocks. The
new firm will maintain offices at 52 Wall Street, New York.
-G. L. Ohrstrom & Co., Inc., have issued a comprehensive manna/
describing the properties and securities of Tr -Utilities Corp., whose subsidiaries furnish water, electric light and power and manufactured and
natural gas to more than 4.700.000 people in 26 States.
-Newburger, Loeb & Co., announce that Franklin E. Morales, until
recently Manager of their Atlantic City office, is now associated with them
in the Stock Department of their Philadelphia office.
-George J. Gillies, who for many years has been associated with the
Bancemerica-Blair Corp., has been elected a Vice-President of the organization in charge of the municipal bond department.
-Dean Witter & Co., members New York Stock Exchange, San Francisco, are distributing a circular, "A Graphic Presentation of Financial
Trends from Jan. 1 1918 to Dec. 15 1930.
-Revel Miller & Co., Los Angeles, have opened a branch °Wm,in the
Bank of America Building, San Jose, under the management of HAI.
Buchanan and R. C. Ellithorpe.
-J. R. Schmeltzer & Co., New York, in their current market letter
discuss the outlook for the stock and bond markets and include an analysis
of Kelvinator Corp.
-Frank Lawton Childs, formerly of C. Clothier Jones & Co., is now
associated with the New York office of Stein Bros. & Boyce.
-Ernst B. Kaufman and Norman Stern have been admitted as general
Partners in Arnold & Co.
Abut*,
Current Carninc0
uarterip anb fiati Pearl!).
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly,
quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however,is not confined to the returns which have come to hand the present week.
It includes also some returns published by us in our issue of Jan. 17. The object of this index is to supplement
the information contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely
complete up to the date of issue, Jan. 16, embracing every monthly, semi-annual and quarterly report which
was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the January number of the
"Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The
latter is complete in and by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplementary index in
the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week-an absolutely unique service.
A further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle
Name of CompanyWhen Published Pape
Alabama Water Service Co
Jan. 24_ 644
American Equities Co
Jan. 24__ 644
American Hide & Leather Co
Jan. 17_- 481
American Natural Gas Corp
Jan. 24._ 644
American Phenix Corp
Jan. 24__ 644
Arizona Edison Co
Jan. 24.. 644
Auburn Automobile Co
Jan. 24__ 644
Brazilian Tr. Lt. & Pr. Co., Ltd.... an 24__ 645
.
Brooklyn-Manhattan Trans. System_Jan 24_- 644
.
Brooklyn & Queens Transit
Jan
.
645
Jan 24__ 645
California Water Service Co
.
Central Arizona Lt. & Power Co.._ _Jan. 24_ - 645
Central Vermont fly
Jan. 24-- 648
Chester Water Service Co
Jan. 24.. 645
Chicago Surface Lines
Jan 24__ 645
.
Jan. 24__ 645
Cities Service Co
Jan. 24__ 645
Citizens Water Service Co
Jan. 24
Collins & Aikman Corp
645
Dallas Power & Light Co
Jan 24
.
645
Detroit Edison Co
Jan. 24.. 645
Detroit Street Rys
Jan 24__ 645
.
Jan. 24_ 645
Dome Mines, Ltd
Eastern Minnesota Power Corp___ _Jan. 24_ _ 645
Eastern Utilities Associates
Jan. 24__ 645
Jan. 24__ 645
Fall River Gas Works
Issue of Chronicle
Name of CompanyWhen Published Page
Federal Water Service Corp
Jan. 24_ 646
First Chrold Corp
Jan. 24
645
Galveston Electric Co
Jun. 24_ 646
Galveston-Houston Elec. Co
Jan. 24
646
Galv.-Houston Elec. Ry. Co
Jan. 24_ 646
Gulf States Utilities Co
Jan. 24
646
Hammond Clock Co
Jan. 17_ 482
Houston Electric Co
Jan. 24_ 646
Howe Sound Co
Jan. 24__ 646
Hudson & Manhattan RR. Co
Jan. 24_ 646
Illinois Water Service Co
Jan. 24.. 646
Incorporated Investors
Jan. 17_ 482
Interborough Rapid Transit Co
_Jan 24_ 646
.
International Rye.of Central Amer_Jan. 24_ 648
Interstate Bakeries Corp
Jan• 24._ 646
Iowa Public Service Co
Jan. 24_ 646
Kansas City Southern Ry
Jan 24.. 648
McIntyre Porcupine Mines, Ltd
Jan• 24
646
Market Street Ry.Co
Jan. 24_ 646
Marmon Motor Car Co
Jan. 21_ 646
Mississippi River Power Corp
Jan. 24__ 646
National Steel Corp
Jan. 17._ 483
New York Water Service Corp
Jan. 24.... 646
North American Aviation Inc
Jan. 17_. 483
Northern Texas Electric Co
Jan. 24.. 647
Alabama Water Service Co.
American Natural Gas Corp.
(And Subsidiaries)
12 Months Ended Nov. 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
$879,045
333,397
37,313
87,703
1929.
$830,551
320,899
30,233
83,947
Net earnings from operations
Other income
$420,631
5,028
$395,473
1,807
Gross corporate income
$425,659
$397,279
Interest on funded debt
198,619
193,850
'East complete annual report in Financial Chronicle Mar 29 '30, p. 2203
12 Months Ended Not.30Gross revenues, including other income
Operating expenses and general taxes
1929.
1930.
$11,031,753 $10,874,828
6,454,367
6,172,217
Gross corporate income
$4,577,387 $4,702,611
Deduct, of subs., incl. depreciation and depletion
3,294,134
Interest paid or accrued on corporation's funded debt
727,199
Miscellaneous deductions
105,541
Balance for dividends
Preferred diva, paid or accrued on 7% pref.stock
$575,737
349,860
Balance, surplus
$225,877
PO
-Last complete annual report in Financial Chronicle Apr. 26 '30, p. 2959
American Equities Company.
Arizona Edison Co.
Income Statement Jan. 1 1930 to Aug. 311930.
Interest earned
Cash dividends
Syndicate profits
Profits on sale securities
Profit on sale treasury stock
$477,743
268.404
15,042
30,006
519
Total
Operating expenses
Interest
Organization expenses
Provision for Federal income tax
$791,714
188,913
17,240
3,700
34,100
$547,761
Net profit
ja"Last complete annual report in Financial Chronicle Feb. 22 '30, p. 1266
American Phenix Corp.
Statement of Operations for 10 Mos. End. Oct. 311930.
Management fees
Dividend and interest
Issue of Chronicle
When Published Page
Name of CompanyOhio Water Service Corp
Jan. 24__ 646
Gas Corn
Oklahoma Natural
Jan. I7__ 483
Oregon-Washington Water Serv.Co_Jan. 24.. 647
Paraffine Cos., Inc
Jan. 24__ 647
Paramount Publix Corp
Jan. 17_ 483
Pennsylvania Power & Light
Jan. 24__ 647
Peoples Gas Light & Coke Co
Jan. 24_ 647
(The) Philippine Ry. Co
Jan. 24._ 647
Pittsburgh Suburban Water Service_Jan. 24.- 647
Public Service of New Jersey
Jan. 24__ 647
Rochester & Lake Ont. Wat. Serv__Jan. 24__ 647
Seeman Bros. Inc
Jan. 24__ 647
Soo Line System
Jan. 24__ 648
Southeastern Express Co
Jan. 17-- 483
Southern Canada Power Co., Ltd-Jan. 17._ 483
Tampa Electric Co
Jan. 24__ 647
Union Electric Lt. & Pr. Co., St. L__J an. 24.. 647
Union Water Service Co
Jan. 24__ 647
United Paperboard Co
Jan. 17_ 484
%Vest Virginia Water Service
Jan. 24-- 647
Western Grocer Co
Jan. 17._ 484
Western Maryland Ry. Co
Jan. 24__ 648
(The) Western Public Service
Jan. 24._ 647
Wheatsworth, Inc
Jan. 17__ 494
White Rock Mineral Springs
Jan. 17__ 454
$50.925
68.407
12 Months Ended Nov.301930.
1929.
Gross revenues
$1,893,348 $1,750,972
Oper. expa., maint. & taxes other than Federal_ _ _ _ 1,129,808
993,730
Gross income
$763,540
$757,242
Auburn Automobile Co.
(And Subsidiaries)
Period End. Nov. 30- 1930-3 Mos.-1929. 1930-12 Mos.-1929.
Net profit after deprec.,
int., Fed, taxes and
minority interest
loss$26,613
$644,981 $1,018,331 $3,603,200
Shares capital stock outstanding (no par)....
169,686
187,533
169,686
187,533
Earnings per share
$21.23
Nil
$3.80
$5.43
tOPLast complete annual report in Financial Chronicle Jan.24 31, p.659.
Brooklyn-Manhattan Transit System
$119,332
51,300
10,849
25,230
14,063
5,673
(Including Brooklyn & Queens Transit System)
-Month of December- -6 Mos. End. Dec. 311929.
1930.
1930.
1929.
Total operating revenue_ $5,065,484 $5,199,104 $29,446,793 $30,409,954
Total operating expenses 3,192,282 3,400,231 19,117,671 20,422,091
$12,218
Net income from operations
15,226
Surplus-January 1 1930
Transfer from capital stock account to surplus to give effect to
1,935,000
proposed capital changes
Net rev, from oper--- $1,873,202 $1,798,873 $10,329,122 $9,987,863
Taxes on operating ProP.
1,900,208
1,989,781
354.681
303,977
Total income
Salaries
Rent
Miscellaneous operating expenses
Interest
Registrar's and transfer agent's fees
$1,962,444
Total
45,000
Dividend declared and paid January 1930
Adjustment in book value of securities owned to market value
1,045,866
1930
Oct. 31
11,579
Adjustment in book value of sundry assets
267,895
Oragnization & financing expenses written off
winding up management business,
Extraordinary expenses in
56,030
merger owned companies and reorganization of parent company
Surplus
-Oct. 31 1930
$536,074
Operating income- --- $1,518,521 $1,494,896 $8,339,341 $8,087,656
Net non-oper. income..
421,305
408,126
70.672
68,247
Gross income
51,586,768 $1,565,568 $8,747,467 $8,508,960
Total income deductions
4,631,622
4,657,829
767,016
771,980
Net income
n814,788 *5798,552 *84,115,845 *$3,851,131
* Of which sums there
accrues to minority
irits, of the B. & Q. T.
561,623
515,610
Corp
107,581
103,609
1c2rLast complete annual report in Financial Chronicle Sept. 6 '30, p. 1562
JAN. 24 1931.]
615
FINANCIAL CHRONICLE
Brazilian Traction, Light & Power Co., Ltd.
Dallas Power & Light Co.
-Month of December- -12 Mos.End. Dec.311929.
1930.
1929.
1930.
Gross earns,from oper-- $3,585,067 $3,984,311 $46,898;144 $49,351,215
Operating expenses
1,478,835
1,743.016 19,348,850 21,298,253
Dallas, Texas
(Electric Power & Light Corp. Subsidiary)
-Month of November- -12 Mos.End. Nov.301930.
1930.
1929.
1929.
$448,203 $5,339,940 $5,160,931
Gross earn,from oper_-- $458,209
192,350 2,548,262 2,362.400
215,733
Oper. exp. and taxes--
Net earnings
$2,106,232 $2,241,295 $27,549,594 $28,052,962
WEast complete annual report in Financial Chronicle June 7'30, p.4046
$242,476
536
$255.853 $2,791,678 $2,798,531
24,243
121,445
6,413
-Month of December- -6 Mos. End. Dec. 31$243,012
Total income
1929.
1930.
1929.
1930.
58,125
Total operating revenues $1,920,463 $2,002,528 $11,295,205 $11,935,555 Interest on bonds
3,406
Other int. and deductions
Total operating expenses 1,447,344 1,545,106 8,807,968 9.419.5)
3181,481
Balance
Net rev, from oper_-_ $473,119
$457,422 $2,487,237 $2,516,035 Dividends on preferred stock
Taxes on oper. properties
682,989
117,519
636,304
113,606
Balance
Operating income_ --- $359,513
$339,903 $1,850,933 $1,833,046
Net non-oper. income-128,702
14,326
21,446
85,803
$262,266 $2,815,921 52,919.976
697,500
697.500
58,125
35,659
22,103
1.483
Net earns,from oper_
Other income
Brooklyn & Queens Transit System.
$202,658 52,082,762 $2,200,373
328,306
245,000
51,754,456 51.955,373
•
Detroit Edison Co.
Gross income
Total income deductions
$373,839
122,946
$361.349 $1,936,736 $1,961,748
749,604
124,761
745,071
Net income
$250.893
$236,588 $1,191,665 $1.212,144
110
-Last complete annual report in Financial Chronicle Sept. 6'30, p.1563
California Water Service Co.
12 Months Ended Nov. 30
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
1930.
$2.204,311 $2,104.039
829,017
803,625
97.279
79,489
152,802
157,953
Net earnings from operations
Other income
51.163,244 $1,024.941
14,878
15,979
Gross corporate income
$1.179,224 $1.039,819
Interest on funded debt
353.014
408,032
re
-Last complete annual report in Financial Chronicle Mar. 29'30, p.2204
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary)
-Month of November- -12 Mos.End.Nov.301929.
1929.
1930.
1930.
Gross earns,from oper__ 5275,885
$275,778 $3,254,268 52,889.918
Oper. expenses & taxes..
172.544
1,797,888 1,752,538
137.047
Net earns, from operOther income
$138.838
27,324
5103,234 $1,456,380 $1,137.380
2.799
219,161
56,453
Total income
Interest on bonds
Other int. & deductions-
$166,162
31,250
443
5106.033 $1,675,541 $1,193,833
154,429
237,799
12,798
72,559
24,531
4,681
Balance
$134,469
Dividends on preferred stock
Balance
$88,554 51.365.183 $1,014,873
107,352
89,641
$1,257,831
5925,232
Chester Water Service Co.
(And Subsidiaries)
12 Months Ended Nov. 30
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
$579.529
137,902
22,506
15,593
1929.
$563,463
138.561
23,333
9,869
Net earnings from operations
Other income
$403,528
4,046
$391,699
3,471
Gross corporate income
$407,574
$395,170
Interest on funded debt
$140,416
$135,000
WLast complete annual report in Financial Chronicle Mar. 29 '30, p.2205
(And Subsidiary Utility Companies.)
1930.
1929.
12 Months Ended Dec. 31$50,538,889 $53,206,488
Total electric revenue
2,649,974 2,889,764
Steam revenue
414,307
454,302
Gasrevenue
Dr13,617
Dr13,089
Miscellaneous revenue
Total operating revenue
Non-operating revenue
$53,630,077 $56,496,942
61,336
76,849
Total revenue
Operating and non-operating expenses
Interest on funded and unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions
$53,706,926 $56,558,279
36,565,946 37,579,974
5,654,162 5,484,042
313,699
331,551
34,500
38,600
Net income
511,116,667 $13,146,064
12rLast complete annual report in Financial Chronicle Jan. 24 'Si, p. 6481
Detroit Street Railways.
-Month of December- -12 Mos.End.Dec.31
1930.
1930.
1929.
Operating Revenues1929.
Railway oper. revenues.. 51,308,292 51,701,114 517,233,999 $21,847,869
301,887
Coach oper. revenues-377,839 3,889,787 4,597,005
Total oper.revenues_ $1,610,179 $2,078.954 $21,123,786 $26,444,874
Operating Expenses
1,397,046 14,249,183 16,482,431
Railway oper. expenses_ 1,102,198
272,998
Coach oper. expenses-376.833 3.623.571 4.575,110
Total oper.expenses-- $1,375,196 51,773,879 $17.872.755 $21,057,542
Net oper.revenue
234,982
5,387,332
305,074 3,251,031
Taxes assignable to oper.
750,948
65,307
65,457
774,563
Operating incomeNon-oper. income
-
$169,675
9,558
$239,617 $2,476.468 54,636.383
118,396
8,737
119.802
Gross income
DeductionsInt. on funded debt:
Construction bonds_ Purchase bonds
Additions and betterments bonds
D.U.R.purch.contr..
Equip. & exten. bonds
Loan (City of Detroit)
$179,233
$248,354 $2,596,270 $4.754,779
Total interest
Other deductions
$132,450
23,730
$113,238 $1,482,232 $1,388,429
263,160
256,872
30,682
$156,180
$143,920 $1,739,105 $1,651,590
Total deductions
566.745
10,597
$66,745
11,077
$785,875
127,118
$785,875
132,770
16,064
18.828
20.213
16,675
16,863
192,413
236,925
130,525
9,375
199.613
258,920
1,875
11,250
Net income
$23,052
$104,434
$857.165 53,103.189Disposition of Net Income
Sinking funds:
5503,005$519,709
Construction bonds-$44,139
$44,139
Chicago Surface Lines.
133.000
Purchase bonds
11,295
11.295
133,000
Additions and better-Month of December
160,000ments bonds
160,000
13,589
13,589
1929.
1930.
1.787,518
D.U.R.purch.contr_
Gross earnings
151,816
151,816 1,787.518
$4,846,000 $5.272,651
Equip.& exten. bonds
117,715
Operating expenses, renewals and taxes
15,797
3.984,572 4,074,317
250,000
Loan (City of Detroit)
208,333
41,666
Residue receipts
$861,427 $1,198.334
Total sinking funds- $236,638
$262,507 $2,926,276 $2,833,613
Joint account expenses, Federal taxes, &C
20,175
31,846 Residue
269,576
def213 586 def158,073 def2,069,111
City's 55%
73,903
256,744
Total
$857,165 $3,103.189
523,052
$104,434
Balance
$767,348
$909,743
Dome Mines, Ltd.
IGirLast complete annual report in Financial Chronicle Mar.29'30, p.2205
Period End. Dec. 31- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Total recovery
$775,265 $3,590,189
Cities Service Company.
$397.390
5475.735
Oper.and
981.488 2,028,473
346.067
427,503
-Month ofDecember--12 Mos.End.Dec.31- Federal gen. costs_.._
89,457
taxes
9,320
1930.
1929.
1930.
1929.
Operating profit
Gross earnings
$38,912 loss$206,223 $1,472.259
$51,323
$4,812,681 $5,177,297 $60,817,831 $44,786,447
Other income
321,170
Expenses
324,118
242,518
70,088
80,867
133,495 2,510.018
1,334,060
Total income before alNet earnings
$4,570,163 $5,043,802 558,307,813 $43.452,386
lowing for depreciaInt.& disc. on debent
1,020,347
604,250 9,332,058 6,975.202
tion and depletion
$121,411
$119,780 loss$117,895 $1,793,429
rEeLast complete annual report in Financial Chronicle Apr. 19 '30, p.2779
Not to stocks and res- $3,549,815 $4,439,551 918,975,755 $36,477,184
Divs. pref.stock
613,464
613,458 7,361,538 6,885,744
Eastern Minnesota Power Corp.
Net to corn. stk. & res $2,936,350 $33,826,093 $41,614,216 529,591,440
12 Months Ended Nov. 301930.
1929.
Number of times preferred dividends
$6.65
-$5.30 Gross revenues_
$285,413
$327,011
Net to corn,stock and reserves on average number
Oper. exps., maint. & taxes, other than Federal
155,611
170,401
ofshares of coin.stock outstanding
51.39
31.18
WLast complete annual report in Financial Chronicle Apr. 26 '30, p. 3011
Gross income
5129.801
5156,610
Citizens Water Service Co.
12 Months Ended Nov. 30
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
$38,919
11,038
1,049
1,125
Eastern Utilities Associates.
1929.
$39,334
11,406
1,459
823
Net earnings from operations
$25,708
$25,646
Interest on funded debt
10,906
11,068
0"
Last complete annual report in Financial Chronicle Mar. 29'30, p. 2205
-Month of December- -12 Mos. Ended Dec.311929.
1930.
1930.
1929.
December gross
5847,131 59,195,258 $9,352,608
$818,004
Net oper. revenue
361,153
391,636 3,752,982 3,744,428
Surplus after charges
2,916,332 2,974,847
1:Z
el.ast complete annual report in Financial Chronicle April 26'30, p.2961 •
Fall River Gas Works Co.
-Month of December- -12 Mos. Ended Dec. 31-1930.
1929.
1929.
1930.
December gross
$85,964
$91,190 $1,019.598 51,017,885
(And Subsidiaries).
Net oper. revenue
19,212
286.102 • 275,113
36,204
1930.
Surplus after charges
9 Months Ended Sept. 30260.341
250,225
1929.
1928.
Gross profit
x$1,241,459 52,370,268 $2.020,474
Depreciation
553,975
481,617
541,322
First Chrold Corp.
Reserve for taxes
15.000
201,667
167.225
Earnings for Period from April 22 1930 to Dec. 31 1930.
Profit
5672.484 $1,686,984 $1,311,927 Gross profits
$117,777
balance over cost
137,509
Pref. stock
Tax reserves
13,654
Profit
$809.993 $1,686,984 $1,311,927 Expenses
3.996
592,748
Res. for adjust. of inventories
Net profit
$100,127
$217,245 $1,686,984 $1,311.927
Net profit
291,917
481.293
Preferred dividends
539.700
617.400 Initial surplus
df$264.048 51,147,284
Surplus
5694.527
Total surplus
$392.044
587,033
Sits. com,stock outstanding (no par)_
591,833
597.000 Organization expenses written off
2,220
Nil
$1.95
Earns, per share
$1.18 1st dividends paid
12,070
x Includes 644,753 interest earned.
Balance Dec. 31 1930
"Last complete annual report in Financial Chronicle April 19'30, p. 2778
$377.754
Collins & Aikman Corp.
646
[vol.. 132.
FINANCIAL CHRONICLE
Hudson & Manhattan RR.
Federal Water Service Corp.
(And Subsidiaries)
12 Months Ended Nov. 30Operating revenues
Operating expenses
Maintenance
Reserved for retirements and replacements
General taxes
1929.
1930.
$16,407,216 $15,872,207
4,717,082
4,950.587
856,486
761,402
640,677
770.143
1,113.130
1.129,705
$8,795,379 $8,544,831
606.059
733,595
Net earnings
Other income
$9,528,975 $9,150,892
Gross corporate Income
Charges of subsidiary companies:
3,992,674
4,270,837
Interest on funded debt
135,670
131,180
Amort. of debt disct., mIscell. interest, &c
1,171,845
1,210,742
Dividends on preferred stock
294,080
479,678
Interest charges of Federal Water Service Corp......
256,557
394,156
Provision for Federal income tax
949,928
983,118
Divs.on pref.stock of Federal Water Service Corp.
$2,059,263 $2,350,136
Balance
lalfLast complete annual report in Financial Chronicle Mar. 22,30, p. 2018
Galveston Electric Co.
.
December gross
Net oper.revenue
Surplus after charges
Month of December- -12 Mos. Ended Dec. 311929.
1930.
1929.
1930.
$120,320 $1,233,302 $1,375,565
$101,428
494,255
364,448
48,908
27,768
219,312
96,344
Galveston-Houston Electric Co.
-Month of December- -12 Mos. Ended Dec. 311930.
1929.
1929.
1930.
$441.553 $4,730,296 $5,244,897
$387,397
December gross
1,710.667
1,399.335
163,960
112,597
Net oper. revenue
590,523
863.353
Surplus after charges
rarLast complete annual report in Financial Chronicle Mar. 27 '30, p. 2206
Galveston-Houston Electric Railway Co.
-Month of December- -12 Mos. Ended Dec. 311929.
1930.
1929.
1930.
$584,490
$36,166
$42,569
$501,041
223.113
8,217
14,098
170,321
46,654
99,343
December gross
Net oper.revenue
Deficit
Gulf States Utilities Co.
December gross
Net oper. revenue
Surplus after charges
Month of December- -12 Mos. Ended Dec. 311929.
1929.
1930.
1930. .
$520,803
$508,218 $7,100,667 $6,603,108
226,252
3,077,295 3.061,246
205,341
2.137.308
2,056,068
Houston Electric Co.
December gross
Net oper. revenue
Surplus after charges
Month of December- -12 Mos.Ended Dec. 311929.
1930.
1930.
1929.
$258.219
$286,365 $3,092,816 $3,375,858
1,016,126
880,005
104,445
77,541
629.190
524,458
Howe Sound Co.
1930-12 Mos.-1929.
Period End.Dec.31- 1930-3 Mos.-1929.
Value of metals produced $3,177,235 $3,387.588 $13,210,458 $16,346,099
2.703.545
2,562.672 10,738.826 12.186,452
Operating costs
Operating Income_ ...._
Miscellaneous Income_ _ _
$473,690
119.785
$824,916 $2.471.632 $4,159,647
448,312
496,619
132.288
Total income
Less depreciation
$593,475
202,338
$957,204 82,919.944 $4,656,266
889,652
253,730
993,791
$703,474 $2,030,292 $3,662,475
$391,137
Net income
Earnings per share on
$1.42
$4.09
$7.38
$0.79
496.038 shs. (no Par).
arLast compkee annual report in Financial Chronicle Apr. 26 '30, p. 2976
Interborough Rapid Transit Co.
Month of December- -6 Mos. End. Dec. 311930.
1930.
1929.
1929.
Gross rev.from all sources 86,477.864 $6,511,920 $35,008,891 $35,749,805
Expend. for oper. and
3.833.653 23,207,341 22,495,993
maintain. property-- 3,991,419
Taxes pay. to city, state
and United States_ __ _
$2,486,445 $2,678,266 $11,801,549 $13,253,812
202,896
201,184
1,202,414
1,202,433
Available for charges_ 82.283,548 82,477,082 $10,599,135 $12,051,378
Rentals pay. to city for
$221,492
$221,478 $1,328,607 $1,325,757
original subways
Rentals pay. as int. on
904,120
150,686
150,686
904,120
Manhattan Ity. bonds
Div.rent. CO 7% on Man.
f ea ser
kTlastrockRnotdItaistiNe
Rental contract No. 3_ _
Miscellaneous rentals
25,380
752,101
21,558
25,380
879,709
20.451
152,285
1,461,730
130,091
152,285
2,209,969
124,243
81.171.221 $1.297,707 $3,976,834 $4,716,374
-Month of December- 12 Mos. End. Dec. 31.
1929.
1930.
1929.
1930.
81,060.614 $1,112,472 $12,204.363 $12,517,756
507.424 6,044,897 6,248,096
419,109
Gross revenues
Oper.exps. & taxes
Bal. applic. to charges
Charges
8641.505
335,184
8605.047 86.159,465 86.269,659
332,758 4,020,786
4,022.449
8272.289 $2,138,679 82,247,210
Balance
8306.321
10PLast complete annual report in Financial Chronicle Mar. 29 '30, p. 2198
Illinois Water Service Co.
1930.
n Months Ended Nov. 30Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
6666,786
264.871
42.286
49.719
1929.
$634.534
248,650
32,946
45,202
Net earnings from operations
Other income
8309,910
1,077
$307.736
615
8308.351
$310.987
Gross corporate income
8145.157
$127.774
Interest on funded debt
i0 East complete annual report in Financial Chronicle Mar.29'30, p.2206
Interstate Bakeries Corp.
(And Subsidiaries.)
Earnings for Period from April 4 1930 to Dec. 27 1930.
81.140,219
Income from operations
30,196
-Net
Charges to income
364,504
Depreciation
108,189
Bond interest
48.434
Provision for Federal income tax
Net income available for dive, and sinking fund
Dividends Paid (for last three quarters of 1930)
Preferred stock-Interstate Bakeries Corp
Common stock-Interstate Bakeries Corp
Preferred stock-Schulze Baking Co
Convertible preference stock-Schulze Baking Co
$588,895
$192,836
177.646
74.435
2,105
$141,874
Balance
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
-Month of December- 12 Mos. End. Dec. 31
1930.
1929.
1929.
1930.
8404,297 84.390.200 84,190,125
8409.408
Operating revenues
Oper. exps., taxes and
2,871.441
229,642
2,601.425
259,519
retirement reserve...
Net from operation_
Other income
$149,889
6,267
8174,655 21.518,759 21,588,700
961
122,737
62,568
Total income__
Bond interest
Other deductions
2156,156
8175,616 81,641396 81.651.268
796,102
692.628
36,818
52,446
Surplus for dividends
1st preferred dividends
$792.948
223,647
$921,822
216.942
6569,301
$704,880
Balance
arEast complete annual report in Financial Chronicle Jan. 18 '30, p. 467
McIntyre Porcupine Mines, Ltd.
1930-9 Mos.-1929.
Period End. Dec. 31- 1930-3 Mos.-1929.
Gross income
81,220,362 $1,176,050 83,585.796 $3,351,522
626,128
1.914,472
1.802.238
Costs, incl. development
644.206
100,505
86,453
26.633
31.613
Taxes
$523,289 81.570.819 81.462.831
Profit before deprec'n- $544.543
'Last complete annual report in Financial Chronicle June 7 '30, p. 4064
Mr
Market Street Railway Co.
-Month of December- -12 Mos. End.Dec.311929.
1930.
1929.
1930.
$817.254 89,196.340 89.590.193
8775,508
Gross earnings
Not earnings (incl. other
inc. before prov. for
1,548,267
1,374.118
140,735
136.259
retirements)
710,754
653.881
57.253
52,799
Income charges
$837,513
$720,237
383,481
383,460
Balance
lOrLast complete annual report in Financial Chronicle Apr. 12 '30, p. 2579
Marmon Motor Car Co.
1930-9 Mos.-1929.
Period End. Nov.30- 1930-3 Mos.-1929.
$423,271 $1,937,508 prof$727010
Net loss after all charges $1,120.861
Earns, per sh. on 260,000 shs. com. stock
$2.59
Nil
Nil
Nil
(no par)
rrEast complete annual report in Financial Chronicle May 31 '80, p. 3873
Mississippi River Power Co.
(And Subsidiaries.)
1928.
12 Months Ended Nov. 301929.
1930.
Gross income
$3,553,446 $3,853,520 63,823,895
1.959,103
Net income after deprec., taxes & int_ 1,806,195
1,994.785
arLast complete annual report in Financial Chronicle Feb. 15 '30, p. 1115
$1,112,327 $1.179,374 $6,622,300 $7,335,003
Interest onI.R.T. lst M.5% bds.
I.R.T. 7V sec. notes.
I.R.T.6% 10-yr. notes
Equip. trust ctfs
Sinking fund on I. It. T.
1st mtge. bonds
Other items
New York Water Service Corp.
8706,921
188.690
48,309
209.563
20,124
$702,049 $4,241,416 $4,212,212
190,081
1,134,178
1,146,191
48,369
290,051
290,240
11,400
190,664
15,219
1,257,342
128,180
1,121,946
90.967
$1.173,609 $1,146,384 57.051,168 86,872.958
Bal. before deduct.5% -$61,282
Man. div. rental.-Amt. requir. for full div.
rental (41 5% on Man.
Ry. modified g-uaran.
231,870
stock, pay.if earned-
$32,990
-$428,867
$462,045
231.870
1,391,225
1,391.225
Amt.by which full 5%
Man.div. rental was
-$293,152 -$198,880 -$1,820,092 -$929,179
not earned
include a reserve for depreciation at
-1. The operating expensesthe Manhattan Division and at the
Notes.
for
the rate of $50.000 per annum
for the
61.000.000 per annum for the Subway Division annum. previous
rate of
rate of $500,000 per
Year and for the current year at the limited as to the Subway to the
are
2. The balances shown above to retain for the periods. On the basis
amounts the company is entitled
due Subway preferentials
of the present accounting there are no past
earnings.
which the company may collect from future Subway
tarLast complete annual report in Financial Chronicle Oct. 11 '30, p. 2374
(And Subsidiary)
12 Months Ended Nov. 30
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1929.
1930.
82.736,645 $2,607.478
742,857
822,715
141,895
100.946
234.006
238,416
Net earnings from operations
Other income
81.574.568 61,488,719
50,512
52.082
Gross corporate income
81.626,650 81,539.231
622,887
Interest on funded debt
674,913
complete annual report in Financial Chronicle Mar. 29'30, p. 2207
a
I 'Last
Ohio Water Service Co.
(And Subsidiary)
12 Months Ended Nov. 30-Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1930.
$644,559
184,558
25.721
66.572
1929.
$591,089
155,321
27,114
55,962
Net earnings from operations
Other income
$367,709
23,250
6352,693
27,959
$380.652
$390,959
Gross corporate Income
159.636
170,172
Interest on funded debt
Chronicle Mar. 29'30, p. 2267
tarEast complete annual report in Financial
JAN. 24 1931.]
FINANCIAL CHRONICLE
647
Northern Texas Electric Co.
-Month of December- 12 Mos. End. Dec. 31
1930.
1929.
1929.
1930.
December gross
$185,884
$229,987 $2,339,731 $2,702,649
Net operating revenue
29,188
65.792
684,014
433,736
Surplus after charges
390,639
131,774
(The) Western Public Service Co.
-Month of December- -12 Mos.End.DeC.31.1830.
1929.
1930.
1929.
December gross
$218.587
$207,816 $2,399.473
Net oper. revenue
96.395
878,092
87,042
Surplus after charges
465,167
Oregon
-Washington Water Service Co.
12 Months Ended Nov.30
1929.
1930.
Operating revenues
$605,362
$556,496
Operation expense
237,410
197,101
Maintenance
28.951
19,395
Taxes (excluding Federal income tax)
76,627
68,218
Net earnings from operations
$271,782
$262,375
Other income
5,859
1,650
Gross corporate income
$277,642
$264,025
Interest on funded debt
136,527
137.501
tarLast complete annual report in Financial Chronicle Mar. 29'30, p. 2208
West Virginia Water Service Co.
(And Subsidiaries)
1930.
12 Months Ended Nov. 30$851,276
Operating revenues
826,474
Operation expense
44,113
Maintenance
99.824
Taxes (excluding Federalincome tax)
1929.
$806,945
304,277
38,189
88,857
Net earnings from operations
Other income__
$375,621
2,816
$380,866
1.372
$382,237
$378,437
Gross corporate income
186,833
175.750
Interest on funded debt
tO"Last complete annual report in Financial Chronicle Mar.29'30, p.2210
Paraffine Companies, Inc.
6 Months Ended Dec. 311930.
1929.
Net prof. after deprec., Fed. taxes & other chgs_ _ _ $1,005,632 $1,486.473
Shares common stock outstanding
485,027
475,614
-We give below the
Latest Gross Earnings by Weeks.
Earned per share S
23.12
$2.07
latest weekly returns of earnings for all roads making such
52EPLast complete annual report in Financial Chronicle Aug.23'30, p. 1269
reports:
Pennsylvania Power & Light Co.
Previous Inc.(-I-) Or
Cm rent
Dec.(-).
Year
Period
Year
(Lehigh Power Securities Corp. Subsidiary.)
$
$
Covered.
$
Nami-Month of November- 12 Mos.End. Nov.303,052,826 3,743.281 -690.455
Canadian National
2d wk of Jan
1930.
1929.
1929.
1930.
2,487,000 2,745,000 -258,000
Canadian Pacific
2d wk of Jan
Gross earns,from oper__ $2,730,312 $2,674,803 $30,935,577 $30,068,963
--950
23,300
22,350
2d wk of Jan
Oper. exps. and taxes-- 1,318,767
1.307,611 15.198,593 15,021,847 Georgia & FloridaLouis
--38,243
240,048
201,205
Minneapolis dr St
2d wk of Jan
--93.045
269,408
176.363
2d wk of Jan
Net earns, from oper_ $1,411.545 $1,367.192 $15,736,984 $15,047,116 Mobile & Ohio
2,464,744 3,254,606 -789.862
Southern
2d wk of Jan
Other income
34,615
41,384
432,904
524.788 St Louts Southwestern
388,401 -112,001
20 wk of Jan
276,400
-48,279
860.312
20 wk of Jan
312,033
Total income
$1,446,160 $1,408,576 $16,169,888 $15,571,904 Western Maryland
Interest on bonds
424,487
425,148 5,096,825 5.105.445
We also give the following comparisons of the monthly
Other int. & deductions..
43,762
291,790
20,704
284,594
Balance
$977.911
Dividends on preferred stock
$962,724 $10,788,469 $10,174,669
3.485,517 3,347,966
Balance
$7,302,952 $6,826,703
Peoples Gas Light & Coke Co.
(And Subsidiary.)
Period End. Dec.31- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Gross oper. revenue.... $9,924,912 $10,728.699 $39.880,628 241,887.037
Net Inc. after taxes,
deprec.& dm.,&c_ _ _ $2,269,659 $1,950,272 27,197.072 26,782,959
Shs. cap. stk.outstdg___
566,400
625.400
625,400
566,400
Earns, per share
$3.62
$3.44
$11.50
$11.97
larLast complete annual report in Financial Chronicle Feb. 1 '30, p. 791
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.
1930.
Inc. (-I-) or
Dec.(-).
1930.
1929.
Mites.
242,350
242.348
242.325
242.375
242,156
242.320
235.049
241,546
242.341
242.578
242,616
1929.
Miles.
242.175
242.113
241.964
242,181
241.758
241.349
242.979
242.444
242,323
241.655
242,625
450.526,039 486.628,286 --38,102,247
January
427,231,361 475,265,483 ---48.034.122
February
March
452.024.463 516,620,359 --69.595,796
April
450.537.217 513,733.181 --453.195.964
462,444.002 537.575,914 --75.131,912
May
Pittsburgh Suburban Water Service Co.
444,171,625 531.630,472 --87,518,847
June
456.369,950 557,522,607 --101,152.657
July
12 Months Ended Nov.30-1930.
1929.
.
465.700.789 586.397.704 --120.696,915
August
Operating revenues
$339,391
$321,291 September
466.826,791 566,461,331 --99.634.540
Operation expense
121,604
113,942
482.712,524 608.281,555 --125,569.031
Maintenance
21,650
12.757 October
398.211,453 498,882.517 --100,671.064
November
Taxes (excluding Federal income tax)
6,791
7,493
Net earnings from operations
$189,346
$187,099
Net Earnings.
Inc. (-I-) er Dec.
Other income
942
1,158
Month.
Per Cent.
Amount.
1930.
1929.
Gross corporate income
$190,288
$188,257
Interest on funded debt
85,702
85,000
-19.66
-23.035,176
94.759.394
117,764.570
rirLast complete annual report in Financial Chronicle Mar. 29'30, p. 2208 January
--22.40
--28.128.967
97,448,899
125,577.866
February
-27.46
-38,202,064
101.494,027
139.750.091
March
Public Service Corp. of New Jersey.
--24.54
--34,815.878
141.939.648
107.123.770
April
-24.22
-Month ofDecember--12 Mos.End.Dec.31- May
-35.711,276
147,099.034
111.387.758
1930.
-26.58
1929.
1930.
1929.
-39,954.902
110.244,607
150,199,509
June
Gross earnings
112.225.783 $12,571,570 $138161,946 1137086.707 July
-25.85
--43.753.737
125,495,422
169,249,159
Oper. exp., main.,taxes
-27.21
--52.063,396
191,197.599
139.134,203
August
+SL depreciation
--19.75
7,354,382 8,194,648 94,751.602 95,255,939 September
--36.255.079
183,486,079
147.231.000
-23.13
--47.300.393
204.416,346
157.115.953
October
Netincomefrom oper _ $4,871,401 $4,376,922 $43,410,344 $41,830,768 November
-32.35
-27.596,760
127.125.694
99.528,934
-Other net income
1,146,867 1,007,876 2.744,677 3.032,885
-The tabel
Total
Net Earnings Monthly to Latest Dates.
$6,018,268 $5,384.798 $46,155,021 244,863,654
Income deductions
1,329,931
1,213,391 15,991,719, 15,319,036 following shows the gross, net earnings and net after taxes
Bal.for dlv. and surp- $4,688,336 $4,171,407 $30,163,302 $29,544,617 for STEAM railroads reported this week to the Inter-State
KIPLast complete annual report in Financial Chronicle Mar. 1 '30, p. 1481 Commerce Commission:
•
Rochester and Lake Ontario Water Service Co.
-Crossfrom Railteag- -Net from Railway- --Net apes Taxes
1929.
1930.
1929.
1930.
1929.
1930.
12 Months Ended Nov.301930.
1929.
$
Operating revenues
$573,724
$557,622 Central Vermont
Operation expense
190,240
185,358
87,861
37,347
48,280
104,166
580,858
December.., 526.345
Maintenance
25,103
30.247
From Jan L 7,584.733 8,854,341 1,267,741 1,978,865 1,079,300 1,770,337
Taxes (excluding Federal income tax)
43,859
35,017
Chesapeake & Ohio LinesNet earnings from operations
December__10,051,922 12,034,248 3,625,832 4,188,391 2,706,311 3,146,945
$3314,521
2306,999
Other income
From Jan 1_137230375 150794,691 50,263,858 52,591.726 39,952.338 42,439,675
1,219
1,478
Chicago & AltonGross corporate income
$315741
•--288,861 *163,395
$308,478
December-- 1,630,369 2.219,063
Interest on funded debt
125,000 1
154
*64,300 *3,278,828
From Jan 1_24.265,192 28,728,354
125,000
Conarnaugh & Black Lick
29,621
Seeman Brothers, Inc.
-6.679
118,773
-5,020
31.092
December..
48,961
417,018
156.242
449,489
165,901
From Jan 1_ 1,390,983 2,139,242
Period End. Dec. 31- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
Net profit after charges
Delaware Lackawanna & Western
& Federal taxes
1182.855 *833,914
$153,734
December.... 5,557,855
896,068
$249,542
$296,972
$436,779
Earns. per eh.on 125,000
.11159,923 •6.348,663
From Jan 1_69,661,490 12,081,731
shs. cap. stk.
(no Par).
$1.23
$2.00
$2.37
$3.49 Montour
40.554
45,504
orLost complete annual report in Financial Chronicle Aug.23'30, p. 1270
43,404
50,828
December __ 175.407
181,485
799.733
857,352
822,585
882,203
From Jan 1_ 2,563,202 2.436.493
•Net after rents.
Tampa Electric Co.
-Month of December- -12 Mos.End. Dec.31--In the folOther Monthly Steam Railroad Reports.
1930.
1929.
1930.
1929.
December gross
$406,439
2401,359 $4,611,978 $4,596.430 lowing we show the monthly reports of STEAM railroad
revenue
Net oper.
165,420
162,519
1,620,834
1,510.141 companies received this week as issued by the companies
Surplus after charges
1.569,166
1,462.273 themselves, where they embrace more facts than are rereLast complete annual report in Financial Chronicle Feb. 22'30, p. 1276
the Inter-State Commerce ComUnion Electric Light & Power Co., St. Louis.
12 Months Ended Nov. 301930.
1929.
1928.
Gross income
$32,352,599 $31,015,215 $19,563,665
x Net income
9.707.502 8,543,657 5,991,684
taxes, depreciation, interest, pref. dividends of subsidiaries and
x After
minority interests.
farLast complete annual report in Financial Chronicle Mar. 22'30, p. 2030
Union Water Service Co.
(And Subsidiaries)
12 Months Ended Nov. 30
1930.
Gross revenues (including other income)
$486,624
Operation
117,774
Maintenance
16,924
General taxes
57,946
Gross corporate income
Interest on funded debt
$293,980
146,520
1929.
$478,780
113.603
16,824
54,566
$293.787
146,520
quired in the reports to
mission, such as fixed charges, &a., or where they differ in
some other respects from the reports to the Commission.
The Philippine Railway Co.
- 12 Mos. End. Oct. 31
-Month of October
1929.
1930.
1929.
1930.
1732,439
1760,310
$72,196
Gross oper. revenue......363,220
534.845
49,458
536,593
45,545
Oper.expenses & taxes- Net revenue
Int. on funded debt.. _
$17,674
28,496
$22,737
28,496
$197.594
341.960
$223,716
341,960
Net deficit
Inc. approp. for invest.
in physical property-
$10,822
$5,759
$144.365
$118,243
68.699
35,486
$10,822
$5,759
$203,065
Balance (der)
$153,710
Vii"Last complete annual report in Financial Chronicle Apr. 26'80, p. 295.
FINANCIAL CHRONICLE
648
FINANCIAL REPORTS
Central Vermont Ry., Inc.
-Month of December
- -Feb. 1 to Dec. 311929.
1930.
1930.
1929.
Railway oper. revenues.. $526,345
$581,760 $6,988,335 $8,114,524
Ry.oper.exp.(excl.depl)
446,290
459,588 5,442.672 6,133.438
225,142
Ry.oper.exp.(deprec.)_
349,342
32,795
17.085
$478,085
48.260
10,896
17
Total ry. oper. exps-Netrev.from ry.opera....
Railway tax accruals__
Uncoil,railway revs._ _ _ _
Total taxes & uncoil.
railway revenues_ __
Railway oper.Income_
Non-operating Income
Hire offreight cars (cred.
balances)
Rentfrom locomotives.. _
Rentfrom pass.train cars
Rent from work equip
Joint fac.rentincome_
Inc.from lease of road
Miscell,rent income_..__
Miscell. non-oper. phys.
property
Dividend income
Income from funded sec.
Inc. from unfunded sec.
and accounts
Inc. from sink. & other
res.funds
Miscellaneous income
$476,673 $5,792,014 $6,358,579
1,755,945
105,087 1,196,321
173.899
172,191
15,569
914
254
685
810,913
$37,347
$174,813
$172,445
$16,254
$88,834 $1,023,876 $1,581,132
$374,785
11.511
79,726
4,263
53,028
1,950
13,359
$151,551
19,479
92,078
2,731
11,840
15,432
6,043
250
df.95
40,000
1,000
2,750
8,545
40,277
59,855
206
183
759
971
40,000
4,235
183
49
Total non-oper.inc._ _ _
$90,538
Gross income
$127,885
Deductionsfrom Gross Income
Rent for locomotives_ _ _
$7,386
Rentfor pass. train cars_
10,913
Rentfor work equip_ _ _ _
51
Joint facility rents
14,084
Rent for leased roads-- _
17,796
Miscellaneous rents_ _ _ _
95
Miscell.tax accruals _ _ _
132
Interest on funded debt
78,506
Int. on unfunded debt_ _
577
Amort. of discount on
funded debt
417
Miscell.income charges..
58
Total deduction from
bross income
Netincome
Ratio of ry. oper. exp.
to revenue
Ration of ry. oper. exp.
& taxes to revenue_ _ _ _
Miles ofroad operated
$48,640
df.55,731
8,292
345
1,094
1,403
566
297
$34,935
1,032
6,330
865
4,859
df.2,892
941
$130,016
df.2,131
[Vol,. 132.
1,286
$364,016
$620,746
$13,907
$102,741 $1,644,622 $1,945,148
87,469
10,947
46
231
18,046
12
252
2,602
32,470
$79,496
120,499
1.711
154,569
196,943
1,307
1,453
874,046
21,276
$80,210
126,362
9,180
3,155
198,506
2,742
1,335
20,263
274,247
12
df.245
5,203
145
df.784
266
$71,843 $1,456,648
30,897
187,974
$715,481
1,229,666
90.83
81.94
82.88
78.36
92.90
462.
84.61
419.
85.35
465.
80.51
417.
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.
American International Corp.
(Annual Report-Year Ended Dec. 31 1930.)
The remarks of President Matthew C.Brush,together with
income account and balance sheet for the year 1930, are given
under "Reports and Documents" on a subsequent page.
-YEARS ENDED DEC. 31.
CONSOLIDATED INCOME ACCOUNT
1927.
1928.
1929.
1930.
$452,996
$296,469
$444,556
Interest revenue
$530,222
919,593
Dividends
1,909,899 1,974,556 1,114,248
787,988
Profit on sales of securs- 3,112,888 8,264,747 2,103,687
Profit on syndicate and
65,353
168,107
152,388
6.026
credit participations
173,371
8,592
12,160
Miscellaneousincome- _ _
11,933
$5,570,969 $10,848,408 $3,691,104 $2,399,302
342,168
472,555
432,778
443,059
14,533
53,127
70,873
400,000
104,581
27,359 .
1,397,774 1.305,723
$3,330,136 $9,039,033 $3,060,840 $2,015,242
Net earnings
Surp. at beginning of yr. 16,902,631 14,408,988 12,328,149 11,292.907
Total
Deduct
-Expenses
Taxes
Interest
Gross surplus
$20,232,767 $23,448,022 $15,388,989 $13,308,149
Miscellaneous(net)-Cr128,305
980,000
980,000
2,059,916 1,979,771
Dividends
593,925
617,970
Dividends paid (stock)_
Additional provision for
reserves for securities_ 7,835,330 4,100,000
Discount on debentures
acquired for treas.. __ _ Cr102,105
Profit & loss, surplus_x$9,821,656 $16,902,631 $14,408,989 $12,328,149
Shs. common stock out490,000
490,000
standing (no par)---- 1,060,955 1,019,757
$4.11
$6.45
$8.86
Earned per share
$3.14
x Includes capital surplus of $5,009,226.
SUMMARY OF CHARGES AND CREDITS TO RESERVE FOR
SECURITIES FOR CALENDAR YEAR 1930.
$4,100,000
Amount appropriated Dec. 31 1929
Transfer to reserve of amounts previously applied to costs of
2,040.978
securities
International Rys. of Central America.
$6,140.976
Total
-Month of December- -12 Mos.End. Dec.31- Less realized loss from securities
5,976,306
1930.
1930.
1929.
1929.
3677,797
Gross earnings
$717,652 $7,472,119 88,775,038
$164,670
Remainder
389.698
390,142 4,367,601 5,149,858 Provision for reserve for securities Dec. 31 1930
Operating expenses
7.835,330
Int. appl.to fixed chgs. $288,099
$327,510 33,104,518 $3,625,178
18,000,000
Reserve for securities Dec. 31 1930
rgeLast complete annual report in Financial Chronicle May 10 '30, p. 3343
GENERAL BALANCE SHEET DEC. 31.
1929.
1930.
1930.
1929.
Kansas City Southern Ry.
Assets
(Texarkana & Fort Smith Ry.)
4,876,520 1,944,135 Common stock-y15,014,325 15,298,382
Cash
-Month of December- -12 Mos.End.Dec.31- Callloans
7,000,000 4,200,000 20-year cony, gold
23,750,000 24,987,000
1929.
1929.
1930.
1930.
debentures
Partic.In time loans 200,000
Accrued Int. pay.
Railway oper. revenues.. $1.150,587 $1.629,076 $19,096,693 $21,978,221 Trustees under Em663,675
645,893
1,173,702 13,120,199 14,275,415
on debenture
Profit
open.. expenses- 1,001,712
ployee
Railway
Res. for securities_x8,000,000
798,000
share plan '
129,445
105,619
$455,373 $5,976,494 $7,702,806 Miscell.invest
338,143 Accts. payable_
291,642
Net rev, from ry. op.. $148,875
14,797
14,682
9,833
17,198 1,170,082 1,446,457 Accts.receivable.... 631,273
639,472 Def. credit Items
Railway tax accruals__
577,108
54
3,494
312
11,805 Proprietary cos.
Reserve for taxes.. 972,020
Uncollectible ry. revs:9,821.656 16,902,631
675,000 Surplus
675,000
wholly owned....
$438,120 $4,802,917 $6,244,543 Securities owned_x44,847,307 50,696,802
Railway oper.income.- $138,729
59,685 Total(each side)59,231,958 58.553.235
Accrued Interest._ 112,215
'Last complete annual report in Financial Chronicle May 3'30, p. 3202
• x On Dec. 311930 securities with'T book value of $44,647,307 had7
$32,029,098 or a deficiency of $12,618,210 against which
market value of
Soo Line-System.
are a reserve of $8,000,000 and a surplus of $9,821,656 making a total of
(w. St. P. S. S. M. Ry. Co.)
317.821,656. On Dec. 31 1929 securities with a book value of $54,796,802
-Month of December- -12 Mos.End.Dec.31- had a market value of $54,744,627 or a deficiency of $52,175 against which
1929.
1930.
1930.
1929.
there was a reserve of $4,100.000. y Represented by 1,060,955 shares of
$1.951,115 $2.679,304 $33,142,170 $39,751,819 no par value.
-V. 131, p. 2898.
Freight revenue
228.045
348,440 3,392,898 4,633,493
Passenger revenue
(The) Detroit Edison Company.
285,885 3,357,789 4,268,338
239.972
All other revenue
$2,419,133 $3,313,630 $30.892,858 $48,653.651
Total revenues
528,683 5,891,603 6,579,168
396,784
Maint.of way&struc exp.
627,248 7,776,065 8,802,553
Maint. of equipment__ 586,635
85,633
957.521
79.800
982,057
Traffic expenses
1,325.345 14,950.474 17,262,037
Transportation expenses 1,101,471
131,415
118,137 1.720.203 1.695,400
General expenses
$2,296,106 $2,685,046 831,295,866 $35,321,217
Total expenses
123,027
628,583 8.596.991 13,332,433
Net railway revenues......
225,077
141,415 2,793,677 2,845.040
Taxes & uncoil.ry.rev....
Net after taxes-Cr_ _ _Dr$102.050
82,382
Hire of equipment-Dr..
75,884
-Dr.
Rental of terminals
$487,167 35,803,313 310,487,393
91.879
971,617 1.110,917
67,658
865,082
787.294
Dr$260,317
Net after rents-Cr
8,471
-Dr
Other Income
580,310
-Dr-Int,on fund.debt
$327,630 33,966.613 $8,589,181
30,334
172,707
Cr.22,475
565,742 6,772,228 6,686,407
$849,099
Net deficit
Division of net profit or
deficit between:
$516,601
-Dr
Soo Line
332,498
W.C. Ry. Co-Dr......
$268,446 $2,978,322Cr$1,925,249
$65,158
203,287
$690,953 Cr2,042,025
2,287,369
116.775
Dr$849,099 Cr8268,446 Dr$2978,322C41,925.249
System
arLast complete annual report in Financial Chronicle May 17'30, p. 3527
Western Maryland Ry. Co.
-12 Mos. to Dec. 31-Month of December1930.
1929.
1929.
1930.
$1,372,810 $1,570,211 $17,792,694 318,985,707
Operating revenues
932,188 1,075,291 11,638,582 12,687.143
Total operating expenses
$494,920 $6,154,132 $6.298,564
Net operating revenue $440.622
1,055,073
95,073 1,013,593
43,593
Taxes
617
1,429
1,429
617
Uncoil, railway revenues
Operating income_ _ -Equipment rents
Joint facility rents (net)..
$396,412
23,625
df.17,045
3398,418 $5,139,922 $5,242,062
801.489
310,164
71,723
df.21,112 dt196,847 df.218,968
Net ry. oper.income....
Other income
$402,992
17,091
$449,029 $5,253,239 $5,824,583
194.903
169,755
17,124
Gross income
Fixed charges
$420,553
286,152
8466,153 $5,422,994 $6,019,486
292.788 3,462,020 3,101,664
$173,365 $1,960,974 $2,917,822
Netincome
$134,831
10
-Last complete annual report in Financial Chronicle May 17 '30, 9.3529
(Annual Report-Year Ended Dec. 31 1930.)
President Alex Dow, Jan. 8, wrote in part:
Income Account-Earnings -For the first time in the history of the cornpay we present a statement which does not show gross earnings greater than
the previous year, but less. There are divers separate uses of our service
Which increased, but lessened use of electric power in the largo factories
had the effect just stated. The gross earnings from all sources for the year
were $53,706,926, which is 5% less than In 1929 ($56,558,279) and but
2.6% greater than the earnings of 1928 ($52,366,335).
Isolating our sales to large users of Industrial power,the reduction in that
one line of business, for 1930 over 1929, was $2,641,807, or 17.3%.
Diminished industrial business was paralleled, as usual, by diminished sales
of electric energy to street and steam railways. This latter item is not so
large. It usually approximates one-tenth of the industrial load. Lessened
traffic on the railways and railroads is the major explanation. To this
must be added the effect of increased use of gasoline propelled omnibuses in
place of electric railway cars. This drift from electricity to gasoline seems
to be checked for the moment by the advent of trackless trolley cars, so
called, which run on rubber tires and are propelled by electric power drawn
from twin trolley wires.
Steam heating sales also fell off. The average temperature in Detroit for
1930 was two degrees Fahrenheit higher than in 1929, which meteorological
fact accounts for most of this reduction, the other cause being economies,
many of them taught to customers by ourselves. In one other respect the
weather was unkind, in that the degree of cloudiness for the district was
only 56.5%, whereas 57.4% is normal. Clearness or cloudiness makes a
measurable difference in the use of current for day-time lighting, and
temperature makes a big difference in the demand for steam heat.
'The remainder of the story is more pleasant. There was an increase of
$614,636 in total sales of current for residence uses-and this in spite of a
reduction in the number of residence customers served in the urban area.
In the country districts the number increased. The greater use per residence
customer, 688 kilowatt hours in place of 641 last year, is to be attributed to
good sales of electrically operated refrigerators, of which Detroit has many
more than an average number: and to electric cooking apparatus which is
popular in the suburban and rural territory where there is no gas service,
and is much more used than might be expected in the Detroit area where
gas Is both good and cheap. Even the radio has been helping us.
Income Account-Expenses.
-The operating ratio is not so good-55.2%
against 53.4%. The reduction of gross earnings is the evident cause of this,
together with increase of taxes.
There was a very small reduction in the cost per ton of coal received,
because of more of it having been carried by the cheaper water route. The
total cost of coal was reduced because of greater efficiency of electric generation than in any previous year and because of the reduction of output. This
latter was such that nearly all our electrical output was made with our
newer machinery.
The average wage is somewhat higher and the number of operating
employees somewhat less than last year. Our business characteristically
does not admit of reduction of force along with reduction of sales.
JAN. 24 1931.1
FINANCIAL CHRONICLE
649
As to taxes, these have increased as usual. There seems to be no stay
to the upward march of taxation. Taking already over 10% of gross
earnings, taxation is even now a hindrance to us in meeting the competitive
situation which develops when we endeavor to sell our service to a large
manufacturer who has capital to install his own electric power plant, and
whose taxable costs of installation will be less than our own, because he will
have no investment in a transmission system and because he can in many
cases use a cheaper type of machinery.
Maintenance.-Tho expenditures on maintenance this year-33.199,380are less because of the absence of the exceptional conditions reported a year
ago, which ran up the 1929 maintenance expense to $3,589,251. The 1928
maintenance expense was $3,017,398, which figure was normal, as is this
for 1930. All of the company's properties are in excellent operating condition, as always.
Output
-Sales-Meters Connected.
-The output generated by our power
plants, together with the very small amount of energy purchased from other
sources, was 2,384,528,500 kwh. as compared with 2,654,901,300 kwh. in
1929, a decrease of 10.2%. The usual percentage a the output, 86.6%.
(2.063,085,722 kwh.) was metered to customers, the remainder being expended in transmission and distribution and company uses. The highest
load for 1930 was 526,800 kw.on Jan.28 1930, which is to be compared with
the record load of 547,600 kw.on April 11 1929. and the load factor was not
quite as good as in some of the previous years being 51.7%. The occurrence
of the 1930 peak in January reflected the continuance into this year of a
hang-over of the 1929 industrial activity.
The number of electric meters in service on Dec. 31 1930 was 556.750;
of gas meters in our St. Clair and Macomb Counties gas service district
11,488; and of steam meters in the Detroit steam heating district 1,893.
The decrease (14,082) in the number of electric meters signifies that a
number of small houses and apartments, and some small stores, are unoccupied in the Detroit area. There is no such condition in our country
districts. The increase in the number of gas meters (220) is in an area
less highly industrialized than the City of Detroit, and newly served
with gas.
Rate Reduction.
-As of June 1, the company on its own motion reduced
the scheduled charges for wholesale power service at 4,800 volts under
which many large factories are served. And as of Oct. 1, a reduction was
made in the gas rate of our Port Huron-St. Clair-Macomb gas service,
to apply to customers using more than 27,500 cubic feet per month. In
each case the change was made to assist industry, in pursuance of long
established policy Justified by experience.
-During 1930 a considerable addiAdditions to Plant Investment Account.
tion was made to the plant investment account. Gross construction expenditures totalled $21,584,548. from which must be deducted the book value of
property removed from service, $7,308,278, to obtain the net increase of
$14,276,271.
-We wish we could say that general business already
Looking Forward.
shows a consistent movement towards betterment, but there is lack of consistency. There are evident betterments, matched by equally conspicuous
absences thereof. We cannot say that our business is bad, and we certainly
do not look for recession in the New Year. To the contrary, we have many
expressions by our customers of reasonable and early expectations of an
upward turn. They and we alike are thoroughly ready to take advantage
ofsuch good fortune as 1931 has in store for use.
CONSOL.INCOME ACCOUNT(INCL.SUB.UTILITY COMPANIES).
Calendar Years1929.
1930.
1928.
1927.
Gross revenue- --$53,706,926 $56,558,279 $52,366,335 $47,379.779
Oper. caps.
maint.) 23,915,946 24.743,974 22,440,521 21,619,975
Federal & other taxes -- - 5,750,000
5,436,000
5,111,000
4.586,000
Retirement res. (dew.)- 6,900,000
7,400,000 6,550.000
5.950.000
gators, is owned entirely by United Founders Corp. Inasmuch as the
business of these companies differs from that of United Founders and
American Founders, and as the investment in each of them is small in
proportion to the resources of United Founders and American Founders,
their accounts are not consolidated.
-As stated in the 1929 report for
United States Electric Power Corp.
United Founders Corp., American Founders Corp. and Investment Trust
Associates at that time had together about a one-third voting interest in
United States Electric Power Corp. During the year just past the consolidated holdings of United Founders Corp.. with those of American
Founders Corp. and subsidiaries and Investment Trust Associates, were
increased so that at Nov. 30 1930, its equity and voting control were
as follows:
U. F. C.'s
Number of Shares Total Number
Owned by U. F. C. of Shares
% of Equity % of Voting
Interest.
Class of Stock and Subsidiaries. Outstanding.
Interest.
Class A and
com. stock
8,580,720
44.5%
4,055,455
50.5%
Of 142,400 shares of $6 cumulative convertible preferred stock outstanding, American Founders Corp. owned 10,000 shares; and of warrants
outstanding to purchase 10,790,851 shares of common stock at $25 per
share on or before Jan. 2 1940, United Founders Corp. and subsidiaries
owned 5,015,525 warrants (including total holdings of warrants whether
attached to class A stock or common stock or detached).
It will be seen that United Founders has 50.5% voting control, and
44.5% equity in the assets and earnings of the United States Electric
Power Corp. This full 44.5% of earnings will accrue to United Founders
during 1931 and subsequent years. It did not own this amount during the
entire year 1930 and therefore could have credit only for the equity it did
own and for the period of its ownership.
Earnings and Asset Values.
-The consolidated net earnings of United
Founders Corp. and subsidiaries on the average number of common shares
of United Founders Corp. outstanding during the fiscal year were 89 cents
per common share, exclusive of earnings on united States Electric Power
Corp. stock owned.
The average number of common shares outstanding during the fiscal
year was 7,851,256.
The consolidated asset value per share of United Founders Corp.common
stock, based on the market value of the portfolio as of Nov. 30 1930. was
$8.96. This asset value is computed on 8.898,991 common shares and
scrip now outstanding (including the Jan. 2 1931, dividend).
While United Founders Corp. now controls United States Electric Power
Corp.. its holdings in that corporation are treated in the above calculations
as an investment appraised at market values, and not taken into consolidated account as a subsidiary, so that the earnings and asset values stated
may be comparable to previous reports.
The consolidated asset value per share of United Founders Corp.common
stock (based upon the market value of the general portfolio and the value
of holdings in United States Electric Power Corp.. at consolidated book
value at Nov. 30 1930, of that company and its subsidiaries) was $12.24
on Nov.30 1930.
Changes in Surplus and Reserves.
-As shown in the report of May 31
1930, American Founders Corp. and its subsidiary companies appropriated
to special investment reserve $10,548.255 out of surplus arising from the
retirement of preferred shares acquired at prices below par. Since May 31
1930, American Founders and its subsidiaries appropriated an additional
$720,719 to special investment reserves from surplus created through the
further retirement of preferred shares. An amount of $807,067 of profits
on resales of treasury shares realized in previous years but not taken into
income account was also transferred by American Founders Corp. from
capital surplus to special investment reserve.
Realized losses aggregating $11,373,318 were charged against these
Net profit
$17,140,979 $18,978,304 $18,264,814 $15,223,804 reserves during the year. As the surplus realized by the purchase of
preferred shares below par was an actual profit to the subsidiaries, though
Interest (net)
5,654,162
5,484,042
5.274,502
4.731,088 not taken into the income account, it was regarded as propor to
use such
Extinguishment of disc't
profit for the charging off of losses realized on the sales of securities.
on securities, &c
370.151
348,198
346,721
341,179
During the fiscal year ended Nov.30 1930,several of the subsidiary comNet income
$11,116.666 $13.146,064 $12.643,591 $10,151,537 panies of the group appropriated an additional amount of $6,850,000 from
their
Dividends(8%)
9,896.922
8,331.263
7.198,168 6.972,983 of allaccumulated undivided profits to investment reserves. Total reserves
companies from this source now amount to $12.950,000.
-There were 91,301 registered holders ofcommon
Number of Shareholders.
Balance,surplus
$1.219,744 $4,814,801 $5,445,423 $3.178,554
Previous surplus
20,486,511 15,707.595 11.897,338 9,428,199 stock of United Founders Corp. on Dec. 1 1930. This compares with
58,978 on Nov. 30 1929, and 80,866 on May 311930, an increase during
Total
$21,706,255 $20,522,396 $17,342,761 $12.606.753 the year of 54.8%.
Adjustments
-Dr
14,808
35,884
Changes in Capitalization.
135,166
-Since May 31 1930, the date of the last
164,415
Add'! depreciation
1,500,000
545,000 report, there have been issued 245,187 11-70 shares of common stock and
scrip for the July 1 and Oct. 1 stock dividends. For the Jan. 1 1931 stock
Total surplus Dec.31_521.691,447 $20,486,511 $15,707,595 $11,897.338 dividend there were issued 124.961 22-70 common shares and scrip.
Shs. cap. stk. outstdg.
(par $100)
1,270,601
1,177,573
1,033,161
896,616
The consolidated investment holdings of United Founders
Earnings per share
$8.75
$11.16
$12.24
$11.32 Corp.,
American Founders Corp. (and its subsidiaries) and
CONSOL. BALANCE SHEET DEC. 31 (COMPANY & SUBSIDIARY Investment Trust Associates, as
of Nov.30 1930 are given in
UTILITY COMPANIES).
the report:
1930.
1929.
1930.
1929.
AsscisLiabilities8
$
$
$
•HOLDINCS OF UNITED FOUNDERS CORP. IN SUBSIDIARIES
Real est., bldgs.,
Capital stock_ _ _127,060,100 117,757,300
AS OF NOV. 30 1930.
fixtures, &c__ 59,815,428 56,012,739 Prem.on cap.stk
796,190
794,984 American Founders Corp.
Shares.
Pwr. pl. equip..
Cap.stk.subs-Cr
9,267,100
Cumulative first preferred stock, 7% series B
271
distr. sys., &c213,458,026 202,984,444 Funded debt_ __118,133,900 104,731,700
Cumulative first preferred stock, 6% series D
137
Constr. mats.,
Notes payable__
7,500,000
Common stock
7,040.142
coal& suppl__ 6,090,078 6,487,264 Accts. payable__ 3,918,855 4,184,931
Stock purchase warrants (at $40 per share) for
134,253 15-20
Cash
3,634,761 2,445,477 Taxes accrued__ 3,432,100 3,468,986
The holdings of American
Notes rec., inel..
Int. accrued_ _._ 1,805,009 1,679,433 Its annual report (which see).Founders Corp. in its subsidiaries appear in
spec.Int. bearMisc.seer. liab_
99,999
100,655 Investment Trust Associates-Common
big funds_
510,304
20,693
22,928 Retire. (reserve
United States Electric Power Corp. (including holdings of
Acets.receivable 8,280,895 8,276,232
depree.)
25,755,328 23,741,477
American Founders Corp. and its subsidiaries and InvestPrepaid sects-693,165 6,373875resve
752
:735 Ca.:f conting.
ment Trust Associates)
Sub.toesp.stk.
1,255,044 1,221,366
$6 cumulative convertible preferred stock
salts.ofsub.cos. 1,195,049 1,195,049 MLscel.reserves_
10,000
791,821
576,734
Class A and common stock, with warrants
sAdv.to sub.cos. 13,325,639 6,007,624 Mis. unadjusted
4.055,455
Detached warrants
Bonds& oth.inv.
556,020
507,355
960,070
credits
485,224
610,895
Cas. & conting.
Profit & loss(surCONSOLIDATED INCOME STATEMENT YEAR ENDED NOV.30 1930.
invest.fund__ 1,255,365 1,209,323
plus)
21,691,448 20,486,511
[Including American Founders Corp. (subsidiaries, International SecuriSpecial deposits_
2.620
2,954
ties Corp. of America, Second International Securities Corp., U. S. &
Debt disc.& exp. 3,769,255 3,746,996
British International Co., Ltd., American & General Securities Corp., and
Deferred charges
125,148
93,648
American & Continental Corp.) and Investment Trust Associates.]
2,884
Adjust. sects_ _ _
3,428
Income-Interest
$5.015.461
Dividends (including no stock dividends)
Total
305,225,017 296,122,072
Total
6,899.287
305,225,017 296,122,072
Profit on sale of securities (net)
6.292,485
a These companies have no.part in company's public utility
Profit on syndicate participations, investment service fees and
earnings, and their accounts are therefore not consolidated in business or
these statemiscellaneous income
480,984
ments.
-V. 132. p. 491, 309.
United Founders Corporation.
(Annual Report-Year Ended Nov. 30 1930.)
President Louis H. Seagrave, Jan. 15 1931, wrote in
part:
The following report covers the
operations of United
the fiscal year ended Nov. 30 1930. United FoundersFounders Corp. for
Corp.
company which has the greater part of its funds invested in is a holding
the
subsidiary and affiliated companies. The subsidiary companies shares of
are
in which United Founders Corp. has a majority control of the voting those
Control of Subsidiaries.
-Corporation acquired additional class A stock.
stock
with warrants and common stock with warrauts of United States
Electric
Power Corp. during the year,so that on Nov.30 1930, it owned stock
representing in excess of 50% voting control of that corporation. This
additional
stock was acquired largely through the exchange of other holdings
of
United Founders Corp.
United Founders Corp. owned on Nov. 30 1930, 78% of the
common stock of American Founders Corp. and 85% of the outstanding
outstanding
Common shares of Investment Trust Associates.
American Founders Corp. controls by majority stock ownership
following investment companies: International Securities Corp. of the four
Second International Securities Corp., United States & British America.
International Co., Ltd., and American & General Securities Corp. American
Founders Corp. also acquired during the year majority control of American
& Continental Corp., an intermediate credit and investment company.
American Founders Corp. owns all the preferred and class B stock of
Founders General Corp., a security distributing company, and all of the
stock of American Founders Office Buildies, Inc. which owns the property
at 50 Pine St., New York. The stock Of H. N. Eitronck Co., bank investi-
Gross income
Interest and amortization of discount
Taxes paid and accrued (net)
Miscellaneous expenses and investment service fee
$18.688.217
3,301,912
322,563
2,228,291
Net income before appropriations and dividends
$12,835,451
Net appropriations by subsidiaries for bond interest and preferred share dividend reserves
681,235
Balance
$12,154,216
Dividends paid to the public by subsidiary companies
On preferred shares
51,333,303
On common shares
a1,004.848
Undistributed net income
$9,816.065
Proportion of undistributed net income applicable to minority
shareholders of subsidiary companies
2,768,933
Balance of income applicable to United Founders Corp
$7,047,132
Note.
-Four dividends, including the dividend payable Jan. 2 1931, at
the rate of one-seventieth of a share per quarter, were charged to surplus
at $10 per share.
Surplus of $12,076,042, created through the retirement by American
Founders Corp. and its subsidiaries of preferred shares acquired by them
below par, was transferred during the year to investment reserves, against
which losses amounting to $11,373,318 were charged.
a A special cash dividend declared by American Founders Corp. on
Dec. 2 1929, and paid on Feb. 1 1930. amounting to $2,819,264, is not
Included because it was paid out of undivided profits as of the close of the
Previous fiscal year, Nov. 30 1929. Consideration has been given to
this
dividend in the statement of consolidated earned surplus. The
proportion
of this dividend paid to the public was $1,822,566.
650
FINANCIAL CHRONICLE
STATEMENT OF CONSOLIDATEDIEARNED SURPLUS NOV. 30 1930.
Undivided profits of United Founders Corp. and its interest in
undivided profits of subsidiary companies
316,368,876
Balances as of Dec. 1 1929
Add-Net income before common dividends for year ended
7,047,132
Nov.30 1930
Stock dividends received from American Founders during the
year ended Nov. 30 1929 now set up because of consolidation and valued at the same amount which American
359,208
Founders charged to its undivided profits
$23,775,217
Deduct
-Stock dividends paid by United Founders
Corp.
-charged to its undivided profits at the
4,583,302
rate of$10 per share
United Founders' portion of appropriations from
undivided profits to investment reserves by
2,310,074 6,893,376
subsidiaries of American Founders
-undivided profits of
Balances Nov. 30 1930
312,831.834
United Founders Corp
4,050,007
Interest in undivided profits of subs. companies
316.881,841
Interest in bond interest and preferred share dividend reserves
of subsidiary companies
989,368
The balance as of Dec. 1 1929 of
has been increased through additional appropriations from undivided profits by subsidiaries
and through increased percentage of ownership
1,908,406
in the sum of
so that the balance at Nov.30 1930 is
2.897,774
319,779,615
Total Nov. 30 1930
CONSOLIDATED BALANCE SHEET NOV. 30 1930.
[Including American Founders Corp. (subsidiaries, International Securities Corp. of America, Second International Securities Corp., U. S. &
British International Co., Ltd., American & General Securities Corp., and
American & Continental Corp.), and Investment Trust Associates.]
Lizatittles-Assets516,673,151 Securities purch.-not recelv. 5563,306
Cash and call loans
2266,182,360 Sundry accounts payable, reInvestment securities
serve for taxes and current
Cost of securities of sub.
1,085,436
accruals
Invest. cos. In excess of
31,796,061 Particle. by others in intertheir book values
b2,319,900
mediate credits
192,181
delivered
Securities sold-not
12,000,000
11,957,975 Bank loans
Intermediate credits
Bonds and debentures of
Accrued income and sundry
1,809,352 subsidiary companies_ _U 51,679,000
accounts receivable
Preferred shares of subsidiary
Unamortized debenture die,
companies held by public_ 21,151,650
count,share financing and
4.024,643 Minority shareholders Int. in
transformation expenses_
common share capital, surplus and reserves of sub35,304,389
sidiary companies
11,249,613
Stock dividend
c1,000,000
Class A stock
dI50,286,752
Common stock
36,216,062
Capital surplus
12,831,834
Undivided profits
Interest in earned surplus
and undivided profits of
e4,050,007
subsidiary companies
Interest In bond Interest and
pref. share div. reserves of
2,807,774
subsidiary
$332,635,723
Total (each side)
subsidiary
a Portfolio at cost $279,835,083 less reserves appropriated by
from undivided profits, $12,950,000: balance of reserves approcompanies
of preferred
priated by subsidiary companies from surplus from retirement of securities
shares. $702,724: balance, $266.182,360. Total market value was $130,taken at market quotations Nov. 30 1930
in general portfolio
States
518,837; value of holdings in class A and common shares of Unitedat conElec. Power Corp. (a controlled company not consolidated) taken
at Nov. 30 1930 of that company and its subsidiaries
solidated book value
at $14.31 per share (subject to completion of audit of operating subsidiaries),
Continental
$58,033,561; total market value, $188,552,398. b American &contingently
Corp. (now a subsidiary of American Founders Corp.) was
liable Nov.30 1930.for 31,313,910 on risk participations in foreign advances.
c Represented by 1,000,000 no par shares. d Represented by 8,774.033 no
par shares. e After the elimination of earned surplus of subsidiaries at
applied
dates of acquisition amounting to 310.681,565 which has beenEqual to
companies. f
against cost of securities of subsidiary investment(which will increase out124,961 22-70 common shares payable Jan. 2 1931
standing shares and capital in like amount as of Jan.2 1931.-V.132, p.509.
•
American Founders Corp.
-Fiscal Year Ended Nov. 30 1930.)
(Annual Report
President Louis H. Seagrave, Jan. 15, wrote in part:
Founders Corp. for the
The report covers the operations of American controls five subsidiary
fiscal year ended Nov. 30 1930. Corporationof the consolidated operaand this report is made on the basis
companies
tions of American Founders Corp. and the subsidiaries.
controls
In the case of four of the subsidiaries, American Founders Corp. controls
it
more than 90% of the voting stock and of the fifth subsidiary
more than
-The consolidated net earnings for the year
and Asset Values.
Earnings50%'
number of shares
after preferred share dividend reserves, on the average
outstanding, were 79 cents per common share. The average number of
outstanding during the year was 8,707,651.
shares
The consolidated asset value of American Founders Corp. common
on market value of the
stock after eliminating all deferred charges, based
consolidated portfolio as of Nov. 30 1930, was $5.55 per share, on the
8,982.499 shares outstanding Nov. 30 1930. one share on each common
-Stock dividends of 1-70th of
Dividends.
Feb. 1, May 1, Aug. 1 and
Corp.
share of American Founders $3 perwere paid charged on each dividend
share was
Nov. 1 1930. Tne sum of
the undivided profits of the corporation for each full
payment date against
issued in payment ofstock dividends
share,or full share represented by scrip,
were declared and paid quarRegular dividends on the preferred stock
At the meeting of directors Dec. 29 1930,
terly during the fiscal year.were declared on outstanding preferred stock
quarterly dividends
regular
Jan. 31 1931. The directors decided to omit the
for the quarter endingcommon stock for the quarter ending Jan. 31 1931.
stock dividend on the depression in business and economic conditions has
unprecedented
The
the market value of the assets of the corporanaturally been reflected in Therefore, while net income from interest and
tion, and in its earnings.
dividend requirements on outstanding preferred
dividends alone cover
consideration of the inauguration of cash divistock by a wide margin, be postponed in order to conserve cash income
dends on common stock will favorable levels.
for additional investment at the pursuance of this course will ultimately
The directors believe that than the payment of dividends either in
benefit the stockholders more
addistock or cash at this time.
-During the fiscal year corporation acquired
Additional Subsidiary. American & Continental Corp. In amounts which
tional common stock of
corporation with American
of that
place the majority voting control
Continental Corp. is therefore treated in
Founders Corp. American &
report as a subsidiary. Corp. has total assets of approximately $23.this
American & Continental
through
700,000.
-Corporation acquired for retirement, stock,
pref.
Changes in Capitalization.
8,633 shares of 7% cum. 1st
purchase since May 31 1930,pref. stock, and 1,983 allotment certificates
13,585 shares of 6% cum. 1st
cum. 1st pref. stock. There were also
representing 3,966 shares of 6%purchase 149 shares of the 6% cum. 2nd
outacquired for retirement through
for redemption. The remaining
prof. stock prior to its being called totaling 340 shares, were redeemed on
standing 6% cum. 2nd pref. shares, Nov. 1 stock dividends there were
1 and
Nov. 1 1930. For the Aug.of common stock and scri).
-70th shares
Issued 250,720 63 amsolidated.-American Founders Corp. owns all the
Subsidiaries Not
General Corp., a security d sPreferred and class B stocks of Founders of American Founders Office
tributing company, and all of the stock
[VOL. 132.
Building, Inc., which owns the property at 50 Pine Street, New York.
Inasmuchas their business differs from that of American Founders, and
as the investment in each of them is small in proportion to the resources or
American Founders, their accounts have not been consolidated.
emanycs on surptus and Reserres.-As shown in the report of May 31
1930, American Founders Corp. and its subsidiary companies appropriated
to special investment reserves, 310.548,255 out of surplus arising from the
retirement of preferred shares acquired at prices below par. Since May 31
1930, American Founders and its subsidiaries appropriated an additional
$720,719 to special investment reserves from surplus created through the
further retirement of preferred shares. An amount of $807,067 of profits
on resales of treasury shares realized in previous years but not taken into
income account was also transferred by American Founders Corp. from
capital surplus to special investment reserve.
Realized losses aggregating 311,373,318 were eharged against these
reserves during the year. As the surplus realized by the purchase of
preferred shares below par was an actual profit to the corporation and its
subsidiaries, though not taken into the income account, it was regarded
as proper to use such profit for the charging off of losses realized on the
sales of securities.
During the fiscal year ended Nov. 30.1930. several of the subsidiary
companies of the group appropriated an additional amount of $5,350,000
from their accumulated undivided profits to investment reserves. Total
reserves of all companies from this source now amount to $9,950,000.
-As of Dec. 11930, there were 19,470 registered,
Number of Stockholders.
holders of common stock of American Founders Corp. and 592 holders or
allotment certificates convertible into common'stock.
A consolidated list of the investment holdings of American Founders Corp. and subsidiaries, as of Nov. 30 1930, is
given in the report.
Holdings of American Founders Corp. in Subsidiaries as of Nov. 30 1930
Percent. Tot.
Outstand'g.
International Securities Corp. of America
.170%
25 shs.
Cumulative preferred stock, 6)4% series
.858
384 shs.
Cumulative preferred stock, 6% series
93.615
553.410 abs.
Class A common stock
96.370
578,218 shs.
Class B common stock
Second International Securities Corp.
.896
239 shs.
Cumulative 6% 1st preferred stock
20,000 shs. 100.000
Cumulative 6% 2oid preferred stock
94.713
291,803 shs.
Class A common stock
96.816
580,894 shs.
Class B common stock
United States & British International Co., Ltd.
26.001
7,556 shs.
Cumulative preferred stock, $3 series
95.756
281,865 shs.
Class A common stock
85.810
257,429 shs.
Class B common stock
American & General Securities Corp.
8.59
90 shs.
Cumulative preferred stock, $3 series
97.113
485,563 shs.
Class A common stock
95.980
479,899 shs.
Class B common stock
American and Continental Corp.
50.004
12,501 shs.
Class A stock with warrants
50.192
213,316 shs.
Common stock with warrants
100.000
25,000
Detached warrants
-FISCAL YEAR END. NOV. 30.
CONSOLIDATED INCOME ACCOUNT
(Including International Securities Corp. of America, Second International.
Securities Corp., U. S. & British International Co., Ltd., American
and General Securities Corp.. and American & Continental Corp.)
1929.
1930.
Income$9,894,798 $13,919,791
Interest and dividends
4,673.479 17,609.949'
Profit on sale of investments
Profit in syndicate participations, invest. service
205,410
444,459
fees and other income
$15,012,738 $331,735,149.
Gross income
1,541,812
1,720,953
Expenses-Invest, service fee
2,976,425
2,483,206.
Bond int., other int, and amortization
280.698 2.779,771
Taxes
Net income before dividends and appropriations
$10,213,802 $24,751,220
of subsidiary companies
Add-Reductiou of bond int. reserve, due to re53,024
tirement of secured serial gold bonds
Net approp. by subsidiaries for bond interest and
263,889
preferred share dividend reserve
39.949.913 $24,804,214
Balance
Less-Divs, paid and accrued (sub. cos.):
492,299 2,203,025
shares
Preferred
676,223
Approp. for pref. share div. res. (sub. co.)
366,247
969,695
Divs, paid on com. shares of sub. cos
$9,091,367 $20,955,302
Balance
Propor, of undistributed net income applicable to
1,773,225
936,856
minority shareholders of subsidiary companies
Net income before divs, and approp. of Amer. $8,154,511 319,182,076.
Founders Corp
Divs,and approp. of Amer. Founders Corp.:
1,128,683
856,997
First preferred shares
4.211
1
Second preferred shares
1,044,545
417,346
Approp. for pref. share dividend reserves
1,237,655a1,482,871
Dividends on common shares
$5,397.298 $15,766,982
Balance of current earnings for year
8,982.498 8,446,694
Shares common stock outstanding (no Par)
$2.01
$0.76
Earnings per share
cash dividend amounting to $2,819,264 dea Not including a special
clared on Dec. 2 1929 and paid Feb. 1 1930, out of undivided profits as.
of the close of the preceding fiscal year, Nov. 30 1929. .
Note.
-Surplus of $12,076,042 created through the retirement by Amer.
Founders Corp. and its subsidiaries of pref. shares acquired by them below
Par, was transferred during the year to investment reserves against which
losses amounting to $11,373,318 were charged.
Statement of Consolidated Earned Surplus Nov. 30 1930.
-Amer. Founders Corp. and interest in
Undividend profits
undivided profits of subsidiary companies:
319,652,010,
Dec. 1 1929
Balances as of
5,397,298
Add-Undistributed net income for year ended Nov.30 1930
325,049,30g-Stock diva, paid in previous years and
Deduct
charged to book surplus arising through revaluation of International Securities Corp. B
shares, now charged to undivided profits- - $2,804,661
Special cash div. declared Dec. 2 1929 paid Feb.
1 1030 out of undivided prof. as of Nov.30'29 2,819,264
Surplus at dates of acquis. of shares of sub. cos.
at Dec. 1 1929 now applied against excess of
cost of securities ofsub. cos. over stated values 4,562,172
Amer. Founders portion of surplus of subs. arising from retirement of pref. shares at Dec. 1
534,644
1929, transferred to investment reserves
Amer. Founders portion ofapprop.from undivid.
2,423,345
profits of subs. to investment reserves
13.144.085.
Balances Nov. 30 1930Undivided profits of Amer. Founders Corp.. $8,186,809
3,718.412
Int. in undivided profits of sub. cos
$11,905,22L
Bond Int. and pref. share dividend reserves:
$2,823,725
1929
Balances Dec. 1
Increase through addl approp. by Amer. Founders and its subs. and increased percentage of
873,547
ownership in subsidiary company holdings$3,697.273
Balances Nov. 30 1930:
Pref.share div. reserve. Amer.Found. Corp- $1,950,258
Int. in bond int. and pref. share div. reserves 1,747,014
subsidiary companies
3,697,273
$15,602,494
Total Nov. 30 1930
JAN. 24 1931.]
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET NOY. 30 1930.
Including International Securities Corp. of America. Second Internation
al
Securities Corp., U. S. & British International Co., Ltd.,
and General Securities Corp., and American & Continental American
Corp.)
Assets
LiabitUlesCash and call loans
$15,368,884 Sachs. porch., not received_ - $558,949
Investments securities
a144,228,430 Sundry accts. payable, reserve
Cost of securities of sub.cos.
for taxes & curr. accruats-761,656
In excess of their book
Participation by others In invalues
11,922,764
termediate credits
1,2,319,900
Securities sold, not delivered
190,799 Bonds dr debs. of sub. cos_ ... 51,679.000
Intermediate credits
11,957,975 Pref. shares of sub. cos. held
Accrued income and sundry
by public
8,820,150
accounts receivable
1,533,432 Minority shareholders int. in
Unamortized deb. discount,
corn, share capital, surplus
share financing and transand reserves of sub. cos- 9,794,040
formation expenses
4,024,643 C 7% 1st pref. stock
3,715,900
c 6% 1st pref. stock
8,636,000
c Common stock
d64,096,778
Capital surplus
23,242,059
Undivided profits
8,186,809
Int. in earned.surplus and undivided profits of subse3,718.412
Pref. share dividend reserve_ 1,950,258
Int. In bond Int. Se pref. share
Total (each side)
5189,226,926
div. reserves of sub. cos.__ 1,747,014
651
National Biscuit Company.
.
(33rd Annual Report
-Year Ended Dec. 31 1930.)
President Frederick Beers says in part:
In the early spring we acquired the Pacific Coast Biscuit Co.. with plants
in Los Angeles and San Francisco. Calif.; Portland, Ore.; Seattle, Spokane
and Tacoma, Wash.; also Bishop & Co. with plants in Los Angeles and
San Diego, Calif. This has greatly strengthened our position on the
Pacific Coast.
At the time we acquired the Pacific Coast Biscuit Co., they had certain
bonds outstanding. These are being redeemed when possible and will
mature in 1933.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1930.
1929.
1928.
1927.
Earnings for year
$28,741,947 $26,735,017 $22,604,833 $20.675,598
Depreciation
2,740.827
2,602.278
2,126.173
1.898,440
Federal taxes
2 121.223
2.709.167
2.595,295
2.500,000
Net profits
$22,8/9,698 $21,423,571 $17,883,365 $16,277,158
Preferred divs. (7%).
1,736,315
1,736,315
1,736.315
1,736,315
Divs. paid by subs
1,215
1,361
Common dividends
20,383,942 17,983,098 14,888.536 12,790,750
Rate of common diva
(33%)
(30%)
(28%)
(25%)
Balance, surplus
$759,642 $1,702,944 $1,257,153 $1.750,093
Previous surplus
24,503,177 22,800.233 21,543,078 19,792,985
Capital surplus
9,227.384 8,420.859 4.070,936
Total surplus
$34.490,203 $32,924,036 $26,871,168 $21,543,078
a Portfolio at cost, $154,881,153; less reserves approp.
Shares co ,t. stock outstanding (par $10)
undivided profits, $9,950,000; balance reserves approp. byby sub. cos. from
6,206;787 x2.398,469 x2,209.520 x2,046,520
Amer. Founders
Corp. & sub. cos. from surplus from retirement of pref. shsares, $702,724i Earnings per share
$3.40
$8.21
$7.30
$7.11
x $25 par.
balance, 3144,228,439; total market value of securities taken at market
quotations Nov.30 1930, was $104,400724. b Amer. & Continental Corp.
notations
BALANCE SHEET DEC. 31.
a subsidiary company) was contingently liable at Nov. 30 1930 for
1930.
1929.
1930.
1929.
Assets1,313,910 on risk participations in foreign advances. c Includes
Liabilities$
$
$
$
93 shs
7% 1st pref.; 9 shs.6% 1st pref.; 888 12-140 shs. corn, and scrip (equivalent Plant, real mt..
Preferred stock_ 24,804,500 24.804,500
machinery,&c 91,250.768 89,621,899 Common stock_ 62,067,870 59,961,725
to 148 2-140 com. shs. and scrip of American Founders Trust),
and also U. S. securities_
91 29-70 Corp. shs. of com. and scrip 'stumble
x230,559
200.266 Accts. payable_ 1,010,072
946,637
of the above 148 2-140 com. shs. of American as divs. to holders of 79 shs. N. Y. City bds_x12.313,375 12,313.675 Corn. div. pay._ 4,344,751 3,597.703
Founders Trust: authorized Cash
to be issued upon surrender of shares and scrip of American Founders
Trust. Stks. & scours._ 12,572,805 10,218,821 Bonds (Pacific
d Represented by 8,982,498 69-70 no par shares, but does
x7,848,861 7,002,527
Coast Co.)_ __
394,000
not
517,e.39 1-20 she. reserved for exercise of stock purchase warrantsinclude Accts.receivable 5,439.287 4,931,844 Int. & cont. res_ 8,291,160 8,170,191
at
Per share on or before Feb. 2 1932 and 57,546 shs. reserved at $38.33 $40 Raw mat'ls,supTax reserve_ __ _ 3,253,010 2.820.049
per
piles, &c
share for conversion of pref. share allotment certificates. e
8,999,909 8,936,110 Surplus
34,490,202 32,924,036
tion of earned surplus of subsidiaries at dates of acquisition After elimina$4,557,524, which has been applied against cost of securitiesamounting to
of subsidiary
Total
138,655,565 133,224,842
companies.
-V. 132, p. 497.
Total
138,655,565 133,224,842
x At coast.
-V. 132, p. 324.
1:1
enerat (Corporate anti 3inbesittnent .fiebicS.
STEAM RAILROADS.
Volume of Freight Traffic Handled in Nov. 1930 Lower than
in Same
Month in Preceding Year.
-The volume of freight traffic
class 1 railroads of this country in Nov. 1930 amounted tohandled by the
net ton miles, according to reports lust received from the 32,295,282,000
railroads by the
Bureau of Railway Economics. Compared
reduction of 6,445.374,000 net ton miles. orwith Nov. 1929, this was a
16.6%, and a
9,696,171,000 net ton miles, or 23.1% under Nov. 1928. In reduction of
the Eastern
District, the volume of freight traffic handled
of 17.2% compared with the same month in in November was a reduction
trict reported a decrease of 16.1%. The 1929, while the Southern DisWestern District reported a
reduction of 16.1%.
The volume of freight traffic handled by the class 1
railroads in the first
11 months of 1930 amounted to 393,078.920,000 net tons
miles, a reduction
of 63,188,181,000 net ton miles, or 13.8%, under the
in 1929. and a reduction of 46,434.218,000 net ton corresponding period
miles, or 10.6% under
the same period in 1928. Railroads in the Eastern
District for the 11
months' period in 1930 reported a reduction of
freight traffic handled, compared with the same 14.2% in the volume of
period in 1929, while the
Southern District reported a decrease of 14.2%.
The Western District
reported a decrease of 13.2%.
Average Speed of Freight Trains in November Highest
-The average speed of freight trains in Nov. 1930 for ano Similar Period.
was the
corresponding period on record, amounting to an average highest for any
hour, according to reports just filed by the rail carriers of 14.1 miles per
with the Bureau of
Railway Economics. This represents
freight trains between terminals, including the average per hour for all
from what cause. The average speed foryard and road delays, no matter
November was
eight-tenths of one mile above that for the same month in an increase of
1929.
The average speed of freight trains in the first 11 months of 1930 was also
the highest on record, amounting to 13.8 miles per
13.1 miles in the first 11 months of 1929. Averagehour, compared with
daily movement
freight car in Nov. 1930 was 27.5 miles, compared with 32.4 miles for per
same month in 1929 and 33.2 miles in Nov. 1928. In computing the
the
average movement per day, account is taken of all freight cars in service.
including cars in transit, cars in process of being loaded and unloaded, cars
undergoing or awaiting repairs and also surplus cars on side tracks for which
no load is immediately available. The car surplus in November
was 70%
greater than the same month in 1929, which had
reduction in daily movement per freight car. an undoubted effect on the
The average load per car in Nov. 1930 was 26.6 tons, including less
than
carload lot freight as well as carload freight. This was
six-tenths of one ton below the average for Nov. 1929, and a decrease of
a decrease of
nine-tenths of one ton below that for Nov. 1928.
Matters Covered in the "Chronicle" of Jan. 17.-(a) Gross and
net
of United States railroads for the month of November, p. 370. earnings
Alton RR.
-Files Application with 1.-S. C. Commission
for Authority to Acquire Chicago & Alton RR.
-To Be Controlled
by B. & 0.
-See Baltimore & Ohio RR. below.
Atchison Topeka & Santa Fe Ry.-Proposed Acquisitton.
The company has asked the L-S. C. Commission
the newly organized Santa Fe & North Plains Ry. for authority to take
its
by purchase of its capital stock for $500,000 cash directly intoof system
and leasing
the line
by the Panhandle & Santa Fe. The North l'iains line will
operate 100
miles of road extending northwesterly into tho Texas Panhandle
territory
beyond Amarillo.
-V. 132, p. 306.
Baltimore & Ohio RR.
-Passenger Schedules
The company has thoroughly revised its passenger train Reduced.
schedules and
thereby reduced this service, effective Jan. 18, because
of decreased reveaccruing from this business.
nues
An official statement declared that aside from
condition, which, within itself, has greatly reducedthe general business
travel of all kinds,
especially on the railroads, railway passenger
revenues have declined
steadily and rapidly during the last 10 years. The
decrease from 1920 to
inclusive, was 34.2%, it was said. The decline
1929,
for
marked than for any single year, and it is estimated that 1930 was more
will show that the loss of passenger revenues is 50% asthe 1930 figures
compared with
that of 1920.
The increased use of private automobiles, passenger buses and
air lines
responsible for declines, it was said.
are
The railroads are obliged to reduce their passenger service
condition, the statement continued, but without seriously to meet this
affecting the
needs of the communities served.
Company Seeks Approval of Alton Purchase.
-
The Baltimore & Ohio RR.through a new company, the Alton RR., has
-S. C. Commission for authority to acquire the
asked the I.
Alton RR. which it recently purchased under receivership Chicago &
proceeding
brought about by bondholders.
The Alton RR. has asked authority to issue, sell or exchange $25.000,000
of common stock. The new company also asked the Commission for
authority to assume obligations of the Chicago & Alton including $45,-year gold bonds and equipment trust obliga350,000 of 3% refunding 50
tions aggregating $4,016,600.
Except
for 13 shares of directors qualifying
the common stock or its proceeds in acquiringshares the Alton RR. will use
the properties of the Chicago
& Alton.
The Alton RR. Is organized under the Illinois
and Missouri laws and its
officers include Harry A. Wheeler, Chairman of the Board, John
P. Oleson,
President, Charles R. Holden, Vice-President, and H. H.
Hall, Secretary,
all of Chicago.
The Baltimore & Ohio concurrently filed an application
asking the
Commission's permission to acquire the new company.
which was organized to take over the Chicago & Alton. the Alton Railroad.
The railroad involved the application states, will be lifted from
the 8J4
years of receivership and placed upon a more assured financial
basis as a
result of the proceedings already had and now planned.
Articles of incorporation of the Alton Railroad, filed with its application
to take over the Chicago & Alton properties, show new company's
zation as $25,000,000. Issuance of this amount was requestedcapitaliin
application. The board of directors of new company includes: Thomas the
M.
Butters, John H. Carroll, John H. Cook, William W.
Dunlop, Robertson Griswoll, William S. Jameson, John S. Dixon, John C.
Knight, Bentley
G. McCloud, John P. Olosen, Harry A. Wheeler,
Harry White and Charles
R. Holden.
-V. 132, p. 486, 122.
Canadian National Ry.-$50,000,000 Bonds Sold.
Dillon, Read & Co.; The National City Co.; Guaranty Co.
of New York; Bankers Co. of New York; Bank of Montreal;.
The Canadian Bank of Commerce; Royal Bank of Canada:
Dominion Securities Corp.; Wood, Gundy & Co.,
A. E. Ames dr Co., Ltd. have sold at 98 and int.Ina. and
to
over 4.60%, $50,000,000 25-year 43'% guaranteed yield
gold
bonds (non-callable.)
Bonds are to be dated Feb. 1 1931; to mature Feb. 1 1956. Guaranteed
unconditionally by the Government of the Dominion of Canada as
to
both principal and interest. Principal and interest
payable In N. Y. City
in United States gold coin; or, at the option
Canadian currency, or in London, England, Inof the holder in Canada in
pounds sterling at the rate
of $4.86 2-3 to the pound. Maximum
authorized amount, $70.000,000:
present issue, $50,000,000. Interest payable F.
& A. Bonds in denom.
of 1,000 in coupon form reglsterable as to
principal; also in fully-registered
form in denom. of $1,000, $5,000 and $10,000.
These bonds will be the direct obligation
Co.,the capital stock of which is owned by of Canadian National Railway
of Canada. Payment of principal and the Government of the Dominion
interest will, under authority of
the Parliament of Canada, be guaranteed
ment of the Dominion of Canada,and copy unconditionally by the Governof the guarantee will be endorsed
on each bond.
Places Rail Order.
-
An order for 34,000 tons of 130
-pound steel rail has been placed by the
Canadian National Rys. with the Dominion Steel & Coal
Corp. of Sydney,
Nova Scotia. The rail will be used on 246 miles
of
national Limited," which the company operates the route of the "Interdaily between Montreal
and Chicago.
-V. 132. P. 486, 122.
Canadian Pacific Ry.-Absorbs Kettle
Vally
See Kettle Valley Ry. below.
-V. 131. P. 3705, 4212.
Road.
Central RR. of New Jersey.
-Pays Extra Dividend.
The directors have
declared the regular quarterly dividend of 2%, payable Feb. 16 to holders of record Feb.
of 2%, declared in December last, 2. The extra semi-annual dividend
of record Dec. 31 1930. A similar was paid on Jan. 15 1931 to holders
extra distribution was made on Jan.
15 and July 15 last year.
-V. 131, p. 2890.
Chicago & Alton RR.
-New Company Organized to Take
over Line.
-See Baltimore & Ohio above.
-V. 132, p. 306.
Chicago Great Western RR.
-Improved Business Evident.
The company reports a better tone to business in its territory with
an
Improvement in car loadings, according to Vice-President
W.
The company is now receiving 500 steel box cars ordered from 0. Lerch.
Car & Mfg. Corp. They are being sent to Minneapolis for the Pullman
flour loading,
which is moving with increased volume just now.
coal cars recently ordered is expected around Feb.Delivery of 300 steel
1. The
36 heavy duty locomotives purchased from the Lima and Baldwinlast of the
locomotive
works have been received by the road and placed in operation on
its Iowa
division -V.132, p. 487. 307.
Chicago Rock Island & Pacific Ry.-Construction.-
The L-S. C. Commission Jan. 10 issued a certificate authorizing
the
company to construct a branch line of railroad extending from
its main line called Bowen to a point approximately 15.200 a point on
thereof, with about 4.500 feet of tipple tracks at the southernfeet south
extremity
of the said branch, all in Henry County, Mo.-V. 131, p. 3362.
Cincinnati Northern RR.
-6% Dividend.
-
The directors have declared a dividend of 6% on the capital
able Jan. 31 to holders of record Jan. 21. A similar dividend stock. Paywas paid 011
FINANCIAL CHRONICLE
652
July 31 last. From Jan. 1926 to and incl. Jan. 1930 semi-annual distributions of 5% each were made. In addition, an extra of 40% was paid in
December 1927 and one of 10% in April 1929.-V. 130, p.1109.
Cleveland Cincinnati Chicago & St. Louis Ry.Listing of $5,000,000 Additional Refunding and Improvement
Mortgage 434% Bonds.
The New York Stock Exchange has authorized the listing of $5,000,000
additional ref. dc impt. mtge. 434% gold bonds, series E, due July 1 1977,
making the total amount applied for $65,052,600, as follows: 31,052.600
series 0 69', due Jan. 1 1941; $20.000,000 series D 5%, due July 1 1963,
%,due July 1 1977. (See offering in V. 132,
and $44,000,000 series E
p. 307.)
General Balance Sheet Nov. 30 1930.
Liabilities
Assets
$47,028,800
8280,777,879 Common stock
Road and equipment
9,998,500
on leased ry. property 8,945,011 Preferred stock
Impt.
7,984
5 ,741 Stock Habil. for conversion
Depos. in lieu of mtgd. prop_
14,647
3,885,632 Grants in aid of construction
Misc. physical property
Funded debt unamortlzed:
4,102,599
Invest. in co's securities
22,775,057
367 Equipment obligations__
Sinking funds
120,384,100
Mortgage bonds
Invest. In affiliated co's:
8,551.000
trust bonds
Collateral
12,790,7.52
Stocks
5,000,000
Miscellaneous obligations
5,285,402
Bonds
7,833 Non-negot. debt to Mill. co's 7,950,925
Notes
154,911
12,892,871 Loans and bills payable
Advances
96,027 Int., divs., &c., unmatured- 10,569,203
Other investments
31,658
Dividend payable
51,562
Special deposits
Unmat. int., rents, &c., seer_ 1,718,897
Interest and dividends re18,256
58,538 Other current liabilities
Celvable
6,055,514
Other deferred liabilities
Miscellaneous rents receiv1,270,702
2,600,304 Tax liability
able
55,648
.
392,221 Insurance casualty reserve_ _
Unadjusted debits
7,709,316 Accrued deprec. of equipment 36,039,399
Deferred assets
686,898
Other unadjusted credits__ _ _
Add'ns to prop. thy. Inc.& sur. 1,797,462
1,056,021
Sinking fund reserve
58,436,470
Profit and loss
Total
-V. 132, p. 307.
$339,602,054
Total
$339,602,054
-Listing of $20,000,Colorado and Southern Railway.
000 General Mortgage 4M% Gold Bonds.
0
of
$20,000,00
The New York Stock Exchange has authorized the listing
gen. mtge. 414% gold bonds. series A, dated May 1 1930 and due May 1
1980. (See offering in V. 130, P. 4600.)
Statement of Income for First Nine Months of 1930.
$7.509,317
Total railway operating revenues
5,942,285
Total railway operating expenses
629,528
Railway tax accruals
1,206
Uncollectible railway revenues
Railway operating income
-Net (debit)
Equipment rents
-Net (debit)
Joint facility rent
*936,297
130,477
73.807
Net railway operating income
Other non-operating income
*732,013
2,085.596
Total income
.Deductions from income
$2,817.608
1,616,552
[Vol,. 132.
of the roads involved indicate that Kuhn, Loeb & Co. and Ladenburg,
Thalmann & Co. have determined the control shall be lodged with interests
-V. 132, p. 123.
friendly to them. ("Journal of Commerce.")
Kettle Valley Ry.-Absorbed by Canadian Pacific.
Company ceased to exist as a separate operating entity on Jan. 1 and
the line between Hope, B. C.,on the main line of the Canadian Pacific,and
Midway. B.0., where It connects with the Nelson division of the O. P. R.,
-V. 113, p. 417.
has become the Kettle Valley division of the parent road.
Lehigh Valley RR. -New Treasurer, &c.
Effective Feb. 1, A. F. Bayfield, former Treasurer, is appointed Comptroller with office at 228 South Third St., Philadelphia, Pa. to succeed
'
J. I. Morrison, retired. D. G. Baird was appointed to the position of
-V.132. p. 307.
Treasurer and also retains his former office as Secretary.
-New Vice-President.
Louisville & Nashville RR.
T. E. Brooks has been elected Vice-President in charge of operation,
-V. 132, p. 307.
to succeed G. E. Evans, deceased.
-Stock Authorized.
Mississippi Export RR.
-S. C. Commission Jan. 10 authorized the company to issue in reThe I.
$26,000
imbursement of its treasury for capital expenditures not exceeding par to
of common stock (par $100), the stock to be sold at not less than
stockholders and the proceeds used to pay certain notes, existing obli.
-V- 129, p. 2532.
gations and for working capital.
-Asks Through Routes.
Missouri Kansas-Texas RR.
-S. C. Commission, asks that
The company, in its brief filed with the I.
rn by the
If the Commission approves control of the St. Louis-Southweste it upon
majority stock ownership, it condition
Southern Pacific through
and through routes over
an agreement to maintain existing joint rates -Kansas-Texas.
-V. 131,
the Cotton Belt in conjunction with the Missouri
P. 3363.
-Opens New Line.
Missouri Pacific RR.
of the Missouri Pacific
A 314-mile sector of new railroad on the cut-offCounty, was opened to
lines between Jedburg and Eureka, in St. Louis location and alignment,
built on a new
traffic Jan. 15. The new tracks,
well above the reach
eliminate numerous curves and places the roadway
the two stations
of devastating floods and shortens the distance between tracking project
10.4-mile double
two miles. This cut-off is a part of a
St. Louts County, whicn
of that railroad between Lake Hill and Eureka, inwill be opened for travel
is being completed at a cost of $4,500,000 and Double track through the
Feb. 1. One main line track is in operation. that railroad a double track
project will be placed in service Feb. 1, giving
with the exception
the entire distance from St. Louis to Jefferson City,
Hill, and completing
of a 214-mile section between Kirkwood and Lake inaugurated by Presiin a $20,000,000 construction program
the last unit
St. Louis to Kandent Baldwin in 1925 for a double-main line track from
-V: 132, p. 487.
sas City.
-Asks Coach Rate Cut to Two Cents
Mobile & Ohio RR.
a Mile.
-S. C. Commission an application
the I.
The company has filed with
coach fares for
for authority to make effective on Feb. 1, special one-way Mobile & Ohio
stations on the
tickets good on coaches only, from and toMississippi and Tennessee. and
RR. in the States of Illinois Kentucky, ly lower then the existing charge.
'
also St. Louis Mo.,which will be considerabpresent 3.6 cent per mile rate to
The reduction planned will be from the
the Illinois Central
cents per mile, and is aimed to meet the competition of proposed similar
2
and St. Louis-San Francisco railroads, which have
class between
reductions effective Feb. 1, which has published fares of same and Corinth,
St. Louis, Mo.and Wickliffe Ky.; Rives and Jackson. Tenn.,
Francisco, which has published similar
Miss., and also the St. Louis-San
points on
fares between St. Louis, Mo. and Columbus, Miss., and other
Its lines.
of children remain the same
The regulations regarding the transportation
five years of age
under the proposed reduced rates, that is children underover 12 the adult
may travel free of charge, from 5 to 12 at half fare and
-V. 131, p. 4212.
fare.
$1,201,056
Net income
313,992
Depreciation on equipment included in operating expenses....
1,188,135
debt
Interest on funded
$1,502,128
Total
Total Colorado & Southern By. Co. income after eliminating 2,703,184
depreciation, interest and Federal taxes
-Equipment Trusts Offered.
$2.50
New York Central RR.
Earnings per share on capital stock
Comparative Balance Sheet.
Chase Securities Corp.; Freeman & Co., and Harris, Forbes
Sept. 30 '30. Dec. 29 '29.
Sept. 30'30. Dec. 31 '29.
& Co., are offering $7,020,000 432% equipment trust
8
LiabilitiesS
8
Assetsthe
Inv. In rd.& eq. 90,060,489 84,712,400 Capital stock... 48,000,000 48,000,000 certificates. Prices range from 23/2% yield basis for
43,979
55,454
200.199 Govt. grantsMisc.phys. prop. 198,992
5 maturities. Issued
Funded debt... 49,993,900 30,158,900 1931 maturity to 434% for the 1941-194
Dep. on lien of
3R,056 Non-negot. debt
under the Philadelphia plan.
tgd. prop.sold
12,000,000
due to affli.cos.
per annum from
Inv. in Mill cos_ 20,387,615 25,420,853
Dated May 15 1930; serial maturities of $468,000 $15,000,000. To
159,269
97,478
16,900 Traf., &c., balm_
16,825
Other Investm'ts
May 15 1931 to May 15 1945. inclusive. Authorized dividend warrants
2,675,157 1,512,043 Audited accts.&
Certificates and
Cash
885,595 be presently outstanding $10,965,000. Guaranty Trust Co., New York,
707,704
wages payable
Time drafts and
of the
14,928 (M. & N 15) payable at office These certificates are a legal investment
13,628
25,000 Misc.accts. Day.
5,630,099
deposits
.
c5
13,095 trustee. Denom. of $1,000funds in New York, Conn. and New Jersey.
6,711
103,139 Int. mat. unp'd.
116,863
Agts. & conduc_
for savings banks and trust
812
-S. 0.
I.
408,938
Mat'ls & suppl_ 1,088,761 1,062,101 Divs. mat.unpd.
-issuance and sale subject to the approval of the
Issuance.
444,330 Funded debt
883,465
Other cum as'ts
10,512 Commission.
3,900
mater. unpaid
agree444,212
64,160
Special deposits_
-Certificates are to be issued under an equipment trust of the
Security.
30,348
18,863
Unmatrentsaccr
for somewhat less than 75%
Loans and bills
510,858 ment dated May 15 1930, to provide below. In June 1930, $3.945.000
727,969
200 Unmatintaccr_
200
receivable_ __ _
25,269 cost of new railway equipment described
31,490
0th.curr. Habil_
provide for somewhat less than 75%
Traffic, &c.. bal58,229 par value of certificates were issued to first lease under this trust.
46,733
306,832 Deferred Habilis_
271,256
ance receivable
included in the
Accr.deprec.,&c. 6,954,230 6,932,147 of the cost of equipment
be included, by the second
MIscell. accts.
The additional equipment, included and to
835,546
. 655,666
588,796 Tax liability_ _
electric switching locomotives
465,855
receivable_ _ _ _
505,965 lease, in the trust is as follows: 35 oil-batteryremainder of the authorized
0th. waadj.cred. 648,356
The
dIvilocomotives.
Interest &
35,016 Corporate sur._ 15,838,849 14.820,504 and 42 electric freight is issuable to pay not exceeding 75% of the cost
delads receiv
amount of the certificates
11,419
-V. 132,
10,161
this equipment trust.
Deferred assets_
of additional equipment if included in
492.585
Unadjus. debts_ 1,931,845
p.487, 123.
123,801,743 115,414,081
Total
123,801,743 115,414,081
Total
Owasco River Ry.-Abandonment.the
-V. 131. p. 3706.
-S. C. Commission Jan. 7 issued a certificate authorizing
The I.
over the so-called
to abandon operation, under trackage rights,
Delaware, Lackawanna & Western RR.-Electrifica- company segment of its line, consisting of 0.832 mile of main line and
northern
International Harvester Co. at
9.706 mile of sidings at the plant of the
-V.130, p. 2387.
-from Morristown to Dover-ofthe Northern Auburn, N. Y.
last of the five sections
The
electrification project of this company was placed in
-Bonds Offered.
New Jersey suburban
Pennsylvania Ohio & Detroit RR.
arrying electric
operation on Jan. 22, it is announced. The first passenger-c
at 100 and int. $6,483,000
operated over this section was chartered by the Dover Chamber Kuhn, Loeb & Co. are offering
-train to be
454% gold bonds, series A. Guaranteed as
of Commerce.
begun during the non-rush hour 1st & ref. mtge.
Regular electric train operation will be one by one to the new .electric to both principal and interest by endorsement by the Penntrains giving way
period, the old steam
will permit.
RR. Co.
trains as fast as operating conditions
new schedules, will become effective sylvania
$1,000 c* and r*.
Dated April 1 1927; due April 1 1977. Denom. of be redeemable as a
New time tables, carrying the will be served by 23 east-bound trains,
"A"414% bonds will
Jan. 25. For the present, Doverto 19 at present, in addition, of course, Int. payable A. & 0. The seriescompany, upon 60 days' previous notice,
via Newark, compared
only, at the option of the
whole
operating
operating via Paterson. The saving In run- on April 1 1932 or on any interest date thereafter to and including April - 1
to the steam trains regularly 22 minutes.
interest, and thereafter on any interest date
from 6 to
ning time will varyroad. carrying 160 miles of track, are included in this 1972 at 10214% and accrued for each six months between the redemption
of
premium equal to SI%
Seventy miles
project, which Is the -first and only operation at a and the date of maturity. Girard Trust Co., Philadelphia, trustee.
Lackawanna electrification3,000 volt direct current in the United States, date
-The sale of these bonds is subject to the approval of the I.-S.
Issuance.
and
of multiple-unit service at
total of 903 miles of copper and bronze wirewere C. Commission.
the company states. A
of
8,000,000 pounds of steel
Legal investments for savings banks and trust funds under the laws
weighing 3,220,000 pounds, and n. A total of 141 new, two-car,
cable,
transmissio
York, New Jersey and other States.
ordered for the overhead power
and can be operated in trains of 2 to 12 New
RR.
been provided
Data from Letter of W. W. Atterbury, President of Pennsylvania
all steel, units have p. 4212.
-V.131,
cars each.
-Issued under the 1st & ref. mtge. dated April 1 1927 and secured
Bonds.
appurtenan
railroad
City Southern Ry.-Walter E. Meyer Asks by a direct mortgage upon all the lines of acquired andthe issuanceces
Kansas
of
by
thereof now owned and upon all properties
Reopening of Stock Suit.ref. mtge. bonds. Present properties, which are an in-S. C. Commission ordered any of the 1st &
proceedings in which the I. of stockholdings in the tegral part of Pennsylvania RR.System, include about 793 miles of railroad
Reopaning of the
By. to divest itself
of Ohio and Michigan, extending (with
the company in
the Kansas City Southern St. Louis Southwestern railw-.s is asked in a owned byrights at certain the States other lines of the Pennsylvania RI:.
points over
trackage
\V. E.
Missouri-Kansas- Texas and
with the Commission-1 yrn, madeMeyer, System) from Cincinnati, Columbus and Marietta, on the south, to Akron
public
supplemental application filed the St. Louis Southweste
over its own
and to Sandusky and Toledo on Lake Erie, on the north, and to Detroit,
representing minority holders in
0.,
21.
of rails and by trackage rights over other lines front Toledo,
by the Commission Jan.
evidence is available to show "a lackSt. Mich. The Pennsylvania BB. System reaches the important traffic
new
The application states thatKansas City Southern of 130,000 shares of
and south) and
centres of Akron, Sandusky and Toledo (from the east
bona fides" in the sale by the
New York Investors, inc., and that the Detroit only over the railroad of Pennsylvacla Ohio & Detroit ER. The
Louis Southwestern stock to the
Southern are still in control of
prior lien bonds, which
of
Kansas City
are subject
financial interests back of the by the Commission as to whether the South- let & ref. mtge. bonds or renewed to $8,613,000
and for t.,e re'irement of which, at or
the company pending a decision of the property. It is asserted that the may not be extended& ref. mtge, bonds are reserved.
capital
but that on July 2, before maturity, let
ern Pacific may acquire control
on April 12 1930,
-To reimburse the treasury of Pennsylvania RR. for by the
Purpose.
New York Investors held the stock applled to the Commission for authoron the property of the company covered
seven days after the Southern Pacific Southwestern, it no longer appeared expenditures made by it other corporate purposes.
Louis
s 1st & ref. mtge. and for
ity to acquire control of the St.
that the various changes in the directorate
as a stockholder of record, and
JAN. 24 1931.]
FINANCIAL CHRONICLE
Property.
-All of the properties of the company are leased to Pennsylvania RR. under a lease running for 999 years from Dec. 10 1925. The
Pennsylvania RR. agrees under said lease to pay a sum sufficient to cover
interest on indebtedness, sinking funds, taxes, administration expenses
and 5% dividends on the capital stock of the company, of which there Is
at present outstanding $28,410,000, all of which (except directors' qualifying shares) is owned by the Pennsylvania RR. and its subsidiaries.
Listing.
-Application will be made to list these bonds on the New York
Stock Exchange.
-V. 131, p. 1095.
Pennsylvania RR.
-Stockholder Sues to Force Company
to Sell Minor Lines.
The following is taken from the New York "Times":
Charging that the treasury of the road is suffering an annual loss of
more than $2,500,000 through the excess carrying cost over the dividend
return of the Wabash RR.and the Lehigh Valley RR. which to all practical
purposes are controlled by the Pennsylvania, Airs. Mary Van L. Gutterman of Hewlett Bay Park, L. I. started suit Jan. 21 in the Brooklyn
Federal Court on behalf of herself"and other stockholders similarly situated"
to force the Pennsylvania RR, to divest itself of the stock it holds in the
two smaller roads.
The Wabash and Lehigh Valley are under the direct control of the Pennsylvania Co., a non-operating subsidiary owned by the Pennsylvania RR.
The Pennsylvania has already announced its intention to carry "to the
U. S. Supreme Court if necessary" its fight against the order of the I.
-S.
0. Commission, handed down on Dec. 6, to dispose of its holdings in the
two smaller roads.
In her complaint, Mrs. Guiterman declares that the defendants spent
more than $106,500,000 to obtain controlling interests in the Wabash and
Lehigh. She demands an accounting and contends that all losses should
be borne by the directors, who should be compelled to reimburse the treasuries of the Pennsylvania Co. and the Pennsylvania RR.
The suit was originally filed in Supreme Court in Mineola in December.
Supreme Court Justice Byrne signed the order transferring it to Federal
Court on Jan. 19 on the unopposed application of the defendant companies.
Those named by Mrs. Guiterman are General W. W. Atterbury, President of the Pennsylvania RR. and the following directors: Charles Day,
Percival Roberts Jr., Ellsha Lee, Edgar C. Felton, Howard Heinz, Levy L.
Rue, John T. Dorrance, Charles F. Ingersoll, Arthur W. Thompson,
Richard B. Mellon, Effingham B. Morris, Jay Cooke,
Mrs. Guiterman sues as the owner of 100 shares of capital stock of the
Pennsylvania,RR. She contends that the defendant directors caused the
Pennsylvania RR, to purchase large quantities of the capital stock of the
Wabash and Lehigh Valley RR.' with the result that about 48% of the
total issued and outstanding capital stock of the Wabash company and
about 49% of the Lehigh stock are held.
Although this control is not more than half of the stock, the complaint
asserts that the percentage of Wabash and Lehigh stock controlled by the
defendants constitutes more than 50% of all the stock represented and
voting at the stockholders' meetings of these two companies during the
last five years.
-S. C. Commission, Mrs. GuiterAfter outlining the hearings before the I.
man asks judgment on four counts. They are the acquisition of stock by
the Pennsylvania RR. be declared unlawful, that an accounting be made,
and all moneys spent in this enterprise, plus interest, be returned to the
railroad company'a treasury; that the directors divest themselves of such
stock as they hold in the Wabash and Lehigh, and that any penalties imposed for violation of the country's anti-trust laws be paid by the directors
personally.
Counsel for Road Says Guiterman Issue Same as Decided
by Commission.
-
653
St. Louis-San Francisco Ry.-Proposed Passenger Fare
Reductions Opposed by Carriers.
Protest against the company's plan to reduce railway passenger coach
fares on its lines and those of subsidiary companies, effective Feb. 1, from
3.6 cents per mile to 2 cents per mile to meet bus competition, was filed
with the 1.-S. C. Commission Jan. 13 by the Missouri Pacific, St. Louis
Southwestern and Missouri-Kansas-Texas railroads and their Texas
subsidiaries.
The southwestern carriers charged that if such reductions were allowV
to become effective all railroads in that territory would be forced to reduce
their rates in order to meet the resulting competition.
The Commission was asked to deny the proposed passenger rate reduction
and cancel the Frisco's schedules proposing the change.
The southwestern carriers protested against the Frisco's proposed 2
-cent
fare, charging that such a reduction constituted a horizontal reduction of
44.4% in passenger coach fares.
It was explained that the Frisco lines had many points in common with
the lines of the protesting carriers, notably such cities as St. Louis, Dallas,
Fort Worth, Wichita, Memphis, Oklahoma City, and others.
-V. 132, p.
123.
Seaboard Air Line Ry.-To Redeem Equipment Trusts.
-S. C. Commission to use
The receivers have been authorized by the I.
$1,198,782 of the proceeds from the sale of the company's common stock
for the retirement and cancellation ofan equal amount of its equipment trust
obligations maturing in 1931. The proceeds result from the sale of 2.994.420
shares of(no par) common stock which the company was authorized to sell
on Nov. 12 1929. The approval order restricted the use of the proceeds
Which necessitated the further authority to use them as now proposed.
Foreclosure Proceedings Started.
The first formal step to foreclose the mortgage of the first and consolidated
mortgage bonds was taken at Norfolk Va., Jan. 15 with the filing of a petition by representatives of the Guaranty Trust Co. of New York, trustee
under the bonds. The petition filed in the U.S.District Court asked permission to sue the road and the receivers for the amount of the mortgages.
Granting the petition, Judge D. Lawrence Groner's order permits the new
suit to take precedence over the original action filed by the Bethlehem
Steel Corp., which resulted in the appointment of Leigh R. Powell, Jr.,
President of the road and Ethelbert W. Smith,former Vice-President of the
Pennsylvania RR. as receivers.
Application for Loan Denied.
The application of the company for authority to issue $1,710,500 1st &
consol. 6% bonds, series A,in reimbursement of capital expenditures made
last year, has been denied by the I.
-S. C. Commission because of the fact
that the company is in receivership. The application was made originally on Nov. 3 and receivers were appointed for the road Dec. 23.V. 132, p. 488, 308.
Southern Pacific Co.
-Extension.
-
The I.
-S. C. Commission Jan. 6 issued a certificate authorizing the
Central Pacific By. and the Southern Pacific Co., lessee, to construct an
extension of a line of the Central Pacific from Isleton in a general southeasterly direction to a point near the Golden State Cannery at the intersection of the Mokelumne River and Georgiana Slough, 2.462 miles, In
Sacramento County, Calif. The Southern Pacific Co. is lessee of the
properties of the Central Pacific.
-V. 132, p. 308.
Southern Ry.-Orders Rails.
-
Vice-President R. B. Pegram on Jan. 17 announced that contracts for
35,100 tons of steel rails, for delivery during February, March and April,
In response to inquiries, Judge 0. B. Heiserman, Vice-President and have been let.
General Counsel, states:
Most of
"The suit of Mary Van L. Guiterman against the Pennsylvania RR., Coal, Ironthe rails will be rolled at the Ensley (Ala.) plant of the Tennessee
& Railroad
the Pennsylvania Co. and the directors of the Pennsylvania RR. Co., was having been given thatCo., Mr. Pegram said, contracts for 30,655 tons
remainder, 4.445 tons,
originally filed on Dec. 31 in the Supreme Court of the State of New York, tracted by the Bethlehemconcern. TheThe purchase will includewas conSteel Corp.
400 tons
Nassau County, and at the instance of the Pennsylvania RR. a resident
-pound section, 26,860 tons of 100
-pound section and 7,840 tons of
of the State of Pennsylvania, was removed to the United States Court for of 130
85-potind section rails.
the Eastern District of New York. The Pennsylvania RR. is the only
It was estimated the two orders would cost $1,500,000 and would provide
defendant upon which service of summons has been made.
-V.132, p.488.
The issues are the same as those presented in the Clayton Act case re- rails for laying 231 miles of track.
cently decided by the 1.-S. C. Commission, involving the purchase by the
Texas & Pacific Ry.-To Issue Bonds Instead of Notes.
Pennsylvania Co. of the stock of the Wabash and Lehigh Valley. This
On the ground that
case will ultimately reach the U. B. Court of Appeals and perhaps the U. S. favorable for permanentpresent conditions in the bond market are more
financing than they have been, the company has
Supreme Court and it is not probable that the Guiterman case will make withdrawn
an application to the 1.-S.C. Commission for authority to issue
much headway before the Issues are finally decided.
-V.132, p.487.307.
$13.000,000 6% short-term notes and instead will sell a like amount of
general and relining mortgage 5% gold bonds maturing in 1980.
Peoria & Bureau Valley RR.
-Larger Dividend.
The Commission Jan. 19 announced its dismissal of
application as
The directors have declared a semi-annual dividend of 4% on the com- the notes and at the same time made public the termsthean order whichto
of
it
mon stock, par $100, payable Feb. 10 to holders of record Jan. 23. From had issued on Jan. 15 authorizing the company to issue $19,730,000 of the
Feb. 1923 to and incl. Aug. 1930 the company paid 355% semi-annually. bonds, of which $13,000,000 are to be sold at a price of 96 and int. to J. P.
,
except in February 1929, when a distribution of 4% was made.
-V. 128, Morgan & Co., making the average net cost of the funds to the company
p. 308.
5.226%. See offering in V. 132, p. 308.
Union Pacific RR.
Philadelphia Baltimore & Washington RR.
-New Union Station Opened at
-Bonds
Offered.
-An issue of $11,301,000 gen. mtge.43% gold bonds Omaha-Facilities Provide Marked Increase in Track Capacity
and Include a Headhouse of Striking Design.
series C is being offered at 102 and int., to yield 4.40%,
The
by Kuhn, Loeb & Co. Guaranteed as to both principal was "Railway Age" Jan. 17. states that on Jan. 6,a new union station
placed in service at Omaha. Neb., thereby marking the completion of a
and interest by endorsement by the Pennsylvania RR. $2,400,000 project that had been in progress for 17 months. The station ocBonds are dated July 1 1927 and mature July 1 1977. Not cupies the site of the old Union Pacific station. erected in the late nineties.
and was built for the accommodation of the same railways (except the
redeemable before maturity.
Chicago Groat Western) that used the told terminal, namely,
Issuance.
-The guaranty and sale of these bonds are subject to the
approval of the I.
-S. C. Commission.
Legal Investments for savings banks and trust funds under the laws of
New York, New Jersey and other States.
Data from Letter of W. W.Atterbury, Pres. of Pennsylvania RR.
These bonds are the direct obligation of the Philadelphia, Baltimore &
Washington Railroad Co. and will be guaranteed as to both principal and
Interest by endorsement by the Pennsylvania RR. Co.
Bonds.
-The bonds are issued under the general mortgage dated Jan. 1
1918, and an indenture supplemental to said mortgage, dated Jan. 1 1924,
and will be secured by direct mortgage on 413 miles of road, including all
branches, together with additions and extensions, and lands, buildings,
rights of way, bridges, shops, terminals, equipment, trackage rights,
franchises, &c., and other appurtenances including the main line of the
Pennsylvania Rallroad System between Philadelphia, Baltimore and
Washington. In addition there are included under the mortgage 245 miles
of leaseholds. 97 miles of operating rights, and 17 miles of trackage rights,
which latter afford long time right of entry into terminals at Philadelphia,
Baltimore and Washington.
Total authorized amount limited to $60,000,000, of which $6,000,000
issued to and owned by Pennsylvania RR. are pledged as part collateral
for its 15-year 6 % secured gold bonds, due Feb. 1 1936. $5,000,000 of
series A bonds are in the treasury of Pennyslvania RR., and there will be
outstanding in the hands of the public after the present issue, $10,000,000
of series B 5% bonds and 111.301.000 series C
% bonds. $20,955,000
general mortgage bonds are reserved to retire a like amount of prior lien
obligations, all of which are closed at their outstanding amounts (except
that Philadelphia, Baltimore & Washington RR. 1st mtge. 4% gold bonds
may be issued to refund $1,000,000 Philadelphia, Wilmington & Baltimore
RR.4% debentures) and may not be renewed or extended but when due
will be paid and cancelled.
-To reimburse the treasury of the Pennsylvania RR. for
Purpose.
advances made by it to Philadelphia, Baltimore & Washington RR. for
capital expenditures heretofore made.
Property.
-The property of the Philadelphia, Baltimore & Washington
RR. is leased for 999 years from Jan. 1 1928 to Pennsylvania RR. on a
rental basis equivalent to fixed charges and taxes and a divided of 6% Per
annum on the present capital stock amounting to $29,837,000, practically
all of which is owned by Pennsylvania RR.or its subsidiaries.
Listing.-Appllcation will be made to list these bonds on the New York
-V. 129. p. 627.
Stock Exchange.
the Chicago
& North Western,the Chicago, Milwaukee, St. Paul & Pacific,the Chicago,
Rock Island & Pacific, the Illinois Central, the Missouri Pacific, the Union
Pacific and the Wabash. A total of 82 regular trains start or terminate
their runs or pass through this station daily. For further details see
"Railway Age" Jan. 17. P. 187-192.-V. 131, p. 3041. 2693.
PUBLIC UTILITIES.
Allegheny Gas Corp.
-Sales Increase.
-
The corporation reports sales of natural gas for the 11-month period
ended Nov. 30 1930. of 2,395,563.000 cubic feet against 1.772,025.000
cubic feet for the corresponding period of 1929,a gain of over 35%. During
November two new wells were added to the company's holdings, bringing
the total number up to 170. Gas lands owned or controlled as of Nov. 30
amounted to 48,646 acres, with gas reserves estimated at 32.604.437.000
cubic feet.
-V.131. p. 4214.
American Elec. Power Corp.(Del.).
-Acquisition Deni,ed.
Reports that this company has acquired the Newport Gas Light Co.
have been denied. (See also Northeastern Utilities Associates below.).
V. 132, p. 488.
American Natural Gas Corp.
-Earnings.
For income statement for 12 months ended Nov. 30 see "Earnings De
pertinent" on a preceding page.
-V. 131, p. 3364.
-Listing.
-American Power & Light Co.
The New York Stock Exchange has approved the transfer of authority
for the listing of 60,000 shares of the $5 preferred stock, series A (no par
value) to the same number of shares of the company's $5 preferred stock,
series A, stamped, so that the total number of shares of $5 pref. stock,
series A,authorized to be listed will become 613,057 shares, while the total
number of shares of $5 preferred stock, series A, stamped, so authorized
to be listed will become 460,000 shares.
Arrangements have been made by a banking syndicate for the Immediate
acquisition of 60,000 additional shares of the company's $5 preferred stock,
series A. These additional 60,000 shares will be issued as $5 preferred
-V. 132, p. 308.
stock, series A stamped.
American Telephone & Telegraph Co.
-New Telephone Cable to Cuba Goes into Service.
A telephone call from New York City to Havana. Jan. 22, marked the
Quanah Acme & Pacific Ry.-Bonds Authorized.
opening of commercial service over toe first circuit in the
The I.
-S. 0. Commission Dec. 26 authorized the company to issue telephone cable between Key West, Florida and Havana. new undersea
At Rey
$746,000 1st mtge. 6% gold bonds in reimbursement for capital expendi- the cable connects with the Bell System, while at Havana it meets theWest
lines
tures heretofore made, the bonds to be delivered to the St. Louis-San of the Cuban Telephone Co.
Francisco By., $419,585 thereof in repayment of capital advances and
Within a few days the two remaining circuits in the cable will also be
-V. 130. P. 1110.
$326.415 to be sold to It at par.
telephone traffic of the year between the two
ready to share the heaviest
654
FINANCIAL CHRONICLE
[VOL. 132.
countries. The tourist season in Cuba is nearing its peak. Telephone
Appalachian Gas Corp.—Sales Increased.—
calls between the United States and Cuba during the first half of this
The corporation reports gain in sales of natural gas for the 11-month
month have shown a growth of 8% over the same period in 1930.
period ended Nov. 30
cubic feet over the
and oper- ponding period of 1929, 1930, of 4,095712,527of the companies now corresaftWith the three older telephone cables, the new cable is owned
within
during which time four
ated by the Cuban American Telephone Co. which is jointly owned by the the group were not in operation. Total sales to Nov.30 1930, were 18,633,American Telephone & Telegraph Co. and the International Telephone & 069,900 cubic feet, against 14.537.357.373 cubic feet for the first 11 months
Telegraph Corp. It is 127 land miles long, and at places lies a mile below of 1929.
the surface of the Florida Straits. Developed by the Bell Telephone
Exclusive of companies not operating during 1929, sales to Nov.30
Laboratories, it represents electrically the latest improvements in telephone were 16,548,668,900 cubic feet against 14,291,619,373 cubic feet for1930
the
cable design. It provides as many telephone circuits as do the three older corresponding 1929 period, a gain of 2,257,049,527 cubic feet, or over
Key West Havana cables combined.
The new cable was laid by the company which manufactured it—The
Sales for the month of November 1930. were 2,066,550,100 cubic feet,
Norddeutsche Seekablewerke of Nordenham, Germany. The course was against 1.727.162.800 cubic feet the preceding month,a gain of over 19%
buoyed beginning Dec. 13. Following that the various sections were laid, V. 132, p. 489.
spliced and tested, after which a series of overall tests were conducted
between points in Cuba and others in the United States—V.132,p.488.123.
Beauharnois Power Corp., Ltd.—Proposed Bond Issue.
It is proposed in the future to offer bonds (estimated not to exceed
American Water Works & Electric Co., Inc.—Output.— $50,000,000 of the Beauharnois Light, Heat & Power Co. in order to bring
The power output of the electric subsidiaries of this company for the to completion the development of 500,000 h.p. It is estimated that the
month of December totaled 149,558,029 k.w.h. a decrease of 10% from annual interest and sinking fund requirements will be $2,750,000.
-year 6% coll, trust
At present there are outstanding $30,000,000 of 30
the output of 164,995,996 k.w.h. for the corresponding month of 1929.
For the year ended Dec. 31 1930, power output totaled 1.861,335,016 s. f. bonds (closed issue), dated Oct. 1 1929, of the Beauharnois Power
k.w.h.. 4% less than the output of 1,931.113,075 k.w.h. for the year 1929, Corp.,Ltd.
It is estimated by the company's engineers that upon the sale and delivery of the 500,000 h.p. now being installed, the consolidated annual
Listing of Voting Trust Certificates for Common Stock.—
listing of temporary earnings of the Beauharnois Power Corp. and its subsidiary companies,
The New York Stock Exchange has authorized the
for all operating expenses and available for bond interest,
voting trust certificates for 1,577.949 shares of common stock (no par value) after providing
$6,200,000.
now authorized to be listed, on official notice of issuance from time to time will amount to overhas issued a 16
The corporation
-page booklet which presents the imupon the deposit of a like number of shares under the voting trust agree- portant physical and financial features of the Beauharnois power and
ment dated Jan. 2 1931.—V. 132, p. 309.
navigation undertaking.—V. 130, p. 1455.
Arizona Edison Co.—Earnings.—
Bell Telephone Co. of Canada.—Expansion.—
For income statement for 12 months ended Nov. 30 see "Earnings DeThe company will spend a large part of the $20,000,000 expenditures
partment" on a preceding page.—V. 131. P. 3364.
-Canada trans-continential telephone
scheduled for 1931 to provide an all
hook-up, it is stated, Trans-continental calls now must be routed at certain
Associated Gas & Electric Co.—Exchange of Debenture points over lines in the United States. to be spent on central office equipOf the total program, $5,717,000 is
Rightsfor Optional Stock Purchase Warrants.—Secretary M.C. ment. 25,850,000 for subscribers' station equipment, 22.695,000 for longdistance outside plant, $426,000 for exchange lines, and $1,000,000 for
O'Keeffe, Jan. 17, says:
exchange lines, and $1,000,000 for land and buildings.
All of the rights and privileges as set forth in the warrants originally atIn 1930 the company spent more than $27,000,000 on expansion.—V.131,
tached to the covnertible 4 % gold debentures, due 1948 and the deben- P. 4214.
ture rights for which they were exchangeable, have now expired. The
debenture rights were made exchangeable for optional stock purchase
Buffalo General Electric Co.—Bonds Sold.—J. P.
warrants on the basis of five such warrants for each debenture right.
Each optional stock purchase warrant now entitles the holder to purchase Morgan & Co.; Bonbright & Co., Inc.; First National Bank;
1-10 share of class A stock and 1-10 share of common stock, or 1-5 share of The National City Co.; Guaranty Co. of New York; Bankers
class A stock, or 1-5 share of common stock at the rate of $45 per full share
to and incl. Jan. 2 1932 and at the rate of $50 per full share after Jan. 2, Co. of New York; Chase Securities Corp.; Lee, Higginson
1932, to and incl. Jan. 2 1941; or one share of common stock, class A of & Co.; Schoellkopf, Hutton & Pomeroy, Inc., and BancGeneral Gas & Electric Corp., at $18 to and incl. Jan. 2 1932, and at $20
after Jan. 2 1932 to and incl. Jan. 2 1941. In other words, these are a america-Blair Corp. have sold at 101 and int. to yield
10
-year right at the prices specified which are well within the prices at which 4.45%, $20,000,000 gen. & ref. mtge. 43/2% gold bonds,
these stocks have sold during the past two years.
Holders of debenture rights and holders of warrants exchangeable for series 'B."
debenture rights should immediately forward their certificates to the comDated Feb. 1 1931; due Feb. 1 1981. Interest payable F. & A. 1 in
at Room 2016, 61 Broadway, N. Y. City, with advice as to the name N. Y. City and the City of Buffalo. Denom.$1,000 and $500, registerable
ving first name in full) and the address in which the optional stock pur- as to principal. Fully registered bonds in &nom. of $1,000, 25,000,
e ase warrants are to be issued. The optional stock purchase warrants will $10,000 and $50,000. Coupon and registered bonds and the several
be immediately issued and delivered in exchange. This offer of exchange, denominations thereof interchangeable. Redeemable as a whole but not
which is in substance a modified extension, is entirely voluntary on the part In part upon 30 days' notice on any int. date prior to maturity at the folof the company and will, therefore, be terminated as soon as a reasonable lowing prices and int.: To Feb. 1 1956, incl., at 1073/2%; thereafter to
opportunity has been afforded all holders of these rights to take advantage Feb. 1 1976, incl., at 105%; and thereafter at 100%. Marine Trust Co.
of it. Upon the completion of this and the exchange of common stock pur- of Buffalo, trustee.
Legal investment for savings banks in the State of New York.
chase rights, which are also being made exchangeable for optional stock
Issuance.—Issue and sale authorized by the P. S. Commission of N. Y.
purchase warrants, there will be but a single series of rights outstanding.
Data from Letter of President H. L. Mann, Dated Jan. 21.
- Electric and Gas Output Gains.—
Business and Properties.—Company has been In existence since 1892
.For the week ended Jan. 17,the Associated System reports electric output and furnishes electricity for light and power in the City of Buffalo and
of 63.287.383 k.w.h., an increase of 3.4% over the same week of 1930. various adjoining communities. The total population of the district
Gas output for the System totalled 408.106,300 cubic feet for the week
is estimated to be approximately 638,000. As of Dec. 31 1930 the
ended Jan. 17,an increase of6.5% over the same week of 1930. Of the 18 served
company had approximately 174,000 customers. Sales of power amounted
gas distributing properties in the Associated System, 16 report increases to 1,006.559,500 kwh. in 1930.
for this week ranging from 4
-laths of 1% to _,..66.1%•
. e_
Over 99% of the common stock is owned by Buffalo Niagara & Eastern
in turn is controlled
c
ar ofilhi— &Enpany Power Corp. whichof more than 99% ofby Niagara Hudson Power Corp.
Forbes & Co. have 5111Ta
its class A and common stocks.
through ownership
covering capitalization, earnings, and balance sheet. The The major portion of the power used is obtained under contract from the
Niagara Falls Power Co. and other affiliated companies, and is hydrofollows:
balance sheet
electric in origin. Company owns in addition an important steam genprogram of
Consolidated Balance"Sheet as Oct. 31 1930 (Company and Subsidiaries). erating station on the Niagara River. An extensive the addition enlargeof three
ment and improvement has been undertaken involving
Assets—
new units to this steam generating station. The first of these units went
Plant, property, franchises, cost of acquiring capital, investinto operation in August 1930, the second in December 1930 and it is
872,945,748
,* ments and accounts with affiliated companies _ _
1931. The addition of
12,914,382 expected that the third will be completed by May station, increasing its
Current Assets: Cash and special deposits
size of
13,933.211 these units will more than double the 230,000 this
Notes and accounts receivable
kilowatts as of July 1930
installed capacity from approximately
6,216.220
Materials and supplies
Upon
840,791 to approximately 465.000 kilowatts. stationcompletion of this developDeferred Charges: Prepayments
is expected to be one of the
generating
ment,
Unamortized debt discount and expense and other suspense 13,754,246 largestthe company's steam the United States.
and most efficient in
Purpose of Issue.—The proceeds will be applied toward the repayment of
$920,604,601
Total
$24,475,000 short-term indebtedness incurred chiefly in the construction
Liabilities—
of the new Units of this generating station and for other corporate purposes.
Capital Stocks and Surplus: Preferred stocks, class A and B
capital and surplus
$317.294,879 Contemporaneously with this bond financing, the company proposes to
and common stock,
issue and sell for not less than $11.200,000 an issue of preferred stock withObligations convertible into stocks at company's option_ __ _ 76.410,869 out par value.
Capital stocks of subsidiaries and surplus applicable thereto 52,045,256
Capitalization to Be Outstanding in the Hands of the Public.
Funded Debt: Associated Gas & Electric Co.—
$2,375,000
144,956,780 First mortgage 5% gold bonds due Feb. 1 1939
Bonds and debentures
45.577.270 First refunding 5% gold bonds due April 1 1939
allotment certificates
Investment and
:
7 0 01M
31.466,052 Gen.& ref. mtge,gold bonds,series A,5%,due Feb. 1 1956-- 10 02 00
Rochester Central Power Corp. purchase notes
161,901,825 Gen. & ref. mtge. 43 % gold bonds, series B, due Feb. 1 1981
Subsidiary companies
20,000,000
(this issue)
Current Liabilities: Bank loans (reduced to $15,000,000 at
at least 112,000 shares
18,100,000 Preferred stock (no par value)
Dec. 31 193W
2,883,676 Common stock (no par value)
Accounts payable
3
73 9 blhfor
Earnings.—The gross operating revenues, gross incomeaviTi12 seares
Rochester Central Power Corp. and subsidiaries notes and
5,159.849 interest after appropriation for retirements, interest charges and net income
accounts payable
9,292,735 of the company during recent years have been as follows:
Accrued Accounts: Dividends and interest
2,890,042
Gross
*Gross Income
Taxes
3,735,139 Calendar
Net
Operating After Appropria'n Interest
Consumers' deposits
Income.
6ears—
Revenues. for Retirements.
Charges.
Reserves: Renewals, replacement and retirement of property- 38.825,292
10,064,930 1926
23.027,841
$11,616.269
reserves
$3,935,062
Other
2,910,388
1927
199°907:21326
12,373,986
3,900,524
1920.604,601 1928
3.437,048
13,435,565
957,238
4,394,286
Total
4,292,757
have 1929
14,062,480
5,444,266
1,151,509
The Associated Gas & Electric Co. and (or) its subsidiary companies com- 1930(Dec.est.)
3,775,000
14,039,000
1,312,000
5,087,000
available for immediate sale mortgage bonds of subsidiary operating well
savings banks In New York State as
* Income available for interest shown above does not include the companies. all of which are legal for hank loans and its obligations maturing
pany's proportion of the undistributed profit of Niagara Electric Service
other States, in excess of Its
as in
Corp., a wholly owned subaldiary, not consolidated. Such undistributed
In 1931.
Capitalization.—The consolidated capitalization of the company and profit for the year 1930 (December estimated) amounted to approximately
Oct. 31 1930, after reflecting the recent exchange of $69,000.
suWidiaries as of
follows:
During the above period of five years, Income available for interest
preference stock for class A stock, was as
Outstanding.
averaged over 4.2 times interest charges, exclusive of interest charged to
Associated Gas & Electric Co.—
1,669,998 sits, construction. Income available for interest in 1930 (December estimated)
Common stock
599,381 slis. WU $5,087.000. or more than 2.7 times annual interest requirements of
Class 13 stock
4,347,516 shs. $1,870,200 on the debt of the company as it will be outstanding after this
Class A stock
246,500,000 bond and preferred stock financing. The above figures reflect operations
Preference stocks, liquidation value
40.007,300 of the first of the new units since August 1930 and of the second during
Preferred stocks, liquidation value into stocks at company's
December 1930.
Debenture obligations convertible
Security.—The mortgage Is a direct lien on all of the company's real estate,
76,410.870
option
27.847.225 plant and equipment used in connection with the generation and distribu% investment certificates
tion of electric light and power now owned or hereafter acquired, subject
17,730,045
Allotment certificates debentures, due 1977
5,993.000 only to the liens securing $9,404,000 underlying bonds maturing in 1939
5 % convertible gold
44,721,160 in the hands of the public. Under the terms of the mortgage the aggregate
5consolidated refunding bonds due 1968
37,472,000 amount of underlying bonds cannot be increased.
debentures, due 1950
After completion of this financing the funded debt outstanding will be
5 convertible
3.872.040
convertible debentures, due 1948
4
52,791.600 $39,404,000, or less than 60% of the value of the physical property owned
4 % convertible debentures, due 1949 notes
31,466,052 as shown by the books of the company. The cost of reproduction of the
purchase
Roehester Central Power Corp.
106.980 company's property at present prices, according to conservative estimates,
Other funded debt of company
would be largely in excess of its book cost.
Subsidiary Companies:
The company upon completion of the above-mentioned preferred stock
161.901,825
Funded debt
financing will have outstanding at least 112,000 shares of preferred stock
49,124.842
Preferred stocks, liquidation value
1,261,784 (no par) and of a liquidating value of $100 per share, and 733,790 shares of
stated value)
Minority common stocks (par or
common stock (no par). Dividends on the common stock have been paid
—V. 132, p. 489, 309.
7y
—Harris,
JAN. 24 1931.]
FINANCIAL CHRONICLE
without interruption since 1900, the amount paid during 1930 having been
$4.40 per share.
Listtng.-Company will make application in due course for the listing
of these bonds on the New York Stock Exchange.
-V. 128, P. 556.
655
Eastern Minnesota Power Corp.
-Earnings.
-
For income statement for 12 months ended Nov. 30 see "Earnings Department" on a preceding page.
-V. 131, p. 4053.
Eastern Shore Public Service Co.
-Bond Issue.
-E. H.
Canadian Western Natural Gas, Light, Heat & Power
Rollins & Sons recently offered at 94 and int., to yield 5.44%,
Co., Ltd., Calgary.
-Extra Dividend.
-year 5% gold bonds,
The directors have declared an extra dividend of 50 cents per share in $1,000,000 1st mtge. & 1st lien 25
addition to the regular quarterly dividend of $1 per share on the common series B.
stock, both
payable Jan. 15 to holders of record of the same date. Like
amounts were paid on Oct. 15 last.
-V. 132. p. 490.
Cayuga Southern Telephone
McLean Telephone Co.
-
-Acquisition
Co.
of
The I.-8. 0. Commission Dec. 31 approved the acquisition by the company of the properties of the McLean Telephone Co.
-V. 122, p. 3209.
Central Indiana Power Co.
-Sale of Eight Small Operating Subsidiaries.
See Indiana Electric Power Corp. below.
-V. 131, p. 2693.
Central Public Service Corp.
-Merchandise Sales.
Merchandise sales for the first 11 months of 1930 were $4,259,502, an
increase of6.2% over sales of$4,008,124 in the corresponding period of 1929,
E. L. Callahan, general commercial manager, reports. Sixty per cent of
these sales, which are net after deduction of all returns and allowances
represent net installations and additional appliances put into service,
creating additional demands for gas and electricity.
-V. 132, p. 490.
Chicago Local Transportation Co.
-Extension of Time
for Depositing Securities under Reorganization Plan.
Pursuant to the provisions of the reorganization plan dated Dec. 1 1930,
providing for a comprehensive unified local transportation system in the
City of Chicago, and metropolitan area by reorganizing the properties of
Chicago Railways Co., Chicago City Railway Co., The Southern Street Ity.
Co., Calumet & South Chicago Ry. Co. and Chicago Rapid Transit Co.
Halsey, Stuart & Co.. Inc., reorganization manager, announces that the
time within which holders of the securities may deposit them and become
entitled to the benefits of the reorganization plan has been extended to
and including Feb. 28 1931.-V. 132, p. 490.
-Earnings.
Chicago Surface Lines.
Wm. Hughes Clarke has issued the following:
Operating results of the surface lines for December 1930 again repeat
the excellent record of net earnings these properties yield on their bonds
and stocks. The figures for 11 months from Feb. 1 to Dec.31 are as follows:
$52.160,956
Gross earnings
43,854,963
Expenses, reserves, taxes &c
Net earnings after depreciation
First mortgage interest
$8,305,993
3,884,982
Balance
City compensation
$4,421,011
415,397
Surplus retained by companies
$4,005,614
The bulletin further states: The $4,005,614 surplus retained by the companies after payment of City Compensation and first mortgage interest
was $1,020,631 in excess of the $2,984,983 total required for the.5% and 4%
interest accrued but not paid on the consolidated A, purchase money, connecting trust, consolidated 13 and Income bonds and for the dividends
formerly paid at 6% on City Railway stock and at 8% on Railways series 1
certificates.
-V. 132, p. 309.
Cities Service Co.
-1930 Net Earnings of 858,000,000
Set All Time Record.
-
Net earnings for the year 1930 were $58,307,813, a new high record for
any year in the history of the organization and an increase of more than
34% over 1929, which heretofore had been the banner year.
The company's not earnings for the 12 months were 6.24 times interest
and discount on its debentures. Net to stocks and reserves amounted to
$48,975,755 or 6.65 times preferred stock dividends. This compares with
$36,477,184 or 5.30 times for the corresponding period a year ago. Net
to common stock and reserves jumped to $41,614,216 or $1.39 per share
on the average number of shares outstanding and an increase of $12,022,766
or 40% over the same period last year. The earnings of $1.39 per share
compare with $1.18 shown by the company's earnings statement for the
12 month's period ended Dec. 31 1929.
The extent of Cities Service subsidiaries' operations was greatly increased
during 1930. Over $150,000,000 was spent for construction and acquisitions
during the year. A large part of this expenditure went into expansion of the
organization's oil producing, refining and marketing and natural gas properties. In the public utility division the most important development was the
acquisition of a controlling interest in the Federal Light & Traction Co.
The properties involved in this acquisition tie in very well with the already
large Cities Service system.
The retail oil marketing division of the company enjoyed in 1930. the
largest expansion in its history. Hundreds of new stations were constructed
or purchased and many new dealer organizations are now handling Cities
Service products.
During 1930, owners of Cities Service Common stock increased 87,500
to a total of 438,000. The number of holders of all Cities Service securities
is over 750,000.
Earnings.
-For income statement for month and 12 months ended
Dec. 31 1930 see "Earnings Department" on a preceding page.
Regular Dividends.company has announced monthly dividends of 2)4 cents per share in
of 1% in stock on the common stock. Regular monthly divicash and
dends of 0 cents per share on the preferred stock and preference BI3 stock
and 5 cents per share on the preference B stock were also announced, all
payable Mar. 2 to holders of record Feb. 14. Like amounts are payable
-V. 131, p.4053.
on Feb. 2 next.
-Control.
Dixie Gas & Utilities Co.
--V. 130, p. 2767.
See United Gas Public Service Co. below.
Duquesne Gas Corp.
-Reports
Dated Sept. 1 1930; due Sept. 1 1955. Redeemable at any time on
30 days' notice as a whole or in part, at 105. reducing X of 1% for each
Year elapsed from Aug. 31 1932, if redeemed prior to Sept. 1 1952, and
at par if redeemed on or after Sept. 1 1952. Int. payable M.& S. in Philadelphia. Denom. $500 and $1,000c5 Pennsylvania Co.for Insurances
.
on Lives and Granting Annuities, Philadelphia, trustee. Company agrees
to pay interest without deduction for any normal Federal income tax not
exceeding 2% and will refund Connecticut, Pennsylvania, Maryland, California and the District of Columbia taxes at rates not exceeding the rates
in each case as existing on Sept. 1 1930 (but in the case of California not
exceeding 4 mills per annum) and also the income tax, not exceeding 6%,
on the interest thereon in Massachusetts.
Data from Letter of A. W. Higgins, President of the Company.
Company.-Incorp. in Delaware in 1915. Owns and operates electric
Public utility properties in Delaware. It also owns 100% of the funded
debt and the capital stock, except directors' qualifying shares. of Eastern
Shore Public Service Co. of Maryland. Consumers Public Service Co.,
Delmarva Power Co. and Eastern Shore Public Service Co. of Virginia.
Company and its subsidiaries furnish electric light and power service,
without competition, to 115 communities having a combined population of
approximately 82,000.
The electric system of the company and its subsidiaries includes generating stations having a total installed capacity of 24,672 h. p. and 266 miles
of high tension transmission lines and a distribution system serving 21,194
Customers. The gas property has a daily capacity of 90.000 cubic feet
and 15 miles of mains serving 937 customers. The ice plants have an aggregate daily capacity of 125 tons. During the year ended August 31 1930.
30,728,935 kw. hrs. of electrical energy were generated.
CapitalizationOutstanding.
Authorized.
1st mtge. & 1st lien gold bonds 20-yr. 51.4 V*.
Series A
*
$4,800,000
25 Year 5%,Series B (this issue)
1,000,000
Cumulative pref.stock $6.50 series (no par).
14,908 she.
50,000 shs.1,
6. series (no par)
7,360 she.
Common stock (no par)
00,000 she. 126,000 she.
*Unlimited. Additional bonds may be issued only under the restrictive
provisions of the Indenture.
All stocks and funded debt of the above named subsidiary companies,
except directors, qualifying shares, are owned by the company and deposited under the Indenture.
Security.
-Secured by a first mortgage on the fixed properties of the company, and a first lien on all outstanding stocks and bonds, except directors'
qualifying shares, of the above named subsidiaries. The depreciated value
of said properties, as recently appraised, with additions to August 31 1930.
plus working capital and going concern value, is over $2,680,000; and the
properties of said subsidiaries, as recently appraised, with additions to
Aug. 31 1930, have a depreciated value of over $6,430,000, including working capital and going concern value. The bonds to be presently outstanding will, therefore, represent less than 64% of such total valuation of over
$9,110,000.
Consolidated Earnings 12 Mos. Ended Aug. 31.
1929.
1930.
Gross earnings,including other income
$1,689,138 $1,872,017
Operating exp., incl. maint. & taxes other than
Federal income taxes
1,018,916
1,149.381
Net earn., before int.. dive., depreciation, etc.__ $670,222
$722,636
Annual interest requirements on outstanding
bonds, including this issue
314,000
Over 89% of the net earnings of $722,636 was derived from sale of electric
light and power.
Purpose.
-To reimburse treasury for additions and betterments to
properties and for other corporate purposes.
-Company is a part of the Middle West Utilities system.
Management.
131. p.3367.
European Electric Corp., Ltd.
-Earnings.
Earnings for Period from Feb. 3 1930 to Dec. 31 1930.
Income from dividends and interest
$2,277,355
Expenses
49,982
United States and foreign taxes withheld at the source
23,252
Net income applicable to interest charges
Interest on debenture bonds and other interest
$2,204,121
710,711
Net income applicable to dividends
Dividends paid
$1,493,410
855,009
Surplus
$638,401
The corporation at the time of its incorporation last February had outstanding $12,900,000 35-year 6X % gold debentures, 1.400,000 shares
class A stock and 500,000 shares of class B stock. The corporation owns
substantial interests in some of the largest public utility enterprises in
Europe, including Adriatic Electric Co., Italian-Belgian Electric & Public
Utility Co. and European Electric & Public Utility Co.
-V.131. P. 3367.
General Telephone & Electric Corp.
-Registrar.
-
The Bank of America N. A. has been appointed registrar for 517,726
shares of voting trust common stock.
-V. 132, p. 310; V. 131, p. 2377.
Great Lakes Utilities Corp.
-Sale of Fulton Fuel &
Light Co. Proposed.
See Niagara Iludson Power Corp. below.
-V. 132, p. 491.
Houston Gas & Fuel Co.
-Control.
-
See United Gas Public Service Co. below.
-V. 129, p. 2226.
Houston Gulf Gas Co.
-Control.-
Progress During 1930.
- see United Gas Public Service Co. below.
-V. 131, p. 4216; V. 130.
The corporation has issued the following resume in respect to its 1930 p.2389.
operations:
"When the Duquesne natural gas properties were consolidated last year
Indiana Electric Corp.
-Acquisition of Properties of
there were 147 wells. To-day there are 170-164 natural gas and 6 oil.
While engineers estimated an average open flow per well of about 250,000 Eight Subsidiaries of Central Indiana Power Co.
to 300,000 cubic feet, the actual drilling results exceeded 800,000 cubic
The purchase of the properties of eight of the small operating subsidiaries
feet per well. The drilling program to date has increased the daily open of the Central Indiana Power Co. by the Indiana Electric Corp. has been
flow capacity by mere than 18,500,000 cubic feet.
approved by the Indiana P. S. Commission. These subsidiaries are: Colfax
"The outlook for the balance of the fiscal year is extremely favorable hiectric Co., Indiana Gas Light Co., Moran Electric Light & Power Co.,
and as the winter progresses, additional wells will be turned into the line, Mulberry Light & Power Co., Noblesville Water & Light Co., Stilesville
thus leaving a satisfactory reserve position to meet emergency requirements. Electric Co., The West Lebanon Electric Light, Heat & Power Co.,and
In this connection, all of the new wells which were drilled by the corporation Zionsville Water & Electric Light Co.
in preparation for the winter market are now in the line.
The Indiana Electric Corp. will pay $854,049 for the properties and assume
''During the year, the corporation's subsidiary, Victor Gas Co., has the funded indebtedness of the companies and their current liabilities. The
added several miles to its pipe lines in Fayette Co. where about 45% of Indiana Electric Corp. will issue additional common stock to provide
the corporation's total acreage is located.
funds for the acquisition of the properties. See also V. 131, p. 2694.
"The corporation's position has already been materially strengthened
with its largo customers operating in the Pittsburgh district, to whom it
Indiana Gas Light Co.
-Sale.
-expects to sell considerably more natural gas in the future.
See Indiana Electric Corp. above.
-V. 122, p. 2798.
"In line with its expansion program, the corporation now has four addi-V. 131, P. 3528.
tional wells drilling."
Interborough Rapid Transit Co.
-Tenders.
N. Y. City, will
The
trustee, 140
Eastern Massachusetts Street Ry.-Dividend Outlook.
- April 1Guaranty Trust Co..sale to it of Broadway,mtge. 5% gold until
let & ref.
the
receive bids
bonds.
There has been some inquiry regarding the dividend status of the first due Jan. 1 1966. to for amount sufficient to exhaust $951,069 at a
F
an
price
preferred and sinking fund stocks. A year ago the usual quarterly dividend not exceeding 110 and interest.
-V. 132, p. 491. 125.
of $1.50 a share was declared around the first of January, payable Feb. 15
record Jan. 31. No action has yet been taken on the dividend
to holders of
International Hydro-Electric System.
-Listing of Addiwhich would ordinarily be payable Feb. 15 next,as the trustees are awaiting
final results for December. It is probable that they will decide the question tional Class A Stock (Voting).
Monday (Jan. 26), and that their decision will be conThe New York Stock Exchange has authorized the listing of 16,423
at their meeting next
trolled by the complexion of the December statement. The November additional shares of class A stock (no par value) on official notice of
statement was very poor with net after all charges amounting only to the as a stock dividend of 2%, making the total amount applied for issuance
1.668.168
-V.131, p.3205,
shares.
nominal sum of $206.("Boston News Bureau.")
656
FINANCIAL CHRONICLE
For.. 132.
last named date the rights to purchase represented by such option warrants,
Consolidated Balance Sheet.
Sept. 30'30. Dec. 31 '29. series of 1929 expire.)
Sept. 30 '30. Dec. 31 '29.
-Securities acquired at date of organization, Jan. 31 1928. were
Note,
$
$
LiabilitiesAssets$
$
values on that date. All
the books
Plantsand prop_393,444,815 374,240,725 Funded debt_ - _217,997,055 218,819,845 set up on are carried at the marketaggregate indicated market subsequent
at cost. The
value as of
Accts. payable__ 18,022,617 6,613,722 purchases
See. & invest- 18,452,492 12,888,575
-V.
Jan. 14 1931, was $8,800,224 less than the value as shown above.
674,474
Divs.accr.&pay
Cash in escrow
for pow. devel 1,567,978 2,989,409 Deprec. reserves 29,244,893 27,298,197 130, p. 972.
4,502,618 4,478,998
Cash
4,255,842 6,999,723 Res.for eonting-Stock Dividend Ruling.
Lone Star Gas Corp.
Acct.& notesrec 5,758,513 5,869,167 Pref. & class A
Holders of common stock of record Feb. 2 1931, will receive a stock
stocks ofsubs_ 100,481,806 99,926,825
Inventories_ _ _ _ 3,320,307 2,961,959
dividend at the rate of one share ofcommon stock for every seven shares held.
Due fr. Mill. cos 11,591,666 9,588,257 Min. hit. in can.
the Pittsburgh Stock Exchange has
The Committee
385,193 surp. of subs_ 15,067,213 14,685,801 that the common on Securities ofquoted ex-dividend on Feb. 2, or ruled
332,345
Sinking funds.until
stock be not
Class A stock. a27,752,303 26,604,105
Def. assets, pre-V.131, p. 4053.
further notice.
Class B stock. b20,000.000 20,000,000
pd.& def.exp.
Common stock_ c2,000,000 2,000,000
applicable to
-Increased Generating CapaMiddle West Utilities Co.
future °per._ _ 3,425,123 3,686,434 Preferred stock_ d 7,139,950
Paid in surplus. 12,484,215 12,360,000 city 12% in 1930-Several New Projects Under Way.
Disc.on bonds &
978,449
surplus_ 1,875,072
Earned
other securiThe Middle West Utilities System's generating capacity increased 12%
Issued
15,318,659 14,828,975
during the year 1930 to a total of 1,356,943 kilowatts,according to year-end
announced by President Martin J. Insull. Principal additions
457,467,741 434,438,416 statistics
Total
457,467,741 434,438,416
Total
were in New England, Virginia, Florida, New Jersey. Oklahoma and Texas.
by 805,092 no par shares. b Represented by 1,000,000 Figures show that more than three-fourths of the total capacity is in steam
a Represented
no par shares. c Represented by 40,000,000 no par shares. d Repre- generating plants.
In addition, Mr. Insull announced that the System now has under con-V.132, p. 125.
sented by 142,799 shares.
struction approximately 150,000 kilowatts of new generating capacity,
--Expansion.
Interstate Public Service Co.
about equally divided between steam and hydro-electric stations. The maThe company will begin supplying Mitchell with gas service in February. jor new projects are a hydro-electric station at Bingham, Me., a new steam
The company now serves the community with electricity. Gas will be generating station on the shores of Lake Michigan at Sheboygan, Wis.,
piped to Mitchell through a high-pressure transmission main from Bedford. and a major addition at Bremo Bluff, Va.
The Middle West Utilities System added 1,069 miles of major transmission
At Bedford this transmission main will bo connected with the high-pressure
line laid last summer between Bedford and Bloomington. Bloomington lines during 1930. Fuel efficiency ofsteam generating stations in the System
In turn is interconnected with Martinsville by a gas pipe line. Construc- a year or more showed a further improvement, the coal per kilowatt-hour
tion of the Bedford-Mitchell transmission line has been started. The consumed by these stations in 1930 being 2.3% less than in 1929.
local distribution system in Mitchell will consist of about 2,300 feet of
Increases in Residential and Rural Sales.
three inch pipe and 25,000 feet of two inch pipe, all of which will be of
Continued increase in residential and rural sales of electricity by Middle
welded steel, covered with a protective coating of coal-tar base enamel
West Utilities System is shown in the report for the first 11 months of
-V.131, P. 2536.
rust and corrosion.
to prevent
1930. Residential sales for this period were 415.751.509 k.w.h., an increase
- of 18.7% over the same period last year. Rural sales increased 42.6%
-Defers Preferred Dividend.
Italian Superpower Corp.
quarterly dividend of to a total of 59.408,979 k.w.h.
The directors have voted to defer the regular
Large power sales for 11 months were 3.5% ahead of the same period last
$1.50 per share due Feb. 1 on the $6 cum. div, pref. stock. The last
year. Total sales were 2,987,048,672 k.w.h., an increase of 6.8%.
quarterly distribution on this issue was made on Nov. 1 1930.
-President S. A. Mitchell
Changes in Investment Holdings.
Jan. 15, in the annual report, stated:
31% Increase in Stockholders During 1930.
Preferred and common stocks of the Middle West Utilities Co.are widely
distributed, every State in the Union being represented on the roster of
Martin J.
public
During the year the company increased its interest in the General Italian stockholders,according to a tabulation madewith a by President
total of 84,885 stockyear
Edison Electric Corp. and exercised its rights to subscribe to additional !mull. The company completed the approximately 31% in the course of
interest in holders of both classes, an increase of
stock of the Meridionale Electric Co. It also purchased an
the Italian General Waterworks Co., which controls the water supply the year 1930.-Y. 131, p. 4216.
companies in Rome, Turin, Naples and Palermo. Your company also
-Earnings.
Mississippi River Power Co.
acquired an interest in the Centmle Co. partially as a result of stock diviFor income statement for 12 months ended Nov. 30 see "Earnings Dedends and partially through stocki subscription rights. The Central°
-V.131, p.3206.
of the Vaidarno Electric Co., the Tuscany Co. and the partment" on a preceding page.
Co. owns stock
Rome Electric & Gas Co. (of which companies your company is also a
Montreal Light, Heat & Power Consolidated.
stockholder) and is under the same management as are these three companies. Other holdings remain substantially unchanged, with the excep- New Treasurer.
tion of those assets which were transferred to the European Electric Corp.,
Percy C. Drake, Assistant Treasurer, was recently appointed Treasurer
Ltd.
to succeed G. Chagnon,retired. Arthur N. Ste. Marie, publicity manager,
The European Electric Corp.. Ltd., was organized under the laws of has been appointed Assistant Treasurer, with jurisdiction over the public
Canada in February 1930, to act in a supervisory capacity for power and relations department.
-V. 131. P. 4216.
light and other utility companies and to supply technical and financial
-Output Higher.
assistance in connection with the financing, business development and operNational Light & Power Co., Ltd.
of such companies and the construction of their properties. The
ation
The company reports an increase of 23.26% in kilowatt output for
principal organizers of this company were its President, Count Giuseppe November 1930, as compared with November 1929. This represents the
Volpi di Misurata, and his associates in Italy, which group has been the 11th consecutive monthly increase in electrical output of the company
dominating interest in the Adriatic Electric Co. since the latter's organiza- ast year.
-V. 131, p. 3710.
tion over 25 years ago•
Adriatic
-Stock Issue Approved.
New England Power Co.
The principal assets of this corporation are holdings of theCompany
General Waterworks Co., the National
Electric Co., the Italian
The stockholders on Jan. 21 authorized the directors to make applicafor the Development of Electric Undertakings (an investment company tion to the Massachusetts Department of Public Utilities for permission
owning shares of Italian power and light companies), the Compagnie to issue 45,000 additional shares of common stock, the proceeds to be
Europeenne pour Entreprises d'Electricite et d'Utilite Publlque,"Europel" used to retire indebtedness incurred for additions to property which are
(an investment company organized jointly with the Banque pour Entre- properly capitalizable.
prises Electriques, Zurich, and owning shares of a diversified list of EuroThis company is part of the New England Power Association, which
-V. 131, p. 4054.
pean power and light companies), and the Compagnie Italo-Belge pour latter company owns its entire common stock.
Entreprises d'Electricite et d'Utilite Publlque, "C. I. B. E." (a financial
in England, France, Greece,
-Not Sold to American
and supervisory corporation having interests
Newport (R. I.) Gas Light Co.
Hungary and Spain).
-Interest to be Acquired by NorthCorp. (Del.)
Your company exchanged all of its holdings in the National Company Electric Power
part
for the Development of Electric Undertakings, the majorof its of its hold- eastern Utilities Associates.
holdings in
the Italian General Waterworks Co. and certain
Electric Power Corp. above and Northeastern utilities
ings in
See American
-V. 132, p. 492.
the Adriatic Electric Co. for common stock, classes A and B and option Associates below.
warrants of the European Electric Corp.. Ltd., which represent an owner-Output, etc.
company of 26.462% of the class A stock, 12.007% of the
New York Edison Co.
ship by your
company.
companies
class 13 stock and 15.74% of the option warrants of that the Adriatic ElecThe generating station net output of electrical energy of the the output
company also sold the balance of its holdings in
System in 1930 was 63i% greater than
Your
in the New York Edison
tric Co. to the European Electric Corp., Ltd., receiving in payment all of for 1929. The 1930 output amounted to 4,983,507,819 k.w.h. of electrical
assets of which conthe capital stock of a new Delaware corporation, the
energy, which was 304,795,921 k.w.h. greater than in 1929.
sisted entirely of cash. Upon complete liquidation of this subsidiary corThe New York Edison System reports a total of 2,213,672 meters on
poration, your company will have realized a cash profit of $1,134.510 on its lines on Dec. 31 1930, an increase of 25,551 meters over the number in
this transaction. To date the subsidiary corporation has distributed to service on Dec. 31 1929.-V. 132, p. 310.
as dividends all of its earnings since its organizaItalian Superpower Corp.
-Initial Common Dividend.
tion and has made a futher distribution which exceeds by $400,000 the
New York Steam Corp.
value at which the above-mentioned Adriatic Electric stock was carried
The directors have declared an initial quarterly dividend of 65 cents
on the books of your company.
stock, payable March 2 1931. to holders of record
a share on the common
1930.
1929.
Years Ended Dec. 31$2,234,861 $2,405,647 Feb. 16.
Dividends and interest received
In connection with the dividend declaration, President David C. Johnson
112,632
received and profit from sales of secs. x489,087
Commissions
said:
"The policy of the board of directors has been particularly conservative.
$2,723,948 $2,518,279 It has, however, always been the intention of the board to initiate dividends
Total income
20,934
30,538
Ordinary expenses
when a substantial earned surplus had been built up.
138,830 on the common stock it is now appropriate to distribute a reasonable pro121,067
Reserve for taxes
feels that
3,406
2,658 The boardthe earnings to the common stock and it has, therefore, adopted
foreign exchange transactions
Loss in
1.267,000 portion of
1,335,000
Interest paid and accrued on debenture bonds
as its present policy the plan of paying quarterly common dividends at the
annual rate of $2.60 a share. The corporation's bonds and preferred stocks,
$1,243,540 $1,079,253 listed on the Now York Stock Exchange, are selling at prices commensurate
Net income
745,032 with the senior securities of other large utility companies."
-V.131, p.3529.
Dividends paid and accrued on preferred stock___745,032
$334.221
$498,508
-Acquisition of Pioneer
New York Telephone Co.
Balance-Earned surplus for period
484.244
816.393
Earned surp.at beginn'g of period after minor adjs. 1.913.417
1,913,231 Telephone Co. of Clarence.
Paid-in surplus
y246.256
The I:B. C. Commission Dec. 31 approved the acquisition by the comSurplus arising from debentures acquired
-V. 132,
$3,474,575 $2.730.697 pany of the properties of the Pioneer Telephone Co. of Clarence.
Total surplus
1,120300 P. 492.
1,120.015
(no par)
Stis. combined cl. A & B outstanding
$0.30
$0.44
-Acquisition.
Niagara Hudson Power Corp.
Earned per share
that part of a distribution made by the subThe corporation has applied to the New York P. S. Commission for
x Includes $400,000 being
value at which the stock of the Adriatic
all of the outstanding capital stock of the Fulton
sidiary corporation in excess of the entire capital stock of the subsidiary authority to acquire $500.000 company supplying gas at Fulton, N. Y.
Fuel & Light Co. a
Electric Co., exchanged for the
of Italian Superpower Corp. The
The stock is owned by the Great Lakes Utilities Corp., recently merged
corporation was carried on the books
for distribution. y Surplus
by Albert E.
has a further $738,847 available the liability set up on the into the National Public Utilities Corp.. which is controlled
subsidiary
-V. 132, p. 311.
Peirce & Co. of Chicago.
difference between cost and
arising from the
of debentures reacquired by the
amount
books of $627,000 principal
-Regular Dividends.
North American Co.
company.
The directors have declared the regular quarterly dividends of 234% in
Balance Sheet Dec. 31.
(at the rate of 1-40th a share for each share hold) on the
common stock
1929.
1930.
1929.
1930.
common stock. and 13i% in cash (at the rate of 75c. a share) on the 6%
Liabilities$
$
Assetsdebens_21,623,000 22,250,000 pref. stock, both payable April 1 to holders of record Mar.5. Like amounts
36,586,254 36,427,244 35-yr. 6%surplus x16,742,624 15,260,897 were paid on Jan. 2 last.
-V. 132, p. 492.
Stocks
969.209 Capital &
948,334
Bonds
929,244
913,634
-New Generating
Northern Indiana Public Service Co.
2,337,396 1,489,206 Reserves subs. to
Cash
5,688 Due on
24,375
Interest accrued
451,205 Station Is Placed in Service.
187,500
various stocks
Operation of the new electric generating station on the shore of Lake
Due on return of
429,600
securs. loaned
Michigan in Michigan City has been begun.
The station, which represents an initial investment of $11,600,000, has
39,896,359 38,891,346 a turbine with a capacity of 64.000 kilowatts,or approximately 81.000 s.p..
Total
39,896,359 38,891,346
Total
preferred stock; and an auxiliary unit of 4,000 kilowatts. The station's single generating
$6 cumulative
lc Represented by 124,172 shares of 150,000 shares class B common unit is the second largest in Indiana.
basis which
970.015 shares class A common stock,
Operation of the station has been begun on a preliminary
series of 1929, to purchase
stock, all of no par value, and option warrants,
outstanding option will permit necessary tests and minor adjustments of electric generating
stock, class A. (There are the conunon stock, and steam generating equipment.
59.985 shares of common
-V. 132, p. 311.
shares of
warrants, series of 1929 to purchase 59,985
time of purchase, at any
-Control.
Northern Texas Utilities Co.
class A, as such stock may be constituted at the of $15 a share: thereafter
at a price
-V. 131, p. 114.
time up to and including Jan. 1 1932
See United Gas Public Service Co. below.
share, on which
and up to and including Jan. 1 1933, at a price of $20 a
JAN. 24 1931.]
FINANCIAL CHRONICLE
Peoples Gas Light & Coke Co.
-Earnings.
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 493.
Peoples Light & Power Corp.
-Appliance Sales.
The corporation reports that subsidiary companies' combined sales of
electric and gas appliances, such as ranges, flat irons, washing machines,
water heaters, electric fans, &c., amounted to $1,041,096 for the 10 months
ended Oct. 31 1930, as compared with $886.516 for the corresponding
period of 1929, an increase of $154,580, or 17.43%. Sales during September
and October, totaling $125,993 and $135,890, respectively, set new high
monthly records for the Peoples system, representing gains of 33% and 18%
over the same months of 1929. These gains were due partly to the rapidly
increasing use of natural gas in southeastern territory supplied by the
Southern Natural Gas Corp., which is also controlled by the Tr -Utilities
Corp., and to the recent acquisition by the Peoples Light & Power Corp.
of gas distribution systems in numerous cities and towns of Mississippi.
V. 131, p. 4217.
-New Preference Stock Created.
Philadelphia Co.
The stockholders on Dec. 23 approved the creation of a new class of
Preference stock to consist of 150,000 shares of no par value (see V. 131.
p. 2696).-V. 131, p. 3877.
Public Service Corp. of New Jersey.
-Rights.
The corporation will mail, on Feb.28, to its preferred and common stockholders,rights to buy their proportionate share of an issue of 344,013 shares
Of $5 cum. pref. stock, without par value, it is announced. The additional
issue was authorized by the directors on Jan. 20.
Stockholders of record as of Jan. 31 1930, may subscribe at $97.50 per
share, at the rate of one share of the new issue for each 20 shares of common
and (or) pref. stock owned. Stock may be paid for in full on March 31.
when rights expire, or at the rate of $101 per share on March 31, and $10 a
share each month thereafter until paid for.
Shares unsubscribed for by stockholders will be used in future popular
ownership campaigns and for other financing.
-V.132, p. 311,126.
it.
657
additional class "A" common stock at the rate of 2-25ths of a share of stock
a year. Stockholders, so desiring, however, may receive the priority div.
of $2 a share in cash.
The class "A" common stock of the Telephone Bond & Share Co. was
originally offered in Jan. 1930 at $48 a share and has not sold below this
price since offered. Dividends in stock amounting to 8% and extra cash
dividends amounting to 50 cents a share were paid in 1930, and the company contemplates paying an extra dividend of not less than 50 cents a
share this year. The stock is listed on the Chicago Stock Exchange and is
non-callable, and without par value and non-voting.
The TelephoneBond & Share Co. controls telephone operating companies
In 15 States, and the consolidated assets of the company and its subsidiaries
as of June 30 1930 were over $40,000,000. Consolidated net earnings for the
first six months of 1930 were at the annual rate of $6.78 a share upon a
priority basis upon 115,000 shares of class "A"stock outstanding.
Under the plan outlined by the Telephone Securities Co., which has
offices in Chicago. Kansas City and St. Louis. stockholders may acquire
stock on a partial payment basis, by an initial payment of $16.66 on or
before Feb. 15.-V. 131. p. 3208, 2710.
Union Electric Light & Power Co. of St. Louis.Earnings.
For income statement for 12 months ended Nov. 30 see "Earnings De-V. 131, p. 3208.
nartment on a preceding page.
-Principal Oper. Sub. Organized.
United Gas Corp.
-V. 132, p. 312.
See United Gas Public Service Co. below.
-Listing of 250,000 AddiUnited Gas Improvement Co.
tional Shares of $5 Cumulative Preferred Stock.
The New York Stock Exchange has authorized the listing of 250,000
additional shares of cumulative preferred stock ($5 dividend) without par
value, on official notice of issuance, making the total amount applied for,
765,216 shares. See offering in V. 132. p. 495.
-Organized to Simplify
United Gas Public Service Co.
Public Utilities Securities Corp.
- Operations and Corporate Structure of Operating Subsidiaries
-Preferred Dividend.
The directors have declared the regular quarterly dividend for the period of United Gas Corp.
-
ending Jan. 31 1931 of $1.75 per share on the outstanding pref. stock, payThis company, which was incorporated in Delaware, on Jan. 20, will be
able Feb. 2 to holders of record Jan. 24.
the principal operating subsidiary of the United Gas Corp. It has been
14., Under the resolution of the directors the holders of the pref. stock have organized for the purpose of simplifying the operations and the corporate
the right and option to take and receive, in lieu of their cash dividend, structure of the operating subsidiaries of
United Gas Corp. and to
shares of the common stock of the Utilities Power & Light Corp. at the rate provide for the development and extensionthe the properties and service.
of
of 1-20th of a share of such common stock for each share of pref. stock The properties of a number of present subsidiaries all of the securities of
standing of record in their respective names at the close of business on Jan. which are owned by the United Gas Corp. are being acquired by the new
24.
company and these subsidiary companies will be liquidated. Securities of
A similar distribution was made on Nov. 1 last.
-V. 131. P. 2696•
numerous other subsidiaries of the United Gas Corp,. are being acquired
that
Quinte & Trent Valley Power Co.
-Interest Postponed. from to becompany by the new company. All of the securities of every
presently issued by the new company will be owned by United
proposal whereby bond interest payments kind
Bondholders have ratified a
are waived from Jan. 1 1931 to July 11932. They also have agreed to waive Gas Corp.
The United Gas Public Service Co. will own and operate an extensive
sinking fund obligations on their bonds during 1030 and 1931. At the end of
natural gas system covering portions of Texas, Louisiana, Mississippi.
1929 there were $614,800 of first mortgage bonds outstanding.
The agreement to postpone interest payments culminates the difficulties Alabama and Florida, including natural gas wells and producing acreage,
which have confronted the company since its parent organization. Canadian pipelines and distribution systems. These properties include the properPaperboard Co., closed its board mills at Frankford and Campbellford. ties of Louisiana Gas & Fuel Co.the gas production properties in Louisiana
Quinte & Trent Valley supplies these mills with power, as well as supplying owned by Texas-Louisiana Production Corp. the gas transmission and
distribution properties hitherto owned by Texas
-Louisiana Pipe Line Corp.
energy to the Toronto mill which Is still in operation.
Canadian Paperboard has been operating under a receiver for 12 months, and Southwest Distributing Co., and the new pipeline extending from a
due to adverse conditions in the paperboard market. Reduction in its op- point north of Jackson., Miss., to Mobile, Ala.; Bogalusa, La.; Gulfport.
erations found reflection in earnings of Quinte & Trent Valley Power which Miss.. and Pensacola, Fla., as well as certain other natural gas production,
passed its preferred dividends in June. 1930. This has now been followed pipeline and distribution properties.
In addition to owning and operating properties above referred to, the
by postponement of bond interest.
-V. 131, p. 3531.
United Gas Public Service Co. is now acquiring from the United Gas
Radio Corp. of America.
-Patent Suit.
Corp. and will own directly or through subsidiaries all or substantially
The application of Gold Seal Electrical Co.for a preliminary injunction en- all and in no case less than 97% of the common stocks, substantial perjoining Radio Corp.of America from appearing in a patent infringement suit centages of preferred stocks and in most cases large percentages of bonds
mauirnr okl Seal innNtw
il
elYork has been denied by Judge Nields in Federal and debentures of companies owning properties in Texas and Louisiana
at
which are interconnected for the most part with properties now being
The court also denied the application of R.C.A.for dismissal of the entire acquired and to be directly owned by the company. Included among
bill of complaint. Gold Seal charges R. C. A. with radio tube monopoly the companies whose securities, as above stated, are now being acquired
through a patent pool. Gold seal has refused to pay a 7
-cent royalty on by United Gas Public Service Co. are The Palmer Corp. of Louisiana,
each tube to R. C. A.
Southern Gas & Fuel Co., United Production Corp.Dixie Gas & Utilities
'Houston Gas & Fuel
The New York patent infringement suit against Gold Seal was filed in Co., Dixie Gulf Gas Co., Houston Gulf Gas Co.,
New York by II. O. A. General Electric and American Telephone & Tele- Co., Southern Gas Co., Southern Gas Utilities, Inc., Northern Texas
graph.
Utilities Co. and South Texas Gas Co.
-V. 131, p. 3711% 3044.
The United Gas Public Service Co. will have an authorized capitalizaScranton-Spring Brook Water Service Co.
-Rate Dec'n. tion consisting of 500,000 shares of pref. stock and 2,500,000 shares of
The Pennsylvania P. S. Commission in December 1930 held that the common stock both of no par value. Of the pref. stock, 200,000 shares
rates of this company, operating in Scranton, Wilkes-Barre, Pa., and are now designated as $6 pref. stock and 300,000 shares as $6 2nd pref.
vicinity, and placed in effect on July 1 1928, were excessive, unreasonable stock. The $6 2nd pref. stock can be converted into $6 pref. stock
and unduly discriminatory as against about 650,000 domestic consumers. under certain conditions. As previously stated, all securities of United
The company was required to file its new tariff effective Jan. 1, "this Gas Public Service Co. to be presently outstanding will be owned by
reduction to be in addition to the reduction of $245,000 ordered on Dec. United Gas Corp.
31 1928.
The United Gag Public Service Co.succeeds the United Pipe Line Corp.,
The order was retroactive to July 1 1928 in that the company was reconsisting of 1,000 no par shares.
quired to rebate all amounts paid at higher rates since that date with which had a capitalization
of the companies whose stock is now
The United Production
interest at 6%.-V. 131, p. 4055.
Corp..
on Jan. 20 filed a certificate at Dover, Del, increasing
from 1,000 shares to 200,0001 shares of no par
Its authorized ca
ed
Southern California Edison Co.,Ltd.
-Stock Authorized.
The California RR. Commission has authorized the company to issue value.
and sell at par ($25 a share) 312,000 shares of common stock to common
and original preferred stockholders.
INDUSTRIAL AND MISCELLANEOUS.
The company announced that rights to purchase the common stock
expire April 20 instead of April 13. The original preference and common
Fteduced.-Schulte Retail Stores announced Jan. 22 that
Cigarette
stockholders of record, Feb. 27, will be offered rights to purchase addi- the price ofPrices brands of cigarettes had been reduced from two packages
leading
tional common stock at $25 per share in the ratio of one share for each for
25c. to 11c. a package. United Cigar Stores announced that for one
10 shares held.
-V. 132, p. 494.
week the leading brands would be sold under a special offer on the basis
of two packages of cigarettes and five Gilette razor blades for 50c. N. Y.
Southern California Gas Co.
-To Issue Bonds, &c.
The company has applied to California RR. Commission for authority "Times" Jan. 23, p. 23.
Mayor Walker.
-An ordinance creating an
to issue and sell $12500000 of 4%% 30
-year 1st mtge. bonds dated March , Taxi Control Bill Submitted byof Taxicab Control with sweeping powers
unsalaried five-member Board
1 1931 and 32,000 shares of $25 par value common stock at $100 a share. to
introduced
of
The proceeds are to be used to reimburse the treasury for capital expendi- In regulate the licensing and operationthecabs in N. Y. City wasJan.
the Board of Estimate branch of
Municipal Assembly
16 by
tures.
-V. 132, p. 129.
Mayor Walker. N. Y. "Times" Jan. 17, p. 19.
Matters Covered in the "Chronicle" of Jan. 17.-(e) The new capital
-Control.
Southern Gas Co.
flotations during December and the 12 months of the calendar year 1930.
See United Gas Public Service Co. below.
-V. 130, p. 2771.
P. 374. (b) Listings on the New York Stock Exchange for the year 1930.
1 385. (c) Automobile production, registration, &c., in 1930. P. 397.
1...
Gas Utilities, Inc.
Southern
-Control.
(d) William Green of American Federation of Labor urges five-day week
See United Gas Public Service Co. below.
-V. 130, p. 2392.
on National work-Says adoption by private concerns also would aid in
emergency-Hours of work should be cut to correspond with production,
Southern Natural Gas Corp.
-Service Expands.
-Company reports
The corporation announces that It has entered into a contract with the he gays. p.404. (e) 10% wage cut for Childs employees
Georgia Power Co., a subsidiary.of the Commonwealth & Southern Corp., more customers, but (1% drop in gross sales-4,500 in New York affected,
whereby the Georgia company will distribute natural gas for domestic P. 404. (f) Newspaper publishers urged to reject proposals for five-day
State Publishers that
purposes in the cities of Columbus. Ga., and Girard and Phoenix City, week-Karl Theising tells convention of New York Bancokentucky stock
Ala. The population of the area concerned is approximately 65.000. As It would mean 9% labor shortage. p. 404• (s) (h) Executive Council
Southern's pipe line now extends to the Chattahoochee River across from dropped from Chicago Stock Exchange list, p. 423. Five-day week-A. H.
Columbus it is expected that natural gas will be available to these three of American Federation of Labor for Government franchise tax declared
Wiggin assailed on wage cut idea, p. 424. (i) N. Y.
cities within the next 60 to 90 days -V.132, p. 494, 312.
valid as applied to copyrights
-Upheld by U. S. Supreme Court in 6 to 3
decision-Act held not to infringe immunity from State levy-Decision
South Texas Gas Co.
-Control.
-in Educational Films Corp. of America, p. 425.
See United Gas Public Service Co. below.
-V. 127, p. 3091.
Telephone Bond & Share Co.
-Preferential Stock Offering to Gary Group.
The right to acquire additional class "A"common stock of the Telephone
Bond & Share Co. is being offered under a preferential arrangement to
stockholders of Theodore Gary & Co., and its affiliated companies
Telephone Bond & Share Co., the Associated Telephone & Telegraph Co.
and the National Telephone & Telegraph Corp.
this announcement, the Telephone Securities Co., financial
In making
agent for the Telephone Bond & Share Co., stated that this preferential
offering is the second attractive opportunity of this kind to be accorded
stockholders of the Gary Group, and is limited and subject to cancellation
on or before Feb. 15. The private offering price is $50 a share, to yield over
8% in stock and cash-the ratio of allotments to be approximately onefourth of the value of the aggregate holdings of stock in the various companies.
The class "A" common stock is entitled to receive non-cumulative cash
dividends at the rate of $2 a share a year, payable quarterly, before any
dividends may be paid upon the class "B" common stock. The board of
directors has provided that until further notice the dividend will be paid in
-Omits Div. on 2d Pref. Stock.
Acme Glove Works, Ltd.
Dividends on the 6% non-cum. 2nd pref. stock, par $50, have been
omitted. Payments on the 05% cum. 1st nref. stock are being maintained.
.-V. 128, p. 2464.
(Toronto "Financial Post")
-New Distributors.
Affiliated Dealers, Inc.
De Fremery & Co. have been appointed distributors for Short Term Trust
-V. 132,
Shares in California, Oregon, Washington and British Columbia.
P. 496.
-Defers Dividends.
Agricultural Bond & Credit Corp.
The directors have voted to defer the quarterly dividends due Jan. 15 of
433( cents per share on the class A annul. partic. prof. stock, no par value,
and of 173i cents per share on the class B cumut. pantie. pref. stock, par
$10. The last distributions at these rates were made on Oct. 15 on the
-V. 131, p. 2897.
art
respective stocks.
Algonquin Hotel (Algonquin Hotel-Apartment Corp.)
Cumberland, Md.-Present Status of Bonds.
See F. H. Smith Co. below.
658
FINANCIAL CHRONICLE
Alliance Realty Co.
-Earnings.
Years End. Dec. 311930.
1929.
Net income from real est.
operations and sales__ $296,467 $1,330,472
Interest on mortgages153,837
153.871
Allied International Investing Corp.
-Smaller Div.
1928.
$501.934
127.842
$388,870
80,114
$374,092
The directors have declared a quarterly dividend of 50c. per share on the
$3 cum, cony. pref. stock, payable Feb. 2 to holders of record Jan. 26.
In each of the four preceding quarters, a regular dividend of 75c. per share
was paid.
-V. 130, p. 976.
1927.
$308,756
Net profit
Income from other invest
(including interest)__ _
$142,630 $1,176,601
926,523
Total income
Gen. corp. exPs. & taxes
$816,223 $1,443,050 $1,300,615
140,436
101,785
230.871
Al
-Roy Apartments, Washington, D. C.
-Present
Status of Bonds.
See F. R.Smith Co. below.
-V.120, p. 1015.
Aluminum Co. of America.
-New Vice-Presidents.
-
346,369
$655,125
111,565
673,593
266,449
Net earnings
$543,560
$714,438 $1,212.179 $1,160,179
Preferred dividends--(6%)144,000 (6)144,000 (5)120,000
Common dividends
360,000
360,000
396,000
412,500
Rate
($3)
($3.1215)
($3)
($3)
$183,560
Balance,surplus
$680.179
$174,438
$655,679
Profit and loss surplus_ $1,687,880 y$1,845,941 $1,520,263 $1,121.216
Shares cap. stk. (no par)
120 000
120,000
132,000
132 000
Earnings per share
$4.32$4.53
$.67
After deducting stock dividends ($1,200 00 paid A09)in 6% preferred
stock. y After deducting stock dividend of 10% paid during 1929.-V.131,
P. 940.
-A B C
Allied Business Corporation Shares, Inc.
-The company, with offices
Trust Shares Series E Offered.
at 535 Fifth Ave., N.Y. City,is offering A B C Trust Shares,
series E (enhancement series), a three-year fixed trust
representating participating ownership in 35 common stocks.
Price at market about $8.25 per share.
A B C Trust Shares, series E, were created to enable the investor to
participate with the maximum of profit and the minimum of risk in the
next major upward movement in the securities market.
Allied Business Corporation Shares, Inc., depositor. Certificates for
A B C Shares, series E, are bearer certificates, in coupon form, in denominations of 10, 25, 50, 100, 500, 1,000 and 2,000 shares, registerable as to
principal. Regular distributions payable semi-annually June 30 and
Dec. 31 at the principal office of the trustee in N. Y. City, or at any other
designated paying agency; special distributions when made will be payable
upon presentation of proper special distribution coupons.
Each A B C Trust Share, series E, represents a 1-2,000 participating
ownership in a unit which consists of the following shares of common
stocks deposited under a trust agreement, dated as of Jan. 1 1931. with
the Empire Trust Co., New York, trustee.
No.of Ste. Name of Corporation.
No.ofshs. Name ofCorporation.
16 Kresge Co.(S.SO
4 Air Reduction Co., Inc.
8 Loew's Inc.
8 American Smelting & Refining Co.
8 Bethlehem Steel Corp.
12 Matteeson Alkali Works,Inc.
28 Chrysler Corp.
8 National Dairy Products Corp.
12 Columbia Gas dr Electric Corp.
8 Paramount Publix Corp.
16 Commercial Investment Trust Corp. 12 Penney Co.(J.C.)
28 Comnnerclal Solvents Corp.
32 Radio Corp.of America.
8 Drug Incorporated.
24 Remington Rand Inc.
4 du Pont de Nemours& Co.
8 Sears. Roebuck & Co.
(E.I.)
8 Electric Power dc Light Corp.
36 Sinclair Consolidated Oil Corp.
8 First National Stores, Inc.
8 Stone & Webster, Inc.
12 General Motors Corp.
8 Union Carbide & Carbon Corp.
12 Gold Dust Corp.
20 United Aircraft & Transport Corp.
8 Goodyear Tire & Rubber Co.
28 United Corp.
16 Grant Co.(W.T.)
8 U.S.Industrial Alcohol Co.
28 International Nickel Co.of Can.,Ltd. 4 Westinghouse Elm.& Mfg.Co.
8 Woolworth Co.(F. WO
20 International Tel.& Tel. Corp.
8 Johns-Manville Corp.
All of these stocks are listed on the New York Stock Exchange.
In order that holders of certificates for A B C Trust Shares, series E,
may receive profits as they accrue, provision has been made in the trust
agreement whereby any stock In the unit showing an enhancement in
value of 100% from the closing price of Dec. 31 1930, may be sold, and
any stock showing an enhancement in value of 150% must be sold. In
event of such sale, the depositor, as provided in the trust agreement, will
instruct the trustee to distribute to certificate holders the proceeds of the
sale upon presentation of the proper special distribution coupon.
The following investment advisory board acts as investment counsel to
,
the depositor: Dr. H. Parker Will (Chairman) Louis G. Shields, Dr.
Jules I. Bogen, S. L. Vanderveer and Clermont Cartwright.
No Reserve Pund.-There is no cash reserve fund in the case of A B C
Trust Shares, series E. With the exception of currently distributable
funds (on which all interest is allowed to certificate holders) all assets of
the trust are invested in common stocks.
-In the event that any underlying stock of A B C
Special Distributions.
Trust Shares, series E, is sold by the trustee because of an enhancement
n value of 100% or more, the depositor will, as provided in the trust
agreement, instruct the trustee to distribute the net proceeds of the sale
to certificate holders. Each certificate for A B C Trust Shares, series E.
carries, in addition to the semi-annual coupons,special distribution coupons
stock.yment to the bearer of the net proceeds of such sale
which call for the pa
of any deposited
-All fees of the trustee in connection with the issuance
Trustee Fees.
and authentication of the certificates for A B C Trust Shares, series E,
will be paid by the depositor. The depositor will make a semi-annual
charge not exceeding two cents per A B 0 Trust Share, series E, payable
from currently distributable funds on each June 30 and Dec. 31 (also
payable upon the conversion of trust shares into cash or underlying securities and at the termination of the trust) from which the depositor will
pay the ordinary semi-annual charges of the trustee in the administration
of the trust. Based on current dividend rates on the deposited stocks,
this semi-annual charge would reduce the semi-annual distribution from
dividends alone from 24.2 cents to not less than 22.2 cents for A B C Trust
Shares, series E. In the event of special distributions being made; in
the event of conversion of Trust Shares into cash or underlying stocks;
and in the event of the sale of any of the underlying stocks, the charges of
the trustee, as defined In the trust agreement, will be deducted from the
proceeds accruing to the certificate holders. Should the trustee be required
to pay any taxes or other charges, such deductions will be made before
any_ distribution.
No Substitution -NO substitution may be made in the stock unit deposited with the trustee except in the case of certain reclassifications of
stock, or the merger, consolidation, reorganization, dissolution or sale
of the property of any company.
Elimmation.-If. in the opinion of the depositor, the condition of any
company whose common stock is held in A B C Trust Shares, series E,
is such that the capital or surplus is endangered, the stock may, in the
discretion of the depositor, be eliminated from the unit. In such event,
or in the event that any stock becomes unavailable, as defined in the
trust agreement, the trustee shall sell such stock and distribute the proceeds to certificate holders as part of the next semi-annual distribution.
-The offering price of A B C Trust Shares, series E, will
Offering Price.
be governed by the price of the deposited stocks upon the New York
Stock Exchange at odd lot prices, but with brokerage commissions on 100
share lot basis, and the value of the proportionate amount of accumulated
cash and other property held by the trustee, plus charges of 315% of the
offering price for issue and deposit and of 5% to cover cost of distribution
and profit. The depositor reserves the right to adjust the selling price to
the next higher one-eighth point.
Convertilrility.-Blocks of less than 500 A B C Trust Shares, series E,
may be converted into cash (but only from a revolving fund which has
been set up for the purpose and which the depositor has agreed to reestablish to approximately 25% of the current market value of a stock
unit promptly after each payment is made therefrom) at any time at the
stocks, as
office of the trustee at the net market value of the deposited deduction
after
provided in the trust agreement, plus accumulations, but of 500 A B 0
commissions and actual expenses. Blocks
of brokerage
Trust Shares, series E, or multiples thereof, will be directly convertible
into the proportionate number of shares of the deposited stocks and accumulations upon reimbursement of the trustee for its actual expenses. of
Termination.
-If. at any time after Dec. 31 1931, the stocks of 50%
the underlying companies have been sold under any of the above provisions, and provided that the aggregate value of the remaining stocks is
not less than 25% greater than the a_ggregate value of the equivalent
stocks based on the closing prices on Dec. 31 1930, the trustee, at the
-V. 131. IL 3875
.
direction of the depositor, may terminate the Trust.
(Von. 132.
E, S. Fickes, G. R. Gibbons and R. E. Withers have been elected Senior
Vice-Presidents. Harwood Byrnes, S. K. Colby, W. 0. Neilson, G. J.
Stanley, P. J. Urquhart and I. W. Wilson have been made Vice-Presidents.
V. 132, p. 313.
American Bakeries Corp.(& Subs.).
-Income Statement.
Earnings for Year Ended Dec. 27 1930.
Net sales
Cost of sales
Plant expenses
Administrative expense (net)
Provision for Georgia State income tax
Provision for Federal income tax
$7,139,718
4,234,603
2.040,755
138,445
24,504
79.289
Net income
Dividend paid by subsidiary company on pref. stock
$622,122
40.526
Net income accruing to parent company
Dividends paid by parent company:
Preferred stock
Class A stock
Premium on pref. stock of subsidiary company retired
State of Georgia income tax-1929
Obsolete equipment dismantled
$581,595
Increase in surplus for year
Surplus, Dec. 31 1929
$251,647
568,483
145,964
175,485
100
5.256
3,143
Total surplus
$820,129
Earnings per share on 90,000 shares class B stock (no Par)
$2.89
Consolidated Balance Sheet Dec. 27 1930.
Liabilities
Assets
$390,190 Accounts payable and accrued
Cash
liabilities
$127,215
153,058
.
U. S. treasury certificates_
79,472
a174,406 Provision for Federal taxes_
Customers' accts, receivable
Sundry accounts receivable_ b13,839 7% cum. pref. stock of subsid579,800
1,745 iary company
Accrued interest receivable
2,100,200
254,772 7% cum. pref. stock
Inventories
d2,582,510
11,320 Class A stock
Prepaid expenses
e270,000
173,506 Class B stock
Investments (at cost)
820,129
c3,258,338 Surplus
Plant and equipment
2,128,163
Goodwill
Total (each side)
$6,559,326
a After reserve of $10,000. b After reserve of $12,750. c After reserve
for depreciation of $1,059,420. d Represented by 58,500 no par shares.
-V. 129, p. 2538.
o Represented by 90,000 no par shares.
-Outlook for 1931-Policy.
American Bemberg Corp.
In a statement concerning the outlook in synthetic textiles and the 1931
policy of the corporation, Chairman S. R. Fuller Jr. said:
"The current business depression generally should not be regarded with
dismay by individual mills, manufacturers and retailers. Not in spite of
but because of existing conditions, there is a spectacular opportunity for
alert producers and distributors to make 1931 a year of achievement
and profit.
"Markets may have contracted somewhat' they have not disappeared.
Buying power may have lessened to a degree; it has not vanished. Dollars,
hundreds of millions of dollars, will be spent by the consuming public in
1931 whether or not there is a sudden return to an era of inflated values
of indiscriminate luxury buying. Consumers will buy nevertheless. In
buying, however, they will examine values more carefully and more critically than in the past few years. They will still insist on style, but quality
and value will have a new significance. The acid test for mills, manufacturers and retailers will lie in their ability to supply better quality and
value at old prices; the same quality and value at new lower price levels.
For example, the manufacturer who finds the way to supply a garment
to retail at $1.50, for all purposes as beautiful and serviceable as previous
$1.95 standards, will not be crying about business conditions.
'Recognizing this opportunity, the 1931 policy of the corporation will
be to establish closer co-operation with mills, manufacturers and retailers
than ever before, to the end that extraordinary values may be developed.
The American Bemberg Corp.feels keenly its responsibility to Its customers.
It pledges Its aid to the task of creating with those customers new values
necessary to enable individual producers and distributors to win out in
-V. 131, p. 4218.
the race for the consumers' 1931 dollar."
-Defers Dividend.
American Department Stores Corp.
The directors have decided to defer the regular quarterly dividend of 1 %
due Feb. 1 on the 7V eumul. 1st pref. stock, oar $100. Distributions at
this rate had been made since and incl. Feb. 1 1927.-V. 132, p. 313.
American Equities Co.
-Additional.Stock Listed.
The Boston Stock Exchange has authorized the listing of 82,632 additional shares (no par value) common stock, as the same may be issued on
exercise of certain subscription rights. With these additional shares,
there will be a total of 1,537,632 shares authorized for the list.
The issuance of these shares was authorized by the directors on Aug. 22
1929. They are to be paid for as to 30,000 shares on or before Aug. 31
1934 and as to 52,632 shares on or before Dec. 311931, which latter date
has been extended from Aug. 1 1930 under authority of a resolution adopted
by the board of directors at a special meeting held July 29 1930. The
subscription price in both cases is $19 per share.
Balance Sheet as at Aug. 311930.
Assets
Liabilities
Cash in banks
$1,500,000
$1,872,528 Notes payable to bank
Demand notes-secured
91,646
1,198,000 Accounts payable
Short-time loan & securities
Federal income tax-1929..._
41,016
under contract for sale_ __ 1,923,665 Deferred income
34,604
*Marketable securities
Res. for 1930 Federal Income
Common stocks
4,729,910
120,076
tax, general expenses, &c__
Preferred stocks & units_ _ _ 1,647,081 Subscription to capital stock
Bonds dc notes
1,570,008
2,129,397 (82.632 shares)
Syndicate participation &
Capital stock (1,455,000 ohs.
miscellaneous investments_ 4,939,529
21,825,001
no par)
Permanent investments
14,977,756
Capital surplus
Common stocks
17,339,960 Earned surplus
1,085,288
Bonds, notes & advances_ - 3.348.144
Accts, rec., accrued int., &c_
220.371
Organization exp. &def.chrgs
56,976
Subscribers to capital stock__ 1,470,008
Treasury stock (repurchased,
but not retired, 20,403 9-38
shares)
$41,245,397
369.826
Total (each side)
* The securities included had a marketable value on Aug. 31 1930 of
approximately $7,514,987. Company has both definite and contingent
contracts for the purchase of additional funds aggregating a possible total
of $1,351,554.-V. 131. P. 2698.
American Depositor Corp.
-Bulk of Corporate Trust
Shares Have Been Sold Since 1929 Market Setback, Bringing
Average Price Down to $8.43.
-
More than 95% of the Corporate Trust Shares thus far issued have been
sold to the public since the stock market crash of October and November
1929, according to an analysis of sales up to the end of 1930. Just completed by Administrative & Reserach Corp. John Y. Robbins, President of the corporation,states that the record of over 12,000,000 Corporate
Trust Shares sold during 1930 was in excess of that of any fixed trust for
that period and the fact that his organization did not attain active distribution until after the 1929 crash makes it possible to report an average Of •
$8.43 as the price for all shares sold to the end of 1930.
JAN. 24 1931.]
FINANCIAL CHRONICLE
Prior to the beginning of the stock market collapse on Oct. 24 1929,
only 386,000 Corporate Trust Shares had been sold. Of the 12,504.001)
shares subsequently issued. 8,778,000 shares were Issued and sold between
June 1 1930
-the beginning of another declining movement
-and Dec. 31
1930. This was 68% of the total sold from the beginning of distribution
down to the end of 1930. Furthermore,sales for December 1930 reached the
record total of nearly 1,750,000,or over 13% of the total to the end of 1930.
These figures are cited in the sales analysis by way of showing why the bulk
of the investment in Corporate Trust Shares has been close to the present
level of stock prices.
Distribution of $3.703 per Corporate Trust Share for the two years ended
Dec. 31 1930, constitutes a record from a percentage standpoint, but Mr.
Robbins points out that this was a distribution area and that the probabilities are that the market is now going into an accumulative area,so that the
investor will probaly receive lesser distributions, but this should be offset
by appreciation of his principal.
-V. 132, p. 313, 130.
American Machine & Metals, Inc.
-New President.
-
P. G. Mumford has been elected President, succeeding C. King Woodbridge. Mr. Woodbridge will continue on the board of directors and
also serve in an advisory capacity.
-V. 132, p. 497. 313.
American Phenix Corp.
-Listing of Additional General
Stock-Charter Amended.
The Boston Stock Exchange has authorized the listing of 6,000 additional shares (no par) general stock. The issuance of these shares was
authorized by the stockholders Nov. 5 1928 and by the directors Dec. 15
1930.
At a meeting of the stockholders held Nov. 24 1930 it was voted to
amend the corporation's charter (a) by reducing the former 400.000 authorized shares of general stock, par $50 each, to 100,000 shares, no par value,
by reducing the former authorized 40,000 shares xranagement stock,
without par value, to 10,000 shares, and by carrying both of these stocks
on the books at $17.50 and (b) by providing that the management stock
shall participate share for share with the general stock in all cash dividends
Paid after there has been paid on the 30,000 shares of general stock originally
authorized as class A stock,and subsequently reclassified, dividends totalling
in the aggregate $6 per share. At the same meeting the stockholders also
voted to give the board of directors authority to issue shares of general
stock in exchange for shares of management stock at a rate not to exceed
one share of general stock for each share of management stock. The certificate of amendment embodying these changes was filed at the office of the
Secretary of State of New "York Nov. 26 1930.
Pursuant to its provisions, certificates for shares of general stock, without
Par value are to be exchanged by the company for certificates representing
a like number of shares of old general stock, par $50, then outstanding
and shares of new management stock for old management stock.
On Dec. 15 1930 the directors authorized the issuance of 6,000 additional
shares of general stock, without par value, to be exchanged for a like
number of shares of management stock then outstanding,such stock received
in exchange to be cancelled. With these there are authorized for the list,
66,000 shares general stock, of no par value; will be listed in place of 60.000
shares, par $50 each, originally listed.
The present capitalization is; General stock, no par value, 100.000 shares
authorized, of which 66,000 shares are or presently will be outstanding, and
management stock, no par value, 10,000 authorized, of which, upon completion of present exchange, none will be outstanding, and 6,000 shares of
which will be cancelled, leaving 4,000 shares which may be issued.
-V.
132, p. 313.
American Show Case & Mfg. Co.
-Defers Dividend.
-
The directors have voted to defer action on the quarterly dividend of
$1.75 per share due about Jan. 10 on the pref. stock. The last regular
quarterly payment was made on this Issue on Oct.10 1930.-V. 125. P.3844.
American Surety Co.
-New Vice Presidents, &c.
-
Everett H. Taylor has been elected Vice-President of this company and
will continue as Vice-President of the New York Casualty Co., a subsidiary.
0. H. Hall and Leon Sekeson have been elected Assistant Secretaries of the
American Surety Co.
-V. 132, p. 313.
American Tobacco Co.
-Cigarette Sales Increase.
-
The company reports sales of Lucky Strike cigarettes in December
showed an increase of 653.108,000 over December 1929, while the sales
for the year 1930 were 6,219,766,000 over the previous year.
-V.132,p.314.
Anglo National Corp.
-Earnings:-
659
Auburn Automobile Co. (incl. subs.).
-Earnings.- .4ji
Years Ended Nov.30-- 1930.
1929.
1928.
1927.
Net sales
$24.113,794 $37,551,442 $23,825.123 $17,016,586
Cost of sales, &c
19,318,705 28,805,292 18,276,809 13,557,064
Selling & admin.exp_
3,318,968 4,196,193
3,039,376
1.865,596
Operating profit
Other income
$1,476,121 $4,549,956 $2,508,938 $1,593,926
340,941
222,677
261,735
193,972
Total income
11,698,797 $4,890,897 $2,770.673 $1,787,898
Depreciation
426,351
528,919
558,149
110,807
Federal taxes
490,800
160,320
265,434
204,377
Interest de amortization_
148.837
90,233
Miscell.deductions
2,962
74,513
Minority interest
aCr206,513
370,545
272,001
26,588
Loss on red, of pref.
stock and bonds
11,541
Loss on disposal of cap.
assets
86,526
49,923
Other expense
197.739
Net income
$1,018,331 $3,603,200 $1,425,223 $1,231.456
Preferred dividends__42938
,
Common dive.,cash_
528,
644,785
412
763,870
365,828
Common divs,stock....335,828
10,568
733,002
Excess val. in contr. cos.
charged off
76,058
Surplus
$843,305
df$478,541 $2,622,587
$789.570
Shares cap, stock outstanding (no par)_ _ -141,450
169.686
127,600
188,533
Earnings per share
$10.07
$21.23
$5.43
$9.65
a Minority stock holders proportion of net loss ofsubsidiary companies.
Surplus Account.
-Balance Earned Surplus Nov. 30 1929. $5,719.980;
net profit for 1930, $1,018,331, total $6,738,292. Deduct surplus adjustments (net), $9.646; dividends
-Cash, $763,871, stock, $733,602, balance
earned surplus, $5,231,773. Capital Surplus, Nov. 30 1929. $489,663;
deduct, amortization of appreciation, $34,504; sundry adjustments, $3,918;
balance capital surplus, $451,242.
Consolidated Balance Sheet Nov. 30.
1929.
1930.
1930.
1929.
,IssetsLiabilities-5
Cash & ctf. of dep. 2,455,017 1,487,235 Accounts payable_ 497,054 1,805,957
U.S.Treas. notes 2,060,937
595.313 Notes payable_ __- 1,600,000
675,000
Call loans
200,000
Dealer deposits-50.491
68.845
Accts. receivable-41,742,050 d2,456.771 Advs. on contets.
14,403
Notes receivable- - 591,000 see d
Dealers registrat'n
Accrued interest
cards
21.456
12,535
Inventories
65,158,148 8,753,851 Fed, income tax_ _ 162,881
430,800
Cash Burr. value of
Federal income tax
life insurance_ _
41,548
33,695
prior years
24,462
Investments
33,964
29,702 Accruals
507,773
216,455
Sinking fund cash18,444
20,987 Lycoming 1st 78
397,500
512.500
Fixed assets (net).c7,810,433 7,075,217 Capital stock
e0,045,084 7,993,082
Deferred charges-- 108,451
138,898 Capital surplus.. _ 451,242
489,663
Good-will, patents
Earned surplus_
5,231,773 5,719,960
& development1
1 Min. stockholders'
interest in cap.
stock & surplus_ 2,285,118 2,580,543
Total
20,241,453 20,591,670
Total
20,241,453 20,591,670
a After reserve for doubtful accounts of $65,597. b After reserve for
contingencies and intercompany profit of $141,561. c After reserves for
depreciation of $2,837,038. d Includes notes receivable. e Represented
by 188,178 15-50th shares, of which 645 15-50th shares are reserved for
unconverted scrip dividends.
New President of Lycoming Mfg. Co.
-
W. H. Beal, formerly Vice-President and General Manager of the
Lycoming Manufacturing Co. a division of the Auburn Automobile Co..
has been elected President of the Lycoming Manufacturing Co., succeed'
ing John A. McCormick. resigned.
-V. 132. p. 497.
-Autocar Co.
-To Erect New Building.
-
The company has awarded a contract for the erection of a new building
at Providence, R. I., to provide larger facilities for servicing the increasing
number of its trucks in use in that State.
-V.132, p. 497.
Year End.
Jan. 15'29
to Jan.4'30. Jan. 5 '31.
$71,932
$1,610
(The) Aviation Corp. (Del.).
-Subsidiary Traffic.
611,814
631,727
During the month
176,180 transport subsidiary.of December 1930 planes of American Airways. Inc.,
42,458
flew 493,152 miles in scheduled mail and passenger
service and carried 123.770 lbs. of mail and 1,622 revenue passengers.
Total income
$859,926
$675,795
The comparative figures for the years 1930 and 1929 follow:
Sundry expenses
26.289
14,195
Interest paid
Increase.
1930.
1929.
52,617
Milesflown
5,739,451
21.2
6,961.208
Net income
1.071.484
14.8
1.230,439
$833,637 Mail carried (lbs.)
$608.983
Passengers carried
Previous surplus
60,074
237.1 •
577,583
17.819
V. 131, p. 4219.
Total surplus
$1,186,565
$833,637
Bankers Securities Corp.
Amortization of organization expense
-Balance Sheet Dec. 31.5,469
5,469
Furniture & fixtures written off
1,169
584
1929.
1930.
1929.
1030.
Assets$
Liabilities
5
Surplus available fon dividends
$1,179.927
$827,583 Cash
747.484
733,793 Loans payable__
1,700,000
Dividends paid
625.000
250,000 Investls & loans _x18,102,406 28.094,039 Notes payable.,...6,500,000
Accrued int. rec. _ 130,858
224,537 Due to brokers' &
Surplus at end of year
$554,927
$577,583 Invest.in.&adv. to
and customers__
11,638
subs
Comparatire Balance Sheet.
1,082,282 1,318,000 Divs. pay.Jan. 15_ 255,000
441,667
Due fr. brokers &
Jan. 5 '31. Jan. 4 '30.
Res.for taxes & deJan.5'31. Jan.4'30.
customers
Assets70,580
ferred expenses. 196,555
116,791
Liabilities
$
Office equip., less
Cash on hand & In
Earthly. pref. stk_14,000,000 17,000,000
Bills payable
600.000
banks
depreciation. _ -171,515
35,745
432,062 Res. for conting
6,330 Common stock _ _ _ 3,000,000 3,000,000
5,425 Prepaid
expenses_
Inv., banks & trust
3,203
20.523 Surplus
Cap.stock (cl. A)_ 12,491,900 12,482,700
1,009,368 3,338,764
13,221,685 12,915,836 Cap.stock (el. B). 851,136
cos
851,135
Total
Investments, other 1,093,875
20.172,561 30,397,222
559,329 Cap. stock subTotal
20,172,561 30,397,222
Subscrip. reedy_ _
2,600
5,040
x As follows: Deposit in Bankers Trust Co., Phila., in possession of the
scribed (el. A)_ _
8,100
17,300
Deferred charges.21,877 Surplus
16,408
554,927
577,583 Secretary of Banking. Commonwealth of Pennsylvania, $2.054.866; loans
receivable ($1,316,463, less reserve $325,000). $991,463; collateral trust
Total
14,506,063 13,934,144
Total
14,506,063 13,934,144 notes, due Dec. 1 1931, $8,000.000; securities owned at cost or market,
whichever is lower: first mtges., $748,000; bonds. $4,438,409; stocks.
-VAN,p. 2211.
$1,869,570.
Archer-Daniels-Midland Co.
In arriving at the foregoing figures it Is understood that no value has been
-To Reopen Plant.
The company will re-open its Edgewater, N. J., plant before Feb. 15. placed on stock holdings in Bankers Trust Co. of Philadelphia pending the
a Minneapolis dispatch states. It will operate on Argentina flaxseed, and a completion of examination by the State Banking Department.
-V. 131.
sufficient supply has been arranged for to keep the plant going for some P. 3046.
time.
-V. 132, P. 131.
Period
Interest received
Dividends received
Net profitfrom sale ofinvestments
Barnsdall Corp.
-Status,
-Estimated Earnings for 1930
Arlington Apartments (Arlington Apartments, Inc.) &c.
-President E. B. Reeser Jan. 16 says:
Pittsburgh, Pa.
-Present Status of Bonds.
The directors on Jan.9 1931 determined, by reason of general conditions,
-V.127. p.2959.
See F. II. Smith Co. below.
Art Metal Works, Inc.
-Resumes Dividend.
-
The directors have declared a dividend of 15 cents per share, payable
Feb. 1 to holders of record Jan. 26. The last previous dividend was a
quarterly of 25 cents per share paid on Aug. 1 1930. Previously, quarterly
distributions of 75 cents per share had been made.
-V. 131. p. 2540.
Associated Equities, Inc.
-Trustee.
--
The International Trust Co. has been appointed trustee for an issue of
$5,000.000 of 1st lien collateral trust 5% bonds.
Associated Industrial Bankers Corp.
-Preliminary
Report.
Preliminary figures issued by the corporation indicate that loans outstanding as of Dec. 31 1930 have increased 24.97% over the loans outstanding as of Dec. 31 1929. Consolidated net earnings as of Dec. 31 1930
show an increase of74.9% over the net earnings of the constituent companies
for the corresponding period in 1929. The corporation plans substantial
expansion during the coming year which will be financed through the sale
of $6,000,000 6% gold debenture bonds (see offering in V.131,p. 3534) with
elassA common stock offered by a group of dealers headed by 0. D.
-V.131. p.4058.
Otto & Co.
to declare for the time being a 25 cent dividend instead of the customary
50 cent dividend. It is hoped that at an early date the dividend will be
restored, dependent upon results to be derived by the oil industry generally
through measures looking toward curtailment of crude oil production and
better market conditions with respect to refined products.
It therefore seems advisable that the stockholders should have some
present knowledge of the condition of the corporation.
Without any solicitation from the corporation, a well-known Stock
Exchange house prepared at its own expense a survey of the situation of
Barnsdall Corp. as of this period, which seemed to the management to be
of sufficient interest to the stockholders that a copy of the same is being
sent to each stockholder. Such statement in my opinion reflects conservatively the true condition of your corporation.
The survey is quoted in part as follows:
Despite a strict observance of the pro-ration plan now governing the
production of crude oil in all fields, as well as full co-operation with the
major refiners in the petroleum industry in an effort to substantially reduce
stocks of gasoline and other refined products, the Barnsdall Corp. has
closed the year 1930 with satisfactory operating results and greatly improved and extended properties. Considering the prevalent conditions
of substantially curtailed crude oil production and refinery output and the
unstable prices for products, the accomplishments of 1930 may be regarded
as a true test of the capability of the corporation's management.
660
FINANCIAL CHRONICLE
Capitatization.-The corporation as on Nov.30 1930 had no funded debt
other than $53,000 tank car obligations, followed by $100,000,000 of
authorized capital stock ($25 par value), of which there is outstanding
$58,469.475 in the hands of approximately 14,000 stockholders of record.
Earning Capacity.
-In consequence of the highly restrictive conditions
which have governed the petroleum industry during the past year, the
corporation's earning capacity for 1930 is considerably less than that demonstrated for the preceding year, during which prevailing conditions were
more favorable for the conduct of profitable operations. The net income
and its equivalent per share on the capital stock for each of the last three
years (IMO estimated) are presented comparatively below:
1929.
1930.1928.
Years Ended Dec. 31Net income
s$5,200.000 $7,205,162 $4,039,861
$2.24
$3.19
Earned per sh.on outstanding stock
$2.30
1,805,426
2,258,327
Shares outstanding
2,258,779
* Estimated.
While the net income estimated for 1930 is somewhat in excess of the
annual dividend requirements of $2 per share, it is almost $2,200,000 less
than that reported for 1929, due to the unusually adverse conditions previously mentioned. The corporation has expended substantial sums for
the betterment of its properties and a large part of these expenditures were
for plant improvements in the interests of greater operating efficiency and
lower production costs for refined products, which will enable the profitable
opaoation of the corporation's refineries in future years and were not reflected in operating results for 1930. The results from expenditures for
drilling new wells during the year are not reflected in the net income for
1930, owing to the pro-ration of production. The corporation's production
could be substantially increased without any further large expenditures
for drilling.
Despite the enormous surplus stocks of crude oil made available during
the year, and the constant price reduction resulting from over-production,
the corporation realized an average price of $1.35 per barrel of crude oil
sold during the 11 months ended Nov. 30, as compared with $1.42 per
barrel for 1929 and $1.38 per barrel for 1928. The maintenance of so
satisfactory an average price per barrel of crude oil for last year would seem
to reflect the capability of the management, especially with respect to
the superior quality of the corporation's production.
-According to the corporation's consolidated balance
Financial Position.
sheet as of Nov. 30 1930. the net working capital amounted to $6,300,000.
Current assets amounted to approximately $10,800,000, while current
liabilities were $4,500,000, including 2,000,000 bank loans. The ratio of
current assets to current liabilities was about 234 to 1, thus indicating a
satisfactory financial position.
-According to the corporation's consolidated balance
Equities for Stock.
sheet as of Nov. 30 1930, the book value of the stock was about $29 per
share of $25 par value, which does not include any valuation for the abundant oil reserves in the Elwood Terrace and Rosecrans fields, carried on
the books without cost. Moreover, this book value for the stock reflects
a particularly low valuation for the corporation's plants, equipment and
oil properties as a result of the management's ultra-conservative policy
with respect to appropriations for depredation and depletion reserves.
Such reserves as on Dec. 31 1929 amounted to about 35% of the total book
valuation for the property account.
-The Barnsdall Corp. recently became assoGreat Lakes Pipe Line Co.
ciated with the Continental Oil Co., Midcontinent Petroleum Corp.,
Pure Oil Co.. Skelly Oil Co. and Phillips Petroleum Co. in the joint formation of the Great Lakes Pipe Line Co., which has under construction a
gasoline pipe line with a capacity of 30,000 barrels daily, from the MidContinent field in Oklahoma to Kansas City. Des Moines, Omaha. Chicago, Milwaukee, St. Paul and Minneapolis, a distance, including branch
lines, of about 1,500 miles. It is expected that the gasoline pipe line from
the Oklahoma refineries to Kansas City will be completed and in operation
by Jan. 15 1931, while it is contemplated that the entire system will be
wholly completed by May 1931. The Barnsdall Corp. owns 20.87 of the
capital stock of the Great Lakes Pipe Line Co. and on this basis of ownership will be entitled to transport by the new pipe lines 6,000 barrels of
gasoline daily, which is equivalent to 25 tank car loads of 10,000 gallons
each. It is contemplated that the interest of Barnsdall Corp. in this
project should result in a substantial annual saving in transportation costs
and prove otherwise profitable as an investment.
Properties and Eguipment.-As on Nov. 30 1930 the corporation a.n,d its
subsidiaries owned interest in 78,000 acres of leaseholds under development
and 374.000 acres of leaseholds not operated. In addition, the corporation
has 3,043 oil and gas wells located in Arkansas, California, Colorado, Indiana, Illinois, Kansas. Louisiana, New Mexico, Oklahoma, Ohio, Pennsylvania, Texas and West Virginia.
In addition to its producing properties, the corporation operates three
modern refineries, including a complete refinery of 5,000 barrels daily
capacity at Barnsdall. Okla.,and skimming and cracking plants at Okmulgee
Okla., and Wichita, Kansas, having daily capacity of 6,500 barrels and
3,000 baffles repsectively. The transportation facilities comprise 471
miles of pipe line, 19 pumping stations and 1,081 tank cars owned and on
lease purchase contract. The corporation also has extensive storage
capacity for crude and refined oils, the capacity for the former being
2,352,000 barrels and for the latter 1,080,755 barrels.
The American Tripoli Co., wholly controlled mining enterprise, which
owns extensive commercial deposits of tripoli located in Missouri and
Oklahoma, owns in fee 360 acres in Oklahoma, and 477 acres are held in
fee and 120 acres on lease in Missouri while the mill is located at Seneca
Mo. Tripoli is a pure silica and large deposits exist in southwestern Missouri
and northwestern Oklahoma. The company's output is used for the
manufacture of filter stones and Tripoli flour, the latter being used in
the manufacture of buffing, polishing and parting compounds, as well
as an admixture for concrete and to some extent in the manufacture of
-V. 132, p. 315.
soap paint and rubber.
[voL. 132.
Ice Cream Co. (Elgin, Ill.) and (b) not exceeding 127,001 shares of capital
0
stock on official notice of issuance, in payment of a stock dividend of 3'7
payable Jan. 15 to holders of record Dec. 30. The stock dividend is to be
charged against the net profits arising from the business of the company
for the year 1930.
x Pro-Forma Consolidated Balance Sheet.
Liabilities
Assets
Property, plant & equip- _$114,258,119 Mtge.& purch, money notes
21,420,574
assumed
7,247,427
Cash
25,277,441
Receivables-Less reserve__ 20,035,494 Notes & accounts payable
2,524,603
Income taxes accr.(est.)_
Marketable secur.(at market
4,276,974
or less)
12,083,197 Other accrued accounts_ _ _
403,456
Deferred credits
Invent.(at the lower of cost
y105,834,875
27,927,944 Capital stock
or market)
1,362,819 Insurance, conting., &c. res_ 13,750,462
Prepaid items & mtscel
z36,426,615
Trademarks, pat.& goodwill 7,000,000 Surplus
Total liabilities
2189,914,999
2189,914,999
Total
x As of Dec. 311929. and after giving effect to the stock div. paid Jan.
15 1930, and to subsequent changes in treasury stock, and to the acquisition
of the properties and businesses of Dallas Milk Co., Inc., which is included
on the basis offigures as of Sept. 30 1929; Boulevard Dairy Co. Inc., Collar
the
City Creamery Co., Inc. and Certified Ice Cream Co. on' basis of
figures as of Oct. 31 1924; The Hall Ice Cream Co., Inc. on the basis of
figures as of Nov.301929:The Pure Milk Co.,Ltd., Hamilton Dairies, Ltd.,
Willow Brook Dairies, The Mitchell Dairy Co., Walkerside Dairy, Ltd.,
Windsor City Dairy, Ltd., Ballantyne Dairies, Ltd., Hildebrecht Ice
Cream Co., Curran & Fox, The Dairy Products Co., Johnson Dairy
Co., Eighty-Five Jane Street Corp., Bagel Brothers Dairy, Inc., Lone
Star Ice Cream Co. Home Dairy (Glens Falls. N. Y.), The Huber Ice
Cream Co., Purity Ice Cream Co., J. J. Joubert, Limited, The Chillicothe Bottling Co., Jessup & Antrim Ice Cream Co.. H. L. Neuman
Co., Zile-Neuman Co., Neuman & Neuman, Hansen Dairy Co., Home
Dairy Co. (Kansas City, Mo.). Rettig's, Anheuser-Busch Ice & Cold
and
Storage Co. Inc.. City Dairy Co., Ltd., Mann County Milk
31 1929:
Ice
Hutchinson' Cream Co. on the basis of figures as of Dec. Co..
Halls, Ltd.. on the basis of figures as of Feb. 28 1930; The Peoples Dairy
Co. on the basis of figures as of June 30 1930; and certain assets and
businesses of W. T. Wesgate, C. E. Rogers, Cairns Creameries, Ltd..
Rabe Dairy, Inc., and The Naperville Creamery Co.; and to the appropriation to the reserve account of the net capital surplus arising from the above
transactions, offsetting purchased good will against acquired surplus.
The net assets acquired from the aforementioned companies include property
valuations based on appraisals, partially completed and are subject to audit
of the books of the companies now in progress.) y Does not include 20.838
shares hold in the treasury of the company. z After giving effect to 3%
stock dividend paid Jan. 15 1930.
Forms Borden's Ltd
To Own Canadian Subsidiaries.
The Borden's, Ltd., a holding company, was organized on Jan. 22 at
Montreal, Canada, to own all the Canadian operating subsidiaries of
the Borden Co.
Expansion in Canada, officials of the new company said, was the reason
for organization of Borden's, Ltd., which will be managed almost entirely
by Canadians. The Canadian companies constituting the new concern
have an aggregate net investment of about 519,000,000, with total sales
for 1930 in excess of $28,000,000, it is stated. Borden's, Ltd., was organized under a Dominion charter with an authorized capital of 500,000
no par shares, of which 400,000 shares have been issued at $50 a share.
Officers of the new company are J. W. McConnell of Montreal, Chairman
of the board; S. J. Moore of Toronto. President, and W. H. Dunn of Montreal. Vice-President and Secretary. They are members of the board,
together with C. C.Ballantyne. Gordon 0.Edwards P.D.Fox, Sir Charles
Gordon. A. T. Johnston, E B. Lewis, A. W. Milburn, Major General
S. C. Newburn, Britton Oder, M. J. Norton, Donat Raymond, W. D.
Strack and Hiram H. Walker.
The Toronto "Financial Post" of Jan. 15 stated:
While the new Canadian company will own all the shares of the Canadian
operating companies, these will be grouped, for operating purposes, under
subholding companies in the United States. There are four of these companies, under which the fluid milk companies, the manufacturing companies, the ice cream companies and the farm products companies operate.
The regional and central milk companies co-ordinate the activities of
these companies.
The Canadian units at present owned by Borden are:
Borden Co. Ltd., operating in Canada and Newfoundland, with factories at Ingersoll and Norwich, Ont.; at Truro, N. S., and South Sumas,
B. 0., and 'Fronton, Ont.
Canadian Milk Products, Ltd., a subsidiary of the Merrell-Soule Co.,
Inc., acquired by the Borden Co. in 1928. Factories are at Tillsonburg,
Belmont, Burford and Russell, Ont.
Baumert Co., Ltd., manufacturers of cheese, with a factory at Hunt..
ingdon, Quo.
Moyneur Co-operative Creamery, Ottawa,
Borden's Farm Products Co. Ltd., operating in Montreal and suburbs.
Ltd.
Ottawa Dairy, Ltd, Ottawa and Cornwall Dairy Products, Ltd., Cornand ice cream.
wall, marketing fluid
Laurentian Dairy, Ltd., Ottawa, marketing fluid milk,especially"homogenized" milk.
Cairns Creameries, Ltd., Niagara Falls, Ont.
Chateau Cheese Co., Ottawa.
J. J. Joubert, Ltee, Montreal, marketing fluid milk, &c.
Pure Milk Co., Hamilton Dairies, Ltd., Hamilton, Ont., marketing
fluid milk and ice cream.
Walkerside Dairy, Windsor City Dairy and Valiantyne Dairies, Ltd.,
operating in Windsor and the Border Cities area.
-Decree Entered.
Bates Valve Bag Corp.
Wesgate Ice Cream Co., operating in Windsor and the Border Cities area.
Entry of a consent decree in the case of United States vs. Bates Valve Bag
Caulfield's Dairy, operating in Toronto and suburbs.
Corp.._ under the Clayton and Sherman Anti-Trust Acts, by the U. S. DisCity Dairy Co., Toronto, the largest fluid milk unit serving the metroJan. 21 by the Department
trict Court at Wilmington, Del.. was announced
ice cream business throughof Justice. In the view of the Department of Justice, officials of that politan area of Toronto. This company does an
serving this territory from Toronto, and is a
department made known a long-existing monopoly and restraint of trade out a large part of Ontario,as concerns its subsidiary, Drimilk Co., Ltd.,
national enterprise in so far
in the manufacture and sale of valve bags was brought to an end by the
The company operates
entry of this injunction. The St. Regis Paper Co., a New York corpora- which sells milk powder throughout the country.
Simcoe,
plants at the following places in Ontario: Courtland, Llstowel, Ltd., is
-V. 129, p. 1743.
tion, was also a defendant in the case
and Princeton. City Dairy Farms,
Staffordville, Villa Nova
Lowell, Ont.
with 740 acres at New
- another wholly-owned subsidiary, Toronto and Winnipeg.
-Business Record.
Beneficial Industrial Loan Corp.
-V. 132, p.498.
Halls, Ltd.. eggs, poultry, &c.,
The corporation reports a new high record of $66,012,556 in the volume of
year 1930. This represents an increase of 12.8% over
loans placed during the
-Listing.
Briggs Manufacturing Co.
the 1929 volume of $58,513,297.
Application of this company to list 2,025,000 shares of no par common
An increase in business also was reported for the month of December
on Jan. 20.-V. 131,
1930, when the volume reached $9,184,632. This compares with a total of stock on the Detroit Stock Exchange was approved
$8,181,049 for the corresponding month of 1929, representing a gain of P. 4220.
4058.
12.2%.-V. 131. p.
Securities Co.
-Motions Overruled.
Bethlehem Steel Corp.
Further motions for a new trial in the suit enjoining the merger of Bethlehem Steel Corp. and Youngstown Sheet & Tube Co. have been overruled
by Judge David G. Jenkins of Common Pleas Court, at Youngstown, Ohio,
was blocked.
steel
who handed down the decision by which theJudge combine decision was
Jenkins's
of
Motions were filed after the journal entryentry were also overruled. The
the
Made. Similar motions offered before
appeal bond has been set at 510.000.-V. 132, p. 498. 315.
-Par Value of Stock Changed.
Border City Mfg. Co.
Acting on the recommendation of their directors, the stockholders on
capital stock, par $100 each,
Nov. 5 1930 voted that the 18.000 shares of and that the plant, machinvalue,
be changed to 18,000 shares, without par carried on the books at $315,000.
and real estate of the corporation be
ery
in par value of stock and
The financial statement under these changes follows:
valuation of plant and real estate was accepted as
Liabilities
Assets1023
2
$315,000 Capital stock (18.000 shs.)_$471:4663
Mills Nos. 1, 2, 7, 3
Bills payable
Cotton. cloth and stock in
33,795
245,890 Taxes
process
Cash and bills receivable_ __- 47,000
$607,890
Total
$607,890
Total
-V. 131, p. 3046.
-Listing of Additional Capital Stock-AcBorden Co.
quisitions.authorized the listing of (a) 1,617
The New York Stock Exchange has
in connection
shares of capital stock (par $25), on official notice of issuance,
Elgin Baking &
with the acquisition of the entire assets and business of
Brunswick (Ga.) Terminal & Railway
Reorganization of Manganese Properties Proposed. properties
in
President George W. Steele states that the manganese
which the company has a substantial interest are working day and night
with six hydraulic guns continuously in operation. Ito also states that
operations on the I3ufford cut have disclosed ore richer than had been
expected.
After completion of a sintering plant, It is expected that a steady yearly
production of 150,000 tons of ferro grade manganese will be maintained.
The company recently entered into a plan of reorganization of manganese
properties with Palmer & Co., members of the New York Stock Exchange.
and with Lavino Furnace Co. of Philadelphia manufacturers of ferro
manganese, whereby an additional 51,200,000 will be expended. ("Wall
.-V. 131. p. 2899.
Street Journal.")
Burns Bros.(Coal).
-Defers Class A Common Dividend.
The directors on Jan. 20 voted to defer action on the quarcum. class A common
terly dividend of $2 a share on the
stockfor the first quarter of 1931. This rate had been paid on
this issue from Nov. 15 1927 to and incl. Nov. 14 1930.
The following statement was issued:
stock, al-
In 1930 the company paid the full 58 on the cumul. $8 class A
though the earnings were estimated to be approximately $4 a share. With
a very mild winter which we have had up to date the new management
feels they are entitled to see further what the business brings forth for
1931 before declaring any dividend. It is their belief the best dividend a
stockholder can receive is to have his company kept in strong fniancial
-V.132. P. 499, 316.
condition.
JAN.
24 1931.]
FINANCIAL CHRONICLE
California Reserve Co., Los Angeles, Calif.
-Initial
Dividend.
The directors on Jan. 12 declared an initial dividend of $1 a share on
the common stock, equivalent to 100% on the original offering price in
April 1926; President George G. Gregory announced. The dividend was
payable on Jan. 15 1931. This action does not establish the stock on a
regular dividend rate basis, Mr. Gregory stated. The company has paid
8% on its $100 par value preferred stock since its inception.
Certificate sales for 1930 totaled $2,314,400 against $801,258 for the
preceding year, an increase of $1,513,142, or 188%. Net paid-in capital
totals $804,856.
"Our company enjoyed the greatest year in its history during 1930,"
Mr. Gregory declared, "despite the fact that the country generally was
going through a severe economic depression.
"Our experience over the past year and a half serves to emphasize the
value of increased effort at a time when the majority of business firms were
curtailing expenditures and effort. No reductions were made in salaries
in any department, nor was there any reduction in the number of personnel,
but rather a great increase."
Mr. Gregory also announced the election of Monroe Butler, formerly
assistant to the President, as Vice-President of the company and a member
of the Board of Directors. ("Los Angeles Times").
Campbell, Wyant & Cannon Foundry Co.
-Dividend
Rate Decreased.
The directors have declared a quarterly dividend of 25 cents per share
on the common stock, placing the imam on a $1 annual basis against $2 previously. The dividend is payable March 1 to holders of record Feb. 14.
-V. 131, p. 2701.
Canada Dry Ginger Ale Inc.
-Wins Suit.-
The Federal Court at Wilmington, Del., has handed down a decree in
favor of the company,in its trade-mark infringement and unfair competition
suit against the Higrade Bottling Co. The defendant is enjoined from
using, in connection with its products, any name including the word
"Canadian" and from using packages and labels similar to those of the
plaintiff.
-V. 131, p. 4047, 4059.
Capital Accumulation Corp.
-Shares of New Fixed
Trust Offered.
-A new five-year fixed trust, exclusively in
listed stocks in the lower price brackets, and with many
unusual features for the benefit of the small unit investor
has been formed by Capital Accumulation Corp. under the
sponsorship of Hemphill, Noyes & Co., and James C. Wilson
& Co., of New York and Louisville.
Shares in the trust, which will be known as Low-Priced
Shares, will be distributed by the sponsors.
It is understood that the initial offering price of the
now trust shares will be approximately $7, including the
customary nominal service fee.
661
Charis Corp.
-Extra Dividend.
The directors have declared the regular quarterly dividend of 50c. per
share and an extra dividend of 25c. per share on the common stock, no
Par value, both payable Feb. 1 to holders of record Jan. 23. Like amounts
were paid in each of the nine preceding quarters.
-V. 131. p. 3211.
Chatham Apartment Hotel (The Martinique, Inc.)
-Present Status of Bonds.
Philadelphia, Pa.
See F. H. Smith Co. below.
-Earnings.
Cherry-Burrell Corp.(& Subs.)
Years Ended Oct. 31Gross profit and other income
Selling and administrative expenses
Interest and amortization of bond discount, &cProvision for Federal income tax
1930.
$3,089,905
2,346,057
171,904
71,800
1929.
$3,295,305
2,430,667
160.287
78,100
.Not income
$500,144
$626.251
Shares common stock outstanding(no par)
136.518
138 176
Earnings per share
$2.54
el.44
The report states in part:"After the payment of dividends on pref. stock
and debentures earnings covered the current divident return on common
stock."
Consolidated Balance Sheet, Oct. 31.
Assets
Liabilities1929.
1930.
1929.
1930.
Cash
$819,239 81,043,120 Accounts payable_ $228,201 2334,704
Notes & accts. rec. 1,755,262 1,857,174 Accr. payr., com90,620
79.604
Inventories
missions, &c_ .._
2,765,100 2,964,768
Accrued int, on
Accrued dividends 123,013
123,975
notes receivable
7,262 Mtge.& land contr.
5,362
Notes rec. & adv.
37,500
9,000
due within 1 yr.
(not curr)
68.281 Prov. for Fed. &
73,355
Deferred charges.._ 268,396
121,102
99,098
State taxes
261,989
Inv.& Treas. bds_ 643,175
432,301 Prov.for taxes due
Ld., bldgs., mach.
2,452
500
after 1 year _ _
& equipment__ 2,998,926 3,126,377 6% sink. fd. debs_ 1,880,000 1,960,000
Patents & deferred
Mtge. & real est.
develop. expense 268,615
purch. contracts
185,339
233,000
serial maturities 191,000
2,149,400 2,149,400
Preferred stock
Sullivan SQ. Tr.,
55,900
52.000
6% pref.stock
Common stock_ _ ..x3,412,950
628,8181 4,837,897
Paid in surplus
743,847
Earned surplus..
Total
$9,597,431 $9,948,612
Total
$9,597,431 89,946,612
x Represented by 136,518 no par shares.
-V.130, p.4055.
-
Chevrolet Motor Co.
-Deliveries, &c.
-
The company delivered at retail during the first ten days of January
13.595 cars, as compared with 13,588 in the first ten days of December.
Stocks of cars in transit and in the hands of dealers Jan. 10 totaled 48,058
which Is an average of 4.8 cars per dealers. Approximately 10,000 cars
are in transit.
Capital Accumulation Corp., depositor. Chemical Bank & Trust Co.,
The management
New 'York City, trustee. Bearer certificates in coupon form (registerable dealers' samples of estimates it will need a stock of cars for transit and
between 65,000 and 70,000 cars for the peak selling
at the holder's option, except as to coupons) in denoms. of 50, 100, 500 season in
April and production is being timed accordingly.
and 1,000 shares. Send-annual distributions Feb. 15 and Aug. 15 of each
President W. S. Knudsen said that the absorption of cars in the district
year at the principal office of the trustee in New York
east of the Mississippi River is rapidly approaching the normal seasonal
Portfolio.
-Each trust share represents a 1,2-500 participating interest
City.
in property equivalent to a unit. Each unit will be identical with each curves established in past years.
other unit as at the time constituted. The initial unit consists of 50 shares
Namber of Employees Increase.
of the common stock of each of the 25 following companies, plus any acEmployment in the 20 Chevrolet plants in 12 cities during the week ended
cumulations, held by the trustee:
Jan. 10 increased by 1,951 men as compared with the previous week,
Radio Corp. of America
bringing total employment on that date to 34,266. This represents a gain
Standard Brands, Inc.
Warner Bros. Pictures, Inc.
of 10,000 men over the total when production on the new 1931 models was
American Metal Co.(Ltd.)
Bendix Aviation Corp.
International Nickel Co. of Canada, started in November and is the largest force employed since last spring.
Briggs Manufacturing Co.
With further additions to be made this month, the operating force will
Ltd.
Packard Motor Car Co.
reach the same level as in previous normal months. Employment in the
Republic Steel Corp.
The Aviation Corp. (Del.)
company's Flint factories total 11.720, or only 2,000 less than at peak
Continental Oil Co.(Del.)
North American Aviation, Inc.
production. A comparable force is maintained in Detroit at the gear,
Sinclair Consolidated Oil Corp.
Kroger Grocery & Baking Co.
axle, forge and spring plants, now operating on day and night shifts.
United Gas Corp.
American Cyanamid Co., class B
("Wall Street Journal.")
-V. 131, p. 1260.
Allegheny Corp.
Commercial Solvents Corp.
Pennroad Corp. (voting trust ars.)
Commonwealth & Southern Corp.
Chicago Towel Co.
-Earnings.
General Realty & Utilities Corp.
Niagara Hudson Power Corp.
Calendar YearsB. F. Goodrich Co.
1928.
1930.
1929.
The United Corp.
Gross revenues
P. Lorillard Co.
23,379,711 $3,255,905 $2,943,926
The principal upon which this trust is based is that low-priced stocks Expenses
2,360.532
2.077.344
2,476.070
in general are at present deflated to a greater extent than stocks of the
type known as "blue chips" and that in a period of recovery low-priced
Operating profit
$866,582
$895,372
$903,641
stocks should on the average have a correspondingly greater appreciation Other income
Dr.9,976
10,047
13,528
in market value.
Total income
The above 25 stocks have been selected as a representative list from
$913.688
$885,395
$880,110
the low-priced group, with consideration for diversification as to industries. Depreciation
67,814
63,718
58,667
With the exception of the stocks of American Cyanamid Co. Niagara Federal taxes
90,864
99.357
103,595
Hudson Power Corp., The Pennroad Corp. and United Gas Corp.: (which
Not income
are actively traded in on the New York Curb Exchange), all of the above
$730,813
$722,086
$742,279
stocks are listed on the New York Stock Exchange.
Deductions
x102,754
Convertibility.
-The holder of a certificate for 50 trust shares, or any Preferred dividends
135,012
140,000
122,500
multiple thereof, at any time during the life of the trust or within 30 days Common dividends
480,000
480,000
430,000
following the termination of the trust, upon the surrender of such certificate to the trustee, may receive his proportionate share of the deposited
Net surplus
$127.267
$110.813
866,832
stocks (with cash adjustment for fractional shares) and the distributable Earns, per sh. on common stock
$7.59
17.38
$7.49
cash, as more fully provided in the trust agreement. There will be no
x Proportion of above net income applicable to operations of predecessor
charge to the certificate holders for such conversion of certificates, but company to Feb. 15 1928.
the trustee, upon any such conversion, may require the payment of all
Balance Sheet Dec. 31.
stock transfer stamp or other taxes which may be due.
AssetsLiabilities1929.
1930.
1929.
1930.
Offering Price.
-The offering price of these trust shares is based upon Prop.,
and will vary with the current market value of the deposited stocks (at Serviceplant. equip 4694,257 $689,495 Preferred stock __41.850,000 $1,850,000
equip, conCommon stock__ _ 400,000
800,000
odd lot prices and 100-share lot commission rates) and accumulations
tracts dc goodwill 1,797,815 1,747,972 Surplus
177,645
304,912
thereon, to which will be added the depositor's charge of 8 % of such Cash
314,939
291,689 Accts. pay. & acmarket price and accumulations (which is less than 8% of the offering Accts.
receivable
92,904
91,745
17,2513
13,697
crued expenses_
price), which charge will cover expenses of Issue. deposit, the ordinary Inventories
171,193
215,660 Div. payable
132,877
135.000
services of the trustee for the life of the trust, and selling costs. A frac- Notes
receivable__
30,121
35,342 Federal taxes
92,000
105,000
tion of an eighth in such price will be raised to a full eighth.
Marketabittiy.-It is expected that the depositor will maintain a market Treasury stock at
cost
107,259
for the trust shares at a price based upon the current market valuation of
the deposited stocks and accumulations thereon and that the trust shares
Total
$3,208,486 $3,071,904
Total
$3,208,483 83,071,904
will be quoted daily in leading newspapers.
x Represented by 80,000 shares of no par value. y Represented by 20,000
Termillation.-The trust will terminate on Feb. 15 1936, subject to the
shares of no par value. a After depreciation of 2412,643.-V. 131. p. 1719.
right of the trustee to terminate the trust prior to that date under the
circumstances set forth in the trust agreement. During a period of
30
Childs Co.
days following the termination of the trust, holders of certificates for trust
-10% Wage Reduction for Employees.
shares may convert their certificates into deposited stocks and cash.
See "Chronicle" of Jan. 17, p. 404.-V. 132, p. 318.
At
the expiration of such 30-day period the trustee will proceed to sell the
deposited stocks. Such sales shall be completed so far as possible within
City Shares, Inc.
-Name Changed-Capital Reduced.
30 day thereafter (or if the depositor shall so direct, such sales may be
The stockholders on
change the name of this
voted
deferred an additional period of not exceeding 90 days) and, after such company to City Union Dec. 15 1930 reduce to authorized capital stock
the
Corp. and to
liquidation has been completed, the proceeds will be distributed pro rata from 300,000 shares to 60,000 shares.
among the holders of certificates for trust shares.
The stockholders on Dec. 22 1930 approved the Issuance of subscription
warrantes to stockholders entitling them to subscribe to additional shares.
Capital Management Corp.
-15c. Extra Dividend.
Under the above resolutions, the stockholders will receive for each five
directors have declared an extra dividend of 15e. per share and the shares of City Shares, Inc., hold one share of City Union Corp.stock and
The
regular quarterly dividend of 25c. a share, both payable Feb. 2 to holders Warrants entitling him to subscribe to two shares of the latter concern at
of record Jan. 21. An extra distribution of 25e. a share was made on Feb 1, $20 per share on or before Jan. 2 1934 and at $25 per share between Jan. 2
Aug. 1 and Nov. 1 last and one of 50c. a share on May 1 last.
-V. 131. P. 1934 and Jan. 2 1935.
2384.
Old certificates may be delivered to the Liberty Bank of Buffalo, Main
exchange for the new certificates of
Cavalier Apartment Hotel (Cavalier Corp.) Washing- and Court Sts., Buffalo, N. Y. for that go with them.
City Union Corp and the warrants
-V. 131, p. 4220.
ton, D. C.
-Present Status of Bonds.
-V.127. p. 3314.
See F. H.Smith Co. below.
Cedric Apartments(Cedric Apartments Co.) Washing-Present Status of Bonds.
ton, D. C.
See F. H. Smith Co. below.
Celotex Co.
-New Director.
Karl A. Didricksen of Read, Adler & Co. has been elected a director to
succeed II. C. Adler, resigned, also of Read, Adler & Co.
-V.132, p. 499.
317.
City Union Corp., Buffalo, N. Y.
-New Name.
See City Shares, Inc., above.
Cleveland Hall Apartments, Buffalo, N. Y.
-Present
Status of Bonds.
See F. H. Smith Co. below.
-V. 122, p. 3089.
-Earnings.
Collins & Aikman Corp.
For income statement for 9 months ended Nov. 30 see "Earnings Department" on a preceding page.
-V. 131, p. 2900.
662
[VOL. 132.
FINANCIAL CHRONICLE
-Divi-Reports Assets Intact
Columbia Investing Corp.
dends on Preferred and Common.
In connection with the declaration by the board of the regular quarterly
dividends of $1.50 per share on the preferred stock and 123.5 cents on the
common stock. President Arthur M. Lamport stated that the securities
of the corporation, at current market prices, show a substantial surplus
over the paid-in capital, permitting the maintenance of payments on both
classes of stock despite the sweeping deflation which has taken place in the
bond and stock markets. The corporation has not found it necessary to
reduce the stated value of its shares, as has been done by a number of other
investment trusts, and the stated capital of the corporation is the actual
amount paid in for its shares by holders of both preferred and common
stocks, it is announced.
In explaining the ability of the corporation to maintain its break-up
value despite the adverse character of security market conditions, Mr.
Lampert said: "The corporation from its inception has adhered to its
original policy of investing the major portion of its funds in carefully chosen
bonds and some preferred stocks. It has not looked upon turnover profits
in the stock market as a source of income to be cultivated. Furthermore, it
has from time to time supplemented its investment income through special
advances to medium-sized corporations, after intensive study of each such
situation, and such business has been uniformly profitable. A major difficulty has been the finding of propositions of this class which meet our rigid
-V. 131, p. 634.
tests of safety."
-Earnings.
(Alfred) Decker & Cohn, Inc.
Years End. Oct. 31- 1929-30.
Profit after exp.& depr_loss$268,181
Provision for Fed'i tax_
1928-29.
$339.924
37,000
1927-28.
$281,672
32,000
1926-27.
$437,779
60,000
Netincome
loss$268,181
36,575
Preferred dividends---200,000
Common dividends ($2)-
$302,924
40,019
200,000
$249,672
40.876
200,000
$377,779
56,026
200.000
def$504,756
Balance, surplus
1.632,515
Previous surplus
Disc,on pref.stk. purch. Cr.6,710
442,289
Special revenue
$62,905
1,569,610
$8,796
1,566,345
Dr.5,530
$121,753
1,469,174
Dr.24,582
Profit and loss surplus $1,576,758 81.632,515 $1,569,610 $1,566,345
Earns. per sh.00 100,000
$2.09
$3.22
$2.62
Nil
shs.common (no par).
Alfred Decker, President, says:
The loss from operations is the first since the inception of the business,
28 years ago. It was due to a combination of circumstances, of which lower
sales volume and a reduced margin of profit were the principal factors.
Because of the low level of business activity generally, there was a demand
for lower priced clothing which we were forced to meet in part. In doing so,
we accepted a smaller margin of profit in order to maintain our traditional
standards of quality. Throughout the year, a continuous effort has been
-New Pres. made to reduce overhead expenses and much progress has been made in
Consolidated Indemnity & Insurance Co.
r Rolland R. Rasquin, Executive Vice-President, was elected President at this direction.
Comparative Balance Sheet Oct. 31.
the annual meeting held on Jan. 21. John F. Gilchrist, who had been
1930.
1929.
Liabilities-1929.
1930.
AssetsPresident for two years, was chosen Chairman, James W. Brushwood,
Common stock.. _141,554,270 81,554,270
Land,b1dgs.,mach.
Vice-President.
Superintendent of agencies, was made Executive
571,700
and equipment_ a $229.913 $257,771 Preferred stock_ __ 504,600
The controller reported $309,819 in gross premiums written in the first 20
493.916 1,130,130
1 Bills payable
1
Good-will, &c_ _ _ _
days of January.
436,289
350,404 Accounts payable_ 122,954
Invest'ts & adv___ 515,668
The president's report for 1930 affords the following:
24,442
23,310
1,366,698 1,840,640 Payrolls
Inventories
-1930.
Business Operations
Accts. bills rec- 1,721,389 2,324,504 Fed,and gen.taxes
Balance sheet at Dec.31 1929. indicated a capital & surplus of..-$5,011.698 Cash &
59,064
89,339
385.919 and accrued Int_
293,201
4,488,689
company wrote total premiums of
During 1930
126,548 Profit and loss...._ _ 1,576,758 1,632,515
80,055
Cash val. of ins
During 1930 company received int. & divs. on its invest. am't'g to 252.129 Deferred charges
151,766
129,079
$9,752,516
Total-- -. $4,336,005 55,437,553
Total
$4,336,005 $5,437,553
Total
Premiums toother companies for reinsurance on portions ofabove
$643,156
business written are
a After deducting $911,700 reserve for depreciation and including $31,687
1,688,299 for land and building not used for business purposes. b Represented by
Reserves for losses incurred under bonds and policies
Exp,ofinvestigation adjustment and settlement of losses total--- 219,754 100,000 shares of no par value.
829,935
Commissions on business received amounted to
-Pref Stock Decreased.
-New Director
Preferred Dividends
509,451
Payroll for 1930 and director's fees paid in 1930 amounted to
76,931
The directors have declared three regular quarterly dividends of $1.75
There was set aside for the payment of premium taxes
182,834 each on the preferred stock, payable March 1, June 1 and Sept. 1 to holders
& staty
Expended for advert's'g, rent, light, turn., fixt., forms
260,446 of record Feb. 20, May 20 and Aug. 20, respectively.
Expended on development & miscellaneous expenses_ _ _ _
I. N. Haskell has been elected a director, succeeding W. E. Smith.
$5,341,710
The stockholders have voted to reduce the authorized preferred stock
to $1,750,000 from 81,825,000.-V. 131, p. 3536.
Company lost on the sale of securities which were sold in the
73,558
month of November 1930
-Army Contract.
Detroit Aircraft Corp.
$5,268,152
Experimental and engineering work for the construction of the proposed
Leaving a balance of
Unearned premium- 929,212 84.500,000 metal-clad airship for the United States Army, for which the
In 1930 the co.set up the following reserves:
361,120 House of Representatives has made an initial appropriation of $200,000
Reserve for 90 days'overdue premiums
Addit'l claim res. set up to comply with requirenfts of the law_ 294,931 will start immediately according to President P. R. Beasley.
While this initial appropriation will not provide enough money to start
$3,682,888 actual construction of the ship, it is hoped that Congress will appropriate
Leaving a balance of
additional amounts for construction purposes should the details of the
suffered the following depreciation on its secs.:
Company in 1930
design be approved by the Army, the announcement says. Construction
On 5,000 Bank of United States units which were carried in the
$385,000 and engineering will take approximately three years, making the ship
Dec.31 1929 balance sheet at
of the closing of the Bank
ready for service in 1935.-V. 131, p. 3715.
And which on Dec. 11 1930. because
0
of United States were written off as
-Earnings, etc.
Detroit 8c Canada Tunnel Co.
Bank of United States units, which were purchased
On 2,000
101,000
on June 5 1930, at $50.50 per unit
The Detroit-Windsor Tunnel, which was opened for traffic between
And which on Dec. 11 1930, because of the closing of the Bank
Detroit and the Border Cities in Canada on Nov. 3 1930. has been used by
0 189.585 vehicles and 726,620 bus passengers during the first 9
-weeks period
of United States were written off as
ended Jan. 4 1931, according to a report issued by President Judson BradTotal depreciation of Bank of United States units for the year $486,000 way.
Depreciation in other securities in portfolio between Dec. 31
Vehicular traffic through the Tunnel during this period slightly exceeded
293,725 the combined vehicular traffic handled by the two ferry companies, which
1929 and Dec.31 1930
On Dec. 11 1930, the day on which the Bank of United States
operate at the same location, during the same period in 1929. This traffic
0 closed, company had on deposit in said Bank $2,124,831
report for the Tunnel gains significance when contrasted with the abnormally
against which deposit a reserve of 50% has been set up on the
low volume of street car and bus traffic in Detroit during the period. The
liability side of the company's Dec. 31 1930 balance sheet
Detroit Street Railway System reported traffic for November 1930, as
1,062,415 23.6% less than November 1929, and December 1930, traffic as 27% less
amounting to
than for December 1929.
$1,840,747
Leaving a capital and surplus on Dec. 31 1930 of
Gross income from vehicular and bus passenger traffic, exclusive ofincome
from advertising, concessions, rents and all non-operating sources, totaled
Balance Sheet Dec. 311930.
$172,629, according to a financial report prepared by Bertles, Rawls, &
Liabilities
Assets-weeks period. The Nov.30
9
82,605,782 Reinsurance premiums payable $102,980 Donaldson, Inc., bankers, covering the sameaccrued interest, contracts and
Cash In banks & in office
15.719 balance sheet showed that after deduction of
1,561,961 Return premiums due
Stocks and bonds at market
216,027 notes payable, and a maximum construction reserve, a substantial part of
950,000 Commissions payable
Mortgages
79,379 which are not current items, the company had $1,054,000 cash available for
Prem.In course of collection__ 1,417.011 Reserve for taxes
86,931 working capital and future interest charges, with accounts receivable of
130,000 Accounts payable
Advance to subsidiary
$40,000 against $14,000 accounts payable.
116,815 Special res. against deposit
Reinsurznce receivable
"Anticipating only slight improvement in general business conditions
1,062,416
98,982 (Bank of U. S.)(50%)
Accounts receivable
1,030,593 during 1931, our traffic engineers estimate at least 2,000,000 vehicles for the
37,512 Reserve for claims
Accrued int. & diva. receivable
168,487 tunnel for the first 12 months, or approximately the number estimated
Addition required by law
12,881
Suspense agency balances
Res. for outstanding premiums 399,704 three years ago," Mr. Bradway said. "Normal seasonal increases in traffic
184,132 also point to a satisfactory year for the tunnel. Records of cross-river
Miscellaneous reserves
of
Res. for unearned premiums 1,743,828 vehicular traffic show that the three winter months contribute 12.50% in
1,200,000 the year's total, while 19.45% is obtained in the spring quarter, 40.85%
Capital stock
640,747 the summer months, and 26.85% in the months of September. October and
Surplus
$6,930,943
Total(each side)
November.
-V.132,p.318: V.127, p.2827.
"Records of river crossings in former years show January traffic consti- tuted a smaller percentage of the year's total than December, but the im-Series I Bonds Called.
Co.,.Boston.
Conway Realty
that tunnel traffic
All of the outstanding 1st mtge. 634% serial gold bonds, series I, dated proved employment conditions in Detroit and the fact the first week in
increase over
Feb. 1 1923, have been called for payment on Feb. 1 next at 102A and during the first week of January showed an will show heavier traffic than
year
interest at the Chase National Bank in New York City, or, at the option December indicate than January this
-V.131. p.3212.
December.
-V. 116, p. 620.
of the holder, at the First National Bank in Chicago.
Corcoran Courts (Corcoran Courts Corp.) Wash-Present Status of Bonds.ington, D. C.
.H. Smith Co. below.
See F
-New Officials.
Crane Co., Chicago.
J. G. Ordway and E.P. Mork have been elected Vice-Presidents. These
-V.131. p. 481.
two positions were newly created.
Crestshire Apartments (Bellmore Apartment Co.)
-Present Status of Bonds.
Philadelphia, Pa.
-V.122, p. 2804.
See F. H. Smith Co. below
-Orders on Hand Increase.
Curtiss-Wright Corp.
over
The corporation had orders on its books on Dec. 31 1930, totaling
amount on Dec. 31 1929.-V
$12,000,000. or $2,000,000 in excess of the
132, p. 135.
Dairymen's League Co-operative Association, Inc.
Indebtedness.
Offer 6% Certificates of New York are - a limited amount of
offering
Inc.,
Julius Lichter & Co.,
The offering consists of series CO certifi6% certificates of indebtedness.
May 1 1935 and series DD certificates dated
cates dated April 11929,due and are priced on application. This offering
due May 1 1937,
April 1 1930,
the part of the company.
does not represent any financing on
Association, Inc. a non-profit
The Dairymen's League Co-operative for over 45,000 dairyfarmers
'
as sales agents
organization functioning
1921 under the laws of the State
located in New York, was incorporated inapproximately 50% of the daily
and supplies at wholesale City, including Newark, and
of New York, Metropolitan New York
milk supply of
the daily milk supply of the
Jersey City, N. J. and in excess of 75% of and Scranton and Wilkesremaining principal cities of New York State
Barre in Pennsylvania.
stock. Its sole capital liability
The Association has no authorized cajpital
Certificates of Indebtedness of which
is represented by the various series of as of October 31,1930.
were $13,265,782 outstanding 1930 the Association reported gross
there
For the fiscal year ended March 31
income of $69,514,255. A sinking fund is
sales of $84.473,527 and net off obligations maturing at the end of that
established each year to pay
25% of the total
fiscal year, by depositing therein quarterly in advance
Payments due.
-Earnings.
Devonshire Investing Corp.
1930.
$8,320
66,435
Calendar YearsInterest
Cash dividends
Operating income
Expenses
Taxes
Balance surplus
Loss or gain on sales ofsecurities
Total surplus
Previous earned surplus
Total surplus
Dividends paid
I
1929.
$57.446
31,222
$74,756
12,2391
$88.669
17,
333
4,481
$66,854
$62,516
loss45,135prof$103,509
$17,381
102,681
$170,363
$120,062
68,000
$170,363
68,000
$102 363
$52,062
Balance surplus
$.01
.51
Earns, per shr. 00 34.000 shs. cap. stk. (no par)
1930, but
-(1)
Notes.
Stock dividends received by the company during
not sold had a market value on Dec. 31 1930 of $3,348. (2) The difference
between the book value and market value of investments not sold during
1930 are not reflected in the income statement.
Balance Sheet Dec. 31.
1929.
1930.
LialettUtes-Assets1930.
1929.
Investment stocks$1,442,004 $1,145,957 Cap. stock (34,000
)
no par shs. --- - $850,000 8850,000
Notes receivable
2,156
1,616
(call loans)
400,000 Accounts payable..
17,000
17,000
Notes receivable..200,000 Dividends payable
18,027
48,021 Tax liability
191,909
Cash
1,864
Unadjusted credits
Bonds
27,000
802,250
. 802,250
Capital surplus..Accts. receivable....
61.715
102,681
52,062
Earned surplus..-299
Suspense
$1.722,928 $1,793,978
Total
Total
$1.722,928 $1,793,978
-The market value of securt es held on Dec. 31 1930 was $530,271
Note.
than their book value. The liquidation value of the common stock
less
on Dec. 31 1930, taking assets at market, was $34.52 (after reserve for
dividends payable Jan. 15 1931) as compared with $40.72 Dec. 31 1929.
J.
241931.1
FINANCIAL CHRONICLE
663
A list of the companies whose securities are held in the portfolio is given
In the report.
-V. 131. P. 3882.
Comparative Balance Sheet November 30.
1929.
1930.
1930.
1929.
Assets
Liabilities$
$
$
$
Factory lands and
lst pref. 7% stock_ 1,500,000 1,500,000
bldgs., machin'y
2nd pref 6% stock 1,500,000 1,500,000
Distributors Group, Inc., in an advertisement headed, "The Largest
and equipment_ 1,124,983
920,628 Common stock_ _ _ 8,811,800 7,890,650
Fixed Trust
-North .American Trust Shares" says:
Investments
2,990,957 2,754,258 Notes payable___- 5,384,207 4,575,000
North American Trust Shares
-the original distributive type fixed invest- Inventories
8,186,544 8,675,705 Accounts payable_ 828,258
885,238
ment trust
-was first offered in January 1929. By July 1929 investors had Accounts and notes
Due to employees_ 199,034
429,250
purchased over $10,000,000; by Jan. 1930, $40,000,000; by May 1930,
receivable_ __ _1310,372,591 9,758,138 Accrued taxes_ ___ 176,641
253,250
$75,000,000; by July 1930, $100,000,000; by Oct. 1930, $125,000,000; and Adv. to salesmen
Sundry dep sects_ 439,850
472,564
by January 1931, $150,000,000.
and employees_ 188.169
169,944 Res for dividends_
157,813
In the depression year 1930 investors, more than ever careful, critical and Cash
131,555,217
893,661 Surplus
5,576,671 5,708,568
hesitant, placed more than $102,800,000 in newly created North American
Trust Shares
Total
-a larger sum than was invested during 1930 in any new issue
24,418,460 23,172,333
Total
24,418,460 23,172,333
of corporation bonds (excepting two major issues), or of stock offered
a Accounts and notes receivable, $10.772,846; less reserve for doubtful
generally to investors in the United States. This sum exceeds the amount debts, $400,255. b Partially secured.
-V. 131, p. 2542.
mvestecj during 1930 in the newly created shares of any other fixed trust.
-V.132, p. 136.
Fabrics Finishing Corp.
-Sale of Plants.
Pour plants of the corporation, two at Paterson, one at Fairlawn and one
Diversified Standard Securities, Ltd., Montreal, Can.
at West New York, N. J., were purchased at a public auction. Dec. 22, by
-Defers Preferred Dividend.
a bondholders' committee, represented by Carl M. Owen. attorney, for a
The directors have voted to defer the quarterly dividend due Jan. 1 on total consideration of $321,650. Members of the bondholders' committee
the 8% cum. pref. stock, par $25.
include Paul Heinzelman, .T. S. Ackerman and Thompson Ross.
-V. 131,
P. 3537.
Distributors Group, Inc.
-North American Trust Shares
the Largest Fixed Trust.
-
(Jacob) DoId Packing Co.(& Subs.).
-Earnings.
-
Earnings for Fiscal Year Ended Nov. 1 1930.
Net sales
Cost ofsales
Selling, administrative & general expense
$48,816,339
45,772,044
2,640,355
Operating net profit
Other income
$403,940
249,356
Total income
Bond interest & discount
Other interest
Depreciation
Miscellaneous charges
$653,297
240,169
57,629
237,671
10,015
Net profit to surplus
Surplus Oct. 26 1929
Miscellaneous adjustments
Total surplus
Omaha leasehold written off
Real estate (other than plant) written down
$107,812
2,296,848
5,742
$2,410,403
348,000
100,000
Fairfax Apartment Hotel (Fairfax, Inc.) Philadelphia,
Pa.
-Present Status of Bonds.
See F. H. Smith Co. below.
-V. 126, p. 2230.
Fairfax of Buffalo (Fairfax Apartment Corp.) Buffalo,
N. Y.
-Present Status of Bonds.
See F. H.Smith Co. below.
Fairfax of Pittsburgh (Fairfax, Inc.) Pittsburgh,Pa.
Present Status of Bonds.
See F. H. Smith Co. below.
-V. 127. p. 880.
Farmers Mfg. Co.
-Bonds Called.
-
The Brooklyn Trust Co., as trustee, is notifying holders of 1st mtge.
20
-year 7% sinking fund gold bonds, due 1943, that 37 of these bonds have
been drawn by lot for redemption on March 1 1931, at 105 and int. Such
drawn bonds will be redeemed upon presentation at the Brooklyn Trust
Co., 26 Broad St., N. Y. City, on and after March 1, after which date all
interest on these bonds will cease.
-V. 120, p. 709.
Surplus Nov. 1 1930
Federal Motor Truck Co.
$1,962,404
-To Redeem Notes.
Consolidated Balance Sheet Nov.-1 1930.
The company is offering to purchase at par and int. all or any part of its
outstanding $400,000 of 5% gold debenture notes due on Nov. 1 1931.
Liabilities
Cash
It already has acquired $225,000 of the notes, of which there were $625,000
$1,169,787 Accounts payable
$188,469 issued
Accounts receivable
-V.131, p. 945.
1,769,246 Accruals
4,499
Inventories
2,879,582 Reserves for taxes
26,676
U.B. Liberty loan bonds_ ___
Fifth Avenue Apartments, Pittsburgh, Pa.
20,632 Res. for compensation hum_
-Present
25,467
Stocks in other companies..__
10,019 Reserves for contingeneles
103,804 Status of Bonds.
Miscellaneous notes,accts. reRes. for depr. on fixed assets. 2,889,975
See F. H. Smith Co. below.
-V.122, p. 619.
ceivable, advances, &e..__
42,566 let mtge. 20 yr. 6% sinking
Notes receivable-Capital Refund gold bonds
Finance Co.of Pennsylvania, Phila.-To Decrease Stock.
3,754,900
fining Co
201,662 Preferred stock
4,502,100
At the annual meeting held this week, the stockholders approved the
Rest estate owned
226,058 Common stock
x22,500 proposal to reduce the capital stock to $2,000,000 from $2,500,000. The
Deferred charges
192,563 Surplus
1,962,404 approval empowers the directors to purchase in the open market stock of the
Land, bidge., mach.,ic eq.,,Itc 6,988,779
company up to $500,000 for cancellation.
-V.130. p. 1835.
Total
$13,480,795
Total
First Chrold Corp.
613,480,795
-Earnings.
x Represented by 22,500 no par shares.
For Income statement for period April 22 1930 to Dec. 31 1930. see
-V. 126. p. 257.
"Earnings Department" on a preceding page.
Dome Mines, Ltd.
-Earnings.
For income statement for three and 12
Balance Shea Dec. 31 1930.
ings Department" on a preceding page. months ended Dec. 31 see "Earn-V. 131, p. 2703.
Liabilities
Cash in bank
$5,716 Reserve for taxes
$13,654
Dominion Steel 8c Coal Corp., Ltd.
673,092 Capital stock, surplus and un-Receives Order.
- Cash (brokers' accounts)
See Canadian National Rys. under "Railroads"
divided profits
x665,154
above.
-V. 131. p. 3375.
DominionStores, Ltd.
-Estimated Earnings, &c.
Total
$678,808
Total
$678.808
At the end of 1930 the company had 527
x Represented by 5,748 shares.
stores in profitable operation,
-V. 131. 1 . 3049.
it is stated.
3
While the annual report for 1930 is not yet
First Trust Bankstock Corp.
-Enjoined.
stated in a recent interview that sales were well available, the president
Justice Strong has issued an order in tne Supreme Court, Brooklyn,
maintained in that year
but that net earnings were somewhat affected by
declining commodity directing the First Trust Bank Stock Corp., the First Fiscal Corp. and
Prices. However, net earnings will be shown equivalent to about $1.90 Robert S. Gilchrist,
Shelby B. Hutchinson, D.S. Hutchinson and Harry E.
a share on the stock as compared with $2.12 a share
Wheeler, officers of the corporations, to show cause, Jan. 23, why they
in
A vrrite-off of $50,000 for new equipment was made during 1929, it is said. should not
be enjoined from selling stock in those and other concerns
dends are payable at the annual rate of $1.20 in cash andthe year. Divi- except on statement
4% in stock.
to investors of the true financial condition of the comV. 131, p. 3882.
panies. It was asserted by the Attorney-General that dividends had been
paid out of capital and that misrepresentations had been made in selling
Eastern Equities Corp.
-Capitalization Decreased, etc.
- stock.
-V.131, p.2072.
The stockholders on Jan. 20 approved a reduction in the par
value of
the 43,677 shares of common stock from $100 to $25 a share, the
Fitz Simons & Connell Dredge & Dock Co.
-Omits
lation of all prof. stock and miscellaneous changes in the by-lawscancelof the Stock Dividend on Common Shares.
corporation.
The directors have voted to omit the quarterly stock dividend of
President J. P. Lyman,in a letter to the
2% o
past year the directors consummated sales stockholders said: "During the usually declared at this time on the common stock. The regular quarterly
of the company's
ating units, including sand paper, gelatine, glue, rendering,various oper- cash dividend of 50 cents per share was declared, payable March 1 to
&c. There- holders of record Feb. 20.
after the stockholders voted to liquidate the company.
Quarterly dividends
"The name of your corporation was changed to Eastern
Equities Corp. cash dividends in 1929 of 2%% In stock were declared In addition to the
and under this name liquidation will be handled. All these deals
and 1930.-V. 131. p. 2704.
consummated, cash and securities received for same. The glue have been
Flint Mills, Fall River, Mass.
inventory
Is being liquidated by the purchaser of the glue business for
-Omits Dividend.
our account.
The company has omitted the quarterly dividend of $1 ordinarily payable
An arrangement has been made whereby any unsold inventory
on June 1 about Jan. 1.-V. 131, p. 3883.
1931 is to be taken over by them at current market prices.
'Your corporation has repaid all bank loans and
Ford Motor Co., Ltd., England.
with the exception of sem° minor current bills, and other indebtedness
-Progress Outlined.
Progress made by the above company since its establishment by
benture bonds and purchased all its preferred stock. redeemed all its deHenry
It has
common stockholders during 1930, $55 a share from surplus also paid to Ford in 1929 is traced in an analytical report prepared for distribution by
,
and, after the M. J. Meehan & Co., members of
vote for liquidation, $45 per share as a liquidating dividend.
the Now York Stock Exchange. InOn Jan. 9 corporation in,England of the Ford Motor Co.
1931, another liquidating dividend of $12.50 a common
Ltd. was followed by the
share was paid. organization of subsidiary companies,
Further liquidating dividends will be paid as the
,
60% Controlled by the English
remainder of the company's company, in France, Belgium,
asets are realized upon.
Germany, Holland, Spain,
Sweden, Finland, Italy and Turkey, the analysis points out. Denmark.
'Your corporation still has some real estate holdings,
such as the build"In the first year of operation
ing at 121 Beverly Street, Spectacle Island in Boston Harbor,
Co., Ltd., showed net profits
and several after the most liberal write.offsFord Motoron its capital of £7.000,000.
other small parcels that did not pass in the sale of the
of 14)4%
The best efforts of your officers are being used to liquidate operating units. The various European subsidiaries showed earnings running from 14.8%
these
and with the expected upward trend in business now generally properties; to 49.2% on their respective capitals." the analysis continues. The Ford
looked for, Motor Co. of Detroit controls 60% of the 7,000,000-share capital of Ford
we believe this property can be disposed of over a
reasonable period at Motor Co., Ltd.
advantageous prices.'-V. 132. p. 319.
-V. 130. p. 2590.
Assets
.
-
43 and Locust St. Apartments, Philadelphia, Pa.
Elouise Apartments(The Elouise Corp.) Albany,
N. Y. Present Status of Bonds.
-Present Status of Bonds.
See F. 11. Smith Co. below.
See F. II. Smith Co. below.
-V. 122, p. 412.
-V. 123, p. 461.
Foster Wheeler Corp.
Emlen Arms Apartments, Philadelphia, Pa.
-Combustion-Foster Deal Dropped.
-Present
Negotiations for consolidation of the International Combustion Engistatus of Bonds.
See F. H. Smith Co. below.
Ely & Walker Dry Goods Co.
-Earnings.
-
Years Ended Nov.30- 1929-30.
1928-29.
1927-28.
Net sales
$38,298,984 $44,168,434 $46,918,468 1926-27.
$51,861,722
Profits for year
1oss565.813
1.401,278
1,365.256
1.695,160
First pref. divs.(7%)--105,000
105,000
105,000
105.000
Second pref. divs.(6%).
90,000
90,000
90,000
90,000
Common divs.(8%)
669,159(8)692,506 (8)702.942 (8)720.000
Balance, surplus---def$1,429,9f2
$513,772
$467.313
$780,160
Profit and loss surplus-x5,578,670 5,708.568
5,389,915 4,922,602
She. corn. stk. outstand:
(par $25)
352,472
315,626
360,000
360,000
Earns, per sh. on com_
Nil
$.82
$.25
$4.17
x As follows: Balance Nov. 30 1929, $5,708,568; premium
sale of treasury stock, $433,539; value of factory property received on
donated to
company, $75,000; profit derived from acquisition of assets of
new
sidiary, $791,535; total. $7,008,642; less deficit of $1,429,972 after subdiva.
neering Corp., now in receivership,and the Foster-Wheeler Corp. have been
terminated, it was announced Jan. 16. Inability of the reorganization committee of the former company and the Foster Wheeler interests to find
a satisfactory basis for a merger was given as the cause.
-V.131, p. 2386.
_(George A.) Fuller Co.-Partic. Prior Pref. Stock.
-
The directors on Jan. 19 declared the regular quarterly dividend of $1.50
and a participating dividend of $1.11 per share, on each share of cum.
and participating prior pref. stock., and also the regular quarterly dividend
of $1.50 and a participating dividend of 77c. per share, on each share of
cum. and participating 2d preference stock, all payable April 1 1931. to
holders of record March 10 1931.
On April 1 1930, a participating dividend of $1.94 per share was paid
the cum. and participating prior pref. stock and one of $1.40 per share on
on
the cum, and participating 2d preference stock.
-V. 131, p. 3884.
General Alliance Corp.
-40c. Dividend.
-
The directors have declared a quarterly dividend of 40 cents
the capital stock. payable Feb. 16 to holders of record Jan. a share on
31.-V. 131.
P. 2902.
664
FINANCIAL CHRONICLE
[VOL. 132.
-Acquire Assets.
General Motors Securities Co.
-Readjustment of Capital by Holding
General Baking Co.
-See latter below.
-V. 132, of Managers Securities Co.
General Baking Corp. below.
on.
Corporati -See
p. 501.
Germantown Manor Apartments, Philadelphia, Pa.
- Present Status of Bonds.
-Plan for Capital Readjustment.
General Baking Corp.
See F. H. Smith Co. below.
The committee for capital readjustment Jan. 10, in a letter
-Consolidated Balance Sheet.
(Adolf) Gobel, Inc.
to the stockholders, says:
Nov. 1'30. Det.31'29.
corporation has
Nov 1'30 Dec 31'29
It is the opinion of the directors that the its cumulative $6 an unwieldy
$
$
Mabel/tee-pref. stock Is
Assets
of
capital structure and that the large amount
53,000 1,446,500
-banks
e, it is their Cash
324,319 Notes pay.
617,263
unwarranted by the earnings of the corporation. Furthermor
-trade,
Notes pay.
to maintain both
opinion that there is no longer any reason for continuing in Maryland) and Accts rec -Tradea1,574,956 1,153,613 securities
36,250
591,080
n organized
Notes & mlscell
General Baking Corp.(the holding Corporatio
York) as the
69,230 Accts. pay., incl.
80,994
accounts reedy_
General Baking Co (the operating company organized in New
dab. for merch.
90,051
consist almost entirely of common stock of Funds with trustee
assets of the holding corporation
399,913
431,565
in transit
70,070
life insurthe operating company.
138.163
unsatis- Value
Miscell.accts. pay. 155,942
51,282
The existence of the holding corporation has. by reason of its Co. and Sinking fund
41,168
Due to officers_
35,924
a handicap both to General Baking of the Deposits on option
factory capitalization, become
3,700
37,000
Federal taxes
capitalization
of
Invest in bonds
to the corporation's stockholders. Under the present
25,000
50,000
paid at a
Sink,fund paynets
5,100
Geo Kern, Inc
, unless dividends on the $6 pref. stock continue to be earnings
corporation
3,148 Contractual obit. 228,346
10,025
Mortgages reedy_
be unable to finance from
reduced rate, General Baking Co., will
4,000 Bond int. payable
business. The market valuathe requirements of the normal growth of its commensurate with the stand- Duefrom officers_
90.051
Nov. 1
2,457,639 1,362,939
Inventories
tion of the securities of the corporation is not
139,910 Due to Jacob E.
be, so long as the present Prepaid expense
198,551
ing and size of General Baking Co and cannot
119.999
repre- Miscell invest &
& Sons_
Decker
the securities
capitalization of the corporation is retained and while
New York Stock
65,159 Mtges. pay., on
55,410
sects receiv__-senting your property remain ineligible for listing on the
121,300
105,000
demand
Invests in common
Exchange.
Mtges. pay., due
for the six years
stock of Jacob E.
Consolidated net earnings of General Baking Corp. averaged about
311.000
2,033,892 after one year__ 210,000
& BOW
1930 estimated) have
Decker
ended Dec. 27 1930 (last 5 weeks of
634% notes Adolf
the $8 pref. stock of
86,733,000 annually. Dividend requirements on General Baking Corp. Capital assets_ - -y7,237,472 5,006,156
2,250,000
Gobel
General Baking Co. and on the $6 pref. stock of ofsuch pref. dividend Refrigerator cars-- 246,921
10-yr. 6% sinking
&
deduction
Unamort. disc.
amount to $6,684,080 annually. After the
600.000
as above,is equivalent
58,955 fund notes
exp. on bonds_ - 248,030
requirements the balance of average annual earnings,
-is
stock of General Organization exps_
79,887 let mtge.03 Geo.
73,499
to only approximately one cent per share for the common
525.500
499,900
Kern. Inc
fiscal year (last 5 weeks Other def. charges
42,212
1930
Baking Corp. Earnings of $5,100,000 for theon the
7,545
69,459
Res, for conting
pref. stock of the Good-will. Includ.
estimated) were equivalent, after dividends$6 pref.$8
6% bonds Jacob E.
stock of the holding
contr.
on the
agency
company, to about $4.40 per share
750,000
Decker
reduced to a
killing rights &
corporation. Dividend payments on the $6 pref. stock were the rate of
accruing at
prov. routes_ _ 1,784,787 1,784,787 Merkel, Inc.,644% 857,437
927,313
$3 annual rate in April 1930. the unpaid balance
preferred
$3 per share per annum, or 82,978.940 annually.
Jacob Decker series
Plan for Capital Readjustment.
619,369
A stock
General
431,210
Series B stock
At the request of holders of substantial amounts of stock of and of
Min. Int. in cons.
Baking Corp. and of the boards of directors of that corporationplan for
stock of Jacob
General Baking Co., the undersigned committee has formulated a
company whereby the
73,704
Decker
capital readjustment of the corporation and the be made for the liquidaCommon stock.....x5,714,351 5,714,351
holding corporation will be dissolved, provision will
stock, and
1,361,808 1,359,518
Earned surplus
of the dividends then accrued and unpaid on the $6 prey,distributed
tion
be
308,791
297,965
shares of new common stock of the operating company willof the corporaTot.(each side)_14,880,188 12,086,003 Capital surplus,._
Represented by 430,989
among the holders of the $6 pref. stock and common stock
a After reserve for bad debts of $106,182. x $8,967,924 less total defollowing basis:
tion on the
y Total capital assets
1.
-Holders of $6 pref. stock of General Baking Corp., upon consum- shares of no par stock.
mation of the plan, will be entitled to receive: (a) for each 100 shares. preciation 81,730.451. for the fiscal year ended Nov. 1 1930 was published
The income statement
stock of General Baking Co., and (b) for all
150 shares of new common
deben- in V. 132, P. 482-V. 131. p. 1428.
,
dividends then accrued and unpaid, 10 year 515% sinking fund gold
tures of General Baking Co., with interest thereon adjusted and accruing
--Sales.
Grand Union Co.
, at the rate of
from Jan. 1 1931 or scrip representing such debentures
1931-Year-1930.
-1930.
committee
1931-5 Wks.
Period End.Jan.3$300 principal amount thereofon each 100shares ofstock. (The , for the
$3,373,616 $3,456,187 $36,924,363 $33,392,935
Sales
a limited period to be fixed by the committee
will arrange, during
equivalent to the - 131, p. 4222.
V.
purchase of scrip representing debentures at a price
market price of the debentures at the time of such purchase.)
-Extra Dividend.
consummation
Great Lakes Dredge & Dock Co.
-Holders of common stock of the corporation, upon3 shares of new
2.
regular
The directors have declared an extra dividend of 25c. and the Feb. 5.
of the plan, will be entitled to receive: for each 100 shares.
quarterly dividend of 25c.. both payable Feb. 14 to holders of record
of the operating company.
Common stock
General Baking Co., upon - 131. p. 484.
V.
The funded debt and outstanding stocks of
consummation of tho plan, will be:
-New Directors.
Greyhound Corp.
$7,000,000
Samuel
-year 53 % sinking fund gold debentures, 1940
10
The directorate has been increased to 12 members from 11. one as an
90,775 shs.
preferred stock
and C. F. Wren were elected to the board,
$8 cumulative
1,594,803 abs. Insull, Jr., D. R. West
and the late
Common stock
additional director and the other two to succeed W. R. Dawes
quarterly
-V. 131, p. 1903.
Upon consummation of the plan it is proposed to inaugurate
at the annual It. F. Clinch.
dividends on the new common stock of General Baking Co. consummated
-Changes in Executive
the plan will be
Grigaby-Grunow. Co., Chicago.
rate of $2 per share. It is hoped that be paid April 1 1931.
promptly,so that the initial dividend may
-Output.
should receive, con- Personnel
and
The 36 pref. stockholders of General Baking Corp.
common stock
Don. M. Compton has been elected Vice-President and Treasurer,
tingent upon adequate earnings, dividends on their new share on their Vernon W. Collamore as General Sales Manager. H. E. Young will conof $3 per
of the company equivalent to the present return stock will represent over tinue in charge of sales of the affiliate company, Majestic Household
present holdings. Moreover, their new common
Utilities Corp.
Manager.
93% of the equity in the operating company.
when
Mr. Compton had been Assistant to the President and Generalradio sets
The common stockholders will benefit by reason of the fact that,
new common
The company is now producing between 1,500 and 2,000
the plan is consummated, they should receive dividends on the
pros- daily, it is stated -V. 132. p. 320.
stock of the operating company, whereas on the basis of past and
holding
-Earnings.
pective earnings dividends on the present common stock of the
Grinnell Manufacturing Co.
n are most remote.
corporatio
1929.
1930.
holding
Years Ended Sept. 30The holders of both the $6 pref. stock and common stock of thesecurity
$4,152
$297,199
n
Manufacturing loss before depreciatio
corporation will benefit through the ownership of a dividend paying
Balance Sheet Sept. 30.
company for which application will be made for listing on
of the operating
1929.
1930.
Liabilities1929.
1930.
the New York Stock Exchange. of both the $6 pref. stock and common
Assets$1,500,000 $1,500,000
Holders of substantial amounts
$437,829 $437,829 Capital stock
Land buildings125,057
108,191
plan.
stock have approved the
1,129.274 1,129.165 Bills & accts. pay_
Machinery
809,110
The Bankers Trust Co., 16 Wall St., N. Y. City, N. Y., is depositary Merch..inventory_ 991,249 1,264,555 Reserve for depree. 807,564
57,948
49,705
for taxes. _
Res,
for all stock.
deposits of Bills and accounts
597,956
Profit and loss__ - - 300,756
Jan. 31 1931 has been fixed as the time on or before which
rec., cash and
should be made.
258,520
stock
207.863
Investments.
of a
The committee may declare the plan effective when the holders not
is
52,766,217 53,090.069
Total
sufficient amount of stock have assented thereto, and if the plan
$2,766,217 53.090,069
Total
effective deposited stock will be returned without cost.
declared
G. F. Rand.
(The committee is as follows: B. A. Tompkins (Chairman),Frazier, with -V.129, 13. 3973.
Watson, F. H.
0. H. Diefendorf, R. V. V. Miller, E. H.
-Earnings.
also V. 132,
(Charles) Curd & Co., Ltd.
13*
E. E. Beach, 16 Wall St., N. Y. City, as Secretary.] See
June 5 to
Years Ended Dec. 31
p. 501.
1928. Dec. 31 '27.
1929.
1930.
Period.Net profit after deprec.
-Orders Received
General Electric Co.
$96,987
$207,017
$207,645
and income taxes--- $196,837
1927.
1928.
6,478
1929.
Period End.Dec.31- 1930.
$74,168,480 $108,398,409 $88,162,049 $76,708,532 Income tax
3 months
$90,509
341,820,312 445.802,519 348,848,512 309,784,623
$207,017
$207,645
12 months
$196,837
Balance
17,500
business, outlined in the
27.959
21.000
19,950
As a result of the transfer of radio set and tube1930 do not include radio Preferred dividends-- 22,250
in
72,375
120.000
120,250
company's 1929 annual report, orders received new General Electric radios Common dividends
tubes, except orders received for the
sets and
$50,759
-V. 132, p. 501. 320.
$106,68.3
$66,645
$56,637
Surplus
Introduced in the latter part of the year.
50,759
167,442
224,087
Previous surplus
es Additional Patents.
-Acquir
General Foods Corp.
$50,759
8157,442
8224,087
Cincinnati, following successful
Profit &
Patents obtained by the University ofLiglge jnin inc oods Eb or .7ur Earns, per loss, balance- $280,724
, the .of
s
ra e eral i
sh. on 60,000
av he n so
g te vaiue
h
ortratin
$1.21
experiments
$2.99
$3.11
(no par)$2.95
shs. corn. tk.
certain
t ce
rn
i
t
igroi
Jan. 16. The patents pertain specifically to
Balance Sheet December 31.
8300,000 it was reported on filtration of ultra-violet and shorter rays, to
1929.
1930.
1929.
1930.
Assets
selective irradiation, that is. and other substances.
$19,073
$10,399 Accounts payable- $14,026
510,334
permit the treatment of foods the University of Cincinnati's Science Re- Cash
18,353
16,911
by
50,000
100,000 Tax reserve
The experiments, madebased on the theory of tho director, Professor Call loan
108,116
Laboratory, were
112,004 Deprec. reserve.-- 145,027
Accts.receivable-- 145,412
search
300,000
rays of certain lengths might change the nature of Inventories
stock __ - 270,000
136,541
108,977 Preferred
George Sperte, that
878,300
rays of other lengths, acting simul- Properties
862,608
831,108 Common stock... x875,300
substances on which they fell and that
224,087
280.723
these changes.
88,764 Surplus
101,800
taneously, might nullify are expected to prove valuable in medicine and Equipment
-46,677
45,291
Investments
The discoveries also "Times.')-V. 131. p. 3716.
H0,000 Total(each side).51,601,989 51,547,930
250,000
(New York
Good-will
pharmacy.
-V. 130, P. 631,
x Represented by 60,000 no par shares.
-Bankers Issue Special Analysis on
Motors Corp.
General
General Motors.-
-Smaller Dividend.
d.
Halle Bros. Co., Clevelan
the
um say in part:
The directors have declared a quarterly dividend of 25c. per share on
Hornblower & Weeks in a memorand
.
prices represents an equity that should
holders of record Jan. 24. Previously
"General Motors at current return of business confidence. Generai common stock, payable Jan. 31 toshare were made on this issue -V. 130.
ns
the
prove irreplaceable with of the motor industry and this industrial leader- quarterly distributio of 50c. per
p. 4426.
leader
Motors is easily the
efficiency of its plants, its impregnable cash
ship rests squarely on thegood-will of its products and the success of its
Hamilton Hotel (Rochester Corp.) Washington, D. C.
Position, the international
Present Status of Bonds.
management.
unparalleled managerial has afforded an
-V. 128, p. 2230.
The business recession of 1930
Bee F. H. Smith Co. below.
with a success striking enough to be
test which General Motors has met
program inaugurated in 1922 and
-Adds Two New Models. synchronous
Hammond Clock Co.
comparable to the amazing expansion
$463,000,000 to 31,504,000,00e
line of
which by 1929 had increased the sales from
The company has added two new models to its are the "Logan" and
new models
and quadrupled the net profits.
other
than $3, which stand an electric clocks, it was announced. The
"With earnings for 1930 estimated at better 1931, and a current yield the "Oakwood," designed to retail at prices nearly 50% below any
s
in
state. A total of 19 models ofsynchronou
unexpectedly good chance of being duplicated
a most valuable equity." electric clock, company officialsin the Hammond line.
p. 502, 138,
-V.132.
of better than 8%, we consider General Motors
electric clocks are now Included
-V. 132, p. 501. no.
JAN. 24 1931.1
665
FINANCIAL CHRONICLE
-Entire 1930 Pack PracHawaiian Pineapple Co., Ltd.
tically Sold.
The company has practically sold out its entire 1930 pack of pineapples,
and in some lines has experienced a shortage, according to Harry E. MacConaughey. Vice-President and General Sales Manager.
The company plans to increase its advertising expenditure in 1931, and
Probably will spend more money than ever before for this form of sales
Promotion. It will also continue to co-operate with other pineapple
Packers in the campaign of education to inform the public of benefits and
other qualities of pineapple.
-V. 131. p. 3215.
-Earnings for Calendar Years.
Hercules Powder Co.
1927.
1929.
1928.
1930.
$25,906,179 $32,976,417 $30,559,877 $27,961,494
Gross receipts
3,728,646
4,608,469
4,918,949
* Net earns., all sources- 2,577,003
42,763
Bond interest
569.488
481.987
200,524
560,045
Federal taxes
Net profit
$2,376,479 $4,358,904 $44,038,981 $3,203,896
797,868
799,687
799,687 • 799,687
Preferred dividends_ _ - 1,617.000
1,805,427
2,058,000
Common dividends
2,392,000
(14%)
(11%)
Rate of common diva($3)
($4)
def$228,635 $1,167,217 $1,181,294
Balance
13,380.596 12.863,378 11,682,085
Previous surplus
Proceedsfrom sale ofstock
350,000
177,765
in excess ofstated value
$789,028
10,893,057
-Earnings.
Hygrade Food Products Corp.(& Subs.)
Earnings for Fiscal Year Ended Nov. 1 1930.
Gross profit from sales of packing house products after deducting
$4,494,037
all costs of manufacture
4,190,904
Selling, administrative & general expenses
Net operating income before provision for depreciation
Other income
$303,132
82.772
Totalincome
Provision for depreciation
Interest on bonded debt
Other interest (net)
Other deductions from income
$385,905
284,804
311,047
101,936
166,090
Net operating loss
Discount on repurchased bonds
Cancellation of sundry reserves
$477,972
200,296
29,069
$248,607
Balance to deficit account
440,082
-balance Nov. 2 1929
Deficit account
Cost of development & introduction of packaged fresh meats &
canned goods, charged off to deficit account in accordance with
161,143
resolution of board of directors
-balance Nov. 1 1930
Deficit account
Capital
$849,832
9.490,995
$8,641,162
Common stock equity-balance Nov. 1 1930
Consolidated Balance Sheet Nov. 1 1930.
Liabilities
Assets$13,329,725 $13,380,596 $12,863,379 $11,682,085
Balance, surplus
$505,508 Accts. pay.& accrued accts._ $607.494
Cash
Shares of common out15,557 Real estate mtges. (open or
x147,000 Notes receivable
603,079
598,000
x147,000
standing (no par)-72,300
maturing within one year)_
a2,111,386
$2.61
$16.37 Accountsreceivable
$5.95
$22.04
Earned per share on com.
2,746,824 Real estate mtges. (maturing
* After deducting all expenses incident to manufacture and sale, ordinary Inventories
54,500
1932-1935)
138,469
Rate reparation claims
and extraordinary repairs, maintenance of plants, accidents, depreciation,
Western Packing & Provision
Miscell. notes & accts. reedy.
taxes, &c. x Par $100.
557,000
Co. lat 6s
224,398
deposits, &c
Consolidated Balance Sheet Dec. 31.
137,061 Hygrade Food Prods. Corp.
Outside real estate, bldgs.,&a
4.380,500
let6s •
60.828
1929. . Sundry investments
1929.
1930.
1930.
48,645
44,793 Res.for conting..accidents,do
Liabilities$
$
. Officers& empl.accts. merely_
Assets$
$
c8,641,162
Common stock equity
Plants & Proply _x20,452,154 20,808,071 Preferred stock --.11,424,100 11,424,100 Land, buildings, machry..
b8,231,930
equipment,&e
Good-will
5,000,000 5,006,362 Common stock_ _y15,076.975 14,950,000
1
475,783 Good-will
Cash
358,805
2,605,257 1,565,666 Accts. payable_
$14,361,601
144,846
Total(each side)
99,961
99.961 Deferred charges
Accts. receivable 3,446,567 4,247,457 Accr'd pref. atty.__
10,561
190.030
doubtful, discounts, &c. of $202,622. b After
Collateral loans_ _ _ 700,000 2,200,000 Deferred credits_ _
a After allowance for
Invest.securities 1,330,486
559,349 allowance for depreciation of $343,017. c Represented by 285.965 shares
566,263 Fedi taxes(est.)-- 248,079
3,180,491 2,950,233 issued or issuable (less 1,176 shares on deposit with trustee for conversion
U. S. Govt. seam% 4,137,912 2,349,200 Reserves
Materials & suPp- 3,056,128 3,842,376 Profit and loss_ _ --13,329.725 13,380.596 of 1st and refunding mtge.cony.6% gold bonds, and 883 shares in treasury)
Finished product_ _ 2,871,161 3,296,958
of 500,000 shares of no-par value authorized (94,744 unissued shares re147,698
Deferred charges_ _ 229,032
served for conversion of 1st and refunding mtge. cony. 6% gold bonds).
-V. 130, p. 2976.
Total
43,728,699 44,030,051
Total
43,728.699 44,030,050
x After depreciation of $8,382,967. y Represented by 603,079 no par
-Earnings.
Indiana Limestone Co.
shares.
1928.
1927.
1929.
1930.
Year End. Nov.30$10,917,268 $11,985.200 $12,131,573
Laboratories Near Completion.
$10,351,643
Sales (net)
7.411,839
7.282,310
7,614,590
6,932,432
New experimental laboratories, costing more than $500,000, which will Cost ofsales
house the research facilities of this company at Wilmington, Del. are Advertising,sell.,admin.
1,644,753
1.681,648
1.737,633
and general expenses_ 1,539,726
nearing completion. The main laboratory building and a number of
284,575
268,079
185.333
121,178
smaller units have been finished and are awaiting installation of equipment. Other expenses(net)
The new location near Wilmington represents a closer contact of the
$1,758,308 $1,804,872 $2,420,883 $2,697,526
Net income
company's research department and its main office, the laboratories being
719,578
944,692
613,274
589,939
moved here from Kenvil, N. J. The new research laboratories will be Depreciation & deplet'n1,218,004
1,211.160
1,178,249
1,149,141
formally opened within the next few months, it is stated by the company's Interest
37,000
60,000
4,000
3,000
Federal taxes
officials.
Much of the Hercules company's growth has been founded on the results
$497,829
$430,144
$10,348
$15.226
Net income
of chemical research, states President Russell H. Dunham. The principal
products of the company, nitrocellulose. cotton linter pulp, naval stores Preferred dividends-.(5it %)262,500 (7)350,000 (7)350.000 (7)350,000
and explosives, have all been developed for more widespread industrial
$80,144
$147,829
def$247,274 def$339,652
Surplus
use through research activity, and, according to Mr. Dunham's statement,
continuation of this activity is planned to insure future growth.
-V. 131, Earns. per sh. on 1.500,000she,common stock
p. 4222.
Nil
$0.09
Nil
$0.05
outstanding (no par)_
Hilltop Manor Apartments (Hilltop Manor Co.)
Balance Sheet November 30.
Washington, D. C.
-Present Status of Bonds.
1929.
1930.
1929.
1930.
See F. II. Smith Co.(No. 4) below.
$
Liabilities$
-V. 122, p. 2200.
$
Assets$
Fixed assets (net).37,515,795 38.071,719 7% cumulative
pref. stock
5,000,000 5.000.000
Cash and U. S.
Household Finance Corp.(& Subs.).
-Earnings.
-464,819 Common stock -y19,655.556 19,655.556
Govt. bonds.-- 389,921
Calendar Years1928.
1930.
1929.
Accounts, wages,
Net profit after all charges & taxes_ --x$4,066,156 $3,372,418 $2.309,406 Notes and accts.
taxes, Interest.
rec. less reserve_ 1,895,057 2,446,688
x Equivalent under the participating provisions of the shares to $6.03
&c., payable... 1,459,592 1.510,466
3.214,283 3,081,152
a share on combined 524,953 average number of no-par class A and class 13 Inventories
51,065
830,827 Fed'I income tax_
Stripping
804,580
shares outstanding during the year and $5.73 a share on 85,421 shares of
271,599 Total funded
270,143
class A and 475,277 class B shares outstanding at end of year. after allow- Investments.-x18,138,500 18.656,048
debt
ance for full participation of $5 per share on preference stock. This Adv. to tratees of
644,157
515,806
Surplus
empl.stk.pur.prn 377,703
compares with $5.16 a share on the combined average number of shares
8,148
and $5.04 a share on 77,655 class A shares and 412,509 class B shares Patents
44,769.454 45.517,292
Total
342,339
Def. charges, &e- 301,971
outstanding at end of 1929.
x First mortgage 6s, $13.745,000; debenture 75, $4,393,500; total, $18,The participating preferred stock is entitled to $3 per share per annum
-V.131, p.3716,3378
and participate equally with common stock, share for share, after common 138,500. y Represented by 1,500,000 no par shares.
has received $3 per annum, until preference stock has received an aggregate
of $5 a share per annum. -V. 131, p. 4223.
-Earnings.
Indian Territory Illuminating Oil Co.
1929.
1930.
Years Ended Oct. 31Houston Oil Co. of Texas.
-Initial Pref. Div.
Gross earnings oil, gas and gasoline departments-425,718.836 $11,195,270
193,297
The directors have declared an initial semi-annual dividend of 75 cents Miscellaneous income
600,062
per share on the new $25 par pref. stock, payable Feb. 2 to holders of
record Jan. 26. Last year the $100 par 6% pref. stock was split up on
$26,318,898 $11,388,568
Gross earnings
3,374,250
the basis of four shares of new $25 par stock for each share of $100 par. Total expense
6,145.014
-V. 131. p. 4223.
1,745,732
1,293,043
Interest charges
3,687,993
6,735,068
Reserves
$13,329,725 $14,380,595 $12,863,379 $11,682,085
Total surplus
1,000,000
Transferred to reserve_
-Earnings.
Howe Sound Co.
For income statement for 3 and 12 months ended Dec. 31 see "Earnings
-V. 131, p. 2705.
Department" on a preceding page.
Net applicable to dividends
Previoussurplus
$11,693,085 $3,033,281
20.348,396 17,522,658
Hudson River Navigation Corp.
-Night Line Pier Value
Fixed at $3,165,477.•
Total surplus
Cash dividend
Adjustment and direct entries to surplus
$332.041,481 $20.555.939
212.701
Cr.5,159
Cr.25,761
Charles Farley, an appraiser, formerly employed by the Dock Commission and the Commissioners of the Sinking Fund, testified on Jan. 22
in an equity suit before Supreme Court Justice Schmuck to determine the
value of Pier 32, owned by the Hudson River Night Line. that he had
appraised the pier at $3,165,477.50 in May 1930.
The court action is the result of the inability of the City of New York
and the Night Line to agree on the value of the pier, which the city took
over on May 8 1930. A new pier to be constructed on the site will be
leased to the North German Lloyd line at an annual rental of $313,000.
-V. 130. p. 2593.
$32,067.243 $20,348,397
Surplus Oct. 31
Sha, combined class A & B stk. outatand.(no par) 8,394.637 x7,752,842
$0.39
$1.39
Earnings per share
x Capital stock of $1 par value.
Consolidated Balance Sheet October 31.
1930.
19291
1929.
1930.
Liabilities$
$
$
Assets$
c7.752.842
Plant & Invest__ _113,228.814 48,014,473 Common stock_
662.805 Class A stock__ _a22,184,000
Treasury stock_..
Hudson's Bay Co.
-Resignation.
b7,090,036
10,573 Class II stock
11,027
Securities owned-213,012
The resignation of Charles Vincent Sale from the governorship of the Stores &supplies__ 1,019,676
907.239 Royalties paYable.
98,277
company was accepted at a meeting of the stockholders when the report 011 in storage at
Accounts payable_d1,013,159
of the special committee which investigated the company's affairs was
8,155,852 14,462,882 Notes payable.-- 5,500,000 4,800,000
market
303.725
under consideration.
Wages dr sal. pay._
Oil, gas and gasoThe meeting adopted a resolution to replace Mr. Sale and two other
1.077.446 Taxes accrued_ __ _1 606,694 f 177,311
line accts., rec_
unspecified directors by three new directors. They are to be selected by a Notes and accounts
1441,652
Fed, taxes acerd..1
committee, and if the committee fails to agree on the choice, Sir Robert
4,047
243,978 Int. payable acer_ Bee d
2,848,762
receivable
31.708
31,464
Horne,former Chancellor of the Exchequer,one of the largest shareholders, Interest receivable
233 Customers' depos-V. 132. p. 321.
will make the selection.
3,967,828 2,364.117 Notes pay to EmP.
Cash
Gas At Fuel Co_ _46,650.000
227,068
153.851
Huntington Hall Apartments (Wellington Bldg. Co.) Exp. paid In adv.... 1,564.687 915,416 Due parent co..
829,849
Suspended expense
4,630
12.162
Bad debt reserve
-Present Status of Bonds.
Philadelphia, Pa.
In process
Property
1,601,099 Delves., depict. &
of being reclaim.
-V. 122, p. 358.
See F. H. Smith Co. (No. 6) below.
other reserves-17,752,465 16.107.336
Crude Oil price res. 2,222,691
Contingent BMA's_
208,195
-Preliminary Earnings.
Prop. In course of
Hygrade Lamp Co.
Deferred Dahlia_
19,987.662
556.596
abandon
Preliminary indications are that net for the full year, after all charges,
Surplus (min. Int.)
91,738
$690.000. After allowance for preferred dividends, balwill be in excess of
Surplus
32,067,243 20,257,908
ance available for the 117,684 shares of no par common stock will be in the
of $4.90. This compares with net of $519,910 or $3.41 a common
vicinity
Total
133,729,786 70,487,331
133,729,786 70,487,331
Total
share reported for 1929.
Sales for the past year will show an increase of 50% over 1929.-V. 131,
a Represented by 1,304,600 no par shares. b Represented by 7,090,037
-V. 130, p. 2783.
$1. d Includes accrued interest.
no par shares. c Par
p. 3716.
666
[VOL. 182.
FINANCIAL CHRONICLE
Imperial Tobacco Co. of Great Britain and Ireland,
Ltd.
-Bonus of 73,% and Final Dividend of 9%.
The company has declared an extra dividend of 716,. % and a final dividend of 9% on the ordinary stock, both tax free. This makes a total of
233i% for the year, as against 23% in the preceding twelve months. A
year ago the company declared a final dividend of 8%%,and an extra of
%. The preliminary statement for the year ended on Oct. 31 1930
shows £500,000 carried to general reserve account and £1,190,000 carried
forward.
-V. 131, P. 638.
-New Director, &c.
Independence Shares Corp.
Robert D. Pruyn of Lyon, Pruyn & Co. has been elected a director.
The latter firm will act as wholesale distributors for the trust in New York,
-V. 132, p. 138.
New Jersey and Connecticut.
Investors Syndicate.
-Loans Increased in 1930.
Average size of loans on city residential property funded by this syndicate
during December showed a sharp increase compared with November,
according to a report issued by Vice-President E. E. Crabb. The average
of December loans was $5,039, compared with $4,057 in November. December loans funded by the company aggregated $811,330, against $669,366
In the previous month.
For the 12 months ended Dec. 31 1930 the average size of loans was
$4,234, as against $3,653 for the year ending Dec. 31 1929. A total of
1,728 loans were funded during the year 1930, and total loans amounted
to $7,315,789. Total loans outstanding as of Dec. 31 1930 amounted to
$31,420,446, compared with $27,073,712 at the end of 1929. This is an
Increase of 14,347,734.-V. 131. p. 4223.
-Larger Quarterly Dividend.
Iron Fireman Mfg. Co.
of 40 cents per share
have
-Kuhn, Loeb & Co. onThe directors stock,declared a quarterly dividendof record Feb. 14. In
-Bonds Offered.
Inland Steel Co.
payable March 1 to holders
the common
are offering at 963 and interest to yield 4.68% $15,000,000 1930 tho company paid 25 cents quarterly and one extra dividend of 50
-V. 131. P• 3717.
1st mtge. sinking fund 4Y% gold bonds, series B, due cents per share.
Jackson & Curtis Investment Assoeiates.-Small r
Feb. 1 1981. For further details see advertising pages
Dividend.
-V. 131, P. 3885, 2905.
in to-day's issue.
The directors have declared a quarterly dividend of 60 cents per share on
Insurance Exchange Bldg (Pittsburgh Insurance Ex- the issued beneficial interest shares, no par value, payable Feb. 2 to hold
- of record Jan. 26. A quarterly distribution of 60 cents per share w
-Present Status of Bonds.
change Inc.) Pittsburgh, Pa.
-V. 131, p. 2905.
made on Nov. 1 last.
-V. 122, p. 892.
See F. H. Smith Co. below.
James Madison Hotel, (James Madison Hotel, Inc.
-Group Maintains Its
Insurance Securities Co., Inc.
Orange, \a.
-Present Status of Bonds.
Premium Volume of 1929 Through 1930.
See F. H. Smith Co. below.
The combined premium income for 1930 of the constituent companies
of the Insurance Securities groups compares very favorably with the corresponding figures for 1929, which were the largest in the history of the
group, an official announcement says.
Accomplishments for the year 1930 are summarized by President W.Irving Moss as follows: "Finafcompilation of the annual premium income of
our group of companies reveals very satisfactory maintenance of our premium income.
"Our indemnity companies wrote net premiums of $19,431,154 in 1929
and $19,159,130 in 1930.
"Our fire companies wrote net premiums of $1,096,831 in 1929 and net
premiums of $1,135,610 in 1930.
"Title guarantee and life premiums amounted to $2,422,963 in 1929 as
compared with $2,199,960 in 1930.
"Our combined net premium income of our constituent companies was
$22,958,949 in 1929 and $22.493,701 in 1930.
"Our investment securities have shown considerable shrinkage in value,
but the financial position of all company members of our group will be
satisfactory to our many friends when disclosed through our annual reports
-V. 132. p. 321.
to be published about the end of the month."
Jefferson Apartments (Jefferson Apartments, Inc.)
Washington D. C.
-Present Status of Bonds.
See F. It. Smith Co. below.
-Correction.
Kansas City Life Insurance Co.
The directors on Jan. 12 declared the usual semi-annual dividend o
$8 per share. A similar payment was made six months ago.
It had previously been currently reported that the directors had recently
-V. 132, p. 321.
voted to omit the semi-annual dividend due at this time.
-Omits Dividend.
Kentucky Rock Asphalt Co.
The directors recently voted to omit the quarterly dividend ordinarily
payable Jan. 1 on the common stock. From April 1 1929 to and incl. Oct. 1
1930,quarterly distributions of 40 cents per share in cash were made,and on
-V. 131, p. 123.
April 15 1929 a 5% stock dividend was paid.
-1930 Sales.
Kinner Airplane & Motor Corp., Ltd.
The corporation during 1930 sold and delivered 284 airplane engines,
according to an announcement made by President Robert Porter. While
- this volume of business was insufficient to meet operating expenses of the
-Div. Decreased.
Intercontinental Investment Corp.
The company on Jan. 1 last paid a quarterly dividend of 50 cents per company, it was considered satisfactory by officials in view of conditions
share on the class A stock to holders of record Dec. 26. On Oct. 1 1930, which obtained during the year just closed.
The industry entered 1930 with airplane manufacturers, dealers and disan initial quarterly distribution of $1.50 per share was made on this issue.
tributors well stocked with engines, President Porter pointed out. The
-V.131. p. 2074.
new year opened with practically all of the engines in the field having
-Tr.Agt.- been used up and the outlook for the industry therefore appears conInternational Automatic Supply Co., Inc.
-V.131. P• 3886.
The Bank of America N. A. has been appointed transfer agent of 125,000 siderably brighter than it has for the last 18 months.
shares of cum. pref. class A stock and 500,000 shares of common class B
-Results for 1930
-Regular
(G. R.) Kinney Co., Inc.
stock.
of
-Forms New Dividends Declared on Both Classesthe Stock.
International Business Machines Corp.
E. H. Krom, President, reports that
preliminary statement of the
Unit.
company shows that the earnings for the last six months of 1930 are approxi-
The corporation has formed a new subsidiary to manufacture industrial
weighing and counting scales with a range of users from jewelers to foundrymen. Production has been started at the company's Endicott, N. Y., plant
and will be separate from its computing scale factory in Dayton, Ohio.
President Thomas .1. Watson states that more than 85% of the scales
used in industry are for counting rather than for weighing purposes. and
hence are really accounting machines. "Manufacturers guard their working
capital with scales, cash registeres and elaborate accounting systems while
It is in the form of cash," Mr. Watson pointed out. "The same money,
in the form of inventory, requires equal safeguarding by means of scales."
One entirely new type of scale in the line automatically counts any quantity of uniform articles, such as washers, screws, piston pins, &c., placed
on the weighing platform, when one of the same article is placed in a small
separate pan on a scale. A ratio is thus established, enabling the number of
pieces on the weighing platform to be read directly from the indicator.
Another new type measures the length of a bolt of cloth, by setting off
the weight of a single yard and then reading the scale. Likewise, it will
calculate the weight per yard of a given piece, an important factor in cost
control on finishing certain types of fabrics which tend to vary widely in
3538, 4223,
Welf.Ch,--1,7, 131, p-
mately $307,000, which more than covers the preferred and common dividends for that period. This compared with a loss for tho first six months
of the year of$206,000,leaving a net for the year ofapproximately $100,000.
Inventories have been reduced during the year by $1,725,000, or 239'.
Notes and accounts payable as of Dec. 31 1930 amount to $1,459,428,
a reduction of $834,643, or 36%.
Ratio of current assets to current liabilities is 4.15 to 1, as compared to
3.28 to 1 on Dec. 31 1929.
Operating expenses during the last six months of 1930 were $425,729,
or 12.3% less than the same period of 1929.
As a result of the above Improved showing and the probabilities of further improvement by reason of economies and budget control, the directors declared the regular quarterly dividend of $2 per share on the preferred
stock to holders of record on Feb. 16, payable on March 1,and the April 1
dividend of 25c. per share on common stock to holders of record on March.
20.-V. 132, p. 322.
Years Ended Dec. 31Gross profit from sales
Selling, administrative and gen exp
1930.
$859,121
356,846
1929,
$894,423
360,637
1928.
$794,394
294,813
The directors have voted
of the three preceding
would have been payable on Feb. 11931. In each
-V. 131,
quarters a regular distribution of 50 cents per share was made.
p.1265.
-Extra Dividend.
International Safety Razor Corp.
share has been declared on the class B
An extra dividend of 25c. per quarterly dividend of 60c. per share on
stock in addition to the regular on the class B stock, all payable March 2
the class A stock and 50c. per share
amounts were paid on Dec. 1 last.
to holders of record Feb. 13. Like
__Nr. 131, 9.3885.
Net profit from sales
Other income
$502,276
30,996
$533,786
31,053
$499,580'
29,222'
Gross income
Charges against income
Federal income taxes
$533,271
102,861
53,115
$564,838
99,423
51,001
$528,803
104,022
48,258.
Net profit for year
Preferred dividends
Common dividends
$377,294
66,862
75,000
$414,414
70,000
$376,522*
70,000
-Omits Dividend.
-national Re-Insurance Corp.
Intel
to omit the quarterly dividend which ordinarily
-Earnings.
Interstate Bakeries Corp.
-Earnings.
(D. Emil) Klein Co., Inc.
$306.522
$344,414
$235,432
Balance, surplus
Earns, per share on 100,000 shs.
$3.44
$3.10
$3.06.
com. stk. (no par)
Balance Sheet Dec. 31.
-Mercantile Trust
-Bonds Offered.
Liabiltslee
1929.
1930.
AssetsInter-State Bond Co.
1929.
1930.
7% cum. pref. stk. $912,600 $1,000,000
fixtures,
Co. of Baltimore, Union Trust Co. of Maryland and Equit- Mach'y & betterrn.
,
175,000
Common stock_ _ _ y175,000
equip.,
and impts
$26,028 Notes and loans
able Trust Co. of Baltimore, are offering at 100 and int.
x529.650
100.000
Payable
Securities owned
1st lien 6% collateral gold bonds, series AA.
$500,000
at cost
15,000
13,000 Res. for conting_
13,000
annually Dec. 1 1931,to Dec. 1 1935 incl.;
Dated Dec. 1 1930; due $30,000 Dec. 1 1940 incl.; and $30,000 annually Good-will, brands.
Res. for disct. on
12,228
10,814
1
1
accts. receivable
$40,000 annually Dec. 1 1936 to Denoms.of $1,000 and $500 c*. Interest
trade-marks,&c.
155,365 Res. for Federal
152,124
Dec. 11941 to Dec. 1 1945 incl. Trust Co. of Baltimore or Chase National Cash
51,001
53,115
561,313 Income tax
payable (J. & D.) at Mercantile at the Mercantile Trust Co.of Baltimore. Accts. rec.-Trade 582,790
payable
921,106 Res.for N.Y.State
tank. New York. Prin. 30 days' notice at 100 and int., plus M of 1% Mdse.Inventories_ 987,498
3,008
3,000
franchise tax_ _ _
Re. on any hit. date on maturity, but not more than 103 and int. Com- Notes and trade
429,798.
54,986 Surplus
36,557
666,797
accts. rec
premium for each year to
State, city and county securities or
any
16,482
agrees to refund annually thereof, State income taxes not exceeding Loans receivable_ _
16,532
pany
lieu
Personal property taxes, or in each dolliar of the principal amount of bonds Cash surr. value of
mills on
5,104
6,623
life insur. policy
an amount equal to 5 within six months after any such tax becomes due
is made
Prepd. Ins., int.,
held, if request
by proper proof of rent.
8,500
13,891
taxes,rent& duty
and payable, accompanied
Atlanta, Ga. , with capital resources of
3,100
3,700 Tot.(each side)_51,836,327 $1,771,028
Cornpany.-Bond company (of
successfully engaged s ce April 1927 in financing Rent deposit
over $440,000, has been real estate. Its business Is not subject to ordinary
x After depreciation of $49,427. y Represented by 100,000 no par
payment of taxes on
1111. p. 2546.
or had times, fluctuating stock.
the
-V.
affected by good
hazards, and is not materially management of the company is composed of
The
-Defers Div.
Kodel Electric & Mfg. Co., Cincinnati.
Prices, poor credits, &c.
their community.
men of excellent standing in of taxes on real estate,the company
The directors have decided to omit the quarterly dividend of 35 cents
experienced
the payment
-In financingimproved properties, and co-operates with State, per share on Feb. 1 on the 7% cumulative preference stock. The last
Tax Liens.
only
Purchases tax liens on officials in the liquidation of delinquent taxes. These quarterly distribution on this issue was made on Nov. 1 1930.
county and municipal
first mortgages, deeds of trust and Judgments.
(S. H.) Kress & Co.
-Earnings.
tax liens are prior in lien to tax lien is valued at from 10 to 50 times the
The property securing each average being about 25 times. Such tax liens
1927.
1928.
Calendar Years1929.
1930.
the
amount of the tax lien, tax payer's request, not only to prevent the in- Sales
$69,283,102 $68,474,993 $65,054,637 $58,059,925.
and costs,amounting in most Net profit after all chgs.
are usually Issued at the
sale but to avoid penalties
these tax
to
convenience of a tax
5,089.036.
5,627,702
5,834,400
5.342,606
and taxes
company's fee. Company agreessellhold property.
the
right to
cases to more than the
ens exercisingthe land, or on property which Shs. corn. stk. outstandthouto
966,739'
972,770
liens for a s
975 783
ing (no par)
1,178,787
unim raved
t
that 99% of the Earnings per share
$5.26
Company does not purtimcgase
$5.76
$b.92
$4.46
undesirable. Experience has shown
it considers otherwise paid within the redemption period, and upon the re- -V. 132, p. 504.
are
The greater
tax liens purchased
on the average, realize a profit.which materi-To Found Food Lamaining 1% the holder can, apply to mortgaged property,
Kroger Grocery & Baking Co.
part of the tax liens purchased position incident to collection.
ally strengthens the company's years earnings applicable to interest on the boratory.Establishment of a fund of $1,000,000 for the maintenance of what Is
Earninas.-For the past two
excess of twice the interest charges on regarded as the biggest "institutional undertaking" in the history of the
6ompany's bonded debt have been in
the bonds outstanding.
see
Dec. 27
For income statement for period from April 4 1930 to p. 2705. 1930
-V. 131,
"Earnings Department" on a preceding page.
JAN. 24 1931.]
FINANCIAL CHRONICLE
food industry, to be known as the Kroger Food Foundation, was disclosed
on Jan. 17 in a statement by President Albert H. Morrill.
The objective of the foundation, it was learned, will be the establishment
of food standards, a public service which, it was asserted, has never been
performed by any f000i distributor. The standards set up will be based upon
research and study by a group of scientists and laboratory technicians of the
food values of meats p fruits and vegetables and the form in which they are
offered for consumption.
It will also be the function ofthe foundation,it was added,to set up standards for the growing, packing, distributing and cooking of foods, with the
definite purpose of assuring better foodstuffs. It is understood the headquarters of the foundation will be in Cincinnati, 0.
There will be no connection between the scientific activ ties of the Food
Foundation and the operating of the Kroger Co., Mr. Morrill said. The
Foundation willfunction as a detached and individual organization,although
financed by the Kroger concern.
-V.132, P. 504, 138.
Lake Superior Corp.
-Plan Approved.
The
scheme of arrangement between the Lake Superior Corp. and the
bondholders of the Algoma Central & Hudson Bay Ry.and Algoma Central
Terminals, Ltd.. in connection with the proposed cancellation of Lake
Superior's guarantee of the principal and interest of the bonds of the two
other companies was approved Jan. 16 at meetings of the
bondholders of the Railway and Terminals companies in London, Eng.
To make the arrangement effective, 75% of the outstanding
the
Lake Superior Corp. must be deposited on or before Jan. 31. shares of
Each share of Lake Superior capital stock will be exchanged for one share
of 7% cumulative preferred stock, $5 par value, and one share of no-par
common stock of a new holding company, the Algoma Consolidated Corp.,
Ltd. See plan in V. 132, p. 138.
Lake of the Woods Milling Co.
-Omits Corn. Div.
-
The directors have declared the regular quarterly dividend of $1.75 per
share on the preferred stock, payable March 2 to holders of record Feb. 14.
No action was taken on the common dividend due at this time. A
regular quarterly distribution of 80 cents per share was made on the common shares on Dec. 1 1930.-V. 131, p. 2389.
667
stock owned by the General Motors Securities Co. There are outstanding 43,500,056 shares of General Motors stock. par $10.
Before the merger with the General Motors Securities Co., the Managers
Securities Co. held a 30% interest in the former company. This interest
was acquired in 1923, when the old profit-sharing plan became effective.
At that time the directors of the General Motors Corp. decided that it
would be to the best interest of the company if the principal executives
were made substantial stockholders. The du Pont company, which at
that time owned a 36% interest in General Motors, had a vital interest
in any plan that would enhance efficiency and agreed to sell to the new
Managers Securities Co. 30% of its interest in the General Motors Securities Co. The merger of Managers Securities and General Motors Securities thus results in a return to the latter company of assets which it sok;
seven years age.
-V. 132, p. 140.
Manhattan Shirt Co.
-Balance Sheet Nov. 30.1929.
1930.
1930.
Assetsbldgs., mach.,
&c.,less deprec.x 975,103
Trade name, goodwill and patterns 5,000,000
Investments
100,375
Cash
805,040
Emp. stock sect
471,814
Notes & accts. rec_ 1,655,888
Inventories
2,401,939
Deferred charges__
71,901
1,177,829
5,000,000
157,059
885,144
636,736
2,620,649
4,330,321
93,692
LiabilitiesPreferred stock_ _ _ 298,200
Com.stk.(Par $25) 6,947,972
Notes&acets. pay.
& accrued accts_
89,812
Prov.for State taxes
& contingencies
38,366
Dividends payable
64,115
Applied to retiring
preferred stockRes. for Fed. taxes
Profit and loss- _ 4,043,593
1929.
299,400.
7,034,323
2,311,849
129,630
1,400,000
132,192
3,594,04Q
Total
11,482,060 14,901,430
Total
11,482,060 14,901,430
* After depreciation.
Our usual comparative income statement for the year ended Nov. 30,
1930 was published in V. 132. p. 323.
Marchant Calculating Machine Co.
-Enters New Field.
The company has entered into a contract with Instograph, Ltd. an
Oakland corporation, manufacturing automatic electric
'
directors have declared four regular quarterly dividends of 75 act as distributing agent for the time-stamp company's time stamps. to
product for the
cents each on the common stock and $1.75 each on the preferred stock. next six years, with option
to purchase the concern on a net worth basis.
The common dividends are payable Feb. 15, May 15, Aug. 15 and Nov. 15
Control
to holders of record Feb. 5, May 5, Aug. 5 and Nov. 5, respectively, and for the of the Instooraph company is insured to the Marchant company
the preferred dividends March 15, June 15, Sept. 15 and Dec. 15 to holders signing six-year period by the purchase by the latter of 50 shares with the
of the contract, and the stipulation that Instograph will
of record March 5, June 5, Sept. 5 and Dec. 5, respectively.
-V. 126. escrow for Merchant a like amount of stock to any shares sold toplace in
outside
p. 1823.
interests.
If the Merchant company signifies 60 days before the expiration of the
Laura Secord Candy Shops, Ltd.
-Balance Sheet.distributing contract that the option is to be taken up, the purchase price
AssetsLiabilitiesDee.30'30 Sept.30'30
Dee.30'30 Sept.30'30 will be determined on the basis of all assets other than good will, less
Fixed assets
x $367,579 $383,783 Preferred stock_ _ _
01.200 liabilities.
$1,200
The Instograph company has an authorized capitalization represented
903,264
1 Common stock_ _ _ 903,264
1
Cash
112,587 Payables
138,994
21,311
22,822 by 50,000 no-par shares, and has been authorized by the California CorpoBonds
1,103,442 1,059,515 Tax reserves
49,000
40,748 ration Commissioner to market 25,000 shares at between $20 and $22.50.
Stocks in assoc.cos
94,315
94,315 Mtges. payable_ _
1,025 C. Z. Sutton is President of the company. Assets of the company as of
Receivables
7,051
7,047 Surplus
873,493
788,427 Nov. 30 1930. totaled $349.664.
Inventories
The Merchant concern will operate as distributing agent for the
132,180
91,178
Prepaid & def.chgs
Total(each side)S1,848,268 $1,757,486 time clocks throughout the world, it was said by company officials.aitomatic
9,060
4,703
-V.131.
x After deducting depreciation of $343,170. y Represented by 57,464 no- p.3051.
par shares.
-V.131. p.3379.
Landis Machine Co., St. Louis.
-Regular Dividends.
The
Law & Finance Bldg., Pittsburgh, Pa.
-Present Status
of Bonds.
Marmon Motor Car Co.
-Earnings.
-
For income statement for three and nine months ended Nov. 30 sect
"Earnings Department" on a preceding page.
Current assets as of Nov. 30 1930, amounted to $4,101,861 and current
Bee F. H. Smith Co. below.
-V. 123. P. 333.
liabilities $1,537,846, comparing with $6,887,519 and $2,855,566, respecLeaders of Industry Shares.
-Initial Dividends, &c.
- tively, on Feb. 28 1930. Inventories as of Feb. 28 1930, amounting to
This trust has declared an initial semi-annual dividend of 30 cents and $4,671,933 were increased to $4,788,257 as of April 30 1930, and have since,
an extra dividend of 9.7 cents per share on the series B stock and a semi- been reduced to $3,012,836 on Nov. 30, last.
-V. 131, p. 3540.
annual dividend of 23 .2 cents per share on the series A stock, all payable
Maryland Casualty Co., Baltimore.
Feb. 1 to holders of record Jan. 15. During 1930 this trust paid the fol-Earnings.
lowing dividends on the "A" stock: 35 cents on Feb. 1 and 27c. on Aug. 1.
Years Ended Dec. 311930.
1929.
1928.
The directors have also declared an initial dividend of 16.4 cents per Total premiums
$31,379,004 $32,852,779 $32,230,752.
share on the series C stock, also payable Feb. 1 to holders of record Jan. Reinsurance
1,873,674
1,927,808
1,896,880
15.-V. 131, p. 949, 799.
Net premiums
$29,505,330 $30,924,971 $30,333,872
Total cost of procuring business
Loft, Inc.
-Sales Higher.7,970,148 8,012,877
7,851,315
General expenses, incl, home office- - 2,297,557
Month2,242,848 2,133,783
1930.
1929.
Increase.
May
$639,549
$534,139
$105,409
Operating profit
$19,237,626 $20,669,246 $20,348,774
June
543,555
405,647
137,908 Total paid for direct service to policyJuly
575,886
422,983
152,903
holders
21,344,195 19,057,960 17.125,911
August
674.923
527,595
147,328 Taxes
873,551
1,412,625
Septembcr
1,261,915
789,455
531,884
257,571 Premiums uncoil., due to bankruptcy,
October
1,092,617
709,689
382,927
receiver, &c
106,618
90,633
November
108,211
1,102.155
715,777
386,378
:December
1,500,000
1,018.754
481,246
Net income
df$3,086,739
$108,028 $1.852,737
x Estimated.
-V. 132, p. 140.
Income from investments
1,857,984
1,760,999
1,737,329
Profitfrom sale ofsecurities
22,173
Luce Furniture Shops, Grand Rapids, Mich.
-Defers
Gross credit resulting from year's
Preferred Dividend.
business
df$1,206,581 $1.869.027 $3,590.06
The directors recently voted to defer the quarterly dividend of $1.75
1.062,500
1,000,000
per share due Feb. 1 on the 7% cum. s. f. pref. stock, par $100. This Dividends paid
1,000,II'
rate had been paid regularly from Feb. 1 1926 to and incl. Nov. 1 1930.
Balance, surplus
df$2,269,081
-V. 122. p. 222.
$869.027 $2,590,066
Withdrawn from voluntary add.res.. 500,000
750,000
Depreciation in value of securities_ _ _Dr1,984,828 Dr740,305
McIntyre Porcupine Mines, Ltd.
Cr20,426
-Earnings.
Adjustment of reserves
Dr227,721 Dr759,359
For income statement for three and nine months ended Dec. 31 see
"Earnings Department" on a preceding page.
-V. 131, p. 2546.
Balance
df$3,981,630
$119,362 $2.610,492
Comparative Balance Sheet Dec. 31.
Managers Securities Co.
-Dissolved--Assets Acquired by
1930.
1929.
1930.
1929.
General Motors Securities Co.
-The New York "Times" of
Assets
$
Liabilities$
$
$
Stocks and bonds
Jan. 17 had the following:
Capital stock
5,000,000 5,000.009
(market valuePremium reserve 13,733,054 14,184,622
This company, through which 80 executives of the General Motors Corp.
less accr. int.) _ _32,796,689 33,794,133 Res,for workmen's
have acquired under a profit-sharing plan 4,509,060 shares of General Real estate
Motors stock, valued now at approximately $164,000,000, has been dis- Real estate mtges_ 3,387,213 3,577,127 compen. dc liab.
1,225,293 1,276,366
claims
13,239,680 13,499,664
solved and its assets have been taken over by the General Motors Securi- Collateral loans_
210,000 Res.for oth.claims 5,535,519 4,621,169
100,000
ties Co., a subsidiary of B. I. du Pont de Nemours & Co.
Cash
668,499
Of the total value of this stock, it was said that $120,000,000 repre- Interest accrued_ _ 2,383,586 2,768,779 Reserve for taxes_ 590,107
217,105 Res. for real estate
sented market appreciation since 1923. when the shares were selling at a Prems. uncollected 210,046
depreciation_ _ _ _
444,549
low price. Several stock dividends and split-ups also conrtibuted to the
(less commls'ns) 4,593,437 4,726,924 Reserve for sundry 485,192
advance.
Retnsur. losses due
accounts
61,773
27,506
The deal resulted from the termination of the 7
-year profit-sharing
from 0th.cos__ 88,458
114,452 Reinsur. prem.due
contract between the General Motors Corp. and the Managers
Agents' balances- 155,876
96,819
other co's
284,900
238,081
Co., made in 1923. This plan has been succeeded by a new 7 Securities Bills receivable_ _ _ 270,073
-year plan,
164,452 Add.res. for cont_
500,000
under which General Motors last year agreed to sell 1.385,000 shares
of
6,280,450 7,762,081
Surplus
Its stock to more than 200 executives.
acquisition of the Managers Securities Co. by the du
The
Total
45,210,674 46.946,158
Pont subTotal
45,210,674 46,946,158
sidiary will make it possible for the first time for the 80 participants
New Director.
the original plan to obtain their General Motors stock. Previously in
the
Managers Securities merely owned shares
stockholders of
James Bruce, Vice-President of the Chase National Bank, was recently
in a company
that indirectly owned 4.509,060 shares of General
elected a director.
-V. 131, P. 1905.
the merger the executives or former executives Motors stock. Through
of General Motors will
Marine Midland Corp.
receive stock of the General Motors Securities Co., which they
-Group Earned $8,128,985 in
change for the underlying General Motors common stock. This may ex- 1930, Equal to $1.51
a Share.
privilege
has been available to them since Dec. 31, when Managers Securities
Not earnings of the corporation and the present constituent banks, trust
was
dissolved.
companies and security affiliates for 1930 were equal to $1.51 per share
transfer of the assets of the Managers Securities Co. was
The
preceded of stock outstanding in the hands of the public. The holding company
by reorganizations of that company and the General Motors
and its banks,
Co. The Managers Securities Co. received 4,509,060 shares of Securities $8,128,985 for trust companies and security affiliates earned a total of
the year and paid dividends totaling $6,511,372.
General Motors Securities, and these shares are new class
A stock of
Excluding cash on deposit by Marine Midland Corp. deposits of the
distributed to the stockholders of Managers Securities. The now being
new
constituent banks and trust companies increased from $430.153.243 as
created by General Motors Securities to acquire the Managers stock of
was
SecuriDec. 31 1929 to $442,130,184 as of Dec. 31 1930.
ties Co. This necessitated an increase in the capital of General Motors 976,940. Depositors of the banks now number or an increase of $11,approximately 375,000.
Securities from $50,000,000 to $54,509,060.
The investments of Marine Midland banks have increased from $96,820.268
profit-sharing plan, the Managers Securities
Under the old
Co. received, to
The balance sheet of Marine Midland Corp. as of Dec.
during the seven years, 5% of the amount by which the net earnings of 31 $147,545,875. capital
1930, shows a
and surplus of $110,268,228.
the General Motors Corp. exceeded 7% of the capital employed by jt in
George F. Rand, President. stated in his report to the stockholders:
each year. In this way virtually all of the General Motors stock acquired
"The past year has given
by the executives was paid for out of profits of the General Motors Corp. to demonstrate the ability an opportunity for the Marine Midland Group
of banks working in co-operation to develop
The General Motors Securities Co. was formed more than ten years ago policies
for meeting rapidly changing financial conditions. Thus. the
by the du Pont company to hold the latter's investment in General Motors Marine Midland banks materially
stock, part of which was acquired from William C. Durant. The du Pont securities and affected substantialincreased their holdings of Government
liquidation of collateral loans
company owns a 70% interest in the 14,062.500 shares of General Motors
them, so that at the close of the year they had attained a high held by
degree of
668
FINANCIAL CHRONICLE
liquidity in the cheapest money ancllone of the severest and most prolonged
declines in securities values in our history made it a difficult year for bank
earnings.
were in
"While earnings, therefore, were not as great as in 1929, they deemed
we
excess of dividend requirements. Due to abnormal conditions adequately
reserves which
it wise to strengthen our position by setting up
cover any doubtful loans and contingencies. As of Dec. 31 1930 total
to
general reserves for such contingencies amounted and $5,324,960. Also
the furniture and
during the year bank buildings were written down
was written off to the extent of $2.099,398 by charges to
fixtures account
surplus.
In a year of difficulties in general business and finance Marine Midland
Corp. was able to make real progress in advancing the original plans for
New
which the corporation was established. In the past year a bank in bank
York City has been added to the group Instead of organizing a new conFidelity Trust Co. of New York, a
we were fortunate in acquiring
House. For
servative institution and member of the New York Clearing of stock and
this purpose Marine Midland Corp. issued 319,001M shares
approximately 99.51% of the
in addition paid $10,608,598 in cash for
to
shares of Fidelity Trust Co. of New York and subsequently paid over its
the newly acquired institution the amount of $9,957,007 to take up On
portortionate share of $10.000,000 increase in its capital and surplus. The
July 2 the name of Fidelity Trust Co. of New York was changed to
Marine Midland Trust Co. of New York.
"In addition to cash of $20,565,605 used to acquire the Marine Midland
capital, Marine Midland
Trust Co. of New York and to provide additional increases of Union Trust
Corp. took up its perportionate shares of capital
Falls and Niagara
Co. of Rochester, Power City Trust Co. of Niagara cost of $6,238,44.
County National Bank & Trust Co., Lockport, at a of $24,400,391."
As of Dec. 31 1930, Marine Midland Corp. had cash
Marine
Condensed Combined Statement Dec. 31 1930(Of the Banks in the
Midland Group).
Liabilities
Resources
$34,175,000
$75,838,935 Capital
Cash & with banks
28,015.000
38,234,034 Surplus
United States bonds
17,636,507
Other bonds &securities__ 109,311,840 Undivided profits
7,183,248
281,340.184 Reserves
Loans and discounts
Llab. on accept. & letters of
32,929.952
Mortgages
32,512,970
credit
Banks & buildings & equip_ 14,099,774
1,000,000
Circulation
Customers' Bab, on accept.
x465,569,844
32,512,970 Deposits
& letters of credit
1,774,878
Accrued interest
50,000
U. S. Tress., 5% red. fund_
$586.092,570
$586,092,570 Total liabilities
Total resources
x Includes deposits on Marine Midland Corp. in the amount of $23,131, p. 1431.
439.660.-V.
-Annual Report.
Mayflower Associates, Inc.
President Robert E. McConnell reports in part:
-During 1930 the market price for all types of securities
Operations.
• throughout the world suffered drastic declines. It is gratifying to be able
to report a small gain for the corporation during this trying period, and
while leaving much to be desired, the results may be viewed with satisfaction.
At the beginning of the year the corporation held approximately $6,600.000 in various general market stocks. $4,300,000 in Rhodesian mining
stocks, $4,000,000 in bonds and $3,000,000 in cash and call loans. During the first four months of the year the stock market advanced vigorously.
It did not seem apparent that the general business improvement had been
comparable and your managers sold approximately $6,000,000 of the general
market stocks from the portfolio. As call money had declined to about
2%. $4,000,000 of Liberty bonds and about $3,000,000 of general rail and
public utility bonds were purchased. During the last half of the year small
losses were sustained in the bond account. In the same period, however,
a great many of the stocks which were in the inventory at the beginning
of the year and which were subsequently sold, had declined to less than
half of the price your corporation realized. This transfer of funds proved
a very fortunate decision.
During November and December substantial purchases of active stocks
were made at prices very much below the prices of April and also substantially below their prices at the beginning of the year. 8,400 shares of
During 1929 the corporation bought in the open market
its own stock at an average price of $49.99 per share. This policy of purchasing its own stock in the market, when offered at less than liquidating
value, was continued during the past year and on Dec. 31 1930 a total of
38,410 shares had been accumulated at an average cost of $54.63. This
item has been shown on the balance sheet where $50 per share ($1,920.500)
has been deducted from the capital stock item; the remaining ;4.63 per
share has been deducted from the item of paid-in surplus. After deducting
stock so acquired and adding stock dividend shares issued, there remains
273,393 shares of stock outstanding.
-Corporation holds $4,700,000 of Liberty bonds,
Security Inventory.
cash and call loans. Of the industrial, rail and public utility bonds, which
there are $3,800,000 cost price of Simmons Co. 5% debencost $4,700,000,
tures in which there is no active market. For the purpose of calculating
the liquidating value of Mayflower stock, these bonds have been taken at a
value of $3,286,000, which we believe to be conservative. The balance of
the item consists of $900,000 diversified rail and public utility bonds of
the high grade general market type.
The industrial and public utility stocks cost $3,200,000 and have a marabout 26
ket value of $2,726.000. This item is composed ofthe New diversified
York Stock
stocks, almost all of which are actively dealt in on
Exchange or Curb Market.
Rhodesia, corporation still holds approximately $4,000,000 of the
In
stock of the Rhodesian Congo Border Concession. Ltd., which is dealt in on
property during
the London Stock Exchange. The drilling results on thisBerry
have esti1930 have been most gratifying. Messrs. Yeatman &
mated 48,000,000 tons of 8.14% mixed sulphide and oxide copper ore developed in one ore body which averages sixty feet in thickness. Company
has acquired for stock the assets of Bwana M'Kubwa Co., which has
additional stock
developed 100.000,000 tons of 3.9% copper ore and alsoof
3.8% oxidized
of the N'Changa Co., which has about 64,000,000 tons
copper ore.
Earnings Years Ended Dec.31.
1930.
1929.
$434.550
$716,458
Interest received (net)
129,990
215,468
Dividends
$931,927
$564,540
Total
102,159
79,545
Expenses
34,712
61,557
Provision for Federal income taxes
Operating profit
Profit or loss on sales of securities
Total profit
-Cash dividends
Stock dividends
$790,825
$427,669
prof.112,764 1088182,987
$540,433
557,107
a640,648
$607,838
$607,838
def$657,323
Balance
300,000
273,393
Shares capital stock (no par)
$1.97
$2.02
Earnings Per share
MI
at cost-$16,296,636 $18,373,681
as per bal. sheet, based on invest,
Capital,
1.280,134
775,776
market value
Excess ofinvestment cost over
$15,016,499 $17,597,905
KTotal
04,93
$58.66
of cap. stock
Liquidating value per outstanding sh.
18 the per share average of capital stock
a At $57.50 per share, which
and paid-in surplus. Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
8
LiabilitiesAssets
Stock calls, not yet
15,189,991
Invest. at cost _ al6,090,021
630,207
387,283
due
Mayflower AS80C.,
69,500
50,000
6419,989 Res. for Fed. tax_
Inc., shares_
Capital stock -__c13,669.650 15,000,000
Cash & call loans_ 558,699 3,404,225 Paid-in surplus
2,175.385 2,264,759
Divs.& interest re451.600 1.108,922
68,182 Earned surplus
85.198
ceivable, &c____
16,733,918 19,082,388
Total
19,082.388
16,733,918
Total
valuation of $3,286,250 for
a Market value at Dec. 31 1930 (including was $14,809,886. b Marin)
bonds costing $3,804,880 not actively traded
•
[VoL. 132.
ket value $428,400: liquidating value $492.744. c Represented by 273,393
no-par shares in 1930 and 300.000 shares in 1929.
-Management contract for three years from March 8 1929 provides
Note.
for compensation through option to purchase shares of the corporation in a
total amount equivalent to 173(% of the greatest number of shares outduring
standing during term of contract. at $64 per share if option exercised during
first year, $68 if exercised during second year, and $72 if exercised
-V. 131, p. 3380.
third year.
-Defers Dividend.
Mayflower Drug Stores, Inc.
The directors have voted to defer the quarterly dividend of 50 cents per
share due Jan. 15 on the $2 cumul. cony. pref. stock, no par value. The
last distribution at this rate was made on Oct. 15 1930.-V. 128, p. 2281.
-Depositary.
Michigan Steel Corp.
The Union Guardian Trust Co., Detroit, has been appointed depositary
for stocks and bonds of the Michigan Steel Corp. relative to its merger with
-V. 132. p. 504, 141.
National Steel Corp.
-Earnings.Miller & Hart, Inc.(& Subs.).
Year Ended Oct. 31Net sales
Cost of sales
Selling expenses
Administrative expense
1929.
197390:
$9,9008 $10,507,343
9,243,886
9.547,438
275,493
348,517
226,714
260,618
Operating profit
Other income
$232,915
52,342
$350,771
35,789
Total income
Other deductions
Provision for Federal income taxes
$285,257
111.039
21,000
$386,659
116,988
30,300
Net profits, excl. of divs,received from subs---Net profit of Roberts & Withington, Inc
$153,217
23,339
$239,272
27,134
Consolidated net profits
Preferred dividends
Common dividends
$176,557
192,504
39,406
$266,405
196,254
df$55,353
$70,151
Balance
121,062
120,000
Sim. corn. stk. outstanding (no par)
Nil
Earnings per share
Consolidated Balance Sheet Oct. 31.
1930.
Liabilities1929.
1929.
1930.
Assets$2,421,496 $2,524,651 Capital stock_ --_x$2,232,199 $2,343,956
Fixed assets
Minority interest_
71,600
71,600
Trade marks good
1,707,500 1,792,500
326,195 Funded debt
326,195
will
78,745
180,035
121,749 Accounts payable125.996
Cash
72,000
700,000 Notes payable__
410,867
Call loans
140,774
192,816
614,748 Accruals
569,327
Accts receivable
500.000
500,000
889,647 Paid in stir
848,356
Inventories
134,025
189.379
5,297 Earned sur
37,479
Investments
110,902
100,087
Deferred charges
lice, from officers
Tot.(each side)_$4,864,844 $5,342,286
49.097
25,040
& employees.. _ _
x Represented by 50,950 shares. $3.50 preferred stock and 121,062
-V.131, p. 1724.
par value.
shares com,stock both of no
-Extra Div.
-Honeywell Regulator Co.
Minneapolis
The directors have declared an extra dividend of 50 cents per share in
addition to the regular semi-annual dividend of $1.50 per share on the
common stock, both payable Feb. 14 to holders of record Feb. 3. Like
amounts were paid on Feb. 15 and August 15 1930. Previously semiannual dividends of $1.25 per share were paid and in addition an extra of
50 cents per share was distributed on Feb. 15 and August 15 1929.-V.
131, It• 3217.
-Earnings.
Mohawk Investment Corp.
Years Ended Dec. 31Dividends & interest received
Reserve for taxes
Expenses
1930.
$171,043
10,055
49,441
1929.
$113,975
11,476
33,751
Net income
Dividends declared
$111,546
153.383
$68,748
114,623
$41,837
$45,874
Deficit
1os8559,754 prof872,894
Net loss or gain from sale ofsecurities
The liquidating value of the shares of this corporation on Dec. 31 after
all expenses and reserves for taxes:
No. of Shares Net Worth
Paid-In Capital
and Surplus. Net Worth. Outstanding. per Share.
$60.54
77.548
$4,687.469 $4,696,156
31 1929
Dec.
43.07
3,238,088 75,168
4,594,853
Dec. 31 1930
Balance Sheet Dec. 31.
1029.
1930.
Liabilities
1929.
1930.
Assets
$16,139
$8,577
$25,747 Accts. payable_ _ $12.700
Cash
131,627
10,055
Res. for taxes_ _ Accounts receivable
38,774
37,584
148,244 1,117,450 Res. for diva
brokers_ _ _
from
Common stock_ x14,594,854( 12,908,150
735,646
Short term notes
11,779,319
Paid-in surplus. _ -1
2,313
Accrued int. paid_
694,497
52,846
Securities at cost_y3,805,011 4,425,309 Earned surplus_ _
Total(each side)S4,703,916 $5,568,507
$4,703,915 $5,568,507
Total
y Market value $2,365,982. x Represented by 75,168 no par shares.
-V. 131, p. 2546.
-A new
-Preferred Stock Offered.
Monroe Loan Society.
issue of 5,000 shares cumulative participating preferred "A"
stock (no par value), is being offered by Burke, Allsop
Co., Inc., N. Y. City.
The present offering of the securities of the Monroe Loan Society IS von
the unit plan of one share of $7 cumulative participating preferred A"
stock and one share of common stock at $100 per unit, to yield 7.30%.
Transfer agent, Fidelity Union Trust Co., Newark, N. J.; registrar.
Essex County Trust Co.. East Orange, N. J.
Preferred stock is entitled to cumulative dividends of $7 per share Per
-M. as and when dividends are declared or paid on the
annum payable Q
common stock, preferred "A" stock is entitled to participate in such distribution, share and share alike with the common stock. It may be redeemed
after three years at $110 per share plus dividends and in case of distolupon
shall receive $100 per share plus dividends before the preferred 'B' or
common stock shall be entitled to receive any consideration.
Outstanding.
Authorised.
Capitalization7,697 she.
x30,000 she.
Preferred"A"$7 cumul. particip.(no par)_
y10.000
Preferred"B"$7 cumul.(no par)
76,981
*300,000
Common no-par value
x The remaining authorized shares of preferred "A" and common stock
are under contract and (or) option of sale. y The preferred"B"stock will
not be issued at present.
-Company was organized in Delaware Dec. 2 1927, and acBusiness.
quired all the assets of Monroe Loan Society of Newark, the Irvington
Loan Society, Monroe Loan Society of Bloomfield and the Monroe Loan
Society of New Brunswick and owns the entire capital stock of the Monroe
Loan Society of Connecticut, Inc., the Monroe Loan Society of Maine, the
Monroe Loan Society of Pennsylvania, and the Monroe Loan Society of
New Hampshire. Executive office is located at 875 Broad St., Newark,N.J.
The company operates offices in Maine, Connecticut, New Hampshire
and Pennsylvania, and is planning to open additional offices in other States
and to interest itself in other financial or commercial institutions as the board
of directors may decide.
The company, up to June 30 1930, made loans totaling $3,034,742,
having risen from $15,355 in March 1927.
The company makes industrial loans in sums up to $300 usually repayable
In 5 to 20 months to persons of good character and standing who hold steady
positions, and give satisfactory security. Endorsed notes or chattel mortgages on personal property constitute the company's security, where security is required or necessary.
JAN.
24 1931.]
Purpose.
-The purpose of this issue is to provide additional working
capital for the present operating companies and the necessary money to
open additional industrial loan offices, and other purposes.
(John) Morrell & Co.(& Subs.).
-Earnings.
PeriodNet sales
I, Operating profit
Depreciation
Interest
Federal taxes
Net profit
Dividends
Year End. 13 Mos.End.
Nov. 1 '30. Nov. 2 '29.
$88,169,488 $94,660,594
4,512,416
2,976,225
457.019
469,153
177,464
193,317
430,000
304,000
$2,021,889 $3.435.799
1,080,000
1,680,000
Surplus
$341,889 $2,355,799
Earns, per share on 400,000 shs. corn. stk.(no par)
$8.58
$5.05
a American companies only. b Operating profit of all companies after
expenses, &c.
Comparative Consolidated Balance Sheet.
AssetsLiabilities- Nov. 1 '30. Nov. 2 '29.
Nov. 1 '30. Nov. 2 '29.
a Land,blds,equip.
Capital stock_ _ _y515639,204 515639,204
.ke
$9,359,346 $9,147,529 Notes payable_ _ __
152,140 1,150,000
554,683
Constr. In progress 247,726
261,443 Accounts payable_
434.525
Cash
622,954 Sundry dep.& loan
538,037
664,492
Cash our val ins pol 143,293
. 83.952 i accounts
539,875
163,475
Marketable scour 822,486 1,050,189 r Accrd. taxes, &c_ _
214,428
Notes & accts rec_ 3,625,777 4,520,082 Fed, tax reserve_ _
688,459
364.980
116,178
Inventories
7,313,177 7,638,934 I Other current liab, 293,493
26,880! Reserves
Invest'& advances 290,020
297,000
297,000
Claims (net)
11,743Surplus
4,555,708 4,213,817
8,229
123,602
Deferred charges__
143,262
Total
22,491,353 23,487,308
Total
22,491,353 23,487,308
x After depreciation. y Represented by 400,000 no-par shares.
-V.131.
P. 283.
-New Director, &c.
Morris Plan Co. of New York.
The sixteenth annual meeting of stockholders and directors was held on
Jan. 21 at the main office of the company, 33 West 42d St., N. Y. City.
Following reports on the year's business, which placed the resources at
$49,536,859 and discussion of policies for the current year, election of the
board of directors and the executive committee took place.
The members of the board for 1931 will be the following: Austin L.
Babcock (Vice-President of Industrial Finance Corp.,Industrial Acceptance
Corp. and Morris Plan Corp. of America), George F. Canfield (of Saterlee
& Canfield, attorneys), Thomas Darlington (former Health Commissioner
and Trustee of Metropolitan Savings Bank), Harry M. DeMott (ViceChairman of the board of directors of the Brooklyn Trust Co.), John W.
Fraser (President and trustee of Roosevelt Savings Bank, Brooklyn),
R. Randolph tucks (of Saterlee & Canfield, attorneys), Frank K.Houston
(Vice-Presfdent of Chemical Bank & Trust Co.), Henry H. Kohn (President
of the Morris Plan Insurance Society and Secretary of Albany County
Savings Bank), Wallace D. McLean, Executive Vice-President of the
Morris Plan Co. of New York), Arthur IC. Morris (founder of the Morris
Plan, President of the Morris Plan Co. of New York, and Chairman of
the board of the Morris Plan Insurance Society), George T. Mortimer
(President of New York Title & Mortgage Co.), Kenneth O'Brien (of
O'Brien, Boardman, Conboy, Memhard & Early, attorneys, a director
of Postal Telegraph Co.,a director of Empire Bond & Mortgage Co., and a
director of International Trust Co.) Fergus Reid (of Reid & Co.), Ernest
K. Satterlee, George J. Schutz (Vice -President of the Morris Plan Co.
of New York). Lionel Sutro and Carll Tucker.
Clinton T. Miller, Vice-President and General Manager of the Industrial
Finance Corp., has been added to the board of directors.
The executive officers of the company remain the same. with Arthur J.
Morris, President, and Wallace D. McLean, Executive Vice-President.
The company maintains 12 offices in Greater New York and Westchester
and is capitalized for $2,000,000. It was organized on Dec. 31 1914.V. 131,p. 2908.
Morse
.
' Chain Co., Ithaca, N. Y.-Officers.-
Officers for the ensuing year have been elected at a stockholders and
directors meeting of this company, a division of the Borg-Warner Corp.
This was announced by 0. S. Davis, President of the parent company.
Officers follow: President, F. L. Morse' 1st Vice-President and General
Manager, F. C. Thompson; 2d Vice-President and Secretary, D. B. Perry,
and Treasurer. C. J. Kenerson.-V. 128, D. 2821.
Moxie Co.
-Merger Completed.
Plans for the merging of The Moxie Co., The Moxie Co. of America and
the Pureoxia Co. into one company, now to be known as The Moxie Co.,
have been completed.
The board of directors of the new company consists of: Frank M.Archer.
Chairman; Frank M.Archer, Jr.; Benjamin B.Avery;B.Devereaus Barker,
of Barker, Davis & Shattuck; Arnault B. Edgerly; William E. Stanwood,of
-V. 132,
Spencer, Trask & Co.; F. E. Thompson and st. A. Thompson.
p. 141.
-Personnel
Muller Bakeries, Inc., Grand Rapids, Mich.
At the annual meeting of the stockholders held Jan. 14 1931 the following directors were elected for the ensuing year: S. it. Livingstone, Percy
Owen, A. B. Wilmink, W. W. Mills and Winslow Howarth, the membership of the said board being reduced from six to five.
At the meeting of the new board, held immediately following the meeting of stockholders, the following officers were elected for the current year:
Percy Owen. President and General Manager; S. R. Livingstone, Vice-Comptroller and Ass
't Secretary;
President; C. H. Badger. Treasurer
Wm. B. Cudllp, Secretary, and E. J. Bonn, Ass't Treasurer and Asst
Comptroller.
This company operates the Holsum Bakery (Grand Rapids), Kalamazoo
Bread Co. (Kalamazoo), Muskegon Baking Co. (Muskegon), Muller
Bakeries (Jackson), Muller Baking Co. (Battle Creek), and the Battle
-V. 132, p. 141.
Creek Wafer & Specialty Co. (Battle Creek).
-Listing of Additional Common
National Biscuit Co.
Stock to Acquire Constituent Companies.
The New York Stock Exchange has authorized the listing of 70,000
shares of common stock ($10), on official notice of issuance in connection
with the acquisition of business and assets of Wheatsworth, Inc., and
9,451 shares of its common stock, on official notice of issuance in connection
with the acquisition of business and assets of T. A. Huston & Co., making
-V• 132, p. 324.
the total amount applied for: 6,289,451 shares.
National Securities Corp. of Calif.
-Omits Dividend.
The directors recently voted to omit the semi-annual dividend of 81.50
per share, due Jan. 1, on the 6% cony. non-cuin. 2d pref. stock, par $50.
-V. 129, p. 2549.
National Securities Investment Co.
-Earnings.
Earningsfor the Period from July 1 1930 to Jan. 10 1931.
$396,635
Cash dividends
142,149
Interest received
--------------------------- __ - __ --__
$538,784
Total income---Loss on sale of securities, based on lower of cost or market atJune
146,671
30 1930 or cost if purchased since
35,625
General & administrative expense
34,262
Interest on loans
-----------------------------------_ $322,227
Net income- _
5,295,896
Surplus, including Paid-in surplus June 30 1930
257.488
Discount on allotment certificates purchased for retirement
---------------------------------------$5,875,611
Total surplus- 826,837
Dividends onpreferredstock
Adjustment at Jan. 10 1931 to reduce to market value securities
4,420,361
which had a book value in excess thereof
Surplus, Jan. 10 1931
income.
Note. Stock dividends are not taken up as
-
669
FINANCIAL CHRONICLE
$628,412
Comparative Balance Sheet.
Jan. 10'31. Dec. 31 '29.
Jan. 10 '31. Dec. 31 -29.
Liabilities$
$
Assets
5
860,021 Misc. accts. pay_- c218.768
320.060
Cash
4,785,205
Inv.in stks.& bdsb14,838,728 23,943,139 Div. pay on pt. stk 267,338
3,l50.00()
277,610 Loans payable..
Sec. In synd. panic
Due on purchase of
Due from broker
securities
2,792,963
on securities sold 194,870
6% cum. pref stk _17,830,000 19.030.000
Adv.-secured by
945,150
14,129 7,075,301 Common stock_ _ _ a939,182
collateral
628,412 6,117,942
200,045 Surplus
50,768
Accts. & dive. rec.
Total
19,883,699 32,356,116
19,883,699 32,356,116
Total
a Par value $1,89,118 shares of common stock reserved against warrants
accompanying allotment certificates representing preferred and common
stock and 250,000 shares reserved against managers warrants, 221,700
shares remain available for corporate purposes. bAtter adjustments to
reduce same to basis of cost or market whichever was lower at Jan. 101931.
c Including unpaid Federal income tax installments for year ending June30 1930.
The report contains a list of securities owned as of Jan. 10.-V. 131, 13.
1268.
-Probable Financing.
National Service Cos.
The stockholders recently voted to allow the trustees to borrow up to
$5,000,000for a maximum of 25 years.
President E. L. Bennett stated that while the trustees sought the stockholders' authorization for the above amount and period of time, it was their
present intention to use only a portion of this borrowing power for a period
of less than 25 years.
-V. 131, p. 3541.
-Earnings.
National Sewer Pipe Co.
Years Ended Oct. 31Net earnings after depreciation and depletion....
Provision for Dominion income tax
1930.
$233,992
18,565
1929.
$319,890
,
25,425
Total
Dividends on class A stock
Common dividends
$215,428
71,540
186,165
$294,465.
48,000
Balance
def$42.277
$246,465.
Shares of common stock outstanding (no par)
43.000
53,193
Earnings per share
$5.73
$2.72
Comparative Balance Sheet Oct. 31.
Assets1929.
1930.
1929.
Liabilittes1930.
Real estate bidgs..
Capital stock_ x $1,848,006 $1,848.006
plant, machinCapital surplus_ _ _
483,837
506,993
cry, equip., &c..$1,584,131 $1,652,352 Profit and loss- - 204,188
246,465
Cash
14,399
31,884 Accounts payable
Call loans recely
504,047
45,441
101,353
450,000
& accr'd charges
Deposit on tenders,
25,425
Taxes
18,565
dze•
800
1,575
Life insur. and sundry investments
13,364
10,200
Aec'ts rec. less res.
for bad debts_ .... 144,179
232,942
Inventory
338,357
349.288
.
Deferred expenses_
758
G'd will & patents
1
1
Total(each side) $2,600,037 $2,728,242
x Represented by 29,807 shares class A stock and 53,193 shares common
stock, both of no par value.
-V. 129, p. 3976.
National Shirt Shops, Inc.
-Balance Sheet Dec. 31.4ssels1930.
Furniture & fixture
(less reserve)--- $204,249
Cash
265,930
Merchandise
431,534
Merchandise dated
Jan. 1 1931_ ... _ x141,153
Accts.receivable
3,844
Spec.fds.& dePos159
Good-will
250,000
Deferred expenses_
13,444
Insurance policies_
Impts. leaseholds _
165,943
1929.
1930.
Liabilities
-Preferred stock _ _ $651,600
$217,513 Common stock _
250,000
402,768 Accts. payable_ - _ 10,392
653,702 Accts. payable for
Jan. 1 1931 tale
of merchandise_
x58,703
2,546 Divs. payable_
13,032
115 Reserve for taxes_ 13,709
250,000 Rents receivable,
13,890
prepaid
2,675
3,002 Undivided surplus 476,145
166,316
1929.
5750,000250,000
196.748
24,840
28,610
990
458.663
Total
$1,476,258 51.709,853
Total
$1,476,258 51,709.853
x On account of annual sale in January 1931 it was deemed good policy
to send into the shops the above amount of new sale merchandise late in
December. This merchandise and any remaining liability therefore have
no bearing on 1930 balance sheet but are shown here only in order to be
technically correct.
-V. 132, p. 324.
National Steel Corp.
-Listing of Additional
Stock-Acquisition.
-
Capital
The New York Stock Exchange has authorized the listing of 60.625.
additional shares (no par value) capital stock on official notice of issue in
connection with the acquisition of all of the property and assets of Michigan
Steel Corp. (N. J.), making the total amount of capital stock applied for
2,310,351 shares.
The corporation has made a firm offer to purchase all of the property
and assets of Michigan Steel Corp. of every kind including good-will and
assume all of its debts and liabilities.
The terms of the offer are that, based on the balance sheet submitted,
the corporation will pay to Michigan Steel Corp. upon the consummation
of the transaction the following:
(1) $6,062,500 in notes, bonds or debentures, to be issued by the corporation on such terms and conditions as may subsequently be approved.
(2) $3,031,287 in cash.
(3) 60,625 shares capital stock, or, at the option of Michigan Steel Corp.,
such lesser number of shares as it shall elect to take and an amount in cash
equal to $50 per share for each share not taken.
The stockholders of Michigan Steel Corp. at a meeting held Dec. 22
voted in favor of the acceptance of the above offer and at a meeting Jan. 15
1931 voted to dissolve.
The shares of stock applied for will be capitalized on the basis of $25 Per
share and the remainder will be credited to the capital surplus account
of the corporation.
Consolidated Balance Sheet Sept. 30 1930.
Assets
Liabilities
Cash on hand, on deposit &
Current:
In transit
Accts. pay, for purchases,
$1,614,455
payrolls, exp.. construe.
69,168
Customers'imtesdkaccept rec.
Customers' accts. receivable
in progress,&e
$6,755,682
8,273,347
Duefrom affiliated company
Pay. due in 1930 on long320,285
term indebtedness
158,937
Inventory
20,978,591
Accts. pay.to affiliated cos 1,648,396
Employees, capital stock
contracts-less credits_ _
Notes payable
2,500,000
176,082
Real estate installment conAccrued: 1929 Fed, tax dr
estimated for 1930
tracts receivable
1,181,870
200,844
State and local taxes
502,455
Insurance and other deposits
169,361
Miscellaneous
Misc. accts. rec., adv.. &c_ _
171,568
54,097
Royalties
Cash surrender val. of life ins
438,364
149,969
Land contracts payable_ _ _ _
1,157,589
Investments in and accounts
Equipment notes payable_ _
with subsidiaries & affi1,500,000
Mortgage payable
liated companies,&c.:
3,266,666
Treasury stock
198 6% gold bonds
4,162,000
5% gold bonds
Affiliated companies, &c •
180,000
11,062,673 Reserves:
Capital stock owned_ _
Furnace relining dc rebuild
1,328,715
879,417
Open accts., adv., &c__
Extra. repairs-Vessels__
84,252,318
162,197
Property accounts
Workmen's comp.Insur_ _
Deterred assets
1,630,383
99,211
General & open conting_
1,107,865
Capital stock (parent & subs.
consolidated)
53,743,3.50
Minority interest
5,000
Surplus: Appl. to cap. stock
Of corporation
50,652,510
Applic.to min.Interests
7,402
Total
-V. 132, p. 505, 324.
$130,280,438
Total liabilities
$130,280,488
670
[Voi- 132.
FINANCIAL CHRONICLE
-Annual Statement.
Naumkeag Steam Cotton Co.
Receipts
Sales
Production
from Sales.
(Yards)
(Yards)
$7,162,267
20,335,881
20,086,821
7,887,608
21,058.163
20.836,475
7,273,535
20,397,142
20.945,905
10,583.100
30,766,299
32,328,371
9,072,676
24.678,119
23,644.475
9,056,448
22,650,216
22,373,893
8.725,837
21,660,499
22,115,941
9.112,872
22.474,026
21,705,784
Results for Years Ended Nov. 30.
1927.
1928.
1929.
1930.
8439,898 $1,823,541
8614,054
Net after depreciation_ - $734,756
Losses attributable to
falling cotton market_ 1,269,853
53,000
225,000
68,163
Federal taxes (est.)
Nov. 30 Years1929-30
1928-29
1927-28
1926-27
1925-26
1924-25
1923-24
1922-23
$386,898 $1,598,542
$545,891
loss $535,097
Net profits
(8%)449,364 (10)600,000 (12)720.000 (12)720,000
Dividends
Earnings per share on
$6.47
$26.64
89.10
Nil
60,000 shs.cap.stock_
Comparative Balance Sheet Nov. 30.
1930.
1929.
1929.
1930.
3
$
Assets6,000,000 6.000,000
Real est.& constr_a5,591,330 5,871,363 Capital stock
496,151 Accepts. payable_ 296,054
494,083
Cash
200,000
Acc'ts receivable 1,100,051 1,393,328 Notes payable_
68,163
231.583 Res. for Fed. tax
470,086
Investments
159.428
2,448,311 2,682,087 Acc'ts payable_ _ 153.633
Inventories
147,817 Profit and loss_ _ _ _ 3.613,189 4,594,738
Prepaid expenses_ 159,014
Total
10,262,876 10,822,330
10,262,876 10,822.330
Total
a After reserve for depreciation of $3.305.185.-V. 130, p. 635.
-Preferred Dividend.
Neptune Meter Co.
exchange for 37,918 shares of the class A stock of
Aircraft Corp.,
making the total amount applied for, 4,118,959 shares.
On June 9 1930, the corporation entered into an agreement with the
-J.
Berliner-Joyce Aircraft Corp., whereby a new corporation known as B.
Aircraft Corp. was incorporated in Maryland with an authorized capital
of 100,000 shares of common stock (no par), and 82,000 shares of class
A stock (no par). Corporation purchased 100,000 shares of the common
stock and 44,082 shares of the class A stock of the 13.-J. Aircraft Corp.
for $300,000 in cash. The balance of the class A stock amounting to 37,918
shares was issued to the Berliner-Joyce Aircraft Corp. as payment in full
for all of the property and assets, subject to the liabilities, of the Berliner.
Joyce Aircraft Corp. As part of the agreement the Berliner-Joyce Aircraft
-J.
Corp. had the right to exchange 37.918 shares of class A stock of the B.
Aircraft Corp. for 18,959 shares of the capital stock of the corporation.
The Berliner-Joyce Aircraft Corp. has elected to exercise this right and the
18,959 abs. of capital stock (no par), of the corp. are to be issued in ex-J. Aircraft Corp.
change for the 37,918 shares of the class A stock of the B.
Upon the completion of this transaction, the corporation will own all of
-J. Aircraft Corp.
the outstanding capital stock of the B.
The issuance of the stock was authorized by June 19 1930, and the
book value of this stock was fixed at 812.50 per share at a meeting of the
board held Dec. 19.
Investments in Storks at Markel Value Nov. 30 1930.
Market Value.
Name of StockNo. of Shs.
8389,110
84.132 Curtiss-Wright A
1,639,466
Curtiss-Wright common
*504.451
1,500
500 Airport Development & Construction Co
63,936
16,499k Aviation Corp. of Delaware
12,100
1,100 Aviation Securities Corp. of Illinois
136,440
7,580 Bendix Aviation Corp
12,000
4,000 Curtiss-Reid preferred with warrants
1,073,685
71,579 Douglas Aircraft Corp
122,270
44,462 Fairey Aviation-ordinary
65,725
23,900 Fairey Avaltion-ordinary American shares
51,850
6.100 Irving Air Chute Co
8,000
1,000 St. Louis Aviation Corp
497,750
90,500 Transcontinental Air Transport
577,185
20.076 United Aircraft & Transport
The directors have declared the regular annual dividend of $8 per share
on the pref. stock, payable in four quarterly payments of $2 on Feb. 15,
May 15, Aug. 15 and Nov. 15 to holders of record Feb. 1, May 1, Aug. 1
$4,651,018
and Nov. 1. respectively.
* Options held on 70,000 shares Curtiss Airports Corp. capital stock at
Action on the class A and class B common stock is scheduled for about 812.50 to $20 per share.
the middle of February. the last quarterly dividend of 50 cents per share
Comparative Balance Sheet.
on these stocks having been declared on Nov. 19 1930, payable Dec. 15
Sept.30'30. Dec.31 '29
Sept.30'30. Dec.31.29.
1930 to holders of record Dec. 1.-V. 131, p. 801.
LiabilUiesAssets45,456
Cash &
New Amsterdam Apartments (New Amsterdam Co.) Sundry call loans._ 2,810,936 3,721,254 Accounts payable_ 205,737
166,535 Liab. under panic.
sec. loans
113,305
-Present Status of Bonds.
in syndicate__
Washington, D. C.
Open market sec.y14,734.444 14,688,998
40,962
151,714
Reserve for taxes__
-V.127, p. 2010.
See F. II. Smith Co. below.
Inv. In wholly
250,000
Res. for conting__ 250,000
owned co's, at
Capital stock......x26,250,000 25,000,000
-Receivership.
Newark Plaza Corp.
Plus earcost,
3,087,674 1,667,678
Surplus
lags since dates
The corporation, owner of the 37-story Lefcourt Building at 11 Raymond
of acquisition_ _10,221.328 7,176,580
Boulevard, Newark, was placed in the hands of a receiver Jan 15by Vice.
Chancellor Alonzo Church, John A. Bernhard of Newark, was named Inv. in partially
1,720,912 1,350.000
owned co's
receiver.
The Vice-Chancellor directed that the receiver is not to interfere with Notes recelveable
fr. wholly owned
the operation of the building or the collection of rents by Mrs. Jennie
325,000
company
SChtlItZ of this city, the mortgagee. Mrs. Schultz started suit Jan. 13
118,034
to foreclose a mortgage of $2,650,000 she holds on the building. Under Syndicate account
5,228
19,858
an agreement with the owner she is to collect the rents and operate the Accts. receivable
Total(each side)29,834,373 27,228.154
1,525
1,895
Furn. & fixtures
building.
x Represented by $2,100,000 no-par shares. y At cost, market value
-Earnings.
New England Equity Corp.
Sept. 30 1930 being 85,476.763.-V. 132. p. 505.
1929.
1930.
Years Ended Dec. 31$378,548
North American Investment Corp. (of Calif.).
Net profit after all charges and Federal taxes-- 8442,398
414,065
591.156
Previous surplus
Smaller Dividend.
Total surplus
Preferred dividends
Common dividends
Reserve for losses
$1,033,554
91,560
156,254
58,373
$792.614
91,560
109.898
$591,156
$727,367
Surplus Dec. 31
$5.61
$4.51
Earns, per eh. on 625,000 shs. corn. stk. (no par)_
Balance Sheet December 31.
1930.
1929.
Lta:Mlles1929.
1930.
Assets.
$148.257 $143,992 Preferred stock _ .31,144.500 31,144,500
Cash
582,874
Loans receivable 2,284.681 2,157,511 Common stock - _ _ s582,874
Sundry accts. pay_
51
Lloyd Corp. notes
386,000 Notes payable.
62,000
''
400,0f.0
receivable
22,890
17,927 Pref. dive. payable
22,890
18,173
Notes rec., others.
193 Reserve for taxes..
61,309
143
47,112
Accrued interest._
613
Accrued expenses.
528
Investm't in Lloyd
112,500 Reserve for losses_ 100,000
112,500
42,038
Corp
31,202 Res. for deprec. on
32.796
Furn. & fixtures
19,854
3,352
furniture & Mt_
907
19,854
Deferred items
Surplus
727,367
591,156
Total
32.659,457 $2.852,677
$2,659,457 $2,852,677
Total
-V. 131. P. 2390.
x Represented by 62,500 no par shares.
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, payable Feb. 20 to holders of record Jan. 31. In
each of the five preceding quarters a regular dividend of $1.25 per share
was paid.
-V. 131, p.3542.
-Organized.
Northeastern Utilities Associates.
This company has been organized by the banking firm of F. L. Putnam
& Co. of Boston to hold stocks of public utility properties in New England,
Including the Newport Gas Light Co., the North Shore Gas Light Co.,
the Buzzards Bay Gas Co. and the Cape Cod Gas Co., now the Barn-stable County Gas Co. The Newport Gas Light Co. recently was erroneously reported sold to the American Electric Power Corp.
-Acquisition.
(Charles F.) Noyes Co., Inc.
The business of Ryan-Brady, Inc., was merged with the Noyes organizathe active
tion on Jan. 19. Raymond E. Ryan and Theodore J. Brady,move from
members of Ryan-Brady, Inc., and their entire organization will
135 William St. to the Noyes downtown headquarters at 225 Broadway,
-V. 131, p. 2908.
N. Y. City.
-New Director.
Onondaga Silk Co., Inc.
-V. 129. P• 3977.
Jules L. Foreman was recently elected a director.
Overbrook Arms, (Warren Apartment Co.) Philadel-Present Status of Bonds.
-Special Dividend.
- phia, Pa.
New England Grain Products Co.
-V. 122, p. 3353.
Co. below.
The directors recently declared a quarterly dividend of $1.50 per share
on the no par value class A stock, payable Jan. 15 to holders of record Jan. 1.
The directors have also declared a special dividend on the common stock
of 1%. payable in class A stock on Feb. 1 to holders of record Jan. 4.
-V. 128, p. 3202.
--Earnings.
New York Title & Mortgage Co.
Comparisons of important items in tho company's operations for the past
two years are shown as follows:
1930.
1929.
Increase.
3.933,731
Amount loaned on bonds and mtges._147,152,663 151,086,395
135.630,580 153.842,282 18,211,701
Sales of mortgages
Guaranteed mtges.& certfs. outstndg.639,047,316 702,979,828 63,932,511
Operating Results for Year Ending Dec. 31 1930.
$10.467,997
Gross income
4,308.511
Expenses
56.159,486
Net earnings
13,249.681
Undivided profits-Dec.31 1929
$19,409,166
Total surplus
$4,000,000
Dividends paid during year
77,714
Appropriations for officers & employees' profit sharing fund--- 238,254
Appropriations to reserve for contingencies
tax)
601.660
Reserve for taxes (including Federal income
-U. S. Gov't bonds & other
Reserve for inventory adjustment
90,000
marketable securities
814,401,539
1930)
Undivided profits(Dec.31
was published in V. 132, p.325.
The balance sheet as of Dec. 31 1930
-Par Value of
Niagara Share Corp. of Maryland.
Shares Decreased.
Common
recommendation of the board
approved the
The stockholders on Jan. 13 of the common shares be changed from $10
value
of directors that the par of such reduction be credited to surplus. The
$5 and the amount
to
Preferred stock is not affected.
for the year 1930. from the income on
The earnings of the corporation
more than sufficient to pay current dividends.
Its investments alone, are taken so that the surplus may be amply sufficient
The present action is being fluctuations in the future and the corporation
to meet ordinary market
dividends properly out of current
placed in condition to continue to pay
-V. 132, p. 325.
or accumulated earnings.
-Listing of Additional
North American Aviation, Inc.
Capital Stock-Acquisition.
authorized the listing of 18,959
has
The New York Stock Exchange
on official notice of issuance in
additional shares of capital stock (no par),
See F. II, Smith
-Annual Report.
Oilstocks Limited.
President John L. Weeks says in part:
The meeting of the class B stockholders hold on Dec. 4 1930 voted to
retire at its stated capital value 10,500 shares of class A stock and 3.000
shares of class B stock held in the treasury. The cost of these shares
capital
averaged $6.77 per share. It was also voted to reduce the stated chez B
value of the stock to 85 per share for each share of the class A and
establishing a capital surplus amountstock remaining outstanding, thereby
ing to $3,460.514 available for corporate purposes, including reserves for
unrealized depreciation of market value of securities held.
The security holdings consist entirely of those of companies engaged in
the oil industry and its associate branches and all securities hold are listed
on either the New York Stock Exchange or the New York Curb Market.
Using the closing market prices for these securities on Jan. 14 1931, the
date of this report, and after providing for dividend payable March 311931,
the net asset value of the class A and class 13 stock of your corporation
was $5.40 per share.
The present policy of directors is to distribute to the stockholders as
from
dividends the approximate not income received by the corporationexcess
its investments, provided surplus accounts of the corporation be in
its security holdings. Indicated
of any unrealized market depreciation of
net income for three months ending March 31 1931 exceeds 10 cents per
share. Accordingly, directors have declared a quarterly dividend of 10
cents per share on outstanding class A and class B stock, payable March 31
1931 to holderk of record March 16.
Income Account for Calendar Years.
1929.
1930.
$266,560
$351,236
Dividends and interest from securities
27,385
54,165
Interest on funds borrowed
32,601
15.143
General expenses
62.000
for Federal income taxes
Provision
Operating income
Profit or loss on securities sold
Total income
Previous surplus
Capital surplus
Total surplus
Dividends Paid
In cash
In class A stock capitalized at $12 per share
$144,574
$281,928
loasa119,285 prof.619,981
$162,643
323.769
3,460.514
$764,555
412,532
$3,946,927 $1,177.087
$286,208
$228,886
624,432
$323,769
$3,660.719
Balance Dec. 31
572,396
558,896
Shs. combined class A & B stk. outstand'g (no par)
$1.33
$0.29
share
Earnings per
After deducting $18,910, proceeds of sale of stock dividends.
a
JAN. 24 1931.1
FINANCIAL CHRONICLE
Balance Sheet Dec. 31.
Assets
1930,
1929.
Cash
665,129
$32,536
Dividends receivable and interest accrued
29,595
26,663
Securities owned
at cost (market
val.$4,262,813)_ 7,936,229 8,306,184
671
-Estimated Earningsfor 1930.
Parkerren Co.
On the basis of preliminary figures, the management of the Parker Pen
Co. estimates net profits for 1930, after tax reserves, to be approximately
$600,000. This is equivalent to $3 a share on the 200.000 shares of common stock outstanding.
Foreign business is stated to have been very satisfactory during 1930.
both sales and profits in fact having shown an increase over the record
year of 1929.
Plant expenditures during the year amounted to about $250.000. No
building program is contemplated for the current year. The company's
balance sheet as at the year end will show no pref. stock or funded debt,
Total
57,998,361 38,397,976
Total
57,998,361 38,397,976 no notes payable and a comfortable cash position.
x 300.686 no par shares. y 258,210 no par shares.
Prospects for 1931 are regarded as distinctly favorable. Manufacturing
Note.-80,850 shares of class A stock and 38,790 shares of class B stock economies which have been effected, and several new items added to the
have been reserved against stock subscription warrants outstanding.. line, are expected materially to increase profits. The large advertising
8,085 shares of class A stock are also reserved against the 10% stock divi- budget of 1930 is to be continued throughout 1931.-V. 130, p. 4066.
dend payable when the class A warrants are exercieed.-V. 132. p. 505.
1930.
1929.
Bal. due on securities purchased__$1,542,780 $1,365,874
300,000
Demand loans_
62,000
Reserve for taxes_
383
x1,503,430 3,634,232
Class A stock
y1,291,050 2,712,100
Class B stock
Capital surplus.- 3,460,514
323,769
Surplus (earned).- 200,204
Owens-Illinois Glass Co.
-Regular Quarterly Didivends.-
Pelham Terrace Apartments, Philadelphia, Pa.
-
The directors have declared regular quarterly dividends of 75 cents Per Present Status of Bonds. -V.120, p. 1017.
See F. H.Smith Co. below.
share on the common and $1.50 per share on the pref. stock. The common dividend is payable Feb. 15 to holders of record Jan. 30, while the
-Listing.
Petrolite Corp., Ltd.
preferred dividend is payable April 1 to holders of record March 16.
Angeles Stock Exchange on Jan. 16
The board
Following the meeting of the board it Was stated that earnings of the approved the of governors of the Los
application of this corporation to list 266,667 shares of no par
company have been adversely affected by the substantially lower prices common stock. The corporation has announced adoption of a regular
for glass containers, which have been only partially offset by decreased
annual basis, the first dividend of 50
manufacturing costs. Nevertheless, the company's present favorable quarterly dividend schedule on a $2
Feb. 1.
current asset position and surplus in the opinion of the board justifies the cents being payablewas formed Nov. 1 1930, as a merger of Tret-O-Lite Co.
This corporation
declaration of the regular dividend at this time. Due to heavy deprecia- of St. Louis, Mo., which owns the process of that name for dehydration by
tion charged against current operations, the company's cash position conmeans of crude oil emulsions; the Vez Co. of Dallas. Texas, whose
tinues strong with total cash and marketable securities running in excess of chemical was
business
practically the same as that of Tret-O-Lite, and Petroleum
14,500,000.-V. 131, P. 35 .
43
Rectifying
of California, which owns patents for a process of electrical
dehydration of crude oil emulsions.
Co.,
Pacific Associates, Inc.
-Smaller Dividend.
An estimate of earnings made by the corporation for the 10 months ended
The directors have declared a quarterly dividend of 25 cents per share
on the capital stock, payable Feb. 15 to holders of record Jan. 31. Pre- Oct. 31 1930, as computed from the records of predecessor companies,
taxes is
places net profit for the period
viously the company paid quarterly dividends of 50 cents per share.
- equal to $2.08 per share on the at $620,722 which after Federal
total Petrolite shares outstanding. This
V. 130, D. 1476.
compares with combined net earnings of predecesor companies for the full
year
on the
Pacific Mutual Life Ins. Co. of Calif.
-To Increase these1929 of $918,094. equal to $2.06 per share506. combined shares of
companies then outstanding.
-V. 132, p.
Stock-Rights.
-
The San Francisco Curb Exchange has been advised that the directors of
the above company have proposed, subject to the approval of the State
authorities and the stockholders, to increase the capital stock by 24,000
shares of $10 par value. If the increase is approved, stockholders of record
Jan. 31 will be entitled to subscribe for one share of stock for each 20 shares
then held at $25 per share. Stock subscription warrants will be mailed
after Feb. 2, and the new stock issued in exchange for the warrants will
participate pro rata in the regular dividends paid by the company. No
-V. 132. p. 142.
certificates will be issued for fractional shares.
-Potential Production.
Pacific Western Oil Co.
The company had a total potential production at the end of 1930 of 66.364
barrels daily, as compared with 27,060 barrels daily at the beginning of the
year, according to a statement issued this week. This increase was derived
Philadelphia Co.for Guaranteeing Mortgages.
-Earns.
Earns. Yrs. End. Dec. 31- 1930.
1929.
1927.
1928.
Gross receipts
$1,166,363 $1,027,180
State and Federal taxes..
152,000
132,000
Salaries, stationery. furniture, &c., advertieg
and general expenses
264,483
268,895
Net earnings
Dividends paid
$899,346
128,000
$831,895
120,000
227,929
205,930
$749,879
$626,285
$543,417
$505,965
(12%)552,000 (12)455,000 (12)360,000 (12)360,000
Undivided earnings--
$197,879
$171.285
Balance Sheet Jan. 1.
1930.
$
LfabUittur-
$183.417
8145.965
1931.
1931.
largely from the development of its valuable tide lands leases at Elwood
1930.
Assets-s
$
which, it will be remembered, were acquired late in 1929. Development
$
Cash
175,457
336,867 Capital
work in other fields was held at a minimum.
4.900.000 4,000,000
Bonds and mort 11,250,084 8,680,327 Surplus
3,500.000 3,000,000
The announcement further states:
484,958 Undivided profits. 1,290,359
592,481
"During the year seven wells were successfully completed at Elwood, Notes receivable s1,554,804
300,869 Mtge, coll. bonds_ 2,000,000
some of which at the time of completion, were among the largest producers Interest advanced_ 468,602
133,789 Contingent reserve 1,043.864
207,127
682,547
in California fields. Three wells had been previously completed for a total Accrued income
32,367
35,711 Insurance reserve_
35.500
29,500
production of 10,220 barrels daily. The 10 wells of the company in this Furn. and fixtures
Miscellaneous_ ..._
44,980
27,840 Bills payable
520,000 1,470.000
field have a rated potential production of 44,280 barrels daily.
Accr.int.,taxes. &c 149,608
36.128
"Elwood, in which Pacific Western, Rio Grande and Barnsdall are exAdv.prem. on guar 237,452
169,705
tensively represented, is unique in that the principal development lies in the
Money dep. await
ocean. The extent of the producing area,seaward, has not been determined.
20,000
ing settlement__ b56,640
Wells are spaced along piers which extend from shore, the longest of which is
2,300 feet in length. Although the company's leases are 4,000 feet in
Total
Total
13,733,423 10.000,360
13,733,423 10,000.360
length, it is not considered probable that piers will be run to a greater distance than 3,600 feet.
a Notes receivable from subsidiary with collateral. b Fire loss received
"This development at Elwood, which is still in its initial stages, has pro- pending adjustment.
-V. 130, p. 3730.
ceeded at a leisurely pace and operators have pinched back their wells to the
limit of production allowed under the general conservation program. The
Pig'n Whistle Corp. (Del.).
-Defers Pref. Dividend.
development work done to date has served to prove up large reserves in the
The directors have voted to defer the quarterly dividend of 30 cents per
prolific Vaqueros formation. A probable deeper Sespe sand has not been share due Feb. 2 on the $1.20 cumu. & partic. pref. stock, no par value.
explored.
-V. 131, p. 3543.
This rate had been paid up to and incl. Nov. 11930.-V. 131, p.2391.
Pacific Western Oil Corp.
-W. C. McDuffie Will Continue President While Serving as Richfield Receiver-Reports
Current Asset Ratio of 5 to 1.
The report of the resignation of W. C. McDuffie as President, which
gained wide circulation when it became known that the Federal Court
in Los Angeles had appointed Mr. McDuffie receiver for the Richfield Oil
Co., is erroneous. The appointment of Mr. McDuffie as receiver for
Richfield does not require his resignation from Pacific Western Oil, in which
his large stock interest is generally known.
A statement covering the current position of Pacific Western Oil as of
Nov. 30 1930 was released through the bankers for the company, which
showed strong cash reserves. Total current assets of $3,622,177 were reported. oc --loch so A5s.0S3 v as cash. 37.56.794 was current accounts and
only $61,898 represented oil Inventories. Total current liabilities including
moviblon for Federal taxes were $724,936. Ratio of current assets to liabilities was 5 to j eau lat,0 01 cam, alo..o to current liabilities was 3H to 1.
The cash position of the company has been greatly strenothened during
1930 having increased from $721,530 on Dec.31 1929 to $2,558.953 on Nov.
30 1930.
Books for December have not been closed and the annual report will
not be issued until some time in February. It is indicated, however,
that net earnings for 1930, after liberal write-offs for depreciation, depletion
and abandonments and after provision for Federal taxes, will exceed $2,000.000 as compared with net earnings of $1,816,985 for 1929.
The $15,500.000 funded debt of the company has been reduced by
purchases and cancellations by approximately $1.000,000. The amount
outstanding as of Dec. 31 1930, less par value held in the treasury was
$14,498,500. Bond retirements have proceeded somewhat more rapidly
in 1930 than in the previous year. During 1929 $368,000 of bonds were
retired, whereas in 1930 retirements and purchases totaled $633.500.
Liberal charges for depletion and depreciation provide ample funds for
debt retirement. Approximately $3,500,000 has been charged off for these
items since organization late in 1928. For the first 11 months of 1930
alone. $1.823,688 has been charged off. Fixed assets are carried on the
books at $31.603,932. Book figures reflect only the actual cash investment
in properties. Various estimates and appraisals have been made some of
which would indicated property values ofover $60,000,000. It is known that
no write-up has been taken for Kettleman Hills and Elwood Holdings,
which were acquired at low figures and which subsequent developments
-V.131. p. 3381, 1576.
have proved to be tremendously valuable.
Packard Motor Car Co.
-Estimated Earnings, &c.
-
Pipe Line Statistics.
-Total Oil Deliveries (in Barrels).
-
C.ft. Pforzheimer & Co., New York, specialists in Standard Oil securities, have prepared the following statistics:
Period End. Dec. 31- 1930
-Month-1929,
1930-12 Mos.-1929.
xBuckeye Pipe Line Co- 1,900.368
2,421.737 29,552.840 34.428,996
Clunberi'd Pipe Line Co.
152,555
222.398
2,109.191
2.921.361
Eureka Pipe Line Co_ _ 576,387
506,722 8.132.622 8.488,084
Illinois Pipe Line Co_
585,990
723,406
9,271.648 11.526.105
Indiana Pipe Line Co..... 1,046,337
3,215.004 28.523,976 32,544.839
National Transit Co.__
954,410
999.742 12.396.402 13.156.313
New York Transit Co-194,888
195.328 2.599.058
2.918.384
Northern Pipe Line Co374,653
509,665 4,794.864
5,471.622
Prairie Pipe Line Co..- 1.994,386
6,410.734 56,672,668 75.093.661
Southern Pipe Line Co__
188.822
88,143
2.617.466
2.442.174
South West Pa P. Lines,
564,006
774,250 7,863.702 11,247,995
x Excludes inter-company transfers.
-V. 131. p. 2708.
Potomac Mortgage Co.
-Bonds Offered.
-Baltimore Co.;
Baker, Watts & Co.; Colonial Bond & Share Corp.; Robert
Garrett & Sons; Mercantile Trust Co. of Baltimore; Strother
Brogden & Co.; Townsend Scott & Co., and Union Trust Co.
of Maryland recently offered at 100 and interest, an additional issue of $400,000 1st mtge. coll. trust 6% bonds.
Dated Sept. 1 1930; due Sept. 1 1940. See original offering
and description in V. 131, p. 2708.
Pouch Terminal, Inc.
-Tenders.
-
The Irving Trust Co., 60 Broadway, N. Y. City, has notified holders
of 7% sinking fund 20
-year refunding gold notes, due 1942. that it will
receive tenders for the sale of these notes to the sinking fund to the extent
of $30,458 no later than noon, Jan. 28 1931.-V. 130. p. 2226.
Powdrell & Alexander, Inc.
-Smaller Dividend.
The directors have declared a regular quarterly dividend of 50c. on the
common stock, payable Feb. 16 to holders of record Feb.2. Previously, the
company paid quarterly dividends of 8714c. per share, and in 1930 also
Paid an extra of 37%c. per share on Feb. 15 and May 15.-V. 131, p. 1269.
Procter & Gamble Co.
-Acquires Oil Seed Crushing Mill.
To insure an adequate supply of coconut oil to its plants in the Eastern
portion of the United States, the company has completed negotiations for
the purchase of the coconut oil crushing mills and plant of the Oil Seeds
Crushing Co.. Baltimore. Md., comprising seven modern reinforced concrete buildings situated on a site of 334 acres. This mill is said to be
among the largest and most complete in the country. It has been running
only on part time for a considerable period, but officials of the Proctor &
Gamble Co. in announcing the acquisition stated that plans are already
under way to begin operation on a capacity scale, providing employment
for about 150 men. The purchase price was not disclosed.
The Oil Seeds Crushing Co. was chartered in March 1928 under the
laws of Maryland, with an authorized capital of $750,000. It succeeded
to a business originally established by the Cocoanut Products Corp..
which it superseded. Its officers include: President, Millard C. Jones:
Vice-President, George C. Pierle Jr.: Treasurer, George C. Bochner, and
Secretary, John D. Keith. The officers, with A. H. Reeser, York, Pa..
(The) Palmer Corp. of Louisiana Shreveport, La.- and
Jesse Slingluff, Baltimore, comprise the board of directors.
Controc.The Proctor & Gamble Co. only last summer completed a new plant,
See United Gas Public Service Co. under "Public Utilities" above.
-V. costing $5,000.000 at Baltimore, which is now running full time. It is
130, p. 2406.
adjacent to the new acquisition. In announcing the purchase of the Oil
Seeds Crushing Co. Mill, the Proctor & Gamble officials stated that a
-Earnings.
-Paraffine Companies, Inc.
similar mill for the crushing of copra, or dried coconut, at Ivorydale, has
For income statement for six months ended Dec. 31 see "Earnings De- for some time been unable to supply the full demands of the company's
-V. 131. p. 3381.
partment" on a preceding page.
nine plants, making it necessary for the company to buy coconut oil in
President Alvan Macauley is quoted in substance as follows:
"Preliminary figures from our auditors indicate that we have earned
in 1930 at least $9,000,000, or about 60 cents per share. The company,
furthermore, set aside $250,000 each month in 1930 in contingency reserve,
part of which was used during the year: but the net balance in the reserve
account at the close of 1930 will stand at $2,000,000 or better, against
$893,000 at the close of 1929. This indicated increase of $1,106,941 in
the reserve account, if added to net earnings, would bring total net profits
above $10,000,000.
"Cash and Government bonds and other marketable securities as of
Dec. 31 1930 totaled approximately $18,350,000, which will compare with
$17.910.561 for similar items on Dec. 31 1929. The inventory position,
which stood at $13,624,227 at the close of 1929, has been materially re-V.132, P. 325.
duce& but definite figures are not yet available."
FINANCIAL CHRONICLE
672
the open market from time to time. It was further stated that the new
mill is desirable for the reason that it is on tidewater,as the copra is received
by water chiefly from the Philippines, and up to now the principal port
of entry for it has been New Orleans, from which port the material is
transferred by special machinery to freight cars and then transported to
the Ivorydaie plant. near Cincinnati, Ohio. ("Oil Paint and Drug Reporter.")
-V. 132. p. 506, 142.
-Annual Report.
Prudential Investors, Inc.
John C. Maxwell, President, says in part:
During the year directors authorized the issue of 50,000 shares of$6 pref.
stock in exchange for 225,000 shares of common stock. This offer was
made under date of Sept. 5 and the full amount of pref. stock was issued.
In accordance with a resolution passed by the directors, the question of
permanently retiring the 225,000 shares of common stock received under
the exchange offer will be submitted to the stockholders at the next annual
meeting.
Directors have also considered It advisable to write down all investments to cost or market, whichever was lower as of the year end. This
adjustment, amounting to $6,899,384, has been charged off against surplus
account.
Net assets as of Dec. 31 1930. taking investments at cost or market,
whichever was lower, amounted to $12,068,923. which is equivalent to
$241.38 per share of $6 pref. stock. The equity for the remaining common
stock,after allowing $100 per share for the outstanding pref.stock,amounted
to approximately $13.46 per share on the 525,000 shares which remain
outstanding.
The report contains a list of securities in portfolio as of Dec.31 1930.
Year End. Feb. 4'29 to
Dec. 31 '30. Dec. 31 '29.
-PeriodEarnings
$752,083
$548,420
Income from interest, dividends,&c
47,289
50,914
General expenses
13.591
Issue expenses preferred stock
27,112
10,260
Provision for Federal income taxes
$473,654
75.000
Net income
Preferred dividends
$677,682
$398,654 )4677.682
Balance,surplus
x Company reported in 1929 a net loss of $350.433 on securities sold.
-Stock dividends received are not treated as income, the effect of
Note.
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. Such dividends received during the year 1930 but not included in income had a market value based on quotations as of Dec. 31
1930 of $194,133.
-Year Ended Dec. 311930.
Statement of Changes in Surplus
$398,654
Balance of income available for common stock
382,017
surplus Dec. 31 1929
Operating
12,750.000
Paid-in surplus Dec. 31 1929
878
Adjustment of income and expenses applicable to prior year (net)
$13.531,549
Total surplus
563,242
Excess of cost of securities sold over sales price (net)
Adjust,to value investments at cost or market, whichever is lower 6,899,384
$6,068,924
Surplus Dec. 31 1930
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
$
1iabllitlesAssas-y6,000,000 6,000,000
295,845 Capital stock
2,065,093
Cash
Collateral call loans 300.000 1,800,000 Paid-in surplus_ _16,068,924512,750,000
i 382,017
813,450 Earned surplus_ ..)
Advances
75,000
2.515 Pref. dies. payable
2,515
Inv. in sub. cos.__
2,515
2,515
Accounts payable_
33,705
Due for sea. sold_
Reserve for Federal
x Investments:
27,112
0,275
206,000 ineome taxe,
Domestic bonds 190,000
Domestic stocks 8,812,852 13,257,736
744.047 2,751,054
Foreign stocks
35,045
4,500
Accrued lnt. rec..---- --12,152,714 19,161,645
Total
12,152,714 19,181,845
Total
x At cost or market, whichever is lower. y Represented by 50,000
common stock, both of no par
shares $6 pref. stock and 525,000 shares
value (the latter does not include 225.000 shares received in exchange
.-V. 132, p. 142.
for 36 pref. stock)
-New Officials.
Purity Bakeries Corp.
D. C. McCarthy has been elected Vice-President in charge of internal
operations and Roy Babson has been appointed as General Sales Manager
of tho bread and cake divisions, both effective Jan. 1 1931.-V. 132, p. 506.
-Gold Production (Ounces).Rand Mines, Ltd.
MonthJanuary
February
March
April
May
June
July
August
September
October
November
December
Total
-V. 132, p. 326.
1930.
882,801
818,188
889.370
868,606
916.213
887,867
912,652
921,081
903,176
926,561
844.753
1929.
876.452
815,284
866,529
872,123
897,598
856,029
889,480
889,601
489,553
888,690
861,593
851,134
1928.
843,857
816,133
879.380
825,097
886,186
826,363
867,211
891,363
857,731
897.720
872,484
859,761
1927.
839,000
779,339
860,511
824,014
859,479
855,154
851,861
863,345
842.118
856.843
848,059
851,225
1926.
796,270
753,924
834.340
803,303
849,214
852,145
860,134
843,854
839,939
753,296
840.276
836,157
8,524,564 8,610,002 10,141,849 9.962,855
[VOL. 132.
Consolidated Balance Sheet Dec. 31 1930.
LiabitiliesAssets
$286 Accrued int. on debentures__
Cash in bank
131,000 Pref. div. payable Jan. 1
U. S. Government bonds
Properties, less depreciation--e7,033,572 Accrued State taxes
389,457 Prov.for U.S.& Can.Inc. tax.
Unamort. deben. discount
51.i% gold debentures
$3 div. cum. cone. pref
Common stock
Surplus
$114,785
15,000
1,399
14,362
6,261,000
a920,000
b160,000
47,787
Total
$7,534,315
17,524,315
Total
a Represented by 20.000 (no par shares. b Represented by 159,540
(no par) shares. c After depreciation of $91,428
-Otis & Co. and Harris, Forbes &
Letter to Bondholders.
Co. have sent a letter to holders of sinking fund 53% gold
debentures, due March 1 1959, as follows:
In connection with the recent appointment of a receiver for SchulteUnited, Inc., we wish to call your attention to the fact that there is no
connection between that company and Retail Properties, Inc., except that,
the properties owned by the latter company are leased to Schulte-United,
Inc. We are actively co-operating with counsel for Retail Properties, Inc.,
and are in close touch with the receiver for the lessee company with a view
to ascertaining at the earliest possible moment the effect of this receivership
on Retail Properties, Inc. As yet the receiver is not in a position to advise
us of his future course of action as lessee, but he has indicated that he will
probably continue to pay rentals under certain of the leases, abandoning
others. He has agreed to give our properties the earliest possible consideration.
In view of the present depression in the real estate market,it is probable
that Retail Properties, Inc., will suffer a reduction in income from properties, leases on which may be abandoned by the receiver, but we are inclined to believe that such a reduction in the company's income will be of a
temporary nature and that with the return of better business conditions
the company can reasonably expect to obtain rentals from its properties
sufficient to meet the requirements of its debentures.
The statement of Retail Properties, Inc. (above), shows the company to
be in sound financial condition and we are advised by the company's lessee
that there are very few vacancies in the properties. Many of the properties
are occupied by tenants other than Schulte-United, Inc., and income from
this source on such of those properties as may revert to the company will
of course, immediately accrue to the company. An of the properties are
centrally located in the retail sections of growing American and Canadian
cities and the fact that they were well selected is borne out by the number
of responsible merchandising concerns that have approached us both before and since the receivership of the company's tenant with a view to
negotiating for leases in the event that any of the properties come on the
market.
We are endeavoring to obtain the co-operation of the tenant's receiver
to the end that we may avoid any interruption of interest payments on:
the debentures and we believe that, in view of the nature of the assets o
Retail Properties, Inc., the situation should work out satisfactorily.
V. 131, p. 3721, 2911.
--Sale.
Red River Cotton Mills, Rock Hill, S. C.
The mills, located near Rock HUI. S. C., were sold at a public auction at
York on Jan. 5, by the clerk of court, in the case of the South Carolina
National Bank of Charleston against the mills, and were bought by Haynesworth & Haynesworth, Greenville attorneys, for :832,000. Of this amount
$7,000 was paid for the quick assets, and $25,000 for the plant, equipment
-V. 130, P. 4434.
and real estate.
-Earnings.
(R. J.) Reynolds Tobacco Co.
1929.
1928.
1927.
1930.
Calendar Years$34,256,665 $32,210,521 $30,172,563 $29,080,664
*Net prollt
Undiv. prof. prey. year_ 51,579,859 44.869,338 40,696.774 50,203,798
8,744,739
Sundry credits
185,836,524 377,079.859 $70,869,337 588.029,191
Total surplus
30,000.000 25,500.000 26.000,000 26,000,00C
Common dividends
(253.5%)
(26%)
(26%)
(30%)
Rate
20,000,00C
Stock div. cl. B(25%)1,332,420
Good-will reduct.,&c,
Total undivid. profits-$55,836.524 $51,579,859 ;44,869,338 $40.696.77 1
Slys. com. & com. B outstanding (par $10)_- - 10,000,000 10.000,000 x4,000,000 x4,000,00
$3.22
$7.2
$7.54
$3.43
Earnings per share
* Net profits after deducting all charges and expenses of manageinen
and after making provision for interest, taxes (Incl. Fed. and State income
taxes), depreciation. advertising, &c. x Par $25.
Comparative Balance Sheet D.31.
1929.
1930.
1929.
1930.
t
AssetsCommon stock_ -10,000,000 10,000,00
Real estate, bldgs.,
machinery,&c_x16.985.111 17,453,280 New class B com90,1100,000 90,000.00
mon stock
33,458,341 18,130,801
Cash
Accts. receivable__11,715,918 11,426,731 Accounts payable_ 3.885.123 3,783,32
Accrued Interest,
Leaf Lob.. supplies
6,915,897 5,993,64
taxes, &a
mid, prod., &c_91,464,477 90,965,984
Contingent reserve 1,739,725 1,829,52
Inv. In non-competltive cos.__ _ 9,455,147 19,601,595 Undiv. prof. (after
deduc'n of die.
Other accts, and
payable Jan. 1).55,836,524 51,579,85
notes rec'ble___ 4,765,926 5,017,846
1
1
Good-will, pat.. dm
Tot.(each sIde)168,377,070 163186,33.
581,138
Prepd.Int., Ins.,ese 552.148
After depreciation of $8,406,232 -V. 132, p. 326
-Omits Dividend.
Rice-Stix Dry Goods Co., St. Louis.
The directors have decided to omit the quarterly dividend ordinaril
payable about Feb. 1 on the common stock. Previously, quarterly die
-V. 127. p. 355
5
tributions of 50 cents per share were made on this issue.
-Stockholders' Protectivo
Richfield Oil Co. of Calif.
-Charles C. Committee.
-Annual Report.
Retail Properties, Inc.
Announcement was made Jan. 23 of the formation of a committee, th
Nicholls Jr., President, says:
protect the interests of the holders 0
ample
purpose of which is to represent and
The consolidated income account shows that income was more than
Ronde, President of Hibernia Trust Co.
i
-year sinking fund 53, %
to cover interest charges on the outstanding 30 and amortization of dis- the common stock. Philip De
New York, is chairman, the other members being S. P. Woodard, Pres. g
debentures after allowance for depreciation
gold
issue. In addition, the balance sheet reveals that S. P. Woodard & Co., Inc., investment bankers of New York, Harvey J
count on the debenture
sinking fund
Carson, Vice-Pres. of Foreman-State Bank & Trust Co. of Chicago am
the company has purchased in anticipation of leaving a totalrequirements, C. B. Reynolds. Vice-Pres. of National City Bank of Cleveland. Jam
of 36,261,000
and holds in the treasury. $193.000 debentures, the company reflects the E. Kirkpatrick, 160 Broadway, N. Y. City is Secretary. Greene & Hur
position of
outstanding. The current financial
debentures under 52 Broadway, N. Y. City and Butler, Lamb, Foster & Pope, 120 Soutl
the
terms of the trust agreement securing theoutstandingof debentures.
retirement
St., Chicago are counsel.
which surplus earnings must be used for real estate holdings of company La Salle,
Stockholders desiring to co-operate with the committee for the protee
in tho
While there has been no change Jan. 14 1931 of a receiver for Schulte- tion of their interest have been requested to deposit their shares with th
appointment on
during 1930, the
company) will probably result Chatham Phenix National Bank & Trust Co., New York. depositary fo
properties
United, Inc. (lessee of the 1931, sinceof theexpected that leases on certain the committee, or with the Atlantic National Bank of Boston, the Forema
it is
in certain changes during abandoned by the receiver for Schulte-United, State 13auk & Trust Co. of Chicago. or the National City Bank of Clev
of the properties will be will revert to this company and be available for land, which have been designated agents for the depositary.
Inc., and such properties
release or sale by it.
Bondholders' Protective Committee.
31 1930.
In order to protect the interests of the holders of the first mortgage an
Consolidated Income Account, Year Ended Dec.
trust indenter
collateral trust gold bonds Issued by the company underwill accrue from
Canadian subsidiary.)
(Including
$559,999 dated May 1 1929, and to secure the advantages which
protective committee h
-Rent
Income
2,034 concert of action, the following bondholders'
Interest
been formed: Nion It. Tucker (Tucker Hunter Dulin & Co.); Geer
Noyes
$562,034 Armsby (Bancamerica-Blair Corp.); Stanton Griffis (Hemphill,J. Boo
Co.);
Total
23,273 Co.): Robert E. Hunter (Tucker Hunter Dulin & PettitHarry
are Counsel an
Miscellaneous expense
6,704 Attorney-at-Law: 13auer, MacDonald, Schultheis &
Los Angeles. Calif.
State taxes
51,751 Lou Fritch, Secretary, 225 Rowan Building,course of preparation and tt
Depreciation
A bondholders' deposit agreement is now in
346.389
their bonds therm
on debentures
bondholders will be invited in the near future to depositNational Bank
Interest
14,608
under with the following depositaries: Security First
Debenture discount amortized
Calif.; American Tien
$119,306 Los Angeles, 561 South Spring St.Los Angeles,
Bank of America, N. A
Net profit before income taxes
14,363 Co., 464 California St. San Francisco. Calif. and
Provision for income taxes
44 Wall St. N. Y. Cier.
William 6. McDuff e of Los Angeles. who was appointed receiver t
$104,943
Jan. 15, and the Ir.&
Net profit for the period
60,000 Federal Judge William P. James in California on
for the Southei
' Trust Co. were on Jan. 22 appointed ancillary receivers
Preferred dividends
New York by Judo Goddard. The corporation has assets
$44,943 District of
Balance
JAN. 24 1931.]
FINANCIAL CHRONICLE
673
over $1,000,000 here, consisting mainly of sums due from the Richfield Oil
Corp.of New York, a subsidiary, with offices at 122 East 42nd St.
The Sinclair Refining Co.,chief domestic marketing subsidiary of Sinclair
Consolidated Oil Corp., took over during 1930 the facilities and business
of 72 petroleum marketing concerns and numerous individual marketers,
Cancels Oil Contract Purchase.
it is announced. These ac9u1sitions represented 8,633 bulk distributing
William C. McDuffle,receiver has canceled all bonus contracts for crude plants,service stations and resale" or dealer outlets. This figure does not
'
oil purchased by the company in the Long Beach and Santa Fe Springs include the extensive distributing facilities obtained in Mexico during the
fields, Calif. The cancellations total 20,000 barrels daily in both fields and year through the purchase of the properties and business of the Pierce
of this Long Beach field cancellation was more than 12,000 barrels daily. Petroleum Corp.
Under the contracts the average price of crude is reported to have been
None of these acquisitions were made in States not already embraced
$1.26 a barrel and the additional bonus has ranged from 5 to 14 cents a In the Sinclair marketing territory. The properties acquired were in
barrel.
-V.132, p. 507. 142.
Alabama, Arkansas, Colorado, Connecticut, Georgia, Illinois, Indiana,
Iowa, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska,
River Raisin Paper Co.
-Chairman Elected.
New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South CaroHal Smith of Beaumont, Smith & Harris, Detroit, has been elected lina, South Dakota,Texas, Virginia, West Virginia and Wisconsin.
-V.131.
Chairman of the board of directors.
-V. 127. p. 2383.
p. 4227.
Rochester & Pittsburgh Coal Co.
-Sub. Co. Expansion.
Sinclair
r One of the largest coal deals in recent years in the Central Pennsylvania Discounts.
district was consummated at Indiana, 1s. Jan. 2, when deeds were re,
,
-Discontinues Service Station
Refining Co.
This company, a subsidiary of the Sinclair Consolidated Oil Corp.,
corded from the Coal Run Mining Co., Inc.,o Kent Coal Mining Co.and from Tide Coal Mining Co. to Helvetia boal Mining Co. conveying on Jan. 17 announced that it had discontinued all cash discounts at its
gasoline service stations in New York State and New England. It also
all the properties of the Coal Run and Tide companies in Indiana Co.
IffiTho Coal Run Mining Co.. Inc., is owned by L. W. Robinson and his announced that discounts at its service stations to commerical charge
family. The property consists of approximately 3,000 acres of high- accounts had been reduced from 2 cents a gallon to I cent.
grade coal land in Young Township, Indiana Co., and has a capacity
Acquired Facilities and Business of 72 Petroleum Marketing
of well over 500,000 tons per annum.
-See Sinclair Consolidated Oil
The Kent Coal Mining Co. was recently organized and is understood Companies During 1930.
to be controlled by the Rochester & Pittsburgh Coal Co., r one of its Corp. above.
-V. 131, p. 3053.
subsidiaries. This company is headed by B. M. Clark as President, who
Is also President of the Rochester & Pittsburgh Coal Co. Mr. Clark stated
(The) Sisters of Charity of the Blessed V irgin Mary
that the property will be operated under the Rochester & Pittsburgh management with headquarters at Indiana, and that the coal will be sold from the of St. Joseph, Dubuque County, la.
-Notes Offered.
general sales office of the company in N. Y. City.
St. Louis, is offering at par and
The Helvetia Coal Mining Co. is also a subsidiary of the Rochester & Mercantile-Commerce
Co.,% real estate gold notes.
Pittsburgh Coal Co., and has the same general management. This com- int. $1,800,000 1st mtge.
pany operates Waterman mines, adjacent to the property acquired from
Notes dated Nov. 15 1930: due serially Nov. 15 1931. semi-annually,
the Tide Coal Mining Co., and has other operations in Indiana Co. and at through Nov. 15 1940. Prin. and int. (M. & N.) payable at MercantileYatesboro in Armstrong Co.
Louis, Mo., trustee. Any or all unThe Rochester & Pittsburgh Coal Co.'s principal operations are in Arm- Commerce Bank & Trust Co., St.
prepaid, on any int. date at 101 and int. on 30 days'
strong, Clearfield, Jefferson and Indiana Cos., Pa. With the acquisition matured notes may be
notice, if called for payment on any int, date up to Nov. 15 1938, and at
of the Coal Run and Tide properties, its yearly capacity is in excess of 100% if called for payment on any int. date thereafter. No portion of
7,500.000 tons from mines now in operation. The combined production
paid.
of the companies involved amounted to over 5,500.000 tons for the year Federal Income taxnotes are the obligation of the Sisters of Charity of the
Security.
-These
just endedl. ("Coal and Coal Trade Journal.")
-V. 127, p. 3556.
Blessed Virgin Mary of St. Joseph, Dubuque County. Ia., a corporation
Mary, whose
of
-Record December Sales.
- controlled by the Sisters of CharityIa. the Blessed Virgin a first deed of
Rogers-Majestic Corp., Ltd.
and are secured by
motherhouse
The corporation in 1930 had the biggest December sales in its history, trust on theis located at Dubuque, ' The Immaculata High School.
following five properties:
both as regards units sold and dollar value. President D. H. McDougall Chicago, Ill.; The St. Mary's High School, Chicago. Ill.; The Academy of
made the announcement that up to Dec. 20 the company had done as
Conception, Davenport, Ia.; The St. Joseph's Academy.
much business in dollars and cents as in all of December 1929. which had the Immaculate and The Mount Carmel Academy, Wichita, Kan.
Des Moines, la.,
heretofore been the greatest December in the history of the company. He
The five properties have a combined appraised value of $3,650,000, or
further states that the increase has been accomplished without any special more than twice the amount of the initial indebtedness.
promotional effort on the part of the sales staff and without price reductions
The proceeds of this loan have been used to pay a portion of the construcor other unusual inducements.
of the new Mundelein College, located in the city of Chicago, and
The company Is in strong liquid position, it is stated.
-V. 130, v. 4434. tion costcompleted. Mundelein College cost
-ground and building-more
recently
(Highland Apartment Co.) than 32,235.000. This building is 15 stories high.
Royalton
Apartments
Philadelphia, Pa.
-Present Status of Bonds.
Sisto Financial Corp.
-Stated Value Reduced.
-
The stockholders on Jan. 22 voted (a) to reduce the authorized capital
stock from 400.000 shares without par value (of which 100.000 shares
Sears, Roebuck & Co.
-Listing of Additional Capital Stock. have been issued) to 69,900 shares without par value, and authorized the
The New York Stock Exchange has authorized the listing of the follow- cancellation and retirement of 30,100 shares now held in the treasury;
ing additional shares of capital stock: (a) 47,416 shares on official notice (b) to change the statement respecting the capital of the corporation so
of issuance as a 1% stock dividend, payable Feb. 1; (b) 47,890 shares on that such statement shall read as follows;"Fourth: The capital of the corofficial notice of issuance as a 1% stock dividend, payable May 1;(c) 50,000 poration shall be at least equal to the sum of the aggregate par value of
shares on official notice of issuance to the Treasurer of the company, to be all issued shares having par value, plus $1 in respect to every issued share
held in trust for employees; and (d) up to a maximum of 1,132 shares on without par value, plus such amounts as from time to time, by resolution
official notice of issuance as a 1% stock dividend upon 56,263 shares at the of the board of directors, may be transferred thereto"; (c) to reduce the
present time issued to Treasurer of Sears, Roebuck & Co., in trust, should capital of the corporation from an amount equal to $25 per share in respect
the 56,263 shares be subscribed for by employees prior to the record date in of every issued share without par value, to an amount equal to $1 per
-V. 132, p. 327.
Jan. 1931; and (e) up to a maximum of 1,005 shares on official notice of share in respect of every issued share without par value.
issuance as a 1% stock dividend upon, 50,000 shares authorized for issuance to the Treasurer, should the 50,000 shares be issued and subscribed
Smith Building (F. H.Smith Bldg., Inc.) Washington,
for by employees prior to the record date in Jan. 1931; and (f) up to a
-Present Status of Bonds.
maximum of 632 additional shares on official notice of issuance as may be D. C.
See F. H.Smith Co. below.
required in the cash adjustment of fractions of shares resulting from stock
dividends, making the total amount applied for 4,946,000 shares.
-V.132.
-Report on Status of Issues of Bonds
(F. H.) Smith Co.
p.327, 143.
See F.H. Smith Co. below.
-V.123,P. 1643.
Seeman Brothers, Inc.
-Earnings.
-
Brought Out by Company.
-
The committee for the protection of the holders of bonds sold through
For income statement for three and six months ended Dec. 31 see"EarnThe F. 11. Smith Co. in a circular letter dated Jan. 12. gives a detailed
ings Department" on a preceding page.
-V. 131. p. 2912.
report on the status of the issUes. The committee's letter says:
Seiberling Rubber Co. (ez Subs.).
This committee is now the only committee acting for the protection of
-Earnings.
Year End. Year End. Year End. 10Mos.End. the holders of bonds sold through The F. H. Smith Co., the bondholders'
PeriodOct.31 '30. Oct.31 '29. Oct. 31 '28. Oct.30'27. committee of which John J. McDevitt. Jr. was Chairman and Peter A.
•
Net sales
$9,338.150 $12,312,231 $16,329,111 $12,367,114 Miller was Secretary having been desolved.
There are still a number of bondholders who have not deposited their
Net incomefrom oper_ _ _ loss854,272
1,356.708
453,449
• 768,531
Depreciation
214.864 bonds with the committee, evidently because they do not realize the urgent
352,960
304,587
427,826
Federal income tax
154.351 necessity of uniting with the other bondholders to meet the serious difficul8,176 •
60.000
ties in which -the various issues are involved. Numerous defaults in the.
Net profit
loss$1,282,098
$92,313
$403,946
$987.493 payment of principal and interest have occurred. In the case of many of
Preferred dividends _
129,917
97,735
45.639 the properties, taxes for several years are in default, and these delinquent
taxes are liens against the properties prior to the mortgages securing the
Common dividends_
(51)244,076 (51)219,109
bonds. In order to prevent threatened tax sales and the further accrual of
Balance, surplus_ __Ioss$1.282,098 def$281,680
$87,102
$941,854 costly penalties, arrangement should be made for the prompt payment of
Previous surplus
2,783,878 3,025.664
2,861,671
1,891,243 delinquent taxes.
Proceedings have been instituted to foreclose a number of the mortgages
Prof. on pref.stk.& notes
purchased
Dr5,029
Dr161
787 and final decrees of foreclosure have been obtained against several of the
properties. Additional foreclosure proceedings will be instituted in the
Excess over dec. val. of
near future. The committee expects to bid for the properties sold at forecorn. stk. issued in exchange for notes
44,925
108,185
27,788 closure sales. In the event that the committee is the successful bidder at
any such sales, it will hold the properties acquired for the benefit of deLosses on accts rec., &c_ Dr.288,622
positing bondholders of the issues concerned.
Adjust, of Fed, income
The proceedings instituted in Washington, D. C. by the United States
tax-prior years
Dr31.130
Department of Justice, which thus far have resulted in the conviction of
Profit & loss, surplus_ $1,213.158 $2,783.878 $3.025,664 $2.861.672 three former officers and directors of the company for conspiracy to embezzel
During 1930 bank indebtedness ($3,100,000) was funded into 6% deb. its funds and for destruction of records of the company,are strictly criminal
notes at par maturine as follows: $750.000 Nov. 15 1931; $1,000,000 Nov. 15 In their nature and do not obviate the necessity of concerted action by the
bondholders to protect their property interests.
1932 and 51,350,000 Nov. 151933.
Those wishing to protect their interests by acting through the committee.
Comparative Consolidated Balance Sheet Oct. 31.
should deposit their bonds at once.
Information Concerning the Issues of Bonds Listed Below.
1929.
1930.
1930.
1929.
As bondholders were informed in the committee's notice of May 29 1930,
LtablittiesAssets8% pre( stock __
.
Land,b1dge.,inach.
1,631,600 1,881,800 certain first mortgage issues were to have been refunded by first and rex 3,680,074 3,990,180 Common stock _ _ _z2,711,060 2,673,460 funding mortgage issues as follows:
&c
808,742 1,206,662 6% deb. notesName and Location
3,100,000
Cash
444,957 Notes pay., banks.
Securities owned -- 475,771
of Building.
1st es Ref. Mtge. Issue.
1st Mtge. Issue.
2.400,000
receivable- 1,057,890 1,408,099 Accounts payable_ 225,871
.Accts.
6.I1s Hilltop Manor Co. 6%s of Cavalier CorP•
111,254 Cavalier Apartment
Trade accept. pay. 517,984
Hotel, Washington,
Notes & trade ac454,781
319,583 Accr. lot. & Prop.
cept. receiv- - 7383,139
D. C. (formerly
1,283.984 2,389,404
tax
Inventories
known . as Hilltop
115,682
25,885
289,259 Reserves
Accts. rec. in susp _
Manor Apartments)
132,120
91.732
1
1 Surplus
Patents
1,213,158 2,783,878 Chatham Apartment
7s of Wellington Build- 6s bds. of The Martinique, Inc.
Hotel, Phila., (foring Co.
Adv. SI accts. with
merly known as
special deal. &c.. 1,888,016
Prepaid int., insur.
Hunt'gton Hall Apts)
174,606
73,856
Total(each side) 9,647,475 10,222,792 Fairfax of Buffalo,(N. 7s of Pemberton Build- 6%s of Fairfax Apt.
advertising, &c_
Corp. of Buffalo.
Y.)(formerly known
ing Co.
x After deducting $2,215,582 reserve for depreciation. y After deductiog
as Cleveland Hall
$402,593 discounted at banks. z Represented by 271,106 shares of no par
Apartments),
1111‘
.-V. 131, P.
value
Fairfax Apartment
7s of 43rd & Locust St. 6 s of The Fairfax,
Inc.
-Trusts Enlarge Units.
Hotel, Phila., (forBuilding Co.
Selected Shares Corp.
merly known as 43rd
Corp. has announced that Selected American Shares
The Selected Shares
& Locust St. Apts).
added 25 shares to each Unit during 1930, and Selected Income Shares four Fairfax
of Pittsburgh, Ts of Fifth Ave. Apart- 6%s of The Fairfax.
shares to each unit during the latter half of 1930.
Inc., of Pittsburgh.
(Pa.) (former)y
ment Corp.
The 25 shares added to the Selected American portfolio were derived
known as Fifth Ave.
split-ups and increased the portfolio of each unit as follows: 6 General
from
Apartments).
15 Canadian Pacific. Selected Income Shares
Electric, 4 National Biscuit,
Finance Build- 6%s of Beverly Build- 6js of Law & Finance
added the following: 3 American Tobacco B and one American Power Law &Pittsburgh.
Building, Inc.
ing Co.
Mg,
-V. 131, p. 4066.
& Light.
The committee stated in its notice of May 29 1930 that it had been In-Marketing Subsidiary formed that more than a majority of the first mortgage bonds of each of the
• Sinclair Consolidated Oil Corp.
above first mortgage issues had been cancelled. However, it now appears
Acquired Facilities and Business of 72 Petroleum Marketing that although a majority of the bonds of each of such issues have been
Concerns in 1930.
marked cancelled and are in the possession of the trustees under the first
674
& refunding mortgages, there is a question as to whether such first mortgage
bonds have been validly and legally cancelled.
Each of the fitst & refunding mortgages provides in effect that bonds
secured by the underlying first mortgage and deposited with the trustee
under the first & refunding mortgage are to be held by such trustee as
additional security for the first & refunding mortgage bonds. If, therefore.
the first mortgage bonds now in the possession of the trustee under the
first & refunding mortgage have not been validly cancelled, such first
mortgage bonds are entitled to share in the security of the property along
with the first mortgage bonds outstanding in the hands of the public.
In such event the security behind each issue of first & refunding mortgage
bonds, instead of consisting of an equity in the property subject to the
underlying first mortgage bonds in the hands of the public, would consist
principally of the first mortgage bonds in the possession of the trustee under
the first toc refunding mortgage. Moreover, if such first mortgage bonds of
the issues listed above have not been validly cadcelled, substantially the
entire authorized principal amount of each of such issues is still outstanding
and the adequacy of the security behind each of such first mortgage issues
Is doubtful.
The committee is investigating the facts with respect to the refunding
Process and will inform the trustees under the first mortgages and the
trustees under the first & refunding mortgages of the results of its investigation. In the case of each property, the trustee acting under the first mortgage is independent of the trustee acting under the first & refunding mortgage and will be represented by separate counsel in the adjudication of the
respective rights of such trustees in the mortgage security.
Recent Information Concerning Issues of Bands Called for Deposit
by the Committee.
(1) Algonquin Hotel, Cumberland, Md.-lst mtge. 7s of Algonquin
-Apartment Corp.
Hotel
The committee has collected and distributed to depositors the amount
of the desposited bonds and coupons which matured on Oct. 5 1930.
-Roy Apartments, Washington. D. C.-lst mtge. 7s of Barney
(2) Al
and Rose Robins.
On Dec. 22 1930, the Supreme Court of the District of Columbia, in a
suit instituted by the committee, removed Samuel J. Henry as trustee and
appointed American Security & Trust Co., Washington, D. C., as successor
trustee, depositary and paying agent.
The owner has deposited with American Security & Trust Co. funds
sufficient to pay the coupons which matured on Dec. 29 1930. Two of the
12 monthly payments required by the mortgage to be made on account of
the bonds which matured on Dec. 29 1930 were made by the owner to The
F. H. Smith Co. and the other 10 monthly payments have been made to
American Security & Trust Co. The committee is informed that the
coupons of this maturity will be paid as soon as the books and records pertaining to the trust have been surrendered to American Security & Trust
Co. by The F. H. Smith Co. and that the bonds will be paid as soon as the
funds in the hands of The F. H. Smith Co. for such purpose have been
turned over to American Security & Trust Co. When payments are made,
the committee will collect and distribute to depositors the amount of such
deposited bonds and coupons.
3) Arlington Apartments, Pittsburgh, Pa.-lst mtge. 6%% bonds of
Arlington Apartments, Inc.
Commonwealth Trust Co. of Pittsburgh, the successor trustee, is in
of the property and is operating it for the benefit of the bondi
holders. According to statements of the operation of the property furnished
to the committee by Commonwealth Trust Co.the gross income for the
'30 1930 was $55,548, and
period beginning June 12 1930 and ending Nov.
the operating expenses,including current taxes and insurance, were $44,799,
leaving a net income of $10,749 before interest or depreciation. Interest
alone for such period amounted to approximately $50.000. The coupons
which matured on April 15 1930 and on Oct. 15 1930 have not been paid.
Approximately $50,000 of taxes on the property are delinquent and unpaid.
It is evident that the earnings of the property are not sufficient to pay the
charges under the mortgage and that it will be necessary to foreclose the
mortgage. Bondholders are urged to deposit their bonds of this issue
immediately.
as
(4) Cavalier Apartment Hotel, Washington, D.C.-(formerly known
Hilltop Manor Apartments) (a) 1st mtge. 6%% bonds of Hilltop Manor
Co. (b) 1st & ref. mtge. 6%% bonds of The Cavalier Corp.
American Security & Trust Co., Washington, D. C., the successor trustee
under the first mortgage, took possession of the property on Sept. 25 1930
and has been operating it since that date for the benefit of the bondholders.
According to statements of the operation of the property furnished to the
committee by American Security & Trust Co., the gross income for the
period beginning Sept. 25 1930 and ending Nov. 30 1930 was $45,245, and
the expenses, including current taxes and insurance. were $33,718. leaving
a net operating income of $11.526 before interest, amortization or depreciation. Interest on the first mortgage bonds and on the first & refunding
mortgage bonds amounted to approximately $24,000 for such period.
In order to prevent tax sales and tne further accrual of penalties. American
Security & Trust Co.. at the request of the committee, has advanced funds
to pay approximately $51,000 of delinquent taxes on the property. The
amount thus advanced constitutes a charge against the property prior to
the mortgages.
No payments on account of the bonds or coupons of either the first
mortgage issue or the first & refunding mortgage issue have been made
since April 1 1930. In view of this situation bondholders are urged to deposit
their bonds of these issues immediately.
(5) Cedric `Apartments, Washington, D. 0.-lst mtge. 7% bonds of
Cedric Apartment Co.
On Dec. 22 1930. the Supreme Court of the District of Columbia, in a
suit instituted ly the committee, removed Samuel J. Henry as trustee and
appointed American Security & Trust Co., Washington, D. C., as successor
trustee, depositary and paying agent. American Security & Trust Co. has
taken possession of the property and is operating it for the benefit of the
bondholders. Defaults have occurred in the payment of the bonds and
coupons mhich matured on June 15 1930 and in the payment of the coupons
which matured on Dec. 15 1930. Approximately $5.000 of taxes on the
property are delinquent and unpaid. Bondholders are urged to deposit
Shah bonds of this issue immediately.
(6) Chatham Apartment Hotel, Philadelphia, Pa. (formerly known as
-(a) 1st mtge. 7% bonds of Wellington
Huntington Hall Apartments).
Building Co. (b) 1st & ref. mtge. 656% bonds of The Martinique, Inc.
1930, Girard Trust Co.. Philadelphia, Pa., was appointed
On Dec. 20
successor trustee under the first mortgage. Girard Trust Co. has taken
ion of the property and is operating it for the benefit of the bond. A temporary trustee appointed by the Pelladelphia Court of
Common Pleas was In possession of the property from June 25 1930 to Dec.
20 1930. During this period the building *as approximately 83% rented.
According to statements of the operation of the property furnished to the
committee by the temporary trustee, the gross income for the period beginning June 25 1930 and ending Oct. 31 1930 was 348.688. and operating
expenses were $24,170. leaving a net income of $24,518 before taxes, interest, amortization or depreciation. Interest on tile first mortgage bonds
bonds amounted to approximately
and on the first & refunding mortgage property to approximately $11.500.
$35.000 for this period, and taxes on the
of penalties, Girard
In order to prevent tax sales and the further accrual to advance funds to
Trust Co., at the request of the committee, has agreed
1110,000 of delinquent taxes on the property for the
pay approximately
will constitute a
years 1928, 1929 and 1930. The amount thus advanced
mortgages.
charge against the property prior to the or amortization have been made
of interest
No payments on account
are urged to
since April 14 1930. In view of this situation bondholders
deposit their bonds of these issues immediately. (see Fairfax of Buffalo).
(7) Clevelatd Hall Apartments. Buffalo. N. Y.
7% bonds of Cor(8) Corcoran Courts, Washington, 13. 0.-lst mtge.
coran Courts Corp.
depositors the amount of
The committee will collect and distribute to 1 1931.
Jan.
the deposited coupons *hich matured on Pa. (now known as German(9) Crestshire Apartments, Philadelphia, bonds of Bellmore Apartment
.-lst mtge. 63j%
Apartments)
town Manor
Co.
a final decree entered. The
The mortgage has been foreclosed andof the property at the present
ormed that the earnings
committee is inf
on the outstanding bonds. No
time are not sufficient to pay the interest
have been made since
payments on account of interest or amortization 1928. 1929 and 1930.
years
April 15 1930. Taxes on the property for the
unpaid. The comaggregating approximately $42,000. are delinquent and
Samuel J. Henry as
mittee has instituted proceedings for the removal of
bank or trust company
trustee and for the appointment of an independent
their bonds of this
as successor trustee. Bondholders are urged to deposit
issue at once.
bonds of The
(10) Elouise Apartments, Albany, N. Y.-lst mtge. 7%
Elouise Corp.
.
g=
[Vox.. 132.
FINANCIAL CHRONICLE
The legal proceedings instituted by the committee to bring about the
appointment of an independent bank or trust company as successor trustee,
depositary and paying agent are still pending. The committee has collected and distributed to depositors the amount of the deposited coupons
which matured on Dec. 15 1930.
(11) Emlen Arms Apartments, Philadelphia, Pa. (see Pelham Terrace
Apartments).
(12) Fairfax of Buffalo. Buffalo, N. Y. (formerly known as Cleveland
.-(a) 1st mtge. 7% bonds of Pemberton Building Co.
Hall Apartments)
(b) 1st & ref. mtge.6%% bonds of The Fairfax Apartment Corp. of Buffalo.
The proceedings instituted by the committee to bring about the am- ointment of an independent bank or trust company as successor trustee, depositary and paying agent are still pending. The committee and the
owner have recently entered into an agreement which provides for the
segregation of the net income of the property for the benefit of the bondholders. According to statements furnished to the committee by the owner,
the earnings of the property at the present time are not sufficient to pay
the interest on the outstanding bonds. Approximately $58,000 of taxes on
the property are delinquent and unplid. No payments on account of interest or amortization have been made since May 15 1930. In view of this
situation bondholders are urged to deposit their bonds of these issues
immediately.
(13) Fairfax Apartment Hotel, Philadelphia, Pa. (formerly known as
.-(a) 1st mtge. 7% bonds of 43rd
43rd and Locust Street Apartments)
and Locust Street Building Co. (b) 1st & ref. mtge. 6%% bonds of The
Fairfax, Inc.
On Dec.20 1930, Girard Trust Co.,Pniladelphia, was appointed successor
trustee under the first mortgage. Girard Trust Co. has taken possession
of the property and is operating it for the benefit of the bondholders. A
temporary trustee appointed by the Philadelphia Court of Common Pleas
1930 to Dec. 20 1930. Durwas in possession of the property from June
ing this period the building was approximately 87% rented. According to
statements of the operation of the property furnished to the committee
by the temporary trustee, the gross income for the period beginning June
25 1930 and ending Oct. 31 1930 was $80.248. and operating expenses were
$51,703, leaving a net income of $28.545 before taxes, interest, amortization or depreciation. Interest on the first mortgage bonds and on the
first & refunding mortgage bonds amounted to approximately $40,000 for
this period, and taxes on the property to approximately $12.000.
In order to prevent tax sales and the further accrual of penalties, Girard
Trust Co., at the request of the committee, has agreed to advance funds
to pay approximately $111.000 of delinquent taxes for the years 1928.
1929 and 1930. The amount thus advanced will constitute a charge against
the property prior to the mortgages
No payments on account of interest or amortization have been made since
Feb. 1 1930. In view of this situation bondholders are urged to deposit
their bonds of these issues immediately.
(14) Fairfax of Pittsburgh. Pittsburgh, Pa. (formerly known as Fifth
-(a) 1st mtge. 7% bonds of Fifth Avenue ApartAvenue Apartments).
ment Corp. (b) 1st & ref. mtge. 634% bonds of The Fairfax, Inc., of
Pittsburgh, Pa.
Commonwealth Trust Co. of Pittsburgh, the successor trustee under the
first & refunding mortgage, took possession of the property on June 12
1930 and has been operating it since that date for the benefit of the bondholders. The building at the present itme is approximately 85% rented.
According to statements of the operation of the property furnished to the
committee by Commonwealth Trust Co. of Pittsburgh. the gross income
for the period beginning June 12 1930 and ending Oct. 31 1930 was $128.374,
and expenses for such period, including taxes and insurance, were $77,096,
leaving a net income of 551.277 before interest or amortization. Interest
amounted to approximately 555.000 for such period. No payments on
account of interest or amortization have been made since April 1 1930.
Approximately $90.000 of taxes on the property are delinquent and unpaid.
In view of this situation bondholders are urged to deposit their bonds of
these issues immediately.
(15) Fifth Avenue Apartments, Pittsburgh, Pa. (see Fairfax of Pittsburgh).
(16) 43rd and Locust Street Apartments. Philadelphia, Pa. (see Fairfax
Apartment Hotel).
(17) Germantown Manor Apartments, Philadelphia, Pa. (see Crestshire
Apartments).
-let mtge. 6% bonds of
(18) Hamilton Hotel, Washington, D. 0.
The Rochester Corp.
The net income of the property since Nov. 1 1930 has been segregated
for the benefit of the bondholders pursuant to an agreement between the
committee and the owner of the property. According to a statement of'
the operation of the property prepared by a certified public accountant
selected by the committee under the terms of agreement, the gross income
of the property for the month of November 1930 was $42,936, and operating
expenses were $38,955,leaving a net income of$3.981 before taxes, insurance
interest, amortization or depreciation. Taxes and insurance for the month
amounted to $2.656, and interest and amortization under the first mortgage
to $10,895. Interest and amortization payments under the first mortgage
are three months in arrears. Six months taxes on the property, amounting
to more than $12,000. were due and payable on Sept. 1 1930 and have not
been paid. In view of this situation holders of bonds of this issue are urged
to deposit their bonds immediately.
(19) Hilltop Manor Apartments, Washington, 13. 0. (see Cavalier
Apartment Hotel).
(20) Huntington Hall,Philadelphia,Pa.(see Chatham Apartment Hotel).
(21) Insurance Exchange Building, Pittsburgh, Pa. (now known as Investment Building).-lst mtge. 7% bonds of Pittsburgh Insurance Exchange, Inc.
Fidelity Trust Co. Pittsburgh, Pa., is acting as successor trustee. The
committee has collected and distributed to depositors the amount of the
deposited coupons which matured on August 1 1930. The committee is
informed that the earnings of the property have not been sufficient to pay
the interest on the outstanding bonds and that the present owners have
been supplementing the income to prevent the occurrence of a default
under the mortgage.
% bonds of The
(22) James Madison Hotel, Orange, Va.-lst nitge.
James Madison Hotel, Inc.
National Bank & Trust Co. at Charlottesville. Va., recently appointed
as successor trustee, has taken possession of the property and is operating
it for the benefit of the bondholders. According to information furnished
to the committee, the income from the property during the past year has
not been sufficient to pay even the ordinary operating expenses of the
propaty. No payments on account of interest or amortization have been
made since April 2 1930. Bondholders are urged to deposit their bonds
of this issue at once.
(23) Jefferson Apartments. Washington, D. 0.-lst mtge. 6% bonds of
Jefferson Apartments, Inc.
The receivers have borrowed $50,000 for the purpose of paying delinquent
taxes. No payments on account of interest or amortization have been
made since june 20 1930. The committee urges the immediate deposit of
bonds of this issue.
-(a) 1st mtge. 6%%
(24) Law & Finance Building, Pittsburgh, Pa.
bonds of Beverly Building Co. (b) 1st & ref. mtge. 6%% bonds of Law
& Financing Building, Inc.
Commonwealth Trust Co. of Pittsburgh, the successor trustee under
the first & refunding mortgage. took possession of the property on June
12 1930 and has been operating it since that date for the benefit of the
bondholders. According to statements of the operation of the property
furnished to the committee by Commonwealth Trust Co. the gross income
'
for the period beginning June 12 1930 and ending Nov.30 1930 was $94,149.
and the expenses for such period, including taxes and insurance. were
E56.117. leaving a net income of $38,032 before interest, amortization or
depreciation. Interest on the first mortgage bonds and on the first & refunding mortgage bonds amounted to approximately $73.000 for such
period. No payments on account of interest or amortization have been
made since March 1930. Approximately 11104,000 of taxes on the property
are delinquent and unpaid. In view of this situation bondholders are
urged to deposit their bonds of these issues immediately.
(25) New Amsterdam Apartments, Washington, D.0.-Ist & ref. mtge.
63 % bonds of New Amsterdam Co.
American Security & Trust Co., the successor trustee, has been in possession of the property since Sept. 25 1930 and has been operating it since that
date for the benefit of the bondholders According to statements of the
operation of the property furnished to the committee by American Security
& Trust Co.. the gross income for the period beginning Sept. 25 1930 and
ending Nov. 30 1930 was $22,232 and the net loss after ordinary operating
expenses, taxes and interest. but before depreciation, was $642.
In order to prevent tax sales and the further accrual of penalties, American Security & Trust Co., at the request of the committee, has advanced
funds to pay approximately $24,000 of delinquent taxes on the property.
25
JAN. 24 1931.3
FINANCIAL rJHRONICL'i;
This advance constitutes a charge against the property prior to the lien
of the mortgage securing the bonds.
No payments on account of interest or amortization have been made
since March 1 1930. Bondholders are urged to deposit their bonds of this
issue immediately.
(26) Overbrook Arms,Philadelphia, Pa.-lst mtge.7% bonds of Warren
Apartment Co.
A temporary trustee appointed by the Philadelphia Court of Common
Pleas has been in possession of the property since June 25 1930. According
to statements of the operation of the property furnished to the committee
by the temporary trustee. the gross income for the period beginning July
1 1930 and ending Oct. 31 1930 was $30,122, and operating expenses were
$13,165, leaving a net income of $16,957 before taxes, interest, amortization or depreciation. For this period, taxes on the property amounted to
approximately $7,000. and interest and amortization charges under the
mortgage to approximately $19,000.
Taxes on the property for the years 1928. 1929 and 1930, amounting to
approximately $65,000, are delinquent and unpaid. No payments on account of interest or amortization have been made since June 1 1930. In
view of this situation, bondholders are urged to deposit their bonds of this
issue immediately.
(27) Pelham Terrace Apartments, Philadelphia, Pa. (now known
Emlen Arms Apartments).-lst mtge. 7% bonds of Joshua J. Jones. as
A final decree of foreclosure has been entered against the property. The
committee has instituted proceedings for the removal of Samuel J. Henry*
as trustee and for the appointment of an independent bank or trust company as successor trustee. Holders of bonds of this issue who have not
already done so are urged to deposit their bonds immediately.
(28) Royalton Apartments, Philadelphia. Pa.(now known as The
velt Hotel).-lst mtge. 6 % bonds of Highland Apartment Co. RooseOn Dec. 20 1930, the Philadelphia Court of Common Pleas appointed
Girard Trust Co., Philadelphia, Pa.,successor trustee under the mortgage.
Girard Trust Co. has taken possession of the property and is operating it
for the benefit of the bondholders. A temporary trustee appointed by the
Philadelphia Court of Common Pleas was in possession of
property from
June 25 1930 to Dec. 20 1930. During this period the the
property was approximately 897 rented. According to statements of the operation of the
property furnished to the committee by the temporary trustee,
Income for the period beginning June 25 1930 and ending Oct. 31 the gross
1930 was
$29,199, and operating expenses were $23,380, leaving a net income of
$5,818 before taxes. interest, amortization or depreciation. For this period.
taxes on the property amounted to approximately 35,000, and interest
and amortization charges to approximately $18.500. More than $15,000 is
still owing upon the furniture in the building.
In order to prevent tax sales and the further accrual of penalties, Girard
Trust Co., at the request of the committee, has agreed to advance funds to
for the ?,; a 19 8e
ns er pr2p 49 :iar
0,
p1:nd
ra0 PP P smateingWco dgIn e a t x ger
a 4hli ad vi
.
ons j len crares
to the mortgage.
No payments on account of interest or amortization have been made
since March 1 1930. In view of this situation bondholders are urged to
deposit their bonds of this issue immediately.
(29) Smith Building, Washington, D. C.-lst mtge.63% bonds of The
F. H. Smith Building, Inc.
A large portion of the building, formerly occupied by The
Co., is still vacant. The collectors appointed by the Supreme F. H. Smith
Court of the
District of Columbia were recently authorized to apply the accumulated
rentals in their possession to the payment of delinquent taxes on the property, and, in addition thereto, to borrow approximately $3,000 for the
purpose. A default occurred In the paymnet of the coupons which matured
on Oct. 14 1930. Holders of bonds of this issue are urged to deposit their
bonds immediately.
(30) Stanley Arms, Washington, D. C.
-1st mtge. 7% bonds of Stanley
Corp. of Washington.
On Dec. 22 1930, the Supreme Court of the District of Columbia. in
a
suit instituted by the committee, removed Samuel J. Henry as
trustee and
appointed American Security & Trust Co., Washington, D.C. as successor
trustee, depositary and paying agent. American Security & Trust Co.
taken possession of the property and is operating it for the benefit of has
the
bondholders. Defaults have occurred in the
coupons which matured on May 15 1930 and in payment of the bonds and
the
which matured on Nov. 15 1930. Approximatelypayment of the coupons
$8,000 of taxes
property are delinquent and unpaid. Holders of bonds of this on the
issue are
urged to deposit their bonds immediately.
(31) Tivoli Apartments, Washington, I). C.-lst mtge. 7%
bonds of
Tivoli Construction Co.
On Dec. 22 1930, the Supreme Court of the District of Columbia,
in a
suit instituted by the committee, removed Samuel J. Henry
appointed American Security & Trust Co., Washington D. as trustee and
trustee, depositary and paying agent. American Security C. as successor
taken possession of the property and is operating it for & Trust Co. has
the benefit of the
bondholders. The entire issue matured on August 1 1930, but
have not been paid. Bonds of this issue should be deposited at the bonds
once.
(32) 2100 Massachusetts Avenue, Washington, D.
(now known as
The Fairfax of Washington).-lst mtge. 7% bonds C.2100 Massachuof
setts Avenue, Inc.
American Security & Trust Co., the successor trustee,
possession of
the property on Sept. 25 1930 and has been operatingtook
it since that date
for the benefit of the bondholders. According to statements of the operation of the property furnished to the committee by American Security &
Trust Co.. the gross income for the period beginning Sept. 25 1930 and
ending Nov. 30 1930 was $30,813, and the expenses for such period, including taxes and interest, were S30.195. leaving a net income of $618
before amortization or depreciation. Amortization charges under the
mortgage amounted to approximately $4,500 for this twirled.
In order to prevent tax sales and the further accrual of penalties, American
Security & Trust Co.. at the request of the committee, has advanced funds
to pay approximately $35,000 of delinquent taxes on the property. This
advance constitutes a charge against the property prior to the lien of the
mortgage.
No payments on account of interest or amortization have been made
since Feb. 1 1930. In view of this situation bondholders are urged to deposit their bonds of this Issue immediately.
(33) Washington-Pittsburgh Holding Corp.
-7% collateral trust bonds
of Washington-Pittsburgh holding Corp.
Part of the collateral securing this issue consists of $689.400 of bonds
secured by a general mortgage on The Fairfax of Pittsburgh. Such general
mortgage is subject tea first mortgage and to a first and refunding
each of which secures an issue of bonds called for deposit by the mortgage.
(see Fairfax of Pittsburgh). In view of this fact the committee committee
position to represent the holders of bonds of the collateral trust is not in a
issue.
Committee.
-The members of the committee are: George
Chairman: B. L. Allen and James L. Malcolm. Office of E. Roosevelt.
Secretary, 31
Nassau St.. N. Y. City.
Depositary: Irving Trust Co., 60 Broadway. New York City. SubDepositaries: The Philadelphia National Bank,1416 Chestnut St.,Philadelphia, Pa. and The Union National Bank of Pittsburgh, Wood St. & Fourth
Ave., Pittsburgh, Pa.
-V. 131, p. 4227, 3545.
675
wide group that distributes Standard American Trust Sharer, which group
now includes more than 350 banks and investment houses.'
The national distribution of Standard American Trust Shares is sponsored
by the National Republic Co. investment affiliate of the National Bank
of the Republic, and Lawrence Stern & Co. of Chicago.
'
-V. 131, p. 3722.
Stanley Arms (Stanley Corp.) Washington, D. C.
Present Status of Bonds.
See F. H. Smith Co.above.
State Guaranty Co.
-Extra Dividends.
The directors have declared extra dividends on both the preferred and
common stocks, amounting to 12 cents and 8 cents per share, respectively,
in addition to the quarterly payments on the same classes of stock, which
amounted to 52;4 cents on the preferred and..3 X on the common stock,
payable Jah. 15 to holders of record Jan. 12.
Stephens Fuel Co., Inc.
-Acquisition.
This company, a subsidiary of the Pittston Co. has acquired by cash
purchase a controlling stock interest in the Ward'Coal Co. Both companies operate in the Bronx, N. Y. City, the Ward company doing an
annual business of around 30,000 tons. about one-tenth the business done
by the Stephens company.
President Broderick Stephens, confirming the purchase,stated that the
Ward interests would continue in the management of the Ward company.V. 130, p. 638.
•
(S. W.) Straus & Co., Inc.
-Omits Common Dividend.
-
The directors recently voted to omit the quarterly dividend ordinarily
Payable Jan. 1 on the common stock. The last quarterly distribution of
50 cents per share was made on this issue on Oct. 1 1930.-V. 131. p. 2913,
Submarine Boat Corp.
-Sale.
-
The plant and property at Port Newark, Newark, N. J.. will be offered
at a receiver's sale Jan. 30 at office of Henry R. Sutphen, Arnold J.Walser
and William L. Dill, 5 Nassau St. New York, receivers. The property
consists of 112 acres with waterfront faculties. Sale will include electric and
steam cranes and gantry crane of 70-ton capacity.
-V. 131. p. 3722.
Sunray Oil Corp.
-Acquisitions, etc.
-
President C H. Skight, Jan.8, in a letter to the stockholders says:
As a result of negotiations recently completed, the company has secured
certain properties in the Oklahoma City pool on which five producing oil
wells are now located. We were able to secure control of these properties
under unusual conditions. When the negotiations were started, two of the
wells had been completed and three were drilling. We acquired the properties for a cash outlay of approximately the cost of drilling the wells, which
was particularly fortunate, since drilling had virtually proven that the wells
would be large even for this extraordinary field. Under the management of
Sunray, the three drilling wells have now been completed and, as rated by
the Operators Committee of the Oklahoma City pool, all five wells show a
potential production of 195,000 barrels of oil per day.
these wells.
known as the Harris.In the NW of Section 2, TownshipOne of
11 North, Range 2
West, is classified as a gasoline well and is good for 2,500 barrels of 58
gravity oil and 150.000,000 cubic feet of gas
day. Another well,
known as the Olafson, in the SW jf of Section per Township 11 North
Range 2 West, is rated as a 12;100-barrel well. 2, other three, known
The
as the Twyford Smith, in the NW X of Section 10, Township 11 North,
Range 3 West, the Donovan at d the Mead wells in
Section 34.
Township 12 North, Range 3, are all located in the the SEX of of the field
richest part
and all three have an approximate thickness of 200 feet of Wilcox sand.
These three wells came in with an estimated production of from 53.000
to 66,000 barrels each, per day, as classified by the Operators committee
of the Oklahoma City pool.
Of great importance in connection with these properties in the Oklahoma
City field is the completion of the new addition to our refinery at Allen.
which gives us a maximum refinery capacity of 7,000 barrels per day.
In order to help overcome the congested condition at Oklahoma City we
have completed arrangements for our own gathering system and loading
rack there, which will enable us to take care of our own refinery capacity
at Allen and will also enable us, without difficulty to sell any excess allowable
production. We have already completed arrangements for the sale of a
larecuantitr
p to
c?nganLandarinrgtltiwith ; herdai
wase e
several otiesga.m
mana
lo
a
directors to succeed Crosby Gaige, who had tendered his resignation because of the demands of his personal business. However, Mr. Gaigo will
continue as a member of the board of directors and also as a member of the
executive committee.
-V. 131. p. 4228.
Sutherland Paper Co.
-Smatter Dividend.
-
The directors have declared a regular quarterly dividend of
15c. per
share on the common stock, par $10 payable Jan. 31 to holders of record
Jan. 26. Previously. the company paid quarterly dividends
'
of 223i per
share.
-V. 131, p. 491.
Swedish Match Co.-Righte.-In connection with the
issuance of 900,000 new B shares to stockholders, the
directors announced that this stock will be issued on the
following terms:
1. The new shares will carry No. 22 and subsequent coupons and will
have equal rights with old shares in protits from Jan. 1 1931.
-441
2. The existing shareholders have preferential rights
to subscribe atqa
price of 150% to the new B-shares, in the proportion
of one new B-share
for mica three old A. and (or) B-share held.
3. The subscriptions will be received at the oMces of Skandinaviska
Kredltaktiebolaget, Gustaf Adolstorg 22-44, Stockholm, from Jan. 7 to
Feb. 3 1931, both days inclusive.
4. The subscriptions should be accompanied by payment of
kronor
Per new B-share as first instalment, or of kronor 150 per new Behare 30
as
payment in full, together with accrued interest at the rate of6% per annum
on the amount paid from and including
Jan. 1 1931, to the date of the
payment.
If payment in full is not made on subscription the remaining installment
of kronor 120 per new B-share, together with accrued
interest at therate
of 6% per annum from and including Jan. 1 1931,
ment,_should be paid on or before March 14 1931. to the date of the pay5. The'share coupon No. 20 will entitle to subscription, and the Swedieh
Match Co. has decided that said coupon
used only
of this subscription. The final dividend shall be year 1930 for the purpose
for the
will be paid 00
the coupon No. 21.
6. li'rom Jan. 7 up to and including Jan. 14
receipts were issued
In respect of all subscriptions received, but after 1931,14 1931,subscription
Jan.
certificates will be issued in respect of
tive share certificates will be issued in respectpaid subscriptions and definisubscriptions.
On and after Jan. 15 1931, the receipts inof fully paidpartly paid subrespect of
scriptions may be exchanged for subscription certiricates and the receipts
In respect of fully paid subscriptions for definitive share certificates. On
the surrender of the subscription certificates, accompanied by payment of
Sneed Royalty Co.
-Passes Dividends.
the final installment, definitive share certificates will be delivered.
The company has passed the dividends on all
No
en) par 8% preferred and on the no-par class A three classes of stock, the
and no-par class B shares rightspayment can be received in respect of fractions of shares but fractional
certificates will be issued, which may be amalgamated with other
due at this time. The shares paid 20 cents, 25 cents and 5 cents, respecfractional rights certificates and (or) cour on;to aggregate complete shares.
tively on Oct. 1 1930.
7. The coupon No. 20 and the fractional rights certificates will become
Invalid after Feb. 3 1931.
Southern Weaving Co., Greenville, S. C.
-Extra Divi8. The new B-shares will be registered in the name of Administratie
dend-Recent Split-Up of Stock.
Maatschappij voor Algemeene Nyverheids Waarden and will be endorsed
During the year 1930 it was voted to change the common stock with a In blank by that company.
9. Swedish stamp on the new B-shares will be paid by the company.
par value of $100 per share to a stock of no par value and to issue 10 shares
10. Rights to subscribe for the new B-shares can also be claimed In
of no par stock for each share of common stock with a par value of $100
Belgium. Germany, Great Britain, Holland and Switzerland, and holders
hen outstanding. On this basis the common stockholders were recently
oted a regular semi-annual dividend of 35c. per share and a special divi- of shares wishing to claim their rights in any of these countries can obtain
end of 15c. per share payable on Dec. 31 1930 to holders of record Dec. the necessary directions from Lee, Higginson & Co., 37 Broad St., N. Y.
City, 70 Federal St., Boston, Maas., and 137 West Jackson Boulevard,
4 1930.
At the same time a regular semi-annual dividend of $3.50 per share was Chicago, Ill.
eclared payable to the preferred stockholders at the same time and under
Higginson & Co., London, England, say in part:
-V. 130. p. 4625.
he same conditions as above.
For the purpose of payment in sterling the subscription
fixed at £8 Ss. 6d. per share, the first installment being £1price has been
Standard American Corp.
13s., and the
-Record Sales.
final installment £6 12a. 6d. The accrued interest mentioned
above will
Sales of Standard American Trust Shares during the first week of the be calculated on the sterling price and
will be payable in sterling.
ow Year were the largest on record, it is announced. "Sales of Standard
Subscriptions will be received on any business day, excepting Saturdays,
oilcan Trust Shares," says John Newey, Executive Vice-President, from Jan. 7 to Feb. 3 1931. both days
inclusive.
wore 25% greater in the week ending Jan. 10 than in any other week in
If the final installment is not paid on or
•
r history. We attribute this substantial Increase in business partly will be cancelled and the first installment before March 14,the'allotment
will be liable to forfeiture. See
the fact that certain outstanding dealers have been added to the nation- also V. 132. p. 327. 508.
[Vol.. 132.
FINANCIAL CHRONICLE
Consolidated Balance Sheet Sept. 30.
-Hill, Joiner & Co.,Inc.,
1929.
1930.
-Bonds Offered.
Swiss Oil Corp.
Liabilities1020.
1930.
Asset
5308 Rank loan,secured $250,000 51,319,063
to yield froth 63i% to 6%%, ac- Oasis rec & grain 519,169
recently offered at prices
859,445
93,210
Owing to grain pur.
cording to maturity, $1,500,000 1st mtge. & coll. 6% serial Accts
c tsrges
139,445 Accha. pay. sect*.
264,766
advances
41,005
23,907
of casb
flee on sale
and sinking fund gold bonds.
Int. dlt prin.pay.on
S1.000, $500
grain for future
676
Dated Dec. 151030; due serially Dec. 15 1931-35. Denom.
City of Sarnia
846,974
234,659
delivery
and $100 c*. Principal and int. (J. & D.) payable at Continental Illinois
32,097
71,891
1,445,788 loan
inventories_
Co., Lexington,
Bank & Trust Co., Chicago, trustee, and Security Trust at any time at a Grain,adv & pre- 145,801
26,250
26,250
Preferred stk. div.
Supp
in whole or in part
Ky. Red, in reverse order of maturity
19,635 Prey. for Fed. in20,023
unexpired term on
paid expenses_
,
14,779
premium of 36 of 1% for each year or fraction thereof of
11.698
come taxes
at least 30 days' notice. Interest payable without deduction for any normal Land, leases, ele821,601
Deferred liabilities 772,967
at the
vator structures,
67.816
Federal income tax, not in excess of 2%, which may lawfully be paid
2,503,295 2,471,403 Res. for deprec...... 147,700
application,
equip ,docks.,Sx
source. Company will agree to reimburse, upon timely
7% cum., cony.
not
resident holders of these bonds the Kentucky personal property tax
preferred stock_ 1.500,000 1.500,000
120,000
x120,000
exceeding 5 mills per dollar per annum.
Common Stock_
15.
121,497
Data from Letter of Pres. Thomas A. Combs Dec.
Total(each slcle)$3,187,713 $4,923,553 Earned surplus__ _ 170,091
-V. 129. p. 3980.
Authorized. Outstanding.
Represented by 25,000 shares of no par value.
x
Capitalization1st mortgage and coll.6% serial and sinking fund
$1.500,000 $1,500,000
-Initial Cash Div.
gold bonds
Tobacco Products Export Corp.
5,000,000 5,000,000
per
Capital stock
The directors have declared an initial cash dividend of 10 cents
1918.
-Corporation, incorporated in Kentucky in petro- share on the capital stock.
and Property.
Business
on was one of 5% in stock made on Jan. 2 1920.
y a self-contained unit in the ions,
The only other distributi
and its subsidiaries constitute practicall
organizat
p. 2603.
leum industry, embracing within its own or subsidiaries'
transportation and -V. 130,
properties and fadlities for the production, refining,
Touraine Hotel (Schiller-Lake Shore Building Corp.),
marketing of its products.
in eastern
crude oil
Serial Gold
The corporation, one of the large producers ofacres of producing oil Chicago.
-Committee for First Mortgage
Kentucky, owns either in fee or under lease. 7,688 eastern Kentucky on
to Form Reorganization Plan.
lands compactly located in the Union Oil District of the company in this Bonds, Dated June
of
which there are 804 producing oil wells, the interest the company also owns
on this mortgage;
that the
property being subject to the lien
Under date of Nov. 29 1930, we advised you that it appeared
gas properties not subject to
several thousand acres of scattered oil and comes from long-lived sands. Schiller-Lake Shore Building Corporation would be unable to meet the
the lien. Oil production, which is settled, is classed as Somerset. The interest and sinking fund requirements due Dec. 1 1930 on its Touraine
The crude oil produced in eastern Kentucky
to acquire,
mortgage bonds, dated June 1 1926 and that the Advisory Comdepressed condition of the oil industry has enabled the company additional Hotel 1st
M. Forman & Co., in co-operation with George M. Forand an
which
at advantageous prices, adjacent producing properties the current year mittee for George
during
Co., nominated the undersigned committee to work out a plan of the
refinery. More than 5900,000 has been expended of its producing proper- man &best serve the interests of the bondholders. It was the opinion
ent
for such acquisitions and in the further developmeither delivered to the com- would
should not be inadvisory committee that this property and these bonds be handled as a
the company is
ties. The crude oil produced by
Realty Trust but should
the George M.
pany's own refineries or sold in the open market. of the Ashland Refining cluded inmatter. AmongForman
the reasons for this decision is the fact that this
The corporation owns 90% of the common stock95% of the capital stock separate
120 apartment
is a co-operative apartment project and has some
excess of
project
Co.(Ky.), which latter company owns in
es the owners who are very vitally interested in the property and that at this time
these
of the Tri-State Refining Co. (W. Va.). Through a verysubsidiari
short pipe-line It appears to the advantage of the bondholders that the occupancy and
operates two refineries within
company owns and
should be carefully preserved.
plant near Catlettsburg,
distance from the company's producing wells oneday, the other located at good-will of these apartment owners the bondholders protective committee
'
As stated in the letter of Nov. 29
Ky., refining about 4,000 barrels of crude oil per
if possible. Following this
the Big Sandy River from Catlettsburg, refining hoped to avoid receivership for this building general situation with referKenova, W. Va., across
investigated the
approximately 1,500 barrels of crude oil per day. the corporation and its letter the committee carefully what,if any,immediate action was necessary
ence to this project to ascertain
ldated annual earnings of
Earnings.-Consol
the bondholders. Because of various threatsubsidiary, the Ashland Refining Co., (after giving effect to certain non- to protect the best interests ofevident that sooner or later a receiver would
on ened developments it became
recurring interest charges) available for the maximum interest charges
co-operate in the applid and therefore the committee decided toent of someone wholly
have been as follows:
be appointe
this issue of bonds,
Before Dept. Aft. Deprec. but cation of a receiver, having in view the appointm
capable of operating such a
Deprec. & Bet. Deprec.
disinterested but thoroughly familiar with and the aid of the Chicago Title
Federal Tax.
Federal Tax,
project as this. The committee therefore sought the trustee applied for the
6
issue, and
$1,370,01
& Trust Co. as trustee under the bond Court of Cook County. Chester R.
Average for five years ended Dec. 31 1929- $1,561.193
15.22
17.34
appointment of a receiver in the Circuit Chicago Title & Trust Co., was
Times interest requirements
$697,285
$959,785
Davis, Assistant Trust Officer of the
Fiscal year ended Sept. 30 1930*
7.74
10.66
appointed by the Judge as Receiver for the property.
Times interest requirements
a petition in
months' operation of the Tri-State Refining Co.
Subsequent to the appointment of Mr. Davis as receiver,
* Including six
to bankruptcy against the Schiller-Lake Shore Building Corp. was filed. The
under the
Curtailment of regular production and low crude oil prices contributed
of the
that the appointment of Mr. Davis as receiver
the decreased earnings during the last fiscal year. The development g oil committee feelsupon the mortgage securing this bond issue, prior to the
petition based
recent acquisition of Tri-State Refining Co. and additional producin
to the bondholders and will
.
petition in bankruptcy, will be a great benefit
property should materially increase the earnings of the company
the prove of benefit to the committee in reorganizing this situation.
-Proceeds will be used to retire obligations incurred in
Trust Co. and
Purpose.
g $791,500
The committee has the assurance of the Chicago Title & to the fullest
purchase of additional property during 1930 and the remainin
it
Mr. Davis, the Receiver, that they will co-operate with
all
of the company's note issue maturing Jan. 15 1931.
on's oil producing possible extent in attempting to work out this matter so as to conserve
-The present worth of the corporati
Security and Assets.
territory
protect the bondholders in every possible
properties, subject to the lien of the mortgage and located in the Oct. 31 of the values of the property and to
Kentucky. was appraised on
will
known as the Union District of eastern
but that the interests of the bondholders
at $5,385,000.
.
other
1930. by Dunn & Lewis, Petroleum Engineers, Tulsa, Okla., as of Sept. 30 wa; ciere can be no question
of all of the bondholders with each under
Co.
the
The book value of 90% of the stock of Askland Refining Co. has no funded be best served by tionco-operation
of their influences upon one policy worked out as a
Refining
and the concentra
1930, was in excess of$1,000,000. The Ashland
par value.
It is absolutely essential in your interest
debt. Notes of Tri-State Refining Co. representing $300,000 Swiss Oil the auspices of the committee. be outlined and developed by a disinterested
bondholder that a plan should
secured by mortgage on its refinery property, are pledged by the
behalf with the minimum of interference from the outCorp. as additional collateral for this issue of bonds. subsidiaries, including committee in yourrly that the committee should be in a position to bid for
side, and particula
The consolidated net assets of Swiss Oil Corp. and
of bondholders. If a sale under foreproperty securing this issue, as of Sept. 30 1930, based on the above and and purchase the property on behalf
of the property for the bondholders
upon applying the proceeds from the sale of these bonds, total 5% times the closure becomes necessary such purchase of your oonds.
may be the only way to protect the value
es
company's total funded debt.
e after considerable investigation, audits and conferenc
and unpaid purchase price
The committe
-The company's funded debt
Management.
of this property and in whom the
for property which totalled $5,957,400 on Nov. 30 1924, after giving effect with persons familiar with the operationthe formulation of reorganization
at that time, have been reduced to 8977,794 as committee has confidence, has begun
to the financing projected
of Sept. 30 1930, an average of $853,650 per year; and in addition $670,604 plans for this project.
e are as follows:
The plans now contemplated by the committe paying to bondholders the
in dividends on the company's common stock were paid during this period.
the property
(a) Procure a new mortgage ondelivering to bondholders a new junior
The same management which has made this possible will continue to direct
-V. 131, p. 2237.
proceeds of such mortgage and
the affairs of the company.
but one which the building
mortgage bond bearing a fixed rate of interest fund to mature such junior
--Rail Order.
Tennessee Coal, Iron & RR. Co.
will be able to pay, and providing for a sinking
p. 328.
-V. 132,
See Southern Ity. under "Railroads" above.
ers the
mortgage bonds on a definite basis.
- (b) Procure a new mortgage on the property, paying to bondhold bond
-Acquires Woven Steel Hose & Rubber Co.
Thermoid Co.
to bondholders a new junior mortgage
full control of the Woven Steel Hose & proceeds thereof and delivering stock) providing for a minimum interest
The company has acquired
type (or preferred
interest and
Rubber Co. of Trenton, N. J., according to an announcement Just made by of the income
that all earnings be devoted to payment of
President Robert .1. Stokes. The acquisition constitutes another step rate and providing the junior mortgage.
bonds.
in 1929 with the acquisition sinking fund to retire
in Thermold's expansion program which began
mortgage bonds. In exchange for present for the
(c) Issue new first
of the Southern Asbestos Co.
sinking fund provisions
having
be in an
upon recent appraised valuation, and inventories bearing a fixed interest and interest definite
"Basing fixed assets
and sinking fund provisions to
but such
worth of the Woven
upon cost or market prices, whichever are lower.the net of the net amount retirement thereofincome from the building can surely pay.
in excess
amount which the
present fixed interest
Steel Hose & Rubber Co. is more than 50% explained Mr. Stokes.
(d) Issue new income bonds in exchange for the contemplate that all
s,"
paid for the acquisition of these propertie
of and sinking fund bonds par for par. Income bonds
ers as in"The Woven Steel Hose & Rubber Co. manufactures a complete line
operations shall be paid to bondhold
products to the
moulded hose and armored hose. The addition of these consolidates our income of the building after the retirement of bonds.
of the
terest and as sinking fund for
mechanical goods already manufactured by Thermoid ly
fund bonds to equal 50%eferred
diversified line
(e) Issue new fixed interest and sinking
position in this field and enables us to offer a thorough
g 50%, such pr
Present bonds and preferred stock for the remainin bondholders receiving
of mechanical rubber goods.
s to assure present
ve trade.
provision
if the building ulti"Certain grades of moulded hose are also sold to the automoti advan- stock to contain suitable
es an
,
all of their present investment and interest thereon
The acquisition of the Woven Steel Co., therefore constitut
sufficient income.
such
concerns whose products
to
tageous move in Thermold's new policytheacquire now manufactured by mately can produce stock for the full amount of the present bonds, first
(f) Issue preferred
products
to make it in effect a
are sold through the same channels as
preferred stock to contain suitable provisions bondholders a full return of
the parent company.
automotive industry, supor lien upon the property and to assure
building can ultimately
"Thermold is already well established in the for asbestos brake linings. charge
present investment and interest thereon if the
requirements
plying some 20% of manufacturers'are designed to strengthen Thermold's their
decides
producesufficient income.
seem to prefer, or the committee above
Thus our further expansion plans field.
Note: In case the bondholders
stock issue under any of the
position in the general manufacturing
representation
already secured orders for moulded hose which upon an Income Bond issue or preferred
the plan, through
"The Thermoid Co. has
the Woven Steel Hose & Rubber Co. for a plans, the committee will so work outof the building or otherwise, as to
will double the production of from date.
the bondholders in the management
from the property.
Period of at least three months
the Woven Steel company, Robert assure the maximum rental incomerecommending plans for the reorganize
of
Horace B. Tobin will be President 0. Bauer Secretary and Treasurer.
The committee in evolving and
and Joseph
far as possible against a
J. Stokes Vice-President
-V. 132, P. 508.
tion of this property particularly wishes to insure so
e the board of directors.
adopted similar
These officers will also constitut
the securities issued under any plan
in the
Th
Construction Co.) Wash- defaultdefaultfuture on occurred on the present outstanding bonds, th
which has
to the
were higher than
Tivoli Apartments (Tivoli Bonds.
rentals
reason for the present default is that in 1926 building would produce w
-Present Status of
which the
, D. C.
ington
now are. The amount of income
the bonds were issued
See F. H. Smith Co. above.
estimated on the basis of the rentals in 1926 when which the building ha
income
-Series A Certifs. Off List.
By reason of the reduced rentals the actual the estimated income and as
Tobacco Products Corp.
than
certificates, series A, maturing Jan. 16 received and is receiving is much less
on it
The common stock dividend of United Cigar Stores Co. of America) result the building is unable to pay the interest and sinking fund
stock
-V.131. bonds.
1931 (representing common list of the New York Stock Exchange.
stricken from the
form will be detailed as much a
have been
The above plans when submitted in final
require time. In the mean
p. 3547.
possible and the working out of such detail will
at once for the folio
-Earni•ngs.time the committee desires that bonds be deposited
Toronto Elevators, Ltd.
x1929.
1930.
other bonds whic
8281,914 reasons:
$279,058
Years Ended Sept. 30
Bonds deposited amount to $831,000 and with the To a groat eaten
(1)
19,395 the committee represents makes a total of $1,051,000.
33,760
Operating profit
of Sarnia loan
52,904 any plans for reorganization will depend upon the factor of the number o
80,000
Interest on City
14,779 bonds joining in the reorganization.
11.704
Provisions for depredation taxes
any plan or program whic
for Federal income
Provision
$194,835
$153,594
(2) To expedite the placing in operation of
20,838 may be adopted by bondholders.
profit
Net
from proceeds of pref. stk.
-Nathan William MacChesney, Chair
52,500
105,000
Bondholders' Protective Committee.
Int. on loans refunded
Joel M. Bowlby, and Kenneth
Dividends on preferred stock
Mich
$121,497 man; H. A. Clark, Frank S. Whiting,
$48,594
Secretary to the Committee,400 N.
:54.85 Dick with Charles E. McGuire,ry, Boulevard Bridge Bank of Chicago.
$1.92
Surplus
(no par)
stk.
, Ltd., and a ganAvenue, Chicago, Deposita
per sh. on 25,000 shs. corn.
Earns,
operations of Toronto Elevators
V. 123, p. 94.
x Being for 1034 months
Elevator Co., Ltd.
full year's operations of Sarnia
63/2%
1 1926
The committee below in a letter dated Jan. 10 says:
JAN. 24 1931.]
Troxel Mfg. Co., Cleveland.
-Smaller Common Dividend.
The directors have declared a quarterly dividend of $1 per share on the
common stock and the regular quarterly dividend of 31.75 per share on
the pref. stock, both payable Feb. 1 to holders of record Jan. 20. Previously the company paid quarterly dividends of $2 per share on the
common stock.
Trustee Standard Shares, 1c.
-Sponsors Two Fixed
Trusts.
This company with offices at 40 Wall St., N. Y. City, was incorporated
in New York June 11 1930 and has sponsored two fixed trusts viz: Trustee
Standard Investment Shares series C (maximum accumulation) and Trustee
Standard Investment Shares series D (maximum distirbution).
Trustee Standard Investment Shares, Series "C" (Maximum Accumulation)
-
Bearer coupon certificates, registerable as to principal and as to prinmpal
and distributions in denom.of 10, 15,20.25.40,50. 100,250, 500. 1,000 and
6,000 shares. Semi-annual distributions on Feb. 1 and Aug. 1 at the office
a the trustee in N. Y. City. Certificates issued by Empire Trust Co.,
trustee, New York.
Security.
-Each Trustee Standard Investment Share series C, represents
an undivided, participating, non-voting, equitable interest in all the property deposited with and held by the trustee under the terms of a trust
agreement, dated as of July 1 1930, and is substantially equivalent to a
1-6000th interest in a unit of deposited property consisting of: (1) cash and
(or) property other than a stock unit held by the trustee, and (2) a stock
unit as the same may from time to time be constituted and as of the date
hereof consisting of 332 shares of common stocks of 35 corporations, as
follows:
No. of
No. of
Shares.
Shares,
Industrials.
Railroads.
4 Atch'n, Topeka & Santa Fe Ry.(The)
Food Industries
4 New York Central P.R. Co.(The)
12 Borden Co.(The)
12 Pennsylvania RR.Co.(The)
12 National Biscuit Co.
8 Southern Pacific Co.
Machinery and Electrical Equipment'4 Union Pacific RR. Co.
12 General Electric Co.
4 Ingersoll-Rand Co.
Utilities.
8 American Power & Light Co
4 Westinghouse Electric & Mfg. Co.
4 American Tel. & Tel. Co.
Steel and Building Equipment
12 Columbia Gas & Electric Corp.
16 Otis Elevator Co.
8 Consolidated Gas Co.of New York.
4 United States Steel Corp.
4 Detroit Edison Co.(The)
Tobacco Industry
8 North American Co.(The)
8 American Tobacco Co.(The) (Cl. B)
12 Pacific Gas & Electric Co.
8 Liggett & Myers Tobacco Co.(Cl. B)
24 United Gas Improvement Co.(The) 16 Reynolds (R.J.) Tobacco Co. (Cl. B)
Miscellaneous
Industrials.
Chain Store•
8 American Can Co.
16 Woolworth (F. W.) Co.
4 Eastman Kodak Co.of New Jersey.
Chemical and Allied Industries12 Procter & Gamble Co.(The)
4 Allied Chemical& Dye Corp.
Oils.
8 du Pont(EA.)de Nemours & Co.,Inc. 18 Standard Oil Co.(New Jersey)
12 Union Carbide & Carbon Corp.
12 Standard 011 Co.of New York.
Farm Equipment and Motor Truca12 Standard Oil Co.of California.
8 International Harvester Co.
12 Texas Corp.(The)
All of these securities are listed and traded in on the New York Stock
Exchange.
Appreciation and Cash Distributions.
-Trustee Standard Investment
Shares series C are designed to secure in a composte investment maximum
practicable capital appreciation resulting from the retention of all stock
dividends and split-ups adding a full share of stock to the deposited property
for each stock unit. Also, all subscription rights are sold and the proceeds
are reinvested in the stock of the company declaring such rights to the extent
that they will add a full share or shares to the deposited property for each
stock unit.
All additional shares received in the deposited property, not retainable
as above, are sold, and the proceeds placed in the currently distributable
funds together with any unused portion of the proceeds from the sale of
subscription rights and all regular and extra cash dividends received by the
trustee upon the share of stock held in trust.
No Substitution.
-No substitutions in any of the deposited stocks are
permitted except in the event of merger, consolidation, or sale of the assets
of a constituent company or the reclassification of its stock. In such
event the trustee retains in the stock unit full shares of stock received
therefrom.
Cash Conversion Through Trustee.
-Under the terms of the trust agreement, the holder of any number of Trustee Standard Investment Shares
Series 0 may at any time surrender his certificate to the trustee and upon
payment of a moderate service fee as set forth in the trust agreement,
receive in cash his proportionate share of the market value (as defined in the
agreement) of the stocks in the deposited property, together with his proPortionate share of the currently distributable funds.
This privilege extends throughout the entire life Of the Trust. Upon the
resignation or removal of the trustee this right may be suspended pending
the appointment and acceptance of a new trustee.
-In like manner,
Conversion Into Underlying Securities Through Trustee.
any holder of an aggregate of 1,500 Trust Shares (or multiples thereof)
may at any time, without penalty or service fee, surrender his certificates
to the trustee and receive in exchange therefor his proportionate part of
the stocks in the deposited property to the extent of all full shares of stock
Included in such proportionate part; a sum in cash equivalent to the market
value of any fractional share included therein, together with a sum in cash
equal to his proportionate share of the currently distributable funds.
This privilege extends throughout the entire life of the Trust. Upon the
resignation or removal of the trustee this right may be suspended pending
the appointment and acceptance of a new trustee.
Duration of Trust -Trust is dated July 1 1930 and will terminate in any
event on June 30 2029. The Trust may be terminated in its entirety by
the trustee under specific circumstances as described in the trust agreement.
It may not be terminated by the depositor.
Trustee Standard Investment Shares, Series "D"(Maximum
Distribution.)
This trust is practically the same in all respects as series C except that it
has only 4 shares of American Tobacco Co. class B stock in its portfolio
whereas series C has 8shares. Other differences follow:
-The trustee holds the deposited stocks in trust,
Source of Distributions.
receiving all regular and extra cash dividends paid thereon. The trustee
also receives all stock dividends, subscription rights, additional shares of
stock derived from split-ups, and other property distributed upon stocks in
the unit and converts same into cash. Under the terms of the trust agreement the amounts so received by the trustee are distributed pro rata to
holders of Trustee Standard Investment Shares Series D twice yearly
Feb. land Aug. 1.
Bights Established by a Trust Agreement Administered by a Bank-Trustee.
structure of Trustee Standard Investment Shares Series I), the Trust
In the
Agreement establishes the means of determining the underlying values,
fixes the sources of distribution and defines the rights and privileges of the
Investor, the depositor and the trustee during the life of the trust.
Beneficial Ownership Vested in Trust Shareholders.
-All of the underlying
stocks are deposited with the trustee. They are fully paid and held in the
name of the trustee or its nominee. With each unit of underlying stocks
there is also deposited cash of property equivalent to any dividends and other
property held or receivable by the trustee then applicable to a unit of deposted property. The depositor has no ownership interest in the deposited
property. The beneficial ownership of all stocks, securities, cash and other
property held by the trustee is vested in the holders of trust shares in proportion to their holdings.
No Substittltion.-No substitutions in any of the deposited stocks nor
change in the number of shares in the stock unit are permitted except in
the event of merger, consolidation, or sale of the assets of a constituent
company, or the reclassification of its stock. In such event the trustee
retains in the stock unit only the number of shares originally specified for
the company in the trust agreement; all additional shares received are sold
for the benefit of trust shareholders and the proceeds placed in the currently
distributable funds.
Conversion Into Underlying Securities Through Trustee.
-Any holder of
an aggregate of 1,500 Trust Shares (or multiples thereof) may at any
time, without any charge,surrender his certificates to the trustee and receive
in exchange therefor his proportionate part of the stocks comprising a
stock unit, and other property, together with a sum in cash equal to his
proportionate share of the currently distributable funds.
-Trust is dated July 1 1930 and will terminate in
Duration of Trust.
ay event on un• 30 2029. The trust may be terminated in its entirety
677
FINANCIAL CHRONICLE
by the trustee under specific circumstances as described in the trust agreement. It may not be terminated by the depositor 7-V. 131, P. 2710.
2100 Massachusetts Ave. (2100 Massachusetts Ave.
Inc.) Washington, D. C.
-Present Status of Bonds.
Bee F. H.Smith Co. above.
-Orders Increase.
Unit Corp. of America.
New orders for the Fuller division of this corporation for the first 12 days
of January 1931, amounted to $103,000, an increase of approximately 85%
over the same period in 1930, when orders amounted to $55,000. This increase represents a large number of new accounts secured from among the
principal truck and bus manufacturers in the United States and Europe
-V. 132.p. 509.
.
+.111aLdWilL 1
,
-Transfer Agent. United States Gypsum Co.
sThe Chase Nationao Bank of the City of New "York has been appointed
-V. 131, p. 3222.
transfer agent for the preferred and common stocks.
United States 8c International Securities Corp.
-Defers
Dividend on First Preferred Stock.
The directors have decided to defer the regular quarterly dividend of
$1.25 per share. due Feb. 1, on the $5 cum. di'. 1st pref. stock. The last
quarterly distribution on this issue was made oa Nov. 1 1930.-V.132.p.509.
ors
-
-1931 Dividends.United States Pipe & Foundry Co.
The directors have declared four regular quarterly dividends of 50c. each
on the common stock and of 30c. on the 1st pref. stock, payable April 20.
July 20 and Oct. 20 1931, and Jan. 20 1932, to holders of record March 31.
June 30, Sept. 30 and Dec. 31. respectively. Like amounts have been
paid quarterly on the said issues since and including Dec. 15 1928.
Earnings for Calendar Years.
1927.
1928.
1926.
1929.
Net profit after deprec..
int. & Federal taxes_ - 32,881.046 32,581,230 $1.812,227 $3.373,976.
Shares com, stock out600.000
x120.000
standing (par $20)_ __
600.000
600.000
Earnings per share_ _ _
$1.62
$2.74
$21.12
$3.42
x Par 3100.-V. 131, p. 2711.
United States Rubber Co.
-Acquisitions.
-President F. B. Davis Jr. states that final details of the acquisition
by this company of a controlling interest in the Samson Tire & Rubber
Corp. of Los Angeles, Calif., have been completed, and also that the
United States Rubber Co. has acquired a substantial stock interest in
the Gillette Rubber Co. of Eau Claire, Wis.
Production at the Detroit plant of the United States Rubber Co. will
be increased to capacity within the next two months, it is stated.
J. F. O'Shaughnessy, general manager of the tire department, stated
that production in the Los Angeles plant will be doubled during 1931 and
that at least 25% will be added to the Eau Claire plant. These acquisitions complete a program of expansion with Detroit as a center, he said.
The Los Angeles plant will be used to supply.tires west of the Rockies.
the Hawaiian Islands, Mexico, the west coast of South America and the
far east. The Eau Claire plant will supply the northwest, leaving Detroit
to supply the rest.
F. B. Davis Jr., President of the United States Rubber Co.; L. D.
Tompkins, Vice-President, and William De Kraft, Chairman of the finance
committee, all of New York, were made directors of the Gillette company.
R. B. Gillette was retained as Chairman of the board.
-V.132,P.328. " I
MOW
-To Purchase Pref. Stock.
United States Tobacco Co.
The stockholders will vote March 3 on approving a proposal to amend
the charter or certificate of incorporation. so as to provide for the retirement of preferred stock purchased by the company for retirement in
accordance with law or owned by the company whether purchased for
retirement or not up to a maximum of 29,200 such shares at the average
cost or purchase price thereof, not exceedinglan average price of $125
per share.
-V. 130. p. 1450.
tut
-Retirement.
*, Wagner Electric Corp.
J. M. Buick has retired as a member of the boar z:L13(
s
l
Washington-Pittsburgh Holding Corp.-Preseid1Statirs
of Bonds.
See F. H. Smith Co. above.
-V. 128, p. 1632.
Wayne Pump Co.(& Subs.).
-Earnings.
Years Ended Nov. 301930,
1929.
1928.
$2,324,170 $2,387,371 $1.627,000
Gross profit from sales
Selling & administrative expenses_ _ -- 1,487,907
1,358,005
1.015.652
Profit from operations
Other income credits
$836,263 31,029,365
115,860
117,572
$611,357
150.888
Gross income
$952,124 $1,146,937
$762,245
Income charges (other than bond int.)
215.282
175,393
76.752
$736,842
Balance
$971,544
$685,493
Dividend on pref.stock of Wayne Co60,000
60,000
60.000
Int.on gold deb. bonds-incl. nor.tax
130,339
137,180
64,630.
Provision for Federal income tax.. _ _ _
76,276
69,661
23,500
Net income
$470,226
$704,702
$537,363
Preferred dividends
242,684
Not Stated.
Balance
$227,542
$704,702
$537,363
Shares com. stock outstand. (no Par)
139 158
139,158
120 908
$1.63
Earnings Per share
$3.32
Consolidated Balance Sheet Nov. 30.
Assets1930.
1929.
1930.
1929.
Cash
8426,408 $372,941 Accounts payable- 6151,868 $194,124
Notes receivable
45,648
10,080 Notes payable_ _ _ 213,766
325,000
Accounts receiv
947,801 1,128,212 Other curr. nab _ _
2,118
70,000
Employees accts._
11,797
278,849
889 Accrued accounts_ 268,014
Sundry accounts_ _
25,653
84,499 Res. for liquid. of
Other marketable
8,102
distant. depart.
securities
90,670.
90,670
16,000
16,000 Dividends payable
Inventories
29,586
27,350
2,176,339 2,108,128 Mtge. loans pay_ _
Property
y2,294,119 2,321,524 6% s. f. gold deb.
Patents
2,135,000 2,220,000.
z126,878
bonds
140,551
Deferred charges
95,205
94,194 Wayne Co.pref.stk 1,000,000 1,000,000
x2,268.960 2,068,789
Net worth
Total
56,165,849 56,277,021
$6,165,849 $6,277,021
Total
x Represented by convertible preference capital stock having preference
in liquidalon of $55 per share, and as to earnings of $3.50 par share annually-authorized, 100.000 shares of no par value; issued, 69.837 shares;
less in treasury, 500 shares; common capital stock, authorized, 300.0
shares of no par value: issued 139.158 shares: less in treasury, 250 shares.
y After depreciation of $1,066,382. z After amortization of $31,160.00,
V. 130, p. 4262.
_
Wheatsworth, Inc.
-Sale to National !Biscuit Co. Approved-To Dissolve.
The stockholders on Jan. 12 approved a plan for the acquisition of the
assets of this company by the National Biscuit Co. for 70,000 shares of'
common stock of the latter concern. The National Biscuit Co. will assume
all the liabilities of Wheatsworth, Inc., including the preferred stock,
which will be called for retirement on March 2 1931. at 110 and dividends.
The stockholders also ratified the dissolution of the company. The
plan contemplates the distribution of the 70,000 shares of National Biscuit
stock to the holders of the 121.000 shares of common stock of Wheats
worth, Inc., now outstanding, in the proportion of 70-121 of a share of"
National Biscuit common for each share of Wheatsworth. Inc., common
stock. No fractional shares will be issued, adjustments for fractions beingmade in cash.
See also National Biscuit Co. above.
-V. 132, p. 329.
For other Investment News, sea page 679.
[VOL. 132.
FINANCIAL CHRONICLE
678
illeports and Zioculac1115
PUSLISNED AS AOVIIII,SRMENTS
AMERICAN INTERNATIONAL CORPORATION.
ANNUAL REPORT-YEAR 1930.
To the Stockholders of the
American International Corporation:
There is submitted herewith a Balance Sheet of American
International Corporation as of December 31, 1930, and a
Summary of Income and Profit and Loss, together with a
Summary of Charges and Credits to the Reserve for Securities
for the year ended December 31, 1930, all certified by
Messrs. Haskins & Sells.
Cash dividends paid during the year 1930 amounted to
$2,059,916.15. After deducting this amount,the net market
value of the assets of your Corporation as of December 31,
1930, before deducting outstanding debentures, was
$44,906,894.15, which is equivalent to $1,890.81 per $1,000
debenture; or, after deducting the debentures, is equivalent
to $19.94 per outstanding share of stock.
Your Corporation's investment in Ulen & Company remains the same as a year ago with the exception of 600 shares
of common stock acquired during the year. Ulen & Company placed its common stock on a dividend basis of $1.60
annually through an initial quarterly dividend of 40c. a share
on July 15, 1930, and in addition has listed the common
stock for trading on the New York Stock Exchange.
Allied Machinery Company of America, your Corporation's 100% subsidiary, which is liquidating former merchandising assets, paid a dividend of $20,000 during the year.
Your Corporation carries its investment in Allied Machinery
Company of America at $675,000 and in the opinion of
your Board its liquidating value on December 31, 1930,
was $714,122.39.
With this report your Directors submit a list of securities ,
owned and a classified statement of the Corporation's assets.
Heretofore your Corporation has published in the press
quarterly reports of earnings, but henceforth only annual
statements will be issued.
Your Directors have set up out of earned surplus a total
reserve for securities of $8,000,000 to be used from time to
time if deemed advisable.
By order of the Board of Directors.
M. C. BRUSH, President.
January 17, 1931.
AMERICAN INTERNATIONAL CORPORATION.
BALANCE SHEET DECEMBER 31. 1930.
ASSETS.
Cash and Call Loans:
Cash
Call Loans
$4.876,519.86
7,000,000.00
$11.876,519.86
200,000.00
Participation in Time Loan-Secured
Accounts Receivable:
Trustees under Employees' Profit Sharing Plan
Other
Accrued Interest Receivable
Securities Owned-At Cost*
$6,664,312.95
Notes and Bonds
4,075,284.77
Preferred Stocks
9,792,617.34
Bank Stocks
24,115,092.03
Common Stocks
Investment in Sociedade Anonyms, Marvin
Proprietary Company-Wholly Owned
798,000.00
631.27344
112,214.75
44,647.307.09
291,642.87
675,000.00
$59,231.958.01
Total
LIABILITIES.
$105.619.42
Accounts Payable
653,675.00
Accrued Interest Payable on Debentures
-Year Convertible 5,li % Gold Debentures, Due January I.
20
23.750.000.00
1949 (Less in Treasury, $1.237,000.00)
972,019.86
Reserve for Taxes
8,000,000.00
Reserve for Securities*
14,662.44
Deferred Credits
ur
Capital and Surplus:
$15,914,325.00
Common Stock. 1.060,955 Shares
Surplus:•
$4,812,430.54
Earned Surplus
5.009,225.75 9,821,656.29 25,735,981.29
Capital Surplus
$59,231,958.01
Total
of $12,618,209.53,
*On December 31, 1930, Securities with a book value of $44,647,307.09 had a market value of $32,029,097.56. or a deficiency
On December 31, 1929.
against which there are a Reserve of $8,000,000.00 and a Surplus of $9.821.656.29, making a total of $17.821.656.29.
against which there was a
Securities with a book value of $54,796,801.88 had a market value of $54,744.626.86, or a deficiency of $52,175.02,
Reserve of 54.100,000.00.
SUMMARY OF INCOME AND PROFIT AND LOSS FOR THE YEAR
ENDED DECEMBER 31, 1930.
Earnings:
$530,222.34
Interest
1.909.899.07
Dividends
3,112.887.78
Investment Profits Realized
6,026.44
Profit from Syndicate Participations
11,933.92
Miscellaneous Income
$5.570,969.55
Deduct:
$443,059.28
Operating Expenses
1,331.487.38
Interest on Debentures
66.286.88
Other Interest
400.000.00
Provision for Taxes
2.240,833.54
$3,330,136.01
11,893,405.31
Operating Income
Earned Surplus at Beginning of Year
Gross Earned Surplus
Charges and Credit to Earned Surplus:
Dividends Paid in Cash
Dividends Paid in Stock
Provision for Reserve for Securities
$15,223,541.32
$2,059,916.15
617.970.00
7.835.330.04
$10,513,216.19
Total
-Discount on Debentures Acquired
Less
102,105.41
for Treasury
Earned Surplus at End of Year
Capital Surplus at Beginning and End of Year
Total Surplus
10,411,110.78
$4,812,430.54
5.009,225.75
$9,821,656.29
SUMMARY OF CHARGES AND CREDITS TO RESERVE FOR
SECURITIES FOR THE YEAR ENDED DECEMBER 31, 1930.
$4,100,000.00
Amount Appropriated December 31. 1929
Transfer to Reserve of Amounts Previously Applied to 2,040,975.90
Costs of Securities
Total ___________________________________________ __ $6,140.975.90
5,976,305.94
-Realized Loss from Securities
Less
$164.669.96
Remainder------------------------------ 7,835.330.04
1930
Provision for Reserve for Securities December 31.
$8,000,000.00
Reserve for Securities December 31. 1930
AS OF DECEMBER 31. 1930.
LIST OF SECURITIES OWNED
Stock Exchange or the New York
(Securities are listed an the New York Valuations are "last sale" prices
Curb Market, unless otherwise indicated.
closing "bid" prices if no sales took place on that
on December 31, 1930, or
date.)
Market Value
Dec. 31, 1930.
Notes and Bonds.
Refine Co. 1st 5%-1947"A" $102,000.00
$100,000 American Smeleg & Co. Deb.5%-1965
105,500.00
100,000 American Tel.& Tel.
186,000.00
4Si %-1960-200.000 Baltimore & Ohio RR.Co. Cony.
149,437.50
5%-1967
150,000 Boston & Maine RR."AC" 1St
815.580.00
6%-i968"A"
828.000 Brooklyn-Manhattan Transit Corp.
29.260.00
(Oct.)
28,000 Canadian National Railway Co. 5%-1969
184,275.00
RR. Co.5%-1975
270,000 Chicago Milw. St. Paul & l'ac.43%-1989"E"
19,100.03
& St. l'aul Ry.
20,000 Chicago Milw.
Market Value.
Dec. 31, 1930.
Notes and Bonds (Concluded).
$101.000 Chicago & North Western Ry. Co. Cony. 4%%-A88,880.00
100.000 Chicago flock Island & Pac. Ry. Co. Cony. 435%
86,750.00
-1960
1ith
300.000 Commercial Inv. Trust Corp. Cony. Dab. 5v %
274,500.00
-1949
118,000 El Paso Natural Gas Co. 1st 6A%-1943
114,460.00
Warrants
205,110.00
258,000 Erie Railroad Ce. Ref. & Imp.5%-1967
55,650.00
70,000 Erie Railroad Co. Ref. & Imp.5%-1976
125.000 General Public Service Corp. Cony. Deb. 555%
117,500.00
-1939
65,100.00
'
70,000 Govt of the Dominion of Canada 4%-1960
45,000 Hudson & Manhattan RR. Co. 1st Lien & Ref.
44,043.75
5%-1957 "A"
52,150.00
70,000 Hudson & Manhattan RR.Co. Adj. Inc.5%-l957
103,500.00
100,000 Louisville Gas & Elec. Co. lst&Itel.5%-1952"A"
500,000 Mississippi River Fuel Corp. 1st 6%-1944 With
475.000.00
Warrants
70,000 Missouri l'ac. RR. Co. 1st & Ref. 5%-1977
Unst'p'd "F"
8..01
67 90
277:50
%-1949"A"
300.000 Missouri l'ac. RR. Co. Cony.
24,625.00
25,000 Missouri Pan. RR. Co. 1st & Ref. 5%-1965 "A"
24,187.50
25,000 Missouri Pac. RR. Co. 1st & Ref. 57,-1980 "II"
198,000.00
200,000 National Dairy Prod. Corp. Deb. 531M-1948-- 70,000 New York Chic. & St. Louis RR. Co. Ref.4%
63.262.50
141 Y97o8"(100,000 New York N. II. & Hart. RR. Co. Cony. Deb.
114,000.00
6%-1948
97.125.00
100,000 Pennsylvania RR. Co. Deb. 43.57,-1970
51.000 St. Louis & San Fran. Ry. Co. Prior Lien 4%44,561.25
1050
3-i
1s 56,000 St. 4 .'Adt San Fran. Ry. Co. Cons. Mtg.4%
44.520.00
97.250.00 I
"
-aci
100,000 Southern PA fic Co.455 %-1968
38,925.00
45,000 Southern Railway Co. Dev. & Danl. 4%-1956.
401.000.00
400.000 Texas Corp. Cony. 5%-1944
-1935
69,000 Van Sweringen Corp. 5-yr. 6% Gold Notes
With Warrants
:2
55
65 271..01
70.000 Wabash Railway Co. Ref. & Gen. 5%-1976 "B"
105,500.00
100,000 Western Electric Co. Deb. 5%-1944
56.000.00
70,000 Western Maryland By. Co. 1st 4%-1952
53,875.00
50.000 Western Union Telegraph Co. 63.4%-1936
$5.102,502.50
Total Notes and Bonds
Preferred Stocks.
$223,600.00
2,600 shs. Brooklyn-Manhattan Transit Corp. 6%
26,500.00
500 " Brooklyn & Queens Transit Corp. $5
2,000 " Commercial Investment Trust Corp. 6% Opt.
166,000.00
Series 1929
General Realty & Utilities Corp. 6% Wity
6,100
329,400.00
Warrants
Now Enziand Public Service Co. 6% Prior Lien a249,000.00
3,000
Ltd.. Partic. 5%
Southern Calif. Edison Co.,
1,600
d94 A00.00
Original l'fd
With
Solvay Amer. Investment Corp. 5.3
750
68,906.25
Warrants
432,000.00
8,000 " Tide Water Associated Oil Co. Cum.6% Conv
148,318.50
United Corporation $3
3,333 "
85,250.00
1.000 " United Gas Corporation "A"7%
al,008.000.00
11,200 " Ulen & Co. 735%
$2,831,374.75
Total Preferred Stocks
6
,%
JAN. 24 1931.1
679
FINANCIAL CHRONICLE
Market Value
Dec. 31, 1930.
Bank Stocks.
4,000 sh!]. Anglo National Corp. Class "A" Cum. Partic__ 01104.000.00
a464,000.00
Central Hanover Bank & Trust Co
2,000
a1,710,000.00
20,000 " Chase National Bank
a455,625.00
Illinois Bank & Trust Co
1,125 " Continental
4144.000.00
3,000 " Empire Trust Co. Voting Trust Certificates_
a347.500.00
100 " First National Bank of New York
a528.862.50
7,835 " First National Bank of Boston
a261.000.00
600 " Guaranty Trust Co
c45.000.00
Hibernia Bank & Trust Co., New Orleans
500 "
a3,040.000.00
40.000 " Manhattan Company
Total Bank Stocks
Common Stocks.
1,000 shs. Atchison Topeka & Santa Fe Ry. Co
4,000 " Amerada Corp
2.000 " American Telephone & Telegraph Co
1.300 " Air Reduction Co., Inc
500 " Allis-Chalmers Mfg. Co
2,000 " American Can Co
25,000 " American Machine & Foundry Co
4,700 " American Metal Co., Ltd
11.500 " American Radiator & Std. Sanitary Corp
6,300 " American Rolling Mill Co
7,000 " Baltimore & Ohio RR. Co
10,000 " Brooklyn-Manhattan Transit Corp
" Borden Co
•
2,000 " Consolidated Gas Co. of New York
4,000 " City Ice & Fuel Co
3.136 " Commercial Investment Trust Corp
3.000 " Curtis Publishing Co
1,000 " Delaware & Hudson Co
1.000 " Diamond Match Co. Certif. Deposit
5,000 " Equitable Office Building Corp
15,000 " Ford Motor Co.. Ltd
3,000 " General Mills, Inc
5,000 " General Realty & Utilities Corp
6,000 " General Refractories Co
1,300 " W. T. Grant Co
8,300 " Hudson & Manhattan RR. Co
4,000 " Interborough Rapid Transit Co
720 " International Business Machines Corp
2,000 " International Cigar Machinery Co
9,000 " Johns-Manville Corp
1,000 " Louisville & Nashvllle RR. Co
7,000 " Lambert Co
15,000 " Lehman Corp
3,000 " Liggett & Myers Tobacco Co."B"
1,000 " Loew's, Inc
2,000 " New York Central RR. Co
2.000 " New York New Haven & Hartford RR. Co_ __ _
1,000 " National Dairy Products Corp
3.375 " Newmont Mining Corp
8,000 " Otis Elevator Co
1,500 " Pittsburgh & Lake Erie RR. Co
1,000 " Pullman, Inc.
5.500 " Purity Bakeries Corp
5,500 " Pacific Lighting Corp
7,000 " Remington Rand, Inc
3,460 " Southern Calif. Edison Co., Ltd
13,500 " Stone & Webster, Inc
26,500 " Texas & Pacific Ry. Co
1,200 " Tide Water Asso. Oil Co
1.500 " Tampa Electric Co
70,924 " then & Co
2.200 " Underwood Elliott Fisher Co
2.000 " Union Carbide & Carbon Co
2,000 " United States Steel Corp
5.000 " Western Union Telegraph Co
Market Value.
Dec. 31. 1930.
74,000.00
a6.000.00
Common Stocks (Concluded).
2,000 shs. White Rock Mineral Springs Co
-New England Grain Products Co
3.000 Warrants
515,540,016.16
Total Common Stocks
Summary of Market Values.
Notes and Bonds
Preferred Stocks
Bank Stocks
Common Stocks
Miscellaneous items (cost $2,980,911.16)
$5,102.502.50
2,831,374.75
7,099.987.50
15.540,016.16
1.455,216.65
$7,099.987.50
532.029.097.56
Total
$178,500.00
71,51)0.00
357,250.00
126,100.00
16,562.50
220,250.00
796,875.00
79.900.00
184,000.00
193,725.00
483,875.00
611,250.00
285.825.00
168,000.00
144,000.00
84,289.41
270,000.00
136,500.00
210,500.00
158,750.00
221,250.00
138,750.00
26,875.00
243.000.00
36,075.00
313,325.00
106,500.00
108,000.00
91,000.00
480,375.00
88,000.00
533,750.00
800.625.00
257.250.00
46,125.00
229,000.00
150,250.00
38,750.00
147,656.25
440,000.00
151,500.00
50.500.00
217,250.00
275,000.00
107,625.00
159,160.00
560,250.00
2,385,000.00
7,800.00
69,750.00
1.028,398.00
113,575.00
114,250.00
278,250.00
667,500.00
(a) Over-the-Counter-in New York. (b) San Francisco Stock Exchange.
(c) New Orleans Stock Exchange. (d) Los Angeles Stock Exchange.
-AT MARKET VALUES
CLASSIFIED STATEMENT OF ASSETS
AT DECEMBER 31, 1930.
Ratio to
Amount.
Total.
54.876.519.86 10.45
Cash
7.000,000.00 15.00
Call Loans
5,607,922.50 12.02
-Domestic
Bonds
.45
211.300.00
Foreign
3,101,621.63 6.66
Preferred Stocks
Total Cash, Call Loans, Bonds and Preferred
$20,797.363.99 44.58%
Stocks
Common Stocks:
Industrial
Railroad
011
Public Utility
Investment, Finance and Insurance
Bank
Foreign
Total Common Stocks
$7.597,681.75 16.29%
3,802,625.00 8.15%
.17%
79,300.00
3,303,765.89
7.08%
1,033,090.66
2.21%
7,138,987.50 15.30%
.33%
152,802.63
$23,108,253.43 49.53%
Total Assets at Market Value
$714.122.39
291,642.87
200,000.00
1.541,488.19
1.53%
.637
.43
3.30 o
$2,747,253.45
Proprietary Company Wholly Owned
Investment in Soc. Anon. Marvin
Participation in Time Loan-Secured
Accounts Receivable
5.89%
$46.652,870.87 100.00%
CERTIFICATE OF AUDIT.
American International Corporation:
We have audited your accounts, including verification of
the securities, for the year ended December 31, 1930, and
We hereby certify that in our opinion the accompanying
Balance Sheet and Summary of Income and Profit and Loss,
together with the Summary of Charges and Credits to the
Reserve for Securities, set forth, respectively, the financial
condition of the corporation at December 31, 1930, and the
results of its operations for the year ended that date.
HASKINS & SELLS.
New York, January 17, 1931.
promissory note. due Jan. 1 1932, 11932. 8850,000; liabilities exclusive of
accrued interest and accrued taxes and other accrued items, $510,959.
-- •
•
51,024,775 $1,245,070
The company's statement said in part:
133.133
138,501
The Winchester Co. filed in answer admitting the allegations of the bill,
27,976
30,794 which show that, while the company is amply solvent, its current operations
115,000
132,000 have become embarrassed owing to the heavy interest and other charges
due in the immediate future and to the difficulty of borrowing
Net income
$748,666
$943.775 coming at this time.
Shares common stock outstanding (no par)
117,405
116.045 money purpose of this receivership is to conserve the assets and business
The
share
$6.01 of the company and thereby to protect the creditors and all other interests
Earnings per
$4.31
Balance Sheet October 31.
and to insure the uninterrupted continuance of the business. The order
Assets
1930.
1929.
LtatrUtttes-1929.
1930.
appointing the receivers expressly provides for the continuance of the
Cash
$1,597,331 $988,072 Accounts payable_ $149,842 $208,981 business.
Call loans
200,000 Dividends payable
58,700
67.993
A contributing factor leading up to the receivership is found in the
Marketable secure.
129,843 Accrued State and
general depression from which the entire country is suffering, thereby
Notes & aeeep.ree. 118,331
136,591
local taxes, salresulting in complete demoralization of prices of certain major lines of
Amts. receivable_ 728,273
985,481
tides and wages,
vital interest to the welfare of this company. The fundamental cause,
Cash surrender val.
bond Int., &cc_
73,829
99,819 however, is directly attributable to economic conditions following the
life insurance__
11,348
Income taxes. FedWorld War.
eml and State__ 116.000
1,571,720 1,785,148
Inventory
143,064
Concerning the work of the present management, it is interesting to
Other assets
21,751 Funded debt
1,750.000 1,788,500 note the following allegations in the bill of complaint. The complainant has
39,097
Land, building,
7% eum. pref. stk 3,483,200 3,483.200 no complaint against the present management of the defendant by its
I 'Machinery.6m-x4,173,233 3,817,839 Common stock__y1,833,740 1,599.740 officers and board of directors, but believes, on the contrary, that it has
Deferred assets__ 181,348
213,008 Surplus
1,154,372
898,435 been competently and efficiently managed, and attributes its present
financial difficulties to abnormal conditions in trade and industry and to
Total
Total
18.398,683 $8,255,712
$8,398,883 18,265,712 other conditions over which the defendant officers and directors have had
x After depreciation of $956,292. y Represented by 117.405 no par no control.
-V. 131. D. 4068.
shares.
Western Tablet & Stationery Corp.
-Earnings.
---
Years Ended Oct. 31Net earnings
Interest
Amortization of bond discount and expense
Federal tax
-Year Oi% Debentures, due Feb. 1 1934.
Committee for 5
Westvaco Chlorine7Products Corp.
-Debentures Called.
Medley G. B. Whelpley (Chairman), Grayson M-P. Murphy. Evans
There have been called for redemption on Feb. 25 next at 103 and int. McCarty, Jarvis Williams Jr., Lloyd D. Brace. and Coils Mitchum. with
$74,000 of 10-year 06% s. f. gold debentures, due March 1 1937. Pay- P. C. Beardslee, Secretary, 65 Broadway, N. Y. City, and Carter, Ledment will be made at the Guaranty Trust Co., 140 Broadway, N. Y. City, yard & Milburn, counsel, 41 Broad Street, N. Y. City.
-V.131, p. 2915.
Depositary, American Express Bank & Trust Co., 65 Broadway, N. Y.
City. Sub-depositarias, Old Colony Trust Co., 17 Court St., Boston,
-Resignation.
Wheeling Steel Corp.
and
r The resignation of William B. Higgins as Vice-President of the corpo- Mass.: Northern Trust Co., 50 South LaSalle St.. Chicago. Ill...Cal.
.4
ration was announced on Jan. 21 by President W. W. Holloway. Mr. Wells Fargo Bank & Union Trust Co. Montgomery St., San Francisco
Debenture holders are urged to deposit their debentures before March 1
Higgins had been with the company 12 years.
-V. 131, p. 3055.
1931. Deposited debentures must have all coupons maturing Feb. 1 1931,
Will & Baumer Candle Co., Inc.
-Extra Dividend.
and subsequently, attached.
r The directors have declared an extra dividend of 10c. a share and the
Bonds.
Committee for First Mortgage 7
regular quarterly dividend of 10c. a share on the common stock, both
The following committee has been appointed to protect the holders of
payable Feb. 15 to holders of record Feb. 2. The directors also declared
-year 7A % gold
the regular quarterly dividend of $2 a share on the preferred stock, payable Winchester Repeating Arms Co. (Conn.) 1st mtge. 20
bonds, due April 1 1941.
April 2 to holders of record on March 16.
Earle Bailie (Chairman), Frederick A. Carroll, Robert A. Gardner,
An extra dividend of 10e. a share was paid on the common stock on
Robert Struthers and George E. Warren, with Ben-Fleming Sessel, SecreNov. 15 1929 and on May 15 and Nov. 15 1930.-V. 131, p.3891, 1730.
tary, 54 Wall St., New York, N. Y., and Cravath, de Gersdorff, Swaine &
Winchester Repeating Arms Co. (Del.).
-Receivership. Wood, counsel, 15 Broad St., New York, N. Y.
Upon petition of the T. A. D. Jones Coal Co., the company was placed
Depositary, Chase National Bank of the City of New York. 11 Broad
in the hands of equity receivers Jan. 22 by Judge Edwin S. Thomas of St., New York, N. Y. Sub-depositaries, National Shawmut Bank. 40
the United States District Court at New Haven, Conn. Two receivers were Water St., Boston, Mass.; Harris Trust & Savings Bank, 115 West Monroe
appointed, William A. Tobler, President of the company, and the Union St., Chicago, and Crocker First Federal Trust Co., 1 Montgomery St.,
& New Haven Trust Co.
San Francisco, Cal.
The company, through James T. Moran, chairman of the board of diBondholders are urged to deposit their bonds before March 1 1931.
rectors of the Southern New England Telephone Co. and a former President Deposited bonds must have all coupons maturing April 1 1931, and suband director of the Winchester Repeating Arms Co., issued a statement sequently, attached.
-V. 131, p. 2082.
which asserted that operation of the business by receivers would in no way
-Contract.
-York Ice Machinery Corp.
Interrupt the friendly trade relations which the company had recently established as a result of improved and constructive sales policies, but, on
The Baltimore & Ohio RR, has placed an order with the above corcontrary, would aid in carrying forward the company pending the poration for air conditioning machinery to equip all coaches used on the
the
reorganization.
B. & 0. crack express train "Columbian," operating between Washington,
The concern has been embarrassed by heavy interest charges during the D. C., and New York. The order covers diners, club, observation and
chair cars, and represents an innovation in rail travel comfort.
business depression, the statement said.
The equipment to be installed will supersede the old style of ventilation
Assets were placed at $41,561,903 and liabilities at $37,646.182.
The assets are real estate and personal property after deduction of re- now in use. It will permit of ventilation of the coaches at controlled temserves,$31,646,182- plant,equipment, machinery, tools and office furniture, peratures without admission of smoke or dust.
The equipment is designed to give a complete change of fresh air in each
less depreciation, 324,045,903. These seem larger than the stated total
coach every two minutes at any desired temperature and will make unbecause of some overlapping.
The liabilities include: First mortgage lion given to secure first mortgage necessary opening of windows in summer months or any other period of
-Y. 132. p. 510.
bond, $5,747,000; 6.1.i% debentures, maturing Feb. 1 1934. $6,500.000: the year.
[VoL. 132.
FINANCIAL CHRONICLE
680
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. 23 1930.
%
COFFEE on the spot was quiet with No. 7 Rio, 63 c.;
No. 4 Santos, 9Yi to 10c.; and No. 7-8 Victoria, 631 to
6 8c. Cost and freights on the 17th inst. were scarce and
generally unchanged. Fair to good Cucuta, 123' to 13e.;
prime to choice, 145i to 153(e.; washed, 163 to 17e.;
Ocana, 1331, to 13%c.; Bucaramanga, natural, 14 to 14343.;
washed, 173‘ to 173'e.; Honda, Tolima and Giradot, 18 to
183je.; Medelin, 19 to 1940.; Manizales, 183 to 1854c.;
Mexican, washed, 17 to 183'c.; Puerto Rico, washed, 17 to
183e.; Surinam, 12 to 12%c.; Ankola, 23 to 24e.; Mandhel2
1
/
ing, 233 to 32c.• Genuine, Java, 24% to 25 3.; Robusta,
washed, 93,4 to 9'34e.; Mocha, 16 to 17e.; Harrar, 163 to
17c.• Abyssinian, 12,4 to 123c.; Guatemala, good, 16 to
On the 19th cost and
'
16Xe.• Bourbon, 14 to 143e.
'
freight offerings were moderate and included for prompt
shipment, Santos Bourbon 2s at 10.250.• 2-3s at 9.50 to
'
10.20e.; 3s at 9.25 to 9.75e.; 3-4s at 9.25 to 9.75e.; 3-5s at
9 to 9.350.; 4-5s at 8.95 to 9.10c.; 5s at 9.00e.; 5-6s at 8.50
to 8.80c.; 6s at 8.50 to 8.60e.; 7s at 8.40 to 8.45e.; part Bourbon, 3-5s, at 9.05e.; 5s at 8.85e.• Peaberry 3s at 9.25e.;
'
3-4s at 9.10 to 9.35c.; 4s at 9.00e.; Santos rain-damaged
6s at 8.60c.; 7-85 at 7.85c.• Victoria 7s at 5.80c.; 7-8s at
'
5.65c.; Rio 7s at 5.85 to 6.50c.• 7-8s at 5.70c.; Victoria 7-8s
-May-June
for March-April shipment at 5.60c., and for April
shipment at 5.40e. Santos Bourbon 4-5s for January-March
shipment at 9.00c. On the 20th cost and freight offers were
numerous at prices unchanged to slightly lower. For prompt
:shipment, Santos Bourbon 2-3s were quoted at 9.40 to 10c.;
3
3s at 934c to 10c.; 3-4s at 93( to 9%c.;3-5s at 8.90 to 9.60c.;
4-5s at 8.85 to 9.450.; 5s at 9.00 to 9%c.; 5-6s at 8.45 to
8.650.; 6s at 8.45c.• 78 at 8.15c.; part Bourbon 3-5s at 9.05c.;
Peaberry 3s at
'
4-5s at 9.20c.; 5-6s at 8.300.; 7s at
%
93i to 10.050.; 3-4s at 93 c.; 45 at 9 to 9.600.; 4-5s at 9 to
3
9.450.; Rio 3-5s at 63c.; 7s at 5.800.; 7-8s at 5%c.; Victoria
4c.
.
7s at 5.550., and 7-8s at 53
On the 21st cost-and-freight offers unchanged to slightly
lower. They included for prompt shipment Santos Bourbon
2-3s at 9.55 to 9.80c.; 35 at 9.30 to 9.40c.; 3-4s at 9.10 to
9.60o.•, 3-5s at 8.85 to 9.20e.; 4-5s at 83 to 9c.• 5s at 83,4
to 83'c.; 5-6s at 8.35 to 8.70c.; 6s at 8.35 to 83'o.; 7-8s at
73 to 7.60c.; part Bourbon 2-3s at 10 to 103'c.; 3-5s at
9 to 9.05c.; Santos Peaberry 4s at 8.90c.; 4-5s at 8.900.;
Rio 7s at 5.8004 7-8s at 5.65c.; Victoria 7-8s at 5.550.
On the 21st Santos exchange at the local opening was 1-64d.
lower at 4 35-64d.; dollars 100 higher at 10 60. Rio exchange was 1-16d. lower at 4 17-32d. and the dollar 140
' higher at 103900. Rio spot price was 200 lower at 113925.
On the 22d inst. cost-and-freight offers were 10 to 20 points
lower on the average. They included for prompt shipment
Santos Bourbon 2s at 10.65c.; 2-3s at 931 to 113/2c.; 3s at
84 to 9.6545.; 3-5s at 8.85 to 9.350.; 4-5s at 8.55 to 9.200.;
5s at 83 to 9.050.; 5-6s at 83 to 8.65c.;68 at 8.40 to 8.650.;
6-7s at 8hc.;7s at 83c.;7-8s at 734 to 7.95c.; part Bourbon
3-55 at 8.80 to 8.850.; 6-7s at 831c.; Peaberry 2-3s at 93c.;
3s at 9.550.; 3-4s at 834 to 8.90o.; 4s at 9.10c.; 4-5s at 8.65
to 8.950.; Rio 7s at 5'1c. to 514c.; 7-8s at 5.60 to 5.700.;
Victoria 7-8s at 5.50o. On the 22d Santos exchange rate at
the New York local opening was 3-16d. lower at 43d.;
dollar rate 220 higher at 103970. Rio rate was still 4 17-32d.
at the opening; dollar advanced 120 refs to 103930. Rio
spot was still 113925 for No. 7. On the 22d later a cable
from Rio to the New York Coffee & Sugar Exchange quoted
milreis exchange at 4 17-32d. unchanged from the previous
'
closing, and the dollar rate at 108910,32 reis net higher.
To-day cost and freights unchanged to slightly higher. For
prompt shipment bourbon 3-5s were here at 8.55 to 9.35c.;
Rio 7s were quoted at 5.75 to 5.90c., and 7-8s at 5.60 to
5.75c. Victoria 7-88 for prompt shipment at 5.55c. and for
immediate shipment at 5.60c. To-day Santos exchange at
New York opening was unchanged at 4 9-16d., dollar
103850. Rio was 1-32d. higher at 4 9-16d.; dollar 60 lower
11$925 for No. 7.
at 103850. Rio spot market FM still to 15 points with
8
On the 17th inst. futures advanced and Brazil buying as
Brazilian cables higher and Europe futures declined 1 to
well as local shorts. On the 19th inst.
and longs liquid13 points net with Brazilian cables lower
moderately. On the 19th,
ating. Europe sold. Brazil bought
45-64d.; dollar rate
Rio exchange opened 1-64d. higher at 4 of the New York
103520. Santos at the hour
20 lower at
dollar rate 70
opening was 1-32d. net lower at 4 21-32d.,
irregular
103620. Brazilian exchange was slightly 4 19-32d.
higher at
Rio on London advanced 1-64d. tothe 17th.
in the late cables,
of
but this was 3-32d. lower than the closing
Santos exRio was 40 reis lower at 103760.
Dollar rate at
change on London eased 1-64d. to 4 19-32d., dollar rate 40
reis higher at 103760.
London cabled on the 19th to the New York "News
Bureau": "A Rio de Janeiro cable to the "Times" states
that notwithstanding denial, a £7,000,000 credit has been
arranged and will be signed in a few days by the Brazilian
Government, the Bank of Brazil and the Rothschilds. The
press reports also that the Brazilian Government asked a
,
credit for one year, which the Rothschilds propose to extend
to two years. A membership on the New York Exchange
sold at $9,750, unchanged. Futures on the 20th inst. ended
12 points lower to 5 higher on Rio and 2 points lower to 2
higher on Santos. The sales of Rio were 7,500 bags and of
Santos 21,000 bags. Brazilian exchange advanced early.
Europe and Boston bought March Santos. Brazil apparently bought March Rio. The demand for May was a
little better. On the 21st inst. futures closed unchanged to
8 points lower on Santos and 2 lower to 4 higher on Rio.
Early in the day prices were 6 to 14 points lower on Santos
and 2 to 10 lower on Rio. The sales were 12,000 bags of
Rio and 26,500 of Santos. Spot coffee was in moderate
demand and steady. On the 22d inst. futures closed 10
points lower to 1 higher with Santos exchange off; here
the sales of Rio and Santos were only 15,000 bags. New
Orleans sold Rio. To-day Rio futures ended 3 to 24 points
higher with sales of 5,000 bags; Santos 8 to 13 points higher
with sales of 13,000 bags. The trade and Europe bought.
Final prices show a decline of 5 points on March Rio for
the week while May and July are up 2 to 3 points; Santos
is 2 to 9 points higher for the week.
Rio coffee prices closed as follows:
Spot (unofficial)
March
May
64July
5.90@nom. September
5.83 ©nom. December
Santos coffee prices closed as follows:
Spot (unofficial)
March
May
9% I July
September
9.08©
8.84@nom. December
5.75§nom.
5.66 nom.
5.60 nom.
8.74§ -8.63 nom.
_
8.51
COCOA to-day ended unchanged to 4 points higher with
sales of 52 lots; Jan., 5.61c.; March, 5.68c.; May, 5.850.;
Sept., 6.19e. Final prices show an advance for the week
of 4 to 11 points.
Today Liverpool futures opened 3 to 6d. lower; spot 3d.
lower at 22s. 6d. bid, offered at 23s. for both Main Crop
January-March and February-April. New York licensed
warehouse stocks on Jan. 22 totaled 264,926 bags against
267,649 on Jan. 21 and 392,497 last year. Arrivals since
Jan. 1 were 157,416 against 175,673 last year.
-Spot raws were generally held at 1.38 to 3.38c.
SUGAR.
at one time with trade quiet. Refined was 4.700.; resales
4.62. Later 1,000 tons Philippines for Feb. sold at 3.400.;
total at the 22d inst., 15,000 tons of Philippines at March to
July at 3.43 to 3.53c. To-day London cabled: "Terminal
market firm on Cuban news. Otherwise dull. Cargo San
Domingos Feb. shipment offered at 5s. 6d, equivalent to
1.230. per pound f.o.b." London cable reports offerings of
A
Centrifugals afloat at 6s 3 d. c.i.f. Grinding in Cuba,
about 85 Centrals, against 130 at this time last year, and 155
in 1929 and 1928. Receipts at United States Atlantic ports
were 38,428 tons, against 26,833 in the previous week and
30,642 last year; melange 37,979 against 24,482 in previous
week and 57,288 last year; importers' stocks 191,135, against
195,197 in previous week, and 411,158 last year; refiners'
stocks 73,488 against 68,977 in previous week, and 152,008
last year; total stocks 264,623, against 264,174 in previous
week and 563,164 last year. It is reported that the Cuban
Export Corp. has cancelled a sale of 17,000 tons raw sugar
which had been hedged on our exchange. This action is
in line with its announcement made some time ago that it
would cancel sales which were found to have been made
contrary to its regulations
On the 19th Havana cabled: "Now grinding, 73 mills,
including all Cuban cane mills in Matanzas and Santa Clara."
Havana cabled Cuban crop movement for the week ended
Jan. 17: "Arrivals, 28,753 tons; exports to New York, 4,782;
to Baltimore, 2,682; to interior of U. S., 174; to Canada, 49;
total exports, 7,687; stocks, 678,904; new crop, nil." London cabled: "Soviet Russia is eager to come into the restriction scheme by allying itself with the Chadbourne plan.
He is also said to have held a preliminary conversation with
the British Empire sugar leaders, who were in a receptive
mood, and he expected a definite answer from them within
a few weeks." The average price of raw sugar, cost and
freight, at New York for the calendar year 1930 is said to
have been 1.4706 cents per pound. This compares with
an average price of 1.993 cents per pound for 1929. The
1930 average price is the lowest annual average price since
1860, previous to which data is not available. The highest
price paid during the year for raw sugar, cost and freight,
at New York, was 2.0625 cents per pound, and was first
JAN. 24 1931]
.
FINANCIAL CHRONICLE
681
LARD on the spot was weak at one time at 8.90 to 9c.
recorded on Jan. 2. The lowest price paid during the year
was first recorded on Jan. 2. The lowest price paid during for prime Western; refined Continent, 93/2c.; South Amer/
the year was 1.04 cents per pound and occurred on Sept. 30. ica, 934c.; Brazil, 103 0. Futures on the 17th inst. declined
London cabled on the 19th: "Market eased on rumored 5 to 10 points with trading light and Western receipts of
Java disagreement. Later market steadier; business very hogs 55,400, against 31,800 on the same day last year. On
restricted." Other cables on the 19th reported that, ac- the 19th inst. futures ended 2 points lower to 3 higher.
cording to Chairman Chadburne, everything had been Earlier prices were 2 to 5 points lower. The rally such as it
was came from an upturn in grain, despite large receipts of
settled.
On the 20th inst. London cabled:"Thomas L. Chadbourne, hogs. The receipts at all Western points were 185,300
Chairman of Cuban-American Sugar delegation who is re- against 153,900 a year ago. Liverpool lard was unchanged
turning to New York on the Majestic, said that a funda- to 9d. lower. Exports of lard from New York last week were
mental basis has been laid for a world-wide organization of 6,138,761 lbs. against 6,489,814 the week before. On
the sugar industry. Mr. Chadbourne is conferring with Saturday they were 4,212,000 lbs., chiefly to England.
/
representatives of Russian industry to-day. Their problem On the 19th inst. refined Continent 93cc., South America
,
is really a banking one, as Russians have no definite export- 9%c., Brazil 105c.; later %c. higher. On the 20th inst.
able surplus but are selling only when in need of credits. futures ended 5 to 10 points higher; hogs advanced 25 points
Mr. Chadbourne also explained to leaders of British sugar with receipts smaller; total at the West, 134,800 against
industry what has been accomplished thus far with respect 155,400 a year ago. Prime Western cash was 9 to 9.10e.
to curtailment but he is not negotiating with the British at On the 21st inst. futures ended 2 to 10 points higher in a
present. He doesn't expect the Dutch to present any slow speculation. Hogs were higher and this with some
difficulties to complete negotiations with non-exporting and advance in corn made for higher prices for lard. Homeimporting countries. Mr. Chadbourne will return to Europe ceipts at Chicago were 30,000 and at all Western points
later." On the 20th inst. London cabled: "Terminal firm 143,200 against 161,200 last year. Liverpool lard was unbut inactive. February shipment raws 6s. 3d. c.i.f., equal changed to 3d. higher. Exports from New York were
to 1.23c. f.o.b. Refiners and trade uninterested. The 773,214 lbs., mostly to Rotterdam. Cash lard was higher.
price on the second cargo sold by Russia to India is believed Cash lard later was 9.10 to 9.20e. for prime Western; re4
/
to have been 7 shillings, equal to $1.50 f.o.b. or lower." fined Continent 9Mc., South America 93 1c., Brazil 103 c•
Another private cable reported sales of raw sugars afloat On the 22d inst. prices ended unchanged to 5 points lower
at 6s. with further sellers and sales for February at 6s. with corn and hogs weak. To-day futures ended 5 to 7
13/2d. c.i.f. Havana cabled Jan. 21: "Cuba's sugar output points lower in sympathy with the drop in corn. Final
for 1931 will not exceed 3,000,000 tons. Exports to the prices show a rise for the week of 5 points on Jan. and a deUnited States are to be limited by Presidential decree to cline of 2 to 5 points on March and May. Prime Western
2,605,000 tons, according to an announcement made yester- cash 9.10 to 9.20c. Hog receipts at Chicago to-day were
day by the board of directors of the National Sugar Export- 45,000. Prices were $8.15 to $8.20 against $8.20 to 88.25
ing Corporation." Another Havana cable said: "Decree yesterday. Western receipts to-day were 131,500 against
published late yesterday announce all sugars shipped since 141,600 last year.
Jan. 1 1931 of the 1929-30 crop and to be shipped this year
4.
6I.OSING PRICES OF LARD FUTURES IN CHICAGO.
of same crop will be deducted from mills quotas to U. S.
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
8.52
of same crop since Jan. 1 January
8.50
of 1930-31. All sugars exported
8.60
8.50
8.40
8.37
8.60
8.67
8.67
U. S. will be de- March
8.62
8.55
and to be exported to countries outside
8.57
8.75
8.80
8.82
8.80
8.75
8.72
ducted from same quotas of mills assigned this year to coun- May
tries outside U. S. Refined sugar made with old crop
$29.50; fat back, $20
PORK lower; Mess, 828.50; family,
must show permit from owners of mills authorizing them
Beef steady; Mess, nominal;
Ribs,
(refinery) to export such sugar deducting their 1930-31 to $26.50. to 816;11.50c. $17 to $18; extra India, mess,
family,
and authorized by packet, $15
quotas. It has excluded sugars sold
beef, $3.25; No. 2, $5.50;
committee before Oct. 24 1930." A local statistician said: $34 to 836; No. 1 canned, corned
to 875.
and six lbs., South America, 816.75; pickled tongues,87016%e.;
"The highest price for sugar on the New York Coffee
to
2, when Cut meats higher; pickled hams, 10 to 16 lbs., 16 clear, dry
Sugar Exchange during 1930 was established on Jan.
the December 1930 option reached 2.26c. per pound. The pickled bellies, 6 to 12 lbs., 16 to 18c.; bellies,
to 20 lbs., 13%e.; 14 to 16 lbs., 1334c.
lowest price was paid on Sept. 30, when the October 1930 salted, boxed, 18 lbs. extra f.o.b. New York sold at 40. a,
Of tallow 250,000
option was sold at .94e. per pound. The 1930 low price
is also the all-time low for any option in the history of the new low and the lowest it seems between 1895 and 1900.
grades to high scoring 24 to 300. Cheese,
Sugar Exchange. The all-time high was made on May 19 Butter, lower Mc.; daisies,
163r to 20o. Eggs, medium to
1920, when the July 1920 option sold at 23.35o. per pound." flats, 17 to 22
On the 21st inst. London cabled: "Market quiet, sellers extras, 17 to 240.; closely selected, heavy, 243 to 25e.;
February shipment 6s. 3d., equal to 1.23e. f.o.b. per pound. premium marks, 26c.
Parcels March Mauritius sold at 10s. 43d., equal to 1.200.
-Linseed recently was a little more active and
OILS.
f.o.b., trade slow. Russian situation, governed by needs steady at 8.8c. for spot raw oil in carlots. Yet it was inforeign credits, hindered. Difficult to place quantities." timated that 8.6c. could be done on a firm bid. Linoleum
Other London cables report sales of Centrifugals afloat at interests showed more interest and paint makers were buying
5s. 103.d. for January at 6s and for February shipment a little more freely. Cocoanut, Manila coast tanks, 470.;
/
6s. 1 Md. c.i.f. The quantity turned over was about 2,500 spot N. Y. tanks, 53ge.; Corn, crude tanks, f.o.b. mills,
/
tons, refiners buying.
734c.; Chinawood, N.Y. drums, carlots spot, 7o.; tanks,
On the 22d, Havana cabled: "It is understood that the 63 to 6%c.; Pacific Coast tanks, 6 to 040.; Corn, crude,
Cuban sugar export quota to the United States has been tanks f.o.b. mills, 734c.; Soya bean, carlots drums, 7.3c.;
reduced under a revision of the Chadbourne plan to 2,590,- tanks, Edgewater, 6.7c.; Domestic tank cars, f.o.b. Middle
000 tons. On the 17th inst. futures ended unchanged to 1 Western mills, 7e.; Edible, olive, 1.65 to 2c. Lard, prime,
point lower after an early advance of 1 point. Covering 1234e.; extra strained winter, N. Y., 9%o.; Cod, Newfound3
hedges against recent sales and some covering accounted land, 48c. Turpentine, 4334 to 4934c. Rosin 84.20 to 88.85.
for the' early advance. The day's sales, however, were Cottonseed oil sales to-day including switches 35 contracts;
only 7,900 tons. On the 19th inst. prices advanced 1 to 3 Crude S.E., 634e. bid. Prices closed as follows:
points with sales of 12,250 tons. The rise was due largely to
7.60
May
7 15
7.60®7.71
7.20 7.65 June
covering hedges as the actual sugar was sold out. Of spot January
7.71®7.73
7.26®7.60 July
raws Boston bought 8,250 tons of Porto Rico raws on the February
7.75(87.80
7.577.80
March
7.46(87.49 August
10th inst. at the basis of 3.380. New York or 3.40c. delivered, April
7.60
Boston. The cargo is loading Feb. 2d to Feb. 12th. In
-Gasoline buying of late was very satisPETROLEUM.
addition 38,500 bags sold on the 17th inst. at 3.38c. On the
20th inst. futures advanced 1 to 2 points in moderate trading; factory. Refiners appear to be well satisfied with prevailOrders for prompt delivery increased no2,000 tons Cuba in store at Norfolk sold at 3.42e. delivered; ing
also 10,000 bags and 1,000 tons of Porto Rico at 3.38 to ticeably, indicating that stocks in hands of the service sta.
3.40c. c.i.f. Java it was feared might again become a dis- tion owners are very light. The heavy movement of gasoturbing factor. On the 21st inst. prices were 1 point lower line in the Middle West and firmer prices in the Mid-Contito 1 higher net with sales of only 6,000 tons. Refiners were nent and Chicago have tended to improve local conditions
quiet. Contradictory reports from Europe and the fact greatly. There was very little if any gasoline for spot !decars at refineries.
as it seems that negotiations are to be transferred to New livery available at under 7o. in tankadvance of ye. in
York to be begun in a fortnight. This came after every- There were rumors of an impending steadier. Grade C
thing was settled in Europe. Spot raws were 1.40 to 3.40c.; tank car prices. Heating oils were
Diesel oil
refined 4.70e. On the 22d inst. futures advanced 1 to 2 bunker oil was firm at $1.05 spot refineries.of late with
points. A report from Cuba stated that the National Sugar $1.85 same basis. Kerosene was rather weak in tank ears
Export Corp. had announced that the crop this year would 41-43 water white freely offered at 634 to 63.c.
refineries. Gas
was in rather better demand. Lubribe restricted to 3,000,000 tons, out of which 2,605,000 tons cating oils were oil fair demand. Textile oils met with a
would be exported to the United States. Spot raws were still better demand. in
Spindle oils were steady. Zero cold test
1.40 to 3.40c. To-day futures ended unchanged to 1 point oils were fairly active. The Texas Co. is reported to be in
sales of 17,500 tons. Selling pressure in March
higher with
market for a large quantity of gasoline, although no price
was lighter later on. Big Cuban interests, it was said, were the mentioned. This company is evidently in need of
was
not selling to-day. Final prices show an advance for the supplies. It has been keeping its output down for some
week of 4 points. Prices were as follows:
1.40 July
1.4
1.631 -- time.
Spot (unofficial)
January
March
May
_ September
1.33 December
1.40
1 54
--Tables of price; usually appearing here will be found on an earlier page in
nom. our department of"Business Indications," in an article entitled "Petroleum
and Its Products."
682
FINANCIAL CHRONICLE
It- RUBBER on the 17th inst. was quiet, the total sales
being 42 tons and prices ended generally unchanged. London
was unchanged to 1-16d. lower. No. 1 standard contract
January closed at 8.25c.; July, 8.77 to 8.80c.; September,
8.97 to 9.05e.; October, 9.0843.; Old "A" January ended at
8.20 to 8.300.; March,8.30; October, 9c.; November, 9.10e.;
December, 9.20e. Outside prices: spot, January and Febru%
ary, 834 to 8%c.; March, 83 to 8%c.; April-June, 8% to
8%e.; July-September, 8% to 9c.; spot, first latex, thick,
834 to 834c.; thin, pale latex, 8% to 8%e.; clean, thin,
3
brown No. 2, 73. to 7%c.; clean, thin, brown No. 2, 7%
to 7%c.; specky crepe, 73 to 73o.; rolled brown crepe,
73% to 75so.; No. 2 amber, 73( to 80.; No. 3, 75% to 77e.;
/
No. 4, 79/i to 7%c. On the 19th inst. prices declined 10
to 20 points with sales of 570 tons of No. 1 standard and
122 of old "A." London dropped 1-16d. Wire houses
sold. Large houses bought. Actual rubber was dull. No.
1 standard January closed at 8.05c.; May at 8.45c.; July,
8.65c.; September, 8.850.; October, 8.960.; sales 570 tons.
Old "A" January ended at 8c.; March at 8.10 to 8.200.;
October at 8.90 to 9c.; December, 9.10 to 9.20c.; sales,
122 tons. Outside prices: Plantation, spot, January and
/
February,8 to 83e.; March, 88% to 858c.; July-September,
/
%
85 to 8%c.; spot first latex, thick, 83 to 83se.; thin, pale
/
30.;
latex, 83 to 8% clean, thin, brown No. 2, 78/s to 75sc.;
/
specky crepe,i73'g to 73se.; rolled brown crepe, 734 to 73c.;
%
5
No. 2 amber, 7/s to 73/se.; No. 3, 78 to 7%c.; No. 4, 734
.
to 7%c.; Paras, upriver, fine spot, 1134c.; coarse, 7 to Sc.;
Acre, fine spot, 113c.; Caucho Ball-upper, 7 to 8e. On
the 19th inst. a cable to the Rubber Exchange here reported
that production on estates over 100 acres in size during the
month amounted to 22,341 tons against 21,673 tons in
November. Production on estates under 100 acres during
December amounted to 20,096 tons, a tentative figure.
Estate stocks on a dry basis at the close of the year amounted
to 25,837 tons compared with 26,028 tons at the close of
November. Exports from the Federated Malay States in
December amounted to 21,950 tons against 19,296 tons in
the previous month while those from Straits Settlements
reached a figure of 27,746 tons as compared with 23,637
tons in November. On the 19th inst. Singapore closed dull
and unchanged to 1-16d. decline; February, 33/sd.; AprilJune, 4 1-16d.; July-September, 4 3-16d.; No. 3, amber
crepe, 3%d., or unchanged. London stocks increased 500
tons to 79,261 tons against 78,761 tons a week ago, and
88,990 tons for the same week a year ago. Liverpool stock
increased 456 tons to 42,270 tons against 41,814 tons a
week ago. London closed 1-16d. lower; January, 4 1-16d
8
to 43/d.; February, 43/s to 4 3-16d.; March,4 3-16 to 434d.;
April-June, 4 5-16d.; July-September, 4 7-16d. to 43,d.;
%
October-December, 4 9-16 to 45 d., and January-March,
4M to 4 13-16d.
On the 20th inst. prices were 2 to 7 points higher on standard No. 1 and unchanged to 10 higher on old "A." Sales,
80 tons standard and 35 of old "A." Standard March
closed at 8.300.; May, 8.49c.; July, 8.69e.; old "A" Jan.,
8.10 to 8.20e.; July, 8.60c.; Oct., 8.90c. Outside spot
Jan. and Feb. still 8 to 834c. On the 20th London closed
unchanged to 1-16d. lower net with Jan. and Feb. 434d.;
March, 4 3-16d.; April-June, 434d.; July-Sept., 4 7-16d.;
-March, 4 11-16d. to 4%d. On
-Dee., 4 9-16d.; Jan.
Oct.
the 20th Singapore closed dull and 1-16d. to Md. lower.
%
Feb.,33 d.; April-June, 4d.; July-Sept., 4Md.; No. 3 amber
crepe, 3 5-16d., off 1-16d. On the 21st. inst. prices were
irregular with sales of 100 tons of No. 1 standard and 202
of old "A" contract. The closing was 7 points lower to
1 higher on the No. 1 standard and 10 lower to 10 higher on
old "A." No. 1 standard contract closed with Jan. 8.050.;
March, 8.300.; May, 8.46 to 8.50e.; July, 8.67c.; Sept.,
8.85 to 8.87o.; old "A" Jan. and Feb. ended on the 21st
inst. at 8e.; March at 8.10 to 8.20e.: May at 8.40c., and Sept.
at 8.800. Outside prices; Plantation spot Jan. and Feb.,
8 to 834c.; Match, 83/i to 8%c. The Census figures from
the Far East confirmed the Dec. production on estates of
less than 100 acres at 6,136 tons, against 1,417 tons produced in Nov. This large increase which had been questioned brought total Dec. production up to 42,437 tons,
against 36,587 tons in Nov. On the 21st London closed
partly higher with Jan. 434d.; Feb., 4 3-16d. March,4Md.;
-Dee.,
April-June, 4 5-16d. to 4%d.; July-Sept., 43d.; Oct.Singa-March, 431d. to 4 13-16d.
4%d. to 4 11-16d.; Jan.
to 1-16d. lower;
pore closed on the 21st dull and unchanged
3
Feb., 3%d.; April-June, 3 15-16d.; July-Sept., 43d. No.
amber crepe spot unchanged at 3 5-16d.
off to 5 up on
On the 22d inst. futures closed 12 points Actual rubber
"A."
standard and unchanged to 10 lower on Jan., 8.10 to 8.15c.;
was firm. No. 1 standard closed with
8.76 to 8.860.;
March, 8.20 to 8.24e.; May, 8.4004 Sept.,
with Jan., 8 to
sales 200 tons. Old "A" contract ended
April, 8.20c.;
8.20c.• Feb., 8 to 8.20c.; March, 8.10e.; tons. Outside
'
May, 8.30 to 8.40c.; June, 8.40o.; sales 85 834c.; March,
Feb., to
prices: Plantation spot, Jan. and 8%c.;8
July-Sept., 8% to
to
83/i to 8%c.; April-June, 8% to 8%o. Singapore on the
83/8e..; spot first latex thick 8M
1-16d. advance,
22d inst. closed dull and unchanged to 4 3-16d. No. 3
Feb., 44d.; April-June, 4d.; July-Sept.,
the 22d inst.
Amber Crepe, 3 5-16d., unchanged. On with Jan. and
London closed unchanged to 1-16d. lower
April-June,
Feb., 43 to 4 3-16d.; March, 4 3-16 to 43jd.; Oct.-Deo.,
434 to 4 5-16d.; July-Sept., 4 7-16 to 43d.;
[VOL. 182.
/
4 9-16 to 4%d.; Jan.
-March, 4 11-16 to 43id. To-day old
contract "A' ended unchanged to 10 points higher with
sales of 37 lots and No. 1 standard ended unchanged to 5
higher with sales of 12 lots. Final prices show a decline for the
week of 20 points. To-day an unofficial estimate of stocks
show: London, 900 tons increase; Liverpool, 111 tons
decrease; net, 789 tons increase. To-day Singapore closed
dull and unchanged; Feb., 3Nd. London closed unchanged
-Feb. at 4 1-16 to 43.d.;
to 1-16d. lower net, with Jan.
March, 4% to 4 3-16d.; April-June, 434 to 4 5-16d.; July3
-Dec., 43' to 4 9-16d.; Jan.
Sept., 4% to 4 7-16d.; Oct.
March, 4 11-16d.
-On the 17th inst. prices declined 10 to 15
HIDES.
points with sales of 1,920,000 lbs.; Jan. was 80.; May closed
at 9.15 to 9.18e.; Sept. at 10.17c., and Dee. at 11.09e.
On the 19th inst. futures were dull and 7 to 45 points lower
early, ending 9 points net lower to 1 point higher. After
May ended at 9.15c. Sept. at 10.16
sales of 920,000
'
lbs.'
to 10.200., Dec. at ll to 11.05e. Sales last week of Argentine steers were 20,000, or Uruguayan steers 5,000 and of
Brazil steers 4,000. Stocks of Argentine showed a gain,
but those of frigorifico cows declined from 12,000 to 10,000.
On the 20th inst. prices declined 10 to 15 points on futures
with sales of 920,000 lbs. Feb. ended at 8.360., May at
9.02 to 9.04e., Sept. at 10.03e. Outside sales included
23,000 heavy native cows at 7c., 1,800 light native at 73o.
%
and 3,000 frigorifico cows at 113 to 113.c. Other hides
were slow. Common dry Cuoutas 14c.; Orinocos 11Me.;
La Guayra and Ecuador, 103'c.;.;
Maracaibo, Cent.
'
America'
Savanillas, 9% to 10c.; packer native steers and butt brands,
934c.; Colorados, 9c.; Chicago light native cows 73c. On
2,320,the 21st inst. prices fell 6 to 8 points. sales jumped to
000 lbs. May closed at 8.95 to 90.; Sept. at 9.95 to 100.; 3,000
light native cows sold at 73,c. On the 22d inst. prices after
an early decline of 10 points on May-Sept. and Dec., rallied
and closed unchanged to 7 points net higher, with sales of
1,040,000 lbs.; 2,500 frigorifico extremes for Jan. sold at
%
115 c.; common dry hides were weaker. Cucuta, 14e.;
Orinoco, lie.; Maracaibo, Central American, La Guayra,
Ecuador and Santa Marta and Puerto Cabello, 10c.• Sayan'
illa,9% to 10e.; native steers and butts still 9%c.; Colorados,
9c.; Chicago light native cows, 7%c. At the Exchange
May closed at 8.95 to 8.97c.; Sept. at 9.95e. To-day futures ended unchanged to 2 points higher with sales of 69
lots; Feb. ended at 7.75o., May 8.97 to 9e., Sept. 9.97 to
160., Dec. 10.87 to 10.93c. Final prices show a decline for
the week of 28 points on May.
-Trading was rather quiet. River
OCEAN FREIGHTS.
Plate rates declined. Later trade was better.
CHARTERS included grain booked: Five loads, Jan., New YorkRotterdam, 8c.; four loads, Feb.. Marseilles. 12c., a couple Baltimore.
Feb.
-Rotterdam. 7Y4c: 28,000 qrs. New York, Jan., Mediterranean, basis.
10Y4c„; booked a few loads, New York, Jan., to Rotterdam. Sc.: prompt,
-West Indies
New York, Tampico and (or) Vera Cruz base, 11;4c. Trips
prompt, round, 65c.. north of Hatteras. Trip, motor-West Indies, round,
Prompt, $1.25; motor. $1.05 prompt. East Coast South America, round,
delivery north of Hatteras-West Indies. round, $1.10: prompt trip across.
Kingdom-Continent, 12a.
55c. Sugar-prompt, Santo Domingo-United Montevideo, $2.80. Fer9d. Coal-Hampton Roads, Feb -March to $2.40 free loading; motor.
tilizer-prompt Hopewell Bordeaux Dunkirk,
Baltimore. prompt Spanish Mediterranean. $3.
TOBACCO kept within the old very moderate bounds as
to daily business. Southern prices advanced. The new
Sumatra crop is 35,000 bales short of the total last year,
which was 242,065 bales, the total for all the world. Oxford,
N. C., to the "U. S. Tobacco Journal" reported sales for
the past week totaled 718,676 lbs., which brought an average of $13.92. This brings the total sales to date up to
20,866,622 lbs. at a general market average of $15.84.
Sales during the past week were not as large as had been
expected, due in part to bad weather. Prices were somewhat higher on desirable tobaccos, especially the bright
high grade cigarette types. Richmond, Va.: Lowest average
prices for Virginia leaf tobacco paid since the FederalState crop-reporting service began keeping such records.
For the season through Dec. estimated 70% of the crop
sold at an average of $9.48, against $18.03 for 1929. December's average was $9.18 against $18.45 in December 1929.
Moderate activity prevails in British leaf. Cuban exports
of tobacco last year fell off $4,300,000. Springfield, Tenn.:
Leaf tobacco sold here during the past week, 645,140 lbs.,
at an average of $12.91; total sales for the season to date,
2,542,650 lbs. at an average of $11.80. Prices past week
advanced $2.36. Mayfield, Ky., to the "Journal": Practically all with the exception of the Western-fired markets
show higher average prices. Mayfield past week sold 1,327,860 lbs. at an average of $5.57., 4e. lower than last week.
At Paducah sold 570,780 lbs., average $5.60, or 36c. lower
than the last week.
-At Hampton Roads trade was brisk. At the
COAL.
West the open winter has hurt business. Steamer loadings
at Hampton Roads over last Saturday-Sunday totaled 141,352 tons, a record volume for a long time. For the best
New River and Pocahontas, the f.o.b. price is $4.25 to
$4.50; nut and slack of the same production from $3.65 and
up, f.o.b. Loadings are well distributed among bunker
stations, exporters and the Northern markets.
COPPER was in good demand for export early in the
week but of late there was a considerable falling off in foreign buying. The domestic demand continued small. Export sales on the 21st inst. were 1,000 tons and on the 22nd
they were 850 tons. Prices remained at 10.30c. for export
JAN. 24 1931.]
FINANCIAL CHRONICLE
and 10c. for domestic account. Second hand copper was
said to be obtainable at 97 o. delivered. On the 22nd inst.
4
one lot of March sold on the local metal exchange at 9.42c.;
March closed at 9.40c. nominal; April, 9.45 to 9.50c.;
May, 9.50c.; June, 9.55 to 9.700.•, July, 9.60 to 9.68c.;
August, 9.65c.; September, 9.65 to 9.77c.• October, 9.70c.
with 3 points higher for succeeding months. London on
'
the 22nd inst. dropped 2s. 6d. on spot standard to £44
17s. 6d.; futures off 3s. 9d. to £44 16s. 3d.; sales, 100 tons
spot and 600 futures. Electrolytic there fell 10s. to £47
bid against £48 asked; at the second London session spot
standard declined Is. 3d.; futures off 2s. 6d. on sales of
100 tons of futures. Today futures ended unchanged to 3
points lower; March ended at 9.40c.; May, 9.50c.; July,
9.60c.; September, 9.64 to 9.69c.; December, 9.73c.
TIN was offered at 25%c. on the 22d inst. but the lower
price did not stimulate the demand. On the National
Exchange 5 lots sold and futures ended 35 to 40 points lower.
March ended at 25.65c. At London on the 22d inst. prices
dropped £1 12s. 6d.; standard spot, .£115 12s. 6d.; futures,
£117 2s. 6d.; sales, 50 tons spot and 400 futures. Spot
Straits was £119 12s. 6d. Eastern c.i.f. London ended at
£120 12s. 6d.; sales, 325 tons. At the second London session that day standard declined 10s. further on sales of 15
tons spot and 190 futures. To-day prices ended 5 points
lower to 5 higher with sales of 105 lots. Jan. ended at
25.45c., Feb. 25.50c., March 25.60c., Sept. 26.65c., Dec.
27.25c.
LEAD was quiet but steady at 4.75e. New York, and
4.550. East St. Louis. London on the 22d inst. was unchanged
at £13 12s. 6d. for spot, and £13 13s. 9d. for futures; sales
100 tons and 500 futures. Surplus stocks at home and abroad
are large.
ZINC was quiet but steady at 4 to 4.05c. East St. Louis.
London on the 22d inst. fell is. 3d. to .£12 lls. 3d. for spot
and £12 16s. 3d. for futures; sales 100 tons of futures.
STEEL.
-As a rule trade is still on a very moderate scale.
Some improvement has taken place in January, but as a
rule nothing very marked. Hope has been apparently growing and it is a widespread belief that things are gradually
mending and that 1931 will present a very noticeable contrast with 1930, but from present appearances nothing more
than a continuance of a gradual improvement can be
expected.
PIG IRON has remained quiet though there is a somewhat better inquiry from Rhode Island melters. It aggregates
5,000 tons. Malleable iron was is some demand.
WOOL has been quiet as a rule with a fair business according to a government report from Boston. Western
grown fine and- half-blood domestic wools continue at
about steady prices. Reports of the decline at London
apparently had little effect. The consensus of opinion of
members of the wool trade is that the London opening
largely reflected the declines that had taken place in primary
markets. Boston wired a government report on the 20th
inst. saying that some 56s and a fair amount of the finer
grades of territory wool are moving. Strictly combing 56s
sell mostly at prices on the low side of the range 55 to 580.
scoured basis. On 58s-60s demand is largely for the shorter
combing staple. Very ordinary strictly combing 58-60s
bring 62 to 63c. scoured basis, while French combing staple
sells at 59 to 61c. Best strictly combing offerings of this
grade are being held at around 65c. In London on Jan. 20
the first series of London colonial auctions opened. The
net available offerings total 171,500 bales. The sales will
close Feb. 11. Attendance large. Offerings of 9,400 bales
sold well at lower prices which were according to general
expectations in view of the decline on Australian and South
American wool. Compared with Dec. sales, greasy merinos
were 15% cheaper and scoured merinos were neglected and
when sold averaged 20% lower. Crossbreds were 10 to 15%
lower. Details:
Sydney, 2.843 bales; greasy merinos, 5% to 10d.; Queenslands,
bales; greasy merinos, 5% to 10d.; scoured, 12% to 14 ttd.; Victoria, 2,112
1,384
bales: greasy merinos. 7 to 11d.; scoured, 83 to 123d.; South Australia.
338 bales greasy merinos, 5% to 9%d.; West Australia, 1,129 bales:
greasy
merinos, 6% to 9%d.. N ew Zealand, 1,591 bales; scoured
15d.; greasy crossbreds, 4i to 71.0.; scoured, 9 to 12%d.merinos, 14 to
New Zealand
slipe ranged from 5% to 9 Std., latter halfbred Iambs.
In London on Jan. 21, offerings, 8,415 bales. Yorkshire
and Germany were the largest buyers with France and other
foreign sections doing less. Prices same as at the opening
rates, but there were very many withdrawals, especially
or merinos at limits above buyers' views. Details:
Sydney. 1,562 bales,
greasy merinos, 5 to 10%d.; greasy crossbreds. 5
to 8d.; Queensland, 1,983 bales. scoured merinos, 113. to 14d.; greasy, 6
to 9%d. Victoria. 1,755 bales. scoured merinos, 8% to 13 %cl.: greasy. 4%
to Pd.; West Australia, 898 bales; greasy merinos. 7% to 9d. New Zealand,
1.283 bales; scoured crossbreds, 74 to 10d.;
Zealand slipe ranged from 4% to 9d.,latter finegreasy. 414 to 7%,±4. New
crossbred lambs. The Cane
offerings of 104 bales were withdrawn.
In London on Jan. 22 offerings 9,600 bales. Restricted
Continental demand together with holders for high limits
resulted in withdrawals of more than 50% of the offerings.
Yorkshire was the best buyer and late prices were maintained.
Details:
683
Today in London offerings 9,392 bales. Demand was fair
and buying increased. Greasy merinos sold more readily
especially to France and fine scoured were stronger. Crossbreds were in good demand from the home trade. In
Liverpool on Jan. 22 the East India carpet wool auctions
closed with a firm tone and prices show no further changes.
At Auckland on Jan. 17, 16,800 bales were offered and
12,600 sold. Average selection of crossbreds but no merinos.
Competition between Yorkshire and Continental buyers
was sharp. Compared with Napier sales of Jan. 12, prices
were about 5% lower; fine and medium grades in demand.
Prices paid: 50-56s, 6 to 8d.; 48-50s, 434 to 6d.; 44-46s,
4
33.i to 4Yid.; 36-40s, 34 to 33 d. At Brisbane on Jan. 22
sales ended; selection average. Compared with opening
rates, prices were unchanged, except on best greasy merino
fleeces, which were lower. At the Wanganui sales on the
20th inst., 11,400 bales were offered and 7,500 were sold.
Withdrawals were largely due to the high limits. The
selection of crossbreds was poor. Competition between
Yorkshire and Continental buyers was fairly active. Compared with Auckland auction on Jan. 17, prices favored
buyers. Fine and medium grades were in demand but
coarse descriptions were neglected. Prices realized: crossbreds 56-58s, 6 to 6 WO.; 50-56s, 5M to 61
/0.; 46-48s, 4 to
43 d.; 40-44s, 3 to 43id.
4
SILK today closed unchanged to 10 points lower with
sales of 1,810 bales. The Imperial Syndicate refuses to
release silk for sale in February. January ended at 2.70
to 2.80c.; March, 2.73 to 2.76c.; May, 2.67c.; July, 2.64
to 2.66c. Final prices are unchanged to 5 points higher
for the week.
COTTON
Friday Night, Jan. 23 1931.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 80,428 bales, against 106,805 bales last week and
115,570 bales the previous wePk, making the total receipts
since Aug. 1 1930 7,121,132 bales, against 6,999,251 bales
for the same period of 1929-30, showing an increase since
Aug. 1 1930 of 121,881 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
Texas City
llouston _____ - Corpus Christi
Beaumont
New Orleans_ .. _ _
Mobile
Pensacola
Savannah
Charleston
Lake Charles_ _ _ _
Wilmington
Norfolk
New York
Baltimore
3,347
2.894
5.264
415
408
2,864
81
4,927
45
6,112
111
3,876
69
2,143
504
2,387
118
2.512
149
5.761
2,033
1,622
461
450
1,770
3,246
520
183
---125
208
883
278
---60
89
466
258
- --111
281
1,149
213
-___
116
63
1,370
138
____
111
48
2,775 15,103
859
859
11,093 30.494
868
101
____
450
1,552 16,125
739 6.789
721
721
691 5,079
36 1,106
150
150
762
239
304
993
570
570
Tntfilts thia vriztalr
o
19 min
IF 9R:1
o
10 1;21(1
80 426
C17c
1q
son
h94
The following table shows the week's total receipts, the
total since Aug. 1 1930 and stocks to-night, compared with
last year:
1930-1931.
Receipts to
Jan. 23.
This Since Aug
Week. 1 1930.
Galveston
15,1031,194,986
Texas City
859 103,658
Houston_ _ _ _30,494 2,593,542
Corpus Christi__ _
868 560.593
Beaumont
450
21.032
New Orleans
16.125 1.038.085
Gulfport
Mobile
6,789 427,648
Pensacola
721
52,469
Jacksonville
445
Savannah
5.079 582,612
Brunswick
49,050
Charleston
1,106 256,256
Lake Charles_
150
48,083
Wilmington
762
48.575
Norfolk
993 128,092
N'port News, &c_
New York
359
1,125
Boston
661
Baltimore
570
14,220
Philadelphia
Totals
1929-1930.
This Since Aug
Week. 1 1929.
Stock.
n..4.4
1931.
1930.
24,585 1.561,440 654,105 444.199
711 129,154
27.157
47.721
21,552 2.398.573 1,438,791 1,091,914
715 378.410 112,860
21,339
13.754
29.651 1,313,956 763,089 510,835
10,198
_-_
4,940
1,150
188
839
2,553
235
____
1.071
338,032
27.166
378
416,311
7,094
170.952
8.755
82.154
128.866
2,185
1,136
20,349
586
189,247
46.607
1,312
327,180
861
76.714
168,242
38.403
16,646
95,849
34,104
74.766
229,110
2,497
1,370
5,201
93,879
1.615
1,116
4,963
80.428 7.121 122 98.3SS 6.997.251 4.053.220 2,468.472
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
Galveston____
Houston*__ _ New Orleans_
Mobile
Savannah..
Brunswick..
Charleston....
Wilmington
Norfolk
N'port N., ate
Al, others_ _ _ _
-
1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
15,103
30,494
16,125
6.789
5,079
24.585
21,552
29,651
10.198
4.940
59,818
51,857
33,691
3,202
6.384
38.094
30.180
28,579
4,922
6.766
87,666
76,570
47,542
7,143
18.168
68.917
20,169
48,665
2,706
9.385
1,106
1,150
3,484
1,380
6,297
7,204
762
843
1,679
839
2,339
2.448
Sydney, 1.792 bales; scoured merinos, 5% to 12%d.; greasy, 7 to 12%d.;
993
2,553
2,777
3,285
8,974
7.568
Queensland, 1,816 bales; scoured merinos, 1234 to 18d.; greasy, 534 to
scoured merinos, 114 to 1334d.; greasy. 534
10d.; Victoria, 2,5:38 bales:
3,977
2,920
9,695
5,520
4,233
4,094
to 11$4d.; South Australia, 148 bales; scoured merinos. 12 to 14d.; greasy.
7% to 9d.; West Australia, 1,621 bales; scoured merinos. 1234 to 14 lid.; Total this wk_
80,428
98,388 171,761 120,405 258,932 171.156
greasy,6 to 9d.; New Zealand, 1,264 bales; scoured merinos,9% to 14%d.;
scoured crossbreds, 6 to 9 Sid.; greasy,4% to 8d. Kenya Colony, 264 bales, Since Aug. 1... 7.121.132 6.999.251 7.556.649 6.533.688 9.623.011 7.266.435
withdrawn; Falklands, 93 bales; scoured crossbreds, 4 to 6%d. New
* Beginning with
Zealand slip° ranged from 5 to 9d., latter super crossbred lambs. Prices on of cotton previouslythe season of 1926. Houston figures include movement
reported by Houston as an interior town. The disFalklands wools were 15% below Dec.
tinction between port and town has been abandoned.
684
FINANCIAL CHRONICLE
[VOL. 132.
in cotton during 1931 with an ample acreage in feedstuffs.
Memphis wired •that thousands of farmers are faced with
the most serious problems for years in financing this year's
crop. Thousands of families in the cotton growing areas of
,
Arkansas, Mississippi and Tennessee are said to be depen.
dent on American Red Cross or the Government for food,
feed and seed.
On the 20th inst. prices, after an early decline, rallied,
and closed at a moderate rise, i.e., 3 to 13 points. Liverpool
was rather lower than due, the Lancashire lockout conExported to
tinued, and there was more or less liquidation. The South
Week Ended
moreover sold more freely. But soon the offerings dropped
Japan&
GerJan. 23 1931. Great
Exports from- Britain. France. many. Italy. Russia. China. Other. Total.
off. Tile trade began to "call" on a somewhat larger scale.
____ 2,303 8,856 26,828 Japanese bought March and other months. Co-operatives
4.237 5,828 1,780 3,824
Galveston
____ 22,898 1,698 51,198 bought October. Stocks advanced and Wall Street bought
1,256 8,097 12,384 4,865
Houston
----------------127 1,706
158
1,421
Texas City
cotton. Liverpool sold. Alexandria declined some 25 to 35
Beaumont
--------------------------150 points and this affected•Liverpool. Manchester was so dull
150
Lake Charles_ _ _
522
1
____
2,
25
.
NewOrleans..----------------2,810 that the emergency committee of the Federation of Master
750
780
1,280
Mobile
721 Spinners' Association recommends a curtailment of output
---721
Pensacola
353
65
Charleston
by its members in order to minimize losses arising from the
350
Norfolk
i(3ii
____
too lockout. The Cotton Exchange Service said that the textile
New York
300 2,925
--------1,725
200
600
100
Los Angeles
100 2,449 situation on the Continent was unfavorable. Germany's
----------------1,549
800
San Francisco.yarn sales are not fully up to the curtailed output. Its
___ 30,846 12,138 97,562
10,069 16,263 17,907 10,539
Total
activity was below 60%. In France yarn and cloth demand
23,542 16,352 132,204 Is not equal to current mill activity, but the situation in
____
25,775 14,799 38.588 13,148
Total 1930
____ 30,449 22,742 161,596
58,252 21,995 22,740 7,419
Total 1929
France is relieved somewhat by the fact that most spinners
are booked up for a few months. Italy reports continued
Exported to
From
0
depression and some decrease in mill activity.
Japan&
290,084
GerJan.23 1931. Great
On the 21st inst. prices again advanced owing to a scarcity
Britain. France. many. I Italy. Russia. China. Other. Total.
Export:fro
better trade demand for January. Fix740,770 of contracts and a
-__
124,119 126,908 142,558' 60.981
Galveston_ _- _
.11468471139,357 1,441,983 ing of prices on January put it up 27 points on old contract
163,930
182,620353,886 332.477135,531 3,435
Houston
14.442 11.3279,894 1,425 --------I 2,922 40,010 and 13 on the new, while later months rose 8 to 12 points.
Texas City....
____ 98,357 41,551 440,243
Corpus Christi 59,088127.754 95,518 17,975
300 --------- 3,250 21,204 Stocks at one time were higher, but later declined. Grain
8.603
4,255 4,796
Beaumont_ _ _
___ 4,709 1,090 48,223 was irregular, but, on the whole, firmer. The total ginning
21,940 7,777
1,353 11,354
Charles_
Lake
New Orleans_ 109,486 66,708 101,844 62,306 25,844 146,292 4,417 566,897
____ 5,560 2,194 175,066 up to the 16th inst. was estimated at 13,547,000 to 13,715,000
58,799, 1,162
101,240 6,111
Mobile
202 52,600
37,191, 1,000 ---- 2,17
---12,032
Pensacola
bales, including in the former case 288,198 bales for the
1,246 181,285 8,791 ..-- 26,301 5,563 339,716
116,53
Savannah_ _
41,257 ------------ _-----49,050 period from Dec. 13 to Jan. 16 against 720,153 for the
7,793 -_-Brunswick _ _ _
43,773
- .......,94
_-_ 263 84,790
year. The total last year up to Jan. 16
Charleston_ -. 50,778
31,604 same period last
8,093 16,21 ---------- 2,501
4,760 -_-_
Wilmington_ _
52, 52,923 was 14,176,936. Alexandria advanced 19 to 39 points. In
,295
591
34,113 2,347 14,052
Norfolk_
5.337 15,831 Liverpool, Egyptian closed 20 to 52 points higher, which
70
2,003 1.046 ---1,756 4,782
.
New York_ _
1,170
121
____
--__
329, __-300
421
Boston
205 was not without its bracing effect'on regular futures in
I
205
Baltimore_
80,136
4,67
____ 55,55
1''
3,884, 2,070 13,850
that market. Manchester was dull. Japan is profiting to
Los Angeles..
.i
____ 17,855 1,08, 25,520
3,300
3,230' ---San Francisco
10,000 some extent by the lockout in Lancashire. Worth Street
-.10,0
1
Seattle
was quiet and the tendency of prices seems to be down29,279 805,737 6.665 278,704
811,898 720,0571,157,783315,2
Total
ward. But spot cotton was 5 to 25 points higher, with the
4,706,928
Total 192! I 967,512622,936 1,288,188445,781 78,015 830,933473.i'61 .359.851 day's total sales at the ports larger for the third day in
109Q-9 1 209 r 04 AR2 444 1 42t1 212100 455118.600 101756 502.599
"rm.,
succession.
-It has never been our practice to include in the
NOTE.-Erports to Canada.
On the 22nd inst. prices advanced 8 to 27 points, the latter
reason being that virtually
above table reports of cotton shipments to Canada, the
and it is impossible to
all the cotton destined to the Dominion comes overlandreports from the customs on old January, for which there was a sharper demand from
while
give returns concerning the same from week to week, in coming to hand. In view, spot houses as the time drew near when January trading
districts on the Canadian border are always very slowregarding this matter. we will
however, of the numerous Inquiries we are receiving Dominion the present season would go out. Contracts were still scarce. Co-operatives
say that for the month of December the exports to the of the preceding season the and the Japanese as well as Liverpool bought. Alexandria
have been 23,030 bales. In the corresponding month
31 1930 there were advanced 19 to 39 points. Indian advanced 12points. Silexports were 19,385 bales. For the five months ended Dec.
months of 1929.
111,753 bales exported, as against 99,437 bales for the five
ver was 5/16d, higher in Liverpool. In Liverpool Egyptian
In addition to above exports, our telegrams to-night also ended 42 •to 52 American points higher on sakels. Spot
give us the following amounts of cotton on shipboard, not cotton was 25 points higher, and the sales were again larger
cleared, at the ports named:
than those for the same day last year. This has happened
for four days in succession.
On Shipboard Not Cleared forLeaving
To-day in the early trading prices were 5 to 10 points
Stock.
Other Coast
Got"
Great
higher, the latter on January, which went out at noon at
Britain. France. many. Foreign wise. Total.
-Jan.23 al
about the top of the day on covering up to the last minute.
623.305
600 5.500 3,700 19,000 2.000 G
spot houses. Later on there was a general
alveston
739 069 supposedly for
50
3,552 4,684 9,787
5,947
New Orleans__
300 101 B
reaction on realizing and a transfer of hedges from the old
100 1,000
500
Savannah
250 167,992
250
crop months to the new. The South did not sell freely.
Charlest.ea
I
600 5,920
3.100
2-126
Mobile
1,227 %HI There was more or less foreign demand. Foreign opinion
1.227
Norfolk
Ma 25000
4.000 15:86o -. 1.830.508 seems to be more in favor of the market. Less is said about
3.000 2.00
Other ports *
dis89.1173964 103
1931.. 12.267 11,152 14,611 47,387 3.700 125.447 2.343,025 big supplies. They are supposed to have been largely
Total
'
23,380 12.617 17,708 66,779 4,963
a better cloth demand from
Total 1930
69,250 7.922 155.258 2.091,555 counted. Manchester reported
Total 1929.... 31.655 18.302 28,129
India,South America, and Egypt. Worth Street was firmer.
•Estbinated.
Charlotte, N. C., and Greenville, S. C., sent more cheerful
delivery has been more reports. Spot prices were slightly higher and again the
Speculation in cotton for future
and foreign trade sales were larger than on the corresponding day last year.
active, with contracts scarce and the home
demand better. On the 17th inst. prices declined a few points For very many weeks it was the other way about. The
in a (lull market. A lockout was enforced of 200,000 weavers closing was 4 points lower to 5 points net higher here. The
because Liver- floating short interest has recently been reduced, but there
In Lancashire, but it had no special effect
pool seems to expect that it will be of short duration. is supposed to be a considerable short account for trade inCo-operatives bought October. Contracts were scarce. terests in the shape of hedges and "call" obligations. Final
the efforts prices show a rise for the week of 30 to 40 points on January
Fall River reported a better tone. In Bombay
A
stoppage of work was
of natives to bring about a total dull and Worth Street and 26 to 37 on later months. Spot cotton ended at 10.60c.
Manchester was
for middling, an advance for the week of 45 points.
unsuccessful. But
,(
to 1 3c.
reported a decline during the week of 1/16
MARKET AND SALES AT NEW YORK.
declined 2 to 4 points except on
On the 19th inst. prices
The total sales of cotton on the spot each day during the
3 points. The ending was
old January, which advanced Liverpool was a tittle lower
week at New York are indicated in the following statement. ,
unchanged to 2 points lower.
grain were lower. The market was For the convenience of the reader, we also add columns
than due, and stocks and
15 to 38 points higher
Egyptian was
which show at a glance how the market for spot and futures
a small waiting affair.
reported hedge and Continental
in Alexandria. Liverpool
closed on same days.
200,000 workers were locked
selling Manchester was dull;
Street was dull and more or less
SALES
Futures
out in Lancashire. Worth
that officials of the
Spot Market
"I'Market
depressed. Greenwood, Miss., wired announced that addiSpat. iGoid
AtClosed.
olt'Closed.
Discount Corp. have
Staple Cotton
as sufficient to provide
_
tional credit of *8,000,000 described cotton grower in the Saturday__ _ Quiet, unchanged Steady
8.800 8,800
Monday _ _ Quiet, unchanged
Steady
every
1,200 1,200
Tuesday
Steady, 5 pts. adv_ Firm
for the production needs of
2.500 1,200 3.700
can qualify to receive it, has Wednesday.. Steady. 25 pts. adv_
Mississippi Delta area who
'
3.200 3,200
10 pts.
corporation through the Federal Thursday _ _ Steady. 8.pts. adv_ Steady
Friday
Irregular
been arranged for by the
Steady.
be available to farmers of
Farm Board. The money will
2,500 18,300 20.800
will obligate them- Total week_
29.049 275.500 304,549
Since Aug. 1
established character and efficiency who
their cultivated land
to plant not more than 65% of
selves
The exports for the week ending this evening reach a
total of 97,562 bales, of which 10,069 were to Great Britain,
16,263 to France, 17,907 to Germany, 10,539 to Italy,
30,646 to Japan and China, and 12,138 to other destinations. In the corresponding week last year total exports
were 132,204 bales. For the season to date aggregate
exports have been 4,276,704 bales, against 4,706,926 bales
in the same period of the previous season. Below'are the
exports for the week.
JAN. 24 1931.]
Staple Premiums
60% of average of
sLx markets quoting
for deliveries on
Jan. 29 1931.
15-16
Inch.
&
longer.
FINANCIAL CHRONICLE
Differences between grades established
for delivery on contract Jan. 29 1931.
Figured from the Jan. 22 1931 average
quotations of the ten markets designated
by the Secretary of Agriculture.
Jan. 23
Stock at Liverpool
Stock at London
Stock at Manchester
685
1931.
balm 869,000
213.000
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
1,082,000
1930.
886,000
1929.
959,000
103,000
89,000
99.000
898,000 1,048,000
853,000
1928.
785,000
576.000 541.000 679,000 604,000
Middling Fair
352.000 294,000 254,000 333,000
White
8700 Mid.
Strict Good Middling_
10,000
8,000
do
18,000
11,000
70
do
Good Middling
119,000
103,000
do
117,000
90,000
.51
do
Strict Middling
67,000
71.000
do
57,000
.30
43,000
do
Middling
do
Basis
Strict Low Middling_
do
.57 off Mid.
Low Middling
do
1 35
do
Total Continental stocks
1,124,000 1,017,000 1,091,000 1,115,000
*Strict Good Ordinary
do
2.14
do
*Good Ordinary
do
2.85
do
Total European stocks
2,206,000 2,006,000 2,139.000 1,968,000
Good Middling
Extra White
.51 on do
India cotton afloat for Europe... 113,000
Strict Middling
141,000 147,000
do do
151,000
.30
do
American cotton afloat for Europe 296.000 421.000 478,000 392,000
Middling
do do
Even
do
Egypt,Brazil,&c.,afloatforEurope
Strict Low Middling__ do do
73,000
98,000
79,000
71,000
.57 off do
Stock in Alexandria, Egypt
Low Middling
722.000 455,000 470.000 427.000
do de
1.35
do
.25
Stock in Bombay,India
.55
Good Middling
759,000 1.113,000
Spotted
972,000 704,000
1900 do
.25
Stock in U. S. ports
.55
Strict Middling
4,053,226 2,468.472 2,246,813 2.368,164
do
.03 off do
.24
Stock in U.S. interior towns
.45
Middling
1,696,148 1,432,387 1,118,699 1,180,096
do
.58 off do
U. S. exports to-day
*Strict Low Middling- do
10,563
1,945
1.37
do
*Low Middling
do
2.16
do
.23
Total visible supply
.42
Strict Good Middling_ -Yellow Tinged
9,928,931 8,136,804 7,650,512 7,281.260
.08 off do
.23
.42
Good Middling
do do
58
Of the above, totals of American and other descriptions are as follows:
do
.23
.43 Strict Middling
do do
1 00
American
do
*Middling
do do
1 50
Liverpool stock
do
482,000 401,001) 670,000
525,000
*Strict Low Middling.do do
2.12
Manchester stock
do
111,000
63,000
67,000
51,000
*Low Middling
2.85
do
Continental stock
999,000 929,000 1.024,000 1,958,000
.22
.42
Good Middling
Light Yellow Stained_1.28 off do
American afloat for Europe
196,000 421.000 478,000
92,000
*Strict Middling
do
U.S. port stocks
1.73
do
do
do
4,053,220 2,468,472 2,246.813 2,368,164
*Middling
do
U. S. interior stocks
2.35
do
do
do
1,696,148 1,432,387 1,118,699 1,180.096
.22
.42
Good Middling
Yellow Stained
U. S. exports to-day
1.53 off do
10,563
1,945
*Strict Middling
do do
2.20
do
*Middling
do do
Total American
8.00
do
7,647.931 5.716,804 6,604,512 5,514,260
.23
.43 Good Middling
Gray
East Indian, Brazil, evc.off do
73
.23
.42 Strict Middling
do
Liverpool
1.03
do
387,000 485,000 289.000 260,000
*Middling
do
London stock
1.50
do
Blue Stained
*Good Middling
Manchester stock
1.55 off do
102,000
40,000
22.000
17.000
*Strict Middling
do do
Continental stock
2.20
do
125,000
57,000
88,000
67,000
*Middling
do do
Indian afloat for Europe
2 98
do
113,000
141,000
151,000
147,000
Egypt. Brazil, &c., afloat
73,000
9„000
79,000
71,000
*Not deliverable on future contrasts.
Stock in Alexandria, Egypt
722.000 455,000 470,000 427,000
The official quotations for middling upland cotton in the Stock in Bombay,India
759,000 1,113,000 972,000 704,000
New York market each day for the past week has been:
Total East India, &c
2,281,000 2,420,000 2,046,000 1,687,000
Total American
Jan. 17 to Jan. 23Sat. Mon. Tues. Wed. Thurs. Fri
7,647,931 5,716,804 5,604,512 5,574,260
Middling upland
10.15 10.15 10.20 10.45 10.55 10.60
Total visible supply
9,928.931
Middling uplands, Liverpool....5.63d. 8,136.804 7,650,512 7,261,260
NEW YORK QUOTATIONS FOR 32 YEARS:
9,404.
10.43d.
10.32d.
Middling uplands, New York
17.304.
20.10c.
The quotations for middling upland at New York on Egypt, good Sakel, Liverpool- _ - 10.604. 15.35d. 20.35d. 18.404.
9.25d.
18.50d.
Peruvian, rough good. Liverpool_
13.75d.
Jan. 23 for each of the past 32 years have been as follows:
14.50d.
12.258.
Broach, fine, Liverpool
4.43d.
7.25d.
8.95d.
9.25d.
1931
10.60c. 1923
28.75c. 1915
5.28d.
8.55c. 1907
10.90c. Tinnevelly, good, Liverpool
8.69-I.
10.20d.
9.95d.
1930
17.30c. 1922
17.75c. 1914
12.90c. 1906
11.90c.
Continental imports for past week have been 110,000 bales.
1929
20.404. 1921
16.15c. 1913
12.85c. 1905
7.00c.
1928
18.85c. 1920
39.30c. 1912
9.50c. 1904
14.85d.
The above figures for 1931 show a decrease from last
1927
13.65c. 1919
25.60c. 1911
14.75c. 1903
8.95c.
1926
20.85c. 1918
31.75c. 1910
14.70c. 1902
8.31c. week of 24,885 bales, a gain of 1,792,127 over 1930, an
1925
23.45c. 1917
17.05c. 1909
10.004. 1901
9.88c. increase of 2,278,419 bales over 1929, and a gain
1924
of 2,667,34.00c. 1916
12,35e. 1908
11.90c. 1900
7.88c.
.25
.25
.25
.25
.25
.24
.23
.55
.55
.55
.55
.55
.45
.43
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Jan.17
.
Monday,
Jan. 19.
Tuesday, Wednesday, Thursday,
Jan. 20.
Jan. 21.
Jan. 22.
Friday,
Jan. 23.
Jan. (old)
Range__10.17- 10.10
10.35-10.47 10.46-10.62 10.48-10.55
Closing_ 10.1410.1410.2010.46-10.47 10.46-10.48
Jan.(new)
Range__ 10.05-10.11 10.04-10.07 9.98-10.10 10.10-10.23 10.26-10.37 10.26-10.37
Closing_ 10.07-10.0710.1010.20-10.22 10.28-10.31
Range
Closing, 10.13Closing_
10.1210.1810.2510.3510.36March
Range__ 10.18-10.23 10.15-10.19 10.10-10.29 10.28-10.37 10.40-10.48 10.40-10.50
Closing_ 10.19-10.22 10.17-10.18 10.26-10.29 10.31-10.33 10.43-10.45 10.48April
Range..
Closing_ 10.31 10.29 -- 10.3910.4410.5610.59 May
Range.... 10.42-10.47 10.40-10.44 10.35-10.54 10.54-10.61 10.65-10.73 10.65-10.73
Closing. 10.44-10.45 10.4210.53-10.54 10.57-10.58 10.69-10.71 JuneRange-10.76 Closing. 10.5410.53- 10.63
10.6810.8110.81 July
Range.. 10.83-10.88 10.61-10.65 10.55-10.76 10.76-10.84 10.88-10.97
10.89-10.9E
Closing_ 10.65-10.66 10.65- - 10.79
10.73-10.76
10.93-10.94 10.92-10.92
Aug.Range-..
-Closing_ 10.7310.73- 10.83
10.9011.0511.03 --Selg
.Range_ _
Closing. 10.7310.73- - 10.83
10.90
11.0511.03 Oct.
Range.. 10.80-10.83 10.77-10.80 10.75-10.93 10.94-11.04 11.11-11.20
11.11-11.21
Closing. 10.81 10.8010.92-10.93 11.01 11.17-11.18 11.13 Nov.
Range _
.
Closing. 10.8910.8811.01 -11.10 -11.2711.22 Dec.
Range.. 10.95-10.97 10.94-10.97 10.91-11.10 11.12-11.22 11.30-11.42
11.31-1141
Closing_ 10.97-10.97 -11.1011.20-11.21 11.37-
Ranges of future prices at New York for week
Jan. 23 1931 and since trading began on each option: ending
Range for IVeek.
Option for
Range Since Beg nninty of Option.
Jan. 1931-_ 10.10 Jan. 20 10.62 Jan. 22 9.30 Dec. 15 1930
9.98 Jan. 20 10.27 Jan. 22 9.26 Dec. 10 1930 17.18 Feb. 1 1930
New
16.03 April 4 1930
Feb. 1931
16.09 Feb. 20
Mar. 1931._ 10.10 Jan. 20 10.50 Jan. 23 9.53 Dec. 16 1390 16.65 Feb. 15 1930
1930 16.20 Apr. 1 1930
April 1931
11.23 Sept. 25 1930 13.34 June 18
1930
May 1931._ 10.35 Jan. 20 10.73 Jan. 22 9.80 Dec. 16 1930
June 1931.. 10.76 Jan. 23 10.76 Jan. 23 10.76 Jan. 23 1931 15.00 June 2 1930
10.55 Jan. 20 10.98 Jan. 23 10.00 Dec. 16 1930 10.76 Jan. 23 1931
July 1931..
13.82 Aug. 7 1930
Aug. 1931
10.44 Dec. 13 1930 12.15 Oct.
Sept. 1931._
10.19 Dec. 16 1930 12.57 Oct. 28 1930
28 1930
Oct. 1931.. 10.75 Jan. 20 11.21 Jan. 23 10.22 Dec. 16 1930 12.31
Nov. 13 1930
Nov. 1931
10.91 Jan. 20 11.42 Jan. 22 10.76 Jan. 2 1931 11.42
Dec. 1931._
Jan. 22 1931
THE VISIBLE SUPPLY OP COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stock as
well as afloat are this week's returns, and consequently
all foreign figures are brough down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of experts from the United States,
',winding in it the exports of Friday only.
671 bales over 1928.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
Movement to Jan. 23 1931.
Towns.
Receipts.
Week. Season.
Ala.,Blrming'm
481
Eufaula
145
Montgomery. 1,755
Selma
815
Ark., Blythville
240
Forest City-.
62
Helena
201
Hope
133
Jonesboro_ _ _
34
Little Rock
1,098
Newport_
205
Pine Bluff
636
Walnut Ridge
27
Ga.. Albany,,,
1
Athens
350
Atlanta
1,289
Augusta
_ 4,190
Columbus,,.
920
Macon
748
Rome
85
La., Shreveport
138
Miss., Crksdale
274
Columbus_ _ _
187
Greenwood
121
Meridian
1.980
Natchez
63
Vicksburg_ _ _
146
Yazoo City
34
Mo., St. Louis_ 4,72
N.C.,Gr'nsb'ro 2.756
Oklahoma
15 towns._ 3.133
S. C.,Greenyille 1.28
Tenn.,Memphis 24,86
Texas, Abilene_
248
Austin
105
Brenham-62
Dallas
873
Paris
329
Robstown_
____
San Antonio_
260
Texarkana
240
Waco
216
85,137
2.8,007
61,535
92,928
75,560
13,530
39,948
30.979
25,556
93.807
26,971
79,409
23,516
7,333
38.161
163,772
276,376
37,020
80,444
20,206
104,136
108,351
23,965
136,262
51,923
11.019
34,025
32,333
151,075
33,208
Ship- Stocks
enmity, Jan.
Week. 23.
Movement to Jan. 24 1930.
Receipts.
Week.
609 32,589 1.397
87 16.324
1581
52 65,711
3331
211 75,993
1431
1,313 32,269 1,178
344 11.044
loll
999 31,336
6391
379 9.382
1581
295 4,612
52
2,316 50,712
931
295 8.167
200
2,090 35,732 1,0631
338 6,358
3181
14 3,983
670 32,850 1,37
1,152151,3071
6,519
4.140'117,244 3,8821
1101 10.0472001
1,234 33,588
432
250 16,372
751
216 84.331
394
3,269 62,568 1,3191
1,087 14,593
17
3,048 84,304 2,0481
1,192 21,662
2281
259 8,854
633
405 20,082
2311
1,149 18,873
73
4,253 15.256 5,8871
684 33,481 1,012
....I
Season.
1 Ship- I Stouts
runts, Jan.
iVeek
24.
100,46
16,921
56.7961
70,819,
117.6831
28,696
55,222
53,9
37,754
120,628
50,452
177,302
53,423
6,482
35,65
126,861
266,625
22,925
68,98
22,121
141,504
177,343
27,099
217,485
49,861
22,853
30,925
40,541
194,624
12,755
I
1,966 16,948
751 5,122
1.5901 30,165
429 32,714
2.8861 43,071
1,0281 13,863
1,4481 19,531
8861 4,286
8801 4,851
1,8741 39,118
7
6,243
4,17 41.266
9
1,027 9,081
____ 2,494
550 21,339
2,203 98,854
3,650 104,284
100 4,469
697 21,152
250 18,201
1,606 63.020
3.987 42.974
2.342 12,110
3,358 77,708
6131 8,432
5581 9,566
627 8,611
1,660 13.830
5,884 14,110
550 9,722
1
514,560 5,087 76,300 3,4681 715,436 9.1gg 88,556
101,441 3,805 65,605 4,000 121,843 4,0
68,718
998,606 32,739 382,522 31,959 1,510,328 32,7481434.178
25.310
4091 27,6545831
416
641
435
841 1,48.5
10,917
24,108
68
143 1,470
19,078
10,338
22
190 6,688
4,167
3
544 102,690
135,972 5,981 18,842
906 13,655
158i 71,278 1,920 5,006
62,603
942 5,104
---_
32,693
54,597
5 11,567
17 2,868
22,410
191
22,795
216
345 1,488
827
3841 56,943
31,627
892 7,460
313 7,302
59,010
124 100,697
889 8,995
411 7.897
Total. 56 towns nn Anna AIR Ion 59 2951696148 72.954 5.187.962 97.5621432387
* Includes the combined totals of 15 towns in Oklahoma.
The above total shows that the interior stocks have
decreased during the week 29,016 bales and are to-night
263,761 bales more than at the same time last year. The
receipts at all towns have been 17,504 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as
follows:
[vou 132.
FINANCIAL CHRONICLE
686
-1930-31Since
Aug. 1.
Week
4,253 149,821
40,528
1,210
1,260
10,398
200
97,534
3,570
11.074 251,865
Jan. 23•
ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, 6rc
20,307
Total gross overland
Deduct Shipments
929
Overland to N. Y., Boston, Ste _ _ _
359
Between interior towns
7,445
Inland, &c.,from South
551,406
8,733
179,300
Total to be deducted
16,006
7,597
155,697
Leaving total net overland*_ _11,574 372,106
* Including movement by rail to Canada.
The statistics for 1930 in this report are subject to revision when checked
-1929-30Since against the individual returns of the ginners being transmitted by mail.
Week. Aug. 1. The corrected statistics of cotton ginned this season prior to Dec. 13 are
5,884 189,643 13,258,217 bales.
-U. S.
39,145 CONSUMPTION, STOCKS, IMPORTS AND EXPORTS
935
2,193
57
Cotton consumed during the month of December 1930 amounted to
21,614 406.207 bales. Cotton on hand in consuming establishments on Dec. 31
595
4,241 103,608 was 1,659,432 Wes, and in public storage and at compresses 8,377,720
11,243 369,154 bales. The number of active consuming cotton spindles for the month
was 25,525,820. The total imports for the month of December 1930 were
22,955 725,357 4,461 bales and the exports of domestic cotton, excluding linters, were
765,835 bales.
24,306
1,306
WORLD STATISTICS.
9,498
391
The estimated world's production of commercial cotton, exclusive of
8,223 231,800 linters, grown in 1929. as compiled from various sources, is 26,673,000
bales, counting American in running bales and foreign in bales of 478 lbs.
9,920 265,604 lint; while the consumption of cotton exclusive of linters in the United Staten
for the year ending July 31 1930 was approximately 24,946,000 bales.
13,035 459.753 The total number of spinning cotton spindles, both active and idle, is
about 164,000,000.
The foregoing shows the week's net overland movement
ACTIVITY IN THE COTTON-SPINNING INDUS-Persons interested in this rethis year has been 11,574 bales, against 13,035 bales for TRY FOR DECEMBER.
the week last year, and that for the season to date the port will find it in our department headed "Indications of
aggregate net overland exhibits a decrease from a year ago Business Activity" on earlier pages.
of 87,647 bales.
-Reports to
-1929-30-WEATHER REPORTS BY TELEGRAPH.
-1930-31
Since
Since
/n Sight and Spinners'
Aug. 1. us by telegraph this evening denote that temperatures have
Week.
Aug. 1.
Week.
Takings.
80,428 7,121,132 98,388 6,999,251 averaged about normal during the week and there have
Receipts at ports to Jan. 23
459.753
13,035
372.106
11,574
Net overland to Jan. 23
95.000 2,645,000 been light to moderate rains in many localities.
Southern consumption to Jan. 23_ 90.000 1,990.000
Total marketed
Interior stocks in excess
Excess of Southern mill takings
over consumption to Jan. 1
182.002 9,483,238 206,423 10,104,004
*29,016 1,134,453 *24,446 1,222,468
456,964
739,934
Came into sight during week___152,986
11,074,655
Total in sight Jan. 23
587,712
North spinn's's takings to Jan. 23 14,189
181,977
__-- 12.066.406
721,136
20,274
* Decrease.
Movement into sight in previous years:
Bales.
12,183.112
10,865,221
14.326.067
Since Aug. 1Bales.
267,739 1929
199.862 1928
369.945 1927
Week-Jan.25
1929
-Jan. 26
1928
-Jan. 28
1927
Rain. Rainfall.
1 day 1.82 in.
.40 in.
1 day
5 days 1.39 In.
.65 in.
2 days
2 days .20 in.
dry
1 day 1.78 in.
.62 in.
2 days
1 day 1.28 in.
.41 in.
1 day
.15 in.
2 days
1 day 1.49 in.
.77 in.
2 days
.95 in.
7 days
dry
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Houston
Palestine
San Antonio
New Orleans
Shreveport
Mobile, Ala
Savannah, Ga
Charleston, S.0
Memphis, Tenn
Thermometer
high 63 low 42 mean 53
high 66 low 26 mean 46
high 68 low 40 mean 54
high 66 low 40 mean 53
high 64 low 30 mean 47
high 66 low 32 mean 49
high 66 low 42 mean 54
high 64 low 32 mean 48
high 66 low 36 mean 51
high -_ low __ mean 49
high 64 low 32 mean 48
high 60 low 43 mean 47
high 63 low 31 mean 47
high 60 low 34 mean 47
high 60 low 31 mean 41
The following statement we have also received by telerivers at the point named at
COTTON AT OTHER graph, showing the height of
QUOTATIONS FOR MIDDLING
8 a. m. of the dates given:
MARKETS.
Jan.23 1931. Jan. 24 1930.
Week Ended
Jan. 23.
Galveston
New Orleans__ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth_ _ _ -
Costing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursdy. Friday.
9.90
9.73
9.15
9.51
9.69
10.05
9.44
8.95
9.85
8.75
9.40
----
9.90
9.73
9.15
____
____
10.05
944
8.95
9.85
8.75
9.40
9.40
10.00
9.83
9.25
9.58
9.75
10.00
9.50
9.00
9.95
8.88
9.50
9.50
10.05
9.93
9.30
9.61
9.81
10.15
9.56
9.05
10.00
8.92
9.55
9.55
10.20
10.03
9.40
9.75
9.94
10.30
9.69
9.20
10.00
9.05
9.65
9.65
10.20
10.03
9.45
9.78
10.00
10.30
9.75
9.25
10.20
9.05
9.70
9.70
NEW ORLEANS CONTRACT MARKET
Saturday.
Jan. 17.
Monday,
Jan. 19.
Tuesday. Wednesday, Thursday.
Jan. 22.
Jan. 21.
Jan. 20.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Feet.
12.8
34.6
11.2
16.6
43.0
Feet.
1.2
3.6
9.4
7.8
8.7
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ended
Friday,
Jan. 23.
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
Receipts at Ports.
1930. I 1929. 11928.
Stocks at Interior Towns. Receiptsfrom Plantations
1930.
1929.
1928.
1930. 1929. 1928.
706.886 659.458687.88 825.428
10._ 509.937512.983521,837 1,098.88 881,8
847,112 549.934 729.274696,281
10.28- 10.28
17..423,079 569,510558.699 1,225.7201.041.6
January -- 9.98- 9.99 9.98 Bid. 10.09-10.10 10.18953.520 611.130662,90 057,288
1,186.7
550.877
441.613518.799
February _
-10.32-10.33 10.46- 10.46
31._ 448,280803,27005,822 1.603,734 1.305,221 1.034.049 536.727622.763816,351
10.17-10.18 10.27March---- 10.17Nov.-April
7._ 397.3311403.5141398.001 1,592,117 1.348,324 1.050,545 485.714446.617 412.497
10.51-10.52 10.58-10.59 10.71-10.72 10.68-10.69
10.43 ----- 10.41 May
14.. 372.279350.35735l.467 1.684.197 1.409.376 1.099.921 464.359 411.409 400,843
June
10.91-10.92
10.9310.80-10.82
21_.338,371 262,509351,505 1,712.633 1.441.290 1.155.384 366.807 294,423 406.968
10.7310.63 ----- 10.63July
28- 298,028,288,195,865,189 1,770,725 1,448.310 1.216,753 356,110275.215 425.558
August--Dee.
18
September
398,808
255,5691282,747 88,988 1.797,998 1,451,947 1,223,573282,842 285,
11.00- 1.14-11.16 11.11-11.12
10.79-10.80 10.79 Bid. 10.91October
320,848
12._ 222,908281,398 311,736 1,815,747 1.461.857 1.232.683 240,657 291.308 265.553
November
260,772 265.780 1,811,062 1.476.699 1,232,436 206,179275.614
19._ 210,864
December_
26._ 161,383 187.785 255,661 1,800.744 1.493.015 1.255,901 151,065 204,101 279,131
(1932)
Jan.
Tone
1929. 1931. I 1930. 1929.
1930.
Steady.
Steady.
Steady.
Jan- 1931. I 1930. 1929. 1931.
Steady.
Steady.
Steady.
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
2 122,377 154,364188.298 1,777.081 1.476.971 1.240,631 98.714138.32 173,028
Options__ - Steady.
115,570 137,899 172,340 1.750.859 l,477.345;l.203.459 89,343138.073 135,168
-The Bureau of the 16-- 106,805 104,523151.177 1,725,164 1.456,833 1.161,140 81.110: 84,011 108,858
COTTON GINNING REPORT.
23._ 80,428 98,388 171,761 1,696,148 1,432,387 1,118,699 51,4121 73,942 129,320
Census on Jan. 23 issued the following report showing the
number of bales of cotton ginned in each of the cottongrowing States the present season up to Jan. 16, in comparison with corresponding figures for the preceding seasons.
It appears that up to Jan. 16 1931 13,592,104 bales of
cotton were ginned, against 14,176,936 bales for the corresponding period a year ago, and 13,888,972 bales two years
ago. Below is the report in full:
FROM THE GROWTH OF
NUMBER OF BALES OF COTTON GINNED
STATISTICS TO
1930 PRIOR TO JAN. 16 1931, AND COMPARATIVE
IN 1930 AND 1929.
THE CORRESPONDING DATE
Running Bates (counting Round as
Half Bales and Excluding Linters)
State.
1928.
1929.
1930.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
1,436,610
138,423
858,976
230,619
50.732
1,580.283
701.562
1,450,182
151,955
94,065
780,119
851.521
998,507
367.561
3,853,293
41,635
6,061
1,295,316
140,441
1,350,684
228,189
29,830
1,306,615
793,437
1,813,671
198,345
84,323
737,725
1,104,756
809,305
472.975
3,758,359
45,881
7,084
1,087,328
128,742
1.156,242
149,634
19,909
1,038.027
682,489
1,428,328
134,983
76,956
845,202
1,151,417
731,642
404,656
4,805,988
42,556
4,873
13,888,972
•14,176,936
.13.592.104
Aug. 1 which was
crop of 1930 ginned prior to 86.974 and 88,761
•Includes 78.188 bales of the
compared with
counted in the supply for the season of 1929-30,
bales of the crops of 1929 and 1928.
round bales for 1930. 558.984
The statistics in this report include 513,364 the above are 21,163 bales
in
for 1929 and 646.396 for 1928. Included 1929 and 25.426 for 1928.
of American-Egyptian for 1930, 25,457 for
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1930 are 8,245,889 bales;
in 1929-30 were 8,198,381 bales,and in 1928-29 were8,237,581
bales. (2) That although the receipts at the outports the
past week were 80,428 bales, the actual movement from
plantations was 51,412 bales, stocks at interior towns
having decreased 29,016 bales during the week. Last year
receipts from the plantations for the week were 73,942
bales and for 1929 they were 129,320 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings.
Week and Season.
1930-1931.
Week.
Season.
1929-1930.
Week.
Season.
8,117.360
9,953,816
Visible supply Jan. 16
3,735,957
5,302,014
Visible supply Aug.1
American in sight to Jan. 23_
152,986 11,074,655 181.977 12,066,406
Bombay receipts to Jan. 22_ __ _ 136,000 1,283,000 153,000 1,509,000
367,000
25,000
254.000
6,000
Other India ship'ts to Jan. 22..
38.000 1,116,200
998,900
Alexandria receipts to Jan. 21...
50,000
489.000
15.000
362,000
Other supply to Jan. 21 *
12,000
Total supply
Deduct
Visible supply Jan. 23
10310802 19,274,569 8,530,337 19,283,563
9,928.931 9,928,931 8,136,804 8,136,804
381,871 9,345,638 393.533 11.146,759
Total takings to Jan. 23 a
218,871 6,465.738 242,533 8,113,559
Of which American
163,000 2.879,900 151.000 3,033,200
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West ii dies, &c.
a This total embraces since Aug. 1 the total estimnted consumption by
Southern mills, 1,990,000 bales in 1930-31 and 2,645,000 bales in 1929-30--
JA.N. 24
1931.]
FINANCIAL CHRONICLE
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 7,355,638 bales in 1930-31 and 8,501,759 bales in
1929-30, of which 4,475,738 bales and 5,468.559 bales American.
Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1930-31.
Jan. 22
Receipts at-
1929-30.
.1 Since
Week. Aug. 1.
Bombay
Since
Since
Week. Aug. 1, Week, Aug. 1.
128000 1.238.000 153.000 1.509.000 ins 000 1.145 000
For the Week.
Ezports
from-
1928-29.
Since August 1.
Great Conti- Japan&
Great
Britain. neat. China. Total. Britain.
Bombay
1930
-31_
1929-30-1928-29._
Other India
1930-31__
1929-30_
1928-29--
3,000 8,000 46,000 57.000
6,000 18,000 24,000 48,000
1,000 18,000 54,000 73,000
Japan &
China.
Total.
74,000 338,000 849.0001,261,000
34.000 319,00 550,000 903,000
21,
358,000 681,0001,060,000
6,000
25,000
4,000
1,000 5,000
10,000 15,000
1,000 3,000
Contisent.
68,000 186,00
65,000 302,0
46.000 214,1::
254,000
367,000
260,000
Total all
1930-31-- 4,000 13,000 46,000 63,000 142,000 524,00 849,0001.515,000
1929-30-- 16,000 33,000 24,000 73,000 99,000 621,000 550,0001,270,000
1928-29-- 2,000 21,000 54,000 77,000 67,000 572,000 081,0001,320.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
17,000 bales. Exports from all India ports record a decrease
of 10,000 bales during the week, and since Aug. 1 show a
increase of 245,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
Jan. 21.
1930-31.
1928-29.
250.000
5,003,436
Receipts (cantars)This week
Since Aug. 1
1929-30.
190,000
5,569,301
125,000
6,031.194
This Since
Week. Aug. 1
Exports (bales)-
This Sines
This Since
Week. Aug. 1. Week Aug. 1.
To Liverpool
77.335 --- 89,642 6,000 99,655
To Manchester, &c
4,000 68.271 7,000 95,713 6,000 105.072
To Continent and India.. 13,000 285,254 12.000 261,370 8,500 263.333
To America
2,000 6,226 7,000 62,208 1,000 85.831
Total exports
19.000 437.086 26,000 508,933 21.500 553.891
Note.
-A canter Is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended Jan. 22 were
250,000 canters and the foreign shipments 19.000 bales.
687
GALVESTON-Bowes Castle,4.780
-Jan.16
To Ghent
To Bremen-Jan.16-Yorck,632-- _Jan.20-Barmbek.1.148.
To Barcelona-Jan. 16-8ahale, 1,148
To Rotterdam-Jan. 16--Syros. 875---Jan. 17-GrootendUk.
710
-America,230
To Gothenburg-Jan. 16
-America. 1,113
To Copenhagen-Jan. 16
To Japan-Jan.16-Fernwood.1.576-- _Jan.21-Lisbon Meru
400
To China-Jan. 16-Fernwood,327
NEW ORLEANS
-To Bremen-Jan.16-Raimund,2,049
To London-Jan.21-Edgehill,25
To Hamburg
-Jan. 16-Raimund,456
To Copenhagen-Jan. 21-Maine, 100
-American Press, 1.850
To Genoa-Jan. 16
-Baja California, 200
To Mexico-Jan. 16
To Bilbao-Jan.17-0gontz,4
To Laguayra-Jan. 17-Anstrangen, 250
To Porto Colombia-Jan.17-Iriona,88
To Havre-Jan. 20-Hopedene, 400
To Dunkirk-Jan. 20-Hopedene, 400
To Ghent
-Jan. 20-Hopedene, 250
To Japan-Jan. 20-Eldena, 950
To China-Jan. 20-Eldena, 500
-Jan. 21-Clairton, 150
NORFOLK
-To Liverpool
To Manchester-Jan. 21-Clairton, 200
PENSACOLA-To Japan-Jan. 21-Atlantic Maru, 721
-Cristobal Colon. 100
NEW YORK
-To Vigo-Jan. 19
-Rancher,150
-Jan.22
LAKE CHARLES
-To Manchester
-Rancher. 150---Jan. 21
-Jan. 19
BEAUMONT-To Liverpool
Duquesne,100
To Manchester-Jan.19
-Rancher,100.. Jan. 21-Duquesne
100
TEXAS CITY
-Ramon de LarrInaga 1,280
-To Liverpool
-Jan.20
To Manchester-Jan.20
-Ramon de Larrinaga.141
To Havre-Jan.15
-Bowes Castle,158
To Ghent
-Bowes Castle, 127
-Jan.15
LOS ANGELES
-Jan.17
-Pacific Exporter, 100-To Liverpool
To Havre-Jan. 17
-San Antonio, 400
To Dunkirk-Jan, 17
-San Antonio, 200
To Bremen
-Jan.17
-Donau,200
To Japan
-Jan.19
-President Wilson,800; Taiyo Maru,425
ToChina-Jan. 19, Tidy() Maru, 500
To India-Jan. 19-Talyo Maru, 300
CHARLESTON
-To Bremen-Jan. 22
-Coldwater,50
To Hamburg-Jan. 22
-Coldwater. 238
To Antwerp-Jan.22
-Coldwater,65
Total
Bales.
4,780
1,780
1,148
1.585
230
1,113
1,976
327
2.049
25
456
100
1,850
200
4
250
ss
400
400
250
950
500
150
200
721
100
150
250
200
1.280
141
158
127
100
400
200
200
1,225
500
300
50
238
65
97.562
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrowes, me., are
as follows, quotations being in cents per pound:
High StandDensity. ord.
Liverpool .45c.
.60c.
Manchester.45c. .600.
Antwerp .45c. .600.
Havre
.31c. .460.
Rotterdam .450. .60c.
Genoa
.50c.
.65c.
Oslo
.50c.
.65c.
High StandDensity. ard.
Stockholm .800. .750.
Trieste
.500. .650.
Fiume
.50o. .650.
Lisbon
.45c.
.600.
Oporto
.60c. .750.
Barcelona .40c. .550.
Japan
.40c. .550.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonica
Venice
High Stand'
Density. ard.
.45c.
.600.
.40o.
.550.
.45o. .60c.
.450. .60c.
.750. .90c.
.750. .900.
.500. .650.
MANCHESTER MARKET.
-Our report received by
LIVERPOOL.
-By
we have the folcable to-night from Manchester states that the market in lowing statement of cable from Liverpool&c.,at that port:
the week's sales, stocks,
both yarns and in cloths is steady.. Demand for foreign
Jan. 2.
Jan. 9. Jan. 16. Jan. 23.
markets is improving. We give prices to-day below and Sales of the week
23.000
23.000
23.000
13.000
Of
10.000
15.000
11.000
7.000
leave those of previous weeks of this and last year for Sales which American
for export
'1,000
1.000
1,000
comparison:
Forwarded
27.000
38,000
44,000
33.000
1930.
tot
LB.. Shirt- Cotton
ing., Common
lipids.
to Finest.
d
.
0. u.0.
914010J4
9)4 181034
7
9 010
7
954 o10,4
6
854181014
a
934010Ji
14.._. 9,4010H
21.... 954@1034
28-- . 934181034
Deo.9 010
8%0 9M
19---. 81418 9)(
BM@ 954
6
a
a
Jan.
13).109)
8Ji@
16.--- 85418
23____ 8140
954
934
954
915
85
85
85
84
854 Lb.. Shirt- Cotton
ing:. Common adtdere
to Finest.
lipids.
2
2
d.
6. s.d.
14%015i 13 0
14%015% 13 0
14%4515% 13 0
1434015ti 13 0
14A015si 12 0
a.0.
013 2
(913 0
013 2
013 2
013 0
0.
10.28
10.28
9.94
9.90
9.88
2
2
2
2
8.03
5.98
5.98
5.91
13% @)14%
13%61444
1314 014%
1354 0131454
12 3
12 2
12 3
12 3
@125
012 4
012
012 5
9.56
9.56
9.76
9.59
2
5.70
5.43
5.32
5.31
13540145‘ 12 3
1314014M 12 3
13%01414 12 3
13%014% 12 3
012 5
012 5
012 5
012 5
9.58
9.47
9.36
9.51
5.33
5.40
5.41
5.63
1354014% 122
1314 0141.5 122
1340141i 122
13140144 12 2
1930.
@124
@124
@124
012 4
9.53
9.58
9.49
9.40
4
18
18
18
1931.
@0
189
@9
69
52. Cop
Twist.
d.
5.76
5.54
5.73
6.05
6.24
18
CCCO CCSO
82s Cop
1929.
a
1
1
1
0
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 97,562 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
842,000
458.000
55.000
43.000
164,000
93,000
843,000
455,000
39.000
15,000
178.000
113.000
860.000
474,000
65.000
52,000
161,000
68.000
869.000
482.000
53.000
23.000
132,000
50,000
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:
Spot.
Saturday.
Monday.
Market, i
12:15 4 Quiet, unP. M. I changed.
kild.UpFds
Quiet.
5.41d.
5.40d.
Tuesday. Wednesday. Thursday.
Quiet.
Quiet.
Moderate
demand.
Priam.
Quiet.
5.63d.
5.39d.
5.51d.
5.60d.
3,000
Sales
3,000
3,000
3,000
7,000
5,000
Q't but sty.
Futures.1 Quiet but
Quiet,
Quiet but Steady.
Steady, 1 pt. decl.
Market
at'dy, un- 2 to 4 pts. st'dy, un- 7 to 9 pts. 4 to 5 pis. tot pt.adv.
opened ch'gd to 1 decline,
changed, advance. advance.
Pt. adv.
Market, { Quiet but
Quiet,
Quiet,
Steady,
Steady. Steady un4
st'dy, 1102 1 to 4 pts. 1 to 2 pts. 10 to 12 pts 9 to 12 pts. changed to
F. M.
pts. adv, decline.
decline. advance. advance. 2 pts. dec.
Prices of futures at Liverpool for each day are given below:
Sat.
Jan. 17
to
Jan. 23.
Mon.
Tues.
Wed.
Thurs.
Fri.
12.1512.3012.1. 4.0012.15 4.0012.15 4.0012.151 4.1112.15 4.00
p. m.p. m.p. m.p. m.p. m.p. M.P. M.P• m•P. n141: m p.m..,m.
1-
-Jan. 15
MOBILE-To Liverpool
-Median,685---Jan. 16
-West
Kyska, 265
950
New Contract, d.
d.
d.
d. d.
d. a. el.
d. d.
d. d.
-Jan. 15
To Manchester
-Median, 271---Jan. 16
-West
January
.- -- 5.28 5.25 5.25 5.24 5.24 5.36 5.36 5.45 5
5.43 5.44
Kyska, 59
330 February
5.30 5.28 5.26 5.26 5.25 6.37 5.36 5.46 • 5.4. 5.44 5.45
To Bremen-Jan.13
-West Maximus,750
750 March
--_ 5.33 5.31 5.31 5.29 5.30 5.41 5.41 5.50 5..1 5.48 5.49
-Arkansas, 780
To Havre-Jan. 19
780 April
5.38 5.35 5.35 5.33 5.34 5.45 5.45 5.54 5.54 5.53 5.53
SAN FRANCISCO-To Great Britain-Jan. 15-(7),800
800 May
-_ 5.42 5.40 5.40 5.38 5.39 5.50 5.50 5.59 5.59 5.58 5.58
To Japan-Jan. 15-(7), 1.449
1,449 June
5.47 5.45 5.45 5.43 5.44 5.54 5.55 5.64 5.64 5.63 5.63
To China-Jan.15-(1),100
100 July
-- -- 5.52 5.50 5.50 5.48 5.49 5.59 5.61 5.69 5.69 5.68 5.68
To India-Jan. 16-C?), 100
100 August
5.55 5.53 5.53 5.51 5.52 5.62 5.63 5.72 5.7 5.71 5.71
HOUSTON-To Havre-Jan. 15
-Youngstown,8,052
8,052 September__
__ -_ 5.58 5.56 5.56 5.54 5.55 5.65 5.66 5.75 5.76 5.74 5.74
-Youngstown, 45
To Dunkirk-Jan. 15
45 October
5.61 5.59 5.60 5.57 5.58 5.63' 5.68 5.77 5.79 5.78 5.78
-Youngstown,646
-Jan. 15
To Ghent
646 November---- -- 5.65 5.63 5.63 5.61 5.61 5.72 5.72 5.81 5.83 5.82 5.82
To Bremen-Jan.16-Harburg,900...
.Jan. 15
-George Pierce,
December
-- -- 5.69 5.67 5.67 5.65 5.05 5.75 5.75 5.84 5.8 5.86 5.86
3,242---Jan. 19-Barmbek,5,942---Jan. 21-Hedderheim,
Jan.(1932)
__ __ 5.71 5.69 5.69 5.07 5.67 5.77 5.77 5.86 5.88 5.88 5.88
2,300
12,384
-George Pierce, 1,052
To Rotterdam-Jan. 15
1,052
-Ramon de Larrinaga. 1,156
To Manchester-Jan. 20
1,156
-Jan. 20
-Ramon de Larrinaga, 100
To Liverpool
100
-American Press, 2,663---Jan. 17-MadTo Genoa-Jan. 20
dalena Odero,2,102
4,765
-American Press, 100
-Jan. 20
Friday Night, Jan. 23 1931.
To Naples
100
To Japan-Jan. 19-Llsbon Marti, 5,573-jan, 20
-FernFlour was steady, with a moderate trade. Feed was tendwood, 12,184; Kifuku Maru,3,907
21,664 ing
downward on the 17th inst. Exports from New York last
To China-Jan. 20-Fernwood, 523; Kifuku Maru, 711
1.234
-Jan. 16
GALVESTON-To Liverpool
-West Totant, 2,079
week were 375 barrels and 63,394 sacks against 117 barrels
Jan. 21-Ramon de Larrinaga, 1,139
3,218 and
97,851 sacks the week before. Exports on Saturday last
To Genoa-Jan.21-Maddalena Odero, 1,557: American Press.
2,267-----------------------------3.824 were 16,000 barrels from all ports against the seaboard
16
-West Totant,
Manchester
-San.
To
Ramon de larrinage. 673
1.019 receipts of 44,000 barrels. Interior receipts were 96,000
'To Havre-Jan. 16-Hopedene, 557; Syros, 1.630; Bowes
barrels and shipments 106,000 barrels. Chain stores
Castle, 1.804
3,991 throughout the country, it is said, have
lowered the price
To Dunkirk-Jan. 16-Hopedene, 1,637; Syros, 100: America,
100
1.837 of bread. It has been reduced generally to the pre-war
BREADSTUFFS
688
FINANCIAL CHRONICLE
price of 5c. a loaf, in conformity with the lower costs of
wheat and flour, it was stated. Later flour was firm. Yet
Argentina was said to be offering second clears here. Domestic second clears were quoted at $3.25 to $3.50; the import duty is supposed to be $2.10 a barrel. The exports on
the 21st inst. were 20,000 barrels from New York and 9,000
from Boston.
Wheat has declined moderately, with foreign markets
lower and Argentine offerings increasing. Drouth in the
winter wheat belt of this country and wet weather in Argentina have tended, with a pretty good export demand for
Manitoba, to prevent any very marked decline. On the 17th
Inst. prices declined lc. after an early advance of %c., closing % to %c. net lower. But export sales were 1,000,000
4
bushels, and Liverpool closed 1 to %d. higher. Winnipeg
was inclined to be steady. But the needed good rains fell
in Texas and Oklahoma. Liquidation was a feature and a
lack of support. On the 19th inst. prices declined lc. on
2c.
July and Y on other months. Later there was a rally
of 1%c. on July, closing %c. net higher on that month.
Winnipeg fell nearly lc., but rallied and ended %c. net
higher. The news was bearish, but the technical position
was better. The short side had been overdone. Liverpool,
however, closed % to %El. lower under a pressure of Argentina and Australia. And beneficial rains fell in Kansas,
Missouri, Nebraska, Indiana, and Ohio. Cables said France
would require about 30,000,000 bushels for import, and at
the same time would institute a rigid import certificate
regulation to prevent Russian dumping. The United States
visible supply decreased 1,272,000 bushels, and there was
also a decrease in the Canadian visible. The North American visible supply decreased in a week 2,292,000 bushels,
and the total now in sight is 276,058,000 bushels. Of United
States wheat the total visible is 180,766,000 bushels against
168,583,000 a year ago.
On the 20th inst. prices declined %c., with foreign markets lower and the Wickersham report on prohibition facing both ways too much to have any effect. Russian offerings were pressed on Liverpool. Foreign crop advices were
generally favorable. New Argentine wheat was offered
rather freely. Liverpool was reported off to new lows for
the season, and the lowest, indeed, for many years. On the
21st inst. prices ended unchanged to Ihc. higher, with cold
weather in the Southwest, where snows or rains were
needed, the snow covering being light, higher English cables
offsetting a decline in Argentina, and export sales of Canadian wheat estimated at 1,000,000 bushels. On the 22nd
4c. higher. Minneapolis
Inst. prices closed %c. lower to y
was % to %c. lower, and Winnipeg %c. higher. It was
active and firm early on covering, better cables than expected, a good export business in Manitoba, bad rains in
the Argentine, lack of dry weather in the winter belt, unfavorable seedings in France, and drouth and crop complaints in India. Later came a setback under general selling. There was pressure on July based on Chairman Legge's
statement that the Farm Board had made no decision as
yet regarding buying of the new wheat crop. The Farm
Board, however, will not object to borrowings of millers
of Stabilization Corp. wheat. Some sold at Chicago against
,43d.
purchases in Winnipeg. Liverpool ended %d. off to 1
higher. Argentine rose % to 1%c. at our close. Private
cables from the Argentine reported the weather still unsettled, the quality of wheat suffering and an active campaign under way for a reduced acreage there. Argentine
exports this week were estimated at 2,756,000 bushels
against 4,134,000 last year. The Black Sea shipped 248,000,
of which Russia cleared 232,000 bushels, making 72,440,000
bushels since Aug. 1.
On the 22nd inst. a United Press dispatch from Washington said: "Chairman Alexander Legge denied to the United
Press that the Farm Board has decided to discontinue wheat
stabilization operations after the end of the 1930 crop year,
in May 1931." Reports quoting Samuel ,Melielvie, wheat
member of the Board, as saying the Board would not support the 1931 market, were said by Legge to be erroneous.
"The Farm Board has made no plans for the 1931 wheat
crop as yet," Legge said. "I will not say that we will or
we won't support the new crop. That must be left for
further consideration." "The Board, of necessity, must end
its market operations in 1930 wheat in May, as the last of
that year's futures expires then. If the Board finds it necessary to lend its support to the 1931 crop, it was said, it
undoubtedly will continue operation. The whole situation
hinges on the condition of the wheat market at the end
of May."
There is to be a new commodity trading department in
the New York Produce Exchange. The Canadian bonded
wheat options are to be restored to the blackboards, under
revised rules for trading, and the purchases and sales of
Manitoba for Buffalo delivery, with the advantage of a
broad liquid ocean freight market under the same roof, is
to be begun some time, probably early in February. The
estimate of Canada's 1930 wheat crop is increased by more
than 2,000,000 bushels in a report issued by the Dominion
Bureau of Statistics, compared with an estimate made on
Nov. 13 last. The new estimate for all Canada is 397,872,000
bushels, of which 374,500,000 bushels were produced in the
Prairie Provinces. The previous estimate was 395,854,000
[Vol,. 132.
bushels, with 374,000,000 bushels for the Prairie Provinces.
/
To-day prices ended % to lc. lower at Chicago, 1 1 to EY4c.
lower at Minneapolis, and %c. lower at Winnipeg, under
persistent liquidation. Old May got down to within about
%c. of the pegged price of the Farm Board. Foreign markets were lower. The export demand fell off. The sales
were stated at only 300,000 to 400,000 bushels of Manitoba.
It was intimated, however, that more business is being
done for export than is reported. Italy, it is said, bought
nine small cargoes of Argentine wheat yesterday. Chain
stores reduced the pound loaf of bread to 5c. in 'Southern
Ohio, Northern Kentucky, and Southwestern Indiana, as
well as in one section of Illinois. The world shipments look
like about 12,000,000 bushels. Final prices show a decline
for the week of % to 1%c., the latter on new July.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
1
9534 9534 9534 9534 94%
96
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri,
8034 8031 8031 8034 8034 7934
March
8234 8134
8234 8231 824 823
May
6534 6434
6634 6534 66
66
July (new)
IN WINNIPEG.
DAILY CLOSING PRICES OF WHEAT FUTURES Wed. Thurs. Fri.
Sat. Mon. Tues.
56%
$ 56% 57
56% 56
56
May
5734 57% 57%
574 57
57
July
5834 54% 58%
58
59
58
October
Indian corn has had less cash demand, speculation has
slackened, the weather has latterly been good, and barley
and other feedstuffs have been reported weak in. Canada.
Despite statistical merits, prices have therefore declined.
On the 17th inst. a decline occurred of %e. Considerable
corn was reported being shipped from other terminal markets. On the 19th inst. prices ended % to %c. higher, helped
by the rally in wheat. The weather was unfavorable for
the movement of the crop. Rather larger receipts were
reported. Stocks of corn on farms in Kansas on Jan. 1 were
48,318,000 bushels, or about 12,665,000 less than on Jan. 1
1930. The United States visible supply increased last week
82,000 bushels against 1,054,000 a year ago, and the total
Is now 16,358,000 bushels against 13,197,000 a year ago.
On the 20th inst. prices declined lc. The Wickersham report
was considered with neither fish, flesh, nor fowl, and fell
flat. Rather large receipts were reported at Chicago, and,
moreover, Eastern markets were reported to be underselling
Chicago. But Southern Illinois was said to be bidding 1 or
2c. above primary markets.
4c. higher, after
On the 21st inst. prices ended % to 3
4
being I/ c. lower. Outside markets bid 1 to 2c. over Chicago.
prices for cash corn. The cold weather at the West was
expected to cause an increased feeding demand. On the
/
22nd inst. prices closed 1 to 114c. lower, though active and.
firmer at the start. Commission house buying and professional covering were features then, but later general selling and profit-taking caused a sharp setback, touching stoporders. A good deal of liquidation seemed to have been
done. Part of the selling was on weakness in Winnipeg
barley. Cash demand was small, with the industries buying
some, but Eastern shipping demand was poor. Country
offerings were light, but receipts fairly large. To-day prices
declined 1 to 1%c. under persistent liquidation, despite
what many would call bullish conditions of supply and
demand. Professionals were selling. The demand was
slack. Liquidation was also rather large. The weather
was favorable, though it is true country offerings were
small and actual receipts moderate. But, on the other hand.
4
cash demand was poor. The cash basis dropped 2 to '4c.
Furthermore, in Winnipeg barley was dull and May was
selling at 22c. This hurt, as well as reports of weakness
in other feedstuffs. Final prices show a decline for the
week of 3 to 4c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
84% 8534 8434 84% 8334 82%.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
March
6411
67
6714 68
6734 66
May
69
6934 6834 66
6934 79
July (new)
7034 7134 7034 7034 6934 07
Oats have declined moderately in -sympathy with lower
prices for corn. On the 17th inst. prices declined I/ c. in a
4
small market, affected by the decline in other grain. On
the 19th inst. prices advanced % to %c., in company with
other grain. The United States visible supply decreased
last 93,000 bushels against 564,000 in the same week last
year; total now 26,814,000 bushels against 26,127,000 a
year ago. On the 20th inst. prices fell / with corn lower.
2
1c.,
On the 21st inst. prices advanced / with corn, and a cer4c.,
1
tain amount of covering. On the 22nd inst. prices closed
% to %c. lower, affected by other grain. Cash oats, however, were firm, and advanced 'Ac. To-day prices ended 1
4
to %c. lower, in sympathy with corn, and also under the
of liquidation and professional selling. The deinfluence
mand was slow. Final prices show a decline for the week
of 1 to 1%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri.
43
44
No. 2 white
44
4334©4434 43Q)44 44
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGOi
Sat. Mon. Tues. Wed. Thurs. Frt.
32%.
March
3311 33% 3334 3334 33
33% 3331 3334 32%,
May
34
33
July (new)
32% 3234 3234 3234 32
32
JAN. 24 1931.]
FINANCIAL CHRONICLE
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
May
27% 28% 27%
July
27% 27(
27
IN WINNIPEG.
Wed. Thurs. Fri.
28
27% 26%
27( 27% 26%
Rye has been depressed to some extent by the decline in
wheat. On the 17th inst. prices declined / in sympathy
1
2
,c.,
with wheat. On the 19th inst. prices ended % to %c. higher,
stimulated by wheat. The United States visible supply
decreased last week 34,000 bushels against 85,000. The
total is now 15,294,000 bushels against 13,977,000 a year
ago. On the 20th inst. prices ended generally %c. lower,
with wheat down. • On the 21st inst. prices closed 4c. higher,
In company with wheat. Russia was said to be offering
barley freely in Europe. On the 22nd inst. prices closed
unchanged to %c. lower. Trade remained professional, and
the market closed weak, with wheat. To-day prices ended
to lc. lower, under the influence of wheat, and, as in
other grain, a noticeable amount of professional selling.
Final prices show a decline of 1 to 11
4c. for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
40% 40% 40% ____ 40% 39%
41% 41% 41% 41% 41
40%
41% 42% 41% 42
41%
March
May
July (new)
Closing quotations were as follows:
Wheat, New YorkOats, New York
No. 2 red. f.o.b., new
94%
No. 2 white
43
Manitoba No. 1, f.o.b N.Y. 68%
No. 3 white
40%
Rye
-No.2. f.o.b. New York 40%
Corn, New YorkChicago, No.1
No. 2 yellow, all rail
82% Barley
No.3 yellow, all rail
No.2 c.i.f. New York,dom. 55
80%
Chicago cash
40(66
FLOUR.
Spring pat. high protein24.90 $5.25 Rye flour. patents
$3.9011144.30
Spring patents
4.85 Semlnola, med.. No.34.50
2%02%
Clears, first spring
4.50 Oats goods
4.30
2.15
$2.10
Soft winter straights-- 4.10
4.45 Corn flour
2.15@ 2.20
Hard winter straights._ 4.30
4.70 Barley goods
Hard winter patents__ 4.70
Coarse
5.00
3.25
Hard winter clears
Fancy pearl. Nos. 1.
4.25
4.00
Fancy Minn. patents- 6.30
2. 3 and 4
6.80
6.15@ 6.50
City mills
7.25
6.55
For other tables usually given here, see page 609.
WEATHER REPORT FOR THE WEEK ENDED
JAN. 20.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Jan. 20, follows:
At the beginning of the week a substantial "high," attended by much
coldersweather, overspread the northern Great Plains and moved thence
rapidly southward to the Gulf States during the following day or two. It
brought subzero temperatures well southward over the north-central portions of the country and a rather hard freeze to northern Florida. Thereafter warmer weather prevailed generally and moderate to abnormally
high temperatures were the rule in most districts during the latter part
of the week.
The table on page 3 shows that, for the week as a whole, there were
marked contrasts in temperature conditions, in relation to the normal,
between the Southern and the Northern States, the weekly means being
much below normal in the South and abnormally high in the North, except in the Northeast. In the Gulf area the week was 6 deg. to 9 deg. colder
than normal and in North-Central States from 6 deg. to as much as 13 deg.
warmer than normal. West of the Rocky Mountains, the Pacific coast
had about normal warmth, but cold weather prevailed in much of the Great
Basin.
Subzero temperatures were reported from first-order stations as far
south as Northwestern Illinois and over the interior of the Northeast, with
minimum readings 10 deg. to 14 deg. below zero in some sections, while
freezing weather occurred as far south as Tampa, Fla.. with a minimum of
30 deg. at New Oneans, La. In the Ohio Valley the minima ranged mostly
from 14 deg. to 18 deg. and in central-trans-Mississippi States from 4 deg.
to 10 deg, above zero. The lowest reading reported for the week was 18
deg. below zero at Canton, N. Y.. on the 15th.
The table shows also that more or less precipitation occurred during
the week throughout the eastern half of the country, but in most sections
the amounts were light to only moderate. Some rather heavy falls were
reported from the east Gulf sections and also over much of southern Texas.
but in the central valleys they were mostly less than half an inch. A large
area in the Southwest had a rainless week, and very little precipitation
occurred in the Great Plains area. The south Pacific section had only
light rainfall, but moderate to substantial amounts were reported in western Washington and Oregon.
The cold wave early in the week brought the lowest temperatures so far
this winter to the eastern half of the country. There was a rapid reaction
to warmer, however, and only local damage to winter crops was reported.
Because of the absence of a protective snow blanket, the sudden change
to low temperatures was unfavorable for winter grains, but not markedly
so, though complaints continue of dryness from considerable sections of
the wheat belt. Snow the latter part of the week provided a protecting
blanket for grain fields and meadows over a considerable area of the
from the western Lake region eastward, with deep layers reportedNorth
from
the interior of the Northeast. Winter crops in the Southern States made
slow growth because of the unseasonably cold weather, but no widespread
harm occurred.
Most of the week was favorable for outside seasonal operations, especially
in the Central-Northern States, though there was considerable interruption
by rainy weather and wet fields to farm work in much of the South. While
light to moderate precipitation occurred in most of the persistently dry
areas, there are still complaints of water shortage and very dry subsoil
over a large area from the central Mississippi Valley 'eastward; some
sections report many wells and springs still dry. Heavy rains are badly needed
before the beginning of the next active growing season throughout
tically the entire Ohio Valley and Middle Atlantic States; otherwise, praceven
a moderate deficiency in precipitation would be keenly felt because of the
depleted condition of subsoil moisture.
THE DRY GOODS TRADE
New York, Friday Night, Jan. 23 1931.
While the textile situation has undergone further slight
improvement, as far as the actual volume of business recently placed is concerned, such improvement is in comparison with the extremely dull period recently quitted,
and a great deal admittedly remains to be accomplished
before the markets as a whole can be said to be on the main
road to normalcy. Chief of current and more pressing
obstacles is the hesitant attitude of buyers, reflecting persistent unsettlement in prices in numerous directions. A
limited enumeration of instances illustrates the fact that
there is plenty to discourage confidence in the price structure in most divisions. Certain wash fabrics and percales
recently declined slightly; towels are easier; blanket open-
689
ings revealed lower quotations than were expected by many
market observers; bedspread prices were reduced as a
result of the decline in rayons. Reports that the latter are
being purchased more freely now, as a result of the guarantees which accompanied the recent downward revision, are
encouraging, but in general there is no such generator of
confidence in other textiles, and buyers naturally continue
to hold off as long as their inadequate supplies will let
them. While business in the silk fabric market is at present
running into good volume, recent advances in the raw material have not been complemented by similar upward movements in finished silk, and stocks are reported to be
substantial.
-Further price weakness
DOMESTIC COTTON GOODS.
in the gray goods market, despite relative firmness of the
raw product, served to aggravate the cautiousness of buyers in a number of directions, and the current position in
the trade remains one of considerable confusion and uncertainty. While the outlook continues to be regarded with
comparative hopefulness, reflecting the liquid state of most
lines of goods and the broad, if slight, tendency of demand
to recover from the dullness apparent at the year-end, there
nevertheless appear to be an increasing number of people
who do not look for more than a very gradual improvement
in business during the first quarter of the year. Previous
expectations that improvement would materialize at an
earlier date were based on the belief that buyers would be
stimulated to inaugurate such expansion by a steadier trend
in prices. However, while recent recessions have not always
been very extensive or broadly recognized by large producers, they :have recurred persistently enough to effectively
prevent buying confidence from becoming general. The contention widely expressed in primary channels that -the present level of values cannot practically recede much further,
and that the outlook holds promise of nearby stabilization
and gradual re-ascent to a relatively normal scale, will have
to be tested and at least partially corroborated by the
course of events before it can be hoped that buyers will
begin to modify their policy of buying only what they immediately need-after searching the market through for
concessions which they are able to get only too often. Curtailment is evidently continuing on much the same scale as
previously, except in the case of a number of Southern mills
which have stepped up activity somewhat, justified, it is
reported, by the considerable amount of business which they
are individually carrying. Print cloths have continued to
lead the market in volume of business. Sheetings continue
quiet with little interest presently manifested. The broadcloth situation has also undergone little change. A somewhat spotty situation exists in the carded constructions,
with satisfactory business reported in some quarters while
dullness is cited in others. Measurably more business has
been placed for fine goods latterly, with the near approach
of the spring season forcing belated covering by buyers.
Indications in some quarters, derived from recent inquiries,
are that there will be rush ordering in many constructions.
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 576c., and 39
,
-inch 80x80's
at 7%c.
WOOLEN GOODS.
-A marked expansion in the demand
for men's wear fabrics is the current feature of woolens
and worsted markets, with buyers actively seeking certain
types of flannels and sports suitings in particular, and with
prices being generally maintained firmly. Concessions are
said to be limited to a few lines of low-end woolens and
medium priced worsteds, and are regarded as arising out
of efforts to bring such fabrics in line with the market
generally. Coatings priced at about $1.40 to $1.25 per yard
are also in demand, with even worsteds participating to
some extent in the revived business in coatings. A spurt
in mill activity has followed the increased business cited,
and it is indicated that few of the offerings for the fall
season, usually opened in January, will be shown this year
before the end of February. Meanwhile, though current
business in the men's wear division is larger than that in
evidence in the late months of 1930, it continues, on the
whole, well below last year's levels, and the outlook remains
obscure. The lack of confidence which has been part of
the attitude of buyers for so long continues to be manifest
in their present reluctance to contract into the future. However, mills continue to be fortified by the absence of accumulated stocks, and they remain committed to the policy of a
close regulation of supply to demand for at least the immediate future.
FOREIGN DRY -GOODS.-Linen markets remain relatively unchanged, with many factors awaiting the development of volume business on dress goods and Fallings for
the new season, and with sentiment continuing optimistic
by reason of the low prices at which linen fabrics can be
offered in competition with such goods as cottons, as a
result of the extremely low basis current for flax. Burlaps,
after receding to a level which attracted forward buying at
the same time that it emphasized the need of fulfilling curtailment plans in Calcutta, have made what is regarded as
a significant recovery. Light weights are quoted at 3.90c.,
and heavies at 5.35c.
690
FINANCIAL CHRONICLE
[VOL. 132.
life insurance companies in Illinois cannot rightfully invest
their funds in the bonds of a first mortgage on real property,
even though guaranteed by the bond and mortgage company,
unless the entire issue be purchased and held, was given to
Director Leo H. Lowe of the Department of Trade and
NEWS ITEMS
Commerce by Oscar E. Carlstrom, Attorney-General,
Auburndale, Fla.—Bondholders Protective Committee Ex- according to the "U. S. Daily" of Jan. 17 which goes on to
tends Time for Deposit of Bonds.—The following notice has say:
It is admitted that the added guarantee of the bond and mortgage
been sent out to the holders of the bonds of the above city,
company will perhaps make the bonds more safe and secure," Mr. Cartoutstanding in the amount of approximately $1,314,100, strom said, "but it cannot be said that the addition of such a guarantee
securities within
on which the interest payments were defaulted—V. 130, by that company will place thethe guarantee, thethe provisions of the
securities cannot be
if, without
p. 2445—extending the time limit for the deposit of bonds life investment act, of the Act. The addition of the guarantee by the bond
within the provisions
security behind
with the Protective Committee, as set forth in the agreement and mortgage company adds not to the bonds a cause ofthe notes. but
action against
rather it gives the holder of the notes or
issued on March 15 1930—V. 131, p. 2093.
mortgage company in the event of the failure of his securities."
Auburndale Bondholders' Protective Committee.
Kentucky.—Governor's Order Extending Period for PayNotice of Further Extension of Time to Deposit Bonds.
ment of Taxes Overruled by State Attorney General.—From
To the Holders of City of Auburndale, Fla., bonds:
Auburndale, Fla. have
The holders of $624.000 bonds a the city of
Frankfort, Ky. the "United States Daily" reported the
'
become depositors under the terms of the deposit agreement dated March 15
1930. As the committee now represents over 46% of the outstanding bonds following under date of Jan. 9:
ffitalle an Txty prpartutent
of the city, it is believed that the interests of bondholders who have not
deposited their bonds will be better protected by their becoming depositors.
The committee will be materially strengthened in its dealings with the city
if it can represent a large majority of the outstanding bonds.
The committee has therefore extended the time for the deposit of bonds
to and Including March 31 1931, after which date bonds will not be received
for deposit, unless at that time the period of deposit shall be extended upon
such terms and conditions and under such penalties as the committee may
in its discretion prescribe.
Bondholders are urged to deposit their bonds at an early date, however,
as the committee is anxious to make as much progress as possible before
the next regular session of the Florida Legislature in April 1931, at which
time it may be advisable to ask for legislation.
Bondholders desiring to become depositors should forward their bonds
to the depositary, the Chase National Bank, of the city of New York,
Equitable Trust Branch, 11 Broad Street, New York City.
Brookhaven (P. 0. Patchogue), N. Y.—Election on
$750,000 Road Bonds Ruled Illegal.—We are informed under
date of Jan. 17 by Claude C. Neville, Town Supervisor, that
a decision was handed down on Oct. 11 1930 by the Appellate
Division of the Supreme Court to the effect that an election
held on Nov. 16 1926, at which the issuance of $750,000 in
road bonds was authorized, was illegal and irregular. This
ruling by the Appellate Division, 2nd Department, reversed
the opinion of a lower court which had previously pronounced
the election valid and regular. The formal judgment has not
as yet been entered. Mr. Neville states that a further appeal
may be taken when the formal judgment is entered.
Columbus Ohio.—Salaries of City Employees May Be
Reduced to End Deficit.—On Jan. 16 the City Council asked
all employees of the City to take a 10% cut in their wages
until financial security again returns to the City, according
to the "Ohio State Journal" of Jan. 17. If this proposed cut
is accepted, it is believed that the funds retained from the
salaries of the employees will permit the extinguishment of
the expected deficit of $333,045.91 for the year and leave
sufficient money to care for charity needs. The City Council
is said to have promised that the salary cut would be reduced
or abolished as soon as possible.
We quote from the "Ohio State Journal" of Jan. 20 as
follows in regard to the proposed wage cut:
The proclamation of the Governor of Kentucky by which penalties and
January, 1931.
Interest were exempted from the payment of taxes during has advised the
was unauthorized by statute, Attorney General Cammack
of Public Accounts, Clell Coleman. Copies of the opinion have
Auditor
been sent to the 120 sheriffs of the State. according to Mr. Coleman. in all
Pointing out that the opinion of the Attorney General "is controlling the
to exact in
official matters" the Auditor told the sheriffs he would have
final settlement with them the 6% fine and 6% penalty prescribed by law.
said in part:
His letter
is
"Am enclosing copy of the Attorney General's opinion which adverse to
the Governor's proclamation.
is controlled in the conduct of all official matters by the
"As the Auditor
me to live up to the
Attorney General's opinion it becomes necessary for
you the
requirements of the statutes, and exact in the final settlement with
r
ovided
at
os flr y is pr
o alti a d
.
6%*enarn l nd 6 V orne
intended can not be granted: this
the
no further question as
opinion being so full and complete there seems to be
to my duty."
Mississippi.—United States Supreme Court Upholds Taxing
Power of Improvement Districts.—A special dispatch from
Jackson to the "Wall Street Journal" of Jan. 15 reports
that the United States Supreme Court recently sustained
as valid the taxes imposed by the Oldham District in Tishomingo Co., affirming the decision of the State Supreme Court
in favor of the County in the suit brought by the Memphis
and Charleston Co. This particular case, which will have
a bearing on bond issues of all the Mississippi road
impt. districts, is said to have been argued before the State
court twice and the same number of times before the United
State Supreme Court. While the case in point involved
only 86,500 in bonds, the decision affirmed the right of
local impt. districts to assess taxes, thereby sustaining all
such bond issues in the State.
New York City.—Comptroller Berry Issues Advance
Financial Report.—In a detailed statement dated Jan. 10,
which was made public on Jan. 19 by the Department of
Finance preliminary to its complete annual report which
makes its appearance at the end of February, it was shown
that the City spent a total of $1,334,129,692 for all purposes
during 1930, while the receipts for the same period aggregated
$1,334,223,459 and the bonded debt of the City now totals
$2,127,845,572, an increase of 8.073% over the total for
the previous year of $1,968,893,361. According to the
report the sources of city revenue have been steadily increasing during the past five years, figures being shown back
to 1926 in the statement.
City council, Monday night passed unanimously the 1931 appropriation
ordinance or budget totalling approximately $3,588,000, a sum that is to be
reduced by deduction of 10% of the salaries of city employees. 10% after
The ordinance in an amendment provided for retention of the
approval of this move was given in a resolution adopted by council shortly
before the ordinance came up for passage.
It is estimated the cut in salaries would result in saving of about $351.000
this will not
to the city if continued for a year. It is the belief of councilmen
be necessary.
It is thought that in a few months the Legislature will have permitted
the cut
NO. 1
issuing bonds for relief of poor and the city either can discontinue
ALAMOSA COUNTY CONSOLIDATED SCHOOL DISTRICT
or reduce the percentage.
Colo.—PRE-ELECTION SALE.—A $15,000 Issue of
the cut,
The Municipal Employees' Association, which at first objected to council- (P. 0. Alamosa), bonds is reported to have been purchased by Joseph
43i% school building
withdrew its protest Monday after a conference with some of tho
subject to a pending election.
the
men. Its members, 2,600 strong, realize there is no other way out of be D. Grigsby & Co. of Pueblo
could
.
situation, although an occupational tax would be preferable if it
ALBURG, Grand Isle County, Vt.—BOND OFFERING.—Sealed bids
association said.
applied, officials of the
addressed to the Town Clerk will be received at the Franklin County
21 for
Suit Entered Against Bond Savings Bank & Trust Co., St. Albans, until Feb.$1,000. the purchase
Fabens, Tex.—Injunction
Due $2,000
of $50,000 5% coupon refunding bonds. Denom.
is payable semiSale.—Local taxpayers have entered suit in the District annually on Jan. 2 from 1932 to 1956 inclusive. Interestpursuant to the
issued
to obtain an injunction annually in January and July. The bonds areof Vermont as amended.
Court against the town officials
provisions of Section 4085 of the General Laws
restraining them from selling $55,000 waterworks bonds
ALPINE, Bergen County, N. J.—BOND OFFERINO.—Phillp G.
on
that were voted on March 1 1930, according to recent news- Mahler, Borough Clerk, will receive sealed bids until 8 p. m.6%Jan. 28
coupon
or
555,
charge that the election for the purchase of $75,000 4,4if,,
5,5
paper reports. The plaintiffs
or registered water bonds. Dated Jan. 1 1931. Denom. $1,000. Due
was illegally called and held.
follows: $5,000 from 1933 to 1941 incl. and $6,000 from 1942 to
Jan. 1 as
1946 incl. Prin. and semi-ann. int. (J. & J.) are payable at the Northern
Fall River, Mass.—Bill Introduced to Restore City's Credit. Valley National Bank, Tenafly. No more bonds are to be awarded than
bill was introduced in the State Legis- will produce a premium of $1,000 over $75,000. A certified check for 2%
—On Jan. 17 a
on behalf of of the amount of bonds bid for, payable to the order of the Borough, must
lature by Representative Wm. F. Thomas which would accompany each proposal. The approving opinion of Hawkins, Delafleld.&
industrial leaders
Longfellow of Now York will be furnished the successful bidder.
Fall River business and
10 years
for
ARCADIA, Iron County, Mo.—BOND OFFERING.—We are informed
alter the city's form of government bythe next
the State. This that sealed bids are being received at once by F. it. Comfort, Trustee, for
tion
and allow of financial administra
the city's the purchase of an $8,000 issue of coupon water works system bonds.vDemeasure is said to have been taken to improve depression nom. $500. Dated Oct. 11930. Prin. and int. (A. & 0.) payable infArbecause of the
cadia. Legality approved by the State Auditor.
credit, which recently suffered
,
with a complication ensuing
ATASCOSA COUNTY ROAD DISTRICT NO. 4 (P. 0. Jourdan
the city's textile industry, p. 159. The bill provides ton), Tex.—BOND SALE.—Two issues of
% refunding road bonds
in
purchased by It. D. Crosby sec
has
a note default—V. 132, part of the city to borrow aggregating $221,000, The recently been follows: $161,000 series A 1931.
due to
issues are as
the
Co. of San
for immediate authority onwithin 10 years for the redemp- and $60,000Antonio. 1931 bonds. Denom. $1,000. Dated Jan. 15 1931.
Series B
$3,500,000, payable
Due in from 1 to 20 years. Prin. and int. (A. & 0. I) payable at the
up to
obligations. The Boston "Tran- Chase National Bank in New York City.
tion of certain outstanding on the measure as follows:
Financial Statement (As Officially Reported).
$25,000,000
Jan. 17 reported
Estimated true value of all taxable property
script" of
6,641,475
Fall River, on petition of a group of
Representative William F.Thomas of the clerk of the House of Repre- Assessed valuation, 1930issue)
409,000
filed with
Total debt (including this
citizens of that city, to-day
None
to issue bonds in the amount of $3,500.- Overlapping debt (district)
sentatives a bill authorizing the city
loans, for the satisfaction
Official estimate of population at present, 15,000•
of all outstanding temporary prior to Jan. 1 1931, for
000 for the payment
granted or expended
,
ATLANTA, Fulton County, Ca.—BOND SALE.—The five issues of
of all amounts appropriatedmade in the last preceding annual assessment.
which no provision has been the satisfaction of abatements on account of 4)(% coupon or registered bonds aggregating $13,000 offered for sale on
by J. H. Hilsman & Co.,
The bill also provides for
prior year in excess of the overlay of Jan. 19—V. 132, p. 522—were jointly purchased
of any
tax assessments of 1930 and of final judgment loans and for tao payment Inc., and the Citizens & Southern Co., both of Atlanta, paying a premium
payment
3.81%. The issueskare
such years, for the
corporations entitled to refunds on account of $303.03, equal to 102.33, a basis of about
to individuals, partnerships and
property in 1930 and prior years. described as follows:
assessed upon their respective would be used by a board of finance 83,000 Reeder Circle bonds. Due from Jan. 1 1933 to 1940.
of taxes
The money raised by the bonds or notes legislation.
4,000 Coleman St. bonds. Due from Jan. 1 1933 to 1940.
set up under the terms of the proposed
2,000 Scipio St. bonds. Due from Jan. 1 1934 to 1940.
Mildred St. bonds. Due from Jan. 1 1934
eneral Renders Opinion Regarding 3,500 Henry St. bonds.i&Due on Jan. 11940. to 1940.
Illinois.—Attorney-G
that
500
opinion to the effect
BOND PROPOSALS AND NEGOTIATIONS.
Insurance Investments.—A recent
JAN. 24
1931.]
FINANCIAL CHRONICLE
AUBURN TOWNSHIP, Geauga County, Ohio.
-BOND SALE.
The $2,063.90 coupon special assessment road impt. bonds offered on
Jan.15-V. 132, p. 167
-were awarded as 535s to the Chagrin Falls Banking
Co. of Chagrin Falls, at roar and accrued int. Due on Oct. 1 as follows:
$263.90 in 1932 and $200 from 1933 to 1941 incl. Slier, Carpenter & Roose
of Toledo bid par plus a premium of $5 for 6% bonds.
691
CASPER, Natrona County, Wyo.-REDEMPTION NOTICE.
-In
connection with the notice of the bond call on Feb. 15 at Kountze Bros.
in New York, given in V. 132, p. 523. we give herewith a more complete
description of the bonds to be redeemed:
Cemetery 6% bonds, dated Feb. 11921. opt. Feb. 1 1931, due Feb. 1 1951,
entire issue, Nos. 1 to 50, inclusive.
Drainage 6% bonds, dated Feb. 1 1921, opt. Feb. 1 1931. due Feb. 1 1941.
entire issue, Nos. 1 to 39, incl., and 41 to 100, Incl.
Public Building (Fire Department Bldg.) 6% bonds, dated Feb. 1 1921,
opt. Feb. 1 1931, due Feb. 1 1951, entire issue, Nos. 1 to 165, incl., and
168 to 220,incl.
Sewer District 6% bonds dated Feb. 1 1921, opt, Feb. 1 1931. due Feb. 1
1941, entire issue, Nos. 1 to 9, incl., and 12 to 150, incl.
CASPER, Natrona County, Wyo.-ADDITIONAL DETAILS.
-The
$300.000Nssue ofcoupon refunding bondsthat was purchased by John Nuveen
-V. 132, p. .523-was awarded at a price of 100.31, on
& Co., of Chicago
the bonds divided as follows: $170,000 as 5318, due $10,000 from Feb. 1
1932 to 1948, incl., and $130,000 as 5s, due $10,000 from Feb. 1 1949 to
1961, incl. Basis of about 5.10%.
BidderRate Bid.
Premium.
5185.000 at 53(%
Bosworth, Chanute, Loughridge & Co
$11.00
115.000 at 5%
Well, Roth & Irving Co
300.000 at .531%
3,302.00
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
Herbert D. Condon, County Treasurer, will receive sealed bids until
2 p. m. on Feb. 4 for the purchase of $14.300 435% Boone Township road
construction bonds. Dated Jan. 15 1931. Denom. $715. Due $715
on Jan. and July 15 from 1932 to 1941 incl. Prin. and semi-ann. int.
(J. & J. 15) are payable at the office of the County Treasurer.
BALLY, Berks County, Pa.
-BOND SALE.
-An issue of $25,000 43 %
5
water works plant improvement bonds has been purchased at a price of ,par
by William H. Luden, a local investor. The 13onds mature in 1958 but
may be redeemed at any time after 1933 at the option of the borough.
BANGOR, Penobscot County Me.-TEMPORARY LOAN.
-The
$200,000 temporary loan offered on Jan. 19-V. 132, p. 522
-was
to the Merrill Trust Co. of Bangor at 2.50% discount. The loan awarded
is dated
Jan. 19 1931 and matures Oct. 6 1931.
The following is a list of the bids submitted for the loan:
BidderDiscount.
Merrill Trust Co. (purchaser)
S. N. Bond & Co., New York
2:595 c
0 o
;
Eastern Trust & Banking Co., Bangor
3.10%
BATTLE CREEK SCHOOL DISTRICT, Calhoun County, Mich.
BOND SALE.
-The $300,000 school bonds offered on Jan. 19 (V.
522) were awarded as 434s to Ames, Emerich & Co. of Chicago at 132, P•
a price
of 101.58, a basis of about 4.06%. The bonds are dated Feb. 1 1931 and
mature reel). 1 as follows: $10.000 from 1932 to 1937, incl., and $20,000
from 1938 to 1949. incl.
BAY COUNTY (P. 0. Bay City), Mich.
-BOND ELECTION URGED.
-The Board of County Supervisors has been petitioned to submit the
question of a proposed bond issue of $375,000 for consideration of the
voters at the spring election to be held in April. The purpose of the issue
CHAGRIN FALLS, Ohio.
-BOND SALE AUTHORI2ED.-The
is to provide funds for the construction of a new county court house building.
City Council recently adopted an ordinance providing for the issuance
BEACHWOOD (P. 0. Warrensville, R. F. D.), Cuyahoga County, of $90,000
5% park impt. bonds. Dated June 1 1931. Due serially
Ohio.
-BOND SALE.
-The $228,646 special assessment street improve- over a period of 25 years. Prin, and semi-ann. int. (J. & D.) to be payable
ment bonds offered on Jan. 20-V. 132, p. 342
-were awarded as 6s at at the Chagrin Falls Banking Co., Chagrin Falls.
par to the Guardian Trust Co. of Cleveland, the only bidder. The bonds
are dated March 1 1931 and mature Oct. 1 as follows: $21,646 in 1932;
CHAMBERSBURG SCHOOL DISTRICT, Franklin County, Pa.
$23,000 from 1933 to 1938 incl.; 1322,000 in 1939; $28,000 in 1940. and LIST OF BIDS.
-In connection with the report of the award of $300,000
$24.000 in 1941.
435% school building construction and impt. bonds to the Valley National
Bank of Chambersburg at par plus a premium of $19,521, equal to 106.50.
BEAUMONT, Jefferson County, Tex.
-BONDS APPROVED.
-We
-we learn that the successful bid
are informed that the Attorney-General has given his approval recently a basis of about 3.99%-V. 132, p. 523
to the $400,000 various purposes bonds that were authorized by the City was submitted by George H. Stewart of ShIppensburg. Chairman of the
Council
-V. 131, p.4243. It is stated that these bonds will soon be offered Bank. The following is an official list of the bids submitted for the issue;
Bidderfor sale.
Rate Bid.
Ames, Emerich & Co.,
103.779
BEVERLY SUNSET DRAINAGE DISTRICT NO. 29 (P. 0. Los Brown Bros., HarrimanInc., New York
& Co., Philadelphia
104.512
Angeles), Los Angeles County, Calif.
-BOND SALE.
-A $270,000 M. M.
Freeman & Co., Philadelphia
104.11
Issue of 13% semi-ann. drainage bonds is reported to have been purchased Graham, Parsons & Co.,
Philadelphia. Pa
104.875
by an undisclosed investor. Denom. $1,000. Dated Dec. 22 1930. Due J. H. Holmes & Co., Pittsburgh
104.04
$18,000 from 1932 to 1946 incl.
A. B. Leach & Co.. Inc., Philadelphia
105.33
BIRMINGHAM, Oakland County, Mich.
104.61
-PLAN TO REFUND Mellon National Bank, Pittsburgh
MATURING $100,000 SCHOOL BONDS.
103.799
-The School Board is planning M.& T. Trust Co., Buffalo
to refund an issue of 5100.000 school bonds which matures on April 10 National City Co., Philadelphia
103.009
1931 through the public award on Feb. 1 of a similar amount of bonds to 1,'j H. Newbold's Son & Co.. Philadelphia
103.045
mature Over a period of 15 years. This procedure is said to be necessary E. H. Rollins & Sons, Philadelphia
105.6194
Inasmuch as no tax money has been paid into the school sinking funds R.M.Snyder & Co.and Stetson dr Blackman,Philadelphia,jointly 105.14
George H. Stewart, Shippensburg, Chairman, Valley National
since last April.
Bank,Chambersburg
*106.50
National Bank of Chambersburg, Chambersburg Trust Co., and
BLAKELY TOWNSHIP POOR DISTRICT (Including
of Throop, Olyphant, Blakely, Winton, Archbald, the Boroughs
Farmers dr Merchant Trust Co., jointly
100.50
Jermyn and
Dickson City), Lackawanna County, Pa.
*Successful bid.
-280,000 5% BONDS OFFERED FOR INVESTMENT.
-M. M. Freeman & Co., of Philadelphia.
CHICAGO, Cook County, Ill.
-NOTICE OF REDEMPTION.
-Lewis
are offering $80,000 5% coupon or registered bonds,
and duo Dec. 1 1948. for public investment priced todated Dec. 1 1928 E. Myers, President of the Board of Education, serves notice to holders
yield 4.25%, plus
accrued interest. Denom. $1,000. Principal and semi-annual interest of Board of Education school building tax anticipation warrant notes.
(June and December) payable at the First National Bank, Olyphant. dated July 11929, $5,000 denoms., and due June 15 1930,"that the money
The offering notice states that the bonds constitute direct and general for the payment of said warrants is available and that said warrants will
obligations of the entire l'oor District secured by its full faith, credit and be paid on presentation through any bank, to the City Treasurer, Halsey.
taxing iiower. Legality approved by Townsend. Elliott & Munson, of Stuart & Co. of Chicago, or the Guaranty Trust Co., New York." Int.
Philadelphia. Legal investment for savings banks and trust funds in accrual will be stopped on Jan. 30 1931, if foregoing notes are not presented
for collection on or before that date.
Pennsylvania, according to the bankers.
CHICAGO SOUTH PARK DISTRICT, Cook County, 111.
Financial Statement.
-SYNDIReal valuation (estimated)
-The syndicate
$85,000,000 CATE MEMBERS REOFFER 51,000,000 4% BONDS.
Assessed valuation 1930
27,000,568 which was awarded the $1,000,000 issue of 4% stadium completion bonds
Total debt
284,000 (second issue) offered on Jan. 16-V. 132. p. 523-includes the Continental
Population, 1930 (U. S. Census), 61,039.
Illinois Co., the First Union Trust & Savings Bank, the Harris Trust &
Savings Bank. and the Northern Trust
BLUE EARTH COUNTY INDEPENDENT SCHOOL DISTRICT is reoffering the securities for public Co.. all of Chicago, and the group
investment priced to yield 4.00%
NO. 105 (P. 0. Mankato), Minn.
-BOND SALE.
-An issue of $115.0000 for the 1932 maturity, 4.05% for the
maturity;
43% school building bonds is reported to have been purchased by the 4.15%, 1935 maturity; 4.20%, 1936 1933 maturity,4.10'7 .1934the bonds
maturity; and 4.25% for
State of Minnesota.
due from 1937 to 1951, incl. The Syndicate paid a price of 97.10 for the
issue, the net interest cost
BOSTON, Suffolk County. Mass.-IMPROVEMENT PROGRAM 4.33%. The bonds are, in of the financing to the district being about
the opinion of counsel, direct obligations of the
CALLS FOR EXPENDITURE d53,975,000.
-Mayor Curley has filed South Park Commissioners, and are payable from unlimited ad valorem
with the city council loan orders calling for the expenditure of $3,975,000 taxes levied against
all the
for various impt. projects. The money is expected to be realized through statement of the financial taxable property within the District. A detailed
condition of the District appeared In our issue
the sale of city bonds inside the debt limit. The sum desired is reported
to be within $625,000 of the city's borrowing capacity for 1931, which is of Jan. 17.
CHIKAMING TOWNSHIP (P. 0.Lakeside), Berrien County, Mich.
$4,600,000, or $1,100,000 less than the figure during the preceding year.
The "Wall Street Journal" of Jan. 17 lists the purposes for which the BELATED BOND SALE REPORT.
-We have been advised that the issue
funds are needed as follows: "$1.000,000 for sewers; $700,000 for two of $5,000 fire department apparatus purchase bonds offered on Sept. 3downtown police stations; $500,000 for city hospital buildings: $350.000 V. 131. p. 1451-was awarded as 6s to the American State Bank of Lansing
at a price of par. Only one bid was received. The bonds are dated
for a central fire station. South Boston: $200,000 for two branch
libraries;
$200.000 for a recreation building at Long Island Hospital; $275,000 for Sept. 1 1930 and mature annually on Sept. 1 from 1931 to 1935 incl.
completion of the West Roxbury golf course; $300,000 for a new public
CINCINNATI, Hamilton County, Ohio.
-RATE OF INTEREST.welfare building in Boston: $175,000 for the new Morton St. Bridge,
and The $49,681.14 Colerain Ave. special assessment improvement bonds in$75,000 for a new Shawrnut Ave. Railroad Bridge."
cluded in the purchase of $104,681.14 bonds by the Board of Sinking Fund
Trustees
-V. 132, p. 523-bear interest at 5%.
BRADFORD, Drake County, Ohio.
-BOND SALE.
coupon refunding special assessment !rapt. bonds offered -The $6.000
CINCINNATI, Hamilton County, Ohlo.-NOTICE OF BOND REon
V. 132, p. 162
-were awarded as 5s to Slier, Carpenter & Jan. 13- DEMPTION.
Roose of
-The following notice of the proposed redemption shortly
Toledo, at par plus a premium of $14, equal to 100.23, a basis of
about of certain street improvement bonds appeared in the Jan. 20 issue of the
5.17%. The bonds are dated July 1 1930 and mature semi-annually
as Cincinnati "Enquirer":
follows: $500 on Oct. 1 1931, S500 April and Oct. 1 from 1932 to
"Notice is hereby given to the owners and holders of the following de1936
incl., and 5500 April 1 1937. Ryan, Sutherland & Co. of Toledo bid
par scribed City of Cincinnati bonds,redeemable in 1931, or at any time thereplus a premium of $13 for the bonds as 555s.
,
after; bearing interest at the rate of 5.75% per annum, that under the
option of
BRISTOL COUNTY (P. 0. Taunton), Mass.
-LOAN
- cil of the redemption in said bonds reserved, and by resolution of the CounEsther Kingman, County Treasurer, will receive sealed bidsOFFERING.
City of Cincinnati and by order of the Board of Trustees of the
until 10
on Jan. 27 for the purchase at discount of a $300,000 temporary A.M. Sinking Fund of said city, said bonds are hereby called for payment on the
loan. dates hereinafter set forth,
Dated Jan, 28 1931. Denominations to suit purchaser. Payable
and that said bonds will be paid on said dates.
Nov.
1931 at the First National Bank of Boston. The notes will be certified 27 upon presentation at the Irving Trust Co., New York City or at the
as Proviolent Savings Bank &
to genuineness and validity by the aforementioned bank, under
Trust Co., Cincinnati. Ohio, and that interest
advice of thereon will cease on
Ropes, Gray. Boyden & Perkins, of Boston.
and after said option dates:
"On Feb. 1 1931 the following bonds:
BUFORD RURAL SCHOOL DISTRICT (P. 0. Mount
"176 street bonds. $500 each; 5.75%. Dated Feb. 1 1921; payable
Orab, R. R.
No. 3), Highland County, Ohio.
-BOND OFFERING.
-Russell Varley, 1946; optional Feb. 1 1931. Ordinance 20, Jan. 25 1921. Referendum
Clerk of the Board of Education, will receive sealed bids until 7
p. m. 1919 (Second Street condemnation, &c.). Nos. 1 to 176; $88,000.00.
on Feb. 2 for the purchase of $32,000 535% school building
"386
construction bonds. Dated March 1 1931. Denom. $800. impt. and 1951; street bonds. $500 each; 5.75%. Dated Feb. 1 1921; payable
Due 5800
on April and Oct. 1 from 1932 to 1951 incl. Int. is payable semi-annually 1916. optional Feb. 1 1931. Ordinance 21, Jan. 25 1921. Referendum
(Hamilton Avenue condemnation,&c.) Nos. 1 to 386:5193.000.00.
In April and Oct. Bids for the bonds to bear int, at a rate other
On March 1 1931 the following bonds:
than
535 0, expressed in a multiple of 31 of 1% will also be considered.
,
"172 street bonds, $500 each 5.75%. Dated March 1 1921; payable
A
cert fled check for $1,000. payable to the order of the Board of Education, 1941; optional March
1 1931. Ordinance 22, Jan, 25 1921. (Second
must accompany each proposal.
Street.) Nos. 177 to 348; $86,000.00.
"100 street bonds. $1,000 each; 5.75%. Dated March 1 1921: payable
CALHOUN COUNTY(P. 0. Marshall), Mich.
-BOND ELECTION.
- 1941; optional March 1 1931. Ordinance 45. Feb. 23 1921. Referendum
At an election to be held on April 6 the voters will decide the fate of
proposed $110,000 bond issue, the purpose of which is to provide funds a 1919. (Main Street.) Nos. 1 to 100: $100,000.00.
"59 street bonds, $1,000 each; 5.75%. Dated March 1 1921: payable
the operation of the county poor relief forces during the present year. for
1951; optional March 1 1931. Ordinance 46, Feb. 23 1921. Referendum
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
- 1919. (Broadway.) Nos. 1 to 59: $59,000.00.
Sealed bids will be received until March 5 by Charles G.
"On March 15 1931 the following bonds:
Treasurer, for the purchase of a $4,000.000 issue of 431% Johnson, State
"262 street bonds, $1.000 each; 5.75%. Dated March 15 1921. payable
semi-ann. veterans' welfare bonds. Duo from 1935 to 1952.
1951; optional March 15 1931. Ordinance 47, Feb. 23 1921. (Eastern
CANTON GRADED SCHOOL DISTRICT (P.O. Canton), Haywood Avenue, &c.) Nos. 1 to 262, $262,000.00.
By order of the Board of Trustees of the Sinking Fund of the City of
-BOND SALE.
County, N. C.
-The $15,000 issue of coupon school bonds
Cincinnati, Ohio.
offered for sale on Jan. 20-V. 132. p. 342
-was purchased by Seipp,
Nov.3 1930.
Princell & Co. of Chicago as Os, paying a premium of 3100,equal to 100.66.
"CHARLES L. HARRISON,President."
a basis of about 5.94%. Due $1,000 from Jan. 1 1934 to 1948 incl.
The only other bid reported was a premium offer of $40 on 6s, made by
CLARK COUNTY (P. 0. Jeffersonville), Ind.
-BOND OFFERINGMagnus & Co. of Cincinnati.
George Groher, County Treasurer, will receive sealed bids until 10 a. in.
On Feb. 2 for the purchase of 321.800 435% Charles E. Willey highway
,
CARUTHERSVILLE, Pemiscot County, Mo.-BONDS PROPOSED.
.
bonds. Dated Dec. 29 1930. Denom. $545. Due $545, July 15
A special election is to be held on Mar. 3 in order to have the voters pass impt.$545, Jan. and July 15 from 1933
1932
to 1951 incl., and 5545 on Jan.
upon the proposed issuance of $90,000 in light plant bonds.
15
1952. Int. is payable semi-annually on Jan. and July 15.
1
692
FINANCIAL CHRONICLE
-BOND OFFERING.
COCKE COUNTY (P. 0. Newport), Tenn.
Sealed bids will be received until 10 a. m. on Jan. 22. by W. C. Cureton,
Clerk of the County Court, for the purchase of an issue of $110,000 court
house bonds. Int. rate is not to exceed 534%, payable semi-annually.
These bonds were unsuccessfully offered on Dec. 19-V. 131, P. 4244•
-BONDS
COLLINGSWORTH COUNTY (P. 0. Wellington), Tex.
TO BE VOTED.
-An election will be held on Feb. 14 in order to have the
of $175,000 in court house building
voters pass on the proposed issuance
bonds.
-Sealed
-BOND OFFERING.
COLUMBIA, Richland County, S. C.
bids will be received until 11 a. m. on Feb. 10 by G. F. Cooper, City Clerk
and Treasurer, for the purchase of a $46.000 issue of coupon assessment
bonds. Int. rate is not to exceed 6%. Rate is to be stated in a multiple
of 11 of 1% and must be the same for all of the bonds. Denom. $1,000.
Dated Feb. 1 1931. Due on Feb. 1 as follows: $4,000, 1932 to 1936;
$5,000, 1937 to 1940, and $6,000 in 1941. Prin. and int. (A. & 0. 15)
payable in New York in gold. The bonds and the approving opinion of
Reed, Hoyt & Washburn of New York will be furnIhed. A certified
check for 2% of the bonds bid for, payable to the city, is required.
-TEMPORARY LOAN.
CONCORD, Merrimack County, N. H.
(3. H. Foster, City Treasurer, on Jan. 22 awarded a $200,000 temporary
loan to the Shawmut Corp. of Boston at 2.41% discount. The loan matures Dec. 10 1931.
The following is a list of the bids submitted for the loan:
2 unt.
Disco417
Biddervrm
Shaut Corp. (purchaser)
2.48
premium)
F. S. Moseley & Co. (plus $5
22.5.7305%
First National Old Colony Corp
2.63
Bros. & Hutzler
Salomon
S.N. Bond & Co
-The $20,000
SALE.
-BOND
CONRAD, Pondera County, Mont.
issue of coupon refunding sewer bonds offered for sale on Jan. 12-V. 131,
-was purchased by the State of Montana, as 511s. Dated Jan. 12
p.4244
1931. Due on the amortization plan on Jan. 12 1951. Interest payable
.on Jan. and July 1.
CUSTER COUNTY SCHOOL DISTRICT NO.15(P. O. Marna), Neb.
-A $15,000 issue of 41i% school building bonds was
-BOND SALE.
purchased recently at par by the Omaha National Co. of Omaha.
CUYAHOGA FALLS CITY SCHOOL DISTRICT, Summit County,
-The $350,000 school bonds offered on Jan. 19-BOND SALE.
Ohio.
-were awarded as 414s to Halsey, Stuart & Co., Inc. of
V. 132, p. 524
•Chicago, at par plus a premium of $5,401, equal to 101.543, a basis of about
4.32%. The bonds are dated Oct. 1 1930 and mature semi-annually as
follows: $8,000 April and $9.000 Oct. 1 from 1932 to 1941 incl., and $9,000
April and Oct. 1 from 1942 to 1951 incl.
-E. E.
-BOND OFFERING.
DAYTON, Montgomery County, Ohio.
Hagerman, Director of Finance and City Accountant, will receive sealed
bids until 12 M. (Eastern standard time) on Feb. 11 for the purchase of
$60,000 434% public parks and playground bonds of 1931. Dated Feb. 1
1931. Denom. $1,000. Due $6,000 on Sept. 1 from 1932 to 1941, incl.
Principal and semi-annual interest (March and Sept.) are payable at the
fiscal agent of the City of Dayton in the City of New York. The bonds
will be issued in coupon form. A certified check for 3% of the par value
of the bonds bid for must accompany each proposal. The successful
bidder will be furnished upon request and without expense with the opinion
of Squire, Sanders & Dempsey of Cleveland that the bonds are binding
and legal obligations of the City.
-The
-BOND SALE.
De KALB COUNTY (P. 0. Auburn), Ind.
$3,400 434% coupon highway impt. bonds offered on Jan. 15-V. 131,
National Bank of Auburn on its uncon-were awarded to the City
p. 4244
ditional offer of par plus a premium of $5, equal to 100.14. a basis of about
4.47%. Dated -Dec. 15 1930. Due $170. July 15 1932; $170, Jan. and
July 15 from 1933 to 1941 incl. and $170. Jan. 15 1942. A conditional
offer of par plus a premium of $85.60 was submitted by the Fletcher Saving
& Trust Co., Indianapolis.
-An issue of
DES MOINES, Polk County, lowa.-BOND SALE.
$116,000 4% refunding bonds has recently been sold to the Iowa-Des
National Co., paying a premium of $70, equal to 100.06. The
Moines
next highest bid was a premium offer of$65 by the White-Phillips Co.,Inc.
.-The $48,000 415%
-BOND SALE
DES PLAINES,Cook County, III.
-were awarded to the
funding bonds offered on Jan. 19-V. 132, 1). 343
the only bidder, at par plus a premium
White-Phillips Co. of Davenport,
are
of $175, equal to 100.36. a basis of about 4.47%. The bondsincl. dated
The
Jan. 1 1931 and mature $3,000 on Jan. 1 from 1938 to 1953
successful bidder agreed to pay the cost of the legal opinion and the printing
of the bonds.
-CITY MAY ISSUE 17,500,000
DETROIT, Wayne County, Mich.
-In a statement recently presented to the City Comptroller
IN BONDS.
to
it was estimated that the sum of $30,980.000 would be neededthe operate
coming
and maintain the municipally owned street railways during
fiscal year. About 523.400,000 of this sum will be derived from revenue,
leaving the remainder of approximately $7,500,000 to be obtained through
the issuance of long-term bonds.
-BONDS AUTHORDICKSON COUNTY (P. 0. Charlotte), Tenn.
.IZED.-The State Legislature recently passed a bill authorizing the issuance
semi-annual county funding bonds. Denom. $1,000.
of 5200,000 in 516%
1932
Dated Jan. 1 1931. Due on April 1, as follows: $4,000, Prin. to 1936;
and
$8.000. 1937 to 1946, and 510,000, 1947 to 1956. all incl.New York. int.
National Bank & Trust Co. in
payable at the Chemical
The State Legislature has also authorized the issuance of the following
• obligations: $100.060 not to exceed 6% Fentress County semi-annual
funding bonds; $40,000 not to exceed 6% Johnson City funding bonds;
Newborn, notes and bonds to be issued in an amount not to exceed 75%
of the then current tax levy for all municipal purposes.
-The
DOUGLAS COUNTY (P. 0. Omaha), Neb.-LIST OF BIDS.
following is a list of the other bids received for the $300.000 issue of 435%
& J.) county hospital bonds that was jointly purchased by the
.coupon (J.
Omaha,
Harris Trust & Savings Bank of Chicago, the First Trust Co. ofof about
basis
and Ware, Hall & Co. of Omaha, at a price of 105.97, a
3.98%.
Premium.
Bidder$16,109.50
-Omaha National Co., and associates
15,955.00
First Union Trust Co.of Chicago
15,855.00
Northern Trust Co. of Chicago
15,780.00
Co
Hibernia Securities
15,236.00
First Detroit Co
14,340.00
Bender & Co.of Omaha
Wachob,
14,265.00
Burns, Potter & Co.of Omaha
13,839.90
National City Co
12,171.00
Halsey. Stuart & Co
12,060.00
Corp
First National Old ColonyNew York
11,461.00
Corp.,
Chemical Securities
Washington County, Pa.
DUNLEVY SCHOOL DISTRICT, the Board of Directors is said
-The Secretary of
BOND OFFERING.
of
4,
sealed bids until 8 D. m. on Feb. for at the office of
to be receiving
the purchase
Ave., Charleroi. Pa.,
Roy I. Carson, 408 Fallowfield
Jan, 1 1931. Denom. $1,000. Due
school bonds. Dated semi-annually in Jan. and July. The
55.000 5%
Jan. 1 1946. Interest is payable
authorization of the bonds have been approceedings had relative to the Internal Affairs of Pennsylvania, and by
proved by the Department ofPittsburgh, whose opinion will be furnished
Burgvrin, Scully & Burgwin. of
$300, payable to the order of the Disthe purchaser. A certified check for proposal.
trict Treasurer, must accompany each
Westchester County, N. Y.
EASTCHESTER (P. 0. Tuckahoe), Town Clerk, will receive sealed
-Arthur N. Ferris,
BOND OFFERING.
$49,000
28 for the purchase offollows: not to exceed
bids until 8 p. m. on Jan.
bonds, divided as
43% interest coupon or registered of 1931. Due Feb. 1 as follows: $4,000
;39,000 street improvement bonds and $3,000 in 1941.
from 1932 to 1940 inclusive,
$1.000 Feb. 1 from 1932 to
10,000 series H sewer district bonds. Due
1941 inclusive.
$1,000. Principal and semiEach issue is dated Feb. 1 1931. Denom.
are payable at the First National
annual interest (February and August) interest to be expressed in a multiBank & Trust Co., Tuckahoe. Rate of for all of the bonds. A certified
ple of 5A" of 1% and must be the same
to the order of the
:
check for 2% of the amount of bonds bid for, payable
bidder will be
Town, must accompany each proposal. The successful
(vor... 132.
furnished with the opinion of Hawkins, Delafield & Longfellow, of New
York City, as regards the $39,000 street improvement bonds of 1931. that
the bonds are binding and legal obligations of the Town of Eastchester,
and as regards the $10,000 Eastchester Sewer District bonds, series H,
that the bonds are binding and legal obligations of the Town of Eastchester,
payable in the first instance from assessments and not from a general town
tax, wnicti, however, may be levied if there is a short in the primary fund.
Financial Statement.
Valuations
Assessed valuation,real estate and special franchise, 1930488,330,888.00
Debt
1,470,221.00
Total bonded indebtedness,including this issue
None
Water district bonds, included above
426,920.00
Sewer district bonds, included above
89,117.04
Certificates of indebtedness, not included above
Population
1920 Fed'I census,8,372; 1925 State census,12,976; 1930 Fed'l census,20,340
-BONDS
EAST GRAND RAPIDS SCHOOL DISTRICT, Mich.
.-The Clerk of the Board of Educa-CALL FOR SEALED BIDS
VOTED
tion informs us that at an election held on Jan. 5 the voters authorized the
issuance of $40.000 school building addition construction bonds by a count
of 50 to 33. The bonds, together with an $8,000 refunding issue, will be
sold on Feb. 9. Sealed bids for the purchase of the securities are now being
received. The bonds will be dated March 1 1931, bear interest at 06%
and will mature annually on March 1 in from 1 to 20 years.
ELKLAND TOWNSHIP SCHOOL DISTRICT (P. 0. Eldredsville),
-An issue of $5,000 434% school
-BOND SALE.
Sullivan County, Pa.
bonds was purchased during December by the First National Bank of
Dushore. The bonds mature in 20 years, but may be redeemed at any
time at the option of the District. Interest is payable semi-annually.
-The variEL PASO, El Paso County, Tex.-OFFERINO DETAILS.
ous issues of not to exceed 5% coupon bonds aggregating $465.000.scheduled
fully described as follows;
-are more
for sale on Feb. 12-V. 132, p. 343
$300,000 Water works construction, series No.9 bonds. Due on March 1,
as follows; $5,000, 1933 to 1936; $6,000, 1937 to 1939; $7,000,
1940 to 1942; $8,000, 1943 and 1944; $9,000, 1945 and 1946;
$10,000,1947 and 1948; $11,000, 1949 and 1950; $12,000, 1951
and 1952; $13,000, 1953 and 1954; $14,000, 1955; $15,000, 1956;
i .
E6 ta 1957 and 1958; 517.000, 1959; $18,000, 1960 and $19,000
72,000 Fire station sites, buildings and impts., series No.4 bonds. Due
on March 1, as follows; $1,000, 1933 to 1937; $2,000. 1938 to
1947; $3,000. 1948 to 1956, and $4,000, 1957 to 1961, all incl.
40,000 Park extension and impt., series No.6 bonds. Due on March 1,
as follows: $1.000. 1933 to 1950. and $2,000, 1951 to 1961, all incl.
30,000 Street and alley paving, series No. 8 bonds. Due on March 1,
as follows; $1,000, 1933 to 1960. and 52.000 in 1961.
15,000 Street grading and impt. bonds, series No. 9. Due $1,000 from
March 1 1933 to 1947 incl.
8,000 Street impt., series No. 2 bonds. Due $1,000 from March 1
1933 to 1940.
-BONDS DEFEATED.
EL PASO COUNTY (P. 0. El Paso), Tex.
-the voters rejected
At the special election held on Jan. 17-V. 131. p. 4084
the proposal to issue $550.000 in hospital bonds by a count of2,750"against"
to 2,505 "for."
-Sealed
-LOAN OFFERING.
ESSEX COUNTY (P. 0. Salem), Mass.
bids addressed to the County Treasurer will be received until 11 a.m. on
Jan. 27 for the purchase at discount of a $200.000 temporary loan, dated
Jan. 27 1931 and due Nov.6 1931.
-Harold E.
-NOTE SALE.
ESSEX COUNTY (P. 0. Salem), Mass.
Thurston, County Treasurer, on Jan. 16 awarded an issue of $50.000
tuberculosis hospital maintenance notes to the Merchants National Bank
of Salem,at 2.04% discount. The notes are dated Jan. 15 1931 and mature
April 1 1931. The following is a list of the bids submitted for the issue;
Discount.
Bidder2.04
Merchants National Bank,Salem (purchaser)
2.18
Salem Trust Co.,Salem
2.27
Cape Ann National Bank
2.37
Salomon Bros. & Hutzler, Boston
2.40
Naumkeag Trust Co., Boston
2.40
Faxon, Gade & Co.. Boston
2.43
Warren National Bank
2.43
Gloucester National Bank
2 43
Beverly National Bank
-An
-BOND ISSUE APPROVED.
ETNA, Allegheny County, Pa.
issue of $40,000 municipal bonds, the proceeds of which are to be used to
finance improvements and reapirs to the municipal water and light plant,
has been approved.
-BOND SALE -The $190.000
FAIRHAVEN, Bristol County, Mass.
-were awarded
4% coupon school bonds offered on Jan. 19-V. 132, p. 524
to Estabrook & Co. of Boston. at 102.42, a basis of about 3.70%. The
1930 and mature $10.000 on Nov. 1 from 1931 to
bonds are dated Nov. 1
1949 incl.
The following is a list of the bids submitted for the bonds:
Rate Bid.
Bidder102.422
Estabrook & Co.(Purchasers)
102.32
Stone & Webster and Bloclget, Inc
102.07
R. L. Day & Co
101.98
Merchants National Bank (Boston)
101.933
Securities Corp
Chase
101.87
Grafton Co
101.778
C. P. Nelson & Co
101.459
Atlantic Corp
-TEMPORARY LOAN.
-We
FALL RIVER, Bristol County, Mass.
have just been advised that the $435,000 temporary loan offered on Oct. 15
-was awarded to S. N. Bond & Co. of New York, at
p. 2410
-V. 131.
5.50% discount. The loan is dated Oct. 15 1930 and matures March 12
1931. Payable at the First National Bank of Boston.
FALLS CHURCH, Fairfax County, Va.-BONDS DEFEATED.
-the voters rejected
At the special election held on Jan. 13-V. 132. p. 163
the proposed issuance of $125,000 in water system bonds.
-TEMPORARY BORROWING
FLINT, Genesee County, Mich.
-Acting upon the recommendation of Carl H. Chatters,
AUTHORIZED.
Director of 1 inance, the City Commission at a meeting held on Jan. 15
authorized "the borrowing of 5480.000 in anticipation of the February city
tax payments." The money is to be obtained through the sale of notes
to bear int. at a rate not in excess of 5% and to mature $120,000 each six
months until Jan. 1 1933.
-BOND OFFERING.
--Sealed
FORT WORTH,Tarrant County, Tex.
bids will be received by 0. E. Carr. City Manager, until 10 a. m.on Feb.3,
purchase of three issues of bonds aggregating 11,200,000, divided
for the
as follows:
$600,000 407' street bonds. Due from 1936 to 1971 incl.
airport bonds. Due from 1936 to 1971 incl.
$100,000 4
500,000 4 40 water works revenue bonds. Due from 1936 to 1966 incl.
Denom.$1.000. Dated Feb. 1 1931. The above are separate proposals.
The purchaser is to state the price offered for the bonds. The legai opinion
is to be furnished by the successful bidder.
-PRICE PAID.
FREEBORN COUNTY (P. 0. Albert Lea), Minn.
The $20,000 issue of drainage refunding bonds that was purchased by the
-was awarded
-V. 132, p. 524
First National Bank of Albert Lea as 411s
for a premium of $75.00. equal to 100.37, a basis of about 4.20%. Due
on Dec. 1 1940.
-BONDS OFFERED TO
FRESNO COUNTY (P. 0. Fresno), Calif.
-The $250,000 issue of coupon or registered hospital bonds
INVESTORS.
that was purchased by It. H. Moulton & Co. of San Francisco, as 4s and
-is now being offered by the successful bidder priced
410-V. 132. p. 343
to yield 4.00% on all maturities and both rates of int. Due from Jan. 1
1937 to 1956 incl. Prin. and int. (J. & J.) payable in gold at the office
of the County Treasurer in Fresno. They are reported to be eligible as
security for deposit of public moneys in California and to be legal investment for savings banks and trust funds in California.
Financial Statement(As Officially Reported Jan. 2 1931).
$153,438,960
Assessed valuation
4,010,000
Bonded debt
Population: 1920 U. S. census, 128,779; 1930 U. S. census, 144,369.
JAN. 24 1931.]
FINANCIAL CHRONICLE
GALVESTON, Galveston County, Tex.
-MA TURITY.-The seven
issues of 5% coupon bonds aggregating $1,655,000, scheduled for award
on Feb. 5-V. 132, p. 524
-are due as follows:
$150,000 drainage bonds. Due on Dec. 1, thusly: $3,000, 1931 to
$4.000, 1938 to 1942; $5,000, 1943 to 1946; $6,000, 1947 to 1937;
1949;
$7,000, 1950 to 1952;$8,000, 1953 to 1955;$9,000, 1956 and 1957.
and $8,000 in 1958.
30,000 fire station bonds. Due on Dec. 1, as follows: $1,000, 1931 to
1950, and $2,000, 1951 to 1955 all incl.
75,000 grade raising bonds. Due on Dec. 1, as follows: $2,000, 1931
'
to 1941; $3,000. 1942 to 1948; $4,000, 1949 to 1953; $5,000. 1954
and 1955, and $2,000 in 1956.
300,000 parks and playgrounds bonds. Due on Dec. 1, as follows:
$6,000, 1931 to 1934;$7,000, 1935 to 1937;$8,000, 1938 and 1939;
$9,000, 1940 to 1942: $10,000, 1943 and 1944; $11,000,
1945 and 1946; $12,000, 1947 and 1948; $13,000. 1949; $14,000.
1950 and 1951; $15,000, 1952; $16,000. 1953 and 1954; $17,000,
1955; $18,000. 1956; $19,000, 1957, and $4,000 in 1958.
200,000 paving bonds. Due on Dec. 1,as follows: $4,000, 1931 to 1935;
$5,000. 1936 to 1939; $6,000, 1940 to 1942; $7,000, 1943 to 1945;
38,000, 1946 to 1948; $9,000, 1949 and 1950; $10,000, 1951 and
1952;$11,000, 1953 and 1954;$12,000, 1955 and 1956 and $13.000
In 1957.
800,000 public school bonds,series A. Due on Dec. 1.as follows: $16,000,
1931 and 1932; $17,000, 1933; $18,000, 1934; $19,000. 1935; $20.000, 1936; $21,000, 1937; $22,000, 1938; $23,000, 1939; $24,000
1940: $25,000, 1941; $27,000, 1942;$28,000, 1943; $29,000, 1944
$31,000, 1945; $32,000, 1946; $34,000, 1947; $36,000, 1948
$37,000, 1949; $39.000, 1950; $41,000, 1951; $43.000. 1952
$45,000, 1953; $48,000. 1954; $50,000, 1955; $52,000, 1956 and
$7,000 in 1957.
100,000 sewerage bonds. Due on Dec. 1, as follows: $12,000, 1931 to
1940: $3,000, 1941 to 1946: $4,000, 1947 to 1951; $5.000, 1952
to 1955; $6,000, 1956 to 1958 and $4,000 in 1959.
Statement of Bonded Debt Dec. 31 1930.
Gross total bonded indebtedness
$8,517,000
(Not including these issues.)
Less: Water bonds
$732,500
*Grade raising,filling & drainage bonds of 1925
1,575,000 $2,307,500
$6.209,500
Less: Cash in interest & sinking funds (exclusive of
funds for bonds deducted)
$194,220
Securities owned by sinking funds
147,000
341,220
Net bonded indebtedness
$5,868.280
Bonds to be issued:
Drainage
$150,000
Fire stations 1929
30,000
Grade raising 1929
75,000
Parks and playgrounds 1929
300,000
Paving 1929
200,000
Public School 1929,series A
800,000
Sewerage 1929
100,000 1.655,000
Less: Cash in int. & sinking funds for above bonds- 123,190
$1,531,810
Total net bonded indebtedness
a$7,400,090
Bonds Voted but Not to Be Issued at Present*
Public School 1929, Series 00
$1,200,000
* To be cared for through donation of State taxes.
a Galveston has no School District Indebtedness, and
Net Total Bonded Indebtedness as shown is $1,732,230 included in the
of indebtedness
for school purposes.
GENESEE COUNTY (P.O. Flint), Mich.
-BOND OFFERING.
-J.H.
Galliver, County Auditor, will receive sealed bids until 1 P.M. (Central
standard time) on Feb. 5 for the purchase of
Interest coupon (registerable as to principal $600 000 not to exceed 5%
only road
Feb. 1 1931. Denom. $1,000. Due March 15 as follows: bonds. Dated
$50,000. 1932;
$100,000 in 1933 and 1934; $150,000, 1935, and $200,000 in 1936. Principal and semi-annual interest (March and Sept. 15) are payable
Chase National Bank, New York, or at some Bank agreed upon at the
by the
purchaser and the Road Committee. The County will allow $250 towards
the cost of the printing of the bonds, and will pay
for the approving opinion
of Miller, Canfield, Paddock & Stone. of Detroit,
validity
as
issue. A certified check for $3,000, payable to the to.the of the of the
order
County
Treasurer, must accompany each proposal. These bonds are part of an
issue of $3,400,000 approved on April 4 1931, of which $1,450,000
have
previously been sold. The bonds will be issued under authority of Section
4368, Compiled Laws of Michigan, 1915.
Financial Statement (Jan. 1 1931).
Assessed valuation, June 30 1930
$265,492,993
Total bonded debt (including this issue)
3,056,370
Sinking funds
155.200
Asse.ssedment district debt
191,608
Tax rate per $1,000
$6.35
Population, 1930 Census, 211,339.
GLADSTONE Clackamas County, Ore.
-BOND OFFERING.
-Sealed
bide will be received until 8 p. m. on Feb. 3, by Paul C. Fischer,
City
Recorder, for the pourchase of a $36,154.01 issue of leapt.
$500, one for $154.01. Dated March 1 1931. Due onbonds. Denom.
March
optional on any interest paying date. The approving opinion 1 1934,
of Teal,
Winfree, McCulloch & Shuler of Portland, will be furnished.
A certified
check for 5% of the bid is required.
GRAND RAPIDS, Kent County, Mich.
-BANKERS REOFFER $1,500000 BONDS.
-The $1,500,000 coupon or registered civic auditorium
bonds,comprising $900,000 4s, due $50,000 annually on
Aug. 1 from 1943 to
1960 incl.. and $600,000 4 Ns, due $50,000 annually from
1931 to 1942 incl.,
awarded on Nov. 10 to M.M.Freeman & Co. Inc. of New York
p. 3239
-are now being reoffered for public subscription as -V.131,
'
$900,000 4% bonds are all priced to yield 3.907 the $600.000 follows: the
0;
4N% bonds
are priced to yield as follows: 1931 maturity, 2.50%; 1932
maturity,3.00%;
1933 and 1934 maturities, 3.50%; 1935 maturity,
3.75%; 1936 maturity,
3.80%, and the bonds due from 1937 to 1942 incl. are priced
The reoffering notice states that the securities are legal to yield 3.90%
investment for
savings banks and trustfunds in New York, Massachusetts and
Connecticut
and are, in the opinion of counsel, direct and general
obligations of the
city, payable from unlimited ad valorem taxes levied upon
all of the taxable
property therein.
(The official advertisement of the public offering of these
bonds.appears
on page mil of this issue.)
GRAND RAPIDS, Kent County, Mich.
-CITY TO ISSUE $150,000
IN BONDS.
-Acting upon the recommendation of George
Manager, the Board of City Commissioners at a meeting W. Welch, City
on
ized the issuance of $150,000 in bonds for unemployment Jan. 12 authorrelief purposes.
The bonds are to be issued bearing interest at a rate
not
are to be retired at the rate of $50,000 annually. The in excess of4% and
plan to aid the city's
unemployed through the sale of 3
-year bonds was decided on in December.
-1r,132, p. 344.
Sealed bids will also be received on Jan. 27 for the purchase
of $35,000
street improvement bonds recently authorized by the City
Commission.
GRANITE SCHOOL DISTRICT (P. 0. Salt Lake
City), Salt Lake
County, Utah.
-BONDS CALLED.
-A notice has been issued by A.Swenson, President of the Board of Education, that the Board is calling
for
redemption on Feb. 1 1931 all the outstanding 57 bonds of the
0
issue
Feb. 1 1921, due on Feb. 1 1941 and optional on Feb. 11931. bonds dated
Nos. 1
to 150, both inclusive. Present bonds at the places where they are
payable
by their terms.
GRANT COUNTY(P.O. Marion), Ind.
-BOND OFFERING.
-Arthur
Auditor, will receive sealed bids until 12 m.
J. Green, County
on Feb. 7 for
the purchase of $1,668.60 6% ditch construction bonds.
1930. Due $166.86 on Dec. 1 from 1931 to 1940 incl. Prin.Dated Dec. 1
and semi-ann.
Int.(J.& D.)are payable at the office of the County Treasurer,
GUILFORD COUNTY(P.O. Greensboro), N. C.
-NOTE OFFERING.
-Nee are informed by Willis Booth, County Accountant, that he
will sell
at 10 A.M.on Jan. 26,a $300_,000 issue of revenue anticipation notes. Int,
exceed 6%. Dated Jan. 30 1931. Due on June 15
rate is not to
1931.
The approving opinion of B. L. Fentress, County Attorney and Masllch
&
Mitchell,of New York, will be furnished.
693
HAMILTON TOWNSHIP (P. 0. Westline), McKean County, Pa.
BOND SALE.
-An issue of $11,000 551% road impt. bonds was sold
during November to James A. Connelly of Ludlow, a local investor, at
par plus a premium of $341, equal to 103.10, a basis of about 4.887.
0
Due $1,000 annually on Oct. 1 from 1931 to 1941 incl. Int. is payable
semi-annually.
HARMON COUNTY (P. 0. Hollis), Okla.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Jan. 23. by Carrie B. Daniel,
County Clerk, for the purchase of a $325,000 issue of road bonds. Due
In from 5 to 25 years. It is understood that $75,000 of these bonds will be
delivered immediately according to law. The rate of interest is to be named
by the bidder. A certified check for 2% must accompany the bid.
HARRISON SCHOOL DISTRICT NO. 7, Westchester County
N. Y.
-OFFER $57,000 43% BONDS.
-George B. Gibbons & 00., Inc., of
New York. are offering for public investment $57,000 43I% coupon or
registered bonds. dated June 1 1927 and due serially on June 1 from 1931
to 1956 incl., at prices to yield 4.125%. Prin. and semi-ann. int. (J. & D.)
payable at the Citizens Bank of White Plains. Legal investment for savings
banks and trust funds in New York State, according to bankers. Legality
approved by Clay, Dillon & Vandewater of New York.
Financial Statement.
Assessed valuation, 1929
$4
Total bonded debt
47 2
'34
12 ,M
Population, estimated, 2,500.
HASKELL, Muskogee County, Okla.
-BONDS NOT SOLD.
-The
$45,000 issue of not to exceed 6% semi-ann. water bonds offered on Jan.
19-V. 132, p. 525
-was not sold as all the bids received were rejected.
Dated Jan, 5 1931. Due $2.500 from Jan. 5 1934 to 1953, incl.
HATFIELD, Montgomery County, Pa.
-BOND OFFERING.
-George
S. Kratz, Borough Secretary, will receive sealed bids until March 1 for the
purchase of $38,000 4 N % electric light plant bonds. Dated March 1 1931.
Denoms. $1,000, $500 and $100. Prin. and semi-ann. int. (M. & S.) are
payable in Hatfield.
HAVERHILL, Essex County, Mass.
-LOAN OFFERING.-Arthur T
Jacobs, City Treasurer, will receive sealed bids until 11 a. m. on Jan. 28
for the purchase at discount of a $200,000 temporary loan. Dated Jan.
29 1931. Denoms. $25.000, $10,000 and $5,000. Due $75.000 Sept. 14
and $125,000 Sept. 28 1931. The notes will be certified as to genuineness and validity by the First National Bank, of Boston. Legality approved by Ropes, Gray, Boyden & Perkins, of Boston.
HEBER, Wasatch County Utah.-BOND SALE.
-A $15,000 issue of
534% refunding water bonds is reported to have been purchased recently
nds
by the Central Trust Co.of Salt Lake City.
HELENA SPECIAL SCHOOL DISTRICT (P. 0. Helena), Phillips
County, Ark.
-BOND OFFERING.
-Sealed bids will
received loDY
Gilbert Yeager,Secretary ofthe Board of Education, until 2be m.on Feb.9.
p.
for the purchase of an issue of $125,000 414, 43, 5, 53, 5N 53i or
coupon school bonds. Denom. $1,000. Dated Feb. 10 1931. Due6%
Oct. 1, as follows: $1,000, 1931 to 1941;$7,000, 1942 to 1947; S8.000, on
to 1950; $9,000, 1951 and 1952, and $10,000, 1953 to 1955, all incl. 1948
trustee and the bank that is to be the place of payment of the bonds,The
will
be named by the purchaser, who will also pay the trustee's charges. The
approving opinion of Rose. Hemingway, Cantrell & Loughborough of
Little Rock, will be furnished. A $2,500 certified check, payable to the
Secretary, must accompany the bid.
HENDRICKS COUNTY (P. 0. Danville), Ind.
-BELATED BOND
SALE REPORT.
-The $2,953.46 coupon 6% ditch construction bonds
offered on Dec. 27-V. 131, p. 4084
-were awarded at par and accrued
interest to Z. E. Dougan, a local investor. The bonds are dated Dec. 15
1930 and mature Dec. 15, as follows: $289.46 in 1931, and $296 from 1932
to 1940, incl.
HENRY COUNTY (P. 0. New Castle), Ind.
-BOND OFFERING.
Joe R. Leakey, County Auditor, will receive sealed bids until 2 p. m. on
Jan. 31, for the purchase of $14,285.76 6% drain construction bonds.
Dated Jan. 15 1931. One bond for $420.76, others for $235. Due on
15 as follows: $1.595.76 in 1932, and $1.410 from 1933 to 1941, incl. May
Int.
is payable semi-annually on May and Nov. 15. A certified check for $.200.
payable to the order of the County Treasurer, must accompany each
proposal.
HOLLY, Prowers County, Colo.
-BOND SALE.
-The $15,000 issue
of 6% semi-annual curb and gutter inapt. district No. 1 bonds unsuccessfully offered for sale on Aug. 18-V. 131, p. 2256
-is reported to have
since been disposed of to Wilcox & Co. of Denver. Due in 25 years.
HOLMES COUNTY (P. 0. Millersburg), Ohio.
-BOND SALE,
The following issues of coupon bonds aggregating $28.836.
offered on Jan.
19(V. 132, p. 344) were awarded as 4s to the BancOhio Securities Co. of
Columbus at par plus a premium of $70, equal to 100.24, a basis of about
4.67%:
$7,800 road improvement bonds. Due semi-ann. as follows: $600 March 1
and $800 Sept. 1 1932 and $800 March and Sept. 1 from 1933 to
1936, inclusive.
6,480 road impt. bonds. Due semi-ann. as follows: $630 March 1 and
$650 Sept. 1 1932 and $650 on March and Sept. 1 from 1933 to
1936, inclusive.
6,256 road impt. bonds. Due semi-ann. as follows: $856 March 1 and
$600 Sept.1 1932 and $600 March and Sept. 1 from 1933 to 1936,incl.
4,200 road impt. bonds. Duesemi-ann.as follows:$600 March land $400
Sept. 1 1932 and $400 March and Sept. 1 from 1933 to 1936, incl.
4,100 road impt. bonds. Duesemi-ann.as follows:$500 March 1 and $400
Sept. 1 1932 and $400 March and Sept. 1 from 1933 to 1936, incl.
Each issue is dated Feb. 1 1931. The following Is a list of the bids submitted:
BidderPremium.
Int. Rate.
BancOhlo Securities Co.(purchaser)
4N
Ryan, Suthland & Co. Toledo
R
Sutherland
4Y
W.L. Slayton & Co., Toledo
2159:4202
431 Q
Provident Savings Bank & Trust Co., Cincinnati
-4N %
Carpenter & Reese, Toledo
$70.filer, 57.50
Car
570
Well, Roth & Irving Co., Cincinnati
14.00
5 %
HORNELL,Steuben County, N. Y,
-BOND SALE.
-The $52,504.65
coupon or registered street improvement bonds offered on Jan. 22-V.
132, p. 525
-were awarded as 4Ns to the Marine Trust Co. of Buffalo. at
par plus a premium of $325.35, equal to 100.61, a basis of about 4.10%.
Dated Jan. 1 1931. Due Jan. 1 as follows: $5,504.65 in 1932; $4,000 in
1933 and 1934; $9,000 in 1935, and $10,000 from 1936 to 1938, incl.
Financial Statement.
Valuations:
Actual valuation, 1930 official estimate (based on county
equalization rate
$19,705.500.00
Assessed valuation, real estate, 1930
$10,494,050.00
Assessed valuation, special franchise
311,875.00
Totalbt:sa eased valuation (not including personal property)__ 10,805,925.00
pe
Total bonded debt,Including this issue
855,280.11
Water debt (including above)
$1565:000001..4400
Special assessment bonds (included above)_
Sinking funds for other than water debt
24,884.23
Net bonded debt, including this issue
759.394.44
The net bonded indebtedness of the city upon the issuance of these bonds
will be about 7% of the assessed valuation.
Population, 1920 Federal Census, 15,025; 1925 State Census, 15,784;
1930 Federal Census, 16,250.
HOT SPRINGS, Fall River County, S. Dak.-BOND SALE.
-The
$68,600 issue ofsemi-ann.refunding bonds offered for sale on Nov. 18 without success
-is now reported to have been purchased by
-V. 131. p. 3566
the First National Bank of Lead, as 65, at par. Dated Nov. 1 1930. Due
from Nov. 1 1933 to 1950.
HOWARD COUNTY (P. 0. Big Spring), Tex.
-BOND ELECTION.
We are informed that a special election has now been called for Feb.21
to have the voters pass on the proposal to issue $900,000 in road bonds.
(These are the bonds that were defeated on Dec. 23-V. 132. p. 164.)
HUDSON, Columbia County, N. Y.
-BOND OFFERING.
-Florence
A. Gaffney, City Clerk, will receive sealed bids until 5 ri. m. on Jan. 29 for
the purchase of $12,000 4N% coupon or registered fire department apparatus purchase bonds. Dated Feb. 1 1931. Denom. $1,000. Due$1,000 on Feb. 1 from 1932 to 1943 incl. Prin. and semi-ann. int.(F.& A.
are payable at the office of the City Treasurer. A certified check
for 2%
694
FINANCIAL CHRONICLE
[you 132.
of the County Treasurer. The notes are said to be Issued in accordance with
of the par value of the bonds bid for, payable to the order of the City Treas- Ordinance No. 293 passed by the County Council at a special session on
in
urer, must accompany each proposal. (These are the bonds mentioned
the Board of Commissioners
order
.:bon, Summit County. Jan. 6, also in accordance with an body. of
-under the incorrect caption-Mt
-V.132, p. 525
passed at a regular meeting of that
Financial Statement Jan. 1 1931 (As Unofficially Reported).
-BOND OFFERING.
HUDSON FALLS, Washington County, N. Y.
3459,331,530
1930
3,666,250
Ralph Pierson Smith, Village Clerk, will receive sealed bids until 8 P. in. Assessed valuation,
Bonded debt
on Feb.2 for the purchase of $12,000 5% registered highway paving bonds.
Population, 1930,261,325.
Dated Feb. 1 1931. Denom. $1.200. Due $1,200 on Feb. 1 from 1932
are payable
DISTRICT NO. 9(P. 0. Durango),
LA PLATA COUNTY SCHOOL
to 1941 incl. Principal and semi-annual interest (Feb.& Aug.)
bonds
-We are informed that the due date of the1 1946
-CORRECTION.
at the office of the Village Treasurer. A certified check for 2% of the Colo.
-should be Feb.
face value of the bonds, payable to the order of the Village, must accom- called for payment on Feb. 1 1931-V. 132, p. 526
instead of 1941 as previously given.
pany each proposal.
,
-BOND ELECTION
LARAMIE COUNTY SCHOOL DISTRICT NO.1 (P. 0. Cheyenne)
HUMBOLDT COUNTY(P.O. Humboldt),Iowa.
-The $340,000 issue of refunding bonds offered for
Feb. 17 in order to have the voters Wyo.-BOND SALE.
-A special election has been called for
purchased by the Stockgrowers
bonds.
-was jointly
sale on Jan. 19-V.132, p. 164
pass upon the proposed issuance of $800,000 in primary road
of Cheyenne, as
Hunts- National Bank, and the American National Bank, both
HUNTSVILLE INDEPENDENT SCHOOL DISTRICT (P. 0.issue of 454% bonds,at par. Dated Jan. 1 1931. Due from 1932 to 1945.
-The $150,000
-BOND SALE.
Tex.
the
ville), Walker County,
344
-was
It is reported that the above purchasers bought these bonds for in
5% school building bonds offered for sale on Jan. 19-V. 132, p. a basis of
as the State holds the original issue optional
Purchased by A. 0. Allyn & Co. of Chicago at a price of 98.53, 1970 incl. State of Wyoming,
June 1931.)
from Dec. 31 1931 to
about 5.13%. Dated Dec. 31 1930. Due
-PUBLIC OFFERLAUDERDALE COUNTY (P. 0. Meridian), Miss. road impt. bonds
Vr ILLINOIS,State of(P.O.Springfield)-BONDOFFERING.-Edward
29 ING OF BONDS.
-The $300,000 issue of 5% compon
J.'Barrett, State Treasurer, will receive sealed bids until 10 a. in. on Jan.
by Taylor, Wilson & Co., Inc.. and Walter,
for the purchase of $1,000.000 4% coupon (registerable as to prin. only) that was jointly purchased
of about
Due Jan. 11938. Woody & Heimerdinger, both of Cincinnati, at 101.266, a basis
waterway bonds. Dated Jan. 11920. Denom.$1,000.office of the State 4.88%-V. 131, p. 4085-1s now being offered for general investment by
Prin. and semi-ann. int. (J. & J.) are payable at the order of the State
to maturity.
the purchasers at prices to yield from 4.25 to 4.70%,according
payable to the
int.
Treasurer. A certified check for $20,000
that the Dated Jan. 1 1931. Due from Jan. 1 1932 to 1956 incl. Prin. and
Treasurer, must accompany each proposal. "It is contemplated
at the Chase National Bank in N.Y.City. Legal opinion
be prepared under the supervision
proceedings authorizing these bonds will approving opinion will be funistted (J.& J.) payable & Hoffman of N. Y. City. These bonds were validated
Wood
of Thomson,
of Wood & Oakley, Chicago, whose final
Mississippi.
at the expense of the purchaser." These bonds are authorized under by the Chancery Court of
Financial Statement (Officially Reported Dec. 4 1930).
Senate Bill 290, approved June 17 1919. The offering notice says that the
$100,000,000
bonds Real value of taxable property, estimated
State does not contemplate the offering of any further waterway
30,478,724
Assessed valuation 1929
before May 1 1931.
1,103,000
Financial Statement.
Total debt, including this issue
60,000
Assessed valuation asfixed by the State tax commission,1928 $8,365,333,473 Less sinking fund
1,043.000
200,077,500 Net debt (3.4270)
this issue)
Total bonded debt (incl.
53,337.
Population: 1920 census, 45,897; 1930 census,
Population, 1930 census, 7,630,654.
-BOND OFFERING.
0. Quincy), Adams
LEWISTON, Androscoggin County, Me.
INDIAN GRAVE DRAINAGE DISTRICT (I'.award of the $200.000
the purchase of an
.-The
-BOND AWARD DEFERRED
Sealed bids will be received until 7 p. in, on Jan. 30 for
County, 111.
on Jan. 15-V. 131, issue of 3500,0004% school bonds, due annually from 1932 to 1981 incl.
6% drainage bonds for which sealed bids were received
0. Louisville),
-has been deferred.
P. 4245
LOUISVILLE RURAL SCHOOL DISTRICT (P.
-The $2,- Pottawattomie County, Kan.
-ADDITIONAL INFORMATION.
-BOND SALE.
P''JACKSONV1LLE, Duval County, Fla.
for sale on Jan. 20-V.132, 13. 344 The $40,000 issue of school bonds that was purchased by the Prescott,
000,000 issue of refunding bonds offered
int. at 434%
-bears
-V. 132. p. 526
-was awarded to a syndicate composed of Eldredge & Co. of New York, Wright, Snider Co. of Kansas City
bonds were awarded at
at
the Mercantile Trust Co. and Baker, Watts & Co., both of Baltimore, as and matures $2,000 from 1931 to 1950 incl. The
par, a basis of about 5.35%, on the bonds divided as follows: 3796.000
a price of 100.39, a basis of about 4.45%.
-H. G.
5s, due on Jan. 15, as follows: 360,000, 1934; 3120,000. 1935 $60*000,
-BOND OFFERING.
LOVELAND,Clermont County, Ohio.
the
1936; 3120,000, 1937 and 1938; $180,000, 1939 and $136,000 111'1940 000, Bryan, Village Clerk, will receive sealed bids until 29. m.on Feb. 7 for the
remaining 31,204.000 awarded as 5Ms. maturing on Jan.15 thusly: $44,
t equipment purchase bonds.
of $10,000 6% fire departmen
1940; $240,000, 1941; $300,000, 1942; $60.000, 1943; 3300,000, 1944'and purchase$1,000. Due on Sept. 1 from 1932 to 1941 incl. Interest is payDenom.
other
3260_,_000 in
Bids for the bonds to bear interest at a rate
1945'
SUCCESSFUL SYNDICATE OFFERS BONDS.-Thelabove bonds are able semi-annually. in a multiple of Yi of 1%, will also be considered. A
now being offered by the bidders for public subscription at prices to yield than 6%,expressed
for $100 must accompany each proposal.
from 4.50% to 4.907., according to maturity. The offering notice states certified check
-BOND ORDINANCES
that these bonds are legal investment for savings banks and trust funds in
LYNDHURST, Cuyahoga County, Ohio. Council two ordinances
New York.
-At a recent meeting of the Village
APPROVED.
- providing for the issuance of 3220,9506% bonds were adopted. The Issues
OFFERING.
), Ind.
-BOND
JASPER COUNTY (P. 0. Rensselaer
Homer A.Lambert, County Treasurer, will receive sealed bids until 10 a. m. authorized follow:
road improvement bonds. Due Oct. 1 as folinclusive.
on Feb.3 for the purchase of the following issues of 5% bonds aggregating $119,800 special assessment
lows: $11,800 in 1932 and $12,000 from 1933 to 1941, Oct. 1 as
$17,304):
nt bonds. Due
101,150 special assessment road improvemefrom 1933 to 1941, inclusive.
bonds.
$13.000 Charles Hadar et al., Union Township road constructionJuly 15
follows: $11,150 in 1932 and $10,000
Principal and
March
Denom. $650. Due $650, July 15 1932; $650, Jan. and
The bonds are to be dated not later than payable 11931.Guardian Trust
at the
from 1933 to 1941 incl., and 3650 Jan. 15 1942.
bonds. semi-annual interest (April and Oct.) to be
4,300 Robert Overton et al., Union Township road constructionJuly 15 Co., Cleveland.
Denom. 3215. Due $215, July 15 1932: 3215, Jan. and
D OFFERING.LYNDONVILLE, Caledonia County, Vt.-BON
from 1933 to 1941 incl., and $215, Jan. 151942.
sealed bids until 10 a.m.
Each issue is dated Jan. 15 1931. Prin. and semi-ann. int. (J. & J. 15) P. R. Griswold, Village Treasurer, will receive cement road and funding
on Jan.27 for the purchase of $50,000 4% coupon Due $2,000 on Oct. 1
at the County Treasurer's office.
are payable
bonds. Dated Oct. 1 1930. Denom. $1,000.
JEFFERSON DAVIS AND CALCASIEU PARISHES GRAVITY from 1931 to 1955 incl. Prin. and semi-ann. Int. (A. & 0.) are payable
-BOND OFFERING.
will be engraved under
DRAINAGE DISTRICT NO.2(P. 0. Iowa), La.
at the First Nat onal Bank of Boston. The bonds
Sealed bids will be received until Feb. 10 by J. F. Denison, Secretary of the the supervision of and certified as to genuineness by the Fires National
Board of Commissioners, for the purchase of an $85,000 issue of drainage Bank of Boston. Legality will be approved by Ropes. Gray, Boyden &
the purchaser.
bonds. Int, rate is not to exceed 6%, payable semi-annually.
of Boston, whose favorable opinion will be furnished
- Perkins
-BOND OFFERING.
Financial Statement Jan. 13 1931.
KERR COUNTY (P. 0. Kerrville), Tex.
$1,032,535
received until 10 a. in. on Feb. 10 by Chas. Real, County Lastassessed valuation
Sealed bids will be
$64,000
5%
Judge, for the purchase of a $250,000 issue ofon coupon road bonds. Total debt of village: Bonds
184,200
120,200
Feb. 10, as follows:
$1,000. Dated Feb. 10 1931. Due
Denom.
*Notes
Plant is valued
$4,000, 1934 to 1936; 56,000, 1937 to 1939: 57.000. 1940 to 1944: 38.000*
-In addition to the above, Village Electric Light
Note.
1955:
1945 to 1947; 39.000, 1948 to 1950: 310.000, 1951 to 1954; 311,000,in 1960 at$250,000and Village Water System very conservatively vs ued at $50,000.
and 315.000
paid from proceeds of this issue.
$12,000. 1956; 313,000, 1957: $14,000, 1958 and 1959,Guaranty Trust Co.
* 350,000 of this amount to be
and 1961. Prin. and int. (F. & A.) payable at the & Cutler of Chicago
-BOND OFFERING.-Sealed
on County, Pa.
York. The approving opinion of Chapman
in New
McDONALD, Washingt
received
be submitted
A. V. Campbell, Borough Secretary, will be bonds.
and printed bonds to be furnished. All bids are required to
0
impt.
A certified check for 27 bids addressed to
on bidding forms furnished by the County. above County Judge, is re- until 7 p. in. on Feb. 10 for the purchase of $29,500 street
the bonds, payable to the
of the par value of
-BELATED
Mich.
on
a $450,000 issue
MACOMB COUNTY (P. 0. Mount Clemens),
quired with bid. These bonds are part of will be sold beforeauthorized
Dec.31 1931. BOND SALE REPORT.
-Bert Englebrecht, County Drain Commissioner,
Nov.15 1930. No more bonds of this issue
6% tile drain construction bonds
Official Financial Statement.
informs us that the issue of $52,500
-were awarded at a price of par to
36,337.240.00 offered on Oct. 4-V. 131, p. 2098
Assessed value of all taxable property for 1930
The bonds are dated
000.00
Patsy Cappello of Detroit,apparently the contractor. in 1932; $3,000 from
Bonded debt,including these bonds
15,
$350.500.00
June 1 1930 and mature on May 1 as follows: $4,500
Warrantindebtedness
incl.. and $4,000 from 1937 to 1945 incl.
1933 to 1936
$365.500.00
Total debt
-Walter E.
-LOAN OFFERED.
5,930.24
MALDEN, Middlesex County, Mass.
Less sinking funds: Cash
p. in.
3359.569.76 Milliken, City Treasurer, received sealed bids until 8 loan. on Jan. 23.
Netdebt
Dated Jan.
$4400,000 temporary
discount of a
Percentage of net debt to assessed values, 5.67%. Population, 1920 for the purchase at 350,000, 325,000. 310,000 and 35.000. Payable Sept.
26 1931. Denoms.
U.S. census, 5,842: 1930 U. S. census. 10.149.
National Bank, of Boston. The notes will be certified
-The 1 1931 at the First
-BOND SALE.
and validity by the aforementioned Bank, under advice
KING COUNTY (P. 0. Seattle), Wash.
offered for sale on Jan. as to genuinenessBoyden & Perkins, of Boston.
31,250,000 issue of coupon county hospital bonds
of Ropes, Gray,
-was purchased by a group composed of Ames, Emerich
Y.
20-V.132, p. 344
MAMARONECK (P. 0. Mamaroneck) Westchester County, N.
of Chicago, the First Wisconsin
& Co., and the Foreman State Corp., both
-Walter It. Marvin Jr., Town Clerk, will receive sealed
Commerce Co. of St. Louis, as 43(s, BOND OFFERING.
Co.of Milwaukee, and the Mercantile 4.21%. Dated Feb. 1 1931. Due bids until 8 p.m. on Jan. 28 for the purchase of $4425,000 not to exceed
of about
at a price of 100.307, a basis
and int. (F. & A.) payable at the 6% interest (series H)coupon or registered Sewer District No. 1 bonds.
after date.
In from 2 to 20 yearsTreasurer, orPrin. office of the fiscal agent of the Dated Feb. 1 1931. Denom. $1,000. Due Feb. 1 as follows: $11,000 from
at the
in a
to be
office of the County
1936 to 1973 incl.. and $7,000 in 1974. Rate of interestfor ailexpressed
of the bonds.
State In New York City.
or 1-10th of 1% and must be the same
-A multiple of 54semi-annual interest (F. & A.) are payable at the Larchmont
Ore.
-BOND SALE.
Principal and
KLAMATH FALLS, Klamath County,
National Bank,
% coupon sewer impt. bonds was purchased by the National Bank & Trust Co. Larchmont. or at the Firstof
$69,286.25 issue of
bonds bid for,
at par. No other bids were purchased. New York City. A certifiedcheck for 2% of the amount
*
United Oregon Corp. of Portland
- payable to the order of the Town. must accompany each proposal. The
Wyoming County, Pa.
DISTRICT,
LACEYVILLE SCHOOL National Bank of Laceyville is reported to successful bidder will be furnished with the opinion or Hawkins. Delafield &
-The Grange
that the bonds are binding and legal obligations
BOND SALE.
of $9,200 5% school building construc- Longfellow, of New York, first instance from assessments and not from a
have recently purchased an issue
lly. The of the Town, payable in the
in 1960. Interest is payable semi-annua Internal general town tax, which, however, may be levied if there is a shortage in the
tion bonds maturing
approved by the Department of
Issuance of the bonds has been
primary fund.
Affairs of Pennsylvania.
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-Sealed bids
-BOND OFFERING.
-BOND OFFERING.Y.
County, Tex.
LA FERIA, CameronRalmond, City Secretary, until 8 P. in. on Jan. 29, Mamaroneck), Westchester County, N.
of Education, will receive sealed bids
:
will be received by J. A.
bonds aggregating $30,000 H. G. Van Sciver, Clerk of the Board of 350.000 not to exceed 6% interest
%
of
of the following issueson 5ji 1 1933, 1935, 1937, 1939, until 8 p. m.on Feb.6 for the purchase
for the purchase
Dec.
Denom,
Due $500
(series IS) coupon or registered school bonds. Dated July 11930. $20,000
$5,500 Refunding bonds.1947, 1949, 1951 and 1959.
from 1935 to 1954, and
1941, 1943, 1945,
on Dec. 1 1932, 1934, 31,000. Due July 1 as follows: 315.000
extension bonds. Due $5001950, 1954. and 1956 to from 1955 to 1964, incl. Rate of interest to be expressed in a multiple of
8,000 Water works
1946, 1948,
X, or 1-10th of 1% and must be the same for all of the bonds. Principal
1936, 1938, 1940. 1942, 1944,
First National
1955 and and semi-annual interest (Jan. and July) are payable at the to George B.
1960.
Due $500 on Dec. 1 1952, 1953,
Bank. New York. A certified check for 310,000, payable
2,000 Sewer extension bonds.
apMarshall, District Treasurer, must accompany each proposal. The fur1960 incl.
1960.
$500 from Dec. 1 1932 to
Clay Dillon & Vandewater of New York will be
,
14,500 Street impt. bonds. Due 1930 Prin. and int. (J. & D.) payable proving opinion of
Clerk will receive
1
nished the successful bidder. The above-mentioned
Denom. $500. Dated Dec.& Trust Co. in N. Y. City.
.
Hanover
at therentral Hanov Bankthe opinion of Chapman & Cutler of Chicago, the proposals at 19 Vanderburgh Ave., Larchmont
-TEMPORARY
furnish the printed bonds andthe Place designated by the purchaser without
MANCHESTER, Hillsborough County, N. H.
to the City. LOAN.
on Jan. 20 obtained a loan
deliver the bonds to
and will
-W. 0. McAllister, City Treasurer,
of the bonds, Payable
cost to him. A certified check for 5%
of $500,000 from the Bankers Company of New York,as follows: $300.000.
must accompany the bid.
due Dec. 9 1931. at 2.46% discount and $200,000, due July 15 1931. at
preliminary report in V. 132, P. 525.)
(This report supplements the
- 2.22% discount. The loan is dated Jan. 20 1931. Payable in nBoston
-NOTE OFFERING.
supervisio
0. Crown Point), Ind.sealed bids until 1 p.
or New York. The notes will be engraved under the opinion of of the
LAKE COUNTY (P.
receive
Ropes.
Trust Co., Manchester. The approving
Whitaker, County Auditor, will
notes. Dated Feb. 1 1931. Amoskeag
office Gray. Boyden & Perkins of Boston will be furnished the purchaser.
on Feb. 2 for the purchase of $400.000 5%
at the
1931. The notes are payable
Denom. 310.000. Due Dec. 31
JAN. 24 1931.]
FINANCIAL CHRONICLE
The First National Old Colony Corp. of Boston, bid a 2.365% discount
for the July maturity and 2,565% for that of December, while the Shaw0
mut Corp. of Boston, offered to discount the entire loan at 2.54%.
MAN1STIQUE SCHOOL DISTRICT, Schoolcraft County, Mich.
BOND ELECTION.
-The Board of Education at a meeting held recently
decided to hold a special election on Feb. 2 to permit the voters to pass
upon a proposal to issue $170,000 in bonds for school buildings construction
purposes.
MANSFIELD, Richland County, Ohio.
-BOND ORDINANCE APPROVED.
-The City Council on Jan. 9 passed an ordinance providing for
the issuance of $12,950 6% special assessment sanitary sewer improvement
bonds, to be payable not later than 2 years from the date of their issuance.
MESA COUNTY SCHOOL DISTRICT NO.I (P.O. Grand Junction)
Colo.
-PRICE PAID.
-The $24,500 issue of 4 % coupon school bonds
that was purchased by Joseph D. Grigsby & Co., of Pueblo
-V. 132, p.
345
-was awarded at a price of 98, a basis of about 4.50%. Due on May
1 1950, optional in 1932.
METUCHEN Middlesex County, N. J.
-BOND OFFERING.
-Edward
A. Burroughs, borough Clerk, will receive sealed bids until 8 p. m. on
Feb. 2 for the purchase of the following issues of not to exceed 6% int.
coupon or registered bonds aggregating $470,000:
$327,000 public impt. assessment bends. Due Feb. 1 as follows: $33,000
from 1932 to 1937 incl.; $32,000 from 1938 to 1940 incl. and $33,000 in 1941.
143.000 public if. bonds. Due Feb. 1 as follows: $5,000 from 1932
to 1959 incl. and $3,000 in 1960.
Each issue is dated Feb. 1 1931. Denom. $1,000. The entire offering
of $470,000 bonds matures Feb. 1 as follows: $38,000 from 1932 to 1937
Incl.; $37,000 from 1938 to 1940 hid.; $38,000 in 1941; $5,000 from 1942
to 1959 incl., and $3,000 in 1960. Rate of int. for the bonds must be
expressed in a multiple of X of 1%a nd must be the same for total offering.
and semi-ann. Int. (F. & A.) are payable at the Metuchen National
Bank, Metuchen. No more bonds are to be awarded than will produce a
premium of $1,000 over the amount of each issue. A certified check for
2% of the amount of bonds bid for, payable to the order of the Borough,
must accompany each proposal. The approving opinion of Clay, Dillon dc
Vandewater of New York will be furnished the successful bidder. Sale
of the bonds is to be made at public auction.
MINNESOTA, State of (P. 0. St. Paul).
-BOND STATEMENT.
The statement as follows is given as it appeared in the "Wall Street Journal" of Jan. 22: "Outstanding bonds and certificates of indebtedness of
the State of Minnesota, as of Dec.311930, totaled $91,708,345, the biennial
report of the State Auditor to the 1931 Legislature shows. Of that total,
$57.050,000 consisted of rural credit bonds and certificates, and $22,090.587
county highway reimbursement funds."
MISSISSIPPI, State of (P.0. Jackson).
-BOND OFFERING -Sealed
bids will be received until noon on Feb. 10, by the State Bond Commission,
for the purchase of a 3500,900 issue of State bonds. Int, rate is not to exceed 5 X %. Denom. $1,000. Due on March 1 1946, optional at any
time after five years. The bonds are offered for sale and sold under and
by virtue of the provisions of Chapter 115 and 116. Laws of the State of
1926. The right is reserved to reject any and all bids, and to sell at public
outcry or private sale. A certified check for one-twentieth of the face value
of the bonds bid for; payable to the State Treasurer, is required.
MISSOURI, State of (P. 0. Jefferson City).
-BOND SALE.
-The
$5.000,000 issue of 4% coupon or registered road. series 0, bonds offered
for sale on Jan. 21-V. 132, p. 527
-was awarded to a syndicate composed
of the Harris Trust & Savings Bank, the Continental Illinois Co. and the
First Union Trust & Savings Bank, all of Chicago; the First National
Old Colony Corp., Emanuel & Co., both of New York: the Northern Trust
Co. of Chicago; L. F. Rothschild & Co. of New York; Lawrence Stern &
Co. of Chicago. and Rutter & Co. of New York at a price of 101.367, a
basis of about 3.88%. Due $1,000,000 from April 1 1944 to 1948 incl.
BONDS OFFERED FOR INVESTMENT.
-The above bonds are
offered by the successful syndicate for public subscription priced being reto yield
3.80% on all maturities. They are legal investments for savings banks
and trust funds in New York, Massachusetts, Connecticut and other States.
They are reported to be direct and general obligations of the State.
(It was reported on Jan. 22 by the syndicate managers that all of the
above bonds had been sold.)
The other bids were reported as follows:
Syndicate headed by Guaranty Co., which early in December was
awarded a similar amount of Missouri highway 4s with approximately
the same maturities on bid of 99.089, submitted the second high bid of
101.2999 on Jan. 21. Others in that syndicate included First Detroit Co..
Inc., Foreman-State Corp., Ames, Emerich & Co., Otis & Co., Mississippi
Valley Co., Inc., Mercantile Commerce Co., First Securites Corp. of Minnesota, Stern Bros. & Co. of Kansas City, Fidelity National Corp. of
Kansas City, and Laird, Bissell & Meeds of Wilmington.
Estabrook & Co. headed a syndicate which bid 101.11 for the issue.
'That group included R. L. Day & Co. Kountze Bros., Stone & Webster
and Blodget, Inc., Roosevelt & Son, Boatmen's National Co. of St. Louis.
Hannahs, Bailin & Lee, and Prescott, Wright, Snider Co. of Kansas City.
First National Bank headed an account which bid 100.98. Others in
the group were Eldredge & Co., Salomon Bros & Hutzler, Dewey, Bacon
& Co., Kean, Taylor & Co., George B. Gibbons & Co., Inc., and R. H.
Moulton & Co.
Chase Securities Corp , Kissel, Kinnicutt & Co. F. S. Moseley & Co.,
Bancnorthwest Co. and 'First Wisconsin Co. bid 100.861.
.
Bid of 100.8599 was submitted by National City Co., Bankers Co.,
Brown Bros. Harriman & Co., E. R. Rollins & Sons, Chatham Phenix
Corp., Guardian Detroit Co., Inc., Wallace, Sanderson & Co., First National Co. of St. Louis, Smith, Moore & Co. and Schaumburg. Redhann
& Osborne.
Halsey, Stuart & Co., Inc., headed a syndicate which bid 100.588.
Others in that syndicate were 13ancamerica-Blair Corp., A. B. Leach &
Co., Ina.. Barr Bros. & Co.. Inc., B. J. Van Ingen & Co., Darby & Co.,
Wells-Dickey Co. of Minneapolis, Hibernia Securities Co., Inc., of New
Orleans, H. L. Allen &
nte', IsTicolaus & Co. Inc.. of St. Louis,
&Ix & Co. of St. Louis, and G. H. Walker Co. of SC Louis.
Co.,,
MOBILE COUNTY (P. 0. Mobile), Ala.
-BOND SALE.
-The $125,000 issue of 5% semi-annual school bonds offered for sale on Jan. 12-V.
-was awarded to the Provident Savings Bank & Trust CO.. o
132. p. 345
Cincinnati, paying a premium of $87.50, equal to 100.07, a basis of
4.99%. Dated Jan. 1 1931. Due from Jan. 1 1934 to 1951, incl. about
(This report supplements that previously given.
-V. 132, p. 527.)
The other bidders and their bids were as follows:
Bid erPrice Bid.
Merchants Securities Corp., Mobile
99.66
Well, Roth & Irving Co., Cincinnati
99.36
First Securities Co. Mobile
98.65
Birmingham
Steiner Bros.,
97.25
Financial Statement (As Officially Reported),
Actual valuation (estimated)
$145,000.000
Assessed valuation (1930)
92,503.811
Total bonded debt (this issue included)
7.745,000
Less sinking fund
$130,000
Net debt_______________ $7.615.000
Populatiori,
CeniG,
io315 D. census. 118,392.
mortA COUNTY SCHOOL DISTRICT NO.12(P.O. Wagon Mond),
-The 260.000 6'% school building
N. Mex.-BONDS CALLED.
dated Feb. 1 1921, optional Feb. 11931, due on Feb. 11951, Nos. 1 to 120,
incl. have been called for payment as of Feb. 1 1931 at the office of Heath,
Larson & Co. In Denver.
MOUNT PLEASANT (P. 0. North Tarrytown), Westchester
-BOND SALE.
-The following issues of coupon or
County, N. Y.
tared bonds aggregating $443,000 offered on Jan. 20-V. 132, p. 3
rM
were awarded as 4 s to the First National Old Colony Corp. of New York
at4101.70, a basis o about 4.059'0
$403,000 road bonds. Due on Feb. 1 as follows: 820,000 from 1933 to
1947 incl.; $25,000 from 1948 to 1950 incl. and $28,000 in 1951.
80,000 highway bonds. Due on Feb. 1 as follows: $1,000 from 1933 to
1940 incl. and $2,000 from 1941 to 1951 incl.
10,000 series A highway bonds. Due $1,000 on Feb. 1 from 1932 to
1941 incl.
Each issue is dated Feb. 1 1931.
If
The successful bidders are reoffering the bonds for public investment at
•
prices to yield from 3.60 to 4% according to maturity. The securities are
;:oonds
695
said to be legal investment for savings banks and trust funds in the State
of New York and to be direct and general obligations of the Town, payable
from unlimited ad valorem taxes on all the taxable property therein. A
statement of the financial condition of the Town appeared in our issue of
Jan. 17.
MUSKOGEE COUNTY (P. 0. Muskogee), Okla.
-OFFERING DRTAILS,
-The $250,000 issue of road and bridge bonds scheduled to be
offered for sale on Jan. 27-V. 132, p. 527
-Is dated Feb. 2 1931. Denom.
$1,000. Prin. and int. (F. & A.) payable at the fiscal agency of the State
In New York City.
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY LOAN.
John Morris, City Treasurer, on Jan. 22 awarded a $1,000,000 temporary
loan to the National Rockland Bank, of Boston, at 4.009' discount. Only
one bid was received. The loan is dated Jan. 22 1931 and matures Nov.4
1931. Payable at the National Rockland Bank. Boston. Legality approved
by Storey, Thorndike, Palmer & Dodge of Boston.
NEW BUFFALO TOWNSHIP, Berrien County, Mich.
-BELATED
BOND SALE REPORT.
-The 55.000 special assessment general obligation
bonds offered on Oct. 1-V. 131. p. 2099
-were awarded as 6s, at a price
of par, to Benjamin Sells, a local investor. The bonds are dated Oct.
1 1930 and mature $1,000 on Oct. 1 from 1931 to 1935. incl. Only one
bid was received for the issue.
NEW CASTLE, Henry County, Ind.
-BOND OFFERING.
-Don C.
McKee, City Clerk, will receive sealed bids until 10 a. m. on Feb. 14, for
the purchase of $15,000 4347 water works bonds. Dated Feb. 1 1931.
Due $5.000 on Feb. 1 from 1932 to 1934, incl. Interest is payable semiannually in Feb. and August. A certified check for 2X% of the face value
of the bonds bid for must accompany each proposal.
NEW HARRISBURG RURAL SCHOOL DISTRICT(P.O. Hibbetts),
Carroll County, Ohio.
-ADDITIONAL INFORMATION.
-In connection with the report of the sale of $17,000 school impt. bonds to the State
Teachers' Retirement System of Columbus
-we learn
-V. 132. p. 527
that the bonds bear bit. at 434% and were sold at par plus a premium of
8170, equal to 101,a basis of about 4.66%. Due in 15 years.
NEW HAVEN, New Haven County, Conn.
-TEMPORARY LOAN.
A loan of $400,000 was obtained by the city on Jan. 20 from F. S. Moseley
& Co. of New York. The financing was effected in anticipation of the
collection of taxes which become due March 3 1931, on which date the loan
matures. Rate of interest is 2.28%. In Dec.last year the city obtained a
loan of 8780000 payable this March at 2.85% (V. 132, P. 165). Bids for
the current issue were as follows:
BidderInt. Rate.
F. S. Moseley & Co. (purchasers)
2.28
First National Old Colony Corp., Boston
2.36
S. N. Bond & Co., New York
2.70 o
NEW YORK, N. Y.-815,343,510 CORPORATE STOCK APPROVED.
At a meeting of the Committee of the Whole of the Board of Estimate on
Jan. 20 authorization was given to the issuance of 515.343.510 corporate
stock to meet the cost of financing contracts awarded by the Board of
Transportation in connection with the construction of the city's new subway system.
NEW YORK, State of (P. 0. Albany).
-OFFERING OF 234,000,000
BONDS EXPECTED SHORTLY.
-Morris S. Tremaine, State Comptroller.
Is expected to issue a call shortly for sealed bids to be opened during the
first week of March for the purchase of approximately $34.000,000 in bonds.
of which 520,000,000 will mature serially in from 1 to 50 years and $14
000,000 in from 1 to 20 years, according to a report in the New York"Timm
of Jan. 23. Bidders are expected to be asked to name a rate of interest
for the obligations not in excess of 4%. Sales of State bonds in the open
market at the present time are made on a yield basis of 3.60%, it was
further reported. The State's last appearance in the long-term municipal
bond market was on April 15 1930 when J. P. Morgan & Co., of New York,
bidding for their own account, purchased 531,550.000 4% 25
-year serial
bonds at 102.077, the interest cost of the financing to the State being
3.79%. No public offering of the bonds was made by Morgan & Co.,
although on August 27 a group headed by the National City Co. and the
Chase Securities Corp.. both of New York, marketed $20.192.000 of the
bonds which were priced to yield 3.70% for all maturities.
-V.131, p. 1455.
NIAGARA FALLS, Niagara County, N. Y.
-BOND SALE.
-The
$164,000 (series C)coupon sewer bonds offered on Jan. 19-V. 132, p.527
were awarded as 3.95s to the Bancamerica-Blair Corp. of New York at
par plus a premium of $400, equal to 100.243, a basis of about 3.93%.
The bonds are dated Feb. 1.1931 and mature Feb. 1 as follows: $20,000
from 1943 to 1949 ine.l. and $24,000 in 1950.
The fr_llowing is an official list of the bids submitted for the issue:
mddeo
Interest
Amount
Rate.
Bid.
BancamerIca-Blair Corp
3.95
$164,400.00
Eldredge & Co., New York
4
164,656.00
Rutter & Co., New York
164,616.64
47
First Detroit Co., Inc., New York
164,457.56
4
Bankers Company of New York164,391.96
Stone Webster and Blodgett, Inc., New York
164,362.44
4
Harris, Forbes & Co., New York
164,162.36
NiagaraCounty Savings Bank
4.104
164,669.12
Kissel, Kinnicutt & Co., New York
4.10%
164,641.24
Batchelder & Co., New York
4.11
164.557.60
Dewey, Ban & Co.. New York
Bacon
4.10.
164,328.00
Power City Trust Co
164,227.96
4.107
M.& 'I'. Trust Co., Buffalo
4.109'
164,147.60
Phelps, Penn & Co.. New York
4.059
164,319.80
NILES CENTER PARK DISTRICT, Cook County, III.
-BOND
SALE.
-The Hanchett Bond Co. of Chicago is said to have purchased an
Issue of $25,000 5% park bonds. Dated Nov. 1 1930. Denom. $1,000.
Due 35,000 on Nov. 1 from 1946 to 1950 incl. Prin. and semi-ann. int.
M.& N.) are payable at the National Bank of the Republic of Chicago.
ality approved by Holland M. Cassidy of Chicago.
NORRISTOWN, Montgomery County, Pa.
-BOND OFFERING.IP, Lester Smith, Borough Secretary, will receive sealed bids until 12 m.
on Feb. 3 for the purchase of 5350.0004, 434 4 X or 434 coupon sewage
disposal plant bonds. Dated March 1 1931. Denom. $1,000. Due
$35,000 on March 1 from 1932 to 1941 incl. Prin. and semi-ann. int.
(M. & S.) to be payable at the office of the Borough Treasurer or designated depository in Norristown. Single rate of int. to apply to the entire
issue. A certified check for 2%. of the par value of the amount of bonds
bid for. payable to the order of the Borough, must accompany each proposal. The bonds are issued subject to the favorable legal opinion of
Townsend, Elliott & Munson of Philadelphia. It is said that the "bonds
and Int. will be payable without deduction for any tax or taxes, except
succession or inheritance taxes, now or hereafter levied or assessed thereon
under any present or future law of Pennsylvania or of the United States."
NORTHAMPTON COUNTY (P. 0. Cape Charles), Va.-BOND
SALE.
-The $10,000 issue of refunding bonds offered for sale on Jan. 20
V. 132, ip. 528
-was purchased by the Well. Roth & Irving Co. of Cincinnati as 6s at a police of 100.88, a basis of about 5.80%. Dated March 15
1931. Due $1,000 from March 15 1932 to 1941 Inclusive.
OAKWOOD (P. 0. Dayton), Montgomery County, Ohio.
-BOND
SALE.
-The $60,000 coupon grade crossing elimination bonds offered
on Jan. 16-V. l3,p. 346
-were awarded as 434s to the Provident Savings
Bank & Trust Co. of Cincinnati, at par plus a premium of $981, equal to
101.63, a basis of about 4.35%. The bonds are dated Oct. 1 1930 and
mature52,000 on Oct.from 1932 to 1961 incl. The following is an official
list of the bids submitted for the issue:
BidderInt. Rate. Rate Bid.
Provident Savings Bank & Trust Co., Cincinnati
(purchaser)
101.63
Davies-Bertram Co.,Cincinnati
4
101.15
Asset, Goetz & Moerlein. Cincinnati
4
101.12
Weil, Roth & Irving Co., Cincinnati
BancOhio Securities Co.,Columbus
1 5
1.00 0
100.56
6
Ryan,Sutherland & Co.,Toledo
4347
100.38
Otis & Co., Cleveland
4349
100.28
Braun,Bosworth & Co.,Toledo
434%100.17
Mitchell, Herrick & Co. Cleveland
4
102.02
Seasongood & Mayer,Cincinnati
4
101.20
Guardian Trust Co.,Cleveland
4
W.L.Slayton & Co.,Inc., Toledo
a
110111
4
696
FINANCIAL CHRONICLE
(VOL. 132.
obligation of the School District, which has independent borrowing power
conferred upon it by the Act of the Legislature known as the School Code
of 1911. This borrowing capacity is limited to 2% of the assessed valuavote
tion of taxable property in the City of Pittsburgh, without a bondsof the
must
peop.e.' A certified check for 27 of the par value of the
All bide must be unconditional and made on
accompany each proposal.
inblanks furnished by the above-mentioned Secretary. The followingand
formation regarding the authority under which the bonds are issued
of both principal and interest is taken
the provision made for the payment
OHIO COUNTY (P. 0. Wheeling), W. Va.-ELECTION NOTICE.of from the official notice of proposed sale:
We are informed that the special election on the proposed issuancenot
"These bonds are issued under the authority contained in the Act of
Act
t bonds is scheduled for Jan. 27 and
$3,800,000 in various improvemen
Assembly of Pennsylvania approved April 20 1874, P. L. 65, and thesupand
for Jan. 29, as reported in V. 132, p. 346.
approved May 18 1911. P. L. 309, and the amendments thereof of Public
authority of resolutions of the Board
plements thereto, and by
OLIVER TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. Elkton), Education authorizing the issue of the same, adopted Jan. 20 1931. Due
-At a special election on Jan. 15 provision has been made for an annual tax sufficient to pay the principal,
-BONDS VOTED.
Huron County, Mich.
of$60,000 in bonds for school building interest and taxes on this loan; continuing until the loan is paid in full.
the taxpayers authorized the issuance
excess
rate
been apconstruction purposes. The bonds are to bear int. at a 1932 not in incl.; The proceedings for this loan and the legality of the issue have Burgwin,
to 1939
of 53. % and to mature March 15 as follows; $1,000 from 1960 incl.
proved by J. Rodgers McCreery, Esq., and Burgwin, Scully & legality
from 1951 to
letters attesting the
$2,000 from 1940 to 1950 incl., and $3,000
Esqs., of Pittsburgh, and a copy of their
"
- may be had on application.
Ohio.
OTTAWA HILLS SCHOOL DISTRICT, Putnam County,
Financial Statement (As Officially Reported)
Board of Education,
$i
-Gladys G. Bullock, Clerk of the
BOND OFFERING.
The last preceding assessed valuation (for 1931) is Pitts- ,190,000,000.00
of
will receive sealed bids until 7:30 p. m. on Jan. 26 for the purchase
School District of
1931. Denom. $1,000. The borrowing capacity of the
23,800,000.00
$205,000 6% coupon school bonds. Dated Jan. 1 incl., and $10,000 from
burgh, therefore, is
Due Sept. 1 as follows: $9,000 from 1932 to 1946 S.) are payable at the From this there is to be deducted present and outstanding
20,370,694.19
and semi-ann. Int.(M. &
1947 to 1953 incl. Prin.
net school indebtedness amounting to
the bonds to bear
3,429,305.81
Spitzer-Rorick Trust & Savings Bank, Toledo. Bids for
3./ of 1%, will The present borrowing capacity therefore is
District for the year 1931 from
interest at a rate other than 6%,expressed in a multiple of
election in The income of the School
14,497.750.00
also be considered. The bonds were authorized at the general
the tax levy and State appropriation will be
outside of tax
census, was
November 1929 and are said to be payable from taxes levied of the above.
The population of the School District of Pittsburgh, 1930
order
limitations. A certified check for $3,000, payable to the approving opinion 669,817.
The
was
mentioned Clerk, must accompany each proposal. furnished the purchaser
-The property owned by the School District of Pittsburgh at
Note.
Cleveland. in 1912,
of Squire, Sanders & Dempsey of Cleveland, will be
appraised by the Manufacturers' Appraisal Co. has been added in land.
'
at his own expense.
$15,688,136.68. Since that date 834,328,923.56
all public
0. Ventura), buildings and equipment. Under the School Code of 1911,the School
transferred to
OXNARD UNION HIGH SCHOOL DISTRICT (P.
-Sealed bids will be re- school property in the City of Pittsburgh was
-BOND OFFERING.
County, Calif.
assuming all debt created for
Ventura
for the purchase of a $60,000 District of Pittsburgh, said School District
at $1,190,ceived until Feb. 3, by the County Clerk,
school purposes. The entire property of Pittsburgh assessed
issue of school bonds.
000,000 is security for these bonds.
-V. 132, p. 165.)
(These are the bonds that were voted recently
-BELATED BOND
Mich.
PLEASANT RIDGE, Oakland County, that no bids were received
-A $250,000
-BOND SALE.
PALO ALTO,Santa Clara County,Calif.
-The City Manager informs us
re- SALE REPORT.
of the $19,740 bonds on Dec. 9-V. 131, p. 3742
issue of semi-ann. hospital t -ds is reported to have been purchased
as 5s, paying a premium at the public offering were subsequently sold at private sale as 6s at a price
cently by the First Detroit Co. of San Francisco,
but that the securities
Dated Jan.
70 paving
of $24,808, equal to 109.92, a basis of about 4.27%. approved by 2 1931. of par as follows: $16,800 Special Assessment District No. Dec. 15 as
Orrick,
Due on
Due $6,250 from Jan. 2 1932 to 1971 incl. Legality
bonds purchased by the Fidelity Trust Co., Detroit.
1939, and $2,300
Palmer & Dahlquist, of San Francisco.
follows: $1,500 from 1931 to 1937 incl.; $2,000 in 1938 and Lobban, a local
purchased by Francis D.
-The Board of in 1940. The $2,940 issue was
-BOND SALE.
PERRYSBURG, Wood County, Ohio.
1931 and 1932 and $940 in
$1,000
5% water works investor. Due Dec. 15 as follows:Dec. 15in
Sink. Fd. Trus. has purchased at Par an issue of $2,500
1930.
All of the bonds are dated
The
bonds that was recently authorized to be sold by the City Council. from 1933.
-BOND
Iowa.
POCAHONTAS COUNTY (P. 0. Pocahontas),
bonds are dated Dec. 1 1930. Denom. $500. Due $500 annually
in highway improvement bonds
-A proposal to issue 5830,000
ELECTION.
1932 to 1936 incl. Interest is payable semi-annually.
4.
be up for approval at a special election to be held on Feb.
- will
-BOND OFFERING.
-BOND
Ore.
PERTH AMBOY, Middlesex County, N. J.
PORT OF TOLEDO (P. 0. Toledo), Lincoln County, on Feb. 2 by
p.
Joseph E. Hornsby, City Treasurer, will receive sealed bids until 2 P. m•
-Sealed bids will be received until 7.30ers,m. the purchase
.
or reg0
for
on Feb. 3 for the purchase of t•43,000 43/4', 43•5, 4% or 57 coupon $1,000. OFFERING
of Commission
B. F. Updike, Secretary of the Board
Prin. and int.
istered (series AA) water bonds. Doted Feb. 1 1931. Denom.
of a $25,000 issue of6% impt. bonds. Due on Jan. 1 1936.
Due Feb. 1 s follows: $2,000 from 1932 to 1934 incl., and $1,000from 1935 (J. & J.) payable at the fiscal agency of the State in New York. A $2,500
Prin. and semi-ann. int. (F. & A.) are payable at the office certified check must accompany the bid.
to 1971 incl.
26of the City Treasurer. No more bonds are to be awarded than will produce
(These are the bonds that were unsuccessfully offered on Dec.
the
a premium of $1,000 over $43,000. The bonds will be prepared under
which will certify V. 132. p. 346.)
supervision of the International Trust Co., New York, the seal impressed
DISTRICT (P. 0. Moores), Delaware
PROSPECT PARK SCHOOL
as to the genuineness of the signatures of the officials and
bid for County, Pa.
-The Lansdowne Bank & Trust Co. of Lans-BOND SALE.
thereon. A certified check for 27 of the par value of the bonds
& downe,is reported to have purchased on Jan. 15 an issue of $75,000 43i%
mus accompany each proposal. Legality will be approved by Caldwell
successful coupon school bonds at 105.11, a basis of about 4.13%. Due Jan. 15 as
Raymond of New York, whose opinion will be furnished the
follows: $7,000, 1936; $8,000, 1941; $11,000. 1946; 314.000, 1951; $17,000,
bidder.
Financial Statem,.1 Jan. 1 1931.
and $18,000 in 1961. Bids as reported were as follows:
Rate Bid.
$3,337,000.00 1956,
General bonded debt
100.11
2,652,000.00 Lansdowne Bank & Trust Co.(purchaser)
incl. this issue)
Water bonded debt(not
105.00
905,000.00 Prospect Park Bank
*Grade crossinn. elimination bonds
104.51
Brown Bros., Harriman & Co., Philadelphia
104.02
$6.894.000.00 Graham, Parsons & Co., Philadelphia
Total bonded debt
103.76
bonds, W.H.Newbold's Son & Co., Philadelphia
102.27
*Credit Ch. 234, Laws 1930 (grade crossing elimination
Manufacturers & Traders Trust Co., Buffalo
$503,636.76).
-A $75,000 issue of
-BOND SALE.
PROVO, Utah County, Utah.
Floating Debt
to the
been awarded
$1.503,000.00
school building bonds is reported to have price of 95.10. recently
Tax revenue bonds
1,044.000.00
Lauren W.Gibbs Co. of Salt Lake City, at a
Temporary impt. bonds (trust)
-BOND OFFERING.
238,500.00
RENSSELAER COUNTY (P. 0. Troy), N. Y.
Temporary impt. bonds (capital)
bids until
93,000.00
William D. Thomas, County Treasurer, will receive sealed
Temporary impt. bonds (water)
$2,876,500.00 11 a. m. on Jan. 29 for the purchase of $115,000 coupon or registered not
Feb. 11931.
5% int. highway impt. bonds, 17th series. Datedto 1936 incl.,
from 1932
$9.770,500.00 to exceed
Total bonded and floating debt
Denom. $1,000. Due Feb. 1 as follows: $5,000semi-ann. int. (F. & A.)
$6,120,500.00
General
and $6,000 from 1937 to 1951 incl. Prin. and York. Rate of int. to
2,745,000.00
are payable at the International Trust Co., New
Water
same for
905,000.00
in a multiple of h or 1-10th of 1% and must be the
be
Grade crossing
supervision of the
$9,770,500.00 all expressed
of the bonds. The bonds will be prepared under the to the genuineness
Co., New York, which will certify as
Sinking Funds
International Trust
the bonds and the seal
$483,981.83
General
of the signatures of the county officials signing Caldwell & Raymond
377,007.86
Legality will be approved by
Water
$840,989.69 impressed thereon. approving opinion will be furnished without charge.
of New York, whose
to
bid
Cash-Trust reserve for payment of temporary impt. bonds_ $237.559.43 A certified check for 2% of the par value of the bonds eachfor, payable
proposal.
289,667.34
Assessm'ts receiv., applicable to temp.Impt. bonds (trust)_ _
the order of the County Treasurer, must accompany
Financial Statement.
Net Taxable Valuations 1930
4
545.256,458.00
Real
Assessed valuation (1930): Real estate (other than franchises) $111.789,07
6,250,514
7,043,490.00
Personal
Special franchises
43.100
Personal propoerty
$52,299,948.00
Total
$118,082,688
Population. 1930 census, 40,000. City incorporated March 17 1870.
Total
$1,654.500
Boncted debt (not including this issue)
-In connection with the notice
-LIST OF BIDS.
Pa.
PHILADELPHIA,
Population 1925 censtui 118.429.
the Philadelphia National
of the sale of a $5,000,000 temporary loan to March 3 1931 maturity.NO. 11 (P. 0. Alexandria),
R1GOLETTE SCHOOL DISTRICT
for
Bank of Philadelphia, at 1.90 , atController, forwards the following list Rapid.. Parish, La.
-Sealed bids will be received
-BOND.OFFERING.
V. 132, p. 528-Willb Hadley, ity
until noon on Feb. 10 by W. J. Avery, Secretary-Treasurer, Parish School
of the bids submitted for the loan:
school bonds. Int.
Interest Rate. Board, for the purchase of a $75,000 issue of coupon
Bidder
rate is not to exceed 6%. payable semi-annually. Denom. $1,000. Dated
1.90
a National Bank (purchaser)
51,000, 1932 to 1936; 52,000.
Philadelphi
April 15 1931. Due on April 15 as follows:
1.95
1937 to 1941; $3,000, 1942 to 1947; 54,000, 1948 to $951; $5.000, 1952 to
R. W.Pressprich & Co., New York
1.98
Chase Securities Corp., New York
1955, and $6,000 in 1956. Prin, and int. (A. & 0. 15) payable at the
New York
at the bank designated by the purchaser.
School
Bankers Trust Co.,
2.251 office of the Parishpar andBoard orint. and bid for the rate of int. A certiaccrued
Salomon Bros. & Hutzler, New York
Bidders must pay
to the Parish School Board, must accomD
-Sealed fied check for $1,500, payable
PIERRE, Hughes County, S. Dak.-BONby OFFERINO.
J. H. Starkey, City pany the bid.
p. m. on Feb. 2
(The preliminary report of this offering appeared in V. 132. p. 346.)
bids will be received until 7.30
of two issues of bonds aggregating $100,000,
Official Financial Statement.
Auditor, for the purchase
Assessed valuation of district, consisting largely of railroads,
follows:
as
El.001,630
Due on Feb. 1 as follows: $3,000, 1934 and
telephone, telegraph and gas lines
$62,000 electric light bonds.to 1939; $5,000, 1940 and 1941, and $6,000,
11.700
Total outstanding bonds at present
1935; $4,000, 1936
1946.
Population: 1920 census, 2,528; 1930, census, 3,564.
1942 to
Due on Feb. 1 as follows: $2,000. 1934 to
-C. E. Hig-NOTE SALE.
ROCHESTER, Monroe County, N. Y.
38,000 water works bonds. 1943,_and $4,000, 1944 to 1946,all incl.
1937;$3,000, 1938 to
hit. gins, City Comptroller, on Jan. 23 awarded a total of $1,700,000 notes to
exceed 5%. No bid for less than par and accrued int. Salomon Bros. dc Hutzler of New York as follows:
Int. rate is not to
$1,000. Dated Feb. 1 1931. Prin. and by $775,000 school revenue bonds sold at 1.34%. Due March 13 1931.
will be considered. Denom.
any suitable bank or trust company designated
650,000 general revenue notes sold at 1.34%. Due March 13 1931.
(F. & A.) payable at auction bids will also be received. The City will
275,000 overdue tax (1930) notes sold at 1.94%. Due Aug. 27 1931.
the purchaser. Oral
cost to the purchaser. These bonds
Each issue is dated Jan. 27 1931. The notes are payable at the Central
the executed bonds withoutcertified check, payable to the City,
furnish
A $3.000
Hanover Bank & Trust Co.. New York.
were voted on Jan. 5.
must accompany the bid.
-C. E.
-BOND OFFERING.
ROCHESTER, Monroe County, N. Y.
at a special election held on Jan. 5. The
(The above bonds were voted a count of 361 "for" to 56 "against". Higgins, City Comptroller, will receive sealed bids until 12 m. on Jan. 29
electric bonds were approved by bonds won by a count of 356 "for" to for the purchase of the following issues of 4% coupon or registered bonds,
The $38,000 issue of waterworks
aggregating $5.639,000:
to
$2,145,000 bridge bonds. Due annually as follows: $71,000 from 1932
61 "against.")
1946, incl., and $72,000 from 1947 to 1961. Incl.
Allegheny County, pa,
RGH SCHOOL DISTRICT,to the Board of Education, of
school bonds. Due annually as follows: $43,000 from 1932 to
PITTSBU
1,295,000
-Sealed bids addressed
1956, incl., and $44,000 from 1957 to 1961, incl.
BOND OFFERING.
be received until 3 p. m.on Feb. 17
900,000 special local improvement bonds. Due annually as follows:
which H. W.Cramblet is Secretary, will
registerable as to principal
$3,000,000 4% coupon
5200,000 in 1932 and 1933. and $100,000 from 1934 to 1938,incl.
for the purchase of
bonds. Dated Feb. 1 1931. Denom.
675,000 public improvement bonds. Due annually as follows: $45,000
only school building construction from 1932 to 1961, incl. Principal and
from 1932 to 1946, incl.
$100,000 on Feb. 1
$1,000. Due
at the office of the School
follows:
249,000 municipal land purchase bonds. Due annually as to 1961,
semi-ann. int. (Feb. and Aug.) are payable states that the bonds will be
notice
$8,000 from 1932 to 1952, incl., and $9,000 from 1953
Treasurer of the district. The offering of Pennsylvania; said taxes being
al, taxation by the State
Inclusive.
free of any and
that the bonds are a direct
assumed by the district. The notice also states
OAK WOOD VILLAGE SCHOOL DISTRICT, Montgomery County,
coupon school building con-The $360,000 4
Ohio.
-BOND SALE.
-were
struction and equipment bonds offered on Jan. 22-V. 132, p. 346
Mitchell,
awarded to the BancOhio Securities Co. of Columbus, and of
$5,832,
Herrick & Co. of Cleveland, Jointly, at par plus a premium
0.
equal to 101.62, a basis of about 4.587 The bonds are dated Jan. 1 1931
and mature $15,000 on Oct. 1 from 1932 to 1955 incx.
JAN. 24 1931J
FINANCIAL CHRONICLE
697
175.000 sewage disposal bonds. Due annually as follows: $9,000 from
SOUTH DAKOTA,State of (P. 0. Pierre)
-WARRANT OFFERING.
1932 to 1946, incl., and $8.000 from 1947 to 1951. incl.
-Sealed bids will be received until
95.000 municipal building bonds. Due annually as follows: $5,000 State Treasurer, for the purchase ofnoon on Jan. 26. by A. C. Goodhope,
a $1.000,000 issue of tax anticipation
from 1932 to 1946, incl., and $4,000 from 1947 to 1951,incl.
warrants. Denom.
Dated Feb.
75,000 water works bonds. Due annually as follows: $3,000 from The interest shall be$10,000. at such bank 5 1931. Due on Aug. 1 1931.
payable
as the purchaser may stipulate
1932 to 1946, incl., and $2,000 from 1947 to 1961, incl.
at the time the warrants are awarded. The warrants will be sold to the
30.000 municipal aviation field bonds. Due annually as follows: bidder offering to take them at the lowest rate of interest,
and the successful
$2,000 from 1932 to 1941, incl., and $1,000 from 1942 to 1951, bidder must pay for the warrants in New York, Chicago, Minneapolis
or
inclusive.
St. Paul exchange, on Feb. 5 1931. No charge is to be made by the purEach issue is dated March 1 1931. Principal and semi-annual interest
are payable at the Central Hanover Bank & Trust Co.. New York. Bids chaser for attorney's fees, for the printing of such warrants or for the canmust be submitted for all of the bonds offered and all at the same rate of cellation of same at the time of redemption. A certified check for $1,000
Interest. A certified check for 27 of the face value of the bonds bid for, must accompany the bid.
c
payable to the order of the City Comptroller, must accompany each proSTAMFORD (Town of), Fairfield County, Conn.
-LIST OF BIDS.
posal. The legality of these issues will be examined by Reed, Hoyt &
The following is a list of the bids received on Jan. 16, for the purchase
Washburn of New York, whose favorable opinion will be furnished to the of the $200,000 temporary loan awarded to the Shawmut Corp., of Boston,
Purchaser. All bonds will be ready for delivery at the place in New York at 2.19% discount.
-V. 132, p. 529.
City indicated by the ;purchaser, on March 1 1931. or as soon after that
BidderDiscount.
date as the bonds can be prepared for delivery.
Shawmut Corp. (Purchaser)
2 19
First National Old Colony Corp
ROCKFORD, Mercer
County, Ohio.
-BOND
ORDINANCE F. S. Moseley & Co
ADOPTED.
-At a recent meeting of the Village Council an ordinance proSTICKNEY, Aurora County, S. Dak.-BOND OFFERING.
viding for the issuance of $15,000 water works system extension bonds
-We are
was adopted. Dated March 1 1931. Interest rate 5%. Due $1,000 on Informed that sealed bids will be received until 8 p. m. on Feb. 2, by M.
March 1 from 1932 to 1946, incl. Prin. and semi-ann. int. (March and Oltmans, Town Clerk, for the purchase of a $5,000 issue of 5% semi-ann.
Sept.) payable at the Rockford National Bank. Rockford.
water works bonds. Dated Oct. 141930. Due in from 1 to 5 years. (These
are the bonds that were unsuccessfully offered on Dec. 1.-V. 131, p.4088.)
RUNNELS COUNTY ROAD DISTRICT NO. 4 (P. 0. Ballinger), A certified check for 10% must accompany the bid.
Tex.
-BOND ELECTION.
-It is reported that a special election WM be
SUBLETTE COUNTY (P.O. Pinedale), Wyo.-BOND OFFERING.
held on Feb. 7 in order that the voters may pass on the proposed issuance
Sealed bids will be received until 10 a. m.on March 3. by the County Clerk,
of $610,000 in road bonds.
for tne purchase of a $30,000 issue of court house and jail bonds. Int.
RUSH CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Rush rate is not to exceed 6%. Denom. $1,000. Dated Jan. 1 1931.
Due on
City), Chicago County, Minn.
-BOND DETAILS.
-The $85,000 issue (J. & J.)Jan. 1 1951, and optional after Jan. 1 1941. Prin. and int.
payable in New York at option of purchaser. Legal proceedings
of4h % school bonds that was purchased by the State of Minnesota
-V.132,
p. 528
-was awarded at par and matures as follows: $6,000. 1936 to 1945. being handled by Geo. W. Vallery & Co., of Denver. A certified check for
$1,500, must accompany the bid. (These bonds were voted at the general
and $5,000. 1946 to 1950. all incl.
election held on Nov. 4.-V. 130, p. 1296.)
ST. CLAIR COUNTY (P. 0. Port Huron), Mich.
-BOND SALE.
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
-BELATED BOND
The $168,000 Road Assessment District No. 119 bonds offered on Jan. 15
-The two issues of
% bonds aggregating $57,100
(V. 132, p. 346) were awarded as 55 to the First Detroit Co. of Detroit at SALE REPORT.
-were awarded as follows: •
a price of 102.93, a basis of about 4.39%. The sale consisted of the follow- offered on Oct. 4-V. 131, P. 1752
551,500 Edward E. Gault et al., Fairfield Township highway improvement
ing:
bonds sold to the First Merchants National Bank, of Lafayette.
-$84,000 county's portion bonds. Due May 1 as follows: $9,000 from 1933
Due semi-annually as follows: 52.575. July 15 1932; 52.575, Jan.
to 1938, incl., and $10,000 from 1939 to 1941, incl.
and July 15 from 1933 to 1941, incl., and $2,575, Jan. 15 1942.
59,000 township portion bonds. Due May 1 as follows: $6,000 from 1933
5,600 John H.Taylor et al.. Union and Wea Townships road construction
to 1936, incl., and $7,000 from 1937 to 1941, incl.
bonds sold to George Henderson, of West Lafayette. Due semi25,000 district portion bonds. Due May 1 as follows: $2,000 in 1933
annually as follows: $280. July 15 1932; 5280. Jan. and July 15
and 1934 and $3,000 from 1935 to 1941, incl.
from 1933 to 1941, incl., and $280. Jan. 15 1942.
Each issue is dSted Nov. 1 1930. Prin. and semi-ann. int. are payable at
Each issue is dated Sept. 6 1930. We have not been advised as to the
the Central Hanover Bank & Trust Co., N.Y. City. Legality approved by
disposition of the $16,600 43 % issue offered on the same day.
Miller. Canfield, Paddock & Stone of Detroit.
Financial Statement (As Unofficially Reported).
Assessed valuation, 1930
-BONDS APPROVED.
-At a meeting
$1071:288458:260807 ofTOLEDO,Lucas County, Ohio.
the city council on Jan. 19, an ordinance providing for the issuance of
'Total debt
$125,000 in bonds to insure the continuance of street repair work to provide
Population, 1930, 67.301.
employment for the city's idle, was unanimously adopted.
SALEM, Marion County, Ore:
-BOND SALE.
-The $75,000 issue
4h% semi-annual sanitary sewer bonds offered for sale on Jan. 19-V. of
TONAWANDA,Erie County N. Y.
132,
-CONTEMPLATE CHANGE IN
-was purchased by the First National Bank, of Portland. paying METHOD OF FINANCING
P• 529
Hifi liOVEMENTS FOR scHooL,PURPOSES.
l
a premium of $178, equal to 100.23, a basis of about 4.47%. Due 55,000 -The Buffalo
"Courier Express" of Jan. 19 reports that members of the
from Jan. 1 1932 to 1946 inclusive.
Board of Education have petitioned the City Council to draw up a bill for
passage by the State Legislature which would permit the School Board
SAN FRANCISCO (City and County), Calif.
-BOND OFFERING.
- to incur indebtedness irrespective of that of the city itself. At the present
We are informed that bids will be received by J. S. Dunnigan,
Clerk
Board of Supervisors, until 3 p. m.on Feb. 16 for the purchase of a of the time all of the bonds issued, whether for school or city purposes, are sub$2,000.- ject to the bonded debt limit of the municipality, inasmuch as the school
000 issue of 4h % memorial hall bonds.
and city boundaries are coterminous.
We are also informed that it is probable sealed bids will'be
2 p. m. on Feb. 16, for the purchase of a $975,000 issue of received until
TRINIDAD, Las Animas Coun_ty,Colo.-BONDS CALLED.
4 % hospital
-Notice
bonds. Due from 1938 to 1953, incl.
has been given by Margaret R. McBride, City Treasurer, that certain
bonds of Paving Districts Numbered 10, 12, 13. 16, 18 and 20, are called
SAN FRANCISCO (City and County), Calif.
- for payment, interest ceasing on Feb. 15.
A special election has been called for Feb.6 in order-BOND ELECTION.
that
upon the proposed issuance of $2,500,000 in bonds the voters may pan
TRIPOLI (P. 0. Waverly), Bremer County, Iowa.
relieve
-BOND ELECment through the building of public improvements.toThe Sanunemploy- TION.
-The proposed issuance of $55,000 in bonds for a new school buildFrancisco
"Chronicle' of Jan. 15 gave the following report on the proposals:
ing will be voted upon at a special election to be held on Feb. 11.
"The bond issue, the statement adds, will not only provide employment,
but will provide the funds for necessary public improvements, which have
TULSA, Tulsa County, Okla.
-BOND SALE.
-The nine issues of
been on the city's program for a number of years.
improvements bonds aggregating $1,750,000 offered for sale on Jan. 16-V. 132, P. 347
include park development, playground construction Theseroad building, were purchased by a syndicate composed of the Mercantile Commerce Co.,
and
which it is asserted would necessarily have to be performed in the course of St. Louis, the First National Co., the Exchange National Co., R. J.
of time.
Edwards, Inc., and C. Edgar Honnold, all of Oklahoma
"The bonds are divided into three issues: $200,000 for playgrounds, follows: $450.000 as 5s, $930,000 as 4hs, and $370,000City, at Par,as
as 4)'s. The
$900,000 for roads and highways and $1,400,000 for improvements in parks Issues are described as follows: $350,000 general Mint.: $325,000 bridge;
and public squares."
$300,000, storm sewer; $225.000, grade separation; 3150,000, fire station:
$150,000, airport; $150,000, park; $75,000, sanitary sewer, and $25,000
SCHENECTADY,Schenectady County, N.Y.
juvenile detention home bonds. Due serially from 1936 to 1956. ind•
-BOND OFFERING.
Leon G. Dibole, City Comptroller, will receive sealed bids until 12 m. on
Jan. 30 for the purchase of $756,000 not to exceed 5% interest coupon or
TWILIGHT SCHOOL DISTRICT (P. 0. Charleroi), Washington
Co., Pa.
registered bonds, divided as follows:
-BOND OFFERINO.-John F. Krepps, Secretary of the Board
$330,000 city hall bonds. Due $11,000 on Dec. 15 from 1931 to 1960 incl. of Directors, will receive sealed bids until 8 p. m. on Jan. 26, at the office
300.000 high school bonds. Due on Dec. 15 as follows: $16,000 from 1931 of Roy I. Carson, 408 Fallowfield Ave., Charleroi, for the purchase of
to 1940 incl.; $15,000 from 1941 to 1945 incl. and $13.000 from $10,000 5% school bonds. Dated Jan. 1 1931. Denom. $1,000. Due
1946 to 1950 incl.
$1.000 on .an. 1 from 1936 to 1945 incl. Interest is payable semi-annually
126,000 park bonds. Due on Dec. 15 as follows: $8,000 from 1932 to In January and July. The proceedings had, relative to the authorization
1940 incl.: $9,000, 1941; $4,000 from 1942 to 1945 incl.; $6,000 of the bonds, have been approved by the Department of International
from 1946 to 1949 incl., and $5.000 in 1950.
Affiars of Pennsylvania, and by Burgwin, Scully & Burgwin of Pittsburgh,
Each issue is dated Dec. 15 1930. Denom. $1,000. Principal and
whose opinion will be
the purchaser. A
annual inter(st (June and Dec. 15) payable in New York City and semi- payable to the orderfurnishedDistrict Treasurer,certified check for $300.
of the
Schemust accompany each
nectady. Rate of interest to be expressed in a multiple of 1-20th of 1% and proposal.
must be the same for all of the bonds. A certified check for $15,120,
payable
to the order of the city, must accompany each proposal. The successful
UNION TOWNSHIP (P. 0. Union) Union County, N. J.
-BOND
bidder will be furnished with the opinion of Reed, Hoyt & Washburn,
SALE.
-H.L. Allen & Co. of New York, have purchased an issue of $297,New York, that the bonds are valid and binding obligations of the city. of 000 6% improvement bonds at a price of par. Dated Feb.
1 1931. Due
Feb. I 1936. Principal and semi-annual interest are payable at the Union
SEATTLE,King County, Wash.
-BOND SALE
- Center National Bank, Union, N. J.
We are informed that tne City Council recently was CONTEMPLATED.
requested to authorize
a call for bids to be opened on Feb. 27. for an issue of $1.000,000
UVALDE COUNTY (P. 0. Uvalde), Tex.
-BONDS VOTED.
-At a
water special
utilitY bonds. It is stated that these bonds will be part of the
election held on Jan. 6-V. 131, p.
-the voters approved the
issue authorize' by the Council, in 1929, of which $2,000.000 $5,000,000 issuance of $175,000 in Road District No. 3912
1 bonds by a count of 436 for
have already to
been sold.
110 against. H. H. Carmichael, County Clerk.
SHADYVILLE VILLAGE SCHOOL DISTRICT, Belmont
VERNON PARISH SUB
-ROAD DISTRICT NO. 1 (P. 0. Leesville),
County, La.
Ohio.
-BOND SALE NOT CONSUMMATED
-BOND OFFERING.
-Sealed bids will be received until Feb. 2. by
-ISSUE REOFFERED.
The award on Jan. 7 of $170,000 school building construction
and improve- V. 0. Craft, Clerk of the Police Jury, for the purchase of a $50,000 issue of
ment bonds to the BancOhio Securities Co. of Columbus (the
nature of 6% semi-ann. road bonds.
whose bid was not disclosed) (V. 132, p. 347),
mated, as the issue is being reoffered for saleapparently was not consumWARREN, Bristol County, R. I.
-The $34,000 43%
-BOND SALE.
on Feb. 9. Clyde Sutton,
Clerk of the Board of Education, will receive sealed
coupon sewer extension bonds for which no bids were received on Nov. 26
(Eastern standard time) on that date for the purchase bids until 8 p.m. -V. 131, p. 3743
-have since been sold at a price of par to the Industrial
of the issue, which is Trust
described as follows: Dated Jan. 1 1931. Coupon,
in $1,000 denoms. $2,000Co. of Providence. The bonds are dated Nov. 1 1930 and mature
Due on Sept. 1 as follows: $8,000 from 1932 to 1941
on Nov. 1 from 1931 to 1947 incl.
incl., and $9,000
1942 to 1951 incl. Prin. and semi-ann. int. (M. & S.) are payable from
at the
WARREN COUNTY (P.O. Lake George), N. Y.
-BOND OFFERING.
First National Bank of Belleaire. These bonds were
general election in November 1929 and are payable from authorized at the -Beecher W. Sprague, County Treasurer, will receive sealed bids until
taxes
of tax limitations. Bids for the bonds to bear int, at a rate levied outside 11 a. m. on Jan. 27 for the purchase of $200.000 not to exceed 6% interest
will also be considered, provided, however, that where a other than 6% coupon or registered highway bonds. Dated Feb.1 1931. Denom.31,000.
bid such fraction shall be h of 1% or a multiple thereof. fractional rate is Due$10,000 Feb.1 from 1932to 1951,incl. Principal and semi-ann.interest
A certified check
for $3,000, payable to the order of the above-mentioned Clerk, must accom- (Feb. and Aug.) are payable at the First National Bank of Glenns Falls.
pany each proposal. All proceedings incident to the proper authorization Rate of interest to be expressed in a multiple of X of 1% and must be
of this issue of bonds have been taken under the direction of Squire. Sanders the same for all of the bonds. A certified check for $4.000, payable to the
order of the County Treasurer, must accompany eachyproposal. The
a Dempsey of Cleveland. whose opinion as to the legality of the
bonds approving opinion of Clay, Dillon & Vandewater of New ork will be furmay be procured by the purchasers at their own expense, and only
bids nished to the successful bidder without expense to him.
so conditioned, or wholly unconditioned bids. will be considered.
Financial Statement.
SHARON TOWNSHIP (P. 0. Worthington, R. F. D. No. 1), Frank- Actual valuation, estimated
175.000.000.00
-BOND SALE.
lin County, Ohio.
-The Ohio State Teachers Retirement Assessed valuation, 1930, real estate
52,951,996.00
System, of Columbus, purchased on Dec. 22 an issue of
Special franchise
1.796,000.00
coupon fire department apparatus purchase bonds at par $6.000 4X%
and accrued
interest. Dated Jan. 1 1931. Denom. $500. Due Sept. 1 1937. Int.
Total
$54.748,096.00
Bonded debt outstanding
is payable semi-annually in March and September.
$828,000.00
This issue
200,000.00
SOUTH CANON (P. 0. Canon City) Fremont County, Cob.
*Total bonded debt
81,028,000.00
,BOND SALE.
-A $66,000 issue of 5% water extension bonds is reported
is less than 2% of the assessed valuation. The
* Total bonded debt
to have been purchased by Peck, Brown & Co., of Denver. Dated March county owns property of an assessed valuation of $666,669,77.
1 1931. Due in 15 years, optional in 10 years.
Population: 1920 Federal Census.31,673; 1930 Federal Census, 34,174.
.
311
698
FINANCIAL CHRONICLE
-TEMPORARY LOAN
WARREN TOWNSHIP, Marion County, Ind.
-Charles M. Walker, Township Trustee, will receive sealed
OFFERING.
on Jan. 28 for the purchase of $90,000 6% notes, the
bids until 10 a. m.
proceeds of which are to be delivered as follows: 545,000, Jan. 28 1931:
$30,000, March 1 1931 and $15.000 on May 1 1931. 'The first instalment
of the loan Is to mature July 31 1931 and the second and third instalment
to mature Dec. 31 1931. The proceeds of the sale are to be used for the
payment of teachers salaries and for school operating expenses and for the
repayment of a $40,000 loan to the Peoples State Bank, Indianapolis.
-CITY TO ISSUE REWASHINGTON, Fayette County, Ohio.
-The City Council recently adopted an ordinance
FUNDING BONDS.
% bonds for the purpose of refundproviding for the issuance of $78,700
to be dated
ing a similar amount maturing during 1931. The bonds are April 1 and
April 1 1931 and mature semi-annually as follows: $3,400
1941 inclusive.
Oct. 11932,and $4,000 April and Oct. 1 from 1933 topayable at the
$3.300
Principal and semi-annual interest (April and October)
offered
Washington Savings Bank, Washington. The bonds are first to be should
at par and accrued interest to the Trustees of the Sinking Fund and sale.
be offered at public
that body fail to purchase the bonds they shall
The ordinance states that the funds to pay the interest and the principal
of the bonds are to be obtained through the levy of an annual tax for that
specific purpose.
Ind.
WASHINGTON SCHOOL TOWNSHIP, Daviess County, bonds
-The $7,756.25 4;1%. coupon
BELATED BOND SALE REPORT.
,
Plete ^: Favings
on Oct. 3 (V. 131. p. 1931) were awarded to the$137.70. equal to
offered
a premium of
& Trust Co. of Indianapolis at par plus follows: $387.86 on June 15 and
101.77, a basis of about 4.11%. Due as
to
15 1932, and$387.81 on June and Dec. 15 from 1933
$3387.81 on Dec.
1941,inclusive.
-BONDS APPROVED.
WAYNE COUNTY (P.O. Goldsboro), N. C.
has recently been
We are informed that a $65,000 issue of county bonds
n.
approved by the State Sinking Fund Commissio
For..182,
CANADA, its Provinces and Municipalities.
-A
-53,000.000 TREASURY BILLS SOLD.
ALBERTA, Province of.
group composed of the First National Bank, of New York, the Bank of
Montreal, and Salomon Bros. & Hutzler, of New York, purchased an issue
of $3,000,000 4% coupon treasury bills, dated Jan. 15 1931 and due Jan. 15
1932, and are reoffering the same for general investment to yield 3.75%4
FOREST HILL, Ont.-BOND SALE.-Dyment. Anderson & Co. of
Toronto were awarded on Jan. 19 an issue of $250,050 434% improvement
bonds at a price of 94.461, a basis of about 4.99%. The bonds mature in
30 installments and were previously unsuccessfully offered on Oct. 22 1930,
when all of the bids received were rejected. The highest offer then submitted was a price of 94.26, entered by the Canadian Bank of Commerce.
Bids received at the current sale were as follows:
Rate Bid.
Rate Bid. BidderBidder93.48
94.461 C. H. Burgess &
Dyment, Anderson & Co
93.48
Harris, MacKeen & Co
Fry, Mills, Spence & Co
93.30
94.27 Wood, Gundy & Co
Bell, Gouinlock & Co
93.08
93.91 A. E. Ames & Co
R. A. Daly & Co
93.02
93.889 J. L. Goad & Co
J. L. Graham & Co
92.91
McLeod, Young, Weir & Co__93.88 Matthews & Co
91.848
Canadian Bank of Commerce_93.77 H.R. Bain & Co
Dominion Securities Corp_ __ -93.657
-The 5113,803.53 5% local
PORT COLBORNE, Ont.-BOND SALE.
-were awarded to
Improvement bonds offered on Jan. 17-V. 132, p. 530
H. It. Bain & Co. of Toronto, at a price of 99.317, a basis of about 5.04%.
is a list of the bids submitted for the issue:
Due in 30 years. The following
Rate Bid.
BidderRate Bid.
BidderH. R. Bain & Co.(purchasers)99.317 I Gairdner & Co98.53
98.37
MacKeen & Co
99.17 Iliarris,
Fry, Mills. Spence & Co
98.28
Dyment, Anderson & Co____99.041 R. A. Daly & Co
98.07
99.04 lWood, Gundy & Co
Ames & Co
A. E.
97.06
McLeod, Young, Weir & Co--98.80 10. H. Burgess & Co
-A $25,000 J. L. Graham & Co
-BOND SALE.
98.72
WELLINGTON, Larimer County, Colo.
have been purchased recently
Issue of 5% refunding bonds is reported to Denver. Dated Oct. 1 1931,
PRINCE ALBERT, Sask.-PLAN TO SELL MUNICIPAL ELECChanute, Loughridge & Co. of
-A dispatch from Regina to the Wall
by Bosworth,
TRIC LIGHT PLANT APPROVED.
1952 to 1901, all incl
Due as follows: 51,000, 1941 to 1951, and $1,500,
Street "Journal" of Jan. 20 reports that the sale of the "city electric light
Ltd., for 5875,000 has been authorized
the Canadian Utilities.
Lo;
Jan.
phut to
WEST WHITTIER SCHOOL DISTRICT (P. 0. Los Angeles), re- plant to
by the burgesses of the city following a vote takenbill 14." Thethe city
-Sealed bids will be
-BOND OFFERING.
empowering
Angeles County, Calif.
the plant was overwhelmingly approved. "A
Lampton, County Clerk, for the
ceived until 2 p. in. on Jan. 26, by L. E.bonds. Denom.$1,000. Dated sellmake the sale will be submitted to the present legislature by T. 011.
to
purchase of a $7,000 issue of 5M % school
and int. Davis, K. C.. Liberal member for Prince Albert. As a matter of form,
Jan. 1 1931. Due $1,000 from Jan. 1 1932 to 1938 incl. Prin. will be the transaction will need the endorsement of the local government board
the County Treasury. No bid
(J. & J.) payable in lawful money at than
53 %. A certified check for 3% before being introduced into the House.'
considered at a lower rate of interest
,
RIVERSIDE, Ont.-SEEKS AUTHORITY TO ISSUE $500,000 IN
of the bonds, payable to the Chairman of the Board of Supervisors must
accompany the bid. The following statement accompanies the offering BONDS.
-The city council is expected to petition the provincial legislature
School District has been acting as a school district for authority to issue $500.000 in bonds, according to report.
notice: West Whittier
Aug. 20 1885,
under the laws of the State of California continuously since school district
-BIDS REJECTED.-Willlam
ST. JOHN (City and County of), N. B.
under the name of Pico School District. The name of said29 1929. The
on Jan. 20
A. Ross, County Secretary reports that all of the bids received
WEIS changed to West Whittier School District on July
% general hospital construction
the
of the $1.300,000
assessed valuation of the taxable property in said school district for and for the purchasesale (V. 132, p. 530) were rejected. The bonds are dated
bonds offered for
, and the amount of bonds previsouly issued
year 1930 is $2,115,455
an
and mature Jan. 2 1971. Denom. 51.000. Prin. and seminow outstanding is $78,000. West Whittier School District includes of Jan. 2 1931are payable at the County Treasurer's office or at the Bank of
annual int.
area of approximately 2.6 square miles, and the estimated population
of Nova
Nova Scotia in Montreal or Totonto, or at the agency of the Bank
said school district is 1,880.
-The Scotia in New York City.
-BOND SALE.
WILLISTON PARK, Nassau County, N. Y.
DISTRICTS, Sask.-BONDS SOLD
on Jan. 19-V. 132,
SASKATCHEWAN SCHOOL
$22,000 coupon or registered drainage bonds offeredTrust Co. of Mineola, AND AUTHORIZED.
-The Local Government Board during the period
to the Nassau County
-were awarded as 4
p. 348
to Jan. 3 reported the sale and authorization of the bond
basis of about 4.24%.
at par plus a premium of $5.50, equal to 100.025, a on Jan. 1 1932 to 1943 from Dec. 20
issues shown below,according to the Jan. 161ssue o the "Monetary Times"
are dated Jan. 1 1931 and mature $2,000
The bonds
issue:
Toronto:
incl. The following is a list of the bids submitted for the Rate. Rate Bid. ofBond Sale: Lana,S. D.,52,000,7% 10
-year bonds to H. M.Turner & Co.
Int.
Bidder-year
100.025
Bond Authorizations: Sheldon, S. D., $400 not exceeding 8% 10
4.25%
Co.(purchaser)
Nassau County Trust
-year installments
100.1797 bonds; St. Stanley, S. D.. $2,700, not exceeding 8% 15
4.40%
Dewey, Bacon & Co., New York
100.429
4.50%
bonds.
Manufacturers & Traders Trust Co., Buffalo
100.397
4.50%
Graham,Parsons & Co., New York
SHERBROOKE,Que.-ADDITIONAL INFORMATION.T.lie $125.100.279
4.50
George B.Gibbons & Co.,Inc., New York
000 5% school improvement bonds awarded on Jan. 8 to McLeod': IS5ung.
100.08
4.50%
Co.. New York
Batchelder &
Weir 8:Co. of Montreal, at 99.59-V. 132, p. 348, a basis of about 5.03'70,
100.313
4.70
Farson, Son & Co., New York
are dated Oct. 1 1930 and mature annually on Oct. 1 as follows: $3,000
100.299
un
Edmund Seymour & Co.. New York
from 1931 to 1960,incl., and $3,500 from 1961 to 1970, incl. Principal and
100.158
lib 0
Roosevelt & Son, New York
semi-annual interest (April and October) are payable at the office of
- La Banque Canadienne Nationale in either Sherbrooke, Montreal or
Forest City), Iowa-BOND SALE.
WINNEBAGO COUNTY (P. 0.
was Quebec. Denoms. $1,000 and $500 or either one at the option of the
road bonds that
We are informed that the $707,000 issue of primary
of the bids submitted for the issue:
-has since been disposed of to the State buyer. The following is an official list
Rate Bid.
voted on Nov. 4-V. 131, p. 3246
Bidder99.59
Highway Commission.
Co.(purchasers)
McLeod,Young, Weir &
99.53
-The Gairdner St Co., Toronto
-TEMPORARY LOAN.
WINTHROP, Suffolk County, Mass.
at
99.13
National Bank has purchased a $50,000 temporary loanlist C.H.Burgess & Co., Toronto
Merchants
99.08
The following is a
A. E. Ames & Co., Montreal
2.46% discount. The loan matures Nov. 16 1931.
99.03
Banque Canadienne Nationale, Sherbrooke
bids received:
of the
98.58
Discount.
Corp., Toronto
Dominion Securities
Bidder
98.04
69
6
2222....44459
purchaser)
Merchants National Bank(
Mead & Co., Montreal
Old Colony Corp., plus $3 premium
Furnished by the Secretary-Treasurer.)
First National
Financial Statement (As
$11,413,450.00
Grafton Co
Non-taxable property
20,016,830.00
purposes
Salomon Bros. & Hutzler
2.625% a Assessed value for school the $1.
& Trust Co
Bank of Commerce
* School tax rate: 7 mills on
2.64%
128,666.39
Faxon, Gade & Co
School tax levy 1929-30
7.105.75
- School fees
-BONDS AUTHORIZED.
WISCONSIN, State of (P. 0. Madison)
4,635.24
recently by the two city Sundry revenue
140,407.38
The following bonds have been authorizedconstruction bonds; $75,000
viaduct
96,683.76
councils: $1.900,000 Milwaukee The Monroe County Board authorized Operating expenses
Waupaca school building bonds.
Assets
787,129.78
a $20,000 garage bond issue.
property (schools)
-Charles N. Immovable
-BOND OFFERING.
23,292.06
School furniture
WOOSTER, Wayne County, Ohio
32.100.00
sealed bids until 12 m. on Jan. 30 for
Holmes, City Auditor, will receive of 53 % bonds aggregating $64,842.98: Sinking fund
842,521.84
the purchase of the following issues
.purchase bonds.
Liabilities
$17.000.00 city's portion fire department equipment $1,000 from 1932
(not including present issue)350.000.00
$1,000. Due on Oct. 1 as follows:
Total debenture debt
Denom.
1941 inclusive.
3,565.00
to 1934 inclusive, and $2,000 from 1935 to Due on Oct. I as Floating debt
353,565.00
4,054.38 special assessment improvement bonds. 1935 inclusive, and
24,312,296.00
$250 from 1933 to
Taxable property of the City of Sherbrooke
follows: $3304.38 in 1932;
6.680,400.00
Consolidated debt of the City of Sherbrooke
$500 from 1936 to 1941 inclusive.
$32,100.00
nt bonds. Due on Oct. 1 as Sinking fund
24,111.49 special assessment improveme
inclusive,
Total population 1930, 28,757; five years ago 23,754.
follows: $2.111.49 in 1932; $2,000 from 1933 to 1937
to
* School taxesare collected by the Municipality and turned overs. the
$3,000 from 1938 to 1941 inclusive.
and
owl
s.
improvement bonds. Due on Oct. 1 as
4,870.27 special assessment 1932. and $500 from 1933 to 1941 inclusive. Board by quarterly installment for school purposes, the neutral panelrls
a In the above assessed value
follows: $370.27 in
assessment improvement bonds. Due on Oct. 1 as included, viz: $8 878,760, of which we get the proportion of 22,3001to
1,770.20 special
to 1941 inclusive.
follows: $195.20 in 1932, and $175 from 1933 Oct. 1 as follows: 27.960 or, in dollars $49.569.90.
improvement bonds. Due on
-The 5478,500 5% various
THREE RIVERS, Que.-BOND SALE.
13,036.64 city's portion 1932; $1,000 from 1933 to 1938 Inclusive, and
-were
$1.036.64 in
Improvement purposes bonds offered on Jan. 19-V. 132, p. 348
$2,000 from 1939 to 1941 inclusive. Interest is payable semi- awarded to a syndicate composed of the Banque Canadienne Nationale,
are dated Dec. 1 1930.
Harris, MacKeen & Co., and Ernest Savard
All of the above bonds
the bonds to bear interest at a Credit Anglo-Francais, Ltd.,price a 97.63, a basis of about 5.19%. The
October. Bids for
annually in April and expressed in a multiple of X of 1%, will also be & Co., all of Montreal, at a
mature Nov. 1 as follows: $3,000 from
53 %.
rate other than certified check for 1% of the amount of bonds bid for, bonds are dated Nov. 1 1930 and
57,000 from
1931 to 1935 incl.; 55,000 from 1936 to 1940 incl.;incl.; $10,000 1941 to
considered. A
each proposal.
in 1949
order of the City, must accompany
incl.; $8,000 in 1945; $9,000 from 1946 to 1948
1944
payable to the
-The and 1950; $11,000 in 1951; 312,000 from 1952 to 1954 incl., $13,000 In
-BOND
Washtenaw County, Mich. p.530 SALE.
-were awarded 1955; $14,000 in 1956 and 1957; $15,000 in 1958 and 1959; $16,000, 1960:
YPSILANTI,
on Jan.19-V.132,
bonds offered
at par plus a premhun of
1962; $19,000. 1963; 520.000. 1964,' $22.000, 1965:
$12.000434% sewer
Savings Bank, of Ypsilanti The bonds are dated Feb. 2 $17,000, 1961; $18.000, 1967; 825,000, 1968; 526.000 in 1969; and 827,500
to the Ypsilanti
523.000, 1966; $24,000,
about 4.38%.
equal to 100.37, abasis of from 1933 to 1936 incl.
The amount in our notice of proposed sale was inadvertently
$45,
in 1970.
annually
1931 and mature $3,000
given as only $478,000.
the bids submitted for the issue:
Premium.
The following is a list of the bids submitted for the bonds:
The following is a list of
Rate Bid.
$45.00
BidderBidder
20.00 Banque Canadienne Nationale, Credit Anglo-Francais, Ltd., Harris, ss%
Savings Bank (Purchaser)
Ypsilanti
Ypsilanti
jointly (purchasers)___97.63
4.95
MacKeen & Co., and Ernest Bayard, Ltd.,
First National Bank, Toledo
97.28
7.26 Geoffrion & Co.and the Banque Provincial du Canada,jointly
W.L. Slayton & Co.,
O. H. Gairdner & Co.. C. H. Burgess & Co.,and Dyment, Anderson
First Detroit Co., Detroit
10 1931).
95.672
& co.,jointly
Financial Statement(Jan.
$228,500
95.50
g
63.500 McLeod, Young, Weir & Co. and Bell, Goulniock & Co.,jointly
Paving bonds, total outstandin
g
6,500
-At a recent election the rateTWEED, Ont.-BONDS APPROVED.
Sewer bonds, total outstandin
outstanding
6,500 payers approved of a proposal calling for the issuance of $10,000 in bonds
Sidewalk bonds, total
2,000 for electric light plant purposes.
Fire bonds, total outstanding
g
Hospital bonds, total outstandin
-The city has been auWESTMOUNT, Que.-BONDS APPROVED.
outstanding, Jan. 10 1931-$307,000 thorized to Issue $3300,000 in bonds In two blocks, one of $230,000 and
issue
00 0
8 00
Total amount of general bond
g, Jan. 10 1931-- - 7 : 00
another of 570,000, according to report. The bonds are tob ear interest
water works bonds outstandin10 1931
Total amount of
outstanding. Jan.
at 434% and the proceeds of the sale are to be used for general improveTotal amount of gas bonds
$457,000 ment purposes during the year 1931.
Total
@FedFRASER